Form 990 for tax year 2022

Filed by WOODLANDS DEVELOPMENT GROUP INC.

Totals

Total revenue: $1,434,117
Total expenses: $1,296,467
Contributions and grants received: $597,595
Grants paid: $0
Program service revenue: $831,914
Investment income: $4,608
Other revenue: $0
Total assets, end of year: $17,746,868
Total liabilities, end of year: $13,193,908
Net assets or fund balances, end of year: $4,552,960
Program services expenses (Part IX): $994,060
Management and general expenses: $302,407
Fundraising expenses: $0
Program service expenses (Part III): $994,060

Program services were 76.7% 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)

$354,767
1f · All other contributions, gifts and grants

$242,828
2a · Program service revenue: Rental Housing Income

total $427,002 · unrelated business $0 · excluded $0
2b · Program service revenue: Development & Construct

total $6,497,132 · unrelated business $0 · excluded $0
2c · Program service revenue: Cost of Construction

total -$6,688,560 · unrelated business $0 · excluded $0
2d · Program service revenue: Contracted Services

total $160,703 · unrelated business $0 · excluded $0
2e · Program service revenue: Development Fee

total $388,424 · unrelated business $0 · excluded $0
2f · All other program service revenue

total $47,213 · unrelated business $0 · excluded $0
3 · Investment income

total $4,608 · unrelated business $0 · excluded $0

Functional expenses

Part IX, the statement of functional expenses.

5 · Compensation of officers, directors and key employees

total $68,139 · program services $0 · management and general $68,139 · fundraising $0
7 · Other salaries and wages

total $451,590 · program services $306,640 · management and general $144,950 · fundraising $0
11a · Fees: management

total $38,208 · program services $38,208 · management and general $0 · fundraising $0
12 · Advertising and promotion

total $1,776 · program services $1,776 · management and general $0 · fundraising $0
13 · Office expenses

total $16,455 · program services $9,708 · management and general $6,747 · fundraising $0
16 · Occupancy

total $8,180 · program services $4,090 · management and general $4,090 · fundraising $0
17 · Travel

total $12,949 · program services $7,640 · management and general $5,309 · fundraising $0
20 · Interest

total $128,213 · program services $75,646 · management and general $52,567 · fundraising $0
22 · Depreciation, depletion and amortization

total $175,319 · program services $175,319 · management and general $0 · fundraising $0
23 · Insurance

total $26,254 · program services $15,490 · management and general $10,764 · fundraising $0
24a · Other expenses: Contracted Services

total $110,379 · program services $106,375 · management and general $4,004 · fundraising $0
24b · Other expenses: Grant Expenses

total $26,711 · program services $26,711 · management and general $0 · fundraising $0
24c · Other expenses: Maintenance

total $64,713 · program services $64,713 · management and general $0 · fundraising $0
24d · Other expenses: Utilities

total $104,226 · program services $104,226 · management and general $0 · fundraising $0
24e · All other expenses

total $63,355 · program services $57,518 · management and general $5,837 · fundraising $0

Balance sheet

Part X, book values.

1 · Cash, non-interest-bearing

beginning of year $78,981 · end of year $324,386
4 · Accounts receivable

beginning of year $343,459 · end of year $127,896
7 · Other notes and loans receivable

beginning of year $288,344 · end of year $9,227,232
10a · Land, buildings and equipment: cost or other basis

$8,719,285
10b · Land, buildings and equipment: accumulated depreciation

$1,658,784
10c · Land, buildings and equipment, net

beginning of year $7,825,137 · end of year $7,060,501
12 · Investments: other securities

beginning of year $15,100 · end of year $180,274
15 · Other assets

beginning of year $28,373 · end of year $826,579
17 · Accounts payable and accrued expenses

beginning of year $431,879 · end of year $916,006
23 · Secured mortgages and notes payable

beginning of year $3,698,505 · end of year $12,244,673
25 · Other liabilities

beginning of year $33,700 · end of year $33,229
27 · Net assets without donor restrictions

beginning of year $4,415,310 · end of year $4,552,960

Mission and programs · 2022

Mission

Woodlands Development Group helps build healthy, viable communities in the region by developing sustainable, affordable housing and supporting economic initiatives.

In 2022, Woodlands completed the construction of a 16-unit, mixed-income, multi-generational affordable housing development project in Elkins, WV. We closed on New Market Tax Credit and Historic Tax Credit financing and initiated historic renovations on a key downtown Elkins building. The building will be returned to its original use as a boutique hotel, serving as a catalyst for further downtown redevelopment investments.

Expenses $994,060 · Revenue $1,429,509

As filed on the 2022 return.

Listed in Part VII

Adam Williams

President

Total calculated

$0

Hours/week

1
Andrew Carroll

Vice President

Total calculated

$0

Hours/week

1
Timothy Huguenin

Secretary & Treasurer

Total calculated

$0

Hours/week

1
Amber Vineyard

Director

Total calculated

$0

Hours/week

1
Sam McWhorter

Director

Total calculated

$0

Hours/week

1
Madalyn Higgins

Director

Total calculated

$0

Hours/week

1
Sarah Heuer

Director

Total calculated

$0

Hours/week

1
Libbey Holewski

Director

Total calculated

$0

Hours/week

1
Dave Clark

Executive Director

Total calculated

$70,183

From this org

$68,139

From related orgs

$0

Other

$2,044

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.

Grants on this return

No itemized grants to organizations on this return.

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.

Firefly Commons LP

Real Estate · WV · 0% owned · share of income -$53
Golden Rule LP

Real Estate · WV · 0% owned · share of income -$2
Tygart Hotel LLC

Real Estate · WV · 0% owned · share of income $0

Related corporations and trusts

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

Firefly Commons Management LLC

C · Real Estate · WV · 0% owned
Tygart Hotel Managing Members LLC

C · Real Estate · WV · 0% owned

Provenance

Return type: form_990
Tax year: 2022
Filed: 15 November 2023
IRS schema version: 2022v5.0
Source object: 202323199349321762

Check it against the return as filed: the GivingTuesday Data Lake hosts a public copy of the original XML.

The source document this was parsed from is served over the API, which is where bulk and document access live.