What the amendment changed
Compared with the return it replaced , filed 15 November 2023. matched by us Only the Part I totals and the names listed in Part VII are compared. We relate returns by organization, tax year and form, and order them by each return's own timestamp; the filer's own "amended return" checkbox is a separate fact.
- Total revenue
- $0 changed to $3,221,500
- Total expenses
- $13,382 changed to $3,488,681
- Contributions and grants received
- $0 changed to $3,165,186
- Program service revenue
- $0 changed to $29,161
- Other revenue
- $0 changed to $27,153
- Total assets, end of year
- $4,289,692 changed to $4,099,880
- Total liabilities, end of year
- $1,020,304 changed to $1,083,453
- Net assets or fund balances, end of year
- $3,269,388 changed to $3,016,427
- Program services expenses
- $0 changed to $1,903,259
- Management and general expenses
- $13,382 changed to $1,585,422
- Program service expenses (Part III)
- not reported changed to $1,903,259
Listed only on the later return
- KAREEM MUSAWWIR
- MAGGIE CATANIA
- MELVIN THOMPSON
Totals
- Total revenue
- $3,221,500
- Total expenses
- $3,488,681
- Contributions and grants received
- $3,165,186
- Grants paid
- $0
- Program service revenue
- $29,161
- Investment income
- $0
- Other revenue
- $27,153
- Total assets, end of year
- $4,099,880
- Total liabilities, end of year
- $1,083,453
- Net assets or fund balances, end of year
- $3,016,427
- Program services expenses (Part IX)
- $1,903,259
- Management and general expenses
- $1,585,422
- Fundraising expenses
- $0
- Program service expenses (Part III)
- $1,903,259
Program services were 54.6% of total expenses calculated — Part IX's program-services column over total expenses, both as filed.
Line items
Every line the filer filed in Parts VIII, IX and X, as filed and in filed order. Blank columns are left out, and the lines are not forced to add up to the totals above.
Revenue
Part VIII, the statement of revenue.
-
1e · Government grants (contributions)
$1,927,944
-
1f · All other contributions, gifts and grants
$1,237,242
-
1g · Noncash contributions included above
$96,530
-
2a · Program service revenue: NET GAINS SALES OF PPRTY
total $29,161 · related or exempt $29,161
-
3 · Investment income
total $0
-
4 · Income from investment of tax-exempt bond proceeds
total $0
-
5 · Royalties
total $0
-
6d · Net rental income or loss
total $0
-
7d · Net gain or loss
total $0
-
8c · Net income from fundraising events
total $0
-
9c · Net income from gaming
total $0
-
10c · Net income from sales of inventory
total $0
-
11a · Other revenue: MISCELLENEOUS INCOME
total $14,334 · related or exempt $14,334
-
11b · Other revenue: OTHER INCOME-CANCELTN OF DEBT
total $12,819 · related or exempt $12,819
-
11e · Other revenue, total
$27,153
Functional expenses
Part IX, the statement of functional expenses.
-
1 · Grants to domestic organizations and governments
total $0
-
2 · Grants to domestic individuals
total $0
-
3 · Grants to foreign organizations and individuals
total $0
-
4 · Benefits paid to or for members
total $0
-
5 · Compensation of officers, directors and key employees
total $114,937 · program services $57,469 · management and general $57,468
-
6 · Compensation of disqualified persons
total $0
-
7 · Other salaries and wages
total $1,538,394 · program services $773,135 · management and general $765,259
-
8 · Pension plan contributions
total $0
-
9 · Other employee benefits
total $0
-
10 · Payroll taxes
total $0
-
11a · Fees: management
total $0
-
11b · Fees: legal
total $0
-
11c · Fees: accounting
total $0
-
11d · Fees: lobbying
total $0
-
11e · Fees: professional fundraising services
total $0
-
11f · Fees: investment management
total $0
-
11g · Fees: other
total $536,349 · program services $325,876 · management and general $210,473
-
12 · Advertising and promotion
total $106,209 · program services $97,769 · management and general $8,440
-
13 · Office expenses
total $36,905 · program services $13,149 · management and general $23,756
-
14 · Information technology
total $0
-
15 · Royalties
total $0
-
16 · Occupancy
total $91,226 · program services $93,467 · management and general -$2,241
-
17 · Travel
total $0
-
18 · Travel or entertainment for public officials
total $0
-
19 · Conferences, conventions and meetings
total $0
-
20 · Interest
total $33,978 · program services $13,762 · management and general $20,216
-
21 · Payments to affiliates
total $0
-
22 · Depreciation, depletion and amortization
total $14,081 · management and general $14,081
-
23 · Insurance
total $13,310 · program services $4,753 · management and general $8,557
-
24a · Other expenses: REPAIRS & MAINTENANCE
total $529,744 · program services $471,308 · management and general $58,436
-
24b · Other expenses: PROPERTY TAXES
total $335,139 · program services $81,108 · management and general $254,031
-
24c · Other expenses: OTHER EXPENSES
total $88,322 · program services $7,710 · management and general $80,612
-
24d · Other expenses: DUES & SUBSCRIPTIONS
total $65,061 · program services $1,312 · management and general $63,749
-
24e · All other expenses
total -$14,974 · program services -$37,559 · management and general $22,585
Balance sheet
Part X, book values.
-
1 · Cash, non-interest-bearing
beginning of year $621,622 · end of year $340,635
-
2 · Savings and temporary cash investments
end of year $0
-
3 · Pledges and grants receivable
end of year $0
-
4 · Accounts receivable
beginning of year $545,608 · end of year $591,980
-
5 · Loans and receivables from officers and key people
end of year $0
-
6 · Loans and receivables from disqualified persons
end of year $0
-
7 · Other notes and loans receivable
beginning of year $2,390 · end of year $2,390
-
8 · Inventories for sale or use
beginning of year $443,231 · end of year $291,763
-
9 · Prepaid expenses and deferred charges
beginning of year $3,495 · end of year $0
-
10a · Land, buildings and equipment: cost or other basis
$2,561,695
-
10b · Land, buildings and equipment: accumulated depreciation
$42,290
-
10c · Land, buildings and equipment, net
beginning of year $2,533,486 · end of year $2,519,405
-
11 · Investments: publicly traded securities
end of year $0
-
12 · Investments: other securities
end of year $0
-
13 · Investments: program-related
end of year $0
-
14 · Intangible assets
end of year $0
-
15 · Other assets
beginning of year $153,242 · end of year $353,707
-
17 · Accounts payable and accrued expenses
beginning of year $498,224 · end of year $750,909
-
19 · Deferred revenue
end of year $4,627
-
23 · Secured mortgages and notes payable
beginning of year $458,672 · end of year $293,567
-
25 · Other liabilities
beginning of year $63,408 · end of year $34,350
-
27 · Net assets without donor restrictions
beginning of year $3,282,770 · end of year $3,016,427
Mission and programs · 2022
Mission
Through planning and collaboration with private developers, governmental entities and other stake-holders, the Far-South Community Development Corporation (Far South CDC)strives to facilitate and foster quality retail businesses that will meet the needs of the community, new industrial uses, and new rehabilitated commercial and residential real estate developments that will create jobs and improve the quality of life for all people who live and work in its service area.
-
Far South CDC's strives to facilitate and foster quality retail businesses that will meet the needs of the community; through planning and collaboration with private developers, governmental entities and other stake-holders, new industrial uses, and new rehabilitated commercial and residential real estate developments that will create jobs and improve the quality of life for all people who live and work in its service area.
Expenses $1,903,259 · Revenue $3,221,500
As filed on the 2022 return.
Listed in Part VII
-
ABRAHAM LACY
Executive Dir.
- Total calculated
- $114,937
- From this org
- $114,937
- From related orgs
- $0
- Other
- $0
- Hours/week
- 40
-
YOLANDA RICHARDS-ALBERT
Chairman
- Total calculated
- $0
- Hours/week
- 10
-
CHESTER BELL JR
Director
- Total calculated
- $0
- Hours/week
- 5
-
DENNIS O'MALLEY
Treasurer
- Total calculated
- $0
- Hours/week
- 5
-
JAMES GILLIAM
Director
- Total calculated
- $0
- Hours/week
- 5
-
JOHN CHENIER
Secretary
- Total calculated
- $0
- Hours/week
- 5
-
REV LEONARDO GILBERT
Director
- Total calculated
- $0
- Hours/week
- 5
-
MELVIN THOMPSON
Director
- Total calculated
- $0
- Hours/week
- 5
-
MAGGIE CATANIA
Director
- Total calculated
- $0
- Hours/week
- 5
-
KAREEM MUSAWWIR
Director
- Total calculated
- $0
- Hours/week
- 5
-
JACKIE JOHNSON-SAMPLE
Director
- Total calculated
- $0
- Hours/week
- 5
-
JOHN WATSON
Director
- Total calculated
- $0
- Hours/week
- 5
Compensation is as filed in Part VII: reportable pay from this organization and from related organizations, other compensation, and hours per week. The total, marked calculated, is our sum of the three dollar columns, with a blank column counted as $0; the form itself has no total. On a Form 990-EZ the columns are Part IV's instead, and on a Form 990-PF Part VIII's — compensation, contributions to benefit plans, and expense account — and the total sums those.
Grants on this return
No itemized grants to organizations on this return.
Taxable family on this return
Schedule R Parts I, III and IV, as filed. These record ownership and control, not shared board members or money moved.
Disregarded entities
Part I: entities that legally are the filer and file no return of their own.
-
BUSINESS INCUBATOR · IL
Directly controlled by FAR SOUTH CDC
Related corporations and trusts
Part IV: related organizations taxable as a corporation or trust.
-
C · REAL ESTATE MANAGEMENT · IL · 100% owned · share of assets $141,361
Directly controlled by FAR SOUTH CDC
-
MAPLE PARK HOUSING REDEVELOPMENT LLC
C · REAL ESTATE DEVELOPMENT · IL · 100% owned · share of income -$48,905 · share of assets $348,927
Directly controlled by FAR SOUTH CDC
Provenance
- Return type
- form_990
- Tax year
- 2022
- Filed
- 1 February 2024
- IRS schema version
- 2022v5.0
- Source object
- 202400329349302010
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