Tn Development Corp
- Assets
- $5.5m
- Revenue
- $1.5m
- Investments
- $0.0
- Employees
- 0
- Location
- Columbia, SC
- Founding
- 11/1994
- Data as of
- 06/2022
- EIN
- 57-0979157
Organization Overview
Tn Development Corp is located in Columbia, SC. The organization was established in 1994. 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. TN 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 06/2022, TN Development Corp generated $1.5m in total revenue. This represents relatively stable growth, over the past 7 years the organization has increased revenue by an average of 0.1% each year. All expenses for the organization totaled $1.6m during the year ending 06/2022. While expenses have increased by 1.6% 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
2022
Describe the Organization's Mission:
Part 3 - Line 1
TO ASSIST IN THE DEVELOPMENT OF LOW INCOME HOUSING IN COLUMBIA AND INCREASE THE RESIDENTIAL BASE.
Describe the Organization's Program Activity:
Part 3 - Line 4a
THE CORPORATION IS ASSISTING IN THE DEVELOPMENT OF LOW INCOME HOUSING IN COLUMBIA, SOUTH CAROLINA AND ATTEMPTING TO INCREASE THE RESIDENTIAL BASE OF THE COMMUNITY.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
John Verreault Board Member | Trustee | 1 | $0 |
Vanzell Haire Board Member | Trustee | 1 | $0 |
Michael Adams Board Member | Trustee | 1 | $0 |
Benny Clark Board Member | Trustee | 1 | $0 |
Kevin K Werner Chair | Officer | 1 | $0 |
Talesha Stewart Vice-Chair | Officer | 1 | $0 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Federated campaigns | $0 |
| Membership dues | $0 |
| Fundraising events | $0 |
| Related organizations | $430,345 |
| Government grants | $0 |
| 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 | $430,345 |
| Total Program Service Revenue | $1,019,393 |
| Investment income | $462 |
| 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 | $1,500,191 |
| 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 | $145,321 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $0 |
| Advertising and promotion | $42 |
| Office expenses | $0 |
| Information technology | $0 |
| Royalties | $0 |
| Occupancy | $39,024 |
| Travel | $0 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $0 |
| Interest | $18,719 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $253,715 |
| Insurance | $68,133 |
| All other expenses | $1,502 |
| Total functional expenses | $1,579,583 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $688,676 |
| Savings and temporary cash investments | $100,000 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $165,471 |
| Loans from Officers, Directors, or Controlling Persons | $0 |
| Loans from Disqualified Persons | $0 |
| Notes and loans receivable | $0 |
| Inventories for sale or use | $554,791 |
| Prepaid expenses and deferred charges | $17,532 |
| Net Land, buildings, and equipment | $2,645,541 |
| Investments—publicly traded securities | $0 |
| Investments—other securities | $0 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $1,284,209 |
| Total assets | $5,456,220 |
| Accounts payable and accrued expenses | $88,025 |
| Grants payable | $0 |
| Deferred revenue | $11,653 |
| 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 | $3,159,938 |
| Unsecured mortgages and notes payable | $0 |
| Other liabilities | $1,425,212 |
| Total liabilities | $4,684,828 |
| Net assets without donor restrictions | $771,392 |
| 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 | $5,456,220 |