Civic Intelligence

Promise Development Corporation

990 • Fiscal year 2016 • EIN 31-1708526

Jan 01, 2016 to Dec 31, 2016 • Filed on May 04, 2017

Organization ProfilePDEVCORP.ORG
40 S MainMemphis, TN 38103

(901) 907-0035

Siviq Scores

Scores are not available for this record yet.

Balance Sheet

Assets

$4,582,302

No earlier filing loaded for comparison.

Net Assets

$4,023,280

No earlier filing loaded for comparison.

Liabilities

$559,022

No earlier filing loaded for comparison.

Revenue And Expenses

Revenue

$2,333,806

No earlier filing loaded for comparison.

Expenses

$2,478,829

No earlier filing loaded for comparison.

Net Income

-$145,023

No earlier filing loaded for comparison.

Historical Trend

Balance Sheet Trend

The highlighted filing sits inside the broader history for assets, liabilities, and net assets.

$8.0M$6.0M$4.0M$2.0M$0Assets 2016: $4,582,302Liabilities 2016: $559,022Net Assets 2016: $4,023,2802016Assets 2018: $4,996,655Liabilities 2018: $436,189Net Assets 2018: $4,560,4662018Assets 2019: $5,024,263Liabilities 2019: $857,745Net Assets 2019: $4,166,5182019Assets 2020: $5,992,520Liabilities 2020: $881,000Net Assets 2020: $5,111,5202020Assets 2021: $5,823,077Liabilities 2021: $652,890Net Assets 2021: $5,170,1872021Assets 2022: $7,150,223Liabilities 2022: $901,724Net Assets 2022: $6,248,4992022Assets 2023: $7,218,735Liabilities 2023: $869,025Net Assets 2023: $6,349,7102023

Highlighted filing

2016

Assets$4,582,302
Liabilities$559,022
Net Assets$4,023,280
Open 2016 Filing

Operations Trend

Revenue, expenses, and net income across loaded years, with this filing highlighted.

$6.0M$4.0M$2.0M$0-$2.0MRevenue 2016: $2,333,806Expenses 2016: $2,478,829Net Income 2016: -$145,0232016Revenue 2018: $2,584,353Expenses 2018: $2,257,620Net Income 2018: $326,7332018Revenue 2019: $2,516,184Expenses 2019: $2,380,334Net Income 2019: $135,8502019Revenue 2020: $3,719,840Expenses 2020: $2,774,838Net Income 2020: $945,0022020Revenue 2021: $3,033,896Expenses 2021: $2,975,229Net Income 2021: $58,6672021Revenue 2022: $4,277,565Expenses 2022: $3,199,253Net Income 2022: $1,078,3122022Revenue 2023: $3,499,542Expenses 2023: $3,450,236Net Income 2023: $49,3062023

Highlighted filing

2016

Revenue$2,333,806
Expenses$2,478,829
Net Income-$145,023
Open 2016 Filing
Jump To
Filing Snapshot
Filing Period
Jan 1, 2016 to Dec 31, 2016
Signed
May 4, 2017
Return Version
2016v3.0
Gross Receipts
$2,333,806
Mission and Program Overview

Mission

Promote economic development in the north memphis community by providing affordable housing

To enhance the quality of life through creating and preserving housing, promoting economic development opportunities and encouraging community life

Balance Sheet Detail
LineBeginningEndChange
Assets
Land, Buildings, and Equipment, Net$4,280,258$4,157,086▼ $123,172
Cash and Non-Interest-Bearing Accounts$116,241$105,883▼ $10,358
Pledges and Grants Receivable$154,757$99,532▼ $55,225
Accounts Receivable$22,758$31,950▲ $9,192
Receivables From Officers Etc$11,750--
Investments Other Securities$200--
Total Assets$4,732,825$4,582,302▼ $150,523
Other Assets Total$146,861$187,851▲ $40,990
Liabilities
Mortgage Notes Payable Secured by Investment Property$490,663$482,879▼ $7,784
Accounts Payable and Accrued Expenses$73,859$62,861▼ $10,998
Other Liabilities-$13,282-
Total Liabilities$564,522$559,022▼ $5,500
Net Assets / Fund Balance
Unrestricted Net Assets$4,168,303$4,023,280▼ $145,023
Total Net Assets Fund Balance$4,168,303$4,023,280▼ $145,023
Total Liabilities and Net Assets / Fund Balance$4,732,825$4,582,302▼ $150,523

Asset Categories

AssetBook ValueDepreciationBasis
Buildings$4,102,354$762,544$4,864,898
Other Land Buildings$54,732-$54,732
Compensation and Service Providers

Board Members and Trustees

NameTitle
ScheduleAttached
CorneliusSanders
Revenue and Support

Revenue Composition

Contributions and Grants
$1,894,225
Program Service Revenue
$0
Investment Income
$0
Other Revenue
$439,581
All Other Contributions
$1,200
Change in Net Assets
$-145,023
Expenses and Functional Allocation

Major Expense Lines

Line ItemAmount
Other Expenses$1,661,673
Salaries, Compensation, and Employee Benefits$817,156
Grants and Similar Amounts Paid$0
Professional Fundraising Fees$0
Total Fundraising Expense$0

Functional Expense Allocation

Line ItemProgramManagementFundraisingTotal
Other Salaries and Wages$694,583$122,573-$817,156
All Other Expenses$435,486$75,765-$511,251
Occupancy$408,961$72,170-$481,131
Depreciation Depletion$171,985$30,350-$202,335
Fees for Services Other$92,914$16,396-$109,310
Insurance$73,456$12,963-$86,419
Travel$17,944$3,167-$21,111
Interest$15,314$2,702-$18,016
Other Expenses---$243
Total Functional Expenses$2,107,929$370,900$0$2,478,829
Fundraising, Events, and Gaming
Fundraising activities
No
Gaming activities
No
Professional fundraiser used
No

Fundraising and Gaming Totals

Line ItemAmount
Professional Fundraising Fees$0
Political and Lobbying Activity
Political campaign activity
No
Lobbying activity
No
Insider Transactions and Loans

Loans and Receivables

Line ItemBeginningEndChange
Receivables from Officers, Directors, Trustees, and Key Employees$11,750--
Debt and Bond Financing

Other Reported Liabilities

LiabilityAmount
Tenant Security Deposits$13,282
Governance and Compliance

Governance Checklist

Compiled or reviewed by an accountant
Yes
Annual disclosure for covered persons
Yes
Audit committee
Yes
Backup withholding compliance
Yes
Business relationship with family members
No
Business relationship with organization members
No
Material changes to governing documents
No
Compensation from other sources disclosed
No
CEO compensation reviewed
Yes
Other officer compensation reviewed
Yes
Conflict-of-interest policy
Yes
Audited financial statements prepared
No
Key decisions subject to board approval
No
Management duties delegated
No
Filing and Contact Details

Filer

Filer Name
Promise Development
EIN
31-1708526
Phone
9019070035
Address
40 S MAIN, MEMPHIS, TN 38103

Signing Officer

Name
Conelius Sanders
Title
Executive Director
Signed
2017-05-04
Discuss with paid preparer
Yes

Organization Details

Principal Officer
Cornelius Sanders
Formed
2006
Legal Domicile
Tn
Voting Board Members
10
Independent Board Members
10
Employees
0

Preparer

Firm
Lawrence G Yohanek Pc
Address
744 CROSSOVER LANE, MEMPHIS, TN 38117
Preparer
Lawrence G Yohanek
Phone
9016855827
Supplemental Narrative

Additional Explanations

Section B Policies

“Form 990 available for review conflict of interest policy updated annually compensation is reviewed and approved annually”

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ReturnHeader/PreparerPersonGrp/PreparerPersonNm0LAWRENCE G YOHANEK
ReturnHeader/PreparerPersonGrp/SelfEmployedInd0X
ReturnHeader/ReturnTs02017-10-12T12:40:47-05:00
ReturnHeader/ReturnTypeCd0990
ReturnHeader/TaxPeriodBeginDt02016-01-01
ReturnHeader/TaxPeriodEndDt02016-12-31
ReturnHeader/TaxYr02016

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Filings

Displayed year

2016 • Form 990Detailed filing. Detailed filing data is available for this year.

Open filing
Assets
$4,582,302
Liabilities
$559,022
Net assets
$4,023,280
Revenue
$2,333,806
Expenses
$2,478,829
Net income
-$145,023
Balance SheetOperations
YearAssetsLiabilitiesNet AssetsRevenueExpensesNet Income
2023Detailed filing. Detailed filing data is available for this year.$7.22$0.87$6.35$3.50$3.45$0.05
2022Detailed filing. Detailed filing data is available for this year.$7.15$0.90$6.25$4.28$3.20$1.08
2021Detailed filing. Detailed filing data is available for this year.$5.82$0.65$5.17$3.03$2.98$0.06
2020Detailed filing. Detailed filing data is available for this year.$5.99$0.88$5.11$3.72$2.77$0.95
2019Detailed filing. Detailed filing data is available for this year.$5.02$0.86$4.17$2.52$2.38$0.14
2018Detailed filing. Detailed filing data is available for this year.$5.00$0.44$4.56$2.58$2.26$0.33
2016Detailed filing. Detailed filing data is available for this year.$4.58$0.56$4.02$2.33$2.48$0.15