Civic Intelligence

Mosaic Development Group Inc.

990 • Fiscal year 2021 • EIN 56-0883684

Jan 01, 2021 to Dec 31, 2021 • Filed on Nov 10, 2022

Organization ProfileMOSAICDEVELOPMENTGROUP.ORG

View Organization Page

4600 Park Road Suite 390Charlotte, NC 28209

(704) 342-3316

Siviq Scores

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

Liabilities / Assets

75th percentile

0.49x

Higher debt load relative to assets than 75% of similar nonprofits.

2021 filings • 501(c)3 • $10M-$25M nonprofits • Source year 2021

Liabilities / Revenue

91st percentile

2.82x

Higher debt load relative to revenue than 91% of similar nonprofits.

2021 filings • 501(c)3 • $10M-$25M nonprofits • Source year 2021

Net Margin

63rd percentile

19%

Higher net margin than 63% of similar nonprofits.

2021 filings • 501(c)3 • $10M-$25M nonprofits • Source year 2021

Top Officer Pay

Score unavailable

No value available

This filing does not contain officer compensation rows.

Source year 2021

Asset Growth

93rd percentile

62%

Faster asset growth than 93% of similar nonprofits.

2021 filings • 501(c)3 • $10M-$25M nonprofits • Annualized from 2020 to 2021

Revenue Growth

76th percentile

40%

Faster revenue growth than 76% of similar nonprofits.

2021 filings • 501(c)3 • $10M-$25M nonprofits • Annualized from 2020 to 2021

Balance Sheet
Liabilities / Assets75th percentile

Assets

Up

$17,779,352

Up $6,796,115 (+62%) from 2020

Net Assets

Up

$9,137,621

Up $3,075,744 (+51%) from 2020

Liabilities

Up

$8,641,731

Up $3,720,371 (+76%) from 2020

Revenue And Expenses
Liabilities / Revenue91st percentileNet Margin63rd percentile

Revenue

Up

$3,061,867

Up $879,579 (+40%) from 2020

Expenses

Up

$2,475,926

Up $993,090 (+67%) from 2020

Net Income

Down

$585,941

Down $113,511 (-16%) from 2020

Historical Trend

Balance Sheet Trend

Asset Growth93rd percentile

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

$20M$15M$10M$5.0M$0Assets 2011: $3,227,527Liabilities 2011: $2,037,792Net Assets 2011: $1,189,7352011Assets 2012: $4,305,342Liabilities 2012: $2,812,270Net Assets 2012: $1,493,0722012Assets 2013: $4,298,451Liabilities 2013: $2,798,743Net Assets 2013: $1,499,7082013Assets 2014: $3,666,783Liabilities 2014: $2,184,890Net Assets 2014: $1,481,8932014Assets 2015: $3,996,009Liabilities 2015: $2,187,744Net Assets 2015: $1,808,2652015Assets 2016: $3,873,924Liabilities 2016: $2,223,068Net Assets 2016: $1,650,8562016Assets 2017: $4,430,664Liabilities 2017: $2,625,403Net Assets 2017: $1,805,2612017Assets 2018: $4,513,207Liabilities 2018: $2,261,738Net Assets 2018: $2,251,4692018Assets 2019: $13,079,598Liabilities 2019: $6,456,123Net Assets 2019: $6,623,4752019Assets 2020: $10,983,237Liabilities 2020: $4,921,360Net Assets 2020: $6,061,8772020Assets 2021: $17,779,352Liabilities 2021: $8,641,731Net Assets 2021: $9,137,6212021Assets 2022: $17,811,638Liabilities 2022: $8,159,813Net Assets 2022: $9,651,8252022Assets 2023: $17,585,293Liabilities 2023: $8,057,274Net Assets 2023: $9,528,0192023Assets 2024: $13,825,405Liabilities 2024: $3,556,503Net Assets 2024: $10,268,9022024

Highlighted filing

2021

Assets$17,779,352
Liabilities$8,641,731
Net Assets$9,137,621
Open 2021 Filing

Operations Trend

Revenue Growth76th percentile

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

$4.0M$3.0M$2.0M$1.0M$0-$1.0MRevenue 2011: $722,564Expenses 2011: $714,026Net Income 2011: $8,5382011Revenue 2012: $875,447Expenses 2012: $796,109Net Income 2012: $79,3382012Revenue 2013: $930,421Expenses 2013: $892,618Net Income 2013: $37,8032013Revenue 2014: $703,710Expenses 2014: $778,852Net Income 2014: -$75,1422014Revenue 2015: $1,006,946Expenses 2015: $848,601Net Income 2015: $158,3452015Revenue 2016: $721,954Expenses 2016: $879,363Net Income 2016: -$157,4092016Revenue 2017: $932,824Expenses 2017: $918,843Net Income 2017: $13,9812017Revenue 2018: $1,358,961Expenses 2018: $835,253Net Income 2018: $523,7082018Revenue 2019: $3,097,370Expenses 2019: $1,992,512Net Income 2019: $1,104,8582019Revenue 2020: $2,182,288Expenses 2020: $1,482,836Net Income 2020: $699,4522020Revenue 2021: $3,061,867Expenses 2021: $2,475,926Net Income 2021: $585,9412021Revenue 2022: $3,157,936Expenses 2022: $2,643,732Net Income 2022: $514,2042022Revenue 2023: $2,611,828Expenses 2023: $2,685,476Net Income 2023: -$73,6482023Revenue 2024: $3,390,095Expenses 2024: $2,461,636Net Income 2024: $928,4592024

Highlighted filing

2021

Revenue$3,061,867
Expenses$2,475,926
Net Income$585,941
Open 2021 Filing
Jump To
Filing Snapshot
Filing Period
Jan 1, 2021 to Dec 31, 2021
Signed
Nov 10, 2022
Return Version
2021v4.2
Gross Receipts
$3,061,867
Mission and Program Overview

Mission

To enhance communities and improve lives through diverse housing and economic development solutions. Mosaic believes that high quality housing for a variety of incomes is a catalyst for vibrant, healthy communities. Their vision is that everyone has access to high quality housing, in thriving communities that offer a variety of jobs and services.

Balance Sheet Detail
LineBeginningEndChange
Assets
Land, Buildings, and Equipment, Net$3,267,785$8,775,119▲ $5,507,334
Other Notes and Loans Receivable, Net$3,834,242$4,179,571▲ $345,329
Savings and Temporary Cash Investments$858,189$1,331,510▲ $473,321
Cash and Non-Interest-Bearing Accounts$1,141,102$1,314,251▲ $173,149
Accounts Receivable$408,506$621,649▲ $213,143
Prepaid Expenses and Deferred Charges$25,133$49,204▲ $24,071
Pledges and Grants Receivable$25,000$0▼ $25,000
Intangible Assets$12,618$8,817▼ $3,801
Total Assets$10,983,237$17,779,352▲ $6,796,115
Other Assets Total$1,410,662$1,499,231▲ $88,569
Liabilities
Other Liabilities$4,376,348$7,682,064▲ $3,305,716
Deferred Revenue$423,533$726,077▲ $302,544
Accounts Payable and Accrued Expenses$121,479$233,590▲ $112,111
Total Liabilities$4,921,360$8,641,731▲ $3,720,371
Net Assets / Fund Balance
Net Assets Without Donor Restrictions$6,061,877$9,137,621▲ $3,075,744
Total Net Assets Fund Balance$6,061,877$9,137,621▲ $3,075,744
Total Liabilities and Net Assets / Fund Balance$10,983,237$17,779,352▲ $6,796,115

Asset Categories

AssetBook ValueDepreciationBasis
Buildings$7,816,896$578,812$8,395,708
Land$920,020-$920,020
Other Land Buildings$33,626$12,437$46,063
Equipment$4,577$20,499$25,076
Other Assets Org$50,000--
Compensation and Service Providers
Top Officer PayScore unavailable

Employees

NameTitleFull / Part TimeBaseOtherTotal
Kathleen O StilwellFormer Executive DirectorFT$142,112$19,840$161,952

Board Members and Trustees

NameTitle
Harold BarnesBoard Chair
Kim GrahamBoard Vice Chair
Cari JonesBoard Member
David GitlinBoard Member
Kory JeterBoard Member
Lanetta WrightBoard Member
Latonya ShoafBoard Member
Mary Reca ToddBoard Member
Stan WilsonBoard Member
Veronica ClemmonsBoard Member
Sheryl FortuneBoard Secretary
Tom BarryBoard Treasurer
William BolstadExecutive Director
Revenue and Support

Revenue Composition

Contributions and Grants
$530,849
Program Service Revenue
$2,399,084
Investment Income
$65,402
Other Revenue
$66,532
All Other Contributions
$27,150
Change in Net Assets
$585,941

Audited Revenue Reconciliation

Revenue per Audited Statements
$2,964,267
Revenue Not Reported on Financial Statements
$97,600
Revenue Not Reported on Form 990
$0
Other Revenue Adjustments
$97,600
Total Revenue per Audited Statements
$2,964,267
Total Revenue per Form 990
$3,061,867
Expenses and Functional Allocation

Major Expense Lines

Line ItemAmount
Other Expenses$1,812,634
Salaries, Compensation, and Employee Benefits$663,292
Grants and Similar Amounts Paid$0
Professional Fundraising Fees$0
Total Fundraising Expense$0

Functional Expense Allocation

Line ItemProgramManagementFundraisingTotal
Other Salaries and Wages$351,868$40,922-$392,790
All Other Expenses$288,110$5,443-$293,553
Other Expenses$293,495--$293,495
Current Officers, Directors, Trustees, and Key Employees$126,480$15,632-$142,112
Occupancy$55,893$50,568-$106,461
Other Employee Benefits$53,754$16,974-$70,728
Payroll Taxes$37,029$4,417-$41,446
Fees for Services Accounting$17,630$3,870-$21,500
Pension Plan Contributions$12,324$3,892-$16,216
Travel$9,369$29-$9,398
Fees for Services Legal$5,992$1,291-$7,283
Insurance$4,304$1,359-$5,663
Depreciation Depletion$2,590$818-$3,408
Office Expenses$1,562$938-$2,500
Interest$1,862--$1,862
Advertising$126$40-$166
Fees for Services Other$28--$28
Total Functional Expenses$2,329,733$146,193$0$2,475,926

Audited Expense Reconciliation

Line ItemAmount
Expenses per Audited Statements$2,475,926
Total Expenses per Audited Statements$2,475,926
Total Expenses per Form 990$2,475,926
Expenses Not Reported on Financial Statements$0
Expenses Not Reported on Form 990$0
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
Notes Payable$6,884,053
Interest Payable$507,942
Advances, Affiliates$290,069
Governance and Compliance

Governance Checklist

Compiled or reviewed by an accountant
No
Annual disclosure for covered persons
Yes
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
Yes
Other officer compensation reviewed
Yes
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, Section B, Line 11B

“Form 990 is reviewed by all board members prior to filing.”

Form 990, Part VI, Section B, Line 12C

“At each board meeting, the board members confirm that there are no conflicts of interest.”

Form 990, Part VI, Section B, Line 15

“The executive committee completes the executive director performance appraisal and determines the salary of the executive director by the polling of other not for profit organizations.”

Form 990, Part VI, Section C, Line 19

“Available upon written request.”

Filing and Contact Details

Filer

Filer Name
Mosaic Development Group
EIN
56-0883684
Phone
7043423316
Address
4600 PARK ROAD SUITE 390, CHARLOTTE, NC 28209

Signing Officer

Name
William Bolstad
Title
Executive Director
Phone
7043423316
Signed
2022-11-10
Discuss with paid preparer
Yes

Organization Details

Principal Officer
William Bolstad
Formed
1966
Legal Domicile
Nc
Voting Board Members
12
Independent Board Members
12
Employees
6
Volunteers
12

Preparer

Firm
Bernard Robinson & Company Llp
Address
PO BOX 19608, GREENSBORO, NC 27419-9608
Preparer
Greta G Meads
Phone
3362944494
Supplemental Narrative

Additional Explanations

Form 990, Part IX, Line 24E

“Apple tree of sanford llc operating expenses: program service expenses 267,000. Management and general expenses 0. Fundraising expenses 0. Total expenses 267,000. Telephone & internet: program service expenses 5,517. Management and general expenses 1,743. Fundraising expenses 0. Total expenses 7,260. Contractual expense: program service expenses 4,182. Management and general expenses 1,321. Fundraising expenses 0. Total expenses 5,503. Equipment rental: program service expenses 3,487. Management and general expenses 1,102. Fundraising expenses 0. Total expenses 4,589. Bad debt expense: program service expenses 4,165. Management and general expenses 0. Fundraising expenses 0. Total expenses 4,165. Staff development: program service expenses 1,831. Management and general expenses 450. Fundraising expenses 0. Total expenses 2,281. Bank fees: program service expenses 1,320. Management and general expenses 416. Fundraising expenses 0. Total expenses 1,736. Dues and subscriptions: program service expenses 608. Management and general expenses 411. Fundraising expenses 0. Total expenses 1,019.”

FORM 990, PART XI, LINE 9:

“Ppp loan proceeds received in prior year and forgiven in current year -97,600. Inherent contribution of holly haven llc assets 752,830. Inherent contribution of grandview ridge llc assets 1,834,573.”

Financial Statement Notes

PART X, LINE 2:

“It is the organization's policy to evaluate all tax positions to identify any that may be considered uncertain. All identified material tax positions are assessed and measured by a "more-likely-than-not" threshold to determine if the tax position is uncertain and what, if any, the effect of the uncertain tax position may have on the financial statements. No material uncertain tax positions were identified for the years ended december 31, 2021 and 2020. If applicable, the organization reports interest and penalties related to unrecognized tax positions as miscellaneous expense.”

PART XI, LINE 4B - OTHER ADJUSTMENTS:

“Ppp loan proceeds received in prior year and forgiven in current year 97,600.”

Raw XML AppendixShowing 400 of 969 raw XML fields

This appendix keeps the raw XML leaves available for debugging and edge-case review. The human report above is the primary experience.

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IRS990/ActivityOrMissionDesc0TO ENHANCE COMMUNITIES AND IMPROVE LIVES THROUGH DIVERSE HOUSING AND ECONOMIC DEVELOPMENT SOLUTIONS. MOSAIC BELIEVES THAT HIGH QUALITY HOUSING FOR A VARIETY OF INCOMES IS A CATALYST FOR VIBRANT, HEALTHY COMMUNITIES. THEIR VISION IS THAT EVERYONE HAS ACCESS TO HIGH QUALITY HOUSING, IN THRIVING COMMUNITIES THAT OFFER A VARIETY OF JOBS AND SERVICES.
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IRS990/Desc0BINGHAM PARK (60 SENIOR APARTMENTS IN CHARLOTTE) ACHIEVED 100% CONSTRUCTION COMPLETION, WAS 100% LEASED, AND CONVERTED TO PERMANENT FINANCING AT THE END OF 2021. EVOKE LIVING AT SUGAR CREEK (180 FAMILY APARTMENTS IN CHARLOTTE) ACHIEVED 100% OCCUPANCY AND CONVERTED TO PERMANENT FINANCING AT THE END OF 2021. CAROLINA AVENUE APARTMENTS (82 FAMILY APARTMENTS IN NEW BERN) ACHIEVED 100% CONSTRUCTION COMPLETION AND WAS 31% LEASED AT THE END OF 2021. ELM GREEN APARTMENTS (48 EXISTING FAMILY APARTMENTS IN NEWPORT) WAS SOLD BY ELM GREEN APARTMENTS LLC TO ELM GREEN HOUSING, LLC; REHAB OF THE UNITS WAS 100% COMPLETED, AND THEY WERE 100% OCCUPIED IN 2021. FERNHILL (72 FAMILY APARTMENTS IN CONOVER) WAS AWARDED AN ALLOCATION OF LOW INCOME HOUSING TAX CREDITS. MOSAIC HOLDS BOTH DIRECT AND INDIRECT GENERAL PARTNER INTERESTS AND EXERCISES SIGNIFICANT INFLUENCE OVER OPERATIONAL AND DEVELOPMENT ACTIVITIES.
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IRS990/Form990PartVIISectionAGrp/TitleTxt10BOARD MEMBER
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IRS990/OtherExpensesGrp/Desc0HOLLY HAVEN LLC OPERATI
IRS990/OtherExpensesGrp/Desc1GRANDVIEW RIDGE LLC OPE
IRS990/OtherExpensesGrp/Desc2KINGS MILL LLC OPERATIN
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IRS990/OtherExpensesGrp/ProgramServicesAmt1366028
IRS990/OtherExpensesGrp/ProgramServicesAmt2330967
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IRS990/OtherExpensesGrp/TotalAmt1366028
IRS990/OtherExpensesGrp/TotalAmt2330967
IRS990/OtherExpensesGrp/TotalAmt3293495
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IRS990/ProgramServiceRevenueGrp/TotalRevenueColumnAmt2277734
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IRS990ScheduleD/OtherAssetsOrgGrp/Desc3LAND HELD FOR DEVELOPMENT

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Filings

Displayed year

2021 • Form 990Detailed filing. Detailed filing data is available for this year.

Open filing
Assets
$17,779,352
Liabilities
$8,641,731
Net assets
$9,137,621
Revenue
$3,061,867
Expenses
$2,475,926
Net income
$585,941
Balance SheetOperations
YearAssetsLiabilitiesNet AssetsRevenueExpensesNet Income
2024Facts available. Structured filing facts are available, but richer extracted sections are limited.$13.8$3.56$10.3$3.39$2.46$0.93
2023Detailed filing. Detailed filing data is available for this year.$17.6$8.06$9.53$2.61$2.69$0.07
2022Detailed filing. Detailed filing data is available for this year.$17.8$8.16$9.65$3.16$2.64$0.51
2021Detailed filing. Detailed filing data is available for this year.$17.8$8.64$9.14$3.06$2.48$0.59
2020Detailed filing. Detailed filing data is available for this year.$11.0$4.92$6.06$2.18$1.48$0.70
2019Detailed filing. Detailed filing data is available for this year.$13.1$6.46$6.62$3.10$1.99$1.10
2018Detailed filing. Detailed filing data is available for this year.$4.51$2.26$2.25$1.36$0.84$0.52
2017Detailed filing. Detailed filing data is available for this year.$4.43$2.63$1.81$0.93$0.92$0.01
2016Detailed filing. Detailed filing data is available for this year.$3.87$2.22$1.65$0.72$0.88$0.16
2015Detailed filing. Detailed filing data is available for this year.$4.00$2.19$1.81$1.01$0.85$0.16
2014Detailed filing. Detailed filing data is available for this year.$3.67$2.18$1.48$0.70$0.78$0.08
2013Summary only. Only limited summary data is available for this year.$4.30$2.80$1.50$0.93$0.89$0.04
2012Summary only. Only limited summary data is available for this year.$4.31$2.81$1.49$0.88$0.80$0.08
2011Summary only. Only limited summary data is available for this year.$3.23$2.04$1.19$0.72$0.71$0.01