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← CORETTA SCOTT KING HOUSING DEVELOPMENT FUND CORPORATION

Form 990 for tax year 2024

Filed by CORETTA SCOTT KING HOUSING DEVELOPMENT FUND CORPORATION.

Totals

Total revenue
$897,801
Total expenses
$1,434,437
Contributions and grants received
$690,184
Grants paid
$0
Program service revenue
$195,583
Investment income
$11,781
Other revenue
$253
Total assets, end of year
$11,913,175
Total liabilities, end of year
$15,016,569
Net assets or fund balances, end of year
-$3,103,394
Program services expenses (Part IX)
$1,330,886
Management and general expenses
$103,551
Fundraising expenses
$0
Program service expenses (Part III)
$1,330,886

Program services were 92.8% 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)

    $690,184

  • 2a · Program service revenue: RENTAL INCOME

    total $195,583 · related or exempt $195,583

  • 3 · Investment income

    total $11,781 · excluded $11,781

  • 11a · Other revenue: LAUNDRY INCOME

    total $238 · excluded $238

  • 11b · Other revenue: MISCELLANEOUS INCOME

    total $15 · excluded $15

  • 11e · Other revenue, total

    $253

Functional expenses

Part IX, the statement of functional expenses.

  • 7 · Other salaries and wages

    total $173,240 · program services $173,240

  • 8 · Pension plan contributions

    total $13,737 · program services $13,737

  • 9 · Other employee benefits

    total $48,092 · program services $48,092

  • 10 · Payroll taxes

    total $14,037 · program services $14,037

  • 11a · Fees: management

    total $53,914 · management and general $53,914

  • 11c · Fees: accounting

    total $30,252 · management and general $30,252

  • 11g · Fees: other

    total $224,427 · program services $224,427

  • 13 · Office expenses

    total $18,717 · program services $9,027 · management and general $9,690

  • 16 · Occupancy

    total $270,700 · program services $270,700

  • 20 · Interest

    total $60,650 · program services $60,650

  • 22 · Depreciation, depletion and amortization

    total $335,276 · program services $335,276

  • 23 · Insurance

    total $42,690 · program services $42,690

  • 24a · Other expenses: PURCHASED SERVICES

    total $78,054 · program services $78,054

  • 24b · Other expenses: REPAIRS AND MAINTENANCE

    total $60,956 · program services $60,956

  • 24c · Other expenses: BAD DEBT EXPENSE

    total $7,941 · management and general $7,941

  • 24d · Other expenses: MISC EXP

    total $1,754 · management and general $1,754

Balance sheet

Part X, book values.

  • 1 · Cash, non-interest-bearing

    beginning of year $951,149 · end of year $103,948

  • 2 · Savings and temporary cash investments

    beginning of year $0 · end of year $784,460

  • 4 · Accounts receivable

    beginning of year $12,004 · end of year $79,391

  • 9 · Prepaid expenses and deferred charges

    beginning of year $48,664 · end of year $36,333

  • 10a · Land, buildings and equipment: cost or other basis

    $13,975,022

  • 10b · Land, buildings and equipment: accumulated depreciation

    $3,081,419

  • 10c · Land, buildings and equipment, net

    beginning of year $11,217,458 · end of year $10,893,603

  • 15 · Other assets

    beginning of year $17,848 · end of year $15,440

  • 17 · Accounts payable and accrued expenses

    beginning of year $693,252 · end of year $856,327

  • 19 · Deferred revenue

    beginning of year $2,706 · end of year $4,213

  • 21 · Escrow or custodial account liability

    beginning of year $14,948 · end of year $15,440

  • 23 · Secured mortgages and notes payable

    beginning of year $14,088,972 · end of year $14,088,972

  • 25 · Other liabilities

    beginning of year $14,003 · end of year $51,617

  • 27 · Net assets without donor restrictions

    beginning of year -$2,566,758 · end of year -$3,103,394

Mission and programs · 2024

Mission

CORETTA SCOTT KING WAS FORMED FOR THE PURPOSE OF DEVELOPING AND OPERATING A FEDERAL GOVERNMENT SUBSIDIZED HOUSING PROJECT.

  • CORETTA SCOTT KING HDFC OPERATES AN APARTMENT COMPLEX CONSISTING OF 50 RENTAL UNITS FOR PERSONS OF LOW TO MODERATE INCOME, INCLUDING THE PROVISION OF HOUSING FACILITIES AND SERVICES ESPECIALLY DESIGNED TO MEET THEIR PHYSICAL, SOCIAL AND PSYCHOLOGICAL NEEDS AND TO PROMOTE HEALTH, SECURITY AND HAPPINESS.

    Expenses $1,330,886 · Revenue $195,583

As filed on the 2024 return.

Listed in Part VII

  • EMILY KURTZ

    ASSISTANT SECRETARY

    Total calculated
    $317,090
    From this org
    $0
    From related orgs
    $289,407
    Other
    $27,683
    Hours/week
    1 + 39 related

    Schedule J breakdown matched by us

    Base
    $0 + $289,407 related
    Bonus
    $0
    Other
    $0
    Deferred
    $0 + $13,518 related
    Nontaxable benefits
    $0 + $14,165 related
    Filer's total
    $0 + $317,090 related

  • DEBRA WADE

    PRESIDENT

    Total calculated
    $0
    Hours/week
    1 + 0.5 related

  • ELAINE JONES

    SECRETARY

    Total calculated
    $0
    Hours/week
    1 + 0.5 related

  • DENNIS TAYLOR

    BOARD MEMBER

    Total calculated
    $0
    Hours/week
    0.5 + 0.5 related

  • LINDA DANIEL

    BOARD MEMBER

    Total calculated
    $0
    Hours/week
    0.5 + 0.5 related

  • DEAN ANGELAKOS

    CAO

    Total calculated
    $130,356
    From this org
    $0
    From related orgs
    $130,356
    Other
    $0
    Hours/week
    1 + 39 related

  • KIERAN HARRINGTON

    CEO

    Total calculated
    $363,462
    From this org
    $0
    From related orgs
    $363,462
    Other
    $0
    Hours/week
    1 + 39 related

    Schedule J breakdown matched by us

    Base
    $0 + $363,462 related
    Bonus
    $0
    Other
    $0
    Deferred
    $0
    Nontaxable benefits
    $0
    Filer's total
    $0 + $363,462 related

  • SCOTT SHORT

    CEO THRU JUNE 2024

    Total calculated
    $650,193
    From this org
    $0
    From related orgs
    $622,354
    Other
    $27,839
    Hours/week
    1 + 39 related

    Schedule J breakdown matched by us

    Base
    $0 + $281,969 related
    Bonus
    $0
    Other
    $0 + $340,385 related
    Deferred
    $0 + $13,758 related
    Nontaxable benefits
    $0 + $14,081 related
    Filer's total
    $0 + $650,193 related

  • MARIA DEMATOS

    CFO

    Total calculated
    $256,015
    From this org
    $0
    From related orgs
    $256,015
    Other
    $0
    Hours/week
    1 + 39 related

    Schedule J breakdown matched by us

    Base
    $0 + $256,015 related
    Bonus
    $0
    Other
    $0
    Deferred
    $0
    Nontaxable benefits
    $0
    Filer's total
    $0 + $256,015 related

  • VISHAL CHAWLA

    CFO THRU MAY 2024

    Total calculated
    $126,484
    From this org
    $0
    From related orgs
    $126,484
    Other
    $0
    Hours/week
    1 + 39 related

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. A Schedule J breakdown is as filed: base pay, bonus, other, deferred compensation and nontaxable benefits from this organization, with any from related organizations beside each, and the filer's own total. It is shown with the Part VII listing of the same name on the same return. The form gives no key between the two, so that pairing is ours, and is marked matched by us.

Schedule J

Answered yes

None.

Answered no

  • 4a · Severance or change-of-control payment
  • 4b · Supplemental nonqualified retirement plan
  • 4c · Equity-based compensation arrangement
  • 5a · Pay contingent on this organization's revenues
  • 5b · Pay contingent on a related organization's revenues
  • 6a · Pay contingent on this organization's net earnings
  • 6b · Pay contingent on a related organization's net earnings
  • 7 · Other non-fixed payments
  • 8 · Paid under the initial-contract exception

The filer's explanations (Part III)

PART I, LINE 3
A RELATED PARTY, RISEBORO COMMUNITY PARTNERSHIP INC., COMPENSATES THE CEO, THE FOLLOWING IS THEIR COMPENSATION POLICY. THE EXECUTIVE COMMITTEE REVIEWS THE COMPENSATION OF THE COMPANY'S OFFICERS AND KEY EMPLOYEES. THE ENTIRE BOARD REVIEWS THE COMPENSATION OF THE COMPANY'S CHIEF EXECUTIVE OFFICER. IN CONDUCTING THESE REVIEWS, EACH OF THE EXECUTIVE COMMITTEE MEMBERS AND THE BOARD RELIES ON APPROPRIATE COMPARABILITY DATA AND CONTEMPORANEOUSLY SUBSTANTIATES ITS DELIBERATION AND DETERMINATION. THESE REVIEWS WERE CONDUCTED ANNUALLY. THE BOARD APPROVES ALL SALARIES ANNUALLY AND SUCH APPROVAL IS REFLECTED IN BOARD MEETINGS.

Part I's answers as filed. A line not listed was left unanswered; on lines 1a and 3 that means the box was not checked.

Grants on this return

No itemized grants to organizations on this return.

Related organizations on this return

Schedule R Part II: tax-exempt organizations related to the filer by control. It does not record shared board members or money.

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.

Related partnerships

Part III: related organizations taxable as a partnership, with the filer's share.

Related corporations and trusts

Part IV: related organizations taxable as a corporation or trust.

Provenance

Return type
form_990
Tax year
2024
Filed
17 November 2025
IRS schema version
2024v5.2
Source object
202513219349316676

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