Civic Intelligence

Promise Development Corporation

990 • Fiscal year 2018 • EIN 31-1708526

Jan 01, 2018 to Dec 31, 2018 • Filed on Oct 21, 2019

Organization ProfilePDEVCORP.ORG
379 Cossitt PlMemphis, TN 38126

(901) 907-0035

Siviq Scores

Precomputed percentiles for this filing year versus similar nonprofits in the same peer cohort.

Liabilities / Assets

50th percentile

0.09x

Higher debt load relative to assets than 50% of similar nonprofits.

2018 filings • 501(c)3 • $1M-$5M nonprofits • Source year 2018

Liabilities / Revenue

61st percentile

0.17x

Higher debt load relative to revenue than 61% of similar nonprofits.

2018 filings • 501(c)3 • $1M-$5M nonprofits • Source year 2018

Net Margin

70th percentile

13%

Higher net margin than 70% of similar nonprofits.

2018 filings • 501(c)3 • $1M-$5M nonprofits • Source year 2018

Top Officer Pay

Score unavailable

No value available

This filing does not contain officer compensation rows.

Source year 2018

Asset Growth

Score unavailable

No value available

No earlier valid filing was available within the previous three public years.

Source year 2018

Revenue Growth

Score unavailable

No value available

No earlier valid filing was available within the previous three public years.

Source year 2018

Balance Sheet
Liabilities / Assets50th percentile

Assets

Up

$4,996,655

Up $414,353 (+9.0%) from 2016

Net Assets

Up

$4,560,466

Up $537,186 (+13%) from 2016

Liabilities

Down

$436,189

Down $122,833 (-22%) from 2016

Revenue And Expenses
Liabilities / Revenue61st percentileNet Margin70th percentile

Revenue

Up

$2,584,353

Up $250,547 (+11%) from 2016

Expenses

Down

$2,257,620

Down $221,209 (-8.9%) from 2016

Net Income

Up

$326,733

Up $471,756 (+325%) from 2016

Historical Trend

Balance Sheet Trend

Asset GrowthScore unavailable

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

2018

Assets$4,996,655
Liabilities$436,189
Net Assets$4,560,466
Open 2018 Filing

Operations Trend

Revenue GrowthScore unavailable

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

2018

Revenue$2,584,353
Expenses$2,257,620
Net Income$326,733
Open 2018 Filing
Jump To
Filing Snapshot
Filing Period
Jan 1, 2018 to Dec 31, 2018
Signed
Oct 21, 2019
Return Version
2018v3.0
Gross Receipts
$2,584,353
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$4,181,644$4,389,223▲ $207,579
Accounts Receivable$67,816$160,303▲ $92,487
Pledges and Grants Receivable$46,048$95,516▲ $49,468
Cash and Non-Interest-Bearing Accounts$42,564$69,295▲ $26,731
Total Assets$4,571,899$4,996,655▲ $424,756
Other Assets Total$233,827$282,318▲ $48,491
Liabilities
Mortgage Notes Payable Secured by Investment Property$253,416$379,133▲ $125,717
Accounts Payable and Accrued Expenses$65,834$29,195▼ $36,639
Other Liabilities$18,918$27,861▲ $8,943
Total Liabilities$338,168$436,189▲ $98,021
Net Assets / Fund Balance
Unrestricted Net Assets$4,233,733$4,560,466▲ $326,733
Total Net Assets Fund Balance$4,233,733$4,560,466▲ $326,733
Total Liabilities and Net Assets / Fund Balance$4,571,901$4,996,655▲ $424,754

Asset Categories

AssetBook ValueDepreciationBasis
Buildings$4,966,296-$4,966,296
Other Land Buildings$372,035-$372,035
Equipment$210,870-$210,870
Other Assets Org$267,196--
Compensation and Service Providers
Top Officer PayScore unavailable

Employees

NameTitleFull / Part TimeBaseTotal
C SandersExec DirectorFT$80,827$80,827

Board Members and Trustees

NameTitle
Celeste PryorBoard Chair
Clint WileyMember
F CraytonMember
J StarlingMember
James MooreMember
Jerome RatliffMember
Lashonta StarkMember
T ColemanMember
Torya WoodsMember
John BarkerSecretary
Revenue and Support

Revenue Composition

Contributions and Grants
$2,031,077
Program Service Revenue
$0
Investment Income
$0
Other Revenue
$553,276
All Other Contributions
$48,779
Change in Net Assets
$326,733
Expenses and Functional Allocation

Major Expense Lines

Line ItemAmount
Other Expenses$1,573,375
Salaries, Compensation, and Employee Benefits$684,245
Grants and Similar Amounts Paid$0
Professional Fundraising Fees$0
Total Fundraising Expense$0

Functional Expense Allocation

Line ItemProgramManagementFundraisingTotal
Other Salaries and Wages$581,608$102,637-$684,245
Occupancy$411,872$72,683-$484,555
All Other Expenses$347,181$61,267-$408,448
Depreciation Depletion$168,606$29,754-$198,360
Fees for Services Other$58,355$10,299-$68,654
Insurance$57,606$10,166-$67,772
Other Expenses---$41,465
Interest$15,125$2,669-$17,794
Total Functional Expenses$1,919,014$338,606$0$2,257,620
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
Subject to proxy tax
No
Debt and Bond Financing

Other Reported Liabilities

LiabilityAmount
Tenant Secucrity Deposits$27,861
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
379 COSSITT PL, MEMPHIS, TN 38126

Signing Officer

Name
Conelius Sanders
Title
Executive Director
Signed
2019-10-21
Discuss with paid preparer
Yes

Organization Details

Principal Officer
Cornelius Sanders
Formed
2006
Legal Domicile
Tn
Voting Board Members
11
Independent Board Members
11
Employees
26

Preparer

Firm
Lawrence G Yohanek Pc
Address
4555 PRINCETON RD, MEMPHIS, TN 38117
Preparer
Lawrence G Yohanek
Phone
9013354458
Supplemental Narrative

Additional Explanations

Section B Policies

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

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Filings

Displayed year

2018 • Form 990Detailed filing. Detailed filing data is available for this year.

Open filing
Assets
$4,996,655
Liabilities
$436,189
Net assets
$4,560,466
Revenue
$2,584,353
Expenses
$2,257,620
Net income
$326,733
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