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Nonprofiteer
← CHARLESTON REDEVELOPMENT CORPORATION

Form 990 for tax year 2023

Filed by CHARLESTON REDEVELOPMENT CORPORATION.

Totals

Total revenue
$3,541,424
Total expenses
$1,334,937
Contributions and grants received
$2,659,981
Grants paid
$0
Program service revenue
$850,524
Investment income
$751
Other revenue
$30,168
Total assets, end of year
$19,669,371
Total liabilities, end of year
$6,667,413
Net assets or fund balances, end of year
$13,001,958
Program services expenses (Part IX)
$1,309,108
Management and general expenses
$24,516
Fundraising expenses
$1,313
Program service expenses (Part III)
$1,309,108

Program services were 98.1% 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)

    $2,573,101

  • 1f · All other contributions, gifts and grants

    $86,880

  • 2a · Program service revenue: RENTAL INCOME

    total $761,855 · related or exempt $761,855

  • 2b · Program service revenue: ADMINISTRATION FEES

    total $88,669 · related or exempt $88,669

  • 3 · Investment income

    total $751 · excluded $751

  • 11a · Other revenue: INSURANCE PROCEEDS

    total $30,168 · related or exempt $30,168

  • 11e · Other revenue, total

    $30,168

Functional expenses

Part IX, the statement of functional expenses.

  • 5 · Compensation of officers, directors and key employees

    total $84,969 · program services $79,756 · management and general $4,344 · fundraising $869

  • 7 · Other salaries and wages

    total $77,593 · program services $77,593

  • 9 · Other employee benefits

    total $2,388 · program services $2,245 · management and general $119 · fundraising $24

  • 10 · Payroll taxes

    total $12,081 · program services $11,707 · management and general $312 · fundraising $62

  • 11b · Fees: legal

    total $11,623 · program services $7,830 · management and general $3,793

  • 11c · Fees: accounting

    total $19,953 · program services $10,553 · management and general $9,400

  • 11g · Fees: other

    total $71,790 · program services $66,559 · management and general $4,891 · fundraising $340

  • 12 · Advertising and promotion

    total $1,279 · program services $1,279

  • 13 · Office expenses

    total $39,108 · program services $38,224 · management and general $866 · fundraising $18

  • 14 · Information technology

    total $8,103 · program services $8,103

  • 16 · Occupancy

    total $549,466 · program services $549,466

  • 17 · Travel

    total $3,333 · program services $3,333

  • 20 · Interest

    total $222,108 · program services $222,108

  • 22 · Depreciation, depletion and amortization

    total $183,867 · program services $183,867

  • 23 · Insurance

    total $791 · management and general $791

  • 24a · Other expenses: BAD DEBT - RESIDENTIAL

    total $44,389 · program services $44,389

  • 24b · Other expenses: DUES AND SUBSCRIPTIONS

    total $2,096 · program services $2,096

Balance sheet

Part X, book values.

  • 1 · Cash, non-interest-bearing

    beginning of year $1,131,805 · end of year $1,304,433

  • 4 · Accounts receivable

    beginning of year $79,211 · end of year $177,033

  • 7 · Other notes and loans receivable

    beginning of year $8,095,374 · end of year $9,856,836

  • 9 · Prepaid expenses and deferred charges

    beginning of year $14,494 · end of year $14,212

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

    $8,016,000

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

    $569,021

  • 10c · Land, buildings and equipment, net

    beginning of year $7,630,844 · end of year $7,446,979

  • 14 · Intangible assets

    beginning of year $26,953 · end of year $26,072

  • 15 · Other assets

    beginning of year $754,301 · end of year $843,806

  • 17 · Accounts payable and accrued expenses

    beginning of year $342,973 · end of year $169,642

  • 19 · Deferred revenue

    beginning of year $296,430 · end of year $271,055

  • 23 · Secured mortgages and notes payable

    beginning of year $6,270,032 · end of year $6,192,579

  • 25 · Other liabilities

    beginning of year $28,076 · end of year $34,137

  • 27 · Net assets without donor restrictions

    beginning of year $10,132,822 · end of year $12,418,809

  • 28 · Net assets with donor restrictions

    beginning of year $662,649 · end of year $583,149

Mission and programs · 2023

Mission

TO FACILITATE, DEVELOP, AND ADVOCATE FOR NEIGHBORHOOD REVITALIZATION, AFFORDABLE HOUSING CONSTRUCTION, PRESERVATION AND ECONOMIC DEVELOPMENT IN CHARLESTON COUNTY

  • THE CRC IS A NON-PROFIT ORGANIZATION FOCUSED ON THE DEVELOPMENT AND PRESERVATION OF AFFORDABLE HOUSING IN THE CHARLESTON AREA AND HELPS SECURE LOCAL, STATE AND NATIONAL FUNDING FOR LONG-TERM HOUSING AFFORDABILITY. THE CRC INCLUDES THE PALMETTO COMMUNITY LAND TRUST, WHICH PLACES LAND IN LONG- TERM TRUST PROTECTION TO ENSURE AFFORDABILITY AND ACCESSIBILITY FOR FUTURE GENERATIONS. THE PALMETTO COMMUNITY LAND TRUST (PCLT) IS A PROGRAM OF THE CHARLESTON REDEVELOPMENT CORPORATION (CRC), A PRIVATE 501C3 NONPROFIT CORPORATION GOVERNED BY AN ALL-VOLUNTEER BOARD OF DIRECTORS. (CONTINUED ON SCHEDULE O)

    Expenses $1,309,108 · Revenue $850,524

As filed on the 2023 return. The filer continues this part on Schedule O, which is not shown here.

Listed in Part VII

  • Mr Jonathan Oakman

    PRESIDENT

    Total calculated
    $0
    Hours/week
    5

  • Mrs Geona Shaw-Johnson

    VICE PRESIDE

    Total calculated
    $0
    Hours/week
    5

  • Ms Cheryl F Ferraro CPA

    TREASURER

    Total calculated
    $0
    Hours/week
    1

  • Ms Diane Hamilton

    SECRETARY

    Total calculated
    $0
    Hours/week
    1

  • Mr Eli Poliakoff Esq

    IMMED PAST P

    Total calculated
    $0
    Hours/week
    1

  • Ms Carol Jackson

    BOARD MEMBER

    Total calculated
    $0
    Hours/week
    1

  • Mr Otha Meadows

    BOARD MEMBER

    Total calculated
    $0
    Hours/week
    1

  • Mr Theron Snype

    BOARD MEMBER

    Total calculated
    $0
    Hours/week
    1

  • Mr Kevin Holinshed

    BOARD MEMBER

    Total calculated
    $0
    Hours/week
    1

  • Ms April J Wood

    BOARD MEMBER

    Total calculated
    $0
    Hours/week
    1

  • Ms Latonya Gamble

    BOARD MEMBER

    Total calculated
    $0
    Hours/week
    1

  • Mr Gregory Voigt

    BOARD MEMBER

    Total calculated
    $0
    Hours/week
    1

  • Mr Casdell Singleton

    BOARD MEMBER

    Total calculated
    $0
    Hours/week
    1

  • F A Johnson II Esq

    EXECUTIVE DI

    Total calculated
    $87,108
    From this org
    $84,720
    From related orgs
    $0
    Other
    $2,388
    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.

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.

  • PCTL SEA ISLAND APARTMENTS LLC

    HOUSING · SC · income -$60,454 · assets $2,950,678

    Directly controlled by CRC

  • PALMETTO COMMUNITY LAND TRUST NORTH CENTRAL LLC

    HOUSING · SC · income -$237,241 · assets $4,801,961

    Directly controlled by CRC

Provenance

Return type
form_990
Tax year
2023
Filed
14 November 2024
IRS schema version
2023v5.0
Source object
202423209349302522

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