Far South Cdc
- Assets
- $4.3m
- Revenue
- $2.7m
- Investments
- $0.0
- Employees
- 25
- Location
- Chicago, IL
- Founding
- 07/1980
- Data as of
- 12/2021
- EIN
- 36-2946248
Organization Overview
Far South Cdc is located in Chicago, IL. The organization was established in 1980. According to its NTEE Classification (S31) the organization is classified as: Urban & Community Economic Development, under the broad grouping of Community Improvement & Capacity Building and related organizations. As of 12/2021, Far South Cdc employed 25 individuals. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Far South Cdc 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, Far South Cdc generated $2.7m in total revenue. This organization has experienced exceptional growth, as over the past 7 years, it has increased revenue by an average of 11.3% each year . All expenses for the organization totaled $2.0m during the year ending 12/2021. While expenses have increased by 7.1% 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
THROUGH PLANNING AND COLLABORATION WITH PRIVATE DEVELOPERS, GOVERNMENTAL ENTITIES AND OTHER STAKE-HOLDERS, THE FAR-SOUTH COMMUNITY DEVELOPMENT CORPORATION (FAR SOUTH CDC)STRIVES TO FACILITATE AND FOSTER QUALITY RETAIL BUSINESSES THAT WILL MEET THE NEEDS OF THE COMMUNITY, NEW INDUSTRIAL USES, AND NEW REHABILITATED COMMERCIAL AND RESIDENTIAL REAL ESTATE DEVELOPMENTS THAT WILL CREATE JOBS AND IMPROVE THE QUALITY OF LIFE FOR ALL PEOPLE WHO LIVE AND WORK IN ITS SERVICE AREA.
Describe the Organization's Program Activity:
Part 3 - Line 4a
FAR SOUTH CDC'S STRIVES TO FACILITATE AND FOSTER QUALITY RETAIL BUSINESSES THAT WILL MEET THE NEEDS OF THE COMMUNITY; THROUGH PLANNING AND COLLABORATION WITH PRIVATE DEVELOPERS, GOVERNMENTAL ENTITIES AND OTHER STAKE-HOLDERS, NEW INDUSTRIAL USES, AND NEW REHABILITATED COMMERCIAL AND RESIDENTIAL REAL ESTATE DEVELOPMENTS THAT WILL CREATE JOBS AND IMPROVE THE QUALITY OF LIFE FOR ALL PEOPLE WHO LIVE AND WORK IN ITS SERVICE AREA.
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PDF Copies of 990 Filings
Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Abraham Lacy Executive Dir. | Officer | 40 | $104,912 |
Yolanda Richards-Albert Chairman | Trustee | 10 | $0 |
Chester Bell Jr Director | Trustee | 5 | $0 |
Dennis O'malley Treasurer | Trustee | 5 | $0 |
James Gilliam Director | Trustee | 5 | $0 |
Rev Leonardo Gilbert Director | Trustee | 5 | $0 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Federated campaigns | $0 |
| Membership dues | $0 |
| Fundraising events | $0 |
| Related organizations | $0 |
| Government grants | $1,435,093 |
| All other contributions, gifts, grants, and similar amounts not included above | $1,253,596 |
| Noncash contributions included in lines 1a–1f | $0 |
| Total Revenue from Contributions, Gifts, Grants & Similar | $2,688,689 |
| Total Program Service Revenue | $6,098 |
| Investment income | $0 |
| 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 | $0 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $2,694,787 |
| 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. | $104,912 |
| Compensation of current officers, directors, key employees. | $83,591 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $1,052,253 |
| Pension plan accruals and contributions | $0 |
| Other employee benefits | $0 |
| Payroll taxes | $0 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $0 |
| 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 | $372,673 |
| Advertising and promotion | $38,416 |
| Office expenses | $31,479 |
| Information technology | $0 |
| Royalties | $0 |
| Occupancy | $165,471 |
| Travel | $0 |
| 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 | $15,809 |
| Insurance | $11,259 |
| All other expenses | $36,290 |
| Total functional expenses | $2,032,945 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $621,622 |
| Savings and temporary cash investments | $0 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $545,608 |
| Loans from Officers, Directors, or Controlling Persons | $0 |
| Loans from Disqualified Persons | $0 |
| Notes and loans receivable | $2,390 |
| Inventories for sale or use | $443,231 |
| Prepaid expenses and deferred charges | $3,495 |
| Net Land, buildings, and equipment | $2,533,486 |
| Investments—publicly traded securities | $0 |
| Investments—other securities | $0 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $153,242 |
| Total assets | $4,303,074 |
| Accounts payable and accrued expenses | $498,224 |
| 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 | $458,672 |
| Unsecured mortgages and notes payable | $0 |
| Other liabilities | $63,408 |
| Total liabilities | $1,020,304 |
| Net assets without donor restrictions | $3,282,770 |
| 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 | $4,303,074 |
Grants Awarded
Over the last fiscal year, Far South Cdc has awarded $47,500 in support to 2 organizations.
| Grant Recipient | Amount |
|---|---|
Chicago, IL PURPOSE: WORKFORCE DEVELOPMENT | $30,000 |
OLIVE HARVEY COLLEGE PURPOSE: WORKFORCE DEVELOPMENT GRANT | $17,500 |
Grants Recieved
Over the last fiscal year, we have identified 3 grants that Far South Cdc has recieved totaling $567,338.
| Awarding Organization | Amount |
|---|---|
Citi Foundation New York, NY PURPOSE: SMALL BUSINESS TECHNICAL ASSISTANCE INITIATIVE | $500,000 |
Local Initiatives Support Corporation New York, NY PURPOSE: SEE PART IV | $60,000 |
Housing Action Illinois Chicago, IL PURPOSE: Pass through grant for HUD Comprehensive Housing Counseling Program. | $7,338 |
Peer Organizations
| Organization Name | Assets | Revenue |
|---|---|---|
Iec Hotel Corporation West Des Moines, IA | $103,529,195 | $16,531,928 |
Milwaukee Economic Development Corp Milwaukee, WI | $129,937,785 | $4,507,113 |
The Center Of Workforce Innovations Inc Valparaiso, IN | $2,958,255 | $14,608,336 |
Black Hawk County Gaming Assoc Waterloo, IA | $18,246,475 | $5,898,126 |
World Business Chicago Chicago, IL | $9,302,792 | $9,942,081 |
Enlace Chicago Chicago, IL | $7,912,354 | $9,016,287 |
West Central Indiana Economic Development District Inc Terre Haute, IN | $2,629,970 | $4,624,225 |
Common Wealth Development Inc Madison, WI | $16,900,042 | $3,774,568 |
Evansville Vanderburgh County Convention & Visitors Bureau Inc Evansville, IN | $5,490,585 | $3,551,749 |
Milwaukee Urban Strategic Investment Corp Milwaukee, WI | $23,035,863 | $4,044,506 |
Far South Cdc Chicago, IL | $4,303,074 | $2,694,787 |
Northwest Side Community Development Corporation Milwaukee, WI | $11,140,702 | $4,254,876 |