Belmont Community Development Corp
- Assets
- $151.5k
- Revenue
- $38.3k
- Investments
- $0.0
- Employees
- 2
- Location
- Charlotte, NC
- Founding
- 09/1991
- Data as of
- 12/2022
- EIN
- 56-1708764
Organization Overview
Belmont Community Development Corp is located in Charlotte, NC. The organization was established in 1991. According to its NTEE Classification (S32) the organization is classified as: Rural Economic Development, under the broad grouping of Community Improvement & Capacity Building and related organizations. As of 12/2022, Belmont Community Development Corp employed 2 individuals. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Belmont Community Development Corp 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, Belmont Community Development Corp generated $38.3k in total revenue. This represents a relatively dramatic decline in revenue. Over the past 8 years, the organization has seen revenues fall by an average of (12.1%) each year. All expenses for the organization totaled $182.6k during the year ending 12/2022. 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
THE MISSION OF BELMONT CDC IS TO PRESERVE THE HISTORIC INTEGRITY OF THE BELMONT NEIGHBORHOOD OF CHARLOTTE, NORTH CAROLINA AND SURROUNDING AREAS, UTILIZING TRADITIONAL AND NON-TRADITIONAL METHODS OF COMMUNITY ECONOMIC DEVELOPMENT. THE GOAL OF BELMONT CDC IS TO PROVIDE AFFORDABLE HOUSING, EDUCATIONAL, AND LIVING WAGE EMPLOYMENT OPPORTUNITIES; BUSINESS AND ENTREPRENEURSHIP DEVELOPMENT, ELDERLY HOUSING, SERVICES FOR LOW-TO-MODERATE-INCOME RESIDENTS, AND ENSURE FULL ACCESS TO AND PARTICIPATION IN THE ECONOMIC REVITALIZATION OF THE COMMUNITY.
Describe the Organization's Program Activity:
Part 3 - Line 4a
THE ORGANIZATION WORKS TO IMPROVE THE QUALITY OF LIFE OF THE RESIDENTS OF THE BELMONT NEIGHBORHOOD IN CHARLOTTE, NC BY IMPROVING HOUSING & PROVIDING EDUCATIONAL & BUSINESS OPPORTUNITIES.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Reginald Jones Executive Dir. | Officer | 40 | $83,394 |
Sedrick Mccallum Chairman | OfficerTrustee | 3 | $0 |
Mark Lynch Director | Trustee | 1 | $0 |
John Wallace Director | Trustee | 1 | $0 |
Michael Hall Treasurer | OfficerTrustee | 1.5 | $0 |
Wally Burgess Secretary | OfficerTrustee | 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 | $40,904 |
| Noncash contributions included in lines 1a–1f | $0 |
| Total Revenue from Contributions, Gifts, Grants & Similar | $40,904 |
| Total Program Service Revenue | $0 |
| Investment income | $0 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $0 |
| Net Gain/Loss on Asset Sales | -$2,640 |
| Net Income from Fundraising Events | $0 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $0 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $38,294 |
| 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. | $83,394 |
| Compensation of current officers, directors, key employees. | $33,358 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $35,100 |
| Pension plan accruals and contributions | $0 |
| Other employee benefits | $8,566 |
| Payroll taxes | $9,064 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $0 |
| Fees for services: Accounting | $0 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $10,616 |
| Advertising and promotion | $386 |
| Office expenses | $17,608 |
| Information technology | $0 |
| Royalties | $0 |
| Occupancy | $2,591 |
| Travel | $0 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $0 |
| Interest | $6,417 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $0 |
| Insurance | $3,248 |
| All other expenses | $0 |
| Total functional expenses | $182,557 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $21,837 |
| Savings and temporary cash investments | $0 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $0 |
| Loans from Officers, Directors, or Controlling Persons | $0 |
| Loans from Disqualified Persons | $0 |
| Notes and loans receivable | $0 |
| Inventories for sale or use | $129,685 |
| Prepaid expenses and deferred charges | $0 |
| Net Land, buildings, and equipment | $0 |
| Investments—publicly traded securities | $0 |
| Investments—other securities | $0 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $0 |
| Total assets | $151,522 |
| Accounts payable and accrued expenses | $19,336 |
| 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 | $49,840 |
| Unsecured mortgages and notes payable | $0 |
| Other liabilities | $0 |
| Total liabilities | $69,176 |
| Net assets without donor restrictions | $76,946 |
| Net assets with donor restrictions | $5,400 |
| 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 | $151,522 |