Hammond Development Corporation
- Assets
- $1.7m
- Revenue
- $1.0m
- Investments
- $0.0
- Employees
- 7
- Location
- Hammond, IN
- Founding
- 06/1998
- Data as of
- 12/2021
- EIN
- 35-1581423
Organization Overview
Hammond Development Corporation is located in Hammond, IN. The organization was established in 1998. According to its NTEE Classification (S21) the organization is classified as: Community Coalitions, under the broad grouping of Community Improvement & Capacity Building and related organizations. As of 12/2021, Hammond Development Corporation employed 7 individuals. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Hammond 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, Hammond Development Corporation generated $1.0m in total revenue. This represents relatively stable growth, over the past 7 years the organization has increased revenue by an average of 8.6% each year. All expenses for the organization totaled $2.1m 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
PROVIDE EDUCATION AND ASSISTANCE TO MINORITY AND WOMEN BASED BUSINESS AND TO REHAB BUILDINGS IN BLIGHTED DOWNTOWN HAMMOND, INDIANA TO PROVIDE BUSINESS SPACE FOR WBE/MBES.
Describe the Organization's Program Activity:
Part 3 - Line 4a
HDC EXPANDED ITS SMALL BUSINESS INCUBATOR PLAN BY ACQUIRING ABANDONED AND VACANT BUILDINGS IN THE DOWNTOWN HAMMOND AREA THROUGH GRANTS FROM THE CITY OF HAMMOND AND CONTRIBUTIONS FROM AREA BUSINESSES. HDC REHABILITATED CERTAIN BUILDINGS TO MAKE USEABLE BUSINESS SPACE AVAILABLE THROUGH RENTAL AGREEMENTS AND OUTRIGHT SALES TO FLEDGLING BUSINESSES THAT ARE NOT ABLE TO AFFORD SUCH SPACE AT CURRENT MARKET PRICES, NOR WOULD THE BUSINESSES BE ABLE TO AFFORD TO RENOVATE THE ABANDONED SPACES TO MAKE THEM BUSINESS READY. ONE OF HDC'S MAIN INITIATIVES HAS BEEN TO ATTRACT NEW HIGH-TECH INTERNET START-UP FIRMS TO DOWNTOWN HAMMOND TO REPLACE AND SUPPLEMENT THE RUST BELT INDUSTRIES THAT ONCE AND STILL DOMINATE THE LOCAL ECONOMY.ON JULY 1, 1997, HDC CREATED ITS BUSINESS BUILDERS PROGRAM TO SUPPORT THE CITY OF HAMMOND'S "INCUBATOR PLAN". THE PURPOSE OF THE INCUBATOR PLAN IS TO ASSIST HAMMOND-BASED WOMEN AND MINORITY OWNED BUSINESS ENTERPRISES. THE PROGRAM INCLUDES A REVOLVING LOAN ARRANGEMENT AND EDUCATIONAL PROGRAMS AND ACTIVITIES.
ON JUNE 12, 2018, GRANTS PROVIDED BY HAMMOND PORT AUTHORITY AND THE CITY OF HAMMOND WERE PLACED INTO A RESTRICTED ACCOUNT FOR THE USE OF MANAGING CERTAIN VISUAL AND PERFORMING MUSICAL AND ENTERTAINMENT ACTS AT THE WOLF LAKE PAVILION IN HAMMOND, INDIANA. THIS PROGRAM ENCOURAGES TOURISM WITH THE PROVISION OF FREE CONCERT EVENTS. THE PURPOSE OF THE GRANT IS THE INTENTION THAT REVENUE FROM THE MUSICAL AND ENTERTAINMENT ACTS WILL REPLENISH AND WILL CONTINUE TO BE USED FOR THIS PURPOSE IN PERPETUITY.
ON OCTOBER 1, 2010, HDC TOOK OVER THE HAMMOND INNOVATION CENTER (HIC) FROM PURDUE UNIVERSITY CALUMET TO SUPPORT THE CITY OF HAMMOND'S MAIN INITIATIVE OF ATTRACTING NEW HIGH-TECH START-UP FIRMS TO DOWNTOWN HAMMOND. THE PROGRAM INCLUDES PROVIDING COMPETITIVELY PRICED OFFICE SPACE INCLUDING A BUILT-IN INFRASTRUCTURE OF SERVICES AS WELL AS THE NECESSARY BUSINESS RESOURCES TO ASSIST IN THE SUCCESSFUL OPERATION OF START-UP BUSINESSES.THE HUB OF INNOVATION IS AN EXTENSION OF THE HAMMOND INNOVATION CENTER BUT IS A NEW AVENUE FOR CULTIVATING BUSINESS AND JOB CREATION THROUGH INTERNSHIP OPPORTUNITIES. THIS SITE FOCUSES ON INTRODUCING UNIVERSITY INTERNS TO BUSINESS TENANTS AND CONTRACT PARTNERSHIPS.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
David Ryan Trustee | Trustee | 2 | $0 |
Monica Garcia Secretary | OfficerTrustee | 2 | $0 |
Alexis Williams Trustee | OfficerTrustee | 4 | $0 |
Karen Maravilla Trustee | Trustee | 2 | $0 |
Scott Yahne Trustee | Trustee | 2 | $0 |
Phillip Taillon President | OfficerTrustee | 4 | $0 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Total Revenue from Contributions, Gifts, Grants & Similar | $587,595 |
| Investment income | $5,761 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $0 |
| Net Gain/Loss on Asset Sales | -$14,935 |
| Net Income from Fundraising Events | $0 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $0 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $1,032,224 |
| Statement of Expenses | |
|---|---|
| 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. | $67,626 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $82,727 |
| Pension plan accruals and contributions | $4,816 |
| Other employee benefits | $45,199 |
| Payroll taxes | $17,436 |
| Fees for services: Management | $7,190 |
| Fees for services: Legal | $10,958 |
| Fees for services: Accounting | $41,664 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $13,560 |
| Advertising and promotion | $0 |
| Office expenses | $47,326 |
| Information technology | $0 |
| Royalties | $0 |
| Occupancy | $228,391 |
| Travel | $80 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $0 |
| Interest | $0 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $53,314 |
| Insurance | $132,755 |
| All other expenses | $0 |
| Total functional expenses | $2,082,749 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $0 |
| Savings and temporary cash investments | $631,441 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $468 |
| Loans from Officers, Directors, or Controlling Persons | $0 |
| Loans from Disqualified Persons | $0 |
| Notes and loans receivable | $41,031 |
| Inventories for sale or use | $0 |
| Prepaid expenses and deferred charges | $125,106 |
| Investments—publicly traded securities | $0 |
| Investments—other securities | $0 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $0 |
| Total assets | $1,716,053 |
| Accounts payable and accrued expenses | $17,853 |
| Grants payable | $0 |
| Deferred revenue | $4,120 |
| 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 | $0 |
| Unsecured mortgages and notes payable | $0 |
| Other liabilities | $169,676 |
| Total liabilities | $191,649 |
| Net assets without donor restrictions | $1,368,883 |
| Net assets with donor restrictions | $155,521 |
| Capital stock or trust principal, or current funds | $0 |
| Paid-in or capital surplus, or land, building, or equipment fund | $0 |
| Total liabilities and net assets/fund balances | $1,524,404 |