Turnstone Development Corporation
- Assets
- $22.8m
- Revenue
- $782.3k
- Investments
- $0.0
- Employees
- 4
- Location
- Northlake, IL
- Founding
- 06/1999
- Data as of
- 12/2021
- EIN
- 36-3105849
Organization Overview
Turnstone Development Corporation is located in Northlake, IL. The organization was established in 1999. According to its NTEE Classification (L20) the organization is classified as: Housing Development, Construction & Management, under the broad grouping of Housing & Shelter and related organizations. As of 12/2021, Turnstone Development Corporation employed 4 individuals. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Turnstone 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, Turnstone Development Corporation generated $782.3k in total revenue. This represents a relatively dramatic decline in revenue. Over the past 7 years, the organization has seen revenues fall by an average of (10.1%) each year. All expenses for the organization totaled $1.4m 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 PROVIDE AFFORDABLE HOUSING OPPORTUNITIES FOR FAMILIES IN NEED OF HOUSING ASSISTANCE THROUGHOUT THE UNITED STATES.
Describe the Organization's Program Activity:
Part 3 - Line 4a
TO PROVIDE AFFORDABLE HOUSING DEVELOPMENT IN ACCORDANCE WITH ILLINOIS AND FEDERAL NFP LAWS.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
William Schneider Former Exec. Dir & Asst. Sec | 40 | $322,782 | |
Susan Wiemer Interim Executive Director | Officer | 40 | $214,518 |
Linford Coleman Vice Chairman | OfficerTrustee | 0.5 | $3,750 |
Mazzone Jackson Secretary | OfficerTrustee | 0.5 | $3,750 |
Elzie Higginbottom Treasurer | OfficerTrustee | 0.5 | $3,750 |
Audrey R Peeples Chairperson | OfficerTrustee | 0.5 | $3,750 |
Outside Vendors & Contractors
| Vendor Name (Service) | Service Year | Compensation |
|---|---|---|
Alison Colvard Consulting | 12/30/21 | $117,398 |
Cross Architects Plc Architecture Consult | 12/30/21 | $347,535 |
Michael A Hartman Consulting | 12/30/21 | $127,629 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Federated campaigns | $0 |
| Membership dues | $0 |
| Fundraising events | $0 |
| Related organizations | $0 |
| Government grants | $87,000 |
| All other contributions, gifts, grants, and similar amounts not included above | $25,000 |
| Noncash contributions included in lines 1a–1f | $0 |
| Total Revenue from Contributions, Gifts, Grants & Similar | $112,000 |
| Total Program Service Revenue | $1,319,717 |
| Investment income | $69,102 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | -$340,388 |
| 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 | $782,300 |
| 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. | $537,800 |
| Compensation of current officers, directors, key employees. | $0 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $87,259 |
| Pension plan accruals and contributions | $0 |
| Other employee benefits | $107,134 |
| Payroll taxes | $64,322 |
| 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 | $0 |
| Advertising and promotion | $0 |
| Office expenses | $0 |
| Information technology | $0 |
| Royalties | $0 |
| Occupancy | $0 |
| 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 | $0 |
| Insurance | $0 |
| All other expenses | $3,220 |
| Total functional expenses | $1,371,551 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $3,784,564 |
| Savings and temporary cash investments | $0 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $25,366 |
| Loans from Officers, Directors, or Controlling Persons | $0 |
| Loans from Disqualified Persons | $0 |
| Notes and loans receivable | $0 |
| Inventories for sale or use | $0 |
| Prepaid expenses and deferred charges | $23,966 |
| Net Land, buildings, and equipment | $6,671,995 |
| Investments—publicly traded securities | $0 |
| Investments—other securities | $0 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $12,301,666 |
| Total assets | $22,807,557 |
| Accounts payable and accrued expenses | $132,021 |
| 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 | $6,574,153 |
| Unsecured mortgages and notes payable | $0 |
| Other liabilities | $1,146,804 |
| Total liabilities | $7,852,978 |
| Net assets without donor restrictions | $14,954,579 |
| 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 | $22,807,557 |
Grants Recieved
Over the last fiscal year, we have identified 3 grants that Turnstone Development Corporation has recieved totaling $56,670.
| Awarding Organization | Amount |
|---|---|
Enterprise Community Partners Inc Columbia, MD PURPOSE: CAPACITY BUILDING | $26,670 |
Community Foundation For Mchenry County Crystal Lake, IL PURPOSE: General Operating Support | $15,000 |
Community Foundation For Mchenry County Crystal Lake, IL PURPOSE: General Operating Support | $15,000 |
Peer Organizations
| Organization Name | Assets | Revenue |
|---|---|---|
North East Community Action Corporation Bowling Green, MO | $19,489,309 | $16,722,475 |
Affordable Housing Development Fund Inc Rockford, IL | $87,465,066 | $18,557,415 |
Chicago Low Income Housing Trust Fund Chicago, IL | $68,435,328 | $24,410,244 |
Interfaith Housing Development Corporation Of Chicago Chicago, IL | $13,790,371 | $15,355,980 |
European American Association Chicago, IL | $18,209,689 | $14,984,488 |
Milwaukee Habitat For Humanity Milwaukee, WI | $24,987,795 | $20,382,762 |
Hispanic Housing Development Corp Chicago, IL | $88,735,655 | $15,154,061 |
Habitat For Humanity International Inc Des Moines, IA | $24,118,438 | $12,529,342 |
Residential Options Inc Alton, IL | $11,785,898 | $11,284,358 |
Habitat For Humanity International Inc Indianapolis, IN | $27,221,776 | $14,208,425 |
Oak Park Residence Corp Oak Park, IL | $43,726,959 | $10,429,189 |
Affordable Housing Partners Inc Carmel, IN | $150,650,716 | $9,214,618 |