Civic Intelligence

Freedom Communities

990 • Fiscal year 2021 • EIN 82-2329303

Jan 01, 2021 to Dec 31, 2021 • Filed on May 13, 2022

Organization Profilewww.Freedomcommunities.com

View Organization Page

3501 Tuckassgee RoadCharlotte, NC 28208

(704) 218-9775

Siviq Scores

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

Liabilities / Assets

75th percentile

0.44x

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

2021 filings • NTEE S • $1M-$5M nonprofits • Source year 2021

Liabilities / Revenue

77th percentile

0.81x

Higher debt load relative to revenue than 77% of similar nonprofits.

2021 filings • NTEE S • $1M-$5M nonprofits • Source year 2021

Net Margin

81st percentile

39%

Higher net margin than 81% of similar nonprofits.

2021 filings • NTEE S • $1M-$5M nonprofits • Source year 2021

Top Officer Pay

57th percentile

$115,000

Higher top officer pay than 57% of similar nonprofits.

Top officer pay equals 7.5% of source-year revenue.

2021 filings • NTEE S • $1M-$5M nonprofits • Source year 2021

Asset Growth

91st percentile

69%

Faster asset growth than 91% of similar nonprofits.

2021 filings • NTEE S • $1M-$5M nonprofits • Annualized from 2020 to 2021

Revenue Growth

68th percentile

30%

Faster revenue growth than 68% of similar nonprofits.

2021 filings • NTEE S • $1M-$5M nonprofits • Annualized from 2020 to 2021

Balance Sheet
Liabilities / Assets75th percentile

Assets

Up

$2,843,909

Up $1,161,899 (+69%) from 2020

Net Assets

Up

$1,605,904

Up $550,894 (+52%) from 2020

Liabilities

Up

$1,238,005

Up $611,005 (+97%) from 2020

Revenue And Expenses
Liabilities / Revenue77th percentileNet Margin81st percentile

Revenue

Up

$1,525,905

Up $352,844 (+30%) from 2020

Expenses

Up

$937,228

Up $319,889 (+52%) from 2020

Net Income

Up

$588,677

Up $32,955 (+5.9%) from 2020

Historical Trend

Balance Sheet Trend

Asset Growth91st percentile

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

$10M$5.0M$0Assets 2017: $70,432Liabilities 2017: $0Net Assets 2017: $70,4322017Assets 2018: $36,631Liabilities 2018: $0Net Assets 2018: $36,6312018Assets 2019: $999,585Liabilities 2019: $500,298Net Assets 2019: $499,2872019Assets 2020: $1,682,010Liabilities 2020: $627,000Net Assets 2020: $1,055,0102020Assets 2021: $2,843,909Liabilities 2021: $1,238,005Net Assets 2021: $1,605,9042021Assets 2022: $5,776,301Liabilities 2022: $3,055,937Net Assets 2022: $2,720,3642022Assets 2023: $6,580,244Liabilities 2023: $3,332,547Net Assets 2023: $3,247,6972023Assets 2024: $8,797,859Liabilities 2024: $2,591,309Net Assets 2024: $6,206,5502024

Highlighted filing

2021

Assets$2,843,909
Liabilities$1,238,005
Net Assets$1,605,904
Open 2021 Filing

Operations Trend

Revenue Growth68th percentile

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

$6.0M$4.0M$2.0M$0-$2.0MRevenue 2017: $123,000Expenses 2017: $52,568Net Income 2017: $70,4322017Revenue 2018: $444,880Expenses 2018: $478,681Net Income 2018: -$33,8012018Revenue 2019: $798,353Expenses 2019: $335,697Net Income 2019: $462,6562019Revenue 2020: $1,173,061Expenses 2020: $617,339Net Income 2020: $555,7222020Revenue 2021: $1,525,905Expenses 2021: $937,228Net Income 2021: $588,6772021Revenue 2022: $2,615,175Expenses 2022: $1,498,660Net Income 2022: $1,116,5152022Revenue 2023: $2,437,047Expenses 2023: $1,909,714Net Income 2023: $527,3332023Revenue 2024: $5,056,122Expenses 2024: $2,097,269Net Income 2024: $2,958,8532024

Highlighted filing

2021

Revenue$1,525,905
Expenses$937,228
Net Income$588,677
Open 2021 Filing
Jump To
Filing Snapshot
Filing Period
Jan 1, 2021 to Dec 31, 2021
Signed
May 13, 2022
Return Version
2021v4.2
Gross Receipts
$1,525,905
Mission and Program Overview

Mission

Creating and expanding opportunities in education, housing, employment, and healthcare by working together with marketplace & ministry partners and neighbors in West Charlotte to strengthen our community.

We drive holistic family and community transformation through innovative programs and real estate investments in the Freedom Drive corridor.

Balance Sheet Detail
LineBeginningEndChange
Assets
Land, Buildings, and Equipment, Net$940,977$2,113,262▲ $1,172,285
Cash and Non-Interest-Bearing Accounts$741,033$729,353▼ $11,680
Accounts Receivable-$1,294-
Total Assets$1,682,010$2,843,909▲ $1,161,899
Liabilities
Mortgage Notes Payable Secured by Investment Property$250,000$917,623▲ $667,623
Unsecured Notes Loans Payable$377,000$306,216▼ $70,784
Accounts Payable and Accrued Expenses-$14,166-
Total Liabilities$627,000$1,238,005▲ $611,005
Net Assets / Fund Balance
Net Assets Without Donor Restrictions$728,011$1,605,904▲ $877,893
Net Assets With Donor Restrictions$326,999--
Total Net Assets Fund Balance$1,055,010$1,605,904▲ $550,894
Total Liabilities and Net Assets / Fund Balance$1,682,010$2,843,909▲ $1,161,899

Asset Categories

AssetBook ValueDepreciationBasis
Buildings$1,879,412$71,812$1,951,224
Land$212,500-$212,500
Equipment$21,350$2,785$24,135
Compensation and Service Providers
Top Officer Pay57th percentile

Employees

NameTitleFull / Part TimeBaseTotal
Hannah BeaversExecutive DirectorFT$115,000$115,000

Board Members and Trustees

NameTitle
Tim SittemaBoard Chair
David DocusenDirector
Dealva WilsonDirector
Evelyn MinterDirector
John ParkerDirector
Kathleen Bambric MeierDirector of Operations
Mark LinszTreasurer
Revenue and Support

Revenue Composition

Contributions and Grants
$1,514,113
Program Service Revenue
$0
Investment Income
$1
Other Revenue
$11,791
All Other Contributions
$1,514,113
Change in Net Assets
$588,677

Audited Revenue Reconciliation

Revenue per Audited Statements
$1,525,905
Total Revenue per Audited Statements
$1,525,905
Total Revenue per Form 990
$1,525,905
Expenses and Functional Allocation

Major Expense Lines

Line ItemAmount
Salaries, Compensation, and Employee Benefits$542,014
Other Expenses$393,120
Total Fundraising Expense$42,111
Professional Fundraising Fees$2,094
Grants and Similar Amounts Paid$0

Functional Expense Allocation

Line ItemProgramManagementFundraisingTotal
Other Salaries and Wages$310,007$44,036$10,671$364,714
Other Expenses$119,165--$119,165
Current Officers, Directors, Trustees, and Key Employees$97,750$13,800$3,450$115,000
Depreciation Depletion$39,993$5,646$1,412$47,051
All Other Expenses$39,385$5,560$1,390$46,335
Payroll Taxes$32,075$4,258$1,402$37,735
Other Employee Benefits$20,880$2,948$737$24,565
Advertising--$20,559$20,559
Interest-$16,355-$16,355
Office Expenses$11,213$1,583$396$13,192
Conferences and Meetings-$10,975-$10,975
Insurance$9,479--$9,479
Fees for Services Accounting-$8,424-$8,424
Fees for Services Other-$5,170-$5,170
Fees for Services Legal-$3,120-$3,120
Fees for Services Professional Fundraising--$2,094$2,094
Total Functional Expenses$773,242$121,875$42,111$937,228

Audited Expense Reconciliation

Line ItemAmount
Expenses per Audited Statements$937,228
Total Expenses per Audited Statements$937,228
Total Expenses per Form 990$937,228
Fundraising, Events, and Gaming
Fundraising activities
No
Gaming activities
No
Professional fundraiser used
No

Fundraising and Gaming Totals

Line ItemAmount
Professional Fundraising Fees$2,094
Political and Lobbying Activity
Political campaign activity
No
Lobbying activity
No
Subject to proxy tax
No
Governance and Compliance

Governance Checklist

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

Governance Explanations

Form 990 governing body review Part VI line 11

“Form 990 is prepared by an independant accounting firm and is reviewed by management and the board before filing”

CEO executive director top management comp Part VI line 15A

“Annual performance and compensation review of the Executive Director is conducted by the Executive Committee of the Board of Directors”

Other officer or key employee compensation Part VI line 15B

“Officer & Key Employees compensation is reviewed by the Executive Director”

Governing documents etc available to public Part VI line 19

“No additional documents are available to the public”

Filing and Contact Details

Filer

Filer Name
Freedom Communities
EIN
82-2329303
Address
3501 Tuckassgee Road, Charlotte, NC 28208

Signing Officer

Name
Hannah Beavers
Title
Executive Direc
Phone
8572250030
Signed
2022-05-13
Discuss with paid preparer
Yes

Organization Details

Formed
2017
Legal Domicile
Nc
Voting Board Members
7
Independent Board Members
5
Employees
10
Volunteers
200

Preparer

Firm
Cobb Pllc
Address
7427 Mat M Hill Rd 105-180, Charlotte, NC 28227
Preparer
Lionel Sargent
Phone
7045780771
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IRS990/Desc0Family Stability: Freedom Communities Moms Moving Forward program (MMF) takes a holistic andcommunity-based approach to drive upward mobility and family stability for single mothers and theirchildren. During our paid 12 month program, we work simultaneously with each participant and herchild(ren), connecting them to holistic resources as they build a network of support with other families.After launching the program in July of 2020, we have successfully launched 6 cohorts of the programand graduated 3 to date, impacting 282 women and children.
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IRS990/ProgSrvcAccomActy2Grp/Desc0Early Education: We center our programmatic work around a two-generation approach combining parent and child interventions to build family strength and optimal child development. We partner with mothers in our Moms Moving Forward program, linking each mother to holistic resources to support the educational success of her child(ren).Upon learning that the Corridor was a childcare desert for ages 0-3, we partnered with a local leader and preschool provider responsible for generating the best readers in our neighborhood schools to expand her existing center on-site at our Tuck Opportunity Hub.
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IRS990/ProgSrvcAccomActy3Grp/Desc0Housing & Economic Development: We are place-based, intentionally limiting our geographic service area to go deep and work holistically with families. With a tagline of family-centered community transformation, we investsimultaneously in families and in infrastructure so that as families transform, their community does too. Beyond MMF, we continue to invest in the development of the Freedom Drive Corridor to create an environment in which all families can thrive. We have leveraged cross-sector partnerships to create affordable rental and homeownership opportunities.
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IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt0Form 990 is prepared by an independant accounting firm and is reviewed by management and the board before filing
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt1Annual performance and compensation review of the Executive Director is conducted by the Executive Committee of the Board of Directors
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt2Officer & Key Employees compensation is reviewed by the Executive Director
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IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc1CEO executive director top management comp Part VI line 15a
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ReturnHeader/PreparerFirmGrp/PreparerFirmEIN0271507264
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ReturnHeader/PreparerFirmGrp/PreparerUSAddress/AddressLine1Txt07427 Mat M Hill Rd 105-180

Document Assets

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Filings

Displayed year

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

Open filing
Assets
$2,843,909
Liabilities
$1,238,005
Net assets
$1,605,904
Revenue
$1,525,905
Expenses
$937,228
Net income
$588,677
Balance SheetOperations
YearAssetsLiabilitiesNet AssetsRevenueExpensesNet Income
2024Facts available. Structured filing facts are available, but richer extracted sections are limited.$8.80$2.59$6.21$5.06$2.10$2.96
2023Detailed filing. Detailed filing data is available for this year.$6.58$3.33$3.25$2.44$1.91$0.53
2022Detailed filing. Detailed filing data is available for this year.$5.78$3.06$2.72$2.62$1.50$1.12
2021Detailed filing. Detailed filing data is available for this year.$2.84$1.24$1.61$1.53$0.94$0.59
2020Detailed filing. Detailed filing data is available for this year.$1.68$0.63$1.06$1.17$0.62$0.56
2019Summary only. Only limited summary data is available for this year.$1.00$0.50$0.50$0.80$0.34$0.46
2018Detailed filing. Detailed filing data is available for this year.$0.04$0.00$0.04$0.44$0.48$0.03
2017Detailed filing. Detailed filing data is available for this year.$0.07$0.00$0.07$0.12$0.05$0.07