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Nonprofiteer
← PROMISE DEVELOPMENT CORPORATION

Form 990 for tax year 2022

Filed by PROMISE DEVELOPMENT CORPORATION.

Totals

Total revenue
$4,277,565
Total expenses
$3,199,253
Contributions and grants received
$3,032,764
Grants paid
$0
Program service revenue
$1,241,301
Investment income
$3,500
Other revenue
$0
Total assets, end of year
$7,150,223
Total liabilities, end of year
$901,724
Net assets or fund balances, end of year
$6,248,499
Program services expenses (Part IX)
$2,496,983
Management and general expenses
$702,270
Fundraising expenses
$0
Program service expenses (Part III)
$2,496,983

Program services were 78.0% 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)

    $2,962,745

  • 1f · All other contributions, gifts and grants

    $70,019

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

    total $1,159,363 · related or exempt $1,159,363

  • 2b · Program service revenue: MANAGEMENT FEE INCOME

    total $38,762 · related or exempt $38,762

  • 2c · Program service revenue: LAWN CARE INCOME

    total $34,551 · related or exempt $34,551

  • 2d · Program service revenue: RENT RECOVERY

    total $5,050 · related or exempt $5,050

  • 2e · Program service revenue: APPLICATION FEE INCOME

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

  • 2f · All other program service revenue

    total $1,750 · related or exempt $1,750

  • 7a · Gross sales of assets other than inventory

    other assets $3,500

  • 7b · Less cost or other basis and sales expenses

    other assets $0

  • 7c · Gain or loss

    other assets $3,500

  • 7d · Net gain or loss

    total $3,500 · related or exempt $3,500

Functional expenses

Part IX, the statement of functional expenses.

  • 5 · Compensation of officers, directors and key employees

    total $148,772 · program services $148,772

  • 7 · Other salaries and wages

    total $569,902 · program services $282,432 · management and general $287,470

  • 9 · Other employee benefits

    total $39,149 · program services $2,301 · management and general $36,848

  • 10 · Payroll taxes

    total $52,970 · program services $52,970

  • 11b · Fees: legal

    total $48,887 · program services $4,889 · management and general $43,998

  • 12 · Advertising and promotion

    total $12,378 · program services $12,378

  • 16 · Occupancy

    total $455,998 · program services $455,998

  • 17 · Travel

    total $29,336 · program services $23,469 · management and general $5,867

  • 20 · Interest

    total $31,157 · program services $31,157

  • 22 · Depreciation, depletion and amortization

    total $263,509 · program services $210,807 · management and general $52,702

  • 23 · Insurance

    total $135,787 · program services $108,630 · management and general $27,157

  • 24a · Other expenses: REPAIRS AND MAINTENANCE

    total $546,536 · program services $501,396 · management and general $45,140

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

    total $278,462 · program services $226,313 · management and general $52,149

  • 24c · Other expenses: CONTRACT SERVICES

    total $268,258 · program services $246,797 · management and general $21,461

  • 24d · Other expenses: PROPERTY TAXES

    total $154,116 · program services $123,293 · management and general $30,823

  • 24e · All other expenses

    total $164,036 · program services $65,381 · management and general $98,655

Balance sheet

Part X, book values.

  • 1 · Cash, non-interest-bearing

    beginning of year $114,161 · end of year $102,406

  • 3 · Pledges and grants receivable

    beginning of year $117,607 · end of year $69,287

  • 4 · Accounts receivable

    beginning of year $99,525

  • 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 $99,444 · end of year $402,882

  • 9 · Prepaid expenses and deferred charges

    beginning of year $4,310 · end of year $44,307

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

    $8,615,890

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

    $2,109,191

  • 10c · Land, buildings and equipment, net

    beginning of year $5,370,208 · end of year $6,506,699

  • 13 · Investments: program-related

    beginning of year $100 · end of year $100

  • 15 · Other assets

    beginning of year $10,865 · end of year $17,685

  • 17 · Accounts payable and accrued expenses

    beginning of year $37,875 · end of year $306,669

  • 23 · Secured mortgages and notes payable

    beginning of year $582,840 · end of year $551,163

  • 25 · Other liabilities

    beginning of year $32,175 · end of year $43,892

  • 27 · Net assets without donor restrictions

    beginning of year $5,170,187 · end of year $6,248,499

Mission and programs · 2022

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 $2,496,983 · Revenue $1,244,801

As filed on the 2022 return.

Listed in Part VII

  • JANICE BENNETT

    VICE PRESIDENT

    Total calculated
    $0
    Hours/week
    0

  • RODNEY SANDERS

    TREASURER

    Total calculated
    $0
    Hours/week
    0

  • JUSTIN STARLING

    PRESIDENT

    Total calculated
    $0
    Hours/week
    0

  • CORNELIUS SANDERS

    EXECUTIVE DIRECTOR

    Total calculated
    $127,714
    From this org
    $124,307
    From related orgs
    $0
    Other
    $3,407
    Hours/week
    30 + 30 related

  • DEMETRA KEYS

    MEMBER

    Total calculated
    $0
    Hours/week
    0

  • ROBERT MALONE

    MEMBER

    Total calculated
    $0
    Hours/week
    0

  • MELVIN WILLIAMS

    MEMBER

    Total calculated
    $0
    Hours/week
    0

  • MARCIE FISHER

    FORMER SECRETARY

    Total calculated
    $24,955
    From this org
    $24,465
    From related orgs
    $0
    Other
    $490
    Hours/week
    20 + 20 related

    Schedule J breakdown matched by us

    Base
    $24,465
    Bonus
    $0
    Other
    $0
    Deferred
    $0
    Nontaxable benefits
    $490
    Filer's total
    $24,955

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.

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.

Provenance

Return type
form_990
Tax year
2022
Filed
13 November 2023
IRS schema version
2022v5.0
Source object
202333189349302268

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