Dreamkey Partners Inc
- Assets
- $109.0m
- Revenue
- $88.0m
- Investments
- $0.0
- Employees
- 43
- Location
- Charlotte, NC
- Founding
- 01/1989
- Data as of
- 12/2021
- 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 12/2021, Dreamkey Partners Inc employed 43 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 12/2021, Dreamkey Partners Inc generated $88.0m in total revenue. This organization has experienced exceptional growth, as over the past 7 years, it has increased revenue by an average of 35.9% each year . All expenses for the organization totaled $81.6m during the year ending 12/2021. While expenses have increased by 37.5% 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 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 |
|---|---|---|---|
Ms Julie A Porter President | Officer | 40 | $261,888 |
Mr Fred Dodson Chief Operating Officer | Officer | 40 | $213,525 |
Ms Karen Batten-Balas Sr. VP Of Development & Co | Officer | 40 | $186,504 |
Mr Daniel Cimaglia Sr. VP Of Real Estate Development | Officer | 40 | $177,927 |
Mr Kevin Schrader Chief Financial Officer | Officer | 40 | $158,238 |
Ms Erin Barbee Sr. VP Of Homeownership | Officer | 40 | $153,279 |
Outside Vendors & Contractors
| Vendor Name (Service) | Service Year | Compensation |
|---|---|---|
Express Services Inc Temp Agency For Covid Programs | 12/30/21 | $2,716,485 |
Harkins Builders Inc Construction | 12/30/21 | $2,349,113 |
Weaver Cooke Construction Construction | 12/30/21 | $2,284,277 |
J O Flow Grading Co Llc Construction | 12/30/21 | $1,123,895 |
Jcb Urban Construction | 12/30/21 | $944,172 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Federated campaigns | $0 |
| Membership dues | $0 |
| Fundraising events | $0 |
| Related organizations | $0 |
| Government grants | $69,380,476 |
| All other contributions, gifts, grants, and similar amounts not included above | $1,384,027 |
| Noncash contributions included in lines 1a–1f | $0 |
| Total Revenue from Contributions, Gifts, Grants & Similar | $70,764,503 |
| Total Program Service Revenue | $17,173,563 |
| 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 | $59,500 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $87,997,566 |
| 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 | $4,936,105 |
| Pension plan accruals and contributions | $0 |
| Other employee benefits | $678,745 |
| Payroll taxes | $353,677 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $312,198 |
| Fees for services: Accounting | $189,600 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $0 |
| Advertising and promotion | $284,224 |
| Office expenses | $3,120,929 |
| Information technology | $0 |
| Royalties | $0 |
| Occupancy | $366,233 |
| Travel | $0 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $66,831 |
| Interest | $1,799,121 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $1,833,821 |
| Insurance | $266,314 |
| All other expenses | $473,259 |
| Total functional expenses | $81,644,285 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $19,429,010 |
| Savings and temporary cash investments | $0 |
| Pledges and grants receivable | $1,283,238 |
| Accounts receivable, net | $0 |
| Loans from Officers, Directors, or Controlling Persons | $0 |
| Loans from Disqualified Persons | $0 |
| Notes and loans receivable | -$2,604,835 |
| Inventories for sale or use | $3,767,923 |
| Prepaid expenses and deferred charges | $156,199 |
| Net Land, buildings, and equipment | $46,831,650 |
| Investments—publicly traded securities | $0 |
| Investments—other securities | $0 |
| Investments—program-related | $6,450,112 |
| Intangible assets | $1,394,166 |
| Other assets | $32,317,261 |
| Total assets | $109,024,724 |
| Accounts payable and accrued expenses | $13,426,443 |
| 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 | $67,400,305 |
| Unsecured mortgages and notes payable | $0 |
| Other liabilities | $760,294 |
| Total liabilities | $81,587,042 |
| Net assets without donor restrictions | $24,400,609 |
| Net assets with donor restrictions | $3,037,073 |
| 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 | $109,024,724 |
Grants Recieved
Over the last fiscal year, we have identified 5 grants that Dreamkey Partners Inc has recieved totaling $246,103.
| Awarding Organization | Amount |
|---|---|
Bank Of America Charitable Foundation Inc Charlotte, NC PURPOSE: OPERATIONAL SUPPORT | $75,000 |
The Housing Partnership Network Inc Boston, MA PURPOSE: RESIDENT SERVICES SUPPORT, COUNSELING OUTREACH & INCENTIVES | $61,200 |
Bank Of America Charitable Foundation Inc Charlotte, NC PURPOSE: OPERATIONAL SUPPORT | $50,000 |
Bank Of America Charitable Foundation Inc Charlotte, NC PURPOSE: OPERATIONAL SUPPORT | $40,000 |
The Housing Partnership Network Inc Boston, MA PURPOSE: HOUSING STABILIZATION (RENTER STABILIZATION/EVICTION PREVENTION & HOMEOWNER ASSISTANCE/FORECLOSURE PREVENTION) | $19,903 |
Peer Organizations
| Organization Name | Assets | Revenue |
|---|---|---|
Dreamkey Partners Inc Charlotte, NC | $109,024,724 | $87,997,566 |
Christian Relief Services Charities Inc Alexandria, VA | $142,752,068 | $55,470,301 |
Horizon Development Properties Inc Charlotte, NC | $420,836,852 | $43,904,469 |
Georgia Hap Administrators Inc Atlanta, GA | $13,430,323 | $20,876,355 |
Choanoke Area Development Assoc Rich Square, NC | $3,243,319 | $10,393,050 |
Association For Retarded Citizens Housing Development Services Inc Greensboro, NC | $38,855,283 | $9,434,004 |
Twin Rivers Opportunities Inc New Bern, NC | $1,111,953 | $5,873,122 |
John Sparks Manor Inc Union City, GA | $0 | $5,675,234 |
Larry Moore Manor Inc Union City, GA | $0 | $4,277,912 |
Lewinsville Retirement Residence McLean, VA | $23,915,511 | $4,142,115 |
Rhg-Afforable Housing Ii Inc Atlanta, GA | $13,550,062 | $7,175,901 |
Broadway Towers Inc Atlanta, GA | $17,531,706 | $3,119,210 |