Promise Development Corporation
- Assets
- $7.2m
- Revenue
- $4.3m
- Investments
- $0.0
- Employees
- 38
- Location
- Memphis, TN
- Founding
- 08/2000
- Data as of
- 12/2022
- 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 12/2022, Promise Development Corporation employed 38 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 12/2022, Promise Development Corporation generated $4.3m in total revenue. This organization has experienced exceptional growth, as over the past 6 years, it has increased revenue by an average of 10.6% each year . All expenses for the organization totaled $3.2m during the year ending 12/2022. While expenses have increased by 4.3% per year over the past 6 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
2022
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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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Janice Bennett Vice President | OfficerTrustee | 0 | $0 |
Rodney Sanders Treasurer | OfficerTrustee | 0 | $0 |
Justin Starling President | OfficerTrustee | 0 | $0 |
Cornelius Sanders Executive Director | OfficerTrustee | 30 | $124,307 |
Demetra Keys Member | Trustee | 0 | $0 |
Robert Malone Member | Trustee | 0 | $0 |
Outside Vendors & Contractors
| Vendor Name (Service) | Service Year | Compensation |
|---|---|---|
B&w Excavating Construction | 12/30/22 | $130,875 |
James Ward Maintenance | 12/30/22 | $118,639 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Federated campaigns | $0 |
| Membership dues | $0 |
| Fundraising events | $0 |
| Related organizations | $0 |
| Government grants | $2,962,745 |
| All other contributions, gifts, grants, and similar amounts not included above | $70,019 |
| Noncash contributions included in lines 1a–1f | $0 |
| Total Revenue from Contributions, Gifts, Grants & Similar | $3,032,764 |
| Total Program Service Revenue | $1,241,301 |
| Investment income | $0 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $0 |
| Net Gain/Loss on Asset Sales | $3,500 |
| Net Income from Fundraising Events | $0 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $0 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $4,277,565 |
| 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. | $148,772 |
| Compensation of current officers, directors, key employees. | $0 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $569,902 |
| Pension plan accruals and contributions | $0 |
| Other employee benefits | $39,149 |
| Payroll taxes | $52,970 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $48,887 |
| 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 | $12,378 |
| Office expenses | $0 |
| Information technology | $0 |
| Royalties | $0 |
| Occupancy | $455,998 |
| Travel | $29,336 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $0 |
| Interest | $31,157 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $263,509 |
| Insurance | $135,787 |
| All other expenses | $164,036 |
| Total functional expenses | $3,199,253 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $102,406 |
| Savings and temporary cash investments | $0 |
| Pledges and grants receivable | $69,287 |
| Accounts receivable, net | $0 |
| Loans from Officers, Directors, or Controlling Persons | $6,857 |
| Loans from Disqualified Persons | $0 |
| Notes and loans receivable | $402,882 |
| Inventories for sale or use | $0 |
| Prepaid expenses and deferred charges | $44,307 |
| Net Land, buildings, and equipment | $6,506,699 |
| Investments—publicly traded securities | $0 |
| Investments—other securities | $0 |
| Investments—program-related | $100 |
| Intangible assets | $0 |
| Other assets | $17,685 |
| Total assets | $7,150,223 |
| Accounts payable and accrued expenses | $306,669 |
| 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 | $551,163 |
| Unsecured mortgages and notes payable | $0 |
| Other liabilities | $43,892 |
| Total liabilities | $901,724 |
| Net assets without donor restrictions | $6,248,499 |
| 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 | $7,150,223 |