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Nonprofiteer
← PROMISE DEVELOPMENT CORPORATION

Form 990 for tax year 2023

Filed by PROMISE DEVELOPMENT CORPORATION.

Totals

Total revenue
$3,499,542
Total expenses
$3,450,236
Contributions and grants received
$2,212,616
Grants paid
$0
Program service revenue
$1,286,926
Investment income
$0
Other revenue
$0
Total assets, end of year
$7,218,735
Total liabilities, end of year
$869,025
Net assets or fund balances, end of year
$6,349,710
Program services expenses (Part IX)
$2,736,782
Management and general expenses
$713,454
Fundraising expenses
$0
Program service expenses (Part III)
$2,736,782

Program services were 79.3% 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)

    $61,537

  • 1f · All other contributions, gifts and grants

    $2,151,079

  • 2a · Program service revenue: LOW INCOME HOUSING REN

    total $1,203,825 · related or exempt $1,203,825

  • 2b · Program service revenue: MISCELLANEOUS

    total $48,379 · related or exempt $48,379

  • 2c · Program service revenue: LAWN CARE INCOME

    total $33,036 · related or exempt $33,036

  • 2d · Program service revenue: APPLICATION FEE INCOME

    total $1,155 · related or exempt $1,155

  • 2e · Program service revenue: LATE FEE INCOME

    total $303 · related or exempt $303

  • 2f · All other program service revenue

    total $228 · related or exempt $228

Functional expenses

Part IX, the statement of functional expenses.

  • 5 · Compensation of officers, directors and key employees

    total $149,684 · program services $149,684

  • 7 · Other salaries and wages

    total $622,375 · program services $313,551 · management and general $308,824

  • 9 · Other employee benefits

    total $39,184 · program services $2,707 · management and general $36,477

  • 10 · Payroll taxes

    total $52,008 · program services $52,008

  • 11b · Fees: legal

    total $30,769 · program services $3,077 · management and general $27,692

  • 11c · Fees: accounting

    total $2,550 · program services $255 · management and general $2,295

  • 12 · Advertising and promotion

    total $6,884 · program services $6,884

  • 16 · Occupancy

    total $592,942 · program services $592,942

  • 17 · Travel

    total $56,979 · program services $45,583 · management and general $11,396

  • 20 · Interest

    total $24,326 · program services $24,326

  • 22 · Depreciation, depletion and amortization

    total $273,339 · program services $218,671 · management and general $54,668

  • 23 · Insurance

    total $214,732 · program services $171,786 · management and general $42,946

  • 24a · Other expenses: REPAIRS AND MAINTENANCE

    total $478,997 · program services $440,677 · management and general $38,320

  • 24b · Other expenses: CONTRACT SERVICES

    total $434,841 · program services $400,054 · management and general $34,787

  • 24c · Other expenses: UTILITIES, CABLE, AND I

    total $300,494 · program services $240,395 · management and general $60,099

  • 24d · Other expenses: BUSINESS EXPENSES

    total $71,041 · program services $14,208 · management and general $56,833

  • 24e · All other expenses

    total $99,091 · program services $59,974 · management and general $39,117

Balance sheet

Part X, book values.

  • 1 · Cash, non-interest-bearing

    beginning of year $102,406 · end of year $58,977

  • 3 · Pledges and grants receivable

    beginning of year $69,287 · end of year $218,144

  • 5 · Loans and receivables from officers and key people

    beginning of year $6,857 · end of year $6,857

  • 7 · Other notes and loans receivable

    beginning of year $402,882 · end of year $71,080

  • 9 · Prepaid expenses and deferred charges

    beginning of year $44,307

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

    $9,224,122

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

    $2,382,530

  • 10c · Land, buildings and equipment, net

    beginning of year $6,506,699 · end of year $6,841,592

  • 13 · Investments: program-related

    beginning of year $100 · end of year $100

  • 15 · Other assets

    beginning of year $17,685 · end of year $21,985

  • 17 · Accounts payable and accrued expenses

    beginning of year $306,669 · end of year $304,863

  • 23 · Secured mortgages and notes payable

    beginning of year $551,163 · end of year $514,172

  • 25 · Other liabilities

    beginning of year $43,892 · end of year $49,990

  • 27 · Net assets without donor restrictions

    beginning of year $6,248,499 · end of year $6,349,710

Mission and programs · 2023

Mission

PROMOTE ECONOMIC DEVELOPMENT IN THE NORTH MEMPHIS COMMUNITY BY PROVIDING AFFORDABLE HOUSING

Activities or mission (Part I)

TO ENHANCE THE QUALITY OF LIFE THROUGH CREATING AND PRESERVING HOUSING, PROMOTING ECONOMIC DEVELOPMENT OPPORTUNITIES AND ENCOURAGING COMMUNITY LIFE.

  • PROVIDED AFFORDABLE HOUSING TO 160 CLIENTS IN THE NORTH MEMPHIS COMMUNITY. OUR WHOLLY-OWNED SUBSIDIARY, HARMONY WOODS, L.P., PROVIDED AFFORDABLE HOUSING TO 80 TENANTS. WE ALSO MANAGE APRIL WOODS APARTMENTS AND CYPRESS GARDENS, WHICH CONSIST OF 118 UNITS AND 24 UNITS

    Expenses $2,736,782 · Revenue $1,286,926

As filed on the 2023 return.

Listed in Part VII

  • Janice Bennett

    VICE PRESIDENT

    Total calculated
    $0
    Hours/week
    1

  • Rodney Sanders

    TREASURER

    Total calculated
    $0
    Hours/week
    1

  • Justin Starling

    MEMBER

    Total calculated
    $0
    Hours/week
    1

  • Demetra Keys

    MEMBER

    Total calculated
    $0
    Hours/week
    1

  • Robert Malone

    MEMBER

    Total calculated
    $0
    Hours/week
    1

  • Melvin Williams

    MEMBER

    Total calculated
    $0
    Hours/week
    1

  • Chemise Buirse

    BOARD CHAIR/PRESIDENT

    Total calculated
    $0
    Hours/week
    11 + 1 related

  • Reva Marshall

    SECRETARY

    Total calculated
    $25,350
    From this org
    $25,017
    From related orgs
    $0
    Other
    $333
    Hours/week
    20 + 20 related

  • Cornelius Sanders

    EXECUTIVE DIRECTOR

    Total calculated
    $128,247
    From this org
    $124,668
    From related orgs
    $0
    Other
    $3,579
    Hours/week
    30 + 30 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.

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.

  • APRIL WOODS APARTMENTS LP

    RELATED · RESIDENTIAL REAL ESTATE · TN · 0.5% owned · general or managing partner

Provenance

Return type
form_990
Tax year
2023
Filed
12 November 2024
IRS schema version
2023v5.1
Source object
202433199349302363

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