Overview Much greater certainty than initial 2014 budget passed in December 2013; all grant awards in place. Reflects projects sales/delayed from 2014, and new projects & programs for 2015. Overall, probably less dev’l activity & demand on staff resources, but… 2015 also looks artificially “better” because of things in the pipeline. Primary risks in meeting budget still fundraising & dev’l project execution Still “pending” opportunities for projects & programs, but would be net benefit to NNDC is they came to fruition.
General Operations (G.O.) 2014 BudgetProj 2014 Final2015 Budget Interest1,5001,5151,125 Fundraising40,00020,91935,000 Operating Grants138,700136,900151,800 Earned Income219,550158,075185,186 GO Revenues399,750317,409373,111 Admin/Overhead64,633 74,398 Personnel263,662231,827267,918 GO Expenses335,327296,460342,315 64,42320,94930,796
General Operations 2014 Shortfall in fundraising Shortfall in dev’l fees from delayed dev’l projects & LP sales Admin/overhead savings from reduced legal fees & rent abatement Lower personnel costs due to vacant position 2015 Increased INDI grant, redux in CHDO Earned –income skewed higher by carry over projects from 2014 Overhead & personnel costs on par with 2014
Rental Property 2014 Delayed sale of LP properties increased revenues. Didn’t have 23 rd Street repairs expenses as budgeted. 2015 Drop in LP revenues (selling properties in Q1- Q2) 3305 Capitol comes online only mid-year.
Projects & Programs 2014 BudgetProj 2014 Final2015 Budget Dev’l Grants1,5001,5151,125 Planned Gain/Loss on Sale 40,00020,91935,000 Operating Grants138,700136,900151,800 Earned Income219,550158,075185,186 GO Revenues399,750317,409373,111 Admin/Overhead64,633 74,398 Personnel263,662231,827267,918 GO Expenses335,327296,460342,315 64,42320,94930,796
Projects& Programs 2014 BudgetProj 2014 Final2015 Budget Grants842,904422,434624,225 Planned Gain (Loss) on Sale(861,642)(480,817)(641,348) Net SF Dev’l Rev.18,73858,38317,123 Other Project Rev.550,000128,500716,300 Program Revenue226,800177,000194,800 Total Revenues795,538363,883893,977 Other Project Exp.550,000128,250628,300 Program Exp.234,300185,785196,800 Total Expenses784,300314,035825,100 NET11,23849,84868,877
Projects & Programs 2014 2131 North construction delayed to 2015 Some 2014 home repair projects will fall into 2015 Vac/Abd Housing Loan Program not budgeted (In & Out) Façade Program not budgeted (In & Out) 2015 2131 North project 3305 Capitol project NNDC rental Valuation Allowance offset Vac/Abd Housing Loan Program continues
Non-Cash Fully depreciated 23 rd Street property in 2014 Start depreciation of 3305 Capitol in 2015 Valuation Expense in 2015 taken on 3305 Capitol Keeps gain from receipt of grant funds and loss on sale in same year
Bottom Line 2014 BudgetProj 2014 Final2015 Budget General Operations64,42320,94930,796 Rental Housing14,34624,41215,824 Projects & Programs 11,23849,84868,877 Non-Cash(14,448)(11,377)(100,009) 75,55983,83115,488 Change in Restr. Revenues22,29052,164(16,634) 53,26931,66732,123
Glenmore Apartments 24-unit building @ 3630 N. Meridian, “twin” to the Oxmoor Apartments. Conducted due diligence in 2012-13. Circumstances now create window of opportunity Owner, Lender, availability of grant funding, experience w/ Oxmoor, potential partners. NNDC as owner, part-owner, or simply developer Ownership interest preferred, but deal may be too tight, too much long-term risk. Approx 30-day period for project feasibility & structuring…. “Go-No Go” decision.
Crown Hill Neighborhood Continuation & expansion of comprehensive housing revitalization efforts Expand target area north Broaden types activities, projects, programs Leverages high-profile, high-priority initiatives: Great Places 2020, Crime & Safety HotSpots Increased financial resources – operating support, project & program funding Increased partner opportunities: public-sector, non-profit, faith-based, for-profit partners Increased relevancy, value-add, and continues to reposition & redefine NNDC within community development system In-house assessment, planning, partnership-building effort next 2-3 months.
Meeting Frequency Board Size Committee Work Governance Discussion
Donor “L-A-I” and Fundraising Board Development
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