Form 990 for tax year 2023

Filed by MLK AVENUE REDEVELOPMENT CORPORATION.

Totals

Total revenue: $292,407
Total expenses: $417,404
Contributions and grants received: $160,000
Grants paid: $0
Program service revenue: $131,332
Investment income: $0
Other revenue: $1,075
Total assets, end of year: $938,547
Total liabilities, end of year: $77,415
Net assets or fund balances, end of year: $861,132
Program services expenses (Part IX): $366,487
Management and general expenses: $50,917
Fundraising expenses: $0
Program service expenses (Part III): $366,487

Program services were 87.8% 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.

1f · All other contributions, gifts and grants

$160,000
2a · Program service revenue: SALES OF HOMES

total $100,000 · related or exempt $100,000
2b · Program service revenue: RENTAL INCOME

total $28,546 · related or exempt $28,546
2c · Program service revenue: MANAGEMENT FEE INCOME

total $2,496 · related or exempt $2,496
2d · Program service revenue: CREDIT REPORT FEES

total $290 · related or exempt $290
11a · Other revenue: OTHER INCOME

total $1,075 · related or exempt $1,075
11e · Other revenue, total

$1,075

Functional expenses

Part IX, the statement of functional expenses.

5 · Compensation of officers, directors and key employees

total $90,000 · program services $54,000 · management and general $36,000
10 · Payroll taxes

total $6,885 · program services $4,131 · management and general $2,754
11c · Fees: accounting

total $9,764 · program services $5,858 · management and general $3,906
11g · Fees: other

total $5,625 · program services $5,625
13 · Office expenses

total $5,489 · program services $3,293 · management and general $2,196
16 · Occupancy

total $6,824 · program services $5,564 · management and general $1,260
19 · Conferences, conventions and meetings

total $1,200 · program services $720 · management and general $480
20 · Interest

total $4,367 · program services $2,620 · management and general $1,747
22 · Depreciation, depletion and amortization

total $428 · program services $257 · management and general $171
23 · Insurance

total $13,032 · program services $10,956 · management and general $2,076
24a · Other expenses: COST OF LOTS SOLD

total $134,236 · program services $134,236
24b · Other expenses: REMITTANCES TO CITY

total $76,280 · program services $76,280
24c · Other expenses: REPAIRS & MAINTENANCE

total $34,447 · program services $34,447
24d · Other expenses: COSTS OF SECOND MORTGAGES

total $20,000 · program services $20,000
24e · All other expenses

total $8,827 · program services $8,500 · management and general $327

Balance sheet

Part X, book values.

1 · Cash, non-interest-bearing

beginning of year $237,916 · end of year $255,547
10a · Land, buildings and equipment: cost or other basis

$6,423
10b · Land, buildings and equipment: accumulated depreciation

$5,994
10c · Land, buildings and equipment, net

beginning of year $857 · end of year $429
15 · Other assets

beginning of year $798,291 · end of year $682,571
17 · Accounts payable and accrued expenses

beginning of year $7,485 · end of year $10,121
19 · Deferred revenue

beginning of year $3,450 · end of year $2,800
25 · Other liabilities

beginning of year $40,000 · end of year $64,494
27 · Net assets without donor restrictions

beginning of year $981,303 · end of year $698,806
28 · Net assets with donor restrictions

beginning of year $4,826 · end of year $162,326

Mission and programs · 2023

Mission

COMMUNITY REDEVELOPMENT

MLK BUYS VACANT LOTS AND DILAPIDATED STRUCTURES, WHICH ARE DEMOLISHED, AND CONSTRUCTS NEW AFFORDABLE HOMES FOR SALE TO QUALIFYING LOW TO MODERATE INCOME PERSONS UNDER THE CHDO GRANT PROGRAM. ONE HOME WAS SOLD DURING THE YEAR. MLK ALSO FACILITATES A LEASE PURCHASE PROGRAM WHERE APPLICANTS CAN RENT HOMES RENOVATED BY THE ORGANIZATION TO ESTABLISH CREDIT TO EVENTUALLY PURCHASE THE HOME.

Expenses $365,943 · Revenue $131,332
MLK PROVIDES OTHER PROGRAMS ON AN AS NEEDED BASIS. THIS IS DETERMINED BY THE BOARD AND EXECUTIVE DIRECTOR. THESE PROGRAMS WORK IN CONJUNCTION WITH THE AFFORDABLE HOMES PROGRAM IN AN EFFORT TO ENRICH THE MLK COMMUNITY AND ITS RESIDENTS. AT TIMES, MLK PARTICIPATES IN A PROGRAM NAMED FINANCIAL EDUCATION (ECONOMIC EMPOWERMENT) WHICH TARGETS INDIVIDUALS AND TEACHES THEM BASIC FINANCIAL MANAGEMENT TECHNIQUES.

Expenses $544

As filed on the 2023 return.

Listed in Part VII

Daphne PierceDAPHNE PIERCE

EXECUTIVE DI

Total calculated

$90,000

From this org

$90,000

From related orgs

$0

Other

$0

Hours/week

40
Carlos GantCARLOS GANT

SECRETARY/TR

Total calculated

$0
Christopher LeeCHRISTOPHER LEE

ADVISORY BRD

Total calculated

$0
Darrell RandleDARRELL RANDLE

CHAIRMAN

Total calculated

$0
Samantha SandersSAMANTHA SANDERS

VICE CHAIRMA

Total calculated

$0

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.

Provenance

Return type: form_990
Tax year: 2023
Filed: 13 November 2024
IRS schema version: 2023v5.0
Source object: 202413189349305771

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