Mosaic Development Group Inc
- Assets
- $17.8m
- Revenue
- $3.1m
- Investments
- $0.0
- Employees
- 6
- Location
- Charlotte, NC
- Founding
- 05/1969
- Data as of
- 12/2021
- EIN
- 56-0883684
Organization Overview
Mosaic Development Group Inc is located in Charlotte, 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 12/2021, 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 12/2021, Mosaic Development Group Inc generated $3.1m in total revenue. This organization has experienced exceptional growth, as over the past 7 years, it has increased revenue by an average of 22.9% each year . All expenses for the organization totaled $2.5m during the year ending 12/2021. While expenses have increased by 15.9% 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
2021
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
BINGHAM PARK (60 SENIOR APARTMENTS IN CHARLOTTE) ACHIEVED 100% CONSTRUCTION COMPLETION, WAS 100% LEASED, AND CONVERTED TO PERMANENT FINANCING AT THE END OF 2021. EVOKE LIVING AT SUGAR CREEK (180 FAMILY APARTMENTS IN CHARLOTTE) ACHIEVED 100% OCCUPANCY AND CONVERTED TO PERMANENT FINANCING AT THE END OF 2021. CAROLINA AVENUE APARTMENTS (82 FAMILY APARTMENTS IN NEW BERN) ACHIEVED 100% CONSTRUCTION COMPLETION AND WAS 31% LEASED AT THE END OF 2021. ELM GREEN APARTMENTS (48 EXISTING FAMILY APARTMENTS IN NEWPORT) WAS SOLD BY ELM GREEN APARTMENTS LLC TO ELM GREEN HOUSING, LLC; REHAB OF THE UNITS WAS 100% COMPLETED, AND THEY WERE 100% OCCUPIED IN 2021. FERNHILL (72 FAMILY APARTMENTS IN CONOVER) WAS AWARDED AN ALLOCATION OF LOW INCOME HOUSING TAX CREDITS. MOSAIC HOLDS BOTH DIRECT AND INDIRECT GENERAL PARTNER INTERESTS AND EXERCISES SIGNIFICANT INFLUENCE OVER OPERATIONAL AND DEVELOPMENT ACTIVITIES.
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 |
|---|---|---|---|
Kathleen O Stilwell Former Executive Director | Officer | 50 | $142,112 |
Harold Barnes Board Chair | OfficerTrustee | 2 | $0 |
Kim Graham Board Vice Chair | OfficerTrustee | 1 | $0 |
Tom Barry Board Treasurer | OfficerTrustee | 1 | $0 |
Sheryl Fortune Board Secretary | OfficerTrustee | 1 | $0 |
William Bolstad Executive Director | Officer | 40 | $0 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Federated campaigns | $0 |
| Membership dues | $0 |
| Fundraising events | $0 |
| Related organizations | $0 |
| Government grants | $503,699 |
| All other contributions, gifts, grants, and similar amounts not included above | $27,150 |
| Noncash contributions included in lines 1a–1f | $0 |
| Total Revenue from Contributions, Gifts, Grants & Similar | $530,849 |
| Total Program Service Revenue | $2,399,084 |
| Investment income | $65,402 |
| 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 | $3,061,867 |
| 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. | $142,112 |
| Compensation of current officers, directors, key employees. | $15,632 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $392,790 |
| Pension plan accruals and contributions | $16,216 |
| Other employee benefits | $70,728 |
| Payroll taxes | $41,446 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $7,283 |
| Fees for services: Accounting | $21,500 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $28 |
| Advertising and promotion | $166 |
| Office expenses | $2,500 |
| Information technology | $0 |
| Royalties | $0 |
| Occupancy | $106,461 |
| Travel | $9,398 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $0 |
| Interest | $1,862 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $3,408 |
| Insurance | $5,663 |
| All other expenses | $293,553 |
| Total functional expenses | $2,475,926 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $1,314,251 |
| Savings and temporary cash investments | $1,331,510 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $621,649 |
| Loans from Officers, Directors, or Controlling Persons | $0 |
| Loans from Disqualified Persons | $0 |
| Notes and loans receivable | $4,179,571 |
| Inventories for sale or use | $0 |
| Prepaid expenses and deferred charges | $49,204 |
| Net Land, buildings, and equipment | $8,775,119 |
| Investments—publicly traded securities | $0 |
| Investments—other securities | $0 |
| Investments—program-related | $0 |
| Intangible assets | $8,817 |
| Other assets | $1,499,231 |
| Total assets | $17,779,352 |
| Accounts payable and accrued expenses | $233,590 |
| Grants payable | $0 |
| Deferred revenue | $726,077 |
| 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 | $7,682,064 |
| Total liabilities | $8,641,731 |
| Net assets without donor restrictions | $9,137,621 |
| 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 | $17,779,352 |
Grants Recieved
Over the last fiscal year, we have identified 3 grants that Mosaic Development Group Inc has recieved totaling $77,246.
| Awarding Organization | Amount |
|---|---|
Enterprise Community Partners Inc Columbia, MD PURPOSE: CAPACITY BUILDING | $52,246 |
Bank Of America Charitable Foundation Inc Charlotte, NC PURPOSE: OPERATIONAL SUPPORT | $15,000 |
Truist Foundation Inc Orlando, FL PURPOSE: GENERAL OPERATING | $10,000 |
Peer Organizations
| Organization Name | Assets | Revenue |
|---|---|---|
Virginia Mennonite Retirement Community Harrisonburg, VA | $42,827,951 | $8,073,755 |
North Carolina Housing Services And Management Corporation Winstonsalem, NC | $840,720 | $4,697,596 |
Mosaic Development Group Inc Charlotte, NC | $17,779,352 | $3,061,867 |
Nho Management Inc Memphis, TN | $6,297,226 | $909,535 |
Virginia Apartment Management Association Richmond, VA | $2,254,574 | $1,543,902 |
Housing Resource Center Inc Atlanta, GA | $871,531 | $545,075 |
Loving Hearts & Caring Hands Inc Madisonville, TN | $1,718 | $0 |
Melkie Jones Homeownership Inc Murfreesboro, TN | $3,680 | $0 |
Inspire Your Daughters Atlanta, GA | $0 | $0 |
Plumb Line Foundation Knightdale, NC | $10,506 | $0 |