Dreamkey Partners Inc
- Assets
- $126.4m
- Revenue
- $25.7m
- Investments
- $0.0
- Employees
- 62
- Location
- Charlotte, NC
- Founding
- 01/1989
- Data as of
- 12/2023
- EIN
- 56-1620516
Organization Overview
Dreamkey Partners Inc is located in Charlotte, NC. The organization was established in 1989. According to its NTEE Classification (L21) the organization is classified as: Low-Income & Subsidized Rental Housing, under the broad grouping of Housing & Shelter and related organizations. As of 12/2023, Dreamkey Partners Inc employed 62 individuals. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Dreamkey Partners 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, Dreamkey Partners Inc generated $25.7m in total revenue. This organization has experienced exceptional growth, as over the past 9 years, it has increased revenue by an average of 10.7% each year . All expenses for the organization totaled $24.1m during the year ending 12/2023. While expenses have increased by 11.9% per year over the past 9 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 PROVIDE HOUSING TO LOW AND MODERATE INCOME FAMILIES
Describe the Organization's Program Activity:
Part 3 - Line 4a
DREAMKEY PARTNERS, INC. IS A NONPROFIT HOUSING DEVELOPMENT AND FINANCE CORPORATION ORGANIZED IN THE STATE OF NORTH CAROLINA ON JULY 5, 1988 TO EXPAND AFFORDABLE AND WELL-MAINTAINED HOUSING AND PROMOTE STABLE NEIGHBORHOODS FOR LOW AND MODERATE INCOME FAMILIES WITH A CONTINUING INTEREST IN THE ABILITY OF OCCUPANTS TO MORE FULLY ENTER THE ECONOMIC MAINSTREAM. THE STRATEGIES THAT DREAMKEY PARTNERS, INC. HAS ADOPTED TO FULFILL ITS MISSION ARE AS FOLLOWS: REVITALIZING TARGETED INNER CITY NEIGHBORHOODS, DEVELOPING AND MANAGING AFFORDABLE RENTAL PROPERTY, AND PROVIDING HOMEOWNERSHIP OPPORTUNITIES. DREAMKEY PARTNERS, INC. IS DESIGNATED AS A COMMUNITY BASED DEVELOPMENT ORGANIZATION (CBDO) BY THE CITY OF CHARLOTTE.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Name Not Listed Sr. VP Of Real Estate Development | OfficerTrustee | 40 | $210,908 |
Name Not Listed Chief Operating Officer | OfficerTrustee | 40 | $237,808 |
Name Not Listed Chief Financial Officer | OfficerTrustee | 40 | $188,205 |
Name Not Listed Chief Strategy Officer | OfficerTrustee | 40 | $165,423 |
Name Not Listed President | OfficerTrustee | 40 | $288,357 |
Name Not Listed Sr. VP Of Development & Co | OfficerTrustee | 40 | $200,988 |
Outside Vendors & Contractors
| Vendor Name (Service) | Service Year | Compensation |
|---|---|---|
Jm Cope Construction Construction | 12/30/23 | $9,007,700 |
Rehab Builders Inc Construction | 12/30/23 | $1,457,929 |
Jcb Urban Construction | 12/30/23 | $5,905,081 |
Weaver Cooke Construction Llc Construction | 12/30/23 | $7,088,938 |
Progress Carolina Llc Construction | 12/30/23 | $8,210,639 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Federated campaigns | $0 |
| Membership dues | $0 |
| Fundraising events | $0 |
| Related organizations | $0 |
| Government grants | $6,749,876 |
| All other contributions, gifts, grants, and similar amounts not included above | $1,277,086 |
| Noncash contributions included in lines 1a–1f | $0 |
| Total Revenue from Contributions, Gifts, Grants & Similar | $8,026,962 |
| Total Program Service Revenue | $16,577,785 |
| Investment income | $0 |
| 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 | $1,136,844 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $25,741,591 |
| 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 | $6,616,607 |
| Pension plan accruals and contributions | $0 |
| Other employee benefits | $600,920 |
| Payroll taxes | $478,092 |
| Fees for services: Management | $936,699 |
| Fees for services: Legal | $178,931 |
| Fees for services: Accounting | $103,179 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $0 |
| Advertising and promotion | $279,393 |
| Office expenses | $238,715 |
| Information technology | $0 |
| Royalties | $0 |
| Occupancy | $519,846 |
| Travel | $0 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $99,838 |
| Interest | $3,234,396 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $2,493,892 |
| Insurance | $666,377 |
| All other expenses | $1,844,195 |
| Total functional expenses | $24,142,645 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $18,907,753 |
| Savings and temporary cash investments | $0 |
| Pledges and grants receivable | $872,925 |
| Accounts receivable, net | $0 |
| Loans from Officers, Directors, or Controlling Persons | $0 |
| Loans from Disqualified Persons | $0 |
| Notes and loans receivable | $1,550,012 |
| Inventories for sale or use | $0 |
| Prepaid expenses and deferred charges | $46,291 |
| Net Land, buildings, and equipment | $58,114,527 |
| Investments—publicly traded securities | $0 |
| Investments—other securities | $0 |
| Investments—program-related | $6,363,050 |
| Intangible assets | $2,619,058 |
| Other assets | $37,962,386 |
| Total assets | $126,436,002 |
| Accounts payable and accrued expenses | $1,270,187 |
| Grants payable | $0 |
| Deferred revenue | $1,627,588 |
| 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 | $108,395,270 |
| Unsecured mortgages and notes payable | $0 |
| Other liabilities | $1,854,715 |
| Total liabilities | $113,147,760 |
| Net assets without donor restrictions | $11,359,568 |
| Net assets with donor restrictions | $1,928,674 |
| 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 | $126,436,002 |