Civic Intelligence

Ndc Housing & Economic Development Corporation - Group Return

990 • Fiscal year 2018 • EIN 91-1884698

Jan 01, 2018 to Dec 31, 2018 • Filed on Nov 08, 2019

Organization ProfileWWW.NDCONLINE.ORG
One Battery Park Plaza No 710New York, NY 10004

(212) 682-1106

Siviq Scores

Precomputed percentiles for this filing year versus similar nonprofits in the same peer cohort.

Liabilities / Assets

89th percentile

0.92x

Higher debt load relative to assets than 89% of similar nonprofits.

2018 filings • 501(c)3 • $250M-$1B nonprofits • Source year 2018

Liabilities / Revenue

96th percentile

7.81x

Higher debt load relative to revenue than 96% of similar nonprofits.

2018 filings • 501(c)3 • $250M-$1B nonprofits • Source year 2018

Net Margin

83rd percentile

23%

Higher net margin than 83% of similar nonprofits.

2018 filings • 501(c)3 • $250M-$1B nonprofits • Source year 2018

Top Officer Pay

18th percentile

$413,956

Higher top officer pay than 18% of similar nonprofits.

Top officer pay equals 0.4% of source-year revenue.

2018 filings • 501(c)3 • $250M-$1B nonprofits • Source year 2018

Asset Growth

16th percentile

-3.8%

Faster asset growth than 16% of similar nonprofits.

2018 filings • 501(c)3 • $250M-$1B nonprofits • Annualized from 2017 to 2018

Revenue Growth

87th percentile

26%

Faster revenue growth than 87% of similar nonprofits.

2018 filings • 501(c)3 • $250M-$1B nonprofits • Annualized from 2017 to 2018

Balance Sheet
Liabilities / Assets89th percentile

Assets

Down

$984,900,420

Down $38,750,337 (-3.8%) from 2017

Net Assets

Up

$79,499,665

Up $27,709,687 (+54%) from 2017

Liabilities

Down

$905,400,755

Down $66,460,024 (-6.8%) from 2017

Revenue And Expenses
Liabilities / Revenue96th percentileNet Margin83rd percentile

Revenue

Up

$115,894,266

Up $24,142,322 (+26%) from 2017

Expenses

Down

$89,122,696

Down $1,999,306 (-2.2%) from 2017

Net Income

Up

$26,771,570

Up $26,141,628 (+4150%) from 2017

Historical Trend

Balance Sheet Trend

Asset Growth16th percentile

The highlighted filing sits inside the broader history for assets, liabilities, and net assets.

$1.5B$1.0B$500M$0-$500MAssets 2010: $1,388,643,760Liabilities 2010: $1,435,689,680Net Assets 2010: -$47,045,9202010Assets 2011: $1,355,392,064Liabilities 2011: $1,401,564,756Net Assets 2011: -$46,172,6922011Assets 2012: $1,271,673,848Liabilities 2012: $1,294,583,770Net Assets 2012: -$22,909,9222012Assets 2013: $1,274,186,183Liabilities 2013: $1,260,682,459Net Assets 2013: $13,503,7242013Assets 2014: $1,220,666,029Liabilities 2014: $1,215,322,198Net Assets 2014: $5,343,8312014Assets 2015: $1,145,379,211Liabilities 2015: $1,110,976,891Net Assets 2015: $34,402,3202015Assets 2016: $1,089,149,724Liabilities 2016: $1,040,947,094Net Assets 2016: $48,202,6302016Assets 2017: $1,023,650,757Liabilities 2017: $971,860,779Net Assets 2017: $51,789,9782017Assets 2018: $984,900,420Liabilities 2018: $905,400,755Net Assets 2018: $79,499,6652018Assets 2019: $943,943,443Liabilities 2019: $870,438,153Net Assets 2019: $73,505,2902019Assets 2020: $1,012,755,346Liabilities 2020: $939,242,041Net Assets 2020: $73,513,3052020Assets 2021: $914,444,452Liabilities 2021: $814,805,317Net Assets 2021: $99,639,1352021Assets 2022: $906,903,124Liabilities 2022: $791,875,336Net Assets 2022: $115,027,7882022Assets 2023: $910,447,137Liabilities 2023: $803,924,369Net Assets 2023: $106,522,7682023Assets 2024: $818,576,438Liabilities 2024: $707,192,583Net Assets 2024: $111,383,8552024

Highlighted filing

2018

Assets$984,900,420
Liabilities$905,400,755
Net Assets$79,499,665
Open 2018 Filing

Operations Trend

Revenue Growth87th percentile

Revenue, expenses, and net income across loaded years, with this filing highlighted.

$200M$100M$0-$100MRevenue 2010: $91,347,372Expenses 2010: $102,571,797Net Income 2010: -$11,224,4252010Revenue 2011: $111,544,735Expenses 2011: $109,433,573Net Income 2011: $2,111,1622011Revenue 2012: $139,227,606Expenses 2012: $123,443,345Net Income 2012: $15,784,2612012Revenue 2013: $167,833,366Expenses 2013: $132,396,387Net Income 2013: $35,436,9792013Revenue 2014: $81,470,631Expenses 2014: $102,759,753Net Income 2014: -$21,289,1222014Revenue 2015: $75,150,583Expenses 2015: $99,765,709Net Income 2015: -$24,615,1262015Revenue 2016: $97,463,969Expenses 2016: $97,518,385Net Income 2016: -$54,4162016Revenue 2017: $91,751,944Expenses 2017: $91,122,002Net Income 2017: $629,9422017Revenue 2018: $115,894,266Expenses 2018: $89,122,696Net Income 2018: $26,771,5702018Revenue 2019: $89,841,904Expenses 2019: $93,857,053Net Income 2019: -$4,015,1492019Revenue 2020: $193,664,154Expenses 2020: $194,926,982Net Income 2020: -$1,262,8282020Revenue 2021: $129,829,382Expenses 2021: $104,120,358Net Income 2021: $25,709,0242021Revenue 2022: $115,628,960Expenses 2022: $100,738,505Net Income 2022: $14,890,4552022Revenue 2023: $101,514,941Expenses 2023: $110,028,793Net Income 2023: -$8,513,8522023Revenue 2024: $113,153,472Expenses 2024: $110,899,750Net Income 2024: $2,253,7222024

Highlighted filing

2018

Revenue$115,894,266
Expenses$89,122,696
Net Income$26,771,570
Open 2018 Filing
Jump To
Filing Snapshot
Filing Period
Jan 1, 2018 to Dec 31, 2018
Signed
Nov 8, 2019
Return Version
2018v3.1
Gross Receipts
$121,598,388
Mission and Program Overview

Mission

Ndc housing and economic development corporation was organized for the following charitable purposes:a. To construct new low income housing and to develop, manage, operate, promote, fund, and support existing low (cont. On schedule o)

Ndc housing & economic development corporation's mission is to create (cont. On schedule o) quality affordable housing for the disadvantaged, to stimulate economic development and create jobs in low income areas and to erect public buildings to lessen the burdens of government and promote social welfare.

Balance Sheet Detail
LineBeginningEndChange
Assets
Land, Buildings, and Equipment, Net$421,853,002$449,116,285▲ $27,263,283
Investments Program Related$450,328,360$430,036,860▼ $20,291,500
Savings and Temporary Cash Investments$91,919,284$43,894,516▼ $48,024,768
Other Notes and Loans Receivable, Net$10,025,981$13,818,817▲ $3,792,836
Cash and Non-Interest-Bearing Accounts$5,829,235$8,456,186▲ $2,626,951
Intangible Assets$5,075,892$4,747,254▼ $328,638
Prepaid Expenses and Deferred Charges$2,289,412$2,033,706▼ $255,706
Accounts Receivable$377,924$344,800▼ $33,124
Total Assets$1,023,650,757$984,900,420▼ $38,750,337
Other Assets Total$35,951,667$32,451,996▼ $3,499,671
Liabilities
Tax Exempt Bond Liabilities$740,781,992$721,663,773▼ $19,118,219
Mortgage Notes Payable Secured by Investment Property$156,265,000$125,770,000▼ $30,495,000
Other Liabilities$55,672,444$38,100,839▼ $17,571,605
Accounts Payable and Accrued Expenses$16,183,000$16,558,925▲ $375,925
Unsecured Notes Loans Payable$1,921,181$1,901,293▼ $19,888
Deferred Revenue$912,162$1,305,925▲ $393,763
Grants Payable$125,000$100,000▼ $25,000
Total Liabilities$971,860,779$905,400,755▼ $66,460,024
Net Assets / Fund Balance
Unrestricted Net Assets$51,789,978$79,499,665▲ $27,709,687
Total Net Assets Fund Balance$51,789,978$79,499,665▲ $27,709,687
Total Liabilities and Net Assets / Fund Balance$1,023,650,757$984,900,420▼ $38,750,337

Asset Categories

AssetBook ValueDepreciationBasis
Buildings$419,265,391$153,648,667$572,914,058
Leasehold Improvements$16,547,695$6,064,253$22,611,948
Land$11,755,000-$11,755,000
Equipment$1,548,199$567,370$2,115,569
Investment Program Related Org$1,039,425--
Compensation and Service Providers
Top Officer Pay18th percentile

Board Members and Trustees

NameTitle
Angela ButlerBoard Member
Brendan MehaffyBoard Member
Byron BrownBoard Member
Charley DepewBoard Member
David J TrevisaniBoard Member
Gertrude ScrivenBoard Member
Ingrid NardoniBoard Member
Jessica EzraBoard Member
Joanna ChenBoard Member
John PalyoBoard Member
Kevin GremseBoard Member
Michael GriffinBoard Member
Roseann NovembrinoBoard Member
Stephanie DuganBoard Member
Steven ThayerBoard Member
Svante MyrickBoard Member
Wayne EvansBoard Member
Adam EnnisBoard Member/CFO
Joseph WechslerOutgoing Board Member
Robert W DavenportOutgoing Board Member
Thomas JacksonOutgoing Board Member
William L CourtrightOutgoing Board Member
Daniel Marsh IiiPres/board Member
Ann VogtSec/tres/board Member

Highest Paid Contractors

ContractorServicesLocationCompensation
Bgis Global Integrated Solutions US LLCProperty Management210 S HUDSON ST STE 380, Seattle, WA 98134$1,802,048
Mckinstry Fms LLCProperty Management5005 THIRD AVENUE SOUTH, Seattle, WA 98134$1,000,565
Cascadian Building MaintenanceBuilding Management1331 118TH AVE SE SUITE 100, Bellevue, WA 98005$693,875
Nextstreet Financial LLCProgram Management184 DUDLEY ST, Roxbury, MA 02119$359,514
Allpro Parking LLCProperty Management65 3RD AVE, Mineola, NY 11501$145,875
Revenue and Support

Revenue Composition

Contributions and Grants
$2,004,086
Program Service Revenue
$107,428,707
Investment Income
$-335,169
Other Revenue
$6,796,642
All Other Contributions
$1,296,017
Change in Net Assets
$26,771,570
Expenses and Functional Allocation

Major Expense Lines

Line ItemAmount
Other Expenses$87,022,696
Grants and Similar Amounts Paid$2,100,000
Professional Fundraising Fees$0
Salaries, Compensation, and Employee Benefits$0
Total Fundraising Expense$0

Functional Expense Allocation

Line ItemProgramManagementFundraisingTotal
Interest$40,781,210--$40,781,210
Depreciation Depletion$20,011,932--$20,011,932
Occupancy$9,569,915--$9,569,915
Fees for Services Management$3,670,730--$3,670,730
Grants to Domestic Orgs$2,100,000--$2,100,000
Insurance$903,766--$903,766
All Other Expenses$775,685--$775,685
Fees for Services Other$603,398--$603,398
Travel$127,253--$127,253
Other Expenses$20,833$1,698,753-$20,833
Total Functional Expenses$87,423,943$1,698,753$0$89,122,696
International Activity

Grant and Assistance Recipients

RecipientLocationCategoryPurposeAmount
Ndc Housing and Economic Development CorpNew York, NY501(c)(3)OPERATIONS (ECON DEV, LI HOUSING, LESSEN BURDENS OF GOV'T)$2,100,000
Fundraising, Events, and Gaming
Fundraising activities
No
Gaming activities
No
Professional fundraiser used
No

Fundraising and Gaming Totals

Line ItemAmount
Professional Fundraising Fees$0
Political and Lobbying Activity
Political campaign activity
No
Lobbying activity
No
Subject to proxy tax
No
Debt and Bond Financing

Other Reported Liabilities

LiabilityAmount
Bond Premium$15,468,528
Due to Third Parties$6,653,614
Lease Liabilities$5,116,236
Investment Liabilities in Projects$4,774,964
Advances Payable$3,383,017
Construction Funds Payable$2,294,229
Prepaid Rent$212,415
Loan Servicing Liability$148,041
Security Deposits$49,795

Bond Issues

BondIssuerIssuedIssue PricePurpose
BFyi Properties2009-08-13$305,810,000CONSTRUCTION
BNjb Properties2006-12-05$179,285,000CONSTRUCTION
AWashington Economic Dev Fin Auth2014-07-24$109,205,000REFUNDING
AWbrp 322015-10-07$107,615,000CONSTRUCTION
ACob Properties2014-07-11$49,625,000CONSTRUCTION
CCdp Los Angeles County2011-05-26$43,710,000CONSTRUCTION
CTop2014-06-26$43,435,000CONSTRUCTION
AScranton-lackawana Hlth & Welf Auth (cdp Scranton)2016-08-30$36,126,671Acquire leasehold interest
DWashington Economic Dev Fin Auth2013-12-11$28,995,000REFUNDING
DCommunity Properties Alaska Inc2012-12-19$25,070,000CONSTRUCTION
BCity of Newburgh Ind Dev Agency2005-11-17$21,230,000CONSTRUCTION
DTompkins County Ida2003-12-01$19,035,000CONSTRUCTION
CWash St Housing Finance Comm2015-09-29$15,740,000REFUNDING
BCity of Syracuse Industrial Development Agency1995-03-30$12,000,000REFUNDING

Bond Proceeds

BondTotal ProceedsSpentRetiredIssuance Costs
B$305,810,000-$10,270,000$4,398,514
B$179,285,000-$7,605,000$2,136,771
A$109,205,000$1,031,227$23,145,000$971,767
A$107,615,000-$4,475,000$1,613,002
A$49,625,000-$12,000,000$1,020,679
C$43,710,000-$1,950,000$1,271,507
C$43,435,000-$7,505,000$239,100
A$36,126,671-$38,400,000$3,145,683
D$28,995,000-$172,354$405,166
D$25,070,000-$3,250,000$544,205
B$21,230,000$30,362$8,135,000$372,076
D$19,035,000$12,000,000$7,270,000$1,285,687
C$15,740,000$28,589,834$665,000$82,419
B$12,000,000---

Bond Financing Compliance

No rebate due
No
Rebate not yet due
No
Form 8038-T filed
No
Gross proceeds invested
No
Gross proceeds invested in GIC
No
Exception to rebate
Yes
Corrective action procedures
Yes
Governance and Compliance

Governance Checklist

Compiled or reviewed by an accountant
No
Annual disclosure for covered persons
Yes
Business relationship with family members
No
Business relationship with organization members
No
Material changes to governing documents
No
Compensation from other sources disclosed
No
CEO compensation reviewed
No
Other officer compensation reviewed
No
Conflict-of-interest policy
Yes
Audited financial statements prepared
No
Key decisions subject to board approval
No
Management duties delegated
No

Governance Explanations

Form 990, Part VI, Section A, Line 2

“Ann vogt & ingrid nardoni, board members, have a family relationship.”

Form 990, Part VI, Section A, Line 6

“National development council is the sole voting member of ndc housing & economic development corporation.”

Form 990, Part VI, Section A, Line 7A

“National development council is the sole voting member of ndc housing & economic development corporation has the power to elect and remove directors.”

Form 990, Part VI, Section B, Line 11B

“The form 990 was prepared by outside tax preparers in consultation with management and auditors. A draft of the full form 990 was provided to the entire board for review. A complete copy of the final form 990 was provided to the organization's entire board before it was filed with the irs.”

Form 990, Part VI, Section B, Line 12C

“All members of ndc's board of directors and executive employees are required annually to execute a conflict of interest and compensation guidelines acknowledgement stating that they have received, read and understand, and agree to comply with the conflict of interest and compensation guidelines. The conflict of interest and compensation guidelines requires board members and executive employees to disclose any potential conflicts of interest immediately.upon disclosure of a potential conflict of interest, the chairperson of the board will appoint a disinterested person or committee to investigate alternatives to the proposed transaction. Violations of the conflict of interest policy can result in appropriate disciplinary and corrective action. Also, all board members, by executing the annual acknowledgement statement, concerning the conflict of interest and compensation guidelines, acknowledge that ndc shall remain faithful to its charitable purposes.”

Form 990, Part VI, Section C, Line 19

“The documents are available by request.”

Filing and Contact Details

Filer

Filer Name
Ndc Housing & Economic Development
EIN
91-1884698
Phone
2126821106
Address
ONE BATTERY PARK PLAZA NO 710, NEW YORK, NY 10004

Signing Officer

Name
Daniel Marsh Iii
Title
President
Phone
2126821106
Signed
2019-11-08
Discuss with paid preparer
Yes

Organization Details

Principal Officer
Daniel Marsh Iii
Formed
1988
Legal Domicile
Va
Voting Board Members
19
Independent Board Members
7
Employees
0
Volunteers
6

Preparer

Firm
Cohnreznick Llp
Address
1301 AVENUE OF THE AMERICAS, NEW YORK, NY 10019
Preparer
Lori Rothe Yokobosky CPA
Phone
2122970400
Supplemental Narrative

Additional Explanations

FORM 990, PART IV, LINE 12B:

“This return has been prepared based on all available information at the time of filing. It is also based on unaudited financial statements. If any significant differences arise after this filing, this return will be amended to properly reflect the additional information.”

Raw XML AppendixShowing 400 of 1,776 raw XML fields

This appendix keeps the raw XML leaves available for debugging and edge-case review. The human report above is the primary experience.

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IRS990/Desc0LESSENING THE BURDENS OF GOVERNMENT:TO ASSIST IN THE ERECTION AND MAINTENANCE OF PUBLIC BUILDINGS, MONUMENTS, FACILITIES, OR WORKS TO LESSEN THE BURDENS OF GOVERNMENT AND TO PROMOTE SOCIAL WELFARE. IN TOTAL, HEDC HAS DEVELOPED AND FINANCED MORE THAN THIRTY-ONE PROPERTIES COSTING MORE THAN $2.1 BILLION ON BEHALF OF LOCAL GOVERNMENTS INCLUDING PUBLIC BUILDINGS AND CITY HALLS, EDUCATIONAL AND MEDICAL RESEARCH FACILITIES, STUDENT HOUSING, PARKING FACILITIES AND OTHER PUBLIC INFRASTRUCTURE. DURING 2018, HEDC UNDERTOOK THE FOLLOWING PROJECTS UNDER THE MISSION OF LESSENING THE BURDENS OF GOVERNMENT. (CONT. ON SCHEDULE O) WASHINGTON BIOMEDICAL RESEARCH PROPERTIES SEATTLE, WA IN 2004 UNIVERSITY OF WASHINGTON SCHOOL OF MEDICINE BEGAN RENOVATING THEIR EXISTING BROTMAN BUILDING INTO A STATE-OF-THE-ART BIOMEDICAL RESEARCH FACILITY. THE UNIVERSITY WAS CHALLENGED TO DELIVER THE PROJECT IN A TIMELY AND EFFICIENT MANNER AND ASKED HEDC TO ASSIST BY UNDERTAKING THE MULTI-PHASE PROJECT ON THEIR BEHALF. THE THIRD PHASE IN UW MEDICINE'S SOUTH LAKE UNION CAMPUS CONSISTS OF THREE PHASES. PHASE 3.1 BROKE GROUND IN SUMMER 2011 AND WAS COMPLETED IN 2013. IT INCLUDED THE CONSTRUCTION OF A 138,000 SQUARE-FOOT RESEARCH LABORATORY BUILDING DIRECTLY ACROSS THE STREET FROM THE FIRST AND SECOND PHASES OF THE SOUTH LAKE UNION CAMPUS. THE NEXT PHASE OF THE PROJECT IS WASHINGTON BIOMEDICAL RESEARCH PROPERTIES 3.2 (WBRP 3.2) IS AN EIGHT-STORY, APPROXIMATELY 157,000 SF BIOMEDICAL FACILITY THAT HAS BEEN CONSTRUCTED OVER THE FOUNDATION AND PARKING FROM WBRF 3. THE FINANCING FOR PHASE 3.2 CLOSED IN 2015 AND THE PROJECT COMPLETED IN EARLY 2018. THE PHASES I, II, AND III PROVIDE OVER 800,000 GSF OF RESEARCH AND OFFICE SPACE IN SUPPORT OF SCHOOL OF MEDICINE RESEARCH PROGRAMS.COMMUNITY DEVELOPMENT PROPERTIES SCRANTON- SCRANTON, PAIN 2016 HEDC WORKING WITH THE CITY OF SCRANTON SUCCESSFULLY NEGOTIATED A LONG-TERM CONCESSION/LEASE FOR THE CITY OF SCRANTON PARKING SYSTEM, WHICH INCLUDED: 1) FIVE PARKING GARAGES CONTAINING 2659 SPACES AND APPROXIMATELY 36,000 SF OF RETAIL; 2)1479 METERED PARKING SPACES; AND 3) 550 PUBLICALLY-LEASED PARKING SPACES. HEDC ASSUMED RESPONSIBILITY FOR THE LEASE, OPERATION, MAINTENANCE AND CAPITAL REPAIR OF THE ENTIRETY OF THE PUBLIC PARKING SYSTEM FOR FORTY YEARS THROUGH ONE OF ITS' SUBSIDIARY CORPORATIONS CDP SCRANTON (CDPS). THE CONSIDERATION AMOUNT GENERATED BY A CONCESSIONAIRE/LEASE AGREEMENT WAS USED BY THE CITY, IN COMBINATION WITH PROCEEDS FROM A GENERAL OBLIGATION ISSUANCE, REDEEM ALL OUTSTANDING DEBT ASSOCIATED WITH THE PARKING AUTHORITY. THIS ALLOWED THE CITY TO BE FREE OF THE ON-GOING LIABILITY AND HAS FREED UP MUNICIPAL REVENUES FOR OTHER CRITICAL NEEDS AND OBLIGATIONS. IN 2017 CDPS CONTINUED ITS WORK WITH THE CITY TO UPGRADE THE GARAGES WITH ENHANCED LIGHTING AND TO IDENTIFY A NEW ON STREET PARKING SYSTEM. THESE EFFORTS WILL PROVE TO FURTHER THE CITY'S PLAN TO CONTINUE THE REVITALIZATION OF DOWNTOWN SCRANTON.
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Filings

Displayed year

2018 • Form 990Detailed filing. Detailed filing data is available for this year.

Open filing
Assets
$984,900,420
Liabilities
$905,400,755
Net assets
$79,499,665
Revenue
$115,894,266
Expenses
$89,122,696
Net income
$26,771,570
Balance SheetOperations
YearAssetsLiabilitiesNet AssetsRevenueExpensesNet Income
2024Detailed filing. Detailed filing data is available for this year.$819$707$111$113$111$2.25
2023Detailed filing. Detailed filing data is available for this year.$910$804$107$102$110$8.51
2022Detailed filing. Detailed filing data is available for this year.$907$792$115$116$101$14.9
2021Detailed filing. Detailed filing data is available for this year.$914$815$99.6$130$104$25.7
2020Detailed filing. Detailed filing data is available for this year.$1,013$939$73.5$194$195$1.26
2019Detailed filing. Detailed filing data is available for this year.$944$870$73.5$89.8$93.9$4.02
2018Detailed filing. Detailed filing data is available for this year.$985$905$79.5$116$89.1$26.8
2017Detailed filing. Detailed filing data is available for this year.$1,024$972$51.8$91.8$91.1$0.63
2016Detailed filing. Detailed filing data is available for this year.$1,089$1,041$48.2$97.5$97.5$0.05
2015Detailed filing. Detailed filing data is available for this year.$1,145$1,111$34.4$75.2$99.8$24.6
2014Summary only. Only limited summary data is available for this year.$1,221$1,215$5.34$81.5$103$21.3
2013Summary only. Only limited summary data is available for this year.$1,274$1,261$13.5$168$132$35.4
2012Summary only. Only limited summary data is available for this year.$1,272$1,295$22.9$139$123$15.8
2011Summary only. Only limited summary data is available for this year.$1,355$1,402$46.2$112$109$2.11
2010Summary only. Only limited summary data is available for this year.$1,389$1,436$47.0$91.3$103$11.2
Peer Organizations

Similar nonprofits based on the same Siviq industry and scale cohort. 2018 filings • 501(c)3 • $250M-$1B nonprofits