University Neighborhoods Development Corporation
- Assets
- $24.0k
- Revenue
- $527.1k
- Investments
- $0.0
- Employees
- 0
- Location
- Memphis, TN
- Founding
- 09/2004
- Data as of
- 12/2021
- EIN
- 20-0187700
Organization Overview
University Neighborhoods Development Corporation is located in Memphis, TN. The organization was established in 2004. According to its NTEE Classification (S31) the organization is classified as: Urban & Community Economic Development, under the broad grouping of Community Improvement & Capacity Building and related organizations. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. University Neighborhoods Development 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 12/2021, University Neighborhoods Development Corporation generated $527.1k in total revenue. This organization has experienced exceptional growth, as over the past 6 years, it has increased revenue by an average of 33.4% each year . All expenses for the organization totaled $531.4k during the year ending 12/2021. You can explore the organizations financials more deeply in the financial statements section below.
Form
990
Mission & Program ActivityExcerpts From the 990 Filing
TAX YEAR
2021
Describe the Organization's Mission:
Part 3 - Line 1
SEE SCHEDULE O
Describe the Organization's Program Activity:
Part 3 - Line 4a
THE UNDC PARTNERED WITH ARCHITECTS AND THE CITY OF MEMPHIS TO CREATE A TAX INCREMENT FINANCE (TIF) DISTRICT AROUND THE UNIVERSITY OF MEMPHIS AREA. THE PROJECT WOULD PROMOTE STUDENT WALKABILITY, ENGAGE STUDENTS IN COMMUNITY LIFE, AND RETAIN TALENT IN MEMPHIS. IN ADDITION, THE PROJECT WOULD ATTRACT NEW BUSINESS TO THE AREA AND INCREASE PROPERTY VALUES.
THE UNDC PARNTERED WITH HOSPITALITY HUB TO EXPAND THE WORK LOCAL PROGRAM. THE PROGRAM IS DESIGNED TO IMPROVE THE COMMUNITY THROUGH JOB ACCESS AND BLIGHT REDUCTION. WORKERS ARE PROVIDED WITH A DAY'S WAGES, A MEAL, AND ADDITIONAL SERVICES & COUNSELING AS NEEDED.
THE UNDC PROVIDES GRANTS TO MEMPHIS AREA ORGANIZATIONS THAT SUPPORT A SIMILAR MISSION TO BUILD A THRIVING CAMPUS AND COMMUNITY ENVIRONMENT, FREE OF LITTER AND BLIGHT.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Michael Keeney President | OfficerTrustee | 1 | $0 |
Matthew Prince Vice President | OfficerTrustee | 1 | $0 |
Zach Terhune Treasurer | OfficerTrustee | 1 | $0 |
Cecil Humphreys Jr Secretary | OfficerTrustee | 1 | $0 |
Greg Dotson Director | Trustee | 1 | $0 |
Douglas Edwards Director | Trustee | 1 | $0 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Federated campaigns | $0 |
| Membership dues | $0 |
| Fundraising events | $0 |
| Related organizations | $0 |
| Government grants | $485,317 |
| All other contributions, gifts, grants, and similar amounts not included above | $41,631 |
| Noncash contributions included in lines 1a–1f | $0 |
| Total Revenue from Contributions, Gifts, Grants & Similar | $526,948 |
| Total Program Service Revenue | $0 |
| Investment income | $155 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $0 |
| Net Gain/Loss on Asset Sales | $0 |
| Net Income from Fundraising Events | $0 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $0 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $527,103 |
| 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 | $0 |
| Fees for services: Legal | $63,098 |
| Fees for services: Accounting | $2,000 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $461,150 |
| Advertising and promotion | $0 |
| Office expenses | $76 |
| Information technology | $158 |
| Royalties | $0 |
| Occupancy | $0 |
| Travel | $0 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $0 |
| Interest | $0 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $0 |
| Insurance | $800 |
| All other expenses | $0 |
| Total functional expenses | $531,398 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $23,971 |
| Savings and temporary cash investments | $0 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $0 |
| 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 | $0 |
| Net Land, buildings, and equipment | $0 |
| Investments—publicly traded securities | $0 |
| Investments—other securities | $0 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $0 |
| Total assets | $23,971 |
| Accounts payable and accrued expenses | $0 |
| Grants payable | $0 |
| Deferred revenue | $0 |
| Tax-exempt bond liabilities | $0 |
| Escrow or custodial account liability | $0 |
| Loans and other payables to any current Officer, Director, or Controlling Person | $0 |
| Secured mortgages and notes payable | $0 |
| Unsecured mortgages and notes payable | $0 |
| Other liabilities | $0 |
| Total liabilities | $0 |
| Net assets without donor restrictions | $0 |
| 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 | $23,971 |
| Total liabilities and net assets/fund balances | $23,971 |