The Maggie@walker Community Land Trust
- Assets
- $13.9m
- Revenue
- $5.5m
- Investments
- $0.0
- Employees
- 0
- Location
- Richmond, VA
- Founding
- 01/2017
- Data as of
- 12/2022
- EIN
- 47-5629011
Organization Overview
The Maggie@walker Community Land Trust is located in Richmond, VA. The organization was established in 2017. 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. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Maggie@walker Community Land Trust 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, Maggie@walker Community Land Trust generated $5.5m in total revenue. This organization has experienced exceptional growth, as over the past 7 years, it has increased revenue by an average of 66.3% each year . All expenses for the organization totaled $610.1k during the year ending 12/2022. While expenses have increased by 57.4% 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
2022
Describe the Organization's Mission:
Part 3 - Line 1
THE MWCLT SEEKS TO DEVELOP AND MAINTAIN PERMANENTLY AFFORDABLE HOMEOWNERSHIP OPPORTUNITIES FOR LOW AND MODERATE INCOME HOUSEHOLDS.
Describe the Organization's Program Activity:
Part 3 - Line 4a
THE MWCLT ACTS AS A DEVELOPER AND STEWARD OF PERMANENTLY AFFORDABLE HOUSING IN THE RICHMOND, VIRGINIA REGION BY:(1) ACQUIRING AND HOLDING LAND PARCELS (2) BUILDING HOMES ON THE PARCELS AND (3) SELLING THE HOMES TO QUALIFIED LOW-TO-MODERATE INCOME HOME BUYERS WHO ENTER INTO A 99 YEAR LAND LEASE AGREEMENT WITH THE MWCLT. MWCLT ALSO ACTS AS THE LAND BANK FOR THE REGION'S THREE PRIMARY JURISDICTIONS CITY OF RICHMOND, HENRICO COUNTY AND CHESTERFIELD COUNTY. MWCLT OPERATES A PILOT LEASE-TO-OWN PROGRAM WHEREBY APPLICANTS RENT A HOME AND SAVE FOR ULTIMATELY PURCHASING.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Carolyn Champion Chair | OfficerTrustee | 3 | $0 |
Schirra Hayes Vice Chair | OfficerTrustee | 3 | $0 |
William Martin Treasurer | OfficerTrustee | 3 | $0 |
Jeisson Apolo Armas Secretary | OfficerTrustee | 3 | $0 |
Laura Lafayette Immediate Past Chair | OfficerTrustee | 3 | $0 |
Duron Chavis Director | Trustee | 1 | $0 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Federated campaigns | $0 |
| Membership dues | $0 |
| Fundraising events | $0 |
| Related organizations | $0 |
| Government grants | $3,046,743 |
| All other contributions, gifts, grants, and similar amounts not included above | $2,807,157 |
| Noncash contributions included in lines 1a–1f | $32,352 |
| Total Revenue from Contributions, Gifts, Grants & Similar | $5,853,900 |
| Total Program Service Revenue | -$409,409 |
| Investment income | $8,554 |
| 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 | $5,454,425 |
| 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. | $0 |
| Compensation of current officers, directors, key employees. | $0 |
| 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 | $6,300 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $0 |
| Advertising and promotion | $9,811 |
| Office expenses | $0 |
| Information technology | $0 |
| Royalties | $0 |
| Occupancy | $9,080 |
| Travel | $6,287 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $18,219 |
| Interest | $0 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $0 |
| Insurance | -$4,608 |
| All other expenses | $565,032 |
| Total functional expenses | $610,121 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $2,873,044 |
| Savings and temporary cash investments | $0 |
| Pledges and grants receivable | $1,991,339 |
| Accounts receivable, net | $3,243,323 |
| Loans from Officers, Directors, or Controlling Persons | $0 |
| Loans from Disqualified Persons | $0 |
| Notes and loans receivable | $189,000 |
| Inventories for sale or use | $0 |
| Prepaid expenses and deferred charges | $0 |
| Net Land, buildings, and equipment | $3,568,684 |
| Investments—publicly traded securities | $0 |
| Investments—other securities | $0 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $2,063,146 |
| Total assets | $13,928,536 |
| Accounts payable and accrued expenses | $114,510 |
| 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 | $0 |
| Unsecured mortgages and notes payable | $892,530 |
| Other liabilities | $31,580 |
| Total liabilities | $1,038,620 |
| Net assets without donor restrictions | $8,370,209 |
| Net assets with donor restrictions | $4,519,707 |
| 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 | $13,928,536 |