Burlington Development Corporation
- Assets
- $2.1m
- Revenue
- $143.4k
- Investments
- $0.0
- Employees
- 0
- Location
- Burlington, NC
- Founding
- 03/2000
- Data as of
- 09/2022
- EIN
- 56-1878125
Organization Overview
Burlington Development Corporation is located in Burlington, NC. The organization was established in 2000. 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. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Burlington 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 09/2022, Burlington Development Corporation generated $143.4k in total revenue. This represents a relatively dramatic decline in revenue. Over the past 7 years, the organization has seen revenues fall by an average of (12.5%) each year. All expenses for the organization totaled $107.9k during the year ending 09/2022. As we would expect to see with falling revenues, expenses have declined by (13.6%) 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
BDC'S GOALS AND OBJECTIVES ARE TO ENGAGE IN OR ASSIST IN DEVELOPMENT, FINANCING AND/OR THE OPERATION OF HOUSING FOR LOW-INCOME PEOPLE AND FAMILIES AND TO PROVIDE SUPPORTIVE SERVICES NECESSARY FOR THE RESIDENTS TO BECOME ACADEMICALLY SUCCESSFUL AND ECONOMICALLY SELF-SUFFICIENT. BDC STRIVES TO CHANGE THE PUBLIC HOUSING CULTURE, VALUES AND BEHAVIOR THROUGH POSITIVE INCENTIVES DOE RESIDENT SELF-SUFFICIENCY, PROVIDING PROGRAMS AND SERVICES THAT EMPOWER RESIDENTS AND COLLABORATION AND PARTNERSHIPS THROUGHOUT THE COMMUNITY TO MEET THAT END.
Describe the Organization's Program Activity:
Part 3 - Line 4a
PROVIDE SCHOLARSHIPS AND OTHER PROGRAMS AND LEARNING EXPERIENCES TO CONTINUE EDUCATION FOR LOW AND VERY-LOW INCOME PERSONS. PROVIDE OPPORTUNITIES FOR LOW AND VERY-LOW INCOME FAMILIES TO MOVE FROM ASSISTED HOUSING.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Veronica Revels Executive Direc | OfficerTrustee | 2 | $0 |
Melinda Freeman President | OfficerTrustee | 0.5 | $0 |
Patrick Mills Vice President | OfficerTrustee | 0.5 | $0 |
Charles Carter Trustee | Trustee | 0.5 | $0 |
Lashauna Austria Trustee | Trustee | 0.5 | $0 |
Alise Napp Trustee | Trustee | 0.5 | $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 | $135,607 |
| Noncash contributions included in lines 1a–1f | $0 |
| Total Revenue from Contributions, Gifts, Grants & Similar | $135,607 |
| Total Program Service Revenue | $0 |
| Investment income | $7,806 |
| 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 | $143,413 |
| 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 | $0 |
| Pension plan accruals and contributions | $0 |
| Other employee benefits | $0 |
| Payroll taxes | $0 |
| 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 | $0 |
| Advertising and promotion | $0 |
| Office expenses | $0 |
| Information technology | $0 |
| Royalties | $0 |
| Occupancy | $0 |
| Travel | $0 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $0 |
| Interest | $0 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $1,142 |
| Insurance | $0 |
| All other expenses | $0 |
| Total functional expenses | $107,902 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $1,783,192 |
| Savings and temporary cash investments | $0 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $11,647 |
| Loans from Officers, Directors, or Controlling Persons | $0 |
| Loans from Disqualified Persons | $0 |
| Notes and loans receivable | $0 |
| Inventories for sale or use | $0 |
| Prepaid expenses and deferred charges | $0 |
| Net Land, buildings, and equipment | $272,148 |
| Investments—publicly traded securities | $0 |
| Investments—other securities | $0 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $0 |
| Total assets | $2,066,987 |
| Accounts payable and accrued expenses | $5,063 |
| 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 | $0 |
| Unsecured mortgages and notes payable | $0 |
| Other liabilities | $0 |
| Total liabilities | $5,063 |
| Net assets without donor restrictions | $2,061,924 |
| 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 | $2,066,987 |
Grants Recieved
Over the last fiscal year, we have identified 2 grants that Burlington Development Corporation has recieved totaling $24,376.
| Awarding Organization | Amount |
|---|---|
United Way Of Alamance County Inc Burlington, NC PURPOSE: COMMUNITY SUPPORT | $21,876 |
James P Pace Family Foundation Mission Hills, KS PURPOSE: GENERAL OPERATING SUPPORT | $2,500 |
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 |