Civic Intelligence

Horizon Development Properties Inc.

990 • Fiscal year 2015 • EIN 56-2246833

Apr 01, 2014 to Mar 31, 2015 • Filed on Jan 13, 2016

Organization ProfileN/A
400 east blvdCharlotte, NC 28203

(704) 336-5233

Siviq Scores

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

Liabilities / Assets

87th percentile

0.86x

Higher debt load relative to assets than 87% of similar nonprofits.

2015 filings • 501(c)3 • $50M-$100M nonprofits • Source year 2015

Liabilities / Revenue

94th percentile

5.88x

Higher debt load relative to revenue than 94% of similar nonprofits.

2015 filings • 501(c)3 • $50M-$100M nonprofits • Source year 2015

Net Margin

46th percentile

3.1%

Higher net margin than 46% of similar nonprofits.

2015 filings • 501(c)3 • $50M-$100M nonprofits • Source year 2015

Top Officer Pay

Score unavailable

No value available

This filing does not contain officer compensation rows.

Source year 2015

Asset Growth

81st percentile

13%

Faster asset growth than 81% of similar nonprofits.

2015 filings • 501(c)3 • $50M-$100M nonprofits • Annualized from 2014 to 2015

Revenue Growth

79th percentile

17%

Faster revenue growth than 79% of similar nonprofits.

2015 filings • 501(c)3 • $50M-$100M nonprofits • Annualized from 2014 to 2015

Balance Sheet
Liabilities / Assets87th percentile

Assets

Up

$77,030,377

Up $8,703,471 (+13%) from 2014

Net Assets

Down

$10,811,461

Down $1,682,659 (-13%) from 2014

Liabilities

Up

$66,218,916

Up $10,386,130 (+19%) from 2014

Revenue And Expenses
Liabilities / Revenue94th percentileNet Margin46th percentile

Revenue

Up

$11,256,070

Up $1,623,434 (+17%) from 2014

Expenses

Up

$10,904,344

Up $1,095,027 (+11%) from 2014

Net Income

Up

$351,726

Up $528,407 (+299%) from 2014

Historical Trend

Balance Sheet Trend

Asset Growth81st percentile

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

$600M$400M$200M$0Assets 2012: $42,105,145Liabilities 2012: $36,228,535Net Assets 2012: $5,876,6102012Assets 2013: $58,670,590Liabilities 2013: $48,973,313Net Assets 2013: $9,697,2772013Assets 2014: $68,326,906Liabilities 2014: $55,832,786Net Assets 2014: $12,494,1202014Assets 2015: $77,030,377Liabilities 2015: $66,218,916Net Assets 2015: $10,811,4612015Assets 2016: $134,413,214Liabilities 2016: $86,397,140Net Assets 2016: $48,016,0742016Assets 2017: $256,024,196Liabilities 2017: $177,889,810Net Assets 2017: $78,134,3862017Assets 2018: $251,714,409Liabilities 2018: $217,712,404Net Assets 2018: $34,002,0052018Assets 2019: $251,346,379Liabilities 2019: $219,667,864Net Assets 2019: $31,678,5152019Assets 2020: $294,872,530Liabilities 2020: $263,424,041Net Assets 2020: $31,448,4892020Assets 2021: $420,836,852Liabilities 2021: $377,644,682Net Assets 2021: $43,192,1702021Assets 2022: $528,761,139Liabilities 2022: $472,432,048Net Assets 2022: $56,329,0912022Assets 2023: $565,595,319Liabilities 2023: $464,771,841Net Assets 2023: $100,823,4782023Assets 2024: $573,740,246Liabilities 2024: $451,171,025Net Assets 2024: $122,569,2212024

Highlighted filing

2015

Assets$77,030,377
Liabilities$66,218,916
Net Assets$10,811,461
Open 2015 Filing

Operations Trend

Revenue Growth79th percentile

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

$100M$50M$0-$50MExpenses 2012: $8,557,9632012Expenses 2013: $10,051,2062013Revenue 2014: $9,632,636Expenses 2014: $9,809,317Net Income 2014: -$176,6812014Revenue 2015: $11,256,070Expenses 2015: $10,904,344Net Income 2015: $351,7262015Revenue 2016: $28,656,051Expenses 2016: $12,620,420Net Income 2016: $16,035,6312016Revenue 2017: $34,172,568Expenses 2017: $53,603,370Net Income 2017: -$19,430,8022017Revenue 2018: -$3,055,197Expenses 2018: $41,178,375Net Income 2018: -$44,233,5722018Revenue 2019: $38,838,190Expenses 2019: $44,560,195Net Income 2019: -$5,722,0052019Revenue 2020: $38,501,606Expenses 2020: $47,937,045Net Income 2020: -$9,435,4392020Revenue 2021: $43,904,469Expenses 2021: $49,840,565Net Income 2021: -$5,936,0962021Revenue 2022: $49,320,137Expenses 2022: $57,949,705Net Income 2022: -$8,629,5682022Revenue 2023: $77,541,860Expenses 2023: $71,907,736Net Income 2023: $5,634,1242023Revenue 2024: $84,376,456Expenses 2024: $94,117,044Net Income 2024: -$9,740,5882024

Highlighted filing

2015

Revenue$11,256,070
Expenses$10,904,344
Net Income$351,726
Open 2015 Filing
Jump To
Filing Snapshot
Filing Period
Apr 1, 2014 to Mar 31, 2015
Signed
Jan 13, 2016
Return Version
2014v6.0
Gross Receipts
$13,621,108
Mission and Program Overview

Mission

To provide affordable housing to all qualified families.

Balance Sheet Detail
LineBeginningEndChange
Assets
Land, Buildings, and Equipment, Net$42,897,813$40,468,322▼ $2,429,491
Savings and Temporary Cash Investments$7,717,050$10,285,965▲ $2,568,915
Investments Program Related$5,442,553$5,442,553→ $0
Other Notes and Loans Receivable, Net$1,045,035$1,082,936▲ $37,901
Accounts Receivable$1,603,379$782,205▼ $821,174
Prepaid Expenses and Deferred Charges$11,318$28,943▲ $17,625
Cash and Non-Interest-Bearing Accounts$0$0→ $0
Pledges and Grants Receivable$0$0→ $0
Receivable From Disqualified Prsn$0$0→ $0
Receivables From Officers Etc$0$0→ $0
Investments Other Securities$0$0→ $0
Investments in Publicly Traded Securities$0$0→ $0
Intangible Assets$0$0→ $0
Inventories for Sale or Use$0$0→ $0
Loans From Officers Directors$0$0→ $0
Total Assets$68,326,906$77,030,377▲ $8,703,471
Other Assets Total$9,609,758$18,939,453▲ $9,329,695
Liabilities
Mortgage Notes Payable Secured by Investment Property$52,684,359$60,604,425▲ $7,920,066
Other Liabilities$2,810,145$4,941,725▲ $2,131,580
Accounts Payable and Accrued Expenses$255,808$605,039▲ $349,231
Deferred Revenue$82,474$67,727▼ $14,747
Grants Payable$0$0→ $0
Unsecured Notes Loans Payable$0$0→ $0
Escrow Account Liability$0$0→ $0
Tax Exempt Bond Liabilities$0$0→ $0
Total Liabilities$55,832,786$66,218,916▲ $10,386,130
Net Assets / Fund Balance
Permanently Rstr Net Assets$9,608,956$10,738,926▲ $1,129,970
Unrestricted Net Assets$2,885,164$1,456,068▼ $1,429,096
Temporarily Rstr Net Assets$0$-1,383,533▼ $1,383,533
Total Net Assets Fund Balance$12,494,120$10,811,461▼ $1,682,659
Total Liabilities and Net Assets / Fund Balance$68,326,906$77,030,377▲ $8,703,471

Asset Categories

AssetBook ValueDepreciationBasis
Buildings$29,788,323$17,730,155$47,518,478
Land$10,589,005-$10,589,005
Equipment$70,084$200,843$270,927
Leasehold Improvements$20,910$3,690$24,600
Investment Program Related Org$1,942,553--
Other Land Buildings$0-$0
Other Assets Org$18,752,570--
Compensation and Service Providers
Top Officer PayScore unavailable

Employees

NameTitleOtherTotal
Harriett HuellChief Counsel$72,412$72,412

Board Members and Trustees

NameTitle
Fulton MeachemCEO
Heather FranklinCFO
Shaunte Evanschief administrative officer
Larry PadillaChief Operating Officer
Dimple AjmeraCommissioner
Geraldine SumterCommissioner
Lucy BrownCommissioner
Nancy CrownCommissioner
Pamela GordonCommissioner
Sheila JonesCommissioner
Shirley FultonCommissioner
William ScurryCommissioner
Revenue and Support

Revenue Composition

Contributions and Grants
$1,501,573
Program Service Revenue
$7,975,314
Investment Income
$1,642,280
Other Revenue
$136,903
Change in Net Assets
$351,726
Expenses and Functional Allocation

Major Expense Lines

Line ItemAmount
Other Expenses$8,940,814
Salaries, Compensation, and Employee Benefits$1,963,530
Grants and Similar Amounts Paid$0
Professional Fundraising Fees$0
Total Fundraising Expense$0

Functional Expense Allocation

Line ItemProgramManagementFundraisingTotal
Occupancy$2,801,577--$2,801,577
Depreciation Depletion$2,539,612--$2,539,612
Other Salaries and Wages$1,517,537--$1,517,537
Interest$719,559--$719,559
Payments to Affiliates$575,597--$575,597
Other Employee Benefits$239,077--$239,077
Insurance$177,319$21,444-$198,763
Fees for Services Management$158,065--$158,065
Other Expenses$147,699$4,826-$147,699
Office Expenses$144,726--$144,726
Payroll Taxes$118,008--$118,008
Pension Plan Contributions$67,404--$67,404
Advertising$58,178--$58,178
Information Technology$43,894--$43,894
Fees for Services Legal$24,462$3,745-$28,207
Fees for Services Accounting$21,922--$21,922
Current Officers, Directors, Trustees, and Key Employees$21,504--$21,504
Conferences and Meetings$15,210--$15,210
Travel$6,091--$6,091
Total Functional Expenses$10,874,329$30,015$0$10,904,344
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
Loans from Officers, Directors, Trustees, and Key Employees$0$0→ $0
Receivables from Disqualified Persons$0$0→ $0
Receivables from Officers, Directors, Trustees, and Key Employees$0$0→ $0
Debt and Bond Financing

Other Reported Liabilities

LiabilityAmount
Other Current Liabilities$2,991,566
Noncurrent Liabilities - Other$1,521,776
Security Deposits$221,919
Deferred Inflow of Resources$206,464
Governance and Compliance

Governance Checklist

Compiled or reviewed by an accountant
No
Annual disclosure for covered persons
No
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
Yes
Key decisions subject to board approval
No
Management duties delegated
No

Governance Explanations

PART VI, SECTION A #11

“All documents are emailed to the board of commissioners and given time to review and comment prior to the filing of the 990 with the irs.”

PART VI, SECTION B #15

“Compensation for all employees is based on a yearly review of market and industry averages as well as an external position review, which is completed every three to four years. Executive pay requires additional review that includes the following: a review of all positions from an external compensation firm (waters consultants) to ensure positions are accurate in both content and in pay scale. For executive (ceo) pay, a salary/benefit review is done approximately every two years with other agencies (both nc and sc). The utilization of the annual employer's association salary compensation review and the results of the nahro executive compensation study is also taken into account when determining executive pay.”

PART VI, SECTION C #19

“Documents are available to the public upon request.”

Filing and Contact Details

Filer

Filer Name
Horizon Development Properties Inc
EIN
56-2246833
In Care Of
% HEATHER FRANKLIN
Phone
7043365233
Address
400 east blvd, Charlotte, NC 28203

Signing Officer

Name
Heather Franklin
Title
CFO
Phone
7043329100
Signed
2016-01-13
Discuss with paid preparer
Yes

Organization Details

Principal Officer
Heather Franklin
Formed
2001
Legal Domicile
Nc
Voting Board Members
8
Independent Board Members
8
Employees
0
Volunteers
8

Preparer

Firm
Cohnreznick Llp
Address
525 N TRYON STREET SUITE 1000, CHARLOTTE, NC 28202
Preparer
Kathy Blackburn
Phone
7043329100
Supplemental Narrative

Additional Explanations

Part XI, Item 9

“$84,165 of program income and land sales proceeds was transferred in from the Charlotte Housing Authority to do capital work at Mcalpine. $1,634,962 was transferred out for the sale of Young Blood, $16,147 was transferred out for Fairmarket Square social services, and $467,441 was transferred out for the Savannah CDBG grant.”

Part III

“Other program expenses are to develop and provide decent, safe and affordable housing to low- and moderate-income families in sustainable communities, and to support their efforts to achieve self-sufficiency.”

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IRS990/Form990PartVIISectionAGrp/TitleTxt10CEO
IRS990/Form990PartVIISectionAGrp/TitleTxt11CHIEF OPERATING OFFICER
IRS990/Form990PartVIISectionAGrp/TitleTxt12CHIEF COUNSEL
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IRS990/MembersOrStockholdersInd0false
IRS990/MethodOfAccountingAccrualInd0X
IRS990/MinutesOfCommitteesInd0true
IRS990/MinutesOfGoverningBodyInd0true
IRS990/MissionDesc0TO PROVIDE AFFORDABLE HOUSING TO ALL QUALIFIED FAMILIES.
IRS990/MoreThan5000KToIndividualsInd0false
IRS990/MoreThan5000KToOrgInd0false
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IRS990/MortgNotesPyblScrdInvstPropGrp/EOYAmt060604425
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IRS990/NetIncomeFromGamingGrp/TotalRevenueColumnAmt00
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IRS990/OccupancyGrp/TotalAmt02801577
IRS990/OfficeExpensesGrp/ProgramServicesAmt0144726
IRS990/OfficeExpensesGrp/TotalAmt0144726
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IRS990/OperateHospitalInd0false
IRS990/Organization501c3Ind0X
IRS990/OrganizationFollowsSFAS117Ind0X
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IRS990/OtherAssetsTotalGrp/EOYAmt018939453
IRS990/OtherChangesInNetAssetsAmt0-2034385
IRS990/OtherEmployeeBenefitsGrp/ProgramServicesAmt0239077
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IRS990/OtherExpensesGrp/Desc1ESCROW EXPENSES
IRS990/OtherExpensesGrp/Desc2OTHER EXPENSES
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IRS990/OtherExpensesGrp/ProgramServicesAmt01063888
IRS990/OtherExpensesGrp/ProgramServicesAmt1413000
IRS990/OtherExpensesGrp/ProgramServicesAmt2147699
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IRS990/OtherExpensesGrp/TotalAmt1413000
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IRS990/OtherLiabilitiesGrp/EOYAmt04941725
IRS990/OtherRevenueMiscGrp/BusinessCd0531190
IRS990/OtherRevenueMiscGrp/Desc0MISCELLANEOUS OTHER REVENUE
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IRS990/OtherRevenueMiscGrp/TotalRevenueColumnAmt0136903
IRS990/OtherRevenueTotalAmt0136903
IRS990/OtherSalariesAndWagesGrp/ProgramServicesAmt01517537
IRS990/OtherSalariesAndWagesGrp/TotalAmt01517537
IRS990/OthNotesLoansReceivableNetGrp/BOYAmt01045035
IRS990/OthNotesLoansReceivableNetGrp/EOYAmt01082936
IRS990/PartialLiquidationInd0false
IRS990/PaymentsToAffiliatesGrp/ProgramServicesAmt0575597
IRS990/PaymentsToAffiliatesGrp/TotalAmt0575597
IRS990/PayPremiumsPrsnlBnftCntrctInd0false
IRS990/PayrollTaxesGrp/ProgramServicesAmt0118008
IRS990/PayrollTaxesGrp/TotalAmt0118008
IRS990/PensionPlanContributionsGrp/ProgramServicesAmt067404
IRS990/PensionPlanContributionsGrp/TotalAmt067404
IRS990/PermanentlyRstrNetAssetsGrp/BOYAmt09608956
IRS990/PermanentlyRstrNetAssetsGrp/EOYAmt010738926
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IRS990/PledgesAndGrantsReceivableGrp/EOYAmt00
IRS990/PoliticalCampaignActyInd0false
IRS990/PrepaidExpensesDefrdChargesGrp/BOYAmt011318
IRS990/PrepaidExpensesDefrdChargesGrp/EOYAmt028943
IRS990/PrincipalOfficerNm0HEATHER FRANKLIN
IRS990/ProfessionalFundraisingInd0false
IRS990/ProgramServiceRevenueGrp/BusinessCd0531110
IRS990/ProgramServiceRevenueGrp/BusinessCd1531110
IRS990/ProgramServiceRevenueGrp/BusinessCd2531110
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IRS990/ProgramServiceRevenueGrp/BusinessCd4531110
IRS990/ProgramServiceRevenueGrp/Desc0TENANT RENTAL REVENUE
IRS990/ProgramServiceRevenueGrp/Desc1OTHER TENANT REVENUE
IRS990/ProgramServiceRevenueGrp/Desc2DEVELOPER AND PROPERTY MANAGEMENT FEES
IRS990/ProgramServiceRevenueGrp/Desc3ANCILLARY SERVICES
IRS990/ProgramServiceRevenueGrp/Desc4RENTAL SUBSIDY
IRS990/ProgramServiceRevenueGrp/RelatedOrExemptFuncIncomeAmt06737327
IRS990/ProgramServiceRevenueGrp/RelatedOrExemptFuncIncomeAmt1155282
IRS990/ProgramServiceRevenueGrp/RelatedOrExemptFuncIncomeAmt2988867
IRS990/ProgramServiceRevenueGrp/RelatedOrExemptFuncIncomeAmt385451
IRS990/ProgramServiceRevenueGrp/RelatedOrExemptFuncIncomeAmt48387
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IRS990/ProgramServiceRevenueGrp/TotalRevenueColumnAmt1155282
IRS990/ProgramServiceRevenueGrp/TotalRevenueColumnAmt2988867
IRS990/ProgramServiceRevenueGrp/TotalRevenueColumnAmt385451
IRS990/ProgramServiceRevenueGrp/TotalRevenueColumnAmt48387
IRS990/ProgSrvcAccomActy2Grp/Desc0Increase affordable housing opportunities for qualified families: We are continuously looking for additional opportunities to expand our capacity and provide additional affordable housing options for families in need. No properties were purchased in the current year. However, there are many real estate deals being pursued and evaluated, with each at different stages in the process. Several of these should be finalized in the coming year.
IRS990/ProgSrvcAccomActy2Grp/ExpenseAmt01565408
IRS990/ProgSrvcAccomActy2Grp/RevenueAmt01082705
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IRS990/PYContributionsGrantsAmt0746237
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IRS990/PYOtherRevenueAmt0612378
IRS990/PYProgramServiceRevenueAmt08267151
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IRS990/SavingsAndTempCashInvstGrp/BOYAmt07717050
IRS990/SavingsAndTempCashInvstGrp/EOYAmt010285965
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IRS990ScheduleA/GiftsGrantsContriRcvd170Grp/CurrentTaxYearMinus2YearsAmt03289321
IRS990ScheduleA/GiftsGrantsContriRcvd170Grp/CurrentTaxYearMinus3YearsAmt03606824
IRS990ScheduleA/GiftsGrantsContriRcvd170Grp/CurrentTaxYearMinus4YearsAmt03389859
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Filings

Displayed year

2015 • Form 990Detailed filing. Detailed filing data is available for this year.

Open filing
Assets
$77,030,377
Liabilities
$66,218,916
Net assets
$10,811,461
Revenue
$11,256,070
Expenses
$10,904,344
Net income
$351,726
Balance SheetOperations
YearAssetsLiabilitiesNet AssetsRevenueExpensesNet Income
2024Detailed filing. Detailed filing data is available for this year.$574$451$123$84.4$94.1$9.74
2023Detailed filing. Detailed filing data is available for this year.$566$465$101$77.5$71.9$5.63
2022Detailed filing. Detailed filing data is available for this year.$529$472$56.3$49.3$57.9$8.63
2021Detailed filing. Detailed filing data is available for this year.$421$378$43.2$43.9$49.8$5.94
2020Detailed filing. Detailed filing data is available for this year.$295$263$31.4$38.5$47.9$9.44
2019Detailed filing. Detailed filing data is available for this year.$251$220$31.7$38.8$44.6$5.72
2018Detailed filing. Detailed filing data is available for this year.$252$218$34.0$3.06$41.2$44.2
2017Detailed filing. Detailed filing data is available for this year.$256$178$78.1$34.2$53.6$19.4
2016Detailed filing. Detailed filing data is available for this year.$134$86.4$48.0$28.7$12.6$16.0
2015Detailed filing. Detailed filing data is available for this year.$77.0$66.2$10.8$11.3$10.9$0.35
2014Detailed filing. Detailed filing data is available for this year.$68.3$55.8$12.5$9.63$9.81$0.18
2013Facts available. Structured filing facts are available, but richer extracted sections are limited.$58.7$49.0$9.70$10.1
2012Facts available. Structured filing facts are available, but richer extracted sections are limited.$42.1$36.2$5.88$8.56