Golden Rule Community Development Corporation
- Assets
- $2.2m
- Revenue
- $85.3k
- Investments
- $0.0
- Employees
- 0
- Location
- Montebello, CA
- Founding
- 06/1993
- Data as of
- 06/2022
- EIN
- 23-7309602
Organization Overview
Golden Rule Community Development Corporation is located in Montebello, CA. The organization was established in 1993. According to its NTEE Classification (L22) the organization is classified as: Senior Citizens Housing & Retirement Communities, under the broad grouping of Housing & Shelter and related organizations. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Golden Rule Community 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 06/2022, Golden Rule Community Development Corporation generated $85.3k in total revenue. This represents relatively stable growth, over the past 7 years the organization has increased revenue by an average of 8.7% each year. All expenses for the organization totaled $605.7k during the year ending 06/2022. 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
INVESTMENT IN THE DEVELOPMENT OF AFFORDABLE HOUSING FOR EXTREMELY-LOW TO MODERATE INCOME HOUSEHOLDS, TO CREATE ECONOMIC OPPORTUNITIES IN THE CITY OF MONTEBELLO AND ITS SURROUNDING COMMUNITIES AND TO SUPPORT SOCIAL JUSTICE AND ENVIRONMENTAL ISSUES.
Describe the Organization's Program Activity:
Part 3 - Line 4a
THE PROPERTY PURCHASED NOV 13, 2017 ON 5TH ST IN MONTEBELLO WAS GIVEN PLAN APPROVAL BY THE CITY OF MONTEBELLO TO BUILD 2 LOW-INCOME HOUSING UNITS ON THE REAR OF THE PROPERTY. BY EARLY 2022, CONSTRUCTION OF THE TWO UNITS WAS 100% COMPLETE, WE GAINED OCCUPANCY PERMITS, AND BOTH UNITS WERE RENTED IN MARCH 2022.WE CONTINUE TO HAVE 100% QUALIFIED OCCUPANCY OF OUR UNITS ON EMMETT WILLIAMS WAY, AND HAVE HAD NO INTERRUPTION OF OUR RENTAL INCOME.LASTLY, WE VOTED, APPROVED, AND DISBURSED A $500,000 GRANT TO THE WHOLE CHILD FAMILY SOLUTIONS ACCESS CENTER FOR FISCAL YEAR ENDED 6/30/2022 REPRESENTING THE SECOND HALF OF OUR LEGACY PROJECT.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Vanessa Sedano Secretary | OfficerTrustee | 1 | $0 |
George Muriel Vice President | OfficerTrustee | 1 | $0 |
Robert Tapia President | OfficerTrustee | 1 | $0 |
Diane Sorensen Treasurer | OfficerTrustee | 1 | $0 |
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 | $84,434 |
| Investment income | $858 |
| 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 | $85,292 |
| Statement of Expenses | |
|---|---|
| Grants and other assistance to domestic organizations and domestic governments. | $500,000 |
| 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 | $101 |
| Fees for services: Accounting | $9,370 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $0 |
| Advertising and promotion | $0 |
| Office expenses | $0 |
| Information technology | $0 |
| Royalties | $0 |
| Occupancy | $17,371 |
| Travel | $0 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $45,357 |
| Interest | $0 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $27,966 |
| Insurance | $5,507 |
| All other expenses | $0 |
| Total functional expenses | $605,672 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $35,831 |
| Savings and temporary cash investments | $434,062 |
| 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 | $200,097 |
| Inventories for sale or use | $0 |
| Prepaid expenses and deferred charges | $0 |
| Net Land, buildings, and equipment | $1,491,625 |
| Investments—publicly traded securities | $0 |
| Investments—other securities | $0 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $0 |
| Total assets | $2,161,615 |
| 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 | $441,557 |
| Unsecured mortgages and notes payable | $0 |
| Other liabilities | $8,467 |
| Total liabilities | $450,024 |
| 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 | $1,711,591 |
| Total liabilities and net assets/fund balances | $2,161,615 |
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