City Of Sumter Housing & Economic Developement Corporation
- Assets
- $5.7m
- Revenue
- $2.4m
- Investments
- $0.0
- Employees
- 0
- Location
- Sumter, SC
- Founding
- 10/1998
- Data as of
- 06/2023
- EIN
- 58-2338582
Organization Overview
City Of Sumter Housing & Economic Developement Corporation is located in Sumter, SC. The organization was established in 1998. According to its NTEE Classification (L80) the organization is classified as: Housing Support, 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. City Of Sumter Housing & Economic Developement 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 06/2023, City Of Sumter Housing & Economic Developement Corporation generated $2.4m in total revenue. All expenses for the organization totaled $1.2m during the year ending 06/2023. While expenses have increased by 47.7% per year over the past 6 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.
Since 2018, City Of Sumter Housing & Economic Developement Corporation has awarded 24 individual grants totaling $5,488,742. If you would like to learn more about the grant giving history of this organization, scroll down to the grant profile section of this page.
Form
990
Mission & Program ActivityExcerpts From the 990 Filing
TAX YEAR
2023
Describe the Organization's Mission:
Part 3 - Line 1
TO SUPPORT / CONDUCT ACTIVITIES THAT MAY PROVIDE HOUSING, ECONOMIC DEVELOPMENT, DOWNTOWN REVITALIZATION, HISTORIC PRESERVATION AND COMMUNITY DEVELOPMENT.
Describe the Organization's Program Activity:
Part 3 - Line 4a
TO COMBAT COMMUNITY DETERIORATION THROUGH RESIDENTIAL AND COMMERCIAL DEVELOPMENT AND REVITALIZATION, ECONOMIC DEVELOPMENT AND HISTORIC PRESERVATION.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
David P Merchant Board Member | 1 | $0 | |
Colin Davis Board Member | Trustee | 1 | $0 |
Deron Mccormick Treasurer | Officer | 1 | $0 |
Senthia Conyers Board Member | Trustee | 1 | $0 |
David Sanders Board Member | Trustee | 1 | $0 |
Isaac M Carr Board Member | Trustee | 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 | $2,231,000 |
| Noncash contributions included in lines 1a–1f | $0 |
| Total Revenue from Contributions, Gifts, Grants & Similar | $2,231,000 |
| Total Program Service Revenue | $0 |
| Investment income | $160,474 |
| 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 | $2,391,474 |
| Statement of Expenses | |
|---|---|
| Grants and other assistance to domestic organizations and domestic governments. | $1,167,630 |
| 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 | $662 |
| 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 | $0 |
| Insurance | $0 |
| All other expenses | $0 |
| Total functional expenses | $1,186,345 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $5,223,760 |
| Savings and temporary cash investments | $0 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $35,167 |
| Loans from Officers, Directors, or Controlling Persons | $0 |
| Loans from Disqualified Persons | $0 |
| Notes and loans receivable | $139,873 |
| Inventories for sale or use | $257,269 |
| 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 | $5,656,069 |
| Accounts payable and accrued expenses | $123,833 |
| 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 | $123,833 |
| Net assets without donor restrictions | $0 |
| 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 | $5,532,236 |
| Total liabilities and net assets/fund balances | $5,656,069 |
Grants Awarded
Over the last fiscal year, City Of Sumter Housing & Economic Developement Corporation has awarded $1,167,630 in support to 4 organizations.
| Grant Recipient | Amount |
|---|---|
CITY OF SUMTER PURPOSE: SHOT POUCH GREENWAY | $29,478 |
CITY OF SUMTER PURPOSE: PALMETTO TENNIS CTR | $801,592 |
CITY OF SUMTER PURPOSE: TOURISM BLDG & PARK | $300,000 |
CITY OF SUMTER PURPOSE: CENTENNIAL PLAZA PRO | $36,560 |