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Nonprofiteer
← EAST CAROLINA COMMUNITY DEVELOPMENT INC

Form 990 for tax year 2023

Filed by EAST CAROLINA COMMUNITY DEVELOPMENT INC.

Totals

Total revenue
$4,672,865
Total expenses
$5,882,486
Contributions and grants received
$418,112
Grants paid
$0
Program service revenue
$4,237,576
Investment income
$17,177
Other revenue
$0
Total assets, end of year
$37,594,034
Total liabilities, end of year
$22,747,291
Net assets or fund balances, end of year
$14,846,743
Program services expenses (Part IX)
$5,787,094
Management and general expenses
$95,392
Fundraising expenses
$0
Program service expenses (Part III)
$5,787,094

Program services were 98.4% 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.

  • 1e · Government grants (contributions)

    $358,112

  • 1f · All other contributions, gifts and grants

    $60,000

  • 2a · Program service revenue: RENTAL INCOME

    total $3,773,808 · related or exempt $3,773,808

  • 2b · Program service revenue: OTHER PROGRAM SERVICES

    total $243,967 · related or exempt $243,967

  • 2c · Program service revenue: DEVELOPMENT FEES

    total $219,801 · related or exempt $219,801

  • 3 · Investment income

    total $11,816 · excluded $11,816

  • 7a · Gross sales of assets other than inventory

    other assets $5,361

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

    other assets $0

  • 7c · Gain or loss

    other assets $5,361

  • 7d · Net gain or loss

    total $5,361 · excluded $5,361

Functional expenses

Part IX, the statement of functional expenses.

  • 5 · Compensation of officers, directors and key employees

    total $382,090 · program services $289,909 · management and general $92,181

  • 7 · Other salaries and wages

    total $556,249 · program services $556,249

  • 9 · Other employee benefits

    total $56,906 · program services $56,906

  • 10 · Payroll taxes

    total $49,061 · program services $49,061

  • 11b · Fees: legal

    total $177,574 · program services $177,574

  • 11c · Fees: accounting

    total $38,750 · program services $38,750

  • 12 · Advertising and promotion

    total $89 · program services $89

  • 13 · Office expenses

    total $186,372 · program services $186,372

  • 16 · Occupancy

    total $520,921 · program services $520,921

  • 17 · Travel

    total $19,770 · program services $19,770

  • 20 · Interest

    total $418,293 · program services $418,293

  • 22 · Depreciation, depletion and amortization

    total $1,013,316 · program services $1,013,316

  • 23 · Insurance

    total $580,091 · program services $580,091

  • 24a · Other expenses: CONTRACT SERVICES

    total $1,050,345 · program services $1,050,345

  • 24b · Other expenses: GRANT COST

    total $465,226 · program services $465,226

  • 24c · Other expenses: SUPPLIES

    total $112,782 · program services $112,782

  • 24d · Other expenses: DEVELOPMENT COSTS

    total $68,893 · program services $68,893

  • 24e · All other expenses

    total $185,758 · program services $182,547 · management and general $3,211

Balance sheet

Part X, book values.

  • 1 · Cash, non-interest-bearing

    beginning of year $164,712 · end of year $171,057

  • 2 · Savings and temporary cash investments

    beginning of year $1,727,810 · end of year $4,292,319

  • 4 · Accounts receivable

    beginning of year $231,815 · end of year $242,951

  • 7 · Other notes and loans receivable

    beginning of year $356,171 · end of year $84,015

  • 9 · Prepaid expenses and deferred charges

    beginning of year $80,274 · end of year $72,501

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

    $35,239,785

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

    $5,958,140

  • 10c · Land, buildings and equipment, net

    beginning of year $20,865,526 · end of year $29,281,645

  • 15 · Other assets

    beginning of year $5,297,203 · end of year $3,449,546

  • 17 · Accounts payable and accrued expenses

    beginning of year $396,028 · end of year $1,478,513

  • 19 · Deferred revenue

    beginning of year $63,643 · end of year $0

  • 23 · Secured mortgages and notes payable

    beginning of year $15,109,021 · end of year $20,859,943

  • 25 · Other liabilities

    beginning of year $716,250 · end of year $408,835

  • 27 · Net assets without donor restrictions

    beginning of year $6,888,328 · end of year $9,296,502

  • 28 · Net assets with donor restrictions

    beginning of year $5,550,241 · end of year $5,550,241

Mission and programs · 2023

Mission

TO IMPROVE AND ENHANCE THE STANDARD OF LIVING OF THE PEOPLE OF NORTH CAROLINA BY PROMOTING SMALL BUSINESS DEVELOPMENT AND DEVELOPING AFFORDABLE HOUSING WITHIN ITS SERVICE AREA.

  • CONSTRUCTING QUALITY AFFORDABLE HOUSING FOR SENIORS AND FAMILIES, AS WELL AS DEVELOPING A COMMUNITY SERVICE INFRASTRUCTURE TO HANDLE THE GROWING NEEDS OF AN EXPANDING POPULATION BASE.

    Expenses $819,681 · Revenue $158,441

  • INTERMEDIARY RELENDING PROGRAM - TO PROVIDE LOAN CAPITAL TO BUSINESSES LOCATED IN RURAL NORTH CAROLINA THROUGH A CONTRACTUAL AGREEMENT WITH THE USDA RURAL DEVELOPMENT.

    Expenses $4,259

  • COMMUNITY HEALTH AND SAFETY - TO PROVIDE NON-MEDICAL SERVICES FOR ELIGIBLE INDIVIDUALS SPECIFICALLY RELATED TO FOOD, HOUSING, TRANSPORTATION, INTERPERSONAL SAFETY, AND TOXIC STRESS INCLUDING ASSISTANCE WITH HOUSING INSPECTIONS AND PROVIDING HEALTHY HOME GOODS.

    Expenses $465,226 · Revenue $227,121

  • MANAGEMENT AND OWNERSHIP IN RENTAL OPERATIONS OF PARACHUTE MANAGEMENT COMPANY, LLC, AN AFFORDABLE HOUSING PROJECT WITH 16 LIHTC COMMUNITIES ACROSS EASTERN NORTH CAROLINA.

    Expenses $2,084

  • DEVELOPMENT AND OWNERSHIP IN RENTAL OPERATIONS OF MEADOW'S GATE, LLC, AN AFFORDABLE HOUSING PROJECT UTILIZING SECTION 1602 TAX CREDIT EXCHANGE FUNDS THROUGH NCHFA.

    Expenses $725,222 · Revenue $619,903

  • DEVELOPMENT AND OWNERSHIP IN RENTAL OPERATIONS OF COMPASS POINTE AT MEADOWS GATE, LLC, AN EIGHT UNIT PROJECT FOR VETERAN SUPPORTIVE HOUSING

    Expenses $52,743 · Revenue $54,475

  • INVESTMENT CORPORATIONS HOLDING GENERAL PARTNERSHIP INTERESTS IN AFFORDABLE HOUSING PROJECTS.

    Expenses $3,717,879 · Revenue $3,177,636

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

Listed in Part VII

  • Robert Campbell

    CHAIRMAN

    Total calculated
    $0
    Hours/week
    4

  • David Nateman

    SECRETARY/TREASURER

    Total calculated
    $0
    Hours/week
    2

  • Sandy Hewitt-Giacobbi

    DIRECTOR

    Total calculated
    $0
    Hours/week
    1

  • Tyisha Teel

    DIRECTOR

    Total calculated
    $0
    Hours/week
    1

  • Brian Fike

    DIRECTOR

    Total calculated
    $0
    Hours/week
    1

  • Keith D Walker

    CEO & PRESIDENT

    Total calculated
    $284,050
    From this org
    $258,775
    From related orgs
    $0
    Other
    $25,275
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $191,734
    Bonus
    $54,547
    Other
    $12,494
    Deferred
    $7,025
    Nontaxable benefits
    $18,250
    Filer's total
    $284,050

  • Sharii Phelps

    DIRECTOR

    Total calculated
    $0
    Hours/week
    1

  • Ena Walker

    DIRECTOR

    Total calculated
    $0
    Hours/week
    1

  • Craig Wagner

    DIRECTOR

    Total calculated
    $0
    Hours/week
    1

  • Lynda E Land

    CFO

    Total calculated
    $165,786
    From this org
    $148,214
    From related orgs
    $0
    Other
    $17,572
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $136,058
    Bonus
    $12,156
    Other
    $0
    Deferred
    $4,509
    Nontaxable benefits
    $13,063
    Filer's total
    $165,786

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 · Compensation committee
  • 3 · Form 990 of other organizations
  • 3 · Written employment contract
  • 3 · Compensation survey or study
  • 3 · Approval by the board or compensation committee
  • 5a · Pay contingent on this organization's revenues

Answered no

  • 4a · Severance or change-of-control payment
  • 4b · Supplemental nonqualified retirement plan
  • 4c · Equity-based compensation arrangement
  • 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 5
COMPENSATION CONTINGENT UPON REVENUES OF ORGANIZATION: EXECUTIVE DIRECTOR RECEIVES PERCENTAGE OF DEVELOPER FEES FROM REAL ESTATE DEVELOPMENT, INCENTIVE MANAGEMENT FEES, AND EXCESS CASH FLOWS.

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.

  • MEADOW'S GATE LLC

    AFFORDABLE HOUSING · NC · income $619,903 · assets $5,604,746

    Directly controlled by EAST CAROLINA COMMUNITY DEVELOPMENT INC

  • COMPASS POINTE AT MEADOWS GATE LLC

    AFFORDABLE HOUSING · NC · income $54,475 · assets $776,511

    Directly controlled by EAST CAROLINA COMMUNITY DEVELOPMENT INC

  • PARACHUTE MANAGEMENT COMPANY LLC

    AFFORDABLE HOUSING · NC · income $0 · assets $0

    Directly controlled by EAST CAROLINA COMMUNITY DEVELOPMENT INC

  • TROON APARTMENTS LLC

    AFFORDABLE HOUSING · NC · income $273,738 · assets $1,270,341

    Directly controlled by EAST CAROLINA COMMUNITY DEVELOPMENT INC

  • CAMELLIA COURT APARTMENTS LLC

    AFFORDABLE HOUSING · NC · income $286,519 · assets $1,701,730

    Directly controlled by EAST CAROLINA COMMUNITY DEVELOPMENT INC

  • CASTLE GLEN LLC

    AFFORDABLE HOUSING · NC · income $238,775 · assets $2,164,635

    Directly controlled by EAST CAROLINA COMMUNITY DEVELOPMENT INC

  • EMMERDALE LLC

    AFFORDABLE HOUSING · NC · income $330,550 · assets $3,671,590

    Directly controlled by EAST CAROLINA COMMUNITY DEVELOPMENT INC

  • LONGBOURNE APARTMENTS LLC

    AFFORDABLE HOUSING · NC · income $295,548 · assets $3,060,301

    Directly controlled by EAST CAROLINA COMMUNITY DEVELOPMENT INC

  • BLUE POINT BAY HOUSING OF MOREHEAD CITY

    AFFORDABLE HOUSING · NC · income $498,210 · assets $5,280,622

    Directly controlled by EAST CAROLINA COMMUNITY DEVELOPMENT INC

  • CASTLE GLEN HOUSING OF NEWPORT INC

    AFFORDABLE HOUSING · NC · income $0 · assets $0

    Directly controlled by EAST CAROLINA COMMUNITY DEVELOPMENT INC

  • EASTPORT II AT THE PARK HOUSING OF BEAUFORT

    AFFORDABLE HOUSING · NC · income $0 · assets $0

    Directly controlled by EAST CAROLINA COMMUNITY DEVELOPMENT INC

  • EDENBRIDGE HOUSING OF MOREHEAD CITY INC

    AFFORDABLE HOUSING · NC · income $276,013 · assets $1,519,586

    Directly controlled by EAST CAROLINA COMMUNITY DEVELOPMENT INC

  • EMMERDALE HOUSING OF JACKSONVILLE INC

    AFFORDABLE HOUSING · NC · income $0 · assets $0

    Directly controlled by EAST CAROLINA COMMUNITY DEVELOPMENT INC

  • FOX HOLLOW HOUSING OF JACKSONVILLE INC

    AFFORDABLE HOUSING · NC · income $277,402 · assets $1,341,999

    Directly controlled by EAST CAROLINA COMMUNITY DEVELOPMENT INC

  • LONGBOURNE HOUSING OF JACKSONVILLE INC

    AFFORDABLE HOUSING · NC · income $0 · assets $0

    Directly controlled by EAST CAROLINA COMMUNITY DEVELOPMENT INC

  • PHOENIX PARK II HOUSING OF JACKSONVILLE INC

    AFFORDABLE HOUSING · NC · income $343,908 · assets $1,970,092

    Directly controlled by EAST CAROLINA COMMUNITY DEVELOPMENT INC

Related partnerships

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

  • PHOENIX PARK LLC

    RELATED · APT RENTAL · NC

  • ELIJAH'S LANDING OF MOREHEAD CITY LLC

    RELATED · APT RENTAL · NC

  • THE COVENANT SENIOR HOUSING LLC

    RELATED · APT RENTAL · NC

  • EASTPORT II AT THE PARK LLC

    RELATED · APT RENTAL · NC

  • SOLOMONS CROSSING OF GREENSBORO LLC

    RELATED · APT RENTAL · NC

  • CLIFFMORE PARK APARTMENTS LLC

    RELATED · APT RENTAL · NC

  • OAK RIDGE PARK APARTMENTS LLC

    RELATED · APT RENTAL · NC

  • PHOENIX PARK APARTMENTS LLC

    RELATED · APT RENTAL · NC

  • EDENBRIDGE LLC

    RELATED · APT RENTAL · NC

  • FOX HOLLOW APARTMENTS

    RELATED · APT RENTAL · NC

  • BLUE POINT BAY LLC

    RELATED · APT RENTAL · NC

Related corporations and trusts

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

  • CLIFFMORE PARK HOUSING OF FAYETTEVILLE INC

    C · APT RENTAL · NC · 100% owned

  • EASTPORT AT THE PARK HOUSING OF BEAUFORT INC

    C · APT RENTAL · NC · 100% owned · share of income -$235 · share of assets -$148

  • ELIJAH'S LANDING OF MOREHEAD CITY INC

    C · APT RENTAL · NC · 100% owned

  • GLENSTAL HOUSING OF JACKSONVILLE INC

    C · APT RENTAL · NC · 100% owned · share of income -$236 · share of assets -$271

  • OAK RIDGE PARK HOUSING OF AYDEN INC

    C · APT RENTAL · NC · 100% owned

  • PHOENIX PARK APARTMENTS OF JACKSONVILLE INC

    C · APT RENTAL · NC · 100% owned

  • SOLOMONS CROSSING HOUSING OF GREENSBORO INC

    C · APT RENTAL · NC · 100% owned

  • THE COVENANT SENIOR HOUSING OF CASTLE HAYNE INC

    C · APT RENTAL · NC · 100% owned

  • WELLINGTON GROVE HOUSING OF JACKSONVILLE INC

    C · APT RENTAL · NC · 100% owned · share of income -$255 · share of assets -$378

  • CYPRESS COVE HOUSING OF WILMINGTON INC

    C · APT RENTAL · NC · 100% owned · share of assets -$628

Provenance

Return type
form_990
Tax year
2023
Filed
7 August 2025
IRS schema version
2023v6.0
Source object
202502249349302340

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