Civic Intelligence

Martin Luther King Economic Development Corporation

990 • Fiscal year 2024 • EIN 59-2042422

Jul 01, 2023 to Jun 30, 2024 • Filed on Oct 18, 2024

Organization ProfileN/A
6116 NW 7th AvenueMiami, FL 33127

(305) 757-7652

Siviq Scores

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

Liabilities / Assets

55th percentile

0.09x

Higher debt load relative to assets than 55% of similar nonprofits.

2024 filings • 501(c)3 • $1M-$5M nonprofits • Source year 2024

Liabilities / Revenue

52nd percentile

0.09x

Higher debt load relative to revenue than 52% of similar nonprofits.

2024 filings • 501(c)3 • $1M-$5M nonprofits • Source year 2024

Net Margin

17th percentile

-15%

Higher net margin than 17% of similar nonprofits.

2024 filings • 501(c)3 • $1M-$5M nonprofits • Source year 2024

Top Officer Pay

40th percentile

$0

Higher top officer pay than 40% of similar nonprofits.

Top officer pay equals 0.0% of source-year revenue.

2024 filings • 501(c)3 • $1M-$5M nonprofits • Source year 2024

Asset Growth

11th percentile

-14%

Faster asset growth than 11% of similar nonprofits.

2024 filings • 501(c)3 • $1M-$5M nonprofits • Annualized from 2023 to 2024

Revenue Growth

17th percentile

-17%

Faster revenue growth than 17% of similar nonprofits.

2024 filings • 501(c)3 • $1M-$5M nonprofits • Annualized from 2023 to 2024

Balance Sheet
Liabilities / Assets55th percentile

Assets

Down

$1,552,270

Down $258,997 (-14%) from 2023

Net Assets

Down

$1,411,963

Down $243,047 (-15%) from 2023

Liabilities

Down

$140,307

Down $15,950 (-10%) from 2023

Revenue And Expenses
Liabilities / Revenue52nd percentileNet Margin17th percentile

Revenue

Down

$1,593,505

Down $315,394 (-17%) from 2023

Expenses

Up

$1,836,552

Up $897,248 (+96%) from 2023

Net Income

Down

-$243,047

Down $1,212,642 (-125%) from 2023

Historical Trend

Balance Sheet Trend

Asset Growth11th percentile

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

$3.0M$2.0M$1.0M$0-$1.0MAssets 2011: $644,685Liabilities 2011: $945,268Net Assets 2011: -$300,5832011Assets 2012: $624,531Liabilities 2012: $331,569Net Assets 2012: $292,9622012Assets 2013: $588,965Liabilities 2013: $331,650Net Assets 2013: $257,3152013Assets 2014: $583,812Liabilities 2014: $330,650Net Assets 2014: $253,1622014Assets 2015: $627,757Liabilities 2015: $323,553Net Assets 2015: $304,2042015Assets 2016: $1,115,771Liabilities 2016: $313,731Net Assets 2016: $802,0402016Assets 2017: $1,077,273Liabilities 2017: $301,829Net Assets 2017: $775,4442017Assets 2018: $906,520Liabilities 2018: $292,868Net Assets 2018: $613,6522018Assets 2019: $954,778Liabilities 2019: $284,294Net Assets 2019: $670,4842019Assets 2020: $904,184Liabilities 2020: $234,123Net Assets 2020: $670,0612020Assets 2021: $1,071,220Liabilities 2021: $188,304Net Assets 2021: $882,9162021Assets 2022: $859,039Liabilities 2022: $172,706Net Assets 2022: $686,3332022Assets 2023: $1,811,267Liabilities 2023: $156,257Net Assets 2023: $1,655,0102023Assets 2024: $1,552,270Liabilities 2024: $140,307Net Assets 2024: $1,411,9632024Assets 2025: $2,176,823Liabilities 2025: $127,133Net Assets 2025: $2,049,6902025

Highlighted filing

2024

Assets$1,552,270
Liabilities$140,307
Net Assets$1,411,963
Open 2024 Filing

Operations Trend

Revenue Growth17th percentile

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

$3.0M$2.0M$1.0M$0-$1.0MRevenue 2011: -$18,710Expenses 2011: $50,000Net Income 2011: -$68,7102011Expenses 2012: $125,2462012Revenue 2013: $8,838Expenses 2013: $49,194Net Income 2013: -$40,3562013Revenue 2014: $62,809Expenses 2014: $66,962Net Income 2014: -$4,1532014Revenue 2015: $101,164Expenses 2015: $53,040Net Income 2015: $48,1242015Revenue 2016: $772,364Expenses 2016: $274,486Net Income 2016: $497,8782016Revenue 2017: $417,553Expenses 2017: $444,107Net Income 2017: -$26,5542017Revenue 2018: $780,990Expenses 2018: $942,581Net Income 2018: -$161,5912018Revenue 2019: $588,800Expenses 2019: $531,768Net Income 2019: $57,0322019Revenue 2020: $809,679Expenses 2020: $809,902Net Income 2020: -$2232020Revenue 2021: $1,359,984Expenses 2021: $1,179,220Net Income 2021: $180,7642021Revenue 2022: $582,597Expenses 2022: $778,979Net Income 2022: -$196,3822022Revenue 2023: $1,908,899Expenses 2023: $939,304Net Income 2023: $969,5952023Revenue 2024: $1,593,505Expenses 2024: $1,836,552Net Income 2024: -$243,0472024Revenue 2025: $2,095,675Expenses 2025: $1,457,925Net Income 2025: $637,7502025

Highlighted filing

2024

Revenue$1,593,505
Expenses$1,836,552
Net Income-$243,047
Open 2024 Filing
Jump To
Filing Snapshot
Filing Period
Jul 1, 2023 to Jun 30, 2024
Signed
Oct 18, 2024
Return Version
2023v5.0
Gross Receipts
$1,593,505
Mission and Program Overview

Mission

Advocate on behalf of the community for the revitalization of commercial and residential areas within the target area. The organization also operates mlkedc business center, which includes maintenance, repairs, and counseling.

Balance Sheet Detail
LineBeginningEndChange
Assets
Rtn Earn Endowment Incm Other Fnds$1,655,010$1,411,963▼ $243,047
Land, Buildings, and Equipment, Net$946,855$933,483▼ $13,372
Cash and Non-Interest-Bearing Accounts$864,412$618,787▼ $245,625
Total Assets$1,811,267$1,552,270▼ $258,997
Liabilities
Other Liabilities$156,257$140,307▼ $15,950
Total Liabilities$156,257$140,307▼ $15,950
Net Assets / Fund Balance
Total Net Assets Fund Balance$1,655,010$1,411,963▼ $243,047
Total Liabilities and Net Assets / Fund Balance$1,811,267$1,552,270▼ $258,997

Asset Categories

AssetBook ValueDepreciationBasis
Buildings$586,304$930,328$1,516,632
Land$340,605-$340,605
Equipment$6,574$94,297$100,871
Compensation and Service Providers
Top Officer Pay40th percentile

Board Members and Trustees

NameTitle
Billy HardemanChairperson
Amina McneilPresident
Helen StewartVice Chairpe
Gibson IrisBoard Member
Jason FordeSecretary
Clevell JenningsTreasurer
Revenue and Support

Revenue Composition

Contributions and Grants
$1,211,427
Program Service Revenue
$382,078
Investment Income
$0
Other Revenue
$0
All Other Contributions
$2,250
Change in Net Assets
$-243,047
Expenses and Functional Allocation

Major Expense Lines

Line ItemAmount
Other Expenses$1,754,758
Salaries, Compensation, and Employee Benefits$81,794
Grants and Similar Amounts Paid$0
Professional Fundraising Fees$0
Total Fundraising Expense$0

Functional Expense Allocation

Line ItemProgramManagementFundraisingTotal
All Other Expenses$432,450--$432,450
Other Expenses$177,485--$177,485
Other Salaries and Wages$75,400--$75,400
Occupancy$29,529--$29,529
Depreciation Depletion$25,839--$25,839
Office Expenses$8,500$17,279-$25,779
Payroll Taxes$6,394--$6,394
Fees for Services Legal$5,000--$5,000
Fees for Services Accounting$4,250--$4,250
Interest$4,053--$4,053
Information Technology-$3,850-$3,850
Travel-$1,460-$1,460
Total Functional Expenses$1,813,963$22,589$0$1,836,552
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
Miami-dade Cdbg Loan$138,364
Deposits$1,943
Governance and Compliance

Governance Checklist

Compiled or reviewed by an accountant
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
No
Other officer compensation reviewed
No
Conflict-of-interest policy
No
Audited financial statements prepared
No
Key decisions subject to board approval
No
Management duties delegated
No

Governance Explanations

Form 990, Page 6, Part VI, Line 11B

“All board members review tax returns and financials prior to issuance.”

Form 990, Page 6, Part VI, Line 19

“No documents available to the public”

Filing and Contact Details

Filer

Filer Name
Martin Luther King Economic Dev
EIN
59-2042422
Phone
3057577652
Address
6116 NW 7TH AVENUE, MIAMI, FL 33127

Signing Officer

Name
Billy Hardeman
Title
Chairperson
Phone
3057577652
Signed
2024-10-18
Discuss with paid preparer
Yes

Organization Details

Principal Officer
Billy Hardeman
Voting Board Members
7
Independent Board Members
7
Employees
4

Preparer

Firm
John S Bush CPA Pa
Address
8181 W BROWARD BOULEVARD SUITE 35, PLANTATION, FL 33324-2033
Preparer
John S Bush CPA
Phone
9544744100
Supplemental Narrative

Additional Explanations

FORM 990 - ORGANIZATION'S MISSION

“Advocate on behalf of the community for the revitalization of commercial and residential areas within the target area. The organization also operates mlkedc business center, which includes maintenance, repairs, and counseling.”

Form 990, Page 2, Part III, Line 4D

“CBO, RENTALS”

Form 990, Part IX, Line 24E

“Payroll 75,000 0 0 holiday event 53,549 0 0 special events 49,343 0 0 waste 44,027 0 0 grant repayments 40,000 0 0 water 26,464 0 0 retreat 20,653 0 0 senior thanksgiving 17,500 0 0 donations 16,720 0 0 telephone 14,488 0 0 angel tree 14,082 0 0 banquet fees 12,372 0 0 back to school 11,329 0 0 toy give away 10,036 0 0 utilites 6,735 0 0 payroll tax expense 6,394 0 0 commissions 3,469 0 0 facilities expenses - maintenance 2,854 0 0 alarm 2,270 0 0 mlk breakfast event 2,040 0 0 40 year 1,950 0 0 advertising 600 0 0 bank charges 405 0 0 dues 170 0 0 total 432,450 0 0”

Raw XML Appendix337 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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IRS990ScheduleD/TotalLiabilityAmt0140307
IRS990/ScheduleJRequiredInd0false
IRS990/ScheduleORequiredInd0false
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt0ADVOCATE ON BEHALF OF THE COMMUNITY FOR THE REVITALIZATION OF COMMERCIAL AND RESIDENTIAL AREAS WITHIN THE TARGET AREA. THE ORGANIZATION ALSO OPERATES MLKEDC BUSINESS CENTER, WHICH INCLUDES MAINTENANCE, REPAIRS, AND COUNSELING.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt1CBO, RENTALS
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt2ALL BOARD MEMBERS REVIEW TAX RETURNS AND FINANCIALS PRIOR TO ISSUANCE.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt3NO DOCUMENTS AVAILABLE TO THE PUBLIC
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt4PAYROLL 75,000 0 0 HOLIDAY EVENT 53,549 0 0 SPECIAL EVENTS 49,343 0 0 WASTE 44,027 0 0 GRANT REPAYMENTS 40,000 0 0 WATER 26,464 0 0 RETREAT 20,653 0 0 SENIOR THANKSGIVING 17,500 0 0 DONATIONS 16,720 0 0 TELEPHONE 14,488 0 0 ANGEL TREE 14,082 0 0 BANQUET FEES 12,372 0 0 BACK TO SCHOOL 11,329 0 0 TOY GIVE AWAY 10,036 0 0 UTILITES 6,735 0 0 PAYROLL TAX EXPENSE 6,394 0 0 COMMISSIONS 3,469 0 0 FACILITIES EXPENSES - MAINTENANCE 2,854 0 0 ALARM 2,270 0 0 MLK BREAKFAST EVENT 2,040 0 0 40 YEAR 1,950 0 0 ADVERTISING 600 0 0 BANK CHARGES 405 0 0 DUES 170 0 0 TOTAL 432,450 0 0
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc0FORM 990 - ORGANIZATION'S MISSION
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc1FORM 990, PAGE 2, PART III, LINE 4D
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc2FORM 990, PAGE 6, PART VI, LINE 11B
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc3FORM 990, PAGE 6, PART VI, LINE 19
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc4FORM 990, PART IX, LINE 24E
IRS990/SchoolOperatingInd0false
IRS990/SignificantChangeInd0false
IRS990/SignificantNewProgramSrvcInd0false
IRS990/SubjectToExcsTaxNetInvstIncInd0false
IRS990/SubjectToProxyTaxInd0false
IRS990/SubjToTaxRmnrtnExPrchtPymtInd0false
IRS990/TaxablePartyNotificationInd0false
IRS990/TaxExemptBondsInd0false
IRS990/TerminateOperationsInd0false
IRS990/TotalAssetsBOYAmt01811267
IRS990/TotalAssetsEOYAmt01552270
IRS990/TotalAssetsGrp/BOYAmt01811267
IRS990/TotalAssetsGrp/EOYAmt01552270
IRS990/TotalCompGreaterThan150KInd0false
IRS990/TotalContributionsAmt01211427
IRS990/TotalEmployeeCnt04
IRS990/TotalFunctionalExpensesGrp/FundraisingAmt00
IRS990/TotalFunctionalExpensesGrp/ManagementAndGeneralAmt022589
IRS990/TotalFunctionalExpensesGrp/ProgramServicesAmt01813963
IRS990/TotalFunctionalExpensesGrp/TotalAmt01836552
IRS990/TotalGrossUBIAmt0382078
IRS990/TotalLiabilitiesBOYAmt0156257
IRS990/TotalLiabilitiesEOYAmt0140307
IRS990/TotalLiabilitiesGrp/BOYAmt0156257
IRS990/TotalLiabilitiesGrp/EOYAmt0140307
IRS990/TotalNetAssetsFundBalanceGrp/BOYAmt01655010
IRS990/TotalNetAssetsFundBalanceGrp/EOYAmt01411963
IRS990/TotalOtherProgSrvcExpenseAmt0440544
IRS990/TotalProgramServiceExpensesAmt01813963
IRS990/TotalProgramServiceRevenueAmt0382078
IRS990/TotalRevenueGrp/TotalRevenueColumnAmt01593505
IRS990/TotalRevenueGrp/UnrelatedBusinessRevenueAmt0382078
IRS990/TotLiabNetAssetsFundBalanceGrp/BOYAmt01811267
IRS990/TotLiabNetAssetsFundBalanceGrp/EOYAmt01552270
IRS990/TravelGrp/ManagementAndGeneralAmt01460
IRS990/TravelGrp/TotalAmt01460
IRS990/TrnsfrExmptNonChrtblRltdOrgInd0false
IRS990/TypeOfOrganizationCorpInd0X
IRS990/UnrelatedBusIncmOverLimitInd0true
IRS990/USAddress/AddressLine1Txt0655 NW 48 STREET
IRS990/USAddress/CityNm0MIAMI
IRS990/USAddress/StateAbbreviationCd0FL
IRS990/USAddress/ZIPCd033127
IRS990/VotingMembersGoverningBodyCnt07
IRS990/VotingMembersIndependentCnt07
IRS990/WebsiteAddressTxt0N/A
IRS990/WhistleblowerPolicyInd0false
ReturnHeader/BuildTS02024-10-15 13:58:12Z
ReturnHeader/BusinessOfficerGrp/DiscussWithPaidPreparerInd0true
ReturnHeader/BusinessOfficerGrp/PersonNm0BILLY HARDEMAN
ReturnHeader/BusinessOfficerGrp/PersonTitleTxt0CHAIRPERSON
ReturnHeader/BusinessOfficerGrp/PhoneNum03057577652
ReturnHeader/BusinessOfficerGrp/SignatureDt02024-10-18
ReturnHeader/Filer/BusinessName/BusinessNameLine1Txt0MARTIN LUTHER KING ECONOMIC DEV
ReturnHeader/Filer/BusinessNameControlTxt0MART
ReturnHeader/Filer/EIN0592042422
ReturnHeader/Filer/PhoneNum03057577652
ReturnHeader/Filer/USAddress/AddressLine1Txt06116 NW 7TH AVENUE
ReturnHeader/Filer/USAddress/CityNm0MIAMI
ReturnHeader/Filer/USAddress/StateAbbreviationCd0FL
ReturnHeader/Filer/USAddress/ZIPCd033127
ReturnHeader/IRSResponsiblePrtyInfoCurrInd0true
ReturnHeader/PreparerFirmGrp/PreparerFirmEIN0592212206
ReturnHeader/PreparerFirmGrp/PreparerFirmName/BusinessNameLine1Txt0JOHN S BUSH CPA PA
ReturnHeader/PreparerFirmGrp/PreparerUSAddress/AddressLine1Txt08181 W BROWARD BOULEVARD SUITE 35
ReturnHeader/PreparerFirmGrp/PreparerUSAddress/CityNm0PLANTATION
ReturnHeader/PreparerFirmGrp/PreparerUSAddress/StateAbbreviationCd0FL
ReturnHeader/PreparerFirmGrp/PreparerUSAddress/ZIPCd0333242033
ReturnHeader/PreparerPersonGrp/PhoneNum09544744100
ReturnHeader/PreparerPersonGrp/PreparationDt02024-10-21
ReturnHeader/PreparerPersonGrp/PreparerPersonNm0JOHN S BUSH CPA
ReturnHeader/ReturnTs02024-11-14T13:56:24-05:00
ReturnHeader/ReturnTypeCd0990
ReturnHeader/TaxPeriodBeginDt02023-07-01
ReturnHeader/TaxPeriodEndDt02024-06-30
ReturnHeader/TaxYr02023

Document Assets

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Filings

Displayed year

2024 • Form 990Detailed filing. Detailed filing data is available for this year.

Open filing
Assets
$1,552,270
Liabilities
$140,307
Net assets
$1,411,963
Revenue
$1,593,505
Expenses
$1,836,552
Net income
-$243,047
Balance SheetOperations
YearAssetsLiabilitiesNet AssetsRevenueExpensesNet Income
2025Facts available. Structured filing facts are available, but richer extracted sections are limited.$2.18$0.13$2.05$2.10$1.46$0.64
2024Detailed filing. Detailed filing data is available for this year.$1.55$0.14$1.41$1.59$1.84$0.24
2023XML pending. An XML filing is linked for this year, but detailed extraction is still pending.$1.81$0.16$1.66$1.91$0.94$0.97
2022XML pending. An XML filing is linked for this year, but detailed extraction is still pending.$0.86$0.17$0.69$0.58$0.78$0.20
2021XML pending. An XML filing is linked for this year, but detailed extraction is still pending.$1.07$0.19$0.88$1.36$1.18$0.18
2020XML pending. An XML filing is linked for this year, but detailed extraction is still pending.$0.90$0.23$0.67$0.81$0.81$0.00
2019XML pending. An XML filing is linked for this year, but detailed extraction is still pending.$0.95$0.28$0.67$0.59$0.53$0.06
2018Facts available. Structured filing facts are available, but richer extracted sections are limited.$0.91$0.29$0.61$0.78$0.94$0.16
2017XML pending. An XML filing is linked for this year, but detailed extraction is still pending.$1.08$0.30$0.78$0.42$0.44$0.03
2016Detailed filing. Detailed filing data is available for this year.$1.12$0.31$0.80$0.77$0.27$0.50
2015Detailed filing. Detailed filing data is available for this year.$0.63$0.32$0.30$0.10$0.05$0.05
2014XML pending. An XML filing is linked for this year, but detailed extraction is still pending.$0.58$0.33$0.25$0.06$0.07$0.00
2013Summary only. Only limited summary data is available for this year.$0.59$0.33$0.26$0.01$0.05$0.04
2012Facts available. Structured filing facts are available, but richer extracted sections are limited.$0.62$0.33$0.29$0.13
2011Summary only. Only limited summary data is available for this year.$0.64$0.95$0.30$0.02$0.05$0.07