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Nonprofiteer
← RUSSELL A PLACE OF PROMISE

Form 990 for tax year 2024

Filed by RUSSELL A PLACE OF PROMISE.

Totals

Total revenue
$3,160,925
Total expenses
$728,439
Contributions and grants received
$3,070,814
Grants paid
$280,000
Program service revenue
$0
Investment income
$90,111
Other revenue
$0
Total assets, end of year
$4,309,995
Total liabilities, end of year
$123,300
Net assets or fund balances, end of year
$4,186,695
Program services expenses (Part IX)
$443,438
Management and general expenses
$284,948
Fundraising expenses
$53
Program service expenses (Part III)
$443,438

Program services were 60.9% 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)

    $1,730,000

  • 1f · All other contributions, gifts and grants

    $1,340,814

  • 3 · Investment income

    total $90,111 · excluded $90,111

Functional expenses

Part IX, the statement of functional expenses.

  • 1 · Grants to domestic organizations and governments

    total $280,000 · program services $280,000

  • 7 · Other salaries and wages

    total $2,541 · management and general $2,541

  • 11g · Fees: other

    total $329,254 · program services $63,769 · management and general $265,485

  • 12 · Advertising and promotion

    total $47,132 · program services $47,132

  • 16 · Occupancy

    total $13,840 · program services $13,840

  • 17 · Travel

    total $6,545 · management and general $6,492 · fundraising $53

  • 19 · Conferences, conventions and meetings

    total $22,188 · program services $21,713 · management and general $475

  • 23 · Insurance

    total $4,448 · management and general $4,448

  • 24a · Other expenses: ADMIN FEES

    total $10,984 · program services $10,984

  • 24b · Other expenses: SPONSORSHIP

    total $9,366 · program services $6,000 · management and general $3,366

  • 24c · Other expenses: PROFESSIONAL DEVELOPMEN

    total $1,995 · management and general $1,995

  • 24d · Other expenses: BANK FEES

    total $146 · management and general $146

Balance sheet

Part X, book values.

  • 1 · Cash, non-interest-bearing

    end of year $10,891

  • 2 · Savings and temporary cash investments

    end of year $2,517,004

  • 3 · Pledges and grants receivable

    end of year $1,462,000

  • 9 · Prepaid expenses and deferred charges

    end of year $4,761

  • 15 · Other assets

    beginning of year $1,759,409 · end of year $315,339

  • 17 · Accounts payable and accrued expenses

    beginning of year $5,200 · end of year $123,300

  • 29 · Capital stock, trust principal or current funds

    beginning of year $0 · end of year $0

  • 30 · Paid-in or capital surplus, or land, building or equipment fund

    beginning of year $0 · end of year $0

  • 31 · Retained earnings, endowment or other funds

    beginning of year $1,754,209 · end of year $0

Mission and programs · 2024

Mission

TO INVEST IN THE PEOPLE AND PLACES OF LOUISVILLE'S HISTORICALLY BLACK RUSSELL NEIGHBORHOOD WITH THE GOAL OF BUILDING PATHWAYS FOR RESIDENT LEADERSHIP AND WEALTH CREATION FOR NEIGHBORHOOD RESIDENTS AND BLACK FAMILIES, AND TO PROTECT RESIDENTS, BUSINESSES AND COMMUNITY INSTITUTIONS FROM RESIDENT DISPLACEMENT.

  • RUSSELL A PLACE OF PROMISE (RPOP) IS INCORPORATED AS A COMMUNITY LAND TRUST. PLANS ARE BEING MADE TO UNDERTAKE NEW HOME CONSTRUCTION, INCLUDING THE CONSTRUCTION OF SINGLE FAMILY, FOR SALE AFFORDABLE HOMES TO BE PERMANENTLY STEWARDED BY RPOP. PARTNERSHIPS ARE BEING DEVELOPED TO ACCELERATE THESE INVESTMENTS AND RPOP EXPECTS TO HAVE BETWEEN 10-30 PROPERTIES IN ITS PORTFOLIO WITHIN THE NEXT 78 MONTHS. RPOP HAS BEEN DEVELOPING THE NECESSARY POLICIES AND PROCESSES TO SUPPORT THIS INVESTMENT. RPOP IS SEEKING GRANTS, DONATIONS AND CONVENTIONAL MARKET FINANCING FOR THIS ACTIVITY, AND PARTICIPATED IN THE LOUISVILLE LISC EMERGING DEVELOPERS PROGRAM TO BUILD RELATIONSHIPS WITH OTHER EMERGING DEVELOPERS AND EXPAND ITS NETWORK. THIS BODY OF WORK IS IN THE PLANNING STAGE.

    Expenses $343,438 · Grants $180,000

  • CAMPUS DEVELOPMENT AT A 5-ACRE PROPERTY THAT RPOP WILL ACQUIRE FROM LOUISVILLE METRO GOVERNMENT. THIS PROJECT WILL INCLUDE OFFICE, RETAIL, RESTAURANT, RECREATION, CULTURAL SPACE, AFFORDABLE HOUSING, COMMUNITY SERVICES, AND SIMILAR AMENITIES TO SUPPORT THE RUSSELL COMMUNITY AND OTHERS. RPOP WILL CONSIDER THE FEASIBILITY OF HOLDING PORTIONS OF THIS DEVELOPMENT IN ITS COMMUNITY LAND TRUST TO PRESERVE AFFORDABLE HOUSING AND BUSINESS SPACE FOR THE NEIGHBORHOOD, BUT REGARDLESS, WILL SEEK TO SET RENTAL RATES THAT ARE AFFORDABLE TO RUSSELL RESIDENTS AND BUSINESS OWNERS. RPOP HAS RETAINED A DEVELOPMENT ADVISOR, PREPARED A DRAFT BUDGET FOR THE FIRST PHASES OF THE PROJECT, AND IS WORKING TOWARD SECURING LETTERS OF INTENT WITH TENANTS FOR THE FIRST PHASE AND EXECUTING A DEVELOPMENT AGREEMENT WITH LOUISVILLE METRO GOVERNMENT THAT WILL PROVIDE A PATHWAY TO LAND OWNERSHIP. RPOP WILL SEEK GRANTS, DONATIONS AND CONVENTIONAL MARKET FINANCING FOR THIS ACTIVITY, AND WILL BE ATTENDING THE NOVOGRADIC NEW MARKET TAX CREDIT CONFERENCE IN OCTOBER TO PRESENT THE PROJECT TO POTENTIAL INVESTORS. THIS BODY OF WORK IS IN THE PLANNING STAGE. BOARD DEVELOPMENT AND TRAINING, INCLUDING THE DEVELOPMENT OF A STRATEGIC PLAN TO GUIDE RPOP FOR THE FIRST 3 YEARS OF ITS EXISTENCE AS A NONPROFIT. BOARD MEMBERS HAVE TAKEN PART IN TRAININGS OFFERED LOCALLY AND NATIONALLY ON TOPICS RELATED TO GOVERNANCE AND RESPONSIBILITY AS A BOARD MEMBER; REAL ESTATE FINANCE AND DEVELOPMENT, FUNDRAISING, AND SUCCESSION PLANNING.

  • RPOP PROVIDED A $100,000 SUBGRANT TO THE CENTER FOR ENTREPRENEURSHIP IN PROVIDING COACHING AND DIRECT TECHNICAL ASSISTANCE TO BLACK BUSINESS OWNERS AND ENTREPRENEURS.

    Expenses $100,000 · Grants $100,000

As filed on the 2024 return. The filer continues this part on Schedule O, which is not shown here.

Listed in Part VII

  • Naela Imanyara Serikali

    CO-CHAIR

    Total calculated
    $0
    Hours/week
    2

  • Frank McNeil Jr

    CO-CHAIR

    Total calculated
    $0
    Hours/week
    2

  • Antonio Readus

    SECRETARY, GOVERNANCE COMMITTEE CHAIR

    Total calculated
    $0
    Hours/week
    2

  • Charika Hughes

    TREASURER, FINANCE COMMITTEE CHAIR

    Total calculated
    $0
    Hours/week
    2

  • Charlene Kimbro

    DIRECTOR

    Total calculated
    $0
    Hours/week
    2

  • Jasmine Todd

    REAL ESTATE COMMITTEE CO-CHAIR

    Total calculated
    $0
    Hours/week
    2

  • Jasmine Reed

    DIRECTOR

    Total calculated
    $0
    Hours/week
    2

  • Zahara Gully

    DIRECTOR

    Total calculated
    $0
    Hours/week
    2

  • Mia Thompson

    DIRECTOR

    Total calculated
    $0
    Hours/week
    2

  • Richard Ballard

    DIRECTOR

    Total calculated
    $0
    Hours/week
    2

  • Dr Gaberiel Jones

    DIRECTOR

    Total calculated
    $0
    Hours/week
    2

  • Beverley Sweeney-Sheppard

    DIRECTOR

    Total calculated
    $0
    Hours/week
    2

  • Martina Surma

    DIRECTOR

    Total calculated
    $0
    Hours/week
    2

  • Jailen Leavell

    FUND DEVELOPMENT COMMITTEE CHAIR

    Total calculated
    $0
    Hours/week
    2

  • Leah Peale

    REAL ESTATE COMMITTEE CO-CHAIR

    Total calculated
    $0
    Hours/week
    2

  • Cassandra Webb

    CO-EXECUTIVE DIRECTOR

    Total calculated
    $0
    Hours/week
    40

  • Theresa Zawacki

    CO-EXECUTIVE DIRECTOR

    Total calculated
    $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.

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

The filer's explanations (Part III)

FORM 990 PAGE 8 PART VII QUESTION 5
CITIES UNITED, AN UNRELATED ORGANIZATION, PAID COMPENSATION TO CASSANDRA WEBB, AN OFFICER, TOTAL COMPENSATION OF $81,669.

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

Provenance

Return type
form_990
Tax year
2024
Filed
14 November 2025
IRS schema version
2024v5.2
Source object
202513219349300706

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