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Nonprofiteer
← DREAMKEY PARTNERS INC

Form 990 for tax year 2023

Filed by DREAMKEY PARTNERS INC.

Totals

Total revenue
$25,741,591
Total expenses
$24,142,645
Contributions and grants received
$8,026,962
Grants paid
$0
Program service revenue
$16,577,785
Investment income
$0
Other revenue
$1,136,844
Total assets, end of year
$126,436,002
Total liabilities, end of year
$113,147,760
Net assets or fund balances, end of year
$13,288,242
Program services expenses (Part IX)
$20,342,529
Management and general expenses
$3,800,116
Fundraising expenses
$0
Program service expenses (Part III)
$20,342,529

Program services were 84.3% 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)

    $6,749,876

  • 1f · All other contributions, gifts and grants

    $1,277,086

  • 2a · Program service revenue: Rental Income

    total $15,081,693 · related or exempt $15,081,693

  • 2b · Program service revenue: Other Income

    total $640,904 · related or exempt $640,904

  • 2c · Program service revenue: Developer Fee

    total $181,426 · related or exempt $181,426

  • 2d · Program service revenue: Counseling & Education

    total $392,116 · related or exempt $392,116

  • 2e · Program service revenue: Interest Income

    total $281,646 · related or exempt $281,646

  • 2f · All other program service revenue

    total $0 · related or exempt $0 · unrelated business $0 · excluded $0

  • 6c · Rental income or loss

    real property $0 · personal property $0

  • 7c · Gain or loss

    securities $0 · other assets $0

  • 10a · Gross sales of inventory

    $9,269,500

  • 10b · Cost of goods sold

    $8,132,656

  • 10c · Net income from sales of inventory

    total $1,136,844 · related or exempt $1,136,844

  • 11d · All other revenue

    total $0 · related or exempt $0 · unrelated business $0 · excluded $0

  • 11e · Other revenue, total

    $0

Functional expenses

Part IX, the statement of functional expenses.

  • 7 · Other salaries and wages

    total $6,616,607 · program services $4,868,293 · management and general $1,748,314

  • 9 · Other employee benefits

    total $600,920 · program services $424,852 · management and general $176,068

  • 10 · Payroll taxes

    total $478,092 · program services $375,146 · management and general $102,946

  • 11a · Fees: management

    total $936,699 · program services $936,699

  • 11b · Fees: legal

    total $178,931 · program services $92,815 · management and general $86,116

  • 11c · Fees: accounting

    total $103,179 · program services $36,179 · management and general $67,000

  • 11g · Fees: other

    total $0 · program services $0 · management and general $0 · fundraising $0

  • 12 · Advertising and promotion

    total $279,393 · program services $40,230 · management and general $239,163

  • 13 · Office expenses

    total $238,715 · program services $238,715

  • 16 · Occupancy

    total $519,846 · program services $433,277 · management and general $86,569

  • 19 · Conferences, conventions and meetings

    total $99,838 · program services $50,196 · management and general $49,642

  • 20 · Interest

    total $3,234,396 · program services $2,743,154 · management and general $491,242

  • 22 · Depreciation, depletion and amortization

    total $2,493,892 · program services $2,474,404 · management and general $19,488

  • 23 · Insurance

    total $666,377 · program services $581,949 · management and general $84,428

  • 24a · Other expenses: Repairs & Maintenance

    total $3,206,936 · program services $3,096,628 · management and general $110,308

  • 24b · Other expenses: Utilities

    total $1,104,976 · program services $1,104,739 · management and general $237

  • 24c · Other expenses: Other Taxes

    total $151,892 · program services $151,892

  • 24d · Other expenses: Supplies & Misc Expense

    total $1,387,761 · program services $863,136 · management and general $524,625

  • 24e · All other expenses

    total $1,844,195 · program services $1,830,225 · management and general $13,970 · fundraising $0

Balance sheet

Part X, book values.

  • 1 · Cash, non-interest-bearing

    beginning of year $27,840,055 · end of year $18,907,753

  • 3 · Pledges and grants receivable

    beginning of year $2,558,985 · end of year $872,925

  • 4 · Accounts receivable

    beginning of year $55 · end of year $0

  • 5 · Loans and receivables from officers and key people

    beginning of year $0 · end of year $0

  • 6 · Loans and receivables from disqualified persons

    end of year $0

  • 7 · Other notes and loans receivable

    beginning of year -$4,000,719 · end of year $1,550,012

  • 9 · Prepaid expenses and deferred charges

    beginning of year $268,868 · end of year $46,291

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

    $99,596,192

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

    $41,481,665

  • 10c · Land, buildings and equipment, net

    beginning of year $45,333,469 · end of year $58,114,527

  • 12 · Investments: other securities

    beginning of year $0

  • 13 · Investments: program-related

    beginning of year -$2,257,650 · end of year $6,363,050

  • 14 · Intangible assets

    beginning of year $3,146,157 · end of year $2,619,058

  • 15 · Other assets

    beginning of year $62,283,929 · end of year $37,962,386

  • 17 · Accounts payable and accrued expenses

    beginning of year $11,995,845 · end of year $1,270,187

  • 19 · Deferred revenue

    beginning of year $0 · end of year $1,627,588

  • 22 · Loans and payables to officers and key people

    end of year $0

  • 23 · Secured mortgages and notes payable

    beginning of year $93,130,033 · end of year $108,395,270

  • 25 · Other liabilities

    beginning of year $763,621 · end of year $1,854,715

  • 27 · Net assets without donor restrictions

    beginning of year $26,246,577 · end of year $11,359,568

  • 28 · Net assets with donor restrictions

    beginning of year $3,037,073 · end of year $1,928,674

Mission and programs · 2023

Mission

TO PROVIDE HOUSING TO LOW AND MODERATE INCOME FAMILIES.

Activities or mission (Part I)

TO PROVIDE HOUSING TO LOW AND MODERATE INCOME FAMILIES

  • DREAMKEY PARTNERS, INC. IS A NONPROFIT HOUSING DEVELOPMENT AND FINANCE CORPORATION ORGANIZED IN THE STATE OF NORTH CAROLINA ON JULY 5, 1988 TO EXPAND AFFORDABLE AND WELL-MAINTAINED HOUSING AND PROMOTE STABLE NEIGHBORHOODS FOR LOW AND MODERATE INCOME FAMILIES WITH A CONTINUING INTEREST IN THE ABILITY OF OCCUPANTS TO MORE FULLY ENTER THE ECONOMIC MAINSTREAM. THE STRATEGIES THAT DREAMKEY PARTNERS, INC. HAS ADOPTED TO FULFILL ITS MISSION ARE AS FOLLOWS: REVITALIZING TARGETED INNER CITY NEIGHBORHOODS, DEVELOPING AND MANAGING AFFORDABLE RENTAL PROPERTY, AND PROVIDING HOMEOWNERSHIP OPPORTUNITIES. DREAMKEY PARTNERS, INC. IS DESIGNATED AS A COMMUNITY BASED DEVELOPMENT ORGANIZATION (CBDO) BY THE CITY OF CHARLOTTE.

    Expenses $20,342,529 · Revenue $17,714,629

As filed on the 2023 return.

Listed in Part VII

  • Mr Daniel Cimaglia

    Sr. VP of Real Estate Development

    Total calculated
    $230,119
    From this org
    $210,908
    From related orgs
    $0
    Other
    $19,211
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $210,908
    Bonus
    $0
    Other
    $0
    Deferred
    $9,014
    Nontaxable benefits
    $10,197
    Filer's total
    $230,119

  • Mr Fred Dodson Jr

    Chief Operating Officer

    Total calculated
    $262,273
    From this org
    $237,808
    From related orgs
    $0
    Other
    $24,465
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $237,808
    Bonus
    $0
    Other
    $0
    Deferred
    $14,268
    Nontaxable benefits
    $10,197
    Filer's total
    $262,273

  • Mr Kevin Schrader

    Chief Financial Officer

    Total calculated
    $198,402
    From this org
    $188,205
    From related orgs
    $0
    Other
    $10,197
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $188,205
    Bonus
    $0
    Other
    $0
    Deferred
    $0
    Nontaxable benefits
    $10,197
    Filer's total
    $198,402

  • Ms Erin Barbee

    Chief Strategy Officer

    Total calculated
    $174,185
    From this org
    $165,423
    From related orgs
    $0
    Other
    $8,762
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $165,423
    Bonus
    $0
    Other
    $0
    Deferred
    $0
    Nontaxable benefits
    $8,762
    Filer's total
    $174,185

  • Ms Julie A Porter

    President

    Total calculated
    $315,856
    From this org
    $288,357
    From related orgs
    $0
    Other
    $27,499
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $288,357
    Bonus
    $0
    Other
    $0
    Deferred
    $17,302
    Nontaxable benefits
    $10,197
    Filer's total
    $315,856

  • Ms Karen Batten-Balas

    Sr. VP of Development & Co

    Total calculated
    $211,185
    From this org
    $200,988
    From related orgs
    $0
    Other
    $10,197
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $200,988
    Bonus
    $0
    Other
    $0
    Deferred
    $0
    Nontaxable benefits
    $10,197
    Filer's total
    $211,185

  • Ms Rebekah Baker

    Vice-President-Property

    Total calculated
    $185,483
    From this org
    $165,364
    From related orgs
    $0
    Other
    $20,119
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $165,364
    Bonus
    $0
    Other
    $0
    Deferred
    $9,922
    Nontaxable benefits
    $10,197
    Filer's total
    $185,483

  • Atty Ticora Davis Esq

    Director

    Total calculated
    $0
    Hours/week
    1

  • Dr Stacy Brown PhD

    Director

    Total calculated
    $0
    Hours/week
    1

  • Judge Linwood O Foust

    Director

    Total calculated
    $0
    Hours/week
    1

  • Mr AJ Calhoun

    Director

    Total calculated
    $0
    Hours/week
    1

  • Mr Chris Jackson

    Director

    Total calculated
    $0
    Hours/week
    1

  • Mr Dave Kautter

    Director

    Total calculated
    $0
    Hours/week
    1

  • Mr David R Finnie

    Director

    Total calculated
    $0
    Hours/week
    1

  • Mr Joaquin Soria

    Director

    Total calculated
    $0
    Hours/week
    1

  • Mr Kevin Granelli

    Director

    Total calculated
    $0
    Hours/week
    1

  • Mr Raymond McGregor

    Director

    Total calculated
    $0
    Hours/week
    1

  • Mr Ricky Hall

    Director

    Total calculated
    $0
    Hours/week
    1

  • Mr Steve Windell

    Director

    Total calculated
    $0
    Hours/week
    1

  • Mr Winston A Robinson

    Director

    Total calculated
    $0
    Hours/week
    1

  • Ms Astrid Chirinos

    Director

    Total calculated
    $0
    Hours/week
    1

  • Ms Brenda Hayden

    Director

    Total calculated
    $0
    Hours/week
    1

  • Ms Elizabeth McMillan

    Director

    Total calculated
    $0
    Hours/week
    1

  • Ms Elyse Dashew

    Director

    Total calculated
    $0
    Hours/week
    1

  • Ms Jacqueline O'Garrow

    Director

    Total calculated
    $0
    Hours/week
    1

  • Ms Jessica Beil Hindman

    Board Chair

    Total calculated
    $0
    Hours/week
    1

  • Ms Nicole Baldon

    Director

    Total calculated
    $0
    Hours/week
    1

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 · Independent compensation consultant
  • 3 · Compensation survey or study
  • 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

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.

Disregarded entities

Part I: entities that legally are the filer and file no return of their own.

  • CFU Brighton Place LLC

    Low-Income Housing · NC · income $659,337 · assets $1,750,476

    Directly controlled by DKP Inc

  • CFU Pleasant View LLC

    Low-Income Housing · NC · income $981,982 · assets $3,757,131

    Directly controlled by DKP Inc

  • CFU Portfolio LLC

    Low-Income Housing · NC · income $321,889 · assets $595,038

    Directly controlled by DKP Inc

  • CFU Shelton Knoll LLC

    Low-Income Housing · NC · income $567,735 · assets $897,010

    Directly controlled by DKP Inc

  • Cheshire Seversville LLC

    Low-Income Housing · NC · income $1,149,706 · assets $3,492,663

    Directly controlled by DKP Inc

  • Cindy Lane Development LLC

    Low-Income Housing · NC · income $0 · assets $1,163,270

    Directly controlled by DKP Inc

  • CMHP Development LLC

    Comm Redev · NC · income $0 · assets $330,573

    Directly controlled by DKP Inc

  • CMHP Forest Ridge LLC

    Low-Income Housing · NC · income $1,968,790 · assets $12,009,031

    Directly controlled by DKP Inc

  • Double Oaks Development LLC

    Low-Income Housing · NC · income $350,460 · assets $2,116,452

    Directly controlled by DKP Inc

  • Rocky Branch II Manager LLC

    Low-Income Housing · NC · income $2,685,864 · assets $9,282,406

    Directly controlled by DKP Inc

  • Rosedale II LLC

    Low-Income Housing · NC · income $935,035 · assets $4,628,077

    Directly controlled by DKP Inc

  • South Park Manager LLC

    Low-Income Housing · NC · income $0 · assets $0

    Directly controlled by DKP Inc

  • Tyvola Crossing II LLC

    Low-Income Housing · NC · income $140,709 · assets $2,557,505

    Directly controlled by DKP Inc

  • Weddington Road Apartments LLC

    Low-Income Housing · NC · income $0 · assets $1,348,168

    Directly controlled by DKP Inc

  • Billingsley Road LLC

    Low-Income Housing · NC · income $0 · assets $2,643,527

    Directly controlled by DKP Inc

  • CMHP Wendover Walk LLC

    Low-Income Housing · NC · income $1,195,871 · assets $11,722,684

    Directly controlled by DKP Inc

  • CMHP Walden Pond LLC

    Low-Income Housing · NC · income $0 · assets $0

    Directly controlled by DKP Inc

  • CMHP Orange Street LLC

    Low-Income Housing · NC · income $0 · assets $0

    Directly controlled by DKP Inc

  • DKP Wingate

    Low-Income Housing · NC · income $239,705 · assets $2,413,370

    Directly controlled by DKP Inc

  • DKP Homes One

    Low Income Housing · NC · income $341,984 · assets $9,027,101

    Directly controlled by DKP Inc

Related partnerships

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

  • Rocky Branch II LLC

    Related · Rental Real Estate · NC · 0.01% owned · share of income $0 · share of assets $0 · general or managing partner

    Directly controlled by NA

  • South Park Seniors LLC

    Related · Rental Real Estate · NC · 0.01% owned · share of income -$19 · share of assets $105,825 · general or managing partner

    Directly controlled by NA

  • Tyvola Crossing LLC

    Related · Rental Real Estate · NC · 0.01% owned · share of income -$7 · share of assets $0 · general or managing partner

    Directly controlled by CMHP Properties

  • South Oak Crossing LLC

    Related · Rental Real Estate · NC · 0.01% owned · share of income -$67 · share of assets -$226,794 · general or managing partner

    Directly controlled by NA

  • Gables II LLC

    Related · Rental Real Estate · NC · 0.01% owned · share of income $0 · share of assets -$58 · general or managing partner

    Directly controlled by Gables II Manager Inc

  • Statesville Avenue Homes LLC

    Related · Rental Real Estate · NC · 0.01% owned · share of income $0 · share of assets -$46 · general or managing partner

    Directly controlled by Statesville Ave Manager Inc

  • Kohler Avenue LLC

    Related · Rental Real Estate · NC · 0.01% owned · share of income -$16 · share of assets $199,121 · general or managing partner

    Directly controlled by Kohler Manager Inc

  • Westinghouse Apartments LLC

    Related · Rental Real Estate · NC · 0.01% owned · share of income -$12 · share of assets -$172,706 · general or managing partner

    Directly controlled by Westinghouse Manager Inc

  • Catawba Senior Housing LLC

    Related · Rental Real Estate · NC · 0.01% owned · share of income $0 · share of assets -$247 · general or managing partner

    Directly controlled by Catawba Senior Manager Inc

  • Atando Apartments LLC

    Related · Rental Real Estate · NC · 0.01% owned · share of income -$9 · share of assets $1,130,404 · general or managing partner

    Directly controlled by Atando Manager Inc

  • Breckinridge Oaks Partners LLC

    Related · Rental Real Estate · GA · 51% owned · share of income -$26 · share of assets $46,313 · general or managing partner

    Directly controlled by NA

  • Tuckaseegee Senior LLC

    Related · Rental Real Estate · NC · 0.01% owned · share of income -$35 · share of assets $52,594 · general or managing partner

    Directly controlled by Tuckaseegee Manager Inc

  • Freedom Apartments LLC

    Related · Rental Real Estate · NC · 0.01% owned · share of income -$70 · share of assets $1,148,174 · general or managing partner

    Directly controlled by Freedom Manager Inc

  • Wellspring Village LLC

    Related · Rental Real Estate · NC · 0.01% owned · share of income -$10 · share of assets $133,082 · general or managing partner

    Directly controlled by Wellspring Manager Inc

  • Hearthside Lafayette Partners LLC

    Related · Rental Real Estate · GA · 51% owned · share of income $38,202 · share of assets $0 · general or managing partner

    Directly controlled by NA

  • Nolley Apartments LLC

    Related · Rental Real Estate · NC · 0.01% owned · share of income -$45 · share of assets $484,961 · general or managing partner

    Directly controlled by Nolley Manager Inc

  • Connelly Apartments LLC

    Related · Rental Real Estate · NC · 0.01% owned · share of income -$7 · share of assets $14,967,150 · general or managing partner

    Directly controlled by Connelly Manager Inc

  • Breckinridge Oaks LP

    Related · Rental Real Estate · GA · 0.01% owned · share of income -$51 · share of assets $90,810 · general or managing partner

    Directly controlled by Breckinridge Oaks Partners LLC

  • Hearthside Lafayette LP

    Related · Rental Real Estate · GA · 0.01% owned · share of income $74,906 · share of assets $0 · general or managing partner

    Directly controlled by Hearthside Lafayette Partners LLC

  • JOS Apartments LLC

    Related · Rental Real Estate · NC · 0.01% owned · share of income $0 · share of assets $8,345,124 · general or managing partner

    Directly controlled by JOS Manager Inc

  • Mayfield Apartments LLC

    Related · Rental Real Estate · NC · 0.01% owned · share of income -$21 · share of assets $10,478,559 · general or managing partner

    Directly controlled by Mayfield Manager Inc

  • Dunbar Place Apartments LLC

    Related · Rental Real Estate · SC · 0.01% owned · share of income $0 · share of assets $10,252,478 · general or managing partner

    Directly controlled by Dunbar Manager Inc

  • Dillard School Apartments LLC

    Related · Rental Real Estate · NC · 0.01% owned · share of income $0 · share of assets $4,534,946 · general or managing partner

    Directly controlled by Dillard Manager Inc

Related corporations and trusts

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

  • CMHP TECE Inc

    C Corporation · Real Estate Management · NC · 100% owned · share of income -$1,167 · share of assets $212,128

    Directly controlled by CMHP Properties Inc

  • Gables II Manager Inc

    C Corporation · Real Estate Management · NC · 100% owned · share of income -$1,120 · share of assets $0 · controlled entity

    Directly controlled by DKP Inc

  • Kohler Manager Inc

    C Corporation · Real Estate Management · NC · 100% owned · share of income -$1,136 · share of assets $0 · controlled entity

    Directly controlled by DKP Inc

  • Statesville Avenue Manager Inc

    C Corporation · Real Estate Management · NC · 100% owned · share of income -$1,120 · share of assets $0 · controlled entity

    Directly controlled by DKP Inc

  • Westinghouse Manager Inc

    C Corporation · Real Estate Management · NC · 100% owned · share of income -$1,132 · share of assets $248,882 · controlled entity

    Directly controlled by DKP Inc

  • Catawba Senior Manager Inc

    C Corporation · Real Estate Management · NC · 100% owned · share of income -$1,120 · share of assets $0 · controlled entity

    Directly controlled by DKP Inc

  • Wellspring Manager Inc

    C Corporation · Real Estate Management · NC · 100% owned · share of income -$1,330 · share of assets $0

    Directly controlled by DKP Inc

  • Atando Manager Inc

    C Corporation · Real Estate Management · NC · 100% owned · share of income -$1,126 · share of assets $0

    Directly controlled by DKP Inc

  • CMHP TECE Georgia Inc

    C Corporation · Real Estate Management · NC · 100% owned · share of income -$6,043 · share of assets $0

    Directly controlled by DKP Inc

  • Tuckaseegee Manager Inc

    C Corporation · Real Estate Management · NC · 100% owned · share of income -$1,155 · share of assets $0

    Directly controlled by DKP Inc

  • Nolley Manager Inc

    C Corporation · Real Estate Management · NC · 100% owned · share of income -$1,165 · share of assets $0

    Directly controlled by DKP Inc

  • Freedom Manager Inc

    C Corporation · Real Estate Management · NC · 100% owned · share of income -$1,190 · share of assets $0

    Directly controlled by DKP Inc

  • Connelly Manager Inc

    C Corporation · Real Estate Management · NC · 100% owned · share of income -$1,127 · share of assets $0

    Directly controlled by DKP Inc

  • JOS Manager Inc

    C Corporation · Real Estate Management · NC · 100% owned · share of income -$20 · share of assets $0

    Directly controlled by DKP Inc

  • Mayfield Manager Inc

    C Corporation · Real Estate Management · NC · 100% owned · share of income -$41 · share of assets $0

    Directly controlled by DKP Inc

  • Dunbar Manager Inc

    C Corporation · Real Estate Management · SC · 100% owned · share of income $0 · share of assets $0

    Directly controlled by DKP Inc

Provenance

Return type
form_990
Tax year
2023
Filed
9 December 2024
IRS schema version
2023v5.1
Source object
202423449349300422

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