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Nonprofiteer
← AMERICAN COMMUNITIES TRUST INC

Form 990 for tax year 2023

Filed by AMERICAN COMMUNITIES TRUST INC.

Totals

Total revenue
$2,586,469
Total expenses
$784,853
Contributions and grants received
$2,544,718
Grants paid
$89,880
Program service revenue
$1,906
Investment income
$199
Other revenue
$39,646
Total assets, end of year
$11,213,260
Total liabilities, end of year
$3,130,710
Net assets or fund balances, end of year
$8,082,550
Program services expenses (Part IX)
$747,181
Management and general expenses
$13,112
Fundraising expenses
$24,560
Program service expenses (Part III)
$747,181

Program services were 95.2% 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)

    $2,424,718

  • 1f · All other contributions, gifts and grants

    $120,000

  • 2a · Program service revenue: CONSULTING AND DEVELOP

    total $1,906 · related or exempt $1,906

  • 3 · Investment income

    total $199 · excluded $199

  • 6a · Gross rents

    real property $29,553

  • 6b · Less rental expenses

    real property $0

  • 6c · Rental income or loss

    real property $29,553

  • 6d · Net rental income or loss

    total $29,553 · excluded $29,553

  • 11a · Other revenue: LEGAL FEES

    total $10,093 · related or exempt $10,093

  • 11e · Other revenue, total

    $10,093

Functional expenses

Part IX, the statement of functional expenses.

  • 1 · Grants to domestic organizations and governments

    total $89,880 · program services $89,880

  • 5 · Compensation of officers, directors and key employees

    total $127,000 · program services $120,650 · management and general $1,270 · fundraising $5,080

  • 7 · Other salaries and wages

    total $113,639 · program services $105,034 · management and general $7,299 · fundraising $1,306

  • 11b · Fees: legal

    total $17,369 · program services $16,500 · management and general $174 · fundraising $695

  • 11c · Fees: accounting

    total $19,449 · program services $18,477 · management and general $194 · fundraising $778

  • 11g · Fees: other

    total $66,315 · program services $62,999 · management and general $663 · fundraising $2,653

  • 13 · Office expenses

    total $48,423 · program services $46,002 · management and general $484 · fundraising $1,937

  • 16 · Occupancy

    total $182,000 · program services $172,900 · management and general $1,820 · fundraising $7,280

  • 17 · Travel

    total $10,432 · program services $9,911 · management and general $104 · fundraising $417

  • 20 · Interest

    total $74,717 · program services $70,981 · management and general $747 · fundraising $2,989

  • 22 · Depreciation, depletion and amortization

    total $696 · program services $661 · management and general $7 · fundraising $28

  • 24e · All other expenses

    total $34,933 · program services $33,186 · management and general $350 · fundraising $1,397

Balance sheet

Part X, book values.

  • 1 · Cash, non-interest-bearing

    beginning of year $274,813 · end of year $1,678,226

  • 2 · Savings and temporary cash investments

    beginning of year $58,789 · end of year $27,162

  • 4 · Accounts receivable

    beginning of year $563,450 · end of year $918,310

  • 9 · Prepaid expenses and deferred charges

    beginning of year $152,968 · end of year $164,134

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

    $40,645

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

    $10,111

  • 10c · Land, buildings and equipment, net

    beginning of year $0 · end of year $30,534

  • 13 · Investments: program-related

    beginning of year $5,303,482 · end of year $5,303,482

  • 15 · Other assets

    beginning of year $2,691,583 · end of year $3,091,412

  • 17 · Accounts payable and accrued expenses

    beginning of year $63,760 · end of year $157,407

  • 19 · Deferred revenue

    beginning of year $8,983 · end of year $375,148

  • 23 · Secured mortgages and notes payable

    beginning of year $1,422,080 · end of year $1,421,654

  • 25 · Other liabilities

    beginning of year $1,269,328 · end of year $1,176,501

  • 27 · Net assets without donor restrictions

    beginning of year $4,896,895 · end of year $6,698,511

  • 28 · Net assets with donor restrictions

    beginning of year $1,384,039 · end of year $1,384,039

Mission and programs · 2023

Mission

TO BUILD STRONG, VIBRANT COMMUNITIES BY PARTNERING WITH NONPROFIT AND FOR PROFIT ORGANIZATIONS TO DEVELOP COMMUNITY INVESTMENT STRATEGIES THAT HAVE LASTING SOCIAL IMPACT AND CREATE ECONOMIC OPPORTUNITY.

Activities or mission (Part I)

TO IMPROVE INNER CITY NEIGHBORHOODS BY INCREASING ECONOMIC OPPPORTUNITY.

  • BALTIMORE PUMPHOUSE:THE BALTIMORE PUMPHOUSE IS A MULTI-PHASED, $27M INITIATIVE TO ESTABLISH A SMALL BUSINESS TOWN CENTER IN THE HEART OF A SEVERELY DISTRESSED COMMUNITY THAT WAS ONCE AN EPICENTER OF BUSINESS AND RETAIL. THE BALTIMORE PUMPHOUSE CONSISTS OF 4.1 ACRES AND FIVE HISTORICAL BUILDINGS (THE "PROJECT") LOCATED AT THE CORNER OF N. WOLFE AND N. GAY STREETS, IN BALTIMORE'S BROADWAY EAST COMMUNITY (THE "PROPERTY"). THE PROJECT SPONSOR, AMERICAN COMMUNITIES TRUST ("ACT"), IS A NON-PROFIT COMMUNITY DEVELOPMENT PARTNER SPECIALIZING IN CREATING INCLUSIVE ECONOMIC DEVELOPMENT PROJECTS THAT BRING GROWTH AND PROSPERITY TO LOW-INCOME RESIDENTS. THE FIVE BUILDINGS THAT CONSTITUTE THE BALTIMORE PUMPHOUSE WERE BUILT 125 YEARS AGO AS THE WATER PUMPING STATION FOR EAST BALTIMORE. VACANT SINCE THE 1990'S, THE CONDITION OF THE BUILDINGS WAS SO DERELICT THAT THEY BECAME THE PERFECT FILMING LOCATION FOR THE WIRE. KEY OBJECTIVES OF THE PROJECT INCLUDE: ELIMINATING OF FOUR ACRES OF BLIGHT FROM A SEVERELY DISTRESSED COMMUNITY, SUPPORTING MINORITY AND LOCALLY OWNED SMALL BUSINESSES; LOCAL JOB CREATION; INCREASING OPPORTUNITIES FOR COMMERCE AND THE CIRCULATION OF THE DOLLAR WITHIN THE COMMUNITY; RELIEVING PRESSURE ON AND UTILIZATION OF SOCIAL SERVICES; INCREASING DIRECT ACCESS TO HEALTHY FOOD; AND RESTORING HISTORICAL TREASURES. THIS MULTI-PHASE STRATEGY IS CURRENTLY IN ITS FINAL PHASE FOR COMPLETION.THE WORK DONE TO DATE INCLUDES: CONSTRUCTION COMPLETED IN AUGUST 2017: COMPLETED ENVIRONMENTAL REMEDIATION, SITE WORK AND REPAIR OF ESSENTIAL INFRASTRUCTURE, WHILE BUILDING NEW 8,000 SF COMMERCIAL PRODUCTION AND TEACHING KITCHENS (BUILDING 7-NEW CONSTRUCTION).CONSTRUCTION COMPLETED IN OCTOBER 2019: REHABILITATED THE HISTORIC STOREHOUSE (BUILDING 3). TODAY, THE 9,890 SF STOREHOUSE SERVES CREATIVES, HOUSING A PHOTOGRAPHY AND MOTION STUDIO AND FASHION ATELIERS. CONSTRUCTION COMPLETED IN NOVEMBER 2022: REHABILITATED 6,830 SF HISTORIC STABLES (BUILDINGS 5 AND 6) AND CONSTRUCTING A NEW CONNECTOR BETWEEN BUILDINGS 5 AND 6 TO FORM ONE SINGLE BUILDING. THE HISTORIC STABLES WILL HOST WEDDINGS AND SMALL CONFERENCES.COMMENCEMENT OF CONSTRUCTION ON BUILDING 1 (AS OFFICES AND FLEX SPACE UNDER PRE-LEASE) IN JUNE 2024.

    Expenses $709,822 · Grants $85,386 · Revenue $11,999

  • LAST MILE PARK:LAST MILE PARK IS A $6.3 MILLION, ONE-MILE PUBLIC ART AND HERITAGE ECO-TRAIL THAT WILL LOOP THROUGH AMTRAK'S EIGHT OVERPASSES. LYING ADJACENT TO THE BALTIMORE PUMPHOUSE, THE TRAIL LIES BETWEEN THE NORTH-OF-THE-TRACKS NEIGHBORHOODS TO THE NORTH AND EBDI, EAGER PARK, AND JOHNS HOPKINS UNIVERSITY TO THE SOUTH. THE TRAIL WILL TAKE PEDESTRIANS ON A TOUR OF SCULPTURAL ART, PERMANENT ARTISTIC LIGHT INSTALLATIONS, AND GREEN INFRASTRUCTURE WHILE PROVIDING ENGAGING INFORMATION ON THE NARRATIVES AND CULTURE OF EAST BALTIMORE AND ITS RESIDENTS. LAST MILE PARK STITCHES TOGETHER THE NORTHERN AND SOUTHERN NEIGHBORHOODS AROUND THE RAILROAD TRACK, PROMOTING ONE UNIFIED COMMUNITY. THE PILOT SITE OF LAST MILE PARK OPENED IN MAY 2022. ACT RECEIVED AN ADDITIONAL AWARD OF $904,000 FOR THE NEXT SITE IN 2024.

    Expenses $37,359 · Grants $4,494

As filed on the 2023 return. The filer continues this part on Schedule O, which is not shown here.

Listed in Part VII

  • Benjamin L Cirka

    VICE PRESIDENT

    Total calculated
    $0
    Hours/week
    0.5

  • Bill Struever

    PRESIDENT

    Total calculated
    $0
    Hours/week
    0.5

  • Dr Gary Rodwell

    BOARD MEMBER

    Total calculated
    $0
    Hours/week
    0.5

  • Elaine Di Pietro

    TREASURER

    Total calculated
    $0
    Hours/week
    0.5

  • Janice Woodcock

    SECRETARY

    Total calculated
    $0
    Hours/week
    0.5 + 0.5 related

  • China Boak Terrell

    CEO

    Total calculated
    $149,758
    From this org
    $127,000
    From related orgs
    $0
    Other
    $22,758
    Hours/week
    40 + 4 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

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.

  • BALTIMORE FOOD HUB

    501(C)(3) · PROPERTY DEVELOPMENT AND MANAGEMENT · MD · controlled entity

    Directly controlled by AMERICAN COMMUNITIES TRUST INC

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.

  • FOR A WEALTHY BALTIMORE LLC

    REAL ESTATE · MD

    Directly controlled by BALTIMORE FOOD HUB INC

Related partnerships

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

  • HEALTHY EAST BALTIMORE LLC

    RELATED · TO FACILITATE INVESTMENT IN THE BALTIMORE FOOD HUB · MD

  • BFH LL LLC

    RELATED · LENDING · MD · 95% owned · share of income -$60,071 · share of assets $7,821,888 · general or managing partner

    Directly controlled by AMERICAN COMMUNITIES TRUST

Related corporations and trusts

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

  • BFH MEMBER LLC

    C · REAL ESTATE · MD · 100% owned · share of income -$3,470 · share of assets $500 · controlled entity

    Directly controlled by BALTIMORE FOOD HUB INC

Provenance

Return type
form_990
Tax year
2023
Filed
13 November 2024
IRS schema version
2023v5.1
Source object
202413199349305486

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