Block 3 Community Urban Redevelopment Corporation
- Assets
- $41.3m
- Revenue
- $8.7m
- Investments
- $3.5m
- Employees
- 0
- Location
- Cincinnati, OH
- Founding
- 12/2003
- Data as of
- 07/2023
- EIN
- 14-1873450
Organization Overview
Block 3 Community Urban Redevelopment Corporation is located in Cincinnati, OH. The organization was established in 2003. According to its NTEE Classification (T11) the organization is classified as: Single Organization Support, under the broad grouping of Philanthropy, Voluntarism & Grantmaking Foundations and related organizations. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Block 3 Community Urban Redevelopment Corporation is a 501(c)(3) and as such, is described as a "Charitable or Religous organization or a private foundation" by the IRS.
For the year ending 07/2023, Block 3 Community Urban Redevelopment Corporation generated $8.7m in total revenue. This represents relatively stable growth, over the past 8 years the organization has increased revenue by an average of 2.0% each year. All expenses for the organization totaled $7.1m during the year ending 07/2023. You can explore the organizations financials more deeply in the financial statements section below.
Form
990T
Mission & Program ActivityExcerpts From the 990T Filing
TAX YEAR
2023
Describe the Organization's Mission:
Part 3 - Line 1
REDEVELOPMENT OF BLIGHTED URBAN AREAS BY DEVELOPMENT OF REAL PROPERTY PRIMARILY FOR STUDENT HOUSING.
Describe the Organization's Program Activity:
THE ORGANIZATION ISSUED BONDS PRIMARILY FOR THE CONSTRUCTION OF STUDENT HOUSING. THE EXPENSE REFLECTS THE INTEREST EXPENSE ON THE BONDS AND INTEREST ON THE SUBORDINATE LOAN TO THE UNIVERSITY OF CINCINNATI.
THE ORGANIZATION PROVIDES STUDENT HOUSING FOR STUDENTS OF THE UNIVERSITY OF CINCINNATI. THE ORGANIZATION HAS ATTRACTED A SUBSTANTIAL NUMBER OF STUDENTS WHO RESIDE AT THE ORGANIZATION'S HOUSING FACILITY.
THE ORGANIZATION CONSTRUCTED STUDENT HOUSING. THE EXPENSE REFLECTS THE DEPRECIATION EXPENSE ON THE STUDENT HOUSING BUILDING.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Chip Kussmaul Trustee | Trustee | 1 | $0 |
Daniel Deering President | OfficerTrustee | 1 | $0 |
John Dubois Vice President | OfficerTrustee | 1 | $0 |
Tom Erbeck Secretary | OfficerTrustee | 1 | $0 |
Megan Smith Treasurer | OfficerTrustee | 1 | $0 |
Matthew Bourgeois Director | Officer | 10 | $0 |
Outside Vendors & Contractors
| Vendor Name (Service) | Service Year | Compensation |
|---|---|---|
Education Realty Trust Management Services | 7/30/16 | $246,310 |
Ams Construction Construction | 7/30/16 | $153,964 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Federated campaigns | $0 |
| Membership dues | $0 |
| Fundraising events | $0 |
| Related organizations | $0 |
| Government grants | $0 |
| All other contributions, gifts, grants, and similar amounts not included above | $0 |
| Noncash contributions included in lines 1a–1f | $0 |
| Total Revenue from Contributions, Gifts, Grants & Similar | $0 |
| Total Program Service Revenue | $7,795,500 |
| Investment income | $260,224 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $468,799 |
| Net Gain/Loss on Asset Sales | -$19,224 |
| Net Income from Fundraising Events | $0 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $0 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $8,712,081 |
| Statement of Expenses | |
|---|---|
| Grants and other assistance to domestic organizations and domestic governments. | $0 |
| Grants and other assistance to domestic individuals. | $0 |
| Grants and other assistance to Foreign Orgs/Individuals | $0 |
| Benefits paid to or for members | $0 |
| Compensation of current officers, directors, key employees. | $0 |
| Compensation of current officers, directors, key employees. | $0 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $0 |
| Pension plan accruals and contributions | $0 |
| Other employee benefits | $0 |
| Payroll taxes | $0 |
| Fees for services: Management | $300,003 |
| Fees for services: Legal | $13,651 |
| Fees for services: Accounting | $8,800 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $0 |
| Advertising and promotion | $134 |
| Office expenses | $0 |
| Information technology | $0 |
| Royalties | $0 |
| Occupancy | $1,158,797 |
| Travel | $0 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $0 |
| Interest | $1,807,667 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $1,588,996 |
| Insurance | $176,249 |
| All other expenses | $64,194 |
| Total functional expenses | $7,108,299 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $65,894 |
| Savings and temporary cash investments | $4,343,059 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $27,655 |
| Loans from Officers, Directors, or Controlling Persons | $0 |
| Loans from Disqualified Persons | $0 |
| Notes and loans receivable | $0 |
| Inventories for sale or use | $0 |
| Prepaid expenses and deferred charges | $1,905 |
| Net Land, buildings, and equipment | $33,257,787 |
| Investments—publicly traded securities | $0 |
| Investments—other securities | $3,457,005 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $129,307 |
| Total assets | $41,282,612 |
| Accounts payable and accrued expenses | $816,269 |
| Grants payable | $0 |
| Deferred revenue | $593,096 |
| Tax-exempt bond liabilities | $35,940,000 |
| Escrow or custodial account liability | $0 |
| Loans and other payables to any current Officer, Director, or Controlling Person | $0 |
| Secured mortgages and notes payable | $10,709,712 |
| Unsecured mortgages and notes payable | $248,485 |
| Other liabilities | $2,168,704 |
| Total liabilities | $50,476,266 |
| Net assets without donor restrictions | -$9,193,654 |
| Net assets with donor restrictions | $0 |
| Capital stock or trust principal, or current funds | $0 |
| Paid-in or capital surplus, or land, building, or equipment fund | $0 |
| Retained earnings, endowment, accumulated income, or other funds | $0 |
| Total liabilities and net assets/fund balances | $41,282,612 |