Woodlands Development Group Inc
- Assets
- $17.7m
- Revenue
- $1.4m
- Investments
- $180.3k
- Employees
- 17
- Location
- Elkins, WV
- Founding
- 11/1995
- Data as of
- 12/2022
- EIN
- 55-0745158
Organization Overview
Woodlands Development Group Inc is located in Elkins, WV. The organization was established in 1995. 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, Woodlands Development Group Inc employed 17 individuals. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Woodlands Development Group Inc 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, Woodlands Development Group Inc generated $1.4m in total revenue. This represents relatively stable growth, over the past 5 years the organization has increased revenue by an average of 7.8% each year. All expenses for the organization totaled $1.3m during the year ending 12/2022. While expenses have increased by 3.0% per year over the past 5 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
WOODLANDS DEVELOPMENT GROUP HELPS BUILD HEALTHY, VIABLE COMMUNITIES IN THE REGION BY DEVELOPING SUSTAINABLE, AFFORDABLE HOUSING AND SUPPORTING ECONOMIC INITIATIVES.
Describe the Organization's Program Activity:
Part 3 - Line 4a
IN 2022, WOODLANDS COMPLETED THE CONSTRUCTION OF A 16-UNIT, MIXED-INCOME, MULTI-GENERATIONAL AFFORDABLE HOUSING DEVELOPMENT PROJECT IN ELKINS, WV. WE CLOSED ON NEW MARKET TAX CREDIT AND HISTORIC TAX CREDIT FINANCING AND INITIATED HISTORIC RENOVATIONS ON A KEY DOWNTOWN ELKINS BUILDING. THE BUILDING WILL BE RETURNED TO ITS ORIGINAL USE AS A BOUTIQUE HOTEL, SERVING AS A CATALYST FOR FURTHER DOWNTOWN REDEVELOPMENT INVESTMENTS.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Adam Williams President | OfficerTrustee | 1 | $0 |
Andrew Carroll Vice President | OfficerTrustee | 1 | $0 |
Timothy Huguenin Secretary & Treasurer | OfficerTrustee | 1 | $0 |
Amber Vineyard Director | Trustee | 1 | $0 |
Sam Mcwhorter Director | Trustee | 1 | $0 |
Madalyn Higgins Director | Trustee | 1 | $0 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Federated campaigns | $0 |
| Membership dues | $0 |
| Fundraising events | $0 |
| Related organizations | $0 |
| Government grants | $354,767 |
| All other contributions, gifts, grants, and similar amounts not included above | $242,828 |
| Noncash contributions included in lines 1a–1f | $0 |
| Total Revenue from Contributions, Gifts, Grants & Similar | $597,595 |
| Total Program Service Revenue | $831,914 |
| Investment income | $4,608 |
| 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 | $1,434,117 |
| 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. | $68,139 |
| Compensation of current officers, directors, key employees. | $68,139 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $451,590 |
| Pension plan accruals and contributions | $0 |
| Other employee benefits | $0 |
| Payroll taxes | $0 |
| Fees for services: Management | $38,208 |
| 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 | $1,776 |
| Office expenses | $16,455 |
| Information technology | $0 |
| Royalties | $0 |
| Occupancy | $8,180 |
| Travel | $12,949 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $0 |
| Interest | $128,213 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $175,319 |
| Insurance | $26,254 |
| All other expenses | $63,355 |
| Total functional expenses | $1,296,467 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $324,386 |
| Savings and temporary cash investments | $0 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $127,896 |
| Loans from Officers, Directors, or Controlling Persons | $0 |
| Loans from Disqualified Persons | $0 |
| Notes and loans receivable | $9,227,232 |
| Inventories for sale or use | $0 |
| Prepaid expenses and deferred charges | $0 |
| Net Land, buildings, and equipment | $7,060,501 |
| Investments—publicly traded securities | $0 |
| Investments—other securities | $180,274 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $826,579 |
| Total assets | $17,746,868 |
| Accounts payable and accrued expenses | $916,006 |
| 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 | $12,244,673 |
| Unsecured mortgages and notes payable | $0 |
| Other liabilities | $33,229 |
| Total liabilities | $13,193,908 |
| Net assets without donor restrictions | $4,552,960 |
| 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 | $17,746,868 |