Civic Intelligence

Hcpi Development Fund Inc.

990 • Fiscal year 2020 • EIN 46-5504308

Jan 01, 2020 to Dec 31, 2020 • Filed on Sep 28, 2021

Organization ProfileCBFUTUREFUND.ORG
25 East 20th StreetBaltimore, MD 21218

(410) 709-1495

Siviq Scores

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

Liabilities / Assets

56th percentile

0.14x

Higher debt load relative to assets than 56% of similar nonprofits.

2020 filings • 501(c)3 • $1M-$5M nonprofits • Source year 2020

Liabilities / Revenue

90th percentile

1.97x

Higher debt load relative to revenue than 90% of similar nonprofits.

2020 filings • 501(c)3 • $1M-$5M nonprofits • Source year 2020

Net Margin

39th percentile

0.6%

Higher net margin than 39% of similar nonprofits.

2020 filings • 501(c)3 • $1M-$5M nonprofits • Source year 2020

Top Officer Pay

54th percentile

$68,176

Higher top officer pay than 54% of similar nonprofits.

Top officer pay equals 23.4% of source-year revenue.

2020 filings • 501(c)3 • $1M-$5M nonprofits • Source year 2020

Asset Growth

17th percentile

-4.3%

Faster asset growth than 17% of similar nonprofits.

2020 filings • 501(c)3 • $1M-$5M nonprofits • Annualized from 2019 to 2020

Revenue Growth

4th percentile

-67%

Faster revenue growth than 4% of similar nonprofits.

2020 filings • 501(c)3 • $1M-$5M nonprofits • Annualized from 2019 to 2020

Balance Sheet
Liabilities / Assets56th percentile

Assets

Down

$4,056,869

Down $180,848 (-4.3%) from 2019

Net Assets

Up

$3,481,665

Up $1,774 (+0.1%) from 2019

Liabilities

Down

$575,204

Down $182,622 (-24%) from 2019

Revenue And Expenses
Liabilities / Revenue90th percentileNet Margin39th percentile

Revenue

Down

$291,626

Down $598,340 (-67%) from 2019

Expenses

Up

$289,852

Up $32,543 (+13%) from 2019

Net Income

Down

$1,774

Down $630,883 (-100%) from 2019

Historical Trend

Balance Sheet Trend

Asset Growth17th percentile

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

$10M$5.0M$0Assets 2015: $331,965Liabilities 2015: $0Net Assets 2015: $331,9652015Assets 2016: $2,126,073Liabilities 2016: $32,058Net Assets 2016: $2,094,0152016Assets 2017: $2,410,040Liabilities 2017: $38,389Net Assets 2017: $2,371,6512017Assets 2018: $3,408,881Liabilities 2018: $561,647Net Assets 2018: $2,847,2342018Assets 2019: $4,237,717Liabilities 2019: $757,826Net Assets 2019: $3,479,8912019Assets 2020: $4,056,869Liabilities 2020: $575,204Net Assets 2020: $3,481,6652020Assets 2021: $4,959,879Liabilities 2021: $701,802Net Assets 2021: $4,258,0772021Assets 2022: $4,532,988Liabilities 2022: $675,715Net Assets 2022: $3,857,2732022Assets 2023: $4,573,582Liabilities 2023: $669,228Net Assets 2023: $3,904,3542023Assets 2024: $8,803,873Liabilities 2024: $3,929,704Net Assets 2024: $4,874,1692024

Highlighted filing

2020

Assets$4,056,869
Liabilities$575,204
Net Assets$3,481,665
Open 2020 Filing

Operations Trend

Revenue Growth4th percentile

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

$1.5M$1.0M$500K$0-$500KRevenue 2015: $375,152Expenses 2015: $43,187Net Income 2015: $331,9652015Revenue 2016: $1,452,631Expenses 2016: $98,422Net Income 2016: $1,354,2092016Revenue 2017: $524,117Expenses 2017: $246,481Net Income 2017: $277,6362017Revenue 2018: $765,623Expenses 2018: $290,040Net Income 2018: $475,5832018Revenue 2019: $889,966Expenses 2019: $257,309Net Income 2019: $632,6572019Revenue 2020: $291,626Expenses 2020: $289,852Net Income 2020: $1,7742020Revenue 2021: $1,102,646Expenses 2021: $326,234Net Income 2021: $776,4122021Revenue 2022: $62,953Expenses 2022: $463,757Net Income 2022: -$400,8042022Revenue 2023: $176,805Expenses 2023: $129,724Net Income 2023: $47,0812023Revenue 2024: $1,369,888Expenses 2024: $402,573Net Income 2024: $967,3152024

Highlighted filing

2020

Revenue$291,626
Expenses$289,852
Net Income$1,774
Open 2020 Filing
Jump To
Filing Snapshot
Filing Period
Jan 1, 2020 to Dec 31, 2020
Signed
Sep 28, 2021
Return Version
2020v4.0
Gross Receipts
$501,626
Mission and Program Overview

Mission

The purpose of the central baltimore future fund is to stimulate inclusive economic growth and attract investment in the ten central baltimore neighborhoods by: 1 partnering with reinvestment fund to make loans to transformational high impact commercial, residential and neighborhood development projects 2 acquiring and offering to developers vacant and blighted properties for redevelopment and 3 providing advisory services to members of the public that facilitate a decrease of vacant and abandoned properties in ways that support community plans and objectives.

To increase economic activity, decrease the incidence of vacant properties, and promote community development investments benefiting low to moderate income communities in ten central baltimore neighborhoods that have long suffered deterioration and blight.

Balance Sheet Detail
LineBeginningEndChange
Assets
Land, Buildings, and Equipment, Net$2,475,168$2,384,754▼ $90,414
Savings and Temporary Cash Investments$761,217$765,727▲ $4,510
Cash and Non-Interest-Bearing Accounts$368,968$515,021▲ $146,053
Other Notes and Loans Receivable, Net$382,466$315,436▼ $67,030
Pledges and Grants Receivable$210,000$38,869▼ $171,131
Prepaid Expenses and Deferred Charges$33,546$31,307▼ $2,239
Accounts Receivable$6,352$5,755▼ $597
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-
Inventories for Sale or Use-$0-
Total Assets$4,237,717$4,056,869▼ $180,848
Other Assets Total-$0-
Liabilities
Escrow Account Liability$507,321$510,326▲ $3,005
Accounts Payable and Accrued Expenses$40,505$51,878▲ $11,373
Other Liabilities$210,000$13,000▼ $197,000
Total Liabilities$757,826$575,204▼ $182,622
Net Assets / Fund Balance
Net Assets Without Donor Restrictions$3,479,891$3,481,665▲ $1,774
Total Net Assets Fund Balance$3,479,891$3,481,665▲ $1,774
Total Liabilities and Net Assets / Fund Balance$4,237,717$4,056,869▼ $180,848

Asset Categories

AssetBook ValueDepreciationBasis
Leasehold Improvements$1,912,044$164,349$2,076,393
Land$472,710-$472,710
Compensation and Service Providers
Top Officer Pay54th percentile

Employees

NameTitleFull / Part TimeBaseTotal
Sarah KeoghExecutive DirectorPT$68,176$68,176

Board Members and Trustees

NameTitle
Andrew FrankChairman
David StrouseVice President
Bill ColeDirector
Colin TarbertDirector
Jalal GreeneDirector
Joseph McneelyDirector
Kristina WilliamsDirector
Salem ReinerDirector
Thomas PrevasDirector
Ellen JanesSecretary
Seson Taylor-campbellTreasurer
Revenue and Support

Revenue Composition

Contributions and Grants
$256,210
Program Service Revenue
$208,147
Investment Income
$-174,115
Other Revenue
$1,384
All Other Contributions
$87,210
Change in Net Assets
$1,774

Audited Revenue Reconciliation

Revenue per Audited Statements
$291,124
Revenue Not Reported on Financial Statements
$502
Revenue Not Reported on Form 990
$281,169
Total Revenue per Audited Statements
$572,293
Total Revenue per Form 990
$291,626
Expenses and Functional Allocation

Major Expense Lines

Line ItemAmount
Other Expenses$207,208
Salaries, Compensation, and Employee Benefits$82,644
Grants and Similar Amounts Paid$0
Professional Fundraising Fees$0
Total Fundraising Expense$0

Functional Expense Allocation

Line ItemProgramManagementFundraisingTotal
Occupancy$80,010--$80,010
Current Officers, Directors, Trustees, and Key Employees$59,570$6,619-$66,189
Depreciation Depletion$41,942--$41,942
Fees for Services Accounting-$33,987-$33,987
Office Expenses$4,036$9,427-$13,463
Fees for Services Other$10,800--$10,800
Other Employee Benefits$7,614$846-$8,460
Payroll Taxes$4,534$504-$5,038
Pension Plan Contributions$2,661$296-$2,957
Other Expenses$1,119$124-$1,243
Fees for Services Legal$1,083--$1,083
Interest-$502-$502
Total Functional Expenses$236,081$53,771$0$289,852

Audited Expense Reconciliation

Line ItemAmount
Total Expenses per Audited Statements$570,519
Total Expenses per Form 990$289,852
Expenses per Audited Statements$289,350
Expenses Not Reported on Form 990$281,169
Expenses Not Reported on Financial Statements$502
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-
Debt and Bond Financing

Other Reported Liabilities

LiabilityAmount
Refundable Advance - Ppp Loan$13,000
Governance and Compliance

Governance Checklist

Compiled or reviewed by an accountant
No
Annual disclosure for covered persons
Yes
Audit committee
No
Backup withholding compliance
No
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
Yes
Other officer compensation reviewed
No
Conflict-of-interest policy
Yes
Audited financial statements prepared
Yes
Key decisions subject to board approval
No
Management duties delegated
No

Governance Explanations

Form 990, Part VI, Line 11B: Form 990 Review Process

“The form 990 is distributed to the entire board for review and approval prior to filing.”

Form 990, Part VI, Line 12C: Explanation of Monitoring and Enforcement of Conflicts

“The organization continuously monitors and enforces its conflict of interest policy. Each board member annually signs a conflict of interest statement stating they have no conflict of interest relating to issues subject to board action and approval. In addition, any payments of any external party related to a board member is disclosed to the entire board if a conflict is perceived that a board member does not believe is a conflict, it would be discussed by the executive committee, and if necessary it might choose to require the board member to recuse him/herself from any discussion or board action.”

Form 990, Part VI, Line 15A: Compensation Review & Approval Process - CEO, Top Management

“The board of directors authorized the executive committee to search for, interview, choose and negotiate terms of compensation for an executive director. The executive committee kept the board regularly apprised of the process, including reporting on projected compensation and choice of person. In determining compensation, the executive committee considered compensation for comparable positions, requirements of the position, time spent on the job, knowledge training and experience, and degree. The organization did not have any other paid employees during calendar year 2019.”

Form 990, Part VI, Line 19: Other Organization Documents Publicly Available

“The organization makes its form 990, governing documents, conflict of interest policy and financial statements available to the public upon request. A copy of the form 990 is also available online via www. Guidestar.org.”

Filing and Contact Details

Filer

Filer Name
Hcpi Development Fund Inc
EIN
46-5504308
Phone
4107091495
Address
25 EAST 20TH STREET, BALTIMORE, MD 21218

Signing Officer

Name
Joseph Mcneely
Title
Chairman
Signed
2021-09-28
Discuss with paid preparer
Yes

Organization Details

Principal Officer
Joseph Mcneely
Formed
2013
Legal Domicile
Md
Voting Board Members
9
Independent Board Members
9
Employees
1
Volunteers
15

Preparer

Firm
CEA Scholtes and Associates
Address
106 Tunbridge Rd, Baltimore, MD 21212
Preparer
Chris Scholtes CPA
Phone
4103230010
Supplemental Narrative

Financial Statement Notes

Part X : FIN48 Footnote

“Asc 740, income taxes, prescribes a recognition threshold and a measurement attribute for the financial statement recognition and measurement of tax positions taken or expected to be taken in a tax return as well as guidance on de-recognition, classification, interest and penalties, and financial statement reporting disclosures. For these benefits to be recognized, a tax position must be morelikely- than not to be sustained upon examination by taxing authorities. The amount recognized is measured as the largest amount of benefit that is greater than fifty percent likely of being realized upon ultimate settlement. The organization has not identified any unrecognized tax exposures. The organization recognizes interest and penalties accrued on any unrecognized tax exposures as a component of income tax expense. The organization does not have any amounts accrued relating to interest and penalties as of december 31, 2020 and 2019. The organization is subject to routine audits by taxing jurisdictions however, there are currently no audits in progress.”

Part XI, Line 2D: Other revenue amounts included in F/S but not included on form 990

“Cost of property held for sale $210000”

Part XII, Line 2D: Other expenses and losses per audited F/S

“Cost of property held for sale $210000”

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IRS990/Form990PartVIISectionAGrp/TitleTxt0Executive Dir.
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IRS990/PrincipalOfficerNm0JOSEPH MCNEELY
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Filings

Displayed year

2020 • Form 990Detailed filing. Detailed filing data is available for this year.

Open filing
Assets
$4,056,869
Liabilities
$575,204
Net assets
$3,481,665
Revenue
$291,626
Expenses
$289,852
Net income
$1,774
Balance SheetOperations
YearAssetsLiabilitiesNet AssetsRevenueExpensesNet Income
2024Detailed filing. Detailed filing data is available for this year.$8.80$3.93$4.87$1.37$0.40$0.97
2023Detailed filing. Detailed filing data is available for this year.$4.57$0.67$3.90$0.18$0.13$0.05
2022Detailed filing. Detailed filing data is available for this year.$4.53$0.68$3.86$0.06$0.46$0.40
2021Detailed filing. Detailed filing data is available for this year.$4.96$0.70$4.26$1.10$0.33$0.78
2020Detailed filing. Detailed filing data is available for this year.$4.06$0.58$3.48$0.29$0.29$0.00
2019Detailed filing. Detailed filing data is available for this year.$4.24$0.76$3.48$0.89$0.26$0.63
2018Summary only. Only limited summary data is available for this year.$3.41$0.56$2.85$0.77$0.29$0.48
2017Detailed filing. Detailed filing data is available for this year.$2.41$0.04$2.37$0.52$0.25$0.28
2016Detailed filing. Detailed filing data is available for this year.$2.13$0.03$2.09$1.45$0.10$1.35
2015Detailed filing. Detailed filing data is available for this year.$0.33$0.00$0.33$0.38$0.04$0.33