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Nonprofiteer
← REBUILD METRO INC

Form 990 for tax year 2023

Filed by REBUILD METRO INC.

Totals

Total revenue
$15,521,677
Total expenses
$8,455,065
Contributions and grants received
$14,886,712
Grants paid
$0
Program service revenue
$455,946
Investment income
$92,199
Other revenue
$86,820
Total assets, end of year
$56,332,612
Total liabilities, end of year
$40,834,896
Net assets or fund balances, end of year
$15,497,716
Program services expenses (Part IX)
$7,463,466
Management and general expenses
$841,865
Fundraising expenses
$149,734
Program service expenses (Part III)
$7,463,466

Program services were 88.3% 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)

    $2,167,756

  • 1f · All other contributions, gifts and grants

    $12,718,956

  • 2a · Program service revenue: INTEREST

    total $281,206 · related or exempt $281,206

  • 2b · Program service revenue: REAL ESTATE REVENUE

    total $174,740 · related or exempt $174,740

  • 3 · Investment income

    total $92,199 · excluded $92,199

  • 11a · Other revenue: ACCRETION INCOME

    total $79,948 · related or exempt $79,948

  • 11b · Other revenue: OTHER INCOME

    total $6,872 · related or exempt $6,872

  • 11e · Other revenue, total

    $86,820

Functional expenses

Part IX, the statement of functional expenses.

  • 5 · Compensation of officers, directors and key employees

    total $306,146 · program services $254,101 · management and general $36,738 · fundraising $15,307

  • 7 · Other salaries and wages

    total $1,351,296 · program services $1,121,575 · management and general $162,156 · fundraising $67,565

  • 8 · Pension plan contributions

    total $15,747 · program services $13,070 · management and general $1,890 · fundraising $787

  • 9 · Other employee benefits

    total $9,284 · program services $7,706 · management and general $1,114 · fundraising $464

  • 10 · Payroll taxes

    total $135,573 · program services $112,525 · management and general $16,269 · fundraising $6,779

  • 11b · Fees: legal

    total $265,649 · program services $239,084 · management and general $26,565

  • 11c · Fees: accounting

    total $96,264 · program services $86,638 · management and general $9,626

  • 11g · Fees: other

    total $300,558 · program services $246,458 · management and general $39,072 · fundraising $15,028

  • 12 · Advertising and promotion

    total $26,400 · program services $23,760 · management and general $2,640

  • 13 · Office expenses

    total $643,656 · program services $527,797 · management and general $83,676 · fundraising $32,183

  • 16 · Occupancy

    total $133,395 · program services $109,384 · management and general $17,341 · fundraising $6,670

  • 17 · Travel

    total $30,294 · program services $6,059 · management and general $22,720 · fundraising $1,515

  • 19 · Conferences, conventions and meetings

    total $18,439 · program services $3,688 · management and general $13,829 · fundraising $922

  • 20 · Interest

    total $628,987 · program services $628,987

  • 22 · Depreciation, depletion and amortization

    total $410,230 · program services $389,719 · management and general $20,511

  • 23 · Insurance

    total $125,079 · program services $18,762 · management and general $106,317

  • 24a · Other expenses: EQUITY LOSS IN SUBSIDIA

    total $2,801,661 · program services $2,801,661

  • 24b · Other expenses: CLEANING AND MAINTENACE

    total $313,316 · program services $313,316

  • 24c · Other expenses: MISCELLANEOUS

    total $233,551 · management and general $233,551

  • 24d · Other expenses: CONSULTING FEES

    total $228,467 · program services $194,197 · management and general $34,270

  • 24e · All other expenses

    total $381,073 · program services $364,979 · management and general $13,580 · fundraising $2,514

Balance sheet

Part X, book values.

  • 1 · Cash, non-interest-bearing

    beginning of year $8,108,279 · end of year $11,903,579

  • 2 · Savings and temporary cash investments

    beginning of year $4,000,000 · end of year $3,025,647

  • 4 · Accounts receivable

    beginning of year $1,466,021 · end of year $8,988,522

  • 7 · Other notes and loans receivable

    beginning of year $14,820,192 · end of year $15,150,524

  • 9 · Prepaid expenses and deferred charges

    beginning of year $234,247 · end of year $143,004

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

    $11,589,038

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

    $4,806,603

  • 10c · Land, buildings and equipment, net

    beginning of year $7,317,542 · end of year $6,782,435

  • 13 · Investments: program-related

    beginning of year $1,111,767 · end of year $3,504,039

  • 15 · Other assets

    beginning of year $2,884,493 · end of year $6,834,862

  • 17 · Accounts payable and accrued expenses

    beginning of year $1,229,717 · end of year $1,243,845

  • 19 · Deferred revenue

    beginning of year $2,428,204 · end of year $2,179,623

  • 24 · Unsecured notes and loans payable

    beginning of year $26,909,566 · end of year $32,159,996

  • 25 · Other liabilities

    beginning of year $629,410 · end of year $5,251,432

  • 27 · Net assets without donor restrictions

    beginning of year $8,745,644 · end of year $15,497,716

Mission and programs · 2023

Mission

RBMI SEEKS TO CREATE WEALTH AND OPPORTUNITY FOR THE COMMUNITIES IT SERVES BY MAKING REAL ESTATE INVESTMENTS THAT REINFORCE COMMUNITY ASSETS, REVITALIZE DOWNWARD MARKETS AND CREATE SUITABLE ENVIRONMENTS FOR MARKET GROWTH. ITS INVESTMENT PROCESS SEEKS LONG-TERM SUSTAINABLE CHANGE AND REQUIRES EFFECTIVE PARTNERSHIPS WITH NEIGHBORHOOD ORGANIZATIONS, LOCAL GOVERNMENTS AND PRIVATE DEVELOPERS.

Activities or mission (Part I)

REBUILD METRO, INC. (RBMI) ASSEMBLES LAND, PARTICIPATES IN REAL ESTATE TRANSACTIONS AND BUILDS AFFORDABLE HOMES IN COMMUNITIES THROUGHOUT THE MID-ATLANTIC, CONCENTRATING IN AREAS WHERE IT CAN CREATE OPPORTUNITIES FOR WORKING FAMILIES.

  • PARTICIPATES IN 1) REAL ESTATE TRANSACTIONS AND BUILDS AFFORDABLE HOMES TO CREATE OPPORTUNITY FOR DISADVANTAGED FAMILIES IN SUBURBAN LOCATIONS AND 2) COMMUNITY-LED REDEVELOPMENT OF DISTRESSED URBAN NEIGHBORHOODS. SUBURBAN INCOME-RESTRICTED HOUSING DEVELOPMENTS INCLUDE TWO PROJECTS UNDER DEVELOPMENT: A 60-UNIT APARTMENT BUILDING IN MAPLE SHADE, NJ, AND A 58-UNIT APARTMENT BUILDING IN SADDLE BROOK, NJ; AND 6 COMPLETED PROJECTS PROVIDING OVER 550 AFFORDABLE RENTAL UNITS FOR FAMILIES AND SENIORS IN NJ, DE, AND MD. REBUILD METRO'S REDEVELOPMENT OF DISTRESSED URBAN AREAS IS FOCUSED ON BALTIMORE, MD. CURRENTLY, REBUILD METRO IS ADVANCING THE REHABILITATION OF OVER 40 HISTORIC TOWNHOMES FOR SALE IN EAST BALTIMORE AND WORKING ON THE DEVELOPMENT OF 113 AFFORDABLE RENTAL UNITS. REBUILD ALSO DIRECTLY MANAGES 160 AFFORDABLE RENTAL UNITS AND IS THE CO-DEVELOPER AND MINORITY PARTNER OF 3 AFFORDABLE APARTMENT BUILDINGS WHICH SERVE 189 LOW-INCOME FAMILIES IN EAST BALTIMORE. AS PART OF ITS URBAN REDEVELOPMENT WORK, REBUILD METRO IS THE LED DEVELOPER FOR THE JOHNSTON SQUARE PLAN AND IT HAS SITE CONTROL OVER 550 VACANT PROPERTIES, WHICH ARE BEING REVITALIZED TO CREATE RESIDENTIAL DEVELOPMENT, PARKS, PLAYGROUNDS, AND OTHER COMMUNITY AMENITIES.

    Expenses $7,463,466 · Revenue $542,766

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

Listed in Part VII

  • REV CALVIN KEENE

    CHAIRMAN

    Total calculated
    $0
    Hours/week
    2

  • ROBERT ENGLISH

    VICE CHAIR

    Total calculated
    $0
    Hours/week
    2

  • DANA JOHNSON

    SECRETARY

    Total calculated
    $0
    Hours/week
    2

  • TOD GLENN

    TREASURER

    Total calculated
    $0
    Hours/week
    2

  • NANCY WAGNER-HISLIP

    BOARD MEMBER

    Total calculated
    $0
    Hours/week
    2

  • JANET HARVEY

    BOARD MEMBER

    Total calculated
    $0
    Hours/week
    2

  • ARCHIE REED

    BOARD MEMBER

    Total calculated
    $0
    Hours/week
    2

  • REV MARSHAL PRENTICE

    BOARD MEMBER

    Total calculated
    $0
    Hours/week
    2

  • ERICA SHELTON MD

    BOARD MEMBER

    Total calculated
    $0
    Hours/week
    2

  • PETER BAIN

    BOARD MEMBER

    Total calculated
    $0
    Hours/week
    2

  • JULIE DAY

    BOARD MEMBER

    Total calculated
    $0
    Hours/week
    2

  • KAREN STOKES

    BOARD MEMBER

    Total calculated
    $0
    Hours/week
    2

  • C SEAN CLOSKEY

    PRESIDENT

    Total calculated
    $184,235
    From this org
    $169,448
    From related orgs
    $0
    Other
    $14,787
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $169,448
    Bonus
    $0
    Other
    $0
    Deferred
    $6,778
    Nontaxable benefits
    $8,009
    Filer's total
    $184,235

  • CHARLES METZGER JR

    CONTROLLER

    Total calculated
    $121,910
    From this org
    $115,866
    From related orgs
    $0
    Other
    $6,044
    Hours/week
    40

  • MICHAEL BAINUM

    DIRECTOR OF DEVELOPMENT

    Total calculated
    $147,945
    From this org
    $137,997
    From related orgs
    $0
    Other
    $9,948
    Hours/week
    40

  • JENNIFER GUILLAUME

    DIRECTOR OF PLANNING AND COMMUNITY ENGAGEMENT

    Total calculated
    $116,064
    From this org
    $111,600
    From related orgs
    $0
    Other
    $4,464
    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 · Independent compensation consultant
  • 3 · Compensation survey or study
  • 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

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.

  • REBUILD METRO - PHILADELPHIA LLC

    REAL ESTATE INVESTMENT FOR DISADVANTAGED COMMUNITIES · DE · income $79 · assets $1,378,431

    Directly controlled by REBUILD METRO BALTIMORE LLC

  • REBUILD METRO - RIDGE AVENUE LLC

    REAL ESTATE INVESTMENT FOR DISADVANTAGED COMMUNITIES · NJ · income $0 · assets $0

    Directly controlled by REBUILD METRO INC

  • REBUILD METRO - BALTIMORE LLC

    REAL ESTATE INVESTMENT FOR DISADVANTAGED COMMUNITIES · DE · income -$2,015,441 · assets $5,127,912

    Directly controlled by REBUILD METRO INC

  • REBUILD METRO - OLIVER LLC

    REAL ESTATE INVESTMENT FOR DISADVANTAGED COMMUNITIES · DE · income -$779,977 · assets $5,832,232

    Directly controlled by REBUILD METRO BALTIMORE LLC

  • REBUILD METRO - 1500 LLC

    REAL ESTATE INVESTMENT FOR DISADVANTAGED COMMUNITIES · DE · income -$334 · assets $0

    Directly controlled by REBUILD METRO BALTIMORE LLC

  • REBUILD METRO - 8 LLC

    REAL ESTATE INVESTMENT FOR DISADVANTAGED COMMUNITIES · DE · income -$349 · assets $38,525

    Directly controlled by REBUILD METRO BALTIMORE LLC

  • REBUILD METRO - JACKSON GREEN LLC

    REAL ESTATE INVESTMENT FOR DISADVANTAGED COMMUNITIES · NJ · income $0 · assets $0

    Directly controlled by REBUILD METRO INC

  • EAST SIDE PARTNERS LLC

    REAL ESTATE INVESTMENT FOR DISADVANTAGED COMMUNITIES · DE · income -$758,964 · assets $2,367,862

    Directly controlled by REBUILD METRO BALTIMORE LLC

  • REBUILD METRO - BUFORD MANLOVE MANOR LLC

    REAL ESTATE INVESTMENT FOR DISADVANTAGED COMMUNITIES · DE · income $23,297 · assets $7,059

    Directly controlled by REBUILD METRO INC

  • REBUILD METRO HOLDINGS LLC

    REAL ESTATE INVESTMENT FOR DISADVANTAGED COMMUNITIES · MD · income -$228,854 · assets $8,605,093

    Directly controlled by REBUILD METRO BALTIMORE LLC

  • REBUILD METRO - MOUNT HOLLY URBAN RENEWAL LLC

    REAL ESTATE INVESTMENT FOR DISADVANTAGED COMMUNITIES · NJ · income $0 · assets $0

    Directly controlled by REBUILD METRO INC

  • REBUILD METRO PROPERTY MANAGEMENT LLC

    PROPERTY MANAGEMENT FOR RELATED ENTITIES · MD · income $0 · assets $1,662,012

    Directly controlled by REBUILD METRO INC

  • REBUILD METRO BALTIMORE 2 LLC

    REAL ESTATE INVESTMENT FOR DISADVANTAGED COMMUNITIES · MD · income $27,234 · assets $9,029,753

    Directly controlled by REBUILD METRO INC

  • REBUILD JOHNSTON SQUARE PARTNERS LLC

    REAL ESTATE INVESTMENT FOR DISADVANTAGED COMMUNITIES · MD · income $0 · assets $0

    Directly controlled by REBUILD METRO INC

  • REBUILD JOHNSTON SQUARE PHASE 1 LLC

    REAL ESTATE INVESTMENT FOR DISADVANTAGED COMMUNITIES · MD · income -$228,715 · assets $3,139,109

    Directly controlled by REBUILD METRO BALTIMORE 2 LLC

  • REBUILD METRO JOHNSTON SQUARE LIHTC LLC

    REAL ESTATE INVESTMENT FOR DISADVANTAGED COMMUNITIES · MD · income -$45,366 · assets $56,832

    Directly controlled by REBUILD METRO INC

  • EAST BALTIMORE HISTORIC I LLC

    REAL ESTATE INVESTMENT FOR DISADVANTAGED COMMUNITIES · MD · income $0 · assets $0

    Directly controlled by EAST BALTIMORE MANAGING MEMBER INC

  • EAST BALTIMORE HISTORIC II LLC

    REAL ESTATE INVESTMENT FOR DISADVANTAGED COMMUNITIES · MD · income $0 · assets $0

    Directly controlled by EAST BALTIMORE MANAGING MEMBER II INC

  • EAST BALTIMORE MASTER TENANT LLC

    REAL ESTATE INVESTMENT FOR DISADVANTAGED COMMUNITIES · MD · income $0 · assets $0

    Directly controlled by EAST BALTIMORE MASTER TENANT INC

  • EAST BALTIMORE MASTER TENANT II LLC

    REAL ESTATE INVESTMENT FOR DISADVANTAGED COMMUNITIES · MD · income $0 · assets $0

    Directly controlled by EAST BALTIMORE MASTER TENANT MANAGER II INC

  • EAST BALTIMORE MASTER TENANT III LLC

    REAL ESTATE INVESTMENT FOR DISADVANTAGED COMMUNITIES · MD · income $0 · assets $0

    Directly controlled by EAST BALTIMORE MASTER TENANT MANAGER III INC

  • GREEN SPACE REGESTER LLC

    REAL ESTATE INVESTMENT FOR DISADVANTAGED COMMUNITIES · MD · income -$93,639 · assets $8,705

    Directly controlled by EAST SIDE PARTNERS LLC

  • TEACHER HOUSING AT BIDDLE

    REAL ESTATE INVESTMENT FOR DISADVANTAGED COMMUNITIES · MD · income -$1,771 · assets $666,237

    Directly controlled by REBUILD JOHNSTON SQUARE PARTNERS LLC

Related partnerships

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

  • EAST BALTIMORE HISTORIC III LLC

    RELATED · REAL ESTATE INVESTMENT FOR DISADVANTAGED COMMUNITIES · MD · 1% owned · share of income -$252,965 · share of assets $1,764,956 · general or managing partner

    Directly controlled by EAST BALTIMORE MANAGING MEMBER III INC

  • BURLINGTON MM LLC

    RELATED · REAL ESTATE INVESTMENT FOR DISADVANTAGED COMMUNITIES · MD · 51% owned · share of income $7,587

    Directly controlled by REBUILD METRO - SCOTTLAND COMMONS INC

  • MANALAPAN MM LLC

    RELATED · REAL ESTATE INVESTMENT FOR DISADVANTAGED COMMUNITIES · MD · 51% owned · share of income $16,278

    Directly controlled by REBUILD METRO - SCOTLAND COMMONS INC

Related corporations and trusts

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

  • REBUILD METRO - SCOTLAND COMMONS INC

    C · REAL ESTATE INVESTMENT FOR DISADVANTAGED COMMUNITIES · NJ · 100% owned · share of income $21,456 · share of assets $221,915 · controlled entity

    Directly controlled by REBUILD METRO INC

  • EAST BALTIMORE MANAGING MEMBER INC

    C · REAL ESTATE INVESTMENT FOR DISADVANTAGED COMMUNITIES · MD · 100% owned · share of income $71,804 · share of assets $6,577,420 · controlled entity

    Directly controlled by REBUILD METRO INC

  • EAST BALTIMORE MASTER TENANT INC

    C · REAL ESTATE INVESTMENT FOR DISADVANTAGED COMMUNITIES · MD · 100% owned · share of income -$212,779 · share of assets $157,493 · controlled entity

    Directly controlled by REBUILD METRO INC

  • EAST BALTIMORE MANAGING MEMBER II INC

    C · REAL ESTATE INVESTMENT FOR DISADVANTAGED COMMUNITIES · MD · 100% owned · share of income -$144,800 · share of assets $6,517,011 · controlled entity

    Directly controlled by REBUILD METRO INC

  • EAST BALTIMORE MASTER TENANT MANAGER II INC

    C · REAL ESTATE INVESTMENT FOR DISADVANTAGED COMMUNITIES · MD · 100% owned · share of income -$163,018 · share of assets $260,306 · controlled entity

    Directly controlled by REBUILD METRO INC

  • REBUILD METRO - 1700 LLC

    C · REAL ESTATE INVESTMENT FOR DISADVANTAGED COMMUNITIES · MD · 100% owned · share of income -$2,545 · share of assets $93,856 · controlled entity

    Directly controlled by REBUILD METRO BALTIMORE LLC

  • EAST BALTIMORE MANAGING MEMBER III INC

    C · REAL ESTATE INVESTMENT FOR DISADVANTAGED COMMUNITIES · MD · 100% owned · share of income -$255,499 · share of assets $420,065 · controlled entity

    Directly controlled by REBUILD METRO INC

  • EAST BALTIMORE MASTER TENANT MANAGER III INC

    C · REAL ESTATE INVESTMENT FOR DISADVANTAGED COMMUNITIES · MD · 100% owned · share of income -$121,079 · share of assets $156,156 · controlled entity

    Directly controlled by REBUILD METRO INC

  • BUFORD MANLOVE MEMBERS LLC

    C · REAL ESTATE INVESTMENT FOR DISADVANTAGED COMMUNITIES · NJ · 65% owned · share of income -$224 · share of assets $13,397 · controlled entity

    Directly controlled by REBUILD METRO BUFORD MANLOVE MANOR LLC

  • REBUILD METRO - GREENMOUNT INC

    C · REAL ESTATE INVESTMENT FOR DISADVANTAGED COMMUNITIES · MD · 100% owned · share of income -$9,926 · share of assets $2,699,792 · controlled entity

    Directly controlled by REBUILD METRO INC

  • REBUILD METRO-MAPLE SHADE INC

    C · REAL ESTATE INVESTMENT FOR DISADVANTAGED COMMUNITIES · MD · 100% owned

    Directly controlled by REBUILD METRO INC

Provenance

Return type
form_990
Tax year
2023
Filed
7 November 2024
IRS schema version
2023v5.1
Source object
202423169349304577

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