NEW HILL DEVELOPMENT CORPORATION

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Financial Vulnerability Assessment (Tuckman-Chang)

4 risk indicators measuring financial stability and operational resilience

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Financial Trends

Organization Details

Formation Year

2018

Legal Domicile

Principal Officer

YOLUNDA HARRELL

Phone

4344659164

Tax Period

2023-01-01 to 2023-12-31

NEW HILL DEVELOPMENT CORPORATION, founded in 2018, is a small nonprofit in the Human Services sector that reported $490K in total revenue in fiscal year 2023. Expenses of $581K exceeded revenue, resulting in a 19% operating deficit.

Mission

To expand economic opportunities to grow wealth and home ownership in the Charlottesville Black community through financial coaching, entrepreneurial support, economic development and asset building.

Program Service Accomplishments

Program 1

Expenses: $190,547

Economic Development: Building on our success from last year, the Black Entrepreneurial Advancement and Community Opportunity Network (BEACON) program, a business incubator that strives to advance...

Economic Development: Building on our success from last year, the Black Entrepreneurial Advancement and Community Opportunity Network (BEACON) program, a business incubator that strives to advance opportunities and provide resources for Black entrepreneurs in Charlottesville seeking to launch or scale their businesses, has continued to make a substantial impact. During 2023, our pilot commercial kitchen served 12 entrepreneurial enterprises and proudly facilitated the creation of 25,638 meals, a testament to the growth and vitality of our initiative.

Program 2

Expenses: $186,425

Early in 2021 assumed management and oversight of the Community Kitchen program, formerly Frontline Foods. The program provides food assistance for the community whilst simultaneously offering...

Early in 2021 assumed management and oversight of the Community Kitchen program, formerly Frontline Foods. The program provides food assistance for the community whilst simultaneously offering financial support to restaurants owned by people of color. Received unanimous approval from Charlottesville City planners and City Council to append to the City's Comprehensive Plan, the Organization's Starr Hill Vision plan, a roadmap for advancing economic justice in Charlottesville, developed with the engagement of more than 200 area residents and merchants of the Black Community. Established Restaurant Revitalization Fund in partnership with Small Business Administration.

Program 3

Expenses: $87,402

In 2023 the Financial Capability program served 198 clients, actively counseled 161 individuals and provided a total of 521 financial empowerment services. During the year, participants demonstrated significant progress: 57% of participants increased their credit score by an average of 34-points, with 65% of participants achieving increase of 30-points or more. Participants bolstered their savings by an average of $500 while concurrently reducing their debt an average of $605.Housing: During 2023, we conducted 64 coaching sessions over 12 workshops and facilitated $428,000 in capital access specifically directed towards enabling mortgages. These milestones underscore our commitment to empowering individuals through tailored guidance and tangible financial resources.

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Trantor Score

Financial Health Score (300–850) · Liquidity · Solvency · Sustainability · Efficiency

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Liquidity (40%) • Solvency (30%) • Sustainability (20%) • Efficiency (10%)

Financial Overview (2023)

Revenue Breakdown

Contributions & Grants $279,345

Program Service Revenue $189,107

Investment Income $0

Other Revenue $21,648

TOTAL REVENUE $490,100

Expense Breakdown

Grants Paid $0

Salaries & Benefits $137,002

Fundraising Expenses $54,865

Program Expenses $464,374

Other Expenses $443,818

TOTAL EXPENSES $580,820

Year-over-Year Comparison

	2023	2022	Change
Revenue	$490,100	$455,152	+0.1%
Expenses	$580,820	$457,052	+0.3%
Net Income	$-90,720	$-1,900	+46.7%

Key Indicators

✗ Grants to Organizations ✗ Grants to Individuals ✗ Lobbying ✗ Political Activity ✗ Foreign Activities ✗ Donor Advised Fund ✓ Schedule B Required

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Financial Health Indicators

Comprehensive financial analysis: Altman Z-Score, liquidity, solvency, sustainability, efficiency, and growth metrics

Financial Distress Indicator

Liquidity & Cash Position

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Altman Z-Score • Liquidity Ratios • Solvency Analysis • Growth Indicators • Efficiency Metrics

Governance

Voting Members

Independent Members

Employees

Volunteers

Governance Policies

✗ Conflict of Interest Policy

✗ Whistleblower Policy

✗ Document Retention Policy

Special Practices & Reported Activities

✗ Operated a School

✗ Operated a Hospital

✗ Provided First Class Travel

✗ Reported Conflict of Interest

✗ Reported Asset Diversion

✗ Excess Benefit Transaction

✗ Made Political Expenditures

✗ Engaged in Lobbying

✗ Operated Donor Advised Fund

✗ Maintained Art Collections

✗ Filed Form 720

Compensation of Officers, Directors & Key Employees

Total Officers

$76,829

Total Directors