Bright Community Trust Inc
- Assets
- $14.9m
- Revenue
- $2.1m
- Investments
- $0.0
- Employees
- 6
- Location
- Port Richey, FL
- Founding
- 07/2008
- Data as of
- 12/2023
- EIN
- 26-2352365
Organization Overview
Bright Community Trust Inc is located in Port Richey, FL. The organization was established in 2008. According to its NTEE Classification (L11) the organization is classified as: Single Organization Support, under the broad grouping of Housing & Shelter and related organizations. As of 12/2023, Bright Community Trust Inc employed 6 individuals. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Bright Community Trust Inc 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 12/2023, Bright Community Trust Inc generated $2.1m in total revenue. This represents relatively stable growth, over the past 9 years the organization has increased revenue by an average of 8.2% each year. All expenses for the organization totaled $1.2m during the year ending 12/2023. While expenses have increased by 2.8% per year over the past 9 years. They've been increasing with an increasing level of total revenue. 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
2023
Describe the Organization's Mission:
Part 3 - Line 1
UTILIZE LAND TRUSTS AS A VEHICLE TO FACILITATE THE OWNERSHIP AND DEVELOPMENT OF AFFORDABLE HOUSING.
Describe the Organization's Program Activity:
Part 3 - Line 4a
BRIGHT COMMUNITY TRUST'S FOCUS IS THE DEVELOPMENT OF NEW CONSTRUCTION HOMES FOR RENT OR SALE TO WORK FORCE AND LOWER INCOME FAMILIES. UTILIZING A COMMUNITY LAND TRUST THE PROPERTIES STAY AFFORDABLY ATTAINABLE FOR GENERATIONS. AS A CERTIFIED HUD COUNSELING AGENCY, EDUCATION AND ONGOING MENTORSHIP IS PROVIDED TO THE HOMEBUYER/HOMEOWNER.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Thomas Shelly Chairman | Trustee | 3 | $0 |
Dr Robert Arnold Secretary | Trustee | 2 | $0 |
Clive Kofi Hunt Director | Trustee | 1 | $0 |
Julie Lawrence Director | Trustee | 1 | $0 |
Eddie Pelhamn Director | Trustee | 1 | $0 |
Francis Wells Ceo/president | Officer | 40 | $185,822 |
Outside Vendors & Contractors
| Vendor Name (Service) | Service Year | Compensation |
|---|---|---|
Jm Datum Construction General Contractor | 12/30/19 | $400,415 |
Many Moons Enterprise Inc General Contractor | 12/30/19 | $243,952 |
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 | $885,111 |
| Noncash contributions included in lines 1a–1f | $800,464 |
| Total Revenue from Contributions, Gifts, Grants & Similar | $885,111 |
| Total Program Service Revenue | $703,987 |
| Investment income | $10,860 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $0 |
| Net Gain/Loss on Asset Sales | $591,452 |
| Net Income from Fundraising Events | $0 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | -$113,945 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $2,078,755 |
| 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. | $291,161 |
| Compensation of current officers, directors, key employees. | $22,038 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $139,749 |
| Pension plan accruals and contributions | $0 |
| Other employee benefits | $69,819 |
| Payroll taxes | $39,721 |
| Fees for services: Management | $2,359 |
| Fees for services: Legal | $0 |
| Fees for services: Accounting | $22,000 |
| 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 | $11,841 |
| Information technology | $0 |
| Royalties | $0 |
| Occupancy | $5,100 |
| Travel | $42,105 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $0 |
| Interest | $65,636 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $249,709 |
| Insurance | $20,784 |
| All other expenses | $0 |
| Total functional expenses | $1,169,719 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $907,908 |
| Savings and temporary cash investments | $1,897 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $120 |
| 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 | $13,973,806 |
| Investments—publicly traded securities | $0 |
| Investments—other securities | $0 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $2,800 |
| Total assets | $14,886,531 |
| Accounts payable and accrued expenses | $65,533 |
| 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 | $684,748 |
| Unsecured mortgages and notes payable | $0 |
| Other liabilities | $0 |
| Total liabilities | $750,281 |
| Net assets without donor restrictions | $0 |
| Net assets with donor restrictions | $14,136,250 |
| 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 | $14,886,531 |