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Nonprofiteer
← EXCEL DEVELOPMENT CO INC

Form 990 for tax year 2023

Filed by EXCEL DEVELOPMENT CO INC.

Totals

Total revenue
$10,582,311
Total expenses
$11,903,799
Contributions and grants received
$7,441,460
Grants paid
$4,922,800
Program service revenue
$3,077,976
Investment income
$49,614
Other revenue
$13,261
Total assets, end of year
$16,515,442
Total liabilities, end of year
$7,207,164
Net assets or fund balances, end of year
$9,308,278
Program services expenses (Part IX)
$10,671,370
Management and general expenses
$1,232,429
Fundraising expenses
$0
Program service expenses (Part III)
$10,671,370

Program services were 89.6% 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)

    $7,349,590

  • 1f · All other contributions, gifts and grants

    $91,870

  • 2a · Program service revenue: RENTAL INCOME

    total $3,047,014 · related or exempt $3,020,432 · unrelated business $26,582

  • 2b · Program service revenue: PROPERTY MANAGEMENT FEES

    total $30,962 · related or exempt $30,962

  • 3 · Investment income

    total $66,336 · excluded $66,336

  • 7a · Gross sales of assets other than inventory

    securities $1,164,217

  • 7b · Less cost or other basis and sales expenses

    securities $1,180,939

  • 7c · Gain or loss

    securities -$16,722

  • 7d · Net gain or loss

    total -$16,722 · excluded -$16,722

  • 11a · Other revenue: LAUNDRY & VENDING

    total $9,853 · excluded $9,853

  • 11b · Other revenue: NSF & LATE CHARGES

    total $1,592 · excluded $1,592

  • 11c · Other revenue: FURNITURE FEES

    total $1,265 · excluded $1,265

  • 11d · All other revenue

    total $551 · excluded $551

  • 11e · Other revenue, total

    $13,261

Functional expenses

Part IX, the statement of functional expenses.

  • 2 · Grants to domestic individuals

    total $4,922,800 · program services $4,922,800

  • 5 · Compensation of officers, directors and key employees

    total $618,651 · program services $433,056 · management and general $185,595

  • 7 · Other salaries and wages

    total $1,974,545 · program services $1,382,181 · management and general $592,364

  • 9 · Other employee benefits

    total $33,477 · program services $23,434 · management and general $10,043

  • 10 · Payroll taxes

    total $243,921 · program services $170,745 · management and general $73,176

  • 11b · Fees: legal

    total $16,796 · program services $13,437 · management and general $3,359

  • 11c · Fees: accounting

    total $48,452 · program services $38,761 · management and general $9,691

  • 11f · Fees: investment management

    total $9,320 · management and general $9,320

  • 11g · Fees: other

    total $163,730 · program services $130,984 · management and general $32,746

  • 13 · Office expenses

    total $357,295 · program services $250,107 · management and general $107,188

  • 16 · Occupancy

    total $124,895 · program services $87,427 · management and general $37,468

  • 22 · Depreciation, depletion and amortization

    total $361,509 · program services $325,358 · management and general $36,151

  • 23 · Insurance

    total $159,606 · program services $143,645 · management and general $15,961

  • 24a · Other expenses: PROPERTY EXPENSES

    total $2,749,435 · program services $2,749,435

  • 24b · Other expenses: ERC REPAYMENT

    total $119,367 · management and general $119,367

Balance sheet

Part X, book values.

  • 1 · Cash, non-interest-bearing

    beginning of year $1,916,215 · end of year $1,950,220

  • 2 · Savings and temporary cash investments

    beginning of year $45,796 · end of year $98,021

  • 4 · Accounts receivable

    beginning of year $2,374,694 · end of year $1,353,598

  • 8 · Inventories for sale or use

    beginning of year $50,419 · end of year $77,875

  • 9 · Prepaid expenses and deferred charges

    beginning of year $211,057 · end of year $86,331

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

    $15,343,829

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

    $7,254,808

  • 10c · Land, buildings and equipment, net

    beginning of year $6,957,271 · end of year $8,089,021

  • 11 · Investments: publicly traded securities

    beginning of year $2,112,801 · end of year $1,129,049

  • 15 · Other assets

    beginning of year $3,947,879 · end of year $3,731,327

  • 17 · Accounts payable and accrued expenses

    beginning of year $302,496 · end of year $674,189

  • 21 · Escrow or custodial account liability

    beginning of year $47,452 · end of year $49,662

  • 23 · Secured mortgages and notes payable

    beginning of year $2,686,664 · end of year $2,584,983

  • 25 · Other liabilities

    beginning of year $4,030,366 · end of year $3,898,330

  • 27 · Net assets without donor restrictions

    beginning of year $10,549,154 · end of year $9,308,278

Mission and programs · 2023

Mission

TO PROVIDE QUALIFIED INDIVIDUALS AFFORDABLE HOUSING THAT SATISFIES THEIR RESIDENTIAL NEEDS.

  • EXCEL DEVELOPMENT CO., INC. SUPPORTS SEVERELY MENTALLY ILL INDIVIDUALS AND THEIR FAMILIES IN OVER 1,100 APARTMENTS BY PROVIDING RENTAL SUBSIDIES AND HOUSING SUPPORT IN TWO DIFFERENT PERMANENT SUPPORTIVE HOUSING PROGRAMS. EXCEL DEVELOPMENT CO., INC.'S HOUSING PROGRAMS PROVIDE NECESSARY SUPPORT FOR THEIR CLIENTS TO OBTAIN AND REMAIN IN SUITABLE INDEPENDENT LIVING SITUATIONS.

    Expenses $10,671,370 · Grants $4,922,800 · Revenue $3,051,394

As filed on the 2023 return.

Listed in Part VII

  • Susan M Argo

    CHAIRPERSON

    Total calculated
    $0
    Hours/week
    1
  • Anita G Kuppin

    VICE-CHAIR THRU AUGUST

    Total calculated
    $0
    Hours/week
    1
  • Martin L Ackerman

    TREASURER

    Total calculated
    $0
    Hours/week
    1
  • John Frank Jr

    SECRETARY

    Total calculated
    $0
    Hours/week
    1
  • Martha Wassermann

    TRUSTEE

    Total calculated
    $0
    Hours/week
    1
  • Trena Goodwin

    TRUSTEE

    Total calculated
    $0
    Hours/week
    1
  • Trina Turner

    TRUSTEE

    Total calculated
    $0
    Hours/week
    1
  • Web Brewer

    TRUSTEE

    Total calculated
    $0
    Hours/week
    1
  • Zamaris Geleszinski

    TRUSTEE

    Total calculated
    $0
    Hours/week
    1
  • Kevin Cooley Sr

    CEO

    Total calculated
    $319,808
    From this org
    $319,808
    From related orgs
    $0
    Other
    $0
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $246,310
    Bonus
    $32,301
    Other
    $41,197
    Deferred
    $0
    Nontaxable benefits
    $0
    Filer's total
    $319,808
  • Deborah Avery

    CFO

    Total calculated
    $141,422
    From this org
    $141,422
    From related orgs
    $0
    Other
    $0
    Hours/week
    40
  • Connie Jones

    COO

    Total calculated
    $157,421
    From this org
    $157,421
    From related orgs
    $0
    Other
    $0
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $109,048
    Bonus
    $13,195
    Other
    $35,178
    Deferred
    $0
    Nontaxable benefits
    $0
    Filer's total
    $157,421

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

  • 3 · Approval by the board or compensation committee

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
THE PROCESS FOR DETERMINING COMPENSATION OF THE ORGANIZATION'S OFFICERS OR KEY EMPLOYEES INCLUDED A REVIEW AND APPROVAL BY INDEPENDENT PERSONS, COMPARABILITY DATA, AND CONTEMPRANEOUS SUBSTANIATION OF THE DELIBERATION AND DECISION. THE BOARD OF TRUSTEES DETERMINES THE SALARY FOR THE CEO/GENERAL MANAGER. THE CEO/GENERAL MANAGER DETERMINES THE SALARY FOR THE CHIEF FINANCIAL OFFICER AND THE CHIEF OPERATING OFFICER.

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.

Provenance

Return type
form_990
Tax year
2023
Filed
27 February 2025
IRS schema version
2023v6.0
Source object
202500629349301300

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