Neighborhood Finance Corporation
Neighborhood Finance Corporation reported $11.4 million in revenue and $7.2 million in expenses for calendar year 2024. Of every $100 it spent, $82.72 went to program services, $17.28 to management and general costs and $0.00 to fundraising. Its largest source of revenue was contributions and grants: 72.2% of the total. Government grants made up 69.0%. The highest compensation it reported for one person was $213,485 (Executive Director). 3 people received more than $100,000 in reportable compensation. Revenue rose 7% between 2019 and 2024. Source: Form 990, 2024.
Where $100 of spending went
Calendar year 2024 · Form 990, Part IX, line 25 · total expenses $7.2MFor context, the median across 933 covered housing & shelter charities: $89.27 programs, $10.73 management, $0.00 fundraising (medians computed separately, so they may not sum to $100).
Where $100 of revenue came from
Calendar year 2024 · Form 990, Part VIII · total revenue $11MThe 990 scorecard · same measures for every charity, no grades
| Measure | 2024 | Median |
|---|---|---|
| Program services Part IX 25(B) ÷ 25(A) | 82.7% | 87.5% |
| Management & general Part IX 25(C) ÷ 25(A) | 17.3% | 10.5% |
| Fundraising Part IX 25(D) ÷ 25(A) | 0.0% | 0.0% |
| Fundraising cost per $1 of contributions Part IX 25(D) ÷ Part VIII 1h | $0.00 | $0.01 |
| Contributions & grants share of revenue Part VIII 1h ÷ 12 | 72.2% | 17.0% |
| Government grants share of revenue Part VIII 1e ÷ 12 | 69.0% | 1.0% |
| Program service revenue share Part VIII 2g ÷ 12 | 18.1% | 66.2% |
| Highest reported compensation Part VII-A, columns D–F | $213,485 | $300,863 |
| Highest compensation as share of expenses Part VII-A ÷ Part IX 25(A) | 2.97% | 1.57% |
| People paid over $100,000 Part VII, line 2 | 3 | 5 |
| Net assets, in months of expenses Part X 33(B) ÷ monthly expenses | 109.1 | 10.0 |
| Independent voting board members Part VI 1a–1b | 16 of 16 | 100.0% |
A median is context, not a target: hospitals, universities, food banks and grantmakers spend in very different ways. What these measures can and can't tell you.
What the money paid for, in its own words
2024 · Form 990, Part III · the three largest programs by expenseLoan Origination: Neighborhood revitalization is the key mission of NFC. This is accomplished by providing a loan for repayment as well as a forgivable loan for each qualified transaction. The forgivable loan is at 0% interest with no payments and generally forgiven over 5 years. In addition, purchase and some refinance loans have a second mortgage at a 2% interest rate for 10 years instead of requiring private mortgage insurance for borrowers with less than 20% equity. NFC's loans work together to provide a mortgage that reduces the barriers of downpayment and equity while completing needed…
Forgivable Loan: As stated in loan origination description, each transaction that NFC provides to our borrowers includes a forgivable loan for property rehabilitation. The forgivable loan is a 0% interest rate loan for either 5 or 10 years. A 5 year forgivable loan is granted on all single family dwelling transactions. A 10 year forgivable loan is granted on all transactions that are downsizing a multi-family dwelling back to a single family dwelling. There is no repayment required on the forgivable loan as long as the borrower is residing in the home. The forgiven amount is reported to the…
At NFC Properties LLC, our goal is to provide safe, affordable, quality housing to owner occupants. In 2024 NFC Properties LLC acquired 11 properties. Of those 11 properties, 1 was an existing home and 10 were infill lots within the City of Des Moines for new construction in primarily low and moderate income census tracts. During 2024, 5 units in NFC Properties LLC housing inventory completed rehabilitation, and 8 of the inventory units were sold. NFC Properties LLC focuses on energy efficiency by adding high efficiency furnace and A/C, vinyl Low-E windows, and blown cellulose insulation.…
Highest reported compensation
2024 · Form 990, Part VII, Section A · roles as filed; names are in the filing, not here| Role | From this org | From related orgs | Other | Total |
|---|---|---|---|---|
| Executive Director Officer, 40.00 hrs/week | $184,097 | $0 | $29,388 | $213,485 |
| VP Finance & Admin/Treasurer Officer, 40.00 hrs/week | $142,811 | $0 | $32,628 | $175,439 |
| Vice President Lending Officer, 40.00 hrs/week | $108,600 | $0 | $26,636 | $135,236 |
3 people received more than $100,000 in reportable compensation from Neighborhood Finance Corporation (Part VII, line 2). Compensation of current officers, directors and key employees totaled $524K (Part IX, line 5).
6 years of filings
Form 990, Parts I, VII, IX and X · each row is that year's own filing, linkedGovernance answers, as filed
2024 · the organization's own yes/no answers; explanations, if any, are in Schedule O of the filing · what each means- Voting board members, and how many are independent Part VI, lines 1a–1b16 · 16 independent
- Audited financial statements Part XII 2bYes
- Conflict-of-interest policy Part VI 12aYes
- Whistleblower policy Part VI 13Yes
- Document retention policy Part VI 14Yes
- Independent process for top executive pay Part VI 15aYes
- Board given the 990 before filing Part VI 11aYes
- Family or business ties among insiders Part VI 2No
- Aware of a significant diversion of assets Part VI 5No
- Excess benefit transaction with an insider Part IV 25aNo
- Loans to or from insiders outstanding Part IV 26No
- Lobbying, or a 501(h) election in effect Part IV 4No
- Over $15,000 of professional fundraising services Part IV 18No
- Over $10,000 of activity outside the U.S. Part IV 14bNo
- Employees Part I, line 527
- Volunteers Part I, line 637
Largest outside contractors
2024 · Form 990, Part VII, Section B · businesses only| Prime Home Upkeep Construction | $778,819 |
| Gilcrest Jewett Lumber Company Construction | $603,199 |
| Hall Plumbing Construction | $266,300 |
| Gruss Construction Construction | $266,199 |
| PK Construction LLC Construction | $199,736 |
Individuals listed as contractors are left out. 15 contractors were paid more than $100,000 in all.
Private foundation grants it received
2 private foundations reported grants to Neighborhood Finance Corporation totaling $17,580 on their tax year 2023 Form 990-PF returns. See which foundations, on WHOFUNDS.
Source: WHOFUNDS open grant graph, matched from Form 990-PF Part XV.
Correct a figure or respond
Every number above is copied from Neighborhood Finance Corporation's own Form 990. If one doesn't match the filing, that's our error and we'll fix it. If you work for Neighborhood Finance Corporation, you can publish a response that is linked from this page.
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Of every $100 Neighborhood Finance Corporation spent in 2024, $82.72 went to programs. The full breakdown, from its IRS Form 990:
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Similar-sized charities in this cause
- Proud GroundPortland, OR · revenue $11M · programs 89.4% · 2024
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- Orlando Union Rescue MissionOrlando, FL · revenue $11M · programs 72.3% · 2025
- Community Housing Improvement Systems & Planning AssociationSalinas, CA · revenue $11M · programs 90.2% · FY2025
- Milton-Fuller Housing CorporationMilton, MA · revenue $11M · programs 91.9% · FY2025
Questions people ask
How much of Neighborhood Finance Corporation's spending goes to programs?
In calendar year 2024, Neighborhood Finance Corporation reported that 82.7% of its $7.2 million in expenses went to program services, 17.3% to management and general and 0.0% to fundraising (Form 990, Part IX).
How much does Neighborhood Finance Corporation pay its top executive?
The largest total compensation Neighborhood Finance Corporation reported for one person in calendar year 2024 was $213,485, for the role of Executive Director (Form 990, Part VII, including compensation from related organizations and other compensation).
Where does Neighborhood Finance Corporation get its money?
Of $11.4 million in revenue in calendar year 2024, 72.2% came from contributions and grants (including 69.0% from government grants) and 18.1% from program service revenue (Form 990, Part VIII).
Is Neighborhood Finance Corporation a registered charity?
The IRS lists EIN 42-1353472 as a 501(c)(3) organization (publicly supported organization (170(b)(1)(a)(vi))), and its records show contributions as tax-deductible. Form 990 filings on record here cover tax years 2019, 2020, 2021, 2022, 2023, 2024. A filing shows what the organization reported; it doesn't by itself show whether a program works.
Sources
- 2024: Form 990 for calendar year 2024, object 202543079349301569 · read the filing · XML
- 2023: Form 990 for calendar year 2023, object 202432979349300528 · read the filing
- 2022: Form 990 for calendar year 2022, object 202303039349302095 · read the filing
- 2021: Form 990 for calendar year 2021, object 202203089349300845 · read the filing
- 2020: Form 990 for calendar year 2020, object 202123079349301267 · read the filing
- 2019: Form 990 for calendar year 2019, object 202023019349300217 · read the filing
All filings for EIN 42-1353472: ProPublica Nonprofit Explorer · IRS Tax Exempt Organization Search. Figures are as the organization reported them; we have not audited them.