Mosaic Development Group Inc
- Assets
- $17.6m
- Revenue
- $2.6m
- Investments
- $0.0
- Employees
- 6
- Location
- Davidson, NC
- Founding
- 05/1969
- Data as of
- 12/2023
- EIN
- 56-0883684
Organization Overview
Mosaic Development Group Inc is located in Davidson, NC. The organization was established in 1969. According to its NTEE Classification (L02) the organization is classified as: Management & Technical Assistance, under the broad grouping of Housing & Shelter and related organizations. As of 12/2023, Mosaic Development Group Inc employed 6 individuals. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Mosaic 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 12/2023, Mosaic Development Group Inc generated $2.6m in total revenue. This organization has experienced exceptional growth, as over the past 8 years, it has increased revenue by an average of 17.4% each year . All expenses for the organization totaled $2.7m during the year ending 12/2023. While expenses have increased by 15.0% per year over the past 8 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
2023
Describe the Organization's Mission:
Part 3 - Line 1
TO ENHANCE COMMUNITIES AND IMPROVE LIVES THROUGH DIVERSE HOUSING AND ECONOMIC DEVELOPMENT SOLUTIONS. MOSAIC BELIEVES THAT HIGH QUALITY HOUSING FOR A VARIETY OF INCOMES IS A CATALYST FOR VIBRANT, HEALTHY COMMUNITIES. THEIR VISION IS THAT EVERYONE HAS ACCESS TO HIGH QUALITY HOUSING, IN THRIVING COMMUNITIES THAT OFFER A VARIETY OF JOBS AND SERVICES.
Describe the Organization's Program Activity:
Part 3 - Line 4a
FERNHILL (72 FAMILY APARTMENTS IN CONOVER) COMMENCED CONSTRUCTION IN APRIL OF 2023. MOSAIC HOLDS BOTH DIRECT AND INDIRECT GENERAL PARTNER INTERESTS AND EXERCISES SIGNIFICANT INFLUENCE OVER OPERATIONAL AND DEVELOPMENT ACTIVITIES. COMPLETION WAS EXPECTED IN SECOND OR THIRD QUARTER OF 2024. ORCHARD POINT APARTMENTS, A RE-SYNDICATION OF THE FORMER APPLE TREE APARTMENTS IN SANFORD, NC, RECEIVED AN AWARD OF LOW INCOME HOUSING TAX CREDITS (LIHTC) IN AUGUST OF 2023. REHABILITATION OF THE 40-UNIT FAMILY PROPERTY WAS PROJECTED TO COMMENCE NEAR THE MIDDLE OF 2024. A PRELIMINARY APPLICATION FOR TAX EXEMPT BONDS AND 4% LIHTC'S FOR A 124-UNIT FAMILY PROJECT LOCATED AT 902 S. BRIGGS AVENUE IN DURHAM, NC WAS SUBMITTED IN SEPTEMBER OF 2023. THE FINAL APPLICATION WAS DUE IN JANUARY OF 2024.
MOSAIC WHOLLY OWNS THE INTERESTS IN KINGS MILL, LLC; APPLE TREE OF SANFORD, LLC; GRANDVIEW RIDGE, LLC; AND HOLLY HAVEN, LLC, WHICH ARE APARTMENT COMPLEXES FOR LOW AND MODERATE INCOME INDIVIDUALS PURSUANT TO SECTION 42 OF THE INTERNAL REVENUE CODE OF 1986 WHICH PROVIDE LOW-INCOME HOUSING TAX CREDITS.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Cari Jones Board Chair | OfficerTrustee | 2 | $0 |
Kim Graham Board Vice Chair | OfficerTrustee | 1 | $0 |
Tammie Rhodes Board Treasurer | OfficerTrustee | 1 | $0 |
Mary Reca Todd Board Secretary | OfficerTrustee | 1 | $0 |
Veronica Clemmons Board Member | Trustee | 1 | $0 |
David Gitlin Board Member | Trustee | 1 | $0 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Federated campaigns | $0 |
| Membership dues | $0 |
| Fundraising events | $0 |
| Related organizations | $0 |
| Government grants | $0 |
| All other contributions, gifts, grants, and similar amounts not included above | $31,001 |
| Noncash contributions included in lines 1a–1f | $0 |
| Total Revenue from Contributions, Gifts, Grants & Similar | $31,001 |
| Total Program Service Revenue | $2,436,020 |
| Investment income | $105,213 |
| 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 | $2,611,828 |
| 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. | $157,333 |
| Compensation of current officers, directors, key employees. | $18,880 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $494,760 |
| Pension plan accruals and contributions | $19,382 |
| Other employee benefits | $77,780 |
| Payroll taxes | $49,941 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $23,996 |
| Fees for services: Accounting | $31,700 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $276 |
| Advertising and promotion | $0 |
| Office expenses | $24,624 |
| Information technology | $0 |
| Royalties | $0 |
| Occupancy | $95,979 |
| Travel | $6,504 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $0 |
| Interest | $692 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $3,826 |
| Insurance | $6,400 |
| All other expenses | $292,202 |
| Total functional expenses | $2,685,476 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $338,796 |
| Savings and temporary cash investments | $2,455,395 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $157,641 |
| Loans from Officers, Directors, or Controlling Persons | $0 |
| Loans from Disqualified Persons | $0 |
| Notes and loans receivable | $4,535,590 |
| Inventories for sale or use | $0 |
| Prepaid expenses and deferred charges | $64,439 |
| Net Land, buildings, and equipment | $8,301,631 |
| Investments—publicly traded securities | $0 |
| Investments—other securities | $0 |
| Investments—program-related | $0 |
| Intangible assets | $345 |
| Other assets | $1,731,456 |
| Total assets | $17,585,293 |
| Accounts payable and accrued expenses | $243,775 |
| Grants payable | $0 |
| Deferred revenue | $691,305 |
| 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 | $0 |
| Other liabilities | $7,122,194 |
| Total liabilities | $8,057,274 |
| Net assets without donor restrictions | $9,528,019 |
| 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 | $17,585,293 |
Peer Organizations
| Organization Name | Assets | Revenue |
|---|---|---|
Virginia Mennonite Retirement Community Harrisonburg, VA | $34,565,658 | $8,260,781 |
North Carolina Housing Services And Management Corporation Winstonsalem, NC | $778,334 | $4,684,755 |
Mosaic Development Group Inc Davidson, NC | $17,585,293 | $2,611,828 |
Virginia Apartment Management Association Richmond, VA | $2,855,042 | $1,982,384 |
Nho Management Inc Memphis, TN | $6,306,146 | $1,235,670 |
Housing Resource Center Inc Atlanta, GA | $568,036 | $587,859 |
Loving Hearts & Caring Hands Inc Madisonville, TN | $2,100 | $0 |
Inspire Your Daughters Atlanta, GA | $38,970 | $0 |
Melkie Jones Homeownership Inc Murfreesboro, TN | $3,680 | $0 |
Plumb Line Foundation Knightdale, NC | $10,506 | $0 |