Promise Development Corporation
- Assets
- $5.8m
- Revenue
- $3.0m
- Investments
- $0.0
- Employees
- 35
- Location
- Memphis, TN
- Founding
- 08/2000
- Data as of
- 12/2021
- EIN
- 31-1708526
Organization Overview
Promise Development Corporation is located in Memphis, TN. The organization was established in 2000. According to its NTEE Classification (L25) the organization is classified as: Housing Rehabilitation, under the broad grouping of Housing & Shelter and related organizations. As of 12/2021, Promise Development Corporation employed 35 individuals. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Promise 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, Promise Development Corporation generated $3.0m in total revenue. This represents relatively stable growth, over the past 7 years the organization has increased revenue by an average of 2.6% each year. All expenses for the organization totaled $3.0m 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
TO ENHANCE THE QUALITY OF LIFE THROUGH CREATING AND PRESERVING HOUSING, PROMOTING ECONOMIC DEVELOPMENT OPPORTUNITIES AND ENCOURAGING COMMUNITY LIFE.
Describe the Organization's Program Activity:
Part 3 - Line 4a
PROVIDED AFFORDABLE HOUSING TO 160 CLIENTS IN THE NORTH MEMPHIS COMMUNITY. OUR WHOLLY-OWNED SUBSIDIARY, HARMONY WOODS, L.P., PROVIDED AFFORDABLE HOUSING TO 80 TENANTS. WE ALSO MANAGE APRIL WOODS APARTMENTS AND CYPRESS GARDENS, WHICH CONSIST OF 118 UNITS AND 24 UNITS.
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PDF Copies of 990 Filings
Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Cornelius Sanders Executive Director | OfficerTrustee | 60 | $96,660 |
Marcie Fisher Secretary | OfficerTrustee | 40 | $46,711 |
Glenda Johnson Vice President | OfficerTrustee | 0 | $0 |
Justin Starling President | OfficerTrustee | 0 | $0 |
Janice Bennett Treasurer | OfficerTrustee | 0 | $0 |
Rodney Sanders Member | Trustee | 0 | $0 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Federated campaigns | $0 |
| Membership dues | $0 |
| Fundraising events | $0 |
| Related organizations | $0 |
| Government grants | $1,555,050 |
| All other contributions, gifts, grants, and similar amounts not included above | $115,017 |
| Noncash contributions included in lines 1a–1f | $0 |
| Total Revenue from Contributions, Gifts, Grants & Similar | $1,670,067 |
| Total Program Service Revenue | $1,386,817 |
| Investment income | $0 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $0 |
| Net Gain/Loss on Asset Sales | -$22,988 |
| Net Income from Fundraising Events | $0 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $0 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $3,033,896 |
| 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. | $147,286 |
| Compensation of current officers, directors, key employees. | $0 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $565,849 |
| Pension plan accruals and contributions | $0 |
| Other employee benefits | $46,902 |
| Payroll taxes | $58,622 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $78,669 |
| Fees for services: Accounting | $0 |
| 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 | $379,544 |
| Travel | $27,103 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $0 |
| Interest | $41,013 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $260,443 |
| Insurance | $131,722 |
| All other expenses | $207,908 |
| Total functional expenses | $2,975,229 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $114,161 |
| Savings and temporary cash investments | $0 |
| Pledges and grants receivable | $117,607 |
| Accounts receivable, net | $99,525 |
| Loans from Officers, Directors, or Controlling Persons | $6,857 |
| Loans from Disqualified Persons | $0 |
| Notes and loans receivable | $99,444 |
| Inventories for sale or use | $0 |
| Prepaid expenses and deferred charges | $4,310 |
| Net Land, buildings, and equipment | $5,370,208 |
| Investments—publicly traded securities | $0 |
| Investments—other securities | $0 |
| Investments—program-related | $100 |
| Intangible assets | $0 |
| Other assets | $10,865 |
| Total assets | $5,823,077 |
| Accounts payable and accrued expenses | $37,875 |
| 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 | $582,840 |
| Unsecured mortgages and notes payable | $0 |
| Other liabilities | $32,175 |
| Total liabilities | $652,890 |
| Net assets without donor restrictions | $5,170,187 |
| 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 | $5,823,077 |
Grants Recieved
Over the last fiscal year, we have identified 1 grants that Promise Development Corporation has recieved totaling $8,000.
| Awarding Organization | Amount |
|---|---|
Community Foundation Of Greater Memphis Inc Memphis, TN PURPOSE: GENERAL OPERATIONAL SUPPORT | $8,000 |
Peer Organizations
| Organization Name | Assets | Revenue |
|---|---|---|
Beyond Housing Inc Pine Lawn, MO | $38,518,173 | $15,419,086 |
Habitat For Humanity Of The Mississippi Gulf Coast Inc Gulfport, MS | $25,008,031 | $3,694,926 |
Dhic Inc Raleigh, NC | $31,965,470 | $6,009,696 |
Habitat For Humanity International Leesburg, VA | $1,817,454 | $3,499,520 |
Promise Development Corporation Memphis, TN | $5,823,077 | $3,033,896 |
Habitat For Humanity International Inc Fredericksburg, VA | $1,919,221 | $2,299,173 |
Housing Oriented Ministries Established For Services Inc Whitesburg, KY | $4,625,979 | $1,907,969 |
Heartland Independent Living Center Owensville, MO | $2,130,293 | $2,069,322 |
Crossroads Corp For Affordable Housing And Community Dev Inc Charlotte, NC | $3,590,675 | $1,496,977 |
The Housing Partnership Inc St Louis, MO | $1,880,533 | $971,666 |
Millbrook Homes Inc Winstonsalem, NC | $1,657,494 | $820,182 |
Hampton Roads Housing Assistants Inc Chesapeake, VA | $311,808 | $1,030,750 |