Turnstone Development Corporation
- Assets
- $24.7m
- Revenue
- $8.2m
- Investments
- $0.0
- Employees
- 4
- Location
- Northlake, IL
- Founding
- 06/1999
- Data as of
- 12/2022
- 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 12/2022, 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 12/2022, Turnstone Development Corporation generated $8.2m in total revenue. This organization has experienced exceptional growth, as over the past 4 years, it has increased revenue by an average of 17.0% each year . All expenses for the organization totaled $1.6m during the year ending 12/2022. While expenses have increased by 5.1% per year over the past 4 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 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 HOSUING 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 | $242,078 | |
Susan Wiemer Executive Dir. | Officer | 40 | $238,897 |
Elzie Higginbottom Treasurer | OfficerTrustee | 0.5 | $3,750 |
Audrey R Peeples Chairman | OfficerTrustee | 0.5 | $3,750 |
Linford Coleman Chairman | OfficerTrustee | 0.5 | $3,750 |
Mazzone Jackson Secretary | OfficerTrustee | 0.5 | $3,750 |
Outside Vendors & Contractors
| Vendor Name (Service) | Service Year | Compensation |
|---|---|---|
Michael A Hartman Consulting | 12/30/21 | $127,629 |
Alison Colvard Consulting | 12/30/21 | $117,398 |
Cross Architects Plc Architecture Consult | 12/30/21 | $347,535 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Federated campaigns | $0 |
| Membership dues | $0 |
| Fundraising events | $0 |
| Related organizations | $0 |
| Government grants | $6,766,407 |
| All other contributions, gifts, grants, and similar amounts not included above | $0 |
| Noncash contributions included in lines 1a–1f | $0 |
| Total Revenue from Contributions, Gifts, Grants & Similar | $6,766,407 |
| Total Program Service Revenue | $1,422,563 |
| Investment income | $5,352 |
| 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 | $8,199,572 |
| 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. | $1,071,771 |
| Compensation of current officers, directors, key employees. | $69,665 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $0 |
| 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 | $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 | $0 |
| Total functional expenses | $1,622,745 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $2,870,358 |
| Savings and temporary cash investments | $0 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $312,284 |
| 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 | $2,729 |
| Net Land, buildings, and equipment | $0 |
| Investments—publicly traded securities | $0 |
| Investments—other securities | $0 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $21,561,688 |
| Total assets | $24,747,059 |
| Accounts payable and accrued expenses | $9,000 |
| 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 | $4,469,782 |
| Unsecured mortgages and notes payable | $0 |
| Other liabilities | $33,666 |
| Total liabilities | $4,512,448 |
| Net assets without donor restrictions | $20,234,611 |
| 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 | $24,747,059 |