Form 990 for tax year 2024
Filed by REACH RIVERSIDE DEVELOPMENT CORPORATION.
Totals
- Total revenue
- $3,751,794
- Total expenses
- $4,076,615
- Contributions and grants received
- $2,139,367
- Grants paid
- $0
- Program service revenue
- $0
- Investment income
- $1,612,427
- Other revenue
- $0
- Total assets, end of year
- $37,880,104
- Total liabilities, end of year
- $508,927
- Net assets or fund balances, end of year
- $37,371,177
- Program services expenses (Part IX)
- $3,175,391
- Management and general expenses
- $682,675
- Fundraising expenses
- $218,549
- Program service expenses (Part III)
- $3,175,391
Program services were 77.9% 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)
$97,500
-
1f · All other contributions, gifts and grants
$2,041,867
-
4 · Income from investment of tax-exempt bond proceeds
total $1,612,427 · excluded $1,612,427
Functional expenses
Part IX, the statement of functional expenses.
-
5 · Compensation of officers, directors and key employees
total $519,693 · program services $363,785 · management and general $129,923 · fundraising $25,985
-
7 · Other salaries and wages
total $526,596 · program services $368,617 · management and general $131,650 · fundraising $26,329
-
8 · Pension plan contributions
total $37,017 · program services $25,912 · management and general $9,254 · fundraising $1,851
-
9 · Other employee benefits
total $256,033 · program services $179,223 · management and general $64,008 · fundraising $12,802
-
10 · Payroll taxes
total $135,140 · program services $94,598 · management and general $33,785 · fundraising $6,757
-
12 · Advertising and promotion
total $46,523 · management and general $46,523
-
13 · Office expenses
total $36,384 · program services $25,469 · management and general $8,005 · fundraising $2,910
-
16 · Occupancy
total $36,267 · program services $25,387 · management and general $7,253 · fundraising $3,627
-
20 · Interest
total $4,125 · management and general $4,125
-
22 · Depreciation, depletion and amortization
total $27,738 · management and general $27,738
-
23 · Insurance
total $3,646 · management and general $3,646
-
24a · Other expenses: AFFORDABLE HOUSING SUPP
total $1,228,524 · program services $1,228,524
-
24b · Other expenses: COMMUNITY SUPPORT
total $671,625 · program services $671,625
-
24c · Other expenses: PROFESSIONAL SERVICES
total $323,773 · program services $129,509 · management and general $64,755 · fundraising $129,509
-
24d · Other expenses: EQUIPMENT AND MAINTENAN
total $115,911 · management and general $115,911
-
24e · All other expenses
total $107,620 · program services $62,742 · management and general $36,099 · fundraising $8,779
Balance sheet
Part X, book values.
-
1 · Cash, non-interest-bearing
beginning of year $8,990,666 · end of year $7,702,958
-
3 · Pledges and grants receivable
beginning of year $317,109 · end of year $365,027
-
7 · Other notes and loans receivable
beginning of year $270,385 · end of year $889,645
-
10a · Land, buildings and equipment: cost or other basis
$461,851
-
10b · Land, buildings and equipment: accumulated depreciation
$93,533
-
10c · Land, buildings and equipment, net
beginning of year $344,133 · end of year $368,318
-
12 · Investments: other securities
beginning of year $28,034,731 · end of year $28,184,461
-
15 · Other assets
beginning of year $66,645 · end of year $369,695
-
17 · Accounts payable and accrued expenses
beginning of year $145,275 · end of year $358,927
-
23 · Secured mortgages and notes payable
beginning of year $150,000 · end of year $150,000
-
25 · Other liabilities
beginning of year $98,000 · end of year $0
-
27 · Net assets without donor restrictions
beginning of year $4,323,078 · end of year $5,776,029
-
28 · Net assets with donor restrictions
beginning of year $33,307,316 · end of year $31,595,148
Mission and programs · 2024
Mission
TO BREAK THE BURDENS OF INTERGENERATIONAL POVERTY CAUSED BY STRUCTURAL RACISM BY WORKING ALONGSIDE THE COMMUNITY TO TRANSFORM NORTHEAST WILMINGTON'S HISTORIC RIVERSIDE NEIGHBORHOOD INTO A HEALTHY VIBRANT PLACE TO LIVE AND THRIVE.
Activities or mission (Part I)
TRANSFORM NORTHEAST WILMINGTON'S HISTORIC RIVERSIDE INTO A HEALTHY VIBRANT PLACE TO LIVE & THRIVE.
-
AS A MEMBER OF THE PURPOSE BUILT COMMUNITIES NETWORK, A NATIONALLY REOWNED ORGANIZATION DEDICATED TO HOLISTIC COMMUNITY REDEVELOPMENT, REACH RIVERSIDE FOCUSES ON THE FOUR PILLARS OF REVITALIZATION SHOWN TO HAVE THE GREATEST IMPACT ON LONG-TERM COMMUNITY HEALTH AND WELL-BEING. REDEVELOPMENT - REACH RIVERSIDE IS COMMITTED TO BUILDING APPROXIMATELY 700 UNITS OF HIGH-QUALITY, MIXED-INCOME HOUSING THAT WILL ELEVATE THE STANDARD OF LIVING FOR RIVERSIDE NEIGHBORHOOD RESIDENTS AND PROVIDE THE SAFE AND AFFORDABLE HOUSING RESIDENTS DESERVE.EDUCATION - ACCESS TO EXCELLENT EDUCATION IS A MUST FOR ANY PROSPEROUS COMMUNITY. THE REACH RIVERSIDE PROMISE IS TO DELIVER A HIGH-QUALITY EDUCATION PIPELINE FROM CRADLE TO COLLEGE TO ENSURE GROWTH AND ACHIEVEMENT AT EVERY LEVEL, ENHANCING OPPORTUNITIES FOR SUCCESSFUL FUTURES.COMMUNITY HEALTH - A HEALTHY COMMUNITY IS THE FOUNDATION OF A THRIVING COMMUNITY, AND THE REACH RIVERSIDE PROMISE INCLUDES THE CREATION OF A COMPREHENSIVE HEALTH, WELLNESS, AND SAFETY PROGRAM TO MEET THE DIVERSE NEEDS OF THE RIVERSIDE RESIDENTS. FROM NEW SIDEWALKS AND PLAYGROUNDS TO MENTAL HEALTH SUPPORT, FINANCIAL LITERACY, YOUTH ENGAGEMENT, AND A LOCAL GROCERY STORE, RESIDENTS WILL HAVE THE SUPPORT NEEDED FOR A HEALTHY LIFESTYLE.ECONOMIC VITALITY - A STRONG COMMERCIAL CORE FOSTERS NEIGHBORHOOD PROSPERITY AND RESIDENTS' ECONOMIC ADVANCEMENT, OFFERING OPPORTUNITIES FOR MEANINGFUL WORK AND WEALTH BUILDING. A DUAL-PRONGED STRATEGY SUPPORTING OPPORTUNITIES ACROSS INCOME LEVELS ENSURES ABUNDANT LOCAL RESOURCES AND PARTICIPATION IN A THRIVING ECONOMY.
Expenses $3,175,391
As filed on the 2024 return. The filer continues this part on Schedule O, which is not shown here.
Listed in Part VII
-
Charles S McDowell EsqCHARLES S MCDOWELL ESQ
CHAIR
- Total calculated
- $0
- Hours/week
- 30
-
Perry BebermanPERRY BEBERMAN
TREASURER
- Total calculated
- $0
- Hours/week
- 2
-
Stephen BriggsSTEPHEN BRIGGS
DIRECTOR
- Total calculated
- $0
- Hours/week
- 1
-
Donald FultonDONALD FULTON
DIRECTOR
- Total calculated
- $0
- Hours/week
- 1
-
Ray FitzgeraldRAY FITZGERALD
DIRECCTOR
- Total calculated
- $0
- Hours/week
- 1
-
James Ray RhodesJAMES RAY RHODES
VICE CHAIR
- Total calculated
- $0
- Hours/week
- 10
-
Dionna J SargentDIONNA J SARGENT
DIRECTOR
- Total calculated
- $0
- Hours/week
- 1
-
Sherry Dorsey WalkerSHERRY DORSEY WALKER
DIRECTOR
- Total calculated
- $0
- Hours/week
- 1
-
Bettina Tweardy RiverosBETTINA TWEARDY RIVEROS
DIRECTOR
- Total calculated
- $0
- Hours/week
- 1
-
Kevin SmithKEVIN SMITH
DIRECTOR
- Total calculated
- $0
- Hours/week
- 1
-
Jocelyn StewartJOCELYN STEWART
DIRECTOR
- Total calculated
- $0
- Hours/week
- 1
-
Dusty BlakeyDUSTY BLAKEY
DIRECTOR
- Total calculated
- $0
- Hours/week
- 1
-
Daria HubbardDARIA HUBBARD
DIRECTOR
- Total calculated
- $0
- Hours/week
- 1
-
Chip RossiCHIP ROSSI
DIRECTOR
- Total calculated
- $0
- Hours/week
- 1
-
Logan HerringLOGAN HERRING
CHIEF EXECUTIVE OFFICER
- Total calculated
- $178,447
- From this org
- $178,447
- From related orgs
- $0
- Other
- $0
- Hours/week
- 40
Schedule J breakdown matched by us
- Base
- $178,447
- Bonus
- $0
- Other
- $0
- Deferred
- $0
- Nontaxable benefits
- $0
- Filer's total
- $178,447
-
Kenyetta McCurdy - ByrdKENYETTA MCCURDY - BYRD
CHIEF OPERATING OFFICER
- Total calculated
- $122,936
- From this org
- $122,936
- From related orgs
- $0
- Other
- $0
- Hours/week
- 40
-
David FordDAVID FORD
CHIEF COMMUNITY INVESTMENT
- Total calculated
- $110,452
- From this org
- $110,452
- From related orgs
- $0
- Other
- $0
- Hours/week
- 40
-
Laura MoodLAURA MOOD
CHIEF FINANCIAL OFFICER
- Total calculated
- $107,858
- From this org
- $107,858
- From related orgs
- $0
- Other
- $0
- Hours/week
- 40
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
None.
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.
Provenance
- Return type
- form_990
- Tax year
- 2024
- Filed
- 6 November 2025
- IRS schema version
- 2024v5.2
- Source object
- 202543109349304584
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