Skip to content
Nonprofiteer
← EASTERN MARKET DEVELOPMENT CORPORATION

Form 990 for tax year 2022

Filed by EASTERN MARKET DEVELOPMENT CORPORATION.

Totals

Total revenue
$268,690
Total expenses
$532,796
Contributions and grants received
$206,805
Grants paid
$354,370
Program service revenue
$0
Investment income
$0
Other revenue
$61,885
Total assets, end of year
$2,479,241
Total liabilities, end of year
$814,920
Net assets or fund balances, end of year
$1,664,321
Program services expenses (Part IX)
$532,796
Management and general expenses
$0
Fundraising expenses
$0
Program service expenses (Part III)
$532,796

Program services were 100.0% 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)

    $31,805

  • 1f · All other contributions, gifts and grants

    $175,000

  • 6a · Gross rents

    real property $61,885

  • 6b · Less rental expenses

    real property $0

  • 6c · Rental income or loss

    real property $61,885

  • 6d · Net rental income or loss

    total $61,885 · related or exempt $61,885

Functional expenses

Part IX, the statement of functional expenses.

  • 1 · Grants to domestic organizations and governments

    total $354,370 · program services $354,370

  • 11b · Fees: legal

    total $12,844 · program services $12,844

  • 11c · Fees: accounting

    total $7,487 · program services $7,487

  • 11g · Fees: other

    total $29,949 · program services $29,949

  • 13 · Office expenses

    total $22,838 · program services $22,838

  • 16 · Occupancy

    total $9,620 · program services $9,620

  • 17 · Travel

    total $70 · program services $70

  • 22 · Depreciation, depletion and amortization

    total $7,177 · program services $7,177

  • 24a · Other expenses: PROGRAM EXPENSES

    total $80,061 · program services $80,061

  • 24b · Other expenses: GROUNDS

    total $8,380 · program services $8,380

Balance sheet

Part X, book values.

  • 1 · Cash, non-interest-bearing

    beginning of year $75,849 · end of year $35,705

  • 4 · Accounts receivable

    beginning of year $3,282 · end of year $10,217

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

    $2,507,957

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

    $74,638

  • 10c · Land, buildings and equipment, net

    beginning of year $2,785,473 · end of year $2,433,319

  • 17 · Accounts payable and accrued expenses

    beginning of year $5,920 · end of year $6,000

  • 19 · Deferred revenue

    beginning of year $10,257 · end of year $10,627

  • 23 · Secured mortgages and notes payable

    beginning of year $920,000 · end of year $798,293

  • 27 · Net assets without donor restrictions

    beginning of year $1,928,427 · end of year $1,664,321

Mission and programs · 2022

Mission

EASTERN MARKET DEVELOPMENT CORPORATION IS A MICHIGAN NON-PROFIT CORPORATION ORGANIZED TO DEVELOP BUSINESSES AND OTHER RESOURCES WITHIN THE EASTERN MARKET DISTRICT.

Activities or mission (Part I)

THE MISSION OF EASTERN MARKET DEVELOPMENT CORPORATION IS TO DEVELOP BUSINESSES AND OTHER RESOURCES WITHIN THE EASTERN MARKET DISTRICT.

  • DEVELOPMENT OF BUSINESSES AND OTHER RESOURCES WITHIN THE EASTERN MARKET DISTRICT

    Expenses $532,796 · Grants $354,370 · Revenue $61,885

As filed on the 2022 return.

Listed in Part VII

  • Corey Leon

    CHAIR

    Total calculated
    $0
    Hours/week
    1

  • Sharlene Burris

    VICE-CHAIR

    Total calculated
    $0
    Hours/week
    1

  • Don Lindow

    TREASURER

    Total calculated
    $0
    Hours/week
    1

  • Maggie Desantis

    SECRETARY

    Total calculated
    $0
    Hours/week
    1

  • Joseph Dennison

    DIRECTOR

    Total calculated
    $0
    Hours/week
    1

  • Jamie Faber

    DIRECTOR

    Total calculated
    $0
    Hours/week
    1

  • Nancy Garvin

    DIRECTOR

    Total calculated
    $0
    Hours/week
    1

  • Deirdre Green

    DIRECTOR

    Total calculated
    $0
    Hours/week
    1

  • Pastor Robert Jones

    DIRECTOR

    Total calculated
    $0
    Hours/week
    1

  • Carrie Lewand-Moore

    DIRECTOR

    Total calculated
    $0
    Hours/week
    1

  • Keegan Mahoney

    DIRECTOR

    Total calculated
    $0
    Hours/week
    1

  • John McClaren

    DIRECTOR

    Total calculated
    $0
    Hours/week
    1

  • Carlos Neilbock

    DIRECTOR

    Total calculated
    $0
    Hours/week
    1

  • Jim Vella

    DIRECTOR

    Total calculated
    $0
    Hours/week
    1

  • Christopher Wall

    DIRECTOR

    Total calculated
    $0
    Hours/week
    1

  • Kevin Ward

    DIRECTOR

    Total calculated
    $0
    Hours/week
    1

  • Katrina Watkins

    DIRECTOR

    Total calculated
    $0
    Hours/week
    1

  • Steven Watson

    DIRECTOR

    Total calculated
    $0
    Hours/week
    1

  • Daniel Carmody

    PRESIDENT AND C.E.O.

    Total calculated
    $200,903
    From this org
    $0
    From related orgs
    $198,303
    Other
    $2,600
    Hours/week
    1 + 50 related

    Schedule J breakdown matched by us

    Base
    $0 + $155,000 related
    Bonus
    $0 + $25,000 related
    Other
    $0 + $18,303 related
    Deferred
    $0 + $2,600 related
    Nontaxable benefits
    $0
    Filer's total
    $0 + $200,903 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. 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 · Approval by the board or compensation committee

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

The filer's explanations (Part III)

PART I, LINE 3
THE CHIEF EXECUTIVE OFFICER IS ALSO THE CHIEF EXECUTIVE OFFICER OF EASTERN MARKET CORPORATION, THE ORGANIZATION'S SOLE MEMBER. COMPENSATION PAID BY EASTERN MARKET CORPORATION TO THE CHIEF EXECUTIVE OFFICER IS APPROVED BY EASTERN MARKET CORPORATION'S BOARD OF DIRECTORS.

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

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.

Provenance

Return type
form_990
Tax year
2022
Filed
15 November 2023
IRS schema version
2022v5.0
Source object
202313199349301651

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.