Udi-Community Development Corporation
- Assets
- $9.3m
- Revenue
- $1.1m
- Investments
- $0.0
- Employees
- 2
- Location
- Durham, NC
- Founding
- 11/1974
- Data as of
- 12/2022
- EIN
- 56-1072965
Organization Overview
Udi-Community Development Corporation is located in Durham, NC. The organization was established in 1974. According to its NTEE Classification (S20) the organization is classified as: Community & Neighborhood Development, under the broad grouping of Community Improvement & Capacity Building and related organizations. As of 12/2022, Udi-Community Development Corporation employed 2 individuals. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Udi-Community 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, Udi-Community Development Corporation generated $1.1m in total revenue. The organization has seen a slow decline revenue. Over the past 7 years, revenues have fallen by an average of (0.2%) each year. All expenses for the organization totaled $1.2m during the year ending 12/2022. As we would expect to see with falling revenues, expenses have declined by (0.4%) per year over the past 7 years. 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
ENCOURAGE AND FACILITATE ECONOMIC AND COMMUNITY DEVELOPMENT IN DURHAM, NC. TO RAISE THE ECONOMIC WELFARE OF LOW-INCOME AND UNDERPRIVILEGED RESIDENTS OF DURHAM, NC. MAINTAIN INDUSTRIAL PARK FACILITIES.
Describe the Organization's Program Activity:
Part 3 - Line 4a
DEVELOPMENT AND MAINTENANCE OF THE 91 ACRE UDI INDUSTRIAL PARK AND TO EMPOWER HISTORICALLY DISADVANTAGED AND LOW ASSET COMMUNITY-BASED ENTREPRENEURS BY EXPANDING THEIR BUSINESS TECHNIQUES KNOWLEDGE BASE, FACILITATING COOPERATIVE PARTNERSHIPS, AND CULTIVATING JOB CREATION AND RETENTION IN THE DURHAM, NC CORRIDOR. INCLUDES THE GATEWAY PROJECT-RENOVATION AND UPFIT OF A MIXED-USE FACILITY FOR RETAIL, BUSINESS INCUBATION, OFFICES, AND RESIDENTIAL ACCOMODATIONS IN DOWNTOWN DURHAM AND REVOLVING LOAN FUND. DURING THE YEAR THE REVOLVING LOAN FUND PROVIDED FUNDING TO 3 BUSINESSES, TOTALLING 180,000.
THE CORPORATION PROVIDES OFFICE SPACE AND BUSINESS SUPPORT FOR SMALL BUSINESS OWNERS AND START-UP COMPANIES IN ITS BUSINESS RESOURCE CENTER, LOCATED IN DOWNTOWN DURHAM.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Albernard Bass Chairman | OfficerTrustee | 2 | $0 |
Michael Palmer Vice Chairman | OfficerTrustee | 1 | $0 |
Walter Don Harrington Treasurer | OfficerTrustee | 1 | $0 |
Mayme Webb-Bledsoe Secretary | OfficerTrustee | 0.5 | $0 |
Wendell Davis Director | Trustee | 0.5 | $0 |
Larry Yon II Director | Trustee | 0.5 | $0 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Federated campaigns | $0 |
| Membership dues | $0 |
| Fundraising events | $0 |
| Related organizations | $0 |
| Government grants | $235,797 |
| 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 | $235,797 |
| Total Program Service Revenue | $885,286 |
| Investment income | $496 |
| 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 | $1,121,579 |
| 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 | $140,064 |
| Pension plan accruals and contributions | $16,296 |
| Other employee benefits | $15,486 |
| Payroll taxes | $10,723 |
| Fees for services: Management | $46,519 |
| Fees for services: Legal | $5,215 |
| Fees for services: Accounting | $74,958 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $0 |
| Advertising and promotion | $3,075 |
| Office expenses | $13,672 |
| Information technology | $20,733 |
| Royalties | $0 |
| Occupancy | $45,048 |
| Travel | $282 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $900 |
| Interest | $87,547 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $401,391 |
| Insurance | $40,132 |
| All other expenses | $0 |
| Total functional expenses | $1,166,628 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $0 |
| Savings and temporary cash investments | $1,014,190 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $128,059 |
| Loans from Officers, Directors, or Controlling Persons | $0 |
| Loans from Disqualified Persons | $0 |
| Notes and loans receivable | $462,117 |
| Inventories for sale or use | $0 |
| Prepaid expenses and deferred charges | $0 |
| Net Land, buildings, and equipment | $7,740,542 |
| Investments—publicly traded securities | $0 |
| Investments—other securities | $0 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $0 |
| Total assets | $9,344,908 |
| Accounts payable and accrued expenses | $72,595 |
| 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 | $2,138,596 |
| Unsecured mortgages and notes payable | $0 |
| Other liabilities | $0 |
| Total liabilities | $2,211,191 |
| Net assets without donor restrictions | $6,374,207 |
| Net assets with donor restrictions | $759,510 |
| 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 | $9,344,908 |