Civic Intelligence

Far South Community Development Corp

EIN 36-2946248 • 501(c)3 • Chicago, IL

Profile

Through planning and collaboration with private developers, governmental entities and other stake-holders, the Far-South Community Development Corporation (Far South CDC)strives to facilitate and foster quality retail businesses that will meet the needs of the community, new industrial uses, and new rehabilitated commercial and residential real estate developments that will create jobs and improve the quality of life for all people who live and work in its service area.

837 West 115th StreetChicago, IL 60643

n/A

Siviq Scores

Precomputed percentiles relative to similar nonprofits. These scores are descriptive rather than judgmental.

Liabilities / Assets

81st percentile

0.55x

Higher debt load relative to assets than 81% of similar nonprofits.

501(c)3 • $5M-$10M nonprofits • Source year 2024

Liabilities / Revenue

85th percentile

1.00x

Higher debt load relative to revenue than 85% of similar nonprofits.

501(c)3 • $5M-$10M nonprofits • Source year 2024

Net Margin

63rd percentile

11%

Higher net margin than 63% of similar nonprofits.

501(c)3 • $5M-$10M nonprofits • Source year 2024

Top Officer Pay

57th percentile

$147,500

Higher top officer pay than 57% of similar nonprofits.

Top officer pay equals 2.9% of source-year revenue.

501(c)3 • $5M-$10M nonprofits • Source year 2024

Asset Growth

93rd percentile

65%

Faster asset growth than 93% of similar nonprofits.

501(c)3 • $5M-$10M nonprofits • Annualized from 2023 to 2024

Revenue Growth

90th percentile

85%

Faster revenue growth than 90% of similar nonprofits.

501(c)3 • $5M-$10M nonprofits • Annualized from 2023 to 2024

Assets

Up

$9,248,791

Up $3,659,803 (+65%) from 2023

Liabilities

Up

$5,101,485

Up $2,092,916 (+70%) from 2023

Net Assets

Up

$4,147,306

Up $1,566,887 (+61%) from 2023

Revenue

Up

$5,082,779

Up $2,332,909 (+85%) from 2023

Expenses

Up

$4,508,395

Up $1,297,596 (+40%) from 2023

Net Income

Up

$574,384

Up $1,035,313 (+225%) from 2023

Trend Graphs

Balance Sheet Trend

Grouped bars show assets, liabilities, and net assets across loaded filings.

$10M$5.0M$0Assets 2010: $696,461Liabilities 2010: $664,085Net Assets 2010: $32,3762010Assets 2018: $2,753,136Liabilities 2018: $378,737Net Assets 2018: $2,374,3992018Assets 2019: $3,169,383Liabilities 2019: $641,806Net Assets 2019: $2,527,5772019Assets 2020: $3,530,156Liabilities 2020: $706,624Net Assets 2020: $2,823,5322020Assets 2021: $4,303,074Liabilities 2021: $1,020,304Net Assets 2021: $3,282,7702021Assets 2022: $4,289,692Liabilities 2022: $1,020,304Net Assets 2022: $3,269,3882022Assets 2023: $5,588,988Liabilities 2023: $3,008,569Net Assets 2023: $2,580,4192023Assets 2024: $9,248,791Liabilities 2024: $5,101,485Net Assets 2024: $4,147,3062024

Highlighted filing

2024

Assets$9,248,791
Liabilities$5,101,485
Net Assets$4,147,306

Operations Trend

Revenue, expenses, and net income by year, with the latest filing highlighted.

$6.0M$4.0M$2.0M$0-$2.0MExpenses 2010: $464,2622010Revenue 2018: $1,373,199Expenses 2018: $1,421,274Net Income 2018: -$48,0752018Revenue 2019: $1,748,745Expenses 2019: $1,596,084Net Income 2019: $152,6612019Revenue 2020: $1,691,162Expenses 2020: $1,461,971Net Income 2020: $229,1912020Revenue 2021: $2,694,787Expenses 2021: $2,032,945Net Income 2021: $661,8422021Revenue 2022: $0Expenses 2022: $13,382Net Income 2022: -$13,3822022Revenue 2023: $2,749,870Expenses 2023: $3,210,799Net Income 2023: -$460,9292023Revenue 2024: $5,082,779Expenses 2024: $4,508,395Net Income 2024: $574,3842024

Highlighted filing

2024

Revenue$5,082,779
Expenses$4,508,395
Net Income$574,384

Filings

Latest Filing Detail
Jump To
Filing Snapshot
Filing Period
Jan 1, 2024 to Dec 31, 2024
Signed
Nov 17, 2025
Return Version
2024v5.2
Gross Receipts
$5,082,779
Mission and Program Overview

Mission

Through planning and collaboration with private developers, governmental entities and other stake-holders, the Far-South Community Development Corporation (Far South CDC)strives to facilitate and foster quality retail businesses that will meet the needs of the community, new industrial uses, and new rehabilitated commercial and residential real estate developments that will create jobs and improve the quality of life for all people who live and work in its service area.

Balance Sheet Detail
LineBeginningEndChange
Assets
Land, Buildings, and Equipment, Net$2,506,973$5,136,302▲ $2,629,329
Cash and Non-Interest-Bearing Accounts$2,089,090$3,189,413▲ $1,100,323
Accounts Receivable$475,640$425,570▼ $50,070
Inventories for Sale or Use$75,263$75,263→ $0
Prepaid Expenses and Deferred Charges$3,495$3,495→ $0
Other Notes and Loans Receivable, Net$2,390$2,390→ $0
Savings and Temporary Cash Investments-$0-
Pledges and Grants Receivable-$0-
Receivable From Disqualified Prsn-$0-
Receivables From Officers Etc-$0-
Investments Other Securities-$0-
Investments Program Related-$0-
Investments in Publicly Traded Securities-$0-
Intangible Assets-$0-
Total Assets$5,588,988$9,248,791▲ $3,659,803
Other Assets Total$436,137$416,358▼ $19,779
Liabilities
Deferred Revenue$2,021,784$2,902,285▲ $880,501
Mortgage Notes Payable Secured by Investment Property$165,753$1,333,987▲ $1,168,234
Accounts Payable and Accrued Expenses$812,544$865,213▲ $52,669
Other Liabilities$8,488--
Total Liabilities$3,008,569$5,101,485▲ $2,092,916
Net Assets / Fund Balance
Net Assets With Donor Restrictions$1,909,359$2,902,285▲ $992,926
Net Assets Without Donor Restrictions$671,060$1,245,021▲ $573,961
Total Net Assets Fund Balance$2,580,419$4,147,306▲ $1,566,887
Total Liabilities and Net Assets / Fund Balance$5,588,988$9,248,791▲ $3,659,803

Asset Categories

AssetBook ValueDepreciationBasis
Buildings$2,642,642$33,880$2,676,522
Land$2,470,543-$2,470,543
Other Land Buildings$15,202$26,653$41,855
Equipment$5,236$33,981$39,217
Leasehold Improvements$2,679$7,401$10,080
Compensation and Service Providers

Employees

NameTitleFull / Part TimeBaseTotal
Abraham LacyExecutive DirectorFT$147,500$147,500
Nikiesha EmeryCOOFT$120,000$120,000

Board Members and Trustees

Highest Paid Contractors

ContractorServicesLocationCompensation
The Lamar Johnson Collaborative-2199 INNERBELT BUSINESS CENTER DRIV, Saint Louis, MO 63114-5721$322,959
Revenue and Support

Revenue Composition

Contributions and Grants
$4,789,898
Program Service Revenue
$273,785
Investment Income
$0
Other Revenue
$19,096
All Other Contributions
$1,086,872
Change in Net Assets
$574,384

Audited Revenue Reconciliation

Revenue per Audited Statements
$5,082,779
Total Revenue per Audited Statements
$5,082,779
Total Revenue per Form 990
$5,082,779
Expenses and Functional Allocation

Major Expense Lines

Line ItemAmount
Other Expenses$3,005,225
Salaries, Compensation, and Employee Benefits$1,503,170
Total Fundraising Expense$43,588
Grants and Similar Amounts Paid$0
Professional Fundraising Fees$0

Functional Expense Allocation

Line ItemProgramManagementFundraisingTotal
Other Salaries and Wages$929,170$426,500-$1,355,670
Fees for Services Other$416,239$178,584-$594,823
Current Officers, Directors, Trustees, and Key Employees$73,750$73,750-$147,500
Office Expenses$81,135$19,440-$100,575
Advertising$91,980$5,834-$97,814
All Other Expenses$37,643$46,992-$84,635
Occupancy$47,298$17,958-$65,256
Interest$43,047$4,540-$47,587
Depreciation Depletion-$47,192-$47,192
Other Expenses$30,159$34,191$43,588$30,159
Insurance$9,227$12,006-$21,233
Total Functional Expenses$3,597,820$866,987$43,588$4,508,395

Audited Expense Reconciliation

Line ItemAmount
Expenses per Audited Statements$4,508,395
Total Expenses per Audited Statements$4,508,395
Total Expenses per Form 990$4,508,395
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
Insider Transactions and Loans

Loans and Receivables

Line ItemBeginningEndChange
Receivables from Disqualified Persons-$0-
Receivables from Officers, Directors, Trustees, and Key Employees-$0-
Governance and Compliance

Governance Checklist

Compiled or reviewed by an accountant
No
Audit committee
Yes
Backup withholding compliance
Yes
Business relationship with 35% controlled entity
No
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
No
Other officer compensation reviewed
No
Conflict-of-interest policy
No
Audited financial statements prepared
Yes
Key decisions subject to board approval
No
Management duties delegated
No

Governance Explanations

Form 990, Part VI, Section B, Line 11B

Far south community development council has an audit committee and a budget committee that reviews form 990 and votes and/or approves the tax return before it is filed.

Form 990, Part VI, Section C, Line 19

No documents available to the public.

Filing and Contact Details

Filer

Filer Name
Far South Community Development Corp
EIN
36-2946248
Phone
7738306275
Address
837 WEST 115TH STREET, CHICAGO, IL 60643

Signing Officer

Name
Abrraham Lacy
Title
Executive Director
Signed
2025-11-17
Discuss with paid preparer
Yes

Organization Details

Principal Officer
Abraham Lacy
Formed
1977
Legal Domicile
Il
Voting Board Members
9
Independent Board Members
7
Employees
21

Preparer

Firm
Ragland Arnold Buchanan Morris & Associ
Address
9401 South Pulaski Road Ste 201, Evergreen Park, IL 60805
Preparer
Kymberly Buchanan
Phone
7083330634
Supplemental Narrative

Additional Explanations

Form 990, Part XI, Line 9

Move 2024 idceo advance to net assets with donor restriction = $2861124

Form 990, Part XI, Line 9

Released 2023 net assets from donor restrictions for 2024 ex = -$1868198

Financial Statement Notes

Part X : FIN48 Footnote

Uncertainty Income Tax Position:Management believes that all of the positions taken by the Organization in its Federal and State Income tax returns are more likely than not to be sustained upon examination. The Organization files returns in the U. S. Federal Jurisdiction and with the state of Illinois Attorney Generals Office.

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IRS990/MissionDesc0Through planning and collaboration with private developers, governmental entities and other stake-holders, the Far-South Community Development Corporation (Far South CDC)strives to facilitate and foster quality retail businesses that will meet the needs of the community, new industrial uses, and new rehabilitated commercial and residential real estate developments that will create jobs and improve the quality of life for all people who live and work in its service area.
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IRS990ScheduleD/SupplementalInformationDetail/ExplanationTxt0Uncertainty Income Tax Position:Management believes that all of the positions taken by the Organization in its Federal and State Income tax returns are more likely than not to be sustained upon examination. The Organization files returns in the U. S. Federal Jurisdiction and with the state of Illinois Attorney Generals Office.
IRS990ScheduleD/SupplementalInformationDetail/FormAndLineReferenceDesc0Part X : FIN48 Footnote
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IRS990ScheduleD/TotalExpensesPerForm990Amt04508395
IRS990ScheduleD/TotalRevenuePerForm990Amt05082779
IRS990ScheduleD/TotalRevEtcAuditedFinclStmtAmt05082779
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IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt0FAR SOUTH COMMUNITY DEVELOPMENT COUNCIL HAS AN AUDIT COMMITTEE AND A BUDGET COMMITTEE THAT REVIEWS FORM 990 AND VOTES AND/OR APPROVES THE TAX RETURN BEFORE IT IS FILED.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt1No documents available to the public.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt2MOVE 2024 IDCEO ADVANCE TO NET ASSETS WITH DONOR RESTRICTION = $2861124
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt3RELEASED 2023 NET ASSETS FROM DONOR RESTRICTIONS FOR 2024 EX = -$1868198
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc0Form 990, Part VI, Section B, Line 11b
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc1Form 990, Part VI, Section C, Line 19
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc2Form 990, Part XI, Line 9
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc3Form 990, Part XI, Line 9
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