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← FRAYSER COMMUNITY DEVELOPMENT CORPORATION

Form 990 for tax year 2024

Filed by FRAYSER COMMUNITY DEVELOPMENT CORPORATION.

Totals

Total revenue
$1,125,948
Total expenses
$1,721,930
Contributions and grants received
$37,721
Grants paid
$0
Program service revenue
$1,057,287
Investment income
$30,940
Other revenue
$0
Total assets, end of year
$5,043,351
Total liabilities, end of year
$1,199,718
Net assets or fund balances, end of year
$3,843,633
Program services expenses (Part IX)
$1,453,357
Management and general expenses
$268,573
Fundraising expenses
$0
Program service expenses (Part III)
$1,453,357

Program services were 84.4% 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.

  • 1a · Federated campaigns

    $10,714

  • 1e · Government grants (contributions)

    $1,300

  • 1f · All other contributions, gifts and grants

    $25,707

  • 2a · Program service revenue: RENTAL INCOME

    total $1,007,484 · related or exempt $1,007,484

  • 2b · Program service revenue: COUNSELING, DEVELOPMEN

    total $49,803 · related or exempt $49,803

  • 3 · Investment income

    total $5,852 · excluded $5,852

  • 7a · Gross sales of assets other than inventory

    other assets $25,088

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

    other assets $0

  • 7c · Gain or loss

    other assets $25,088

  • 7d · Net gain or loss

    total $25,088 · related or exempt $25,088

Functional expenses

Part IX, the statement of functional expenses.

  • 5 · Compensation of officers, directors and key employees

    total $79,469 · program services $66,386 · management and general $13,083

  • 7 · Other salaries and wages

    total $299,400 · program services $198,822 · management and general $100,578

  • 9 · Other employee benefits

    total $48,415 · program services $33,890 · management and general $14,525

  • 10 · Payroll taxes

    total $25,171 · program services $17,620 · management and general $7,551

  • 11b · Fees: legal

    total $4,276 · program services $4,276

  • 11c · Fees: accounting

    total $38,322 · program services $15,065 · management and general $23,257

  • 12 · Advertising and promotion

    total $3,006 · program services $1,804 · management and general $1,202

  • 13 · Office expenses

    total $8,151 · program services $5,706 · management and general $2,445

  • 20 · Interest

    total $50,915 · program services $50,392 · management and general $523

  • 22 · Depreciation, depletion and amortization

    total $251,809 · program services $246,060 · management and general $5,749

  • 23 · Insurance

    total $106,973 · program services $104,520 · management and general $2,453

  • 24a · Other expenses: RENTAL-REPAIR AND MAINT

    total $447,262 · program services $381,322 · management and general $65,940

  • 24b · Other expenses: TAXES AND LICENSES

    total $133,186 · program services $126,223 · management and general $6,963

  • 24c · Other expenses: FRAYSER CONNECT EXPENSE

    total $129,469 · program services $129,469

  • 24d · Other expenses: RENTAL-PROFESSIONAL SER

    total $19,718 · program services $19,718

  • 24e · All other expenses

    total $76,388 · program services $52,084 · management and general $24,304

Balance sheet

Part X, book values.

  • 1 · Cash, non-interest-bearing

    beginning of year $1,022,796 · end of year $873,753

  • 3 · Pledges and grants receivable

    beginning of year $252,330 · end of year $108,251

  • 4 · Accounts receivable

    beginning of year $20,570 · end of year $27,167

  • 7 · Other notes and loans receivable

    beginning of year $126,099 · end of year $110,619

  • 8 · Inventories for sale or use

    beginning of year $654,785 · end of year $479,828

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

    $6,484,044

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

    $3,076,348

  • 10c · Land, buildings and equipment, net

    beginning of year $3,619,737 · end of year $3,407,696

  • 15 · Other assets

    beginning of year $25,811 · end of year $36,037

  • 17 · Accounts payable and accrued expenses

    beginning of year $93,346 · end of year $99,934

  • 24 · Unsecured notes and loans payable

    beginning of year $1,063,671 · end of year $962,386

  • 25 · Other liabilities

    beginning of year $125,496 · end of year $137,398

  • 27 · Net assets without donor restrictions

    beginning of year $3,752,132 · end of year $3,343,621

  • 28 · Net assets with donor restrictions

    beginning of year $687,483 · end of year $500,012

Mission and programs · 2024

Mission

TO ACQUIRE AND REHABILITATE AFFORDABLE HOUSING FOR INCOME ELIGIBLE INDIVIDUALS IN THE FRAYSER COMMUNITY IN MEMPHIS, TENNESSEE. THE AREA IS CHARACTERIZED BY HIGH UNEMPLOYMENT, DETERIORATING HOUSING, CRIME AND POVERTY.

  • ACQUIRING AND REHABILITATING AFFORDABLE HOUSING FOR INCOME ELIGIBLE INDIVIDUALS IN THE FRAYSER COMMUNITY IN MEMPHIS, TENNESSEE. THE AREA IS CHARACTERIZED BY HIGH UNEMPLOYMENT, DETERIORATING HOUSING, CRIME AND POVERTY.

    Expenses $1,453,357 · Revenue $1,082,375

As filed on the 2024 return.

Listed in Part VII

  • LORA FOWLER

    DIRECTOR

    Total calculated
    $0
    Hours/week
    1

  • SHERMAN GREER

    VICE PRESIDENT

    Total calculated
    $0
    Hours/week
    1

  • JOHNNIE HATTEN

    DIRECTOR

    Total calculated
    $0
    Hours/week
    1

  • PEGGY JEFFERSON

    DIRECTOR

    Total calculated
    $0
    Hours/week
    1

  • SHARON COLE

    PRESIDENT

    Total calculated
    $0
    Hours/week
    1

  • REGINA DOWELL

    DIRECTOR

    Total calculated
    $0
    Hours/week
    1

  • DARRELL SCOTT

    EXECUTIVE DIRECTOR

    Total calculated
    $81,269
    From this org
    $79,469
    From related orgs
    $0
    Other
    $1,800
    Hours/week
    40

  • SHELLY RICE

    TREASURER

    Total calculated
    $0
    Hours/week
    1

  • VERNON WOODS

    DIRECTOR

    Total calculated
    $0
    Hours/week
    1

  • YVONNE SPENCER

    DIRECTOR

    Total calculated
    $0
    Hours/week
    1

  • PATRICIA BURNETT

    DIRECTOR

    Total calculated
    $0
    Hours/week
    1

  • MICHAEL ELLIS

    DIRECTOR

    Total calculated
    $0
    Hours/week
    1

  • SHERITA MARTIN

    DIRECTOR

    Total calculated
    $0
    Hours/week
    1

  • TELISE TURNER

    DIRECTOR

    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.

Provenance

Return type
form_990
Tax year
2024
Filed
17 November 2025
IRS schema version
2024v5.2
Source object
202543219349315049

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