Bright Community Trust Inc
- Assets
- $17.0m
- Revenue
- $2.2m
- Investments
- $0.0
- Employees
- 5
- Location
- Clearwater, FL
- Founding
- 07/2008
- Data as of
- 12/2021
- EIN
- 26-2352365
Organization Overview
Bright Community Trust Inc is located in Clearwater, 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 12/2021, Bright Community Trust Inc employed 5 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 12/2021, Bright Community Trust Inc generated $2.2m in total revenue. This organization has experienced exceptional growth, as over the past 7 years, it has increased revenue by an average of 11.8% each year . All expenses for the organization totaled $1.2m during the year ending 12/2021. While expenses have increased by 3.9% per year over the past 7 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
2021
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 FOCUS IS THE DEVELOPMENT AND REHABILITATION OF DISTRESSED AND FORECLOSED HOMES FOR RENT OR RESALE TO WORK FORCE AND LOWER INCOME FAMILIES. UTILIZING A COMMUNITY LAND TRUST THE PROPERTIES STAY ATTAINABLE FOR GENERATIONS.AS A CERTIFIED HUD COUNSELING AGENCY, EDUCATION AND ONGOING MENTORSHIP IS PROVIDED PREPARING RESIDENTS FOR HOMEOWNERSHIP.
BRIGHT SERVES AS THE MANAGEMENT AGENT FOR A COMMUNITY LAND TRUST WITH CENTRAL FLORIDA REGIONAL HOUSING TRUST, INC. (CFRHT). UNDER THE TERMS OF THE AGREEMENT, BRIGHT IS GOVERNED BY THE CFRHT BOARD PERTAING TO THE OPERATION, DIRECTION, MANAGEMENT, AND SUPERVISION OF CFRHT AND THE HOUSING TRUST PROPERTY. BRIGHT WILL MANAGE THE CURRENT AND FUTURE PROPERTY OF CFRHT IN ACCORDANCE WITH THE MISSION OF BOTH ORGANIZATIONS AND THE OBLIGATIONS UNDER THE MANAGEMENT AGREEMENT WHICH IS TO PROVIDE HOUSING THAT IS SAFE, SECURE, AND AFFORDABLE IN PERPETUITY. CFRHT IS NOW DOING BUSINESS AS HOUSD.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Renee Welch CFO | Officer | 40 | $105,399 |
Francis Wells Ceo/president | Officer | 40 | $78,750 |
Dr Robert Arnold Secretary | Trustee | 2 | $0 |
Eddie Pelham Director (5/11/21-12/31/21) | Trustee | 1 | $0 |
Jillian Bandes Treasurer | Trustee | 2 | $0 |
Thomas Shelly Chairman | Trustee | 3 | $0 |
Outside Vendors & Contractors
| Vendor Name (Service) | Service Year | Compensation |
|---|---|---|
Many Moons Enterprise Inc General Contractor | 12/30/19 | $243,952 |
Jm Datum Construction General Contractor | 12/30/19 | $400,415 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Federated campaigns | $0 |
| Membership dues | $0 |
| Fundraising events | $0 |
| Related organizations | $0 |
| Government grants | $1,141,903 |
| All other contributions, gifts, grants, and similar amounts not included above | $13,251 |
| Noncash contributions included in lines 1a–1f | $976,620 |
| Total Revenue from Contributions, Gifts, Grants & Similar | $1,155,154 |
| Total Program Service Revenue | $1,152,975 |
| Investment income | $308 |
| 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 | -$67,319 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $2,241,118 |
| 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. | $272,079 |
| Compensation of current officers, directors, key employees. | $47,655 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $153,385 |
| Pension plan accruals and contributions | $6,149 |
| Other employee benefits | $24,761 |
| Payroll taxes | $27,212 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $0 |
| Fees for services: Accounting | $23,275 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $45,308 |
| Advertising and promotion | $0 |
| Office expenses | $13,532 |
| Information technology | $5,580 |
| Royalties | $0 |
| Occupancy | $16,049 |
| Travel | $177 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $541 |
| Interest | $0 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $158,018 |
| Insurance | $17,880 |
| All other expenses | $0 |
| Total functional expenses | $1,192,616 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $117,620 |
| Savings and temporary cash investments | $111,859 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $460,297 |
| Loans from Officers, Directors, or Controlling Persons | $0 |
| Loans from Disqualified Persons | $0 |
| Notes and loans receivable | $0 |
| Inventories for sale or use | $10,099 |
| Prepaid expenses and deferred charges | $0 |
| Net Land, buildings, and equipment | $16,318,756 |
| Investments—publicly traded securities | $0 |
| Investments—other securities | $0 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $3,176 |
| Total assets | $17,021,807 |
| Accounts payable and accrued expenses | $416,542 |
| 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 | $2,985,321 |
| Unsecured mortgages and notes payable | $0 |
| Other liabilities | $0 |
| Total liabilities | $3,401,863 |
| Net assets without donor restrictions | $13,619,944 |
| 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 | $17,021,807 |
Grants Recieved
Over the last fiscal year, we have identified 1 grants that Bright Community Trust Inc has recieved totaling $20,000.
| Awarding Organization | Amount |
|---|---|
Datakind Brooklyn, NY PURPOSE: SUBGRANT TO SUPPORT DATA SCIENCE PROJECT | $20,000 |
Peer Organizations
| Organization Name | Assets | Revenue |
|---|---|---|
Vsu Auxiliary Services Real Estatefoundation Inc Valdosta, GA | $163,910,452 | $6,694,353 |
230 John Wesley Dobbs Boulevard Ventures Inc Atlanta, GA | $13,295,834 | $2,161,354 |
Lotus Endowment Fund Inc Miami Beach, FL | $47,005,317 | $1,449,247 |
Suncoast Manor Foundation Inc Orlando, FL | $5,520,358 | $1,508,546 |
University Plaza Properties Inc N Miami Beach, FL | $1,282,739 | $2,034,753 |
Ponce Plaza Properties Inc N Miami Beach, FL | $70,707 | -$7,840,527 |
Early Learning Property Management Inc Atlanta, GA | $26,441,881 | $2,751,537 |
Bright Community Trust Inc Clearwater, FL | $17,021,807 | $2,241,118 |
Arch Plaza Properties Inc N Miami Beach, FL | $36,348 | $836,763 |
Local Community Housing Corporation Tarpon Springs, FL | $1,361,837 | $599,108 |
Lhanc Real Estate Holdings Inc Miami, FL | $34,237 | $680,000 |
Vita Nova Foundation Inc West Palm Beach, FL | $6,061,526 | $128,310 |