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Nonprofiteer
← MLK AVENUE REDEVELOPMENT CORPORATION

Form 990 for tax year 2024

Filed by MLK AVENUE REDEVELOPMENT CORPORATION.

Totals

Total revenue
$186,741
Total expenses
$319,618
Contributions and grants received
$24,250
Grants paid
$0
Program service revenue
$162,491
Investment income
$0
Other revenue
$0
Total assets, end of year
$808,132
Total liabilities, end of year
$79,877
Net assets or fund balances, end of year
$728,255
Program services expenses (Part IX)
$267,731
Management and general expenses
$51,887
Fundraising expenses
$0
Program service expenses (Part III)
$267,731

Program services were 83.8% 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)

    $19,750

  • 1f · All other contributions, gifts and grants

    $4,500

  • 2a · Program service revenue: SALES OF HOMES

    total $140,000 · related or exempt $140,000

  • 2b · Program service revenue: RENTAL INCOME

    total $19,700 · related or exempt $19,700

  • 2c · Program service revenue: MANAGEMENT FEE INCOME

    total $2,496 · related or exempt $2,496

  • 2d · Program service revenue: CREDIT REPORT FEES

    total $295 · related or exempt $295

Functional expenses

Part IX, the statement of functional expenses.

  • 5 · Compensation of officers, directors and key employees

    total $86,250 · program services $51,750 · management and general $34,500

  • 10 · Payroll taxes

    total $6,598 · program services $3,959 · management and general $2,639

  • 11c · Fees: accounting

    total $18,035 · program services $10,821 · management and general $7,214

  • 13 · Office expenses

    total $3,380 · program services $2,028 · management and general $1,352

  • 16 · Occupancy

    total $5,132 · program services $5,132

  • 20 · Interest

    total $6,195 · program services $3,717 · management and general $2,478

  • 22 · Depreciation, depletion and amortization

    total $429 · program services $257 · management and general $172

  • 23 · Insurance

    total $16,714 · program services $13,294 · management and general $3,420

  • 24a · Other expenses: COST OF LOTS SOLD

    total $164,816 · program services $164,816

  • 24b · Other expenses: CLOSING COSTS

    total $5,791 · program services $5,791

  • 24c · Other expenses: PROPERTY MANAGEMENT FEES

    total $2,762 · program services $2,762

  • 24d · Other expenses: REPAIRS & MAINTENANCE

    total $2,000 · program services $2,000

  • 24e · All other expenses

    total $1,516 · program services $1,404 · management and general $112

Balance sheet

Part X, book values.

  • 1 · Cash, non-interest-bearing

    beginning of year $255,547 · end of year $100,900

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

    $6,423

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

    $6,423

  • 10c · Land, buildings and equipment, net

    beginning of year $429

  • 15 · Other assets

    beginning of year $682,571 · end of year $707,232

  • 17 · Accounts payable and accrued expenses

    beginning of year $10,121 · end of year $12,646

  • 19 · Deferred revenue

    beginning of year $2,800 · end of year $2,800

  • 25 · Other liabilities

    beginning of year $64,494 · end of year $64,431

  • 27 · Net assets without donor restrictions

    beginning of year $698,806 · end of year $696,179

  • 28 · Net assets with donor restrictions

    beginning of year $162,326 · end of year $32,076

Mission and programs · 2024

Mission

COMMUNITY REDEVELOPMENT

  • MLK BUYS VACANT LOTS AND DILAPIDATED STRUCTURES, WHICH ARE DEMOLISHED, AND CONSTRUCTS NEW AFFORDABLE HOMES FOR SALE TO QUALIFYING LOW TO MODERATE INCOME PERSONS UNDER THE CHDO GRANT PROGRAM. ONE HOME WAS SOLD DURING THE YEAR. MLK ALSO FACILITATES A LEASE PURCHASE PROGRAM WHERE APPLICANTS CAN RENT HOMES RENOVATED BY THE ORGANIZATION TO ESTABLISH CREDIT TO EVENTUALLY PURCHASE THE HOME.

    Expenses $267,731 · Revenue $162,491

  • MLK PROVIDES OTHER PROGRAMS ON AN AS NEEDED BASIS. THIS IS DETERMINED BY THE BOARD AND EXECUTIVE DIRECTOR. THESE PROGRAMS WORK IN CONJUNCTION WITH THE AFFORDABLE HOMES PROGRAM IN AN EFFORT TO ENRICH THE MLK COMMUNITY AND ITS RESIDENTS. AT TIMES, MLK PARTICIPATES IN A PROGRAM NAMED FINANCIAL EDUCATION (ECONOMIC EMPOWERMENT) WHICH TARGETS INDIVIDUALS AND TEACHES THEM BASIC FINANCIAL MANAGEMENT TECHNIQUES.

As filed on the 2024 return.

Listed in Part VII

  • Daphne Pierce

    EXECUTIVE DI

    Total calculated
    $86,250
    From this org
    $86,250
    From related orgs
    $0
    Other
    $0
    Hours/week
    40

  • Darrell Randle

    CHAIRMAN

    Total calculated
    $0

  • Cynthia Malone

    VICE CHAIRMA

    Total calculated
    $0

  • Carlos Gant

    SECRETARY/TR

    Total calculated
    $0

  • Christopher Lee

    ADVISORY BRD

    Total calculated
    $0

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.

Provenance

Return type
form_990
Tax year
2024
Filed
12 November 2025
IRS schema version
2024v5.0
Source object
202533169349302648

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