Civic Intelligence

Martin Luther King Economic Development Corporation

990 • Fiscal year 2023 • EIN 59-2042422

Jul 01, 2022 to Jun 30, 2023 • Filed on Jan 22, 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

54th percentile

0.09x

Higher debt load relative to assets than 54% of similar nonprofits.

2023 filings • 501(c)3 • $1M-$5M nonprofits • Source year 2023

Liabilities / Revenue

49th percentile

0.08x

Higher debt load relative to revenue than 49% of similar nonprofits.

2023 filings • 501(c)3 • $1M-$5M nonprofits • Source year 2023

Net Margin

91st percentile

51%

Higher net margin than 91% of similar nonprofits.

2023 filings • 501(c)3 • $1M-$5M nonprofits • Source year 2023

Top Officer Pay

61st percentile

$86,955

Higher top officer pay than 61% of similar nonprofits.

Top officer pay equals 4.6% of source-year revenue.

2023 filings • 501(c)3 • $1M-$5M nonprofits • Source year 2023

Asset Growth

95th percentile

111%

Faster asset growth than 95% of similar nonprofits.

2023 filings • 501(c)3 • $1M-$5M nonprofits • Annualized from 2022 to 2023

Revenue Growth

96th percentile

228%

Faster revenue growth than 96% of similar nonprofits.

2023 filings • 501(c)3 • $1M-$5M nonprofits • Annualized from 2022 to 2023

Balance Sheet
Liabilities / Assets54th percentile

Assets

Up

$1,811,267

Up $952,228 (+111%) from 2022

Net Assets

Up

$1,655,010

Up $968,677 (+141%) from 2022

Liabilities

Down

$156,257

Down $16,449 (-9.5%) from 2022

Revenue And Expenses
Liabilities / Revenue49th percentileNet Margin91st percentile

Revenue

Up

$1,908,899

Up $1,326,302 (+228%) from 2022

Expenses

Up

$939,304

Up $160,325 (+21%) from 2022

Net Income

Up

$969,595

Up $1,165,977 (+594%) from 2022

Historical Trend

Balance Sheet Trend

Asset Growth95th 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

2023

Assets$1,811,267
Liabilities$156,257
Net Assets$1,655,010
Open 2023 Filing

Operations Trend

Revenue Growth96th 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

2023

Revenue$1,908,899
Expenses$939,304
Net Income$969,595
Open 2023 Filing
Jump To
Filing Snapshot
Filing Period
Jul 1, 2022 to Jun 30, 2023
Signed
Jan 22, 2024
Return Version
2022v5.0
Gross Receipts
$1,908,899
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$686,333$1,655,010▲ $968,677
Land, Buildings, and Equipment, Net$753,732$946,855▲ $193,123
Cash and Non-Interest-Bearing Accounts$105,307$864,412▲ $759,105
Total Assets$859,039$1,811,267▲ $952,228
Liabilities
Other Liabilities$172,706$156,257▼ $16,449
Total Liabilities$172,706$156,257▼ $16,449
Net Assets / Fund Balance
Total Net Assets Fund Balance$686,333$1,655,010▲ $968,677
Total Liabilities and Net Assets / Fund Balance$859,039$1,811,267▲ $952,228

Asset Categories

AssetBook ValueDepreciationBasis
Buildings$599,272$911,204$1,510,476
Land$340,605-$340,605
Equipment$6,978$87,583$94,561
Compensation and Service Providers
Top Officer Pay61st percentile

Employees

NameTitleBaseTotal
Amina McneilPresident$86,955$86,955

Board Members and Trustees

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

Revenue Composition

Contributions and Grants
$1,506,854
Program Service Revenue
$402,045
Investment Income
$0
Other Revenue
$0
All Other Contributions
$27,000
Change in Net Assets
$969,595
Expenses and Functional Allocation

Major Expense Lines

Line ItemAmount
Other Expenses$857,304
Salaries, Compensation, and Employee Benefits$82,000
Grants and Similar Amounts Paid$0
Professional Fundraising Fees$0
Total Fundraising Expense$0

Functional Expense Allocation

Line ItemProgramManagementFundraisingTotal
All Other Expenses$213,836--$213,836
Other Salaries and Wages$82,000--$82,000
Other Expenses$53,187--$53,187
Conferences and Meetings$5,833$28,417-$34,250
Occupancy$22,334--$22,334
Office Expenses$3,862$15,167-$19,029
Depreciation Depletion$10,645--$10,645
Interest$5,264--$5,264
Fees for Services Accounting$4,994--$4,994
Travel-$645-$645
Information Technology-$225-$225
Total Functional Expenses$894,850$44,454$0$939,304
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$151,934
Payroll Taxes$2,380
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
2024-01-22
Discuss with paid preparer
Yes

Organization Details

Principal Officer
Billy Hardeman
Voting Board Members
7
Independent Board Members
7
Employees
2
Volunteers
10

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

“Holiday event 46,643 0 0 all other activites 46,519 0 0 water 38,774 0 0 waste 35,632 0 0 senior thanksgiving 30,000 0 0 utilites 25,501 0 0 repairs 17,151 0 0 telephone 13,756 0 0 payroll tax expense 12,115 0 0 banquet fees 11,929 0 0 donations 9,726 0 0 mlk holiday 6,257 0 0 other 1,342 0 0 events 1,000 0 0 consulting 500 0 0 printing 180 0 0 alarm 140 0 0 miscellaneous 131 0 0 bank charges 40 0 0 other -1,500 0 0 allocated to programs -82,000 0 0 total 213,836 0 0”

Form 990, Part XI, Line 9

“Book / tax depreciation difference -918”

Raw XML Appendix346 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.

Path#Value
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IRS990/Form990PartVIISectionAGrp/TitleTxt3BOARD MEMBER
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IRS990ScheduleD/OtherLiabilitiesOrgGrp/Desc0MIAMI-DADE CDBG LOAN
IRS990ScheduleD/OtherLiabilitiesOrgGrp/Desc1PAYROLL TAXES
IRS990ScheduleD/OtherLiabilitiesOrgGrp/Desc2DEPOSITS
IRS990ScheduleD/TotalBookValueLandBuildingsAmt0946855
IRS990ScheduleD/TotalLiabilityAmt0156257
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/ExplanationTxt4HOLIDAY EVENT 46,643 0 0 ALL OTHER ACTIVITES 46,519 0 0 WATER 38,774 0 0 WASTE 35,632 0 0 SENIOR THANKSGIVING 30,000 0 0 UTILITES 25,501 0 0 REPAIRS 17,151 0 0 TELEPHONE 13,756 0 0 PAYROLL TAX EXPENSE 12,115 0 0 BANQUET FEES 11,929 0 0 DONATIONS 9,726 0 0 MLK HOLIDAY 6,257 0 0 OTHER 1,342 0 0 EVENTS 1,000 0 0 CONSULTING 500 0 0 PRINTING 180 0 0 ALARM 140 0 0 MISCELLANEOUS 131 0 0 BANK CHARGES 40 0 0 OTHER -1,500 0 0 ALLOCATED TO PROGRAMS -82,000 0 0 TOTAL 213,836 0 0
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt5BOOK / TAX DEPRECIATION DIFFERENCE -918
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
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc5FORM 990, PART XI, LINE 9
IRS990/SchoolOperatingInd0false
IRS990/SignificantChangeInd0false
IRS990/SignificantNewProgramSrvcInd0false
IRS990/SubjectToExcsTaxNetInvstIncInd0false
IRS990/SubjectToProxyTaxInd0false
IRS990/SubjToTaxRmnrtnExPrchtPymtInd0false
IRS990/TaxablePartyNotificationInd0false
IRS990/TaxExemptBondsInd0false
IRS990/TerminateOperationsInd0false
IRS990/TotalAssetsBOYAmt0859039
IRS990/TotalAssetsEOYAmt01811267
IRS990/TotalAssetsGrp/BOYAmt0859039
IRS990/TotalAssetsGrp/EOYAmt01811267
IRS990/TotalCompGreaterThan150KInd0false
IRS990/TotalContributionsAmt01506854
IRS990/TotalEmployeeCnt02
IRS990/TotalFunctionalExpensesGrp/FundraisingAmt00
IRS990/TotalFunctionalExpensesGrp/ManagementAndGeneralAmt044454
IRS990/TotalFunctionalExpensesGrp/ProgramServicesAmt0894850
IRS990/TotalFunctionalExpensesGrp/TotalAmt0939304
IRS990/TotalGrossUBIAmt0402045
IRS990/TotalLiabilitiesBOYAmt0172706
IRS990/TotalLiabilitiesEOYAmt0156257
IRS990/TotalLiabilitiesGrp/BOYAmt0172706
IRS990/TotalLiabilitiesGrp/EOYAmt0156257
IRS990/TotalNetAssetsFundBalanceGrp/BOYAmt0686333
IRS990/TotalNetAssetsFundBalanceGrp/EOYAmt01655010
IRS990/TotalOtherProgSrvcExpenseAmt0316263
IRS990/TotalProgramServiceExpensesAmt0894850
IRS990/TotalProgramServiceRevenueAmt0402045
IRS990/TotalReportableCompFromOrgAmt086955
IRS990/TotalRevenueGrp/TotalRevenueColumnAmt01908899
IRS990/TotalRevenueGrp/UnrelatedBusinessRevenueAmt0402045
IRS990/TotalVolunteersCnt010
IRS990/TotLiabNetAssetsFundBalanceGrp/BOYAmt0859039
IRS990/TotLiabNetAssetsFundBalanceGrp/EOYAmt01811267
IRS990/TravelGrp/ManagementAndGeneralAmt0645
IRS990/TravelGrp/TotalAmt0645
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/BuildTS02023-04-26 12:10:37Z
ReturnHeader/BusinessOfficerGrp/DiscussWithPaidPreparerInd0true
ReturnHeader/BusinessOfficerGrp/PersonNm0BILLY HARDEMAN
ReturnHeader/BusinessOfficerGrp/PersonTitleTxt0CHAIRPERSON
ReturnHeader/BusinessOfficerGrp/PhoneNum03057577652
ReturnHeader/BusinessOfficerGrp/SignatureDt02024-01-22
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/PreparationDt02024-01-22
ReturnHeader/PreparerPersonGrp/PreparerPersonNm0JOHN S BUSH CPA
ReturnHeader/ReturnTs02024-01-22T13:44:17-05:00
ReturnHeader/ReturnTypeCd0990
ReturnHeader/SigningOfficerGrp/PersonFullName/PersonFirstNm0BILLY
ReturnHeader/SigningOfficerGrp/PersonFullName/PersonLastNm0HARDEMAN
ReturnHeader/TaxPeriodBeginDt02022-07-01
ReturnHeader/TaxPeriodEndDt02023-06-30
ReturnHeader/TaxYr02022

Document Assets

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Filings

Displayed year

2023 • Form 990Detailed filing. Detailed filing data is available for this year.

Open filing
Assets
$1,811,267
Liabilities
$156,257
Net assets
$1,655,010
Revenue
$1,908,899
Expenses
$939,304
Net income
$969,595
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
2024XML pending. An XML filing is linked for this year, but detailed extraction is still pending.$1.55$0.14$1.41$1.59$1.84$0.24
2023Detailed filing. Detailed filing data is available for this year.$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