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Nonprofiteer
← MLK AVENUE REDEVELOPMENT CORPORATION

Form 990 for tax year 2022

Filed by MLK AVENUE REDEVELOPMENT CORPORATION.

Totals

Total revenue
$29,911
Total expenses
$168,805
Contributions and grants received
$0
Grants paid
$0
Program service revenue
$29,911
Investment income
$0
Other revenue
$0
Total assets, end of year
$1,037,064
Total liabilities, end of year
$50,935
Net assets or fund balances, end of year
$986,129
Program services expenses (Part IX)
$109,958
Management and general expenses
$58,847
Fundraising expenses
$0
Program service expenses (Part III)
$109,958

Program services were 65.1% 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.

  • 2a · Program service revenue: RENTAL INCOME

    total $26,970 · related or exempt $26,970

  • 2b · Program service revenue: MANAGEMENT FEE INCOME

    total $2,496 · related or exempt $2,496

  • 2c · Program service revenue: CREDIT REPORT FEES

    total $445 · related or exempt $445

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 $19,020 · program services $11,412 · management and general $7,608

  • 13 · Office expenses

    total $4,377 · program services $2,626 · management and general $1,751

  • 16 · Occupancy

    total $15,952 · program services $10,912 · management and general $5,040

  • 19 · Conferences, conventions and meetings

    total $3,925 · program services $2,355 · management and general $1,570

  • 20 · Interest

    total $89 · program services $53 · management and general $36

  • 22 · Depreciation, depletion and amortization

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

  • 23 · Insurance

    total $16,175 · program services $12,768 · management and general $3,407

  • 24a · Other expenses: REPAIRS & MAINTENANCE

    total $6,669 · program services $6,669

  • 24b · Other expenses: PROPERTY MANAGEMENT FEES

    total $2,496 · program services $2,496

  • 24c · Other expenses: BANK CHARGES

    total $1,275 · program services $765 · management and general $510

  • 24d · Other expenses: RICHARDSON HEIGHTS COMMON

    total $645 · program services $645

  • 24e · All other expenses

    total $869 · program services $869

Balance sheet

Part X, book values.

  • 1 · Cash, non-interest-bearing

    beginning of year $437,781 · end of year $237,916

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

    $6,423

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

    $5,566

  • 10c · Land, buildings and equipment, net

    beginning of year $1,285 · end of year $857

  • 15 · Other assets

    beginning of year $702,414 · end of year $798,291

  • 17 · Accounts payable and accrued expenses

    beginning of year $13,658 · end of year $7,485

  • 19 · Deferred revenue

    beginning of year $2,800 · end of year $3,450

  • 25 · Other liabilities

    end of year $40,000

  • 27 · Net assets without donor restrictions

    beginning of year $1,120,196 · end of year $981,303

  • 28 · Net assets with donor restrictions

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

Mission and programs · 2022

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. NO HOMES WERE 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 $109,958 · Revenue $29,911

  • 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 WHICH TARGETS INDIVIDUALS AND TEACHES THEM BASIC FINANCIAL MANAGEMENT TECHNIQUES. THIS PROGRAM DID NOT TAKE PLACE IN THE CURRENT YEAR.

As filed on the 2022 return.

Listed in Part VII

  • DAPHNE PIERCE

    EXECUTIVE DI

    Total calculated
    $90,000
    From this org
    $90,000
    From related orgs
    $0
    Other
    $0
    Hours/week
    40

  • CARLOS GANT

    SECRETARY/TR

    Total calculated
    $0

  • CHRISTOPHER LEE

    ADVISORY BRD

    Total calculated
    $0

  • DARRELL RANDLE

    CHAIRMAN

    Total calculated
    $0

  • SAMANTHA 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
2022
Filed
15 November 2023
IRS schema version
2022v5.0
Source object
202303199349315120

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