Regenesis Community Developement Corporation
- Assets
- $1.9m
- Revenue
- $69.8k
- Investments
- $0.0
- Employees
- 3
- Location
- Spartanburg, SC
- Founding
- 10/2004
- Data as of
- 12/2022
- EIN
- 20-0726974
Organization Overview
Regenesis Community Developement Corporation is located in Spartanburg, SC. The organization was established in 2004. According to its NTEE Classification (L20) the organization is classified as: Housing Development, Construction & Management, under the broad grouping of Housing & Shelter and related organizations. As of 12/2022, Regenesis Community Developement Corporation employed 3 individuals. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Regenesis Community Developement 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 12/2022, Regenesis Community Developement Corporation generated $69.8k in total revenue. This represents a relatively dramatic decline in revenue. Over the past 7 years, the organization has seen revenues fall by an average of (7.8%) each year. All expenses for the organization totaled $159.4k during the year ending 12/2022. As we would expect to see with falling revenues, expenses have declined by (8.0%) per year over the past 7 years. 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
2022
Describe the Organization's Mission:
Part 3 - Line 1
THIS CORPORATION IS ORGANIZED AS A NON-PROFIT ORGANIZATION WHICH WILL OPERATE EXCLUSIVELY FOR CHARITABLE PURPOSES; INCLUDING BUT NOT LIMITED TO DIRECTLY AND INDIRECTLY, TO DEVELOP, OWN, MANAGE, BUY AND SELL AFFORDABLE HOUSING IN AND AROUND THE CITY OF SPARTANBURG. A. TO IMPROVE COMMUNITIES IN AND AROUND THE CITY OF SPARTANBURG BY PROVIDING SAFE AND AFFORDABLE HOUSING AND A SUITABLE LIVING ENVIRONMENT, PRINCIPALLY FOR PERSONS OF LOW TO VERY LOW INCOMES. B. TO CONDUCT AND SUPPORT ACTIVITIES THAT WILL EXPAND AND PROMOTE ECONOMIC OPPORTUNITIES, COMMUNITY DEVELOPMENT AND COMMUNITY REVITALIZATION, PRINCIPALLY FOR PERSONS OF LOW TO VERY LOW INCOMES. C. TO COMBAT COMMUNITY DETERIORATION THROUGH RESIDENTIAL DEVELOPMENT AND REVITALIZATION, COMMERCIAL DEVELOPMENT AND REVITALIZATION, ECONOMIC DEVELOPMENT, AND HISTORIC PRESERVATION. D. TO SUPPORT CONDUCT SUCH OTHER AND FURTHER ACTIVITIES THAT MAY PROMOTE HOUSING, ECONOMIC DEVELOPMENT, NEIGHBORHOOD REVITALIZATION, HISTORIC PRESERVATION, AND COMMUNIT
Describe the Organization's Program Activity:
Part 3 - Line 4a
COUNSELED NEW HOMEOWNERS ABOUT HOMEOWNERSHIP. RENTED HOUSING TO LOW-INCOME TENANTS, SOME OF WHICH ARE UNDER LEASE PURCHASE OPTIONS.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Miller Cunningham Chairman | OfficerTrustee | 2 | $0 |
Crystal Holmes Secretary/tr | OfficerTrustee | 2 | $0 |
Elizabeth Mitchell Board Member | Trustee | 2 | $0 |
Tammy Spann Past Chairma | Trustee | 2 | $0 |
Rodman Tullis Board Member | Trustee | 2 | $0 |
Harold Mitchell Executive Di | Officer | 16 | $0 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Federated campaigns | $0 |
| Membership dues | $0 |
| Fundraising events | $0 |
| Related organizations | $0 |
| Government grants | $641 |
| All other contributions, gifts, grants, and similar amounts not included above | $1,045 |
| Noncash contributions included in lines 1a–1f | $0 |
| Total Revenue from Contributions, Gifts, Grants & Similar | $1,686 |
| Total Program Service Revenue | $65,886 |
| Investment income | $2,199 |
| 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 | $69,771 |
| 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 | $56,209 |
| Pension plan accruals and contributions | $0 |
| Other employee benefits | $0 |
| Payroll taxes | $5,061 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $46 |
| Fees for services: Accounting | $6,547 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $26,735 |
| Advertising and promotion | $0 |
| Office expenses | $3,360 |
| Information technology | $0 |
| Royalties | $0 |
| Occupancy | $12,000 |
| Travel | $0 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $123 |
| Interest | $419 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $16,878 |
| Insurance | $12,207 |
| All other expenses | $523 |
| Total functional expenses | $159,439 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $50,750 |
| Savings and temporary cash investments | $0 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $652,959 |
| Loans from Officers, Directors, or Controlling Persons | $0 |
| Loans from Disqualified Persons | $0 |
| Notes and loans receivable | $0 |
| Inventories for sale or use | $617,775 |
| Prepaid expenses and deferred charges | $2,250 |
| Net Land, buildings, and equipment | $533,246 |
| Investments—publicly traded securities | $0 |
| Investments—other securities | $0 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $0 |
| Total assets | $1,856,980 |
| Accounts payable and accrued expenses | $72,961 |
| Grants payable | $0 |
| Deferred revenue | $0 |
| Tax-exempt bond liabilities | $0 |
| Escrow or custodial account liability | $282,607 |
| Loans and other payables to any current Officer, Director, or Controlling Person | $0 |
| Secured mortgages and notes payable | $539,264 |
| Unsecured mortgages and notes payable | $0 |
| Other liabilities | $378,112 |
| Total liabilities | $1,272,944 |
| Net assets without donor restrictions | $584,036 |
| 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 | $1,856,980 |