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Nonprofiteer
← EAST CAROLINA COMMUNITY DEVELOPMENT INC

Form 990 for tax year 2022

Filed by EAST CAROLINA COMMUNITY DEVELOPMENT INC.

Totals

Total revenue
$3,018,625
Total expenses
$3,470,884
Contributions and grants received
$376,516
Grants paid
$0
Program service revenue
$2,363,827
Investment income
$278,282
Other revenue
$0
Total assets, end of year
$28,723,511
Total liabilities, end of year
$16,284,942
Net assets or fund balances, end of year
$12,438,569
Program services expenses (Part IX)
$3,377,896
Management and general expenses
$92,988
Fundraising expenses
$0
Program service expenses (Part III)
$3,377,896

Program services were 97.3% 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)

    $326,516

  • 1f · All other contributions, gifts and grants

    $50,000

  • 2a · Program service revenue: RENTAL INCOME

    total $1,812,181 · related or exempt $1,812,181

  • 2b · Program service revenue: OTHER PROGRAM SERVICES

    total $298,585 · related or exempt $298,585

  • 2c · Program service revenue: DEVELOPMENT FEES

    total $253,061 · related or exempt $253,061

  • 3 · Investment income

    total $23,282 · excluded $23,282

  • 7a · Gross sales of assets other than inventory

    other assets $255,000

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

    other assets $0

  • 7c · Gain or loss

    other assets $255,000

  • 7d · Net gain or loss

    total $255,000 · excluded $255,000

Functional expenses

Part IX, the statement of functional expenses.

  • 5 · Compensation of officers, directors and key employees

    total $398,754 · program services $313,183 · management and general $85,571

  • 7 · Other salaries and wages

    total $342,186 · program services $342,186

  • 9 · Other employee benefits

    total $53,409 · program services $53,409

  • 10 · Payroll taxes

    total $53,139 · program services $53,139

  • 11b · Fees: legal

    total $49,334 · program services $49,334

  • 11c · Fees: accounting

    total $82,500 · program services $82,500

  • 12 · Advertising and promotion

    total $186 · program services $186

  • 13 · Office expenses

    total $96,602 · program services $96,602

  • 16 · Occupancy

    total $231,958 · program services $231,958

  • 17 · Travel

    total $22,632 · program services $22,632

  • 20 · Interest

    total $222,469 · program services $222,469

  • 22 · Depreciation, depletion and amortization

    total $626,716 · program services $626,716

  • 23 · Insurance

    total $265,600 · program services $265,600

  • 24a · Other expenses: CONTRACT SERVICES

    total $505,957 · program services $505,957

  • 24b · Other expenses: GRANT COST

    total $324,874 · program services $324,874

  • 24c · Other expenses: SUPPLIES

    total $67,096 · program services $67,096

  • 24d · Other expenses: DEVELOPMENT COSTS

    total $31,284 · program services $31,284

  • 24e · All other expenses

    total $96,188 · program services $88,771 · management and general $7,417

Balance sheet

Part X, book values.

  • 1 · Cash, non-interest-bearing

    beginning of year $329,538 · end of year $164,712

  • 2 · Savings and temporary cash investments

    beginning of year $1,426,936 · end of year $1,727,810

  • 4 · Accounts receivable

    beginning of year $351,276 · end of year $231,815

  • 7 · Other notes and loans receivable

    beginning of year $657,872 · end of year $356,171

  • 9 · Prepaid expenses and deferred charges

    beginning of year $50,569 · end of year $80,274

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

    $25,816,786

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

    $4,951,260

  • 10c · Land, buildings and equipment, net

    beginning of year $12,622,688 · end of year $20,865,526

  • 15 · Other assets

    beginning of year $5,617,456 · end of year $5,297,203

  • 17 · Accounts payable and accrued expenses

    beginning of year $633,373 · end of year $396,028

  • 19 · Deferred revenue

    beginning of year $0 · end of year $63,643

  • 23 · Secured mortgages and notes payable

    beginning of year $11,575,556 · end of year $15,109,021

  • 25 · Other liabilities

    beginning of year $138,520 · end of year $716,250

  • 27 · Net assets without donor restrictions

    beginning of year $3,158,645 · end of year $6,888,328

  • 28 · Net assets with donor restrictions

    beginning of year $5,550,241 · end of year $5,550,241

Mission and programs · 2022

Mission

TO IMPROVE AND ENHANCE THE STANDARD OF LIVING OF THE PEOPLE OF NORTH CAROLINA BY PROMOTING SMALL BUSINESS DEVELOPMENT AND DEVELOPING AFFORDABLE HOUSING WITHIN ITS SERVICE AREA.

  • CONSTRUCTING QUALITY AFFORDABLE HOUSING FOR SENIORS AND FAMILIES, AS WELL AS DEVELOPING A COMMUNITY SERVICE INFRASTRUCTURE TO HANDLE THE GROWING NEEDS OF AN EXPANDING POPULATION BASE.

    Expenses $773,715 · Revenue $417,061

  • INTERMEDIARY RELENDING PROGRAM - TO PROVIDE LOAN CAPITAL TO BUSINESSES LOCATED IN RURAL NORTH CAROLINA THROUGH A CONTRACTUAL AGREEMENT WITH THE USDA RURAL DEVELOPMENT.

    Expenses $7,165 · Revenue $1,282

  • COMMUNITY HEALTH AND SAFETY - TO PROVIDE NON-MEDICAL SERVICES FOR ELIGIBLE INDIVIDUALS SPECIFICALLY RELATED TO FOOD, HOUSING, TRANSPORTATION, INTERPERSONAL SAFETY, AND TOXIC STRESS INCLUDING ASSISTANCE WITH HOUSING INSPECTIONS AND PROVIDING HEALTHY HOME GOODS.

    Expenses $324,874 · Revenue $90,901

  • MANAGEMENT AND OWNERSHIP IN RENTAL OPERATIONS OF PARACHUTE MANAGEMENT COMPANY, LLC, AN AFFORDABLE HOUSING PROJECT WITH 16 LIHTC COMMUNITIES ACROSS EASTERN NORTH CAROLINA

    Expenses $13,424

  • DEVELOPMENT AND OWNERSHIP IN RENTAL OPERATIONS OF MEADOW'S GATE, LLC, AN AFFORDABLE HOUSING PROJECT UTILIZING SECTION 1602 TAX CREDIT EXCHANGE FUNDS THROUGH NCHFA.

    Expenses $713,350 · Revenue $597,056

  • DEVELOPMENT AND OWNERSHIP IN RENTAL OPERATIONS OF COMPASS POINTE AT MEADOWS GATE, LLC, AN EIGHT UNIT PROJECT FOR VETERAN SUPPORTIVE HOUSING

    Expenses $60,830 · Revenue $56,289

  • INVESTMENT CORPORATIONS HOLDING GENERAL PARTNERSHIP INTERESTS IN AFFORDABLE HOUSING PROJECTS.

    Expenses $1,484,538 · Revenue $1,201,238

As filed on the 2022 return. The filer continues this part on Schedule O, which is not shown here.

Listed in Part VII

  • Robert Campbell

    CHAIRMAN

    Total calculated
    $0
    Hours/week
    4

  • David Nateman

    SECRETARY/TREASURER

    Total calculated
    $0
    Hours/week
    2

  • Sandy Hewitt-Giacobbi

    DIRECTOR

    Total calculated
    $0
    Hours/week
    1

  • Amber K Smith

    DIRECTOR

    Total calculated
    $0
    Hours/week
    1

  • Peter Crumley

    DIRECTOR

    Total calculated
    $0
    Hours/week
    1

  • Tyisha Teel

    DIRECTOR

    Total calculated
    $0
    Hours/week
    1

  • Brian Fike

    DIRECTOR

    Total calculated
    $0
    Hours/week
    1

  • Keith D Walker

    CEO & PRESIDENT

    Total calculated
    $241,146
    From this org
    $212,849
    From related orgs
    $0
    Other
    $28,297
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $145,036
    Bonus
    $52,491
    Other
    $15,322
    Deferred
    $11,258
    Nontaxable benefits
    $17,039
    Filer's total
    $241,146

  • Sharii Phelps

    DIRECTOR

    Total calculated
    $0
    Hours/week
    1

  • Ena Walker

    DIRECTOR

    Total calculated
    $0
    Hours/week
    1

  • Lynda E Land

    CFO

    Total calculated
    $142,413
    From this org
    $125,408
    From related orgs
    $0
    Other
    $17,005
    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. 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

  • 3 · Compensation committee
  • 3 · Form 990 of other organizations
  • 3 · Written employment contract
  • 3 · Compensation survey or study
  • 3 · Approval by the board or compensation committee
  • 5a · Pay contingent on this organization's revenues

Answered no

  • 4a · Severance or change-of-control payment
  • 4b · Supplemental nonqualified retirement plan
  • 4c · Equity-based compensation arrangement
  • 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)

PART I, LINE 5
COMPENSATION CONTINGENT UPON REVENUES OF ORGANIZATION: EXECUTIVE DIRECTOR RECEIVES PERCENTAGE OF DEVELOPER FEES FROM REAL ESTATE DEVELOPMENT, INCENTIVE MANAGEMENT FEES, AND EXCESS CASH FLOWS.

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.

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.

  • MEADOW'S GATE LLC

    AFFORDABLE HOUSING · NC

    Directly controlled by EAST CAROLINA COMMUNITY DEVELOPMENT INC

  • COMPASS POINTE AT MEADOWS GATE LLC

    AFFORDABLE HOUSING · NC

    Directly controlled by EAST CAROLINA COMMUNITY DEVELOPMENT INC

  • PARACHUTE MANAGEMENT COMPANY LLC

    AFFORDABLE HOUSING · NC

    Directly controlled by EAST CAROLINA COMMUNITY DEVELOPMENT INC

  • TROON APARTMENTS LLC

    AFFORDABLE HOUSING · NC

    Directly controlled by EAST CAROLINA COMMUNITY DEVELOPMENT INC

  • CAMELLIA COURT APARTMENTS LLC

    AFFORDABLE HOUSING · NC

    Directly controlled by EAST CAROLINA COMMUNITY DEVELOPMENT INC

Related partnerships

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

  • PHOENIX PARK LLC

    RELATED · APT RENTAL · NC

  • ELIJAH'S LANDING OF MOREHEAD CITY LLC

    RELATED · APT RENTAL · NC

  • THE COVENANT SENIOR HOUSING LLC

    RELATED · APT RENTAL · NC

  • EASTPORT II AT THE PARK LLC

    RELATED · APT RENTAL · NC

  • SOLOMONS CROSSING OF GREENSBORO LLC

    RELATED · APT RENTAL · NC

  • CLIFFMORE PARK APARTMENTS LLC

    RELATED · APT RENTAL · NC

  • OAK RIDGE PARK APARTMENTS LLC

    RELATED · APT RENTAL · NC

  • PHOENIX PARK APARTMENTS LLC

    RELATED · APT RENTAL · NC

  • EMMERDALELLC

    RELATED · APT RENTAL · NC

  • LONGBOURNE APARTMENTS LLC

    RELATED · APT RENTAL · NC

  • CASTLE GLEN LLC

    RELATED · APT RENTAL · NC

Related corporations and trusts

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

  • BLUE POINT BAY HOUSING OF MOREHEAD CITY INC

    C · APT RENTAL · NC · 100% owned · share of income -$230 · share of assets -$272

  • CASTLE GLEN HOUSING OF NEWPORT INC

    C · APT RENTAL · NC · 100% owned · share of income -$228 · share of assets -$8,976

  • CLIFFMORE PARK HOUSING OF FAYETTEVILLE INC

    C · APT RENTAL · NC · 100% owned

  • EASTPORT AT THE PARK HOUSING OF BEAUFORT INC

    C · APT RENTAL · NC · 100% owned · share of income -$233 · share of assets -$133

  • EASTPORT II AT THE PARK HOUSING OF BEAUFORT INC

    C · APT RENTAL · NC · 100% owned

  • EDENBRIDGE HOUSING OF MOREHEAD CITY INC

    C · APT RENTAL · NC · 100% owned · share of income -$226 · share of assets $30,761

  • ELIJAH'S LANDING OF MOREHEAD CITY INC

    C · APT RENTAL · NC · 100% owned

  • EMMERDALE HOUSING OF JACKSONVILLE INC

    C · APT RENTAL · NC · 100% owned · share of income -$196,057 · share of assets -$454,522

  • FOX HOLLOW HOUSING OF JACKSONVILLE INC

    C · APT RENTAL · NC · 100% owned · share of income -$228 · share of assets -$53,195

  • GLENSTAL HOUSING OF JACKSONVILLE INC

    C · APT RENTAL · NC · 100% owned · share of income -$238 · share of assets -$255

  • LONGBOURNE HOUSING OF JACKSONVILLE INC

    C · APT RENTAL · NC · 100% owned · share of income -$236 · share of assets -$14,285

  • OAK RIDGE PARK HOUSING OF AYDEN INC

    C · APT RENTAL · NC · 100% owned

  • PHOENIX PARK APARTMENTS OF JACKSONVILLE INC

    C · APT RENTAL · NC · 100% owned

  • PHOENIX PARK II HOUSING OF JACKSONVILLE INC

    C · APT RENTAL · NC · 100% owned · share of income -$231 · share of assets -$114

  • SOLOMONS CROSSING HOUSING OF GREENSBORO INC

    C · APT RENTAL · NC · 100% owned

  • THE COVENANT SENIOR HOUSING OF CASTLE HAYNE INC

    C · APT RENTAL · NC · 100% owned

  • WELLINGTON GROVE HOUSING OF JACKSONVILLE INC

    C · APT RENTAL · NC · 100% owned · share of income -$249 · share of assets -$343

  • CYPRESS COVE HOUSING OF WILMINGTON INC

    C · APT RENTAL · NC · 100% owned · share of assets -$554

Provenance

Return type
form_990
Tax year
2022
Filed
14 May 2024
IRS schema version
2022v5.0
Source object
202421359349309812

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