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← BINGHAMPTON DEVELOPMENT CORPORATION

Form 990 for tax year 2022

Filed by BINGHAMPTON DEVELOPMENT CORPORATION.

Totals

Total revenue
$2,160,012
Total expenses
$1,882,878
Contributions and grants received
$1,044,657
Grants paid
$18,600
Program service revenue
$903,176
Investment income
$22,527
Other revenue
$189,652
Total assets, end of year
$14,559,936
Total liabilities, end of year
$5,361,364
Net assets or fund balances, end of year
$9,198,572
Program services expenses (Part IX)
$1,674,400
Management and general expenses
$185,695
Fundraising expenses
$22,783
Program service expenses (Part III)
$1,674,400

Program services were 88.9% 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.

  • 1f · All other contributions, gifts and grants

    $1,044,657

  • 2a · Program service revenue: Gateway Center

    total $386,932 · excluded $386,932

  • 2b · Program service revenue: Business Hub

    total $266,240 · related or exempt $266,240

  • 2c · Program service revenue: Renovated low-income h

    total $248,105 · excluded $248,105

  • 2d · Program service revenue: Income from subsidiary

    total $1,899 · excluded $1,899

  • 3 · Investment income

    total $21,466 · excluded $21,466

  • 7a · Gross sales of assets other than inventory

    securities $10,000

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

    securities $8,939

  • 7c · Gain or loss

    securities $1,061

  • 7d · Net gain or loss

    total $1,061 · excluded $1,061

  • 11a · Other revenue: Employee retention tax

    total $159,167 · related or exempt $159,167

  • 11b · Other revenue: Management fees

    total $30,485 · related or exempt $30,485

  • 11e · Other revenue, total

    $189,652

Functional expenses

Part IX, the statement of functional expenses.

  • 1 · Grants to domestic organizations and governments

    total $18,600 · program services $18,600

  • 5 · Compensation of officers, directors and key employees

    total $81,250 · program services $69,063 · management and general $8,125 · fundraising $4,062

  • 7 · Other salaries and wages

    total $522,146 · program services $501,676 · management and general $9,447 · fundraising $11,023

  • 9 · Other employee benefits

    total $51,214 · program services $44,812 · management and general $5,121 · fundraising $1,281

  • 10 · Payroll taxes

    total $46,157 · program services $43,045 · management and general $1,974 · fundraising $1,138

  • 11a · Fees: management

    total $47,771 · program services $37,138 · management and general $10,633

  • 11c · Fees: accounting

    total $23,132 · program services $12,500 · management and general $10,632

  • 13 · Office expenses

    total $79,548 · program services $56,084 · management and general $18,185 · fundraising $5,279

  • 17 · Travel

    total $9,771 · program services $7,328 · management and general $2,443

  • 20 · Interest

    total $80,465 · program services $80,465

  • 22 · Depreciation, depletion and amortization

    total $296,996 · program services $277,624 · management and general $19,372

  • 23 · Insurance

    total $95,124 · program services $74,106 · management and general $21,018

  • 24a · Other expenses: Repairs and maintenance

    total $277,982 · program services $225,528 · management and general $52,454

  • 24b · Other expenses: Taxes and licenses

    total $122,173 · program services $104,024 · management and general $18,149

  • 24c · Other expenses: Utilities

    total $56,723 · program services $50,489 · management and general $6,234

  • 24d · Other expenses: Community programs

    total $37,498 · program services $37,498

  • 24e · All other expenses

    total $36,328 · program services $34,420 · management and general $1,908

Balance sheet

Part X, book values.

  • 1 · Cash, non-interest-bearing

    beginning of year $603,208 · end of year $394,707

  • 2 · Savings and temporary cash investments

    beginning of year $256,545 · end of year $234,852

  • 4 · Accounts receivable

    beginning of year $947,472 · end of year $986,534

  • 7 · Other notes and loans receivable

    beginning of year $744,848 · end of year $1,191,057

  • 8 · Inventories for sale or use

    beginning of year $1,383,349 · end of year $1,417,740

  • 9 · Prepaid expenses and deferred charges

    beginning of year $22,276 · end of year $73,538

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

    $10,138,029

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

    $1,538,221

  • 10c · Land, buildings and equipment, net

    beginning of year $8,577,887 · end of year $8,599,808

  • 11 · Investments: publicly traded securities

    end of year $373,673

  • 14 · Intangible assets

    beginning of year $159,839 · end of year $151,541

  • 15 · Other assets

    beginning of year $1,229,369 · end of year $1,136,486

  • 17 · Accounts payable and accrued expenses

    beginning of year $60,264 · end of year $75,392

  • 23 · Secured mortgages and notes payable

    beginning of year $4,913,439 · end of year $5,246,087

  • 25 · Other liabilities

    beginning of year $29,652 · end of year $39,885

  • 27 · Net assets without donor restrictions

    beginning of year $8,614,162 · end of year $9,059,274

  • 28 · Net assets with donor restrictions

    beginning of year $307,276 · end of year $139,298

Mission and programs · 2022

Mission

Build a healthy community by supporting the revitalization of the Binghampton neighborhood of Memphis, Tennessee, through housing and economic development.

Activities or mission (Part I)

To improve the quality of life in the Binghampton community.

  • To improve the quality of life in the Binghampton community.

    Expenses $1,674,400 · Grants $18,600 · Revenue $266,240

As filed on the 2022 return.

Listed in Part VII

  • Phil Mischke

    Chairman

    Total calculated
    $0
    Hours/week
    3

  • Robert Montague

    President

    Total calculated
    $0
    Hours/week
    3

  • Brian Crenshaw

    Secretary

    Total calculated
    $0
    Hours/week
    3

  • Stephen W Bowie

    Treasurer

    Total calculated
    $0
    Hours/week
    3

  • Tom Marino

    Board Member

    Total calculated
    $0
    Hours/week
    1

  • Jeanita Davis

    Board Member

    Total calculated
    $0
    Hours/week
    1

  • Walter Casey

    Board Member

    Total calculated
    $0
    Hours/week
    1

  • Mike Cloutier

    Board Member

    Total calculated
    $0
    Hours/week
    1

  • Margaret Gilliland

    Board Member

    Total calculated
    $0
    Hours/week
    1

  • Shun Abram

    Board Member

    Total calculated
    $0
    Hours/week
    1

  • Noah Gray

    Former Executive Director

    Total calculated
    $81,250
    From this org
    $81,250
    From related orgs
    $0
    Other
    $0
    Hours/week
    40

  • Chad Wilgenbusch

    Board Member

    Total calculated
    $0
    Hours/week
    1

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.

Disregarded entities

Part I: entities that legally are the filer and file no return of their own.

  • Binghampton Gateway LLC

    Real estate leasing · TN

Related partnerships

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

  • Binghampton Leverage Lender LLC

    Related · Lending · TN · 95% owned · general or managing partner

Related corporations and trusts

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

  • Tillman Apartments Inc

    C · Residential rental · TN · 100% owned

    Directly controlled by 3

Provenance

Return type
form_990
Tax year
2022
Filed
15 May 2024
IRS schema version
2022v5.0
Source object
202431369349317113

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