Mlk Avenue Redevelopment Corporation
- Assets
- $1.0m
- Revenue
- $29.9k
- Investments
- $0.0
- Employees
- 1
- Location
- Mobile, AL
- Founding
- 06/1993
- Data as of
- 12/2022
- EIN
- 63-1088214
Organization Overview
Mlk Avenue Redevelopment Corporation is located in Mobile, AL. The organization was established in 1993. According to its NTEE Classification (S31) the organization is classified as: Urban & Community Economic Development, under the broad grouping of Community Improvement & Capacity Building and related organizations. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Mlk Avenue Redevelopment 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 12/2022, Mlk Avenue Redevelopment Corporation generated $29.9k 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 (28.3%) each year. All expenses for the organization totaled $168.8k 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
COMMUNITY REDEVELOPMENT
Describe the Organization's Program Activity:
Part 3 - Line 4a
MLK BUYS VACANT LOTS AND DILAPIDATED STRUCTURES, WHICH ARE DEMOLISHED, AND CONSTRUCTS NEW AFFORDABLE HOMES FOR SALE TO QUALIFYING LOW TO MODERATE INCOME PERSONS UNDER THE CHDO GRANT PROGRAM. NO HOMES WERE SOLD DURING THE YEAR. MLK ALSO FACILITATES A LEASE PURCHASE PROGRAM WHERE APPLICANTS CAN RENT HOMES RENOVATED BY THE ORGANIZATION TO ESTABLISH CREDIT TO EVENTUALLY PURCHASE THE HOME.
MLK PROVIDES OTHER PROGRAMS ON AN AS NEEDED BASIS. THIS IS DETERMINED BY THE BOARD AND EXECUTIVE DIRECTOR. THESE PROGRAMS WORK IN CONJUNCTION WITH THE AFFORDABLE HOMES PROGRAM IN AN EFFORT TO ENRICH THE MLK COMMUNITY AND ITS RESIDENTS. AT TIMES, MLK PARTICIPATES IN A PROGRAM NAMED FINANCIAL EDUCATION WHICH TARGETS INDIVIDUALS AND TEACHES THEM BASIC FINANCIAL MANAGEMENT TECHNIQUES. THIS PROGRAM DID NOT TAKE PLACE IN THE CURRENT YEAR.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Daphne Pierce Executive Di | Officer | 40 | $90,000 |
Carlos Gant Secretary/tr | Officer | $0 | |
Christopher Lee Advisory Brd | Officer | $0 | |
Darrell Randle Chairman | Officer | $0 | |
Samantha Sanders Vice Chairma | Officer | $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 | $0 |
| Noncash contributions included in lines 1a–1f | $0 |
| Total Revenue from Contributions, Gifts, Grants & Similar | $0 |
| Total Program Service Revenue | $29,911 |
| 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 | $0 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $29,911 |
| 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. | $90,000 |
| Compensation of current officers, directors, key employees. | $36,000 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $0 |
| Pension plan accruals and contributions | $0 |
| Other employee benefits | $0 |
| Payroll taxes | $6,885 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $0 |
| Fees for services: Accounting | $19,020 |
| 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 | $4,377 |
| Information technology | $0 |
| Royalties | $0 |
| Occupancy | $15,952 |
| Travel | $0 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $3,925 |
| Interest | $89 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $428 |
| Insurance | $16,175 |
| All other expenses | $869 |
| Total functional expenses | $168,805 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $237,916 |
| 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 | $0 |
| Prepaid expenses and deferred charges | $0 |
| Net Land, buildings, and equipment | $857 |
| Investments—publicly traded securities | $0 |
| Investments—other securities | $0 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $798,291 |
| Total assets | $1,037,064 |
| Accounts payable and accrued expenses | $7,485 |
| Grants payable | $0 |
| Deferred revenue | $3,450 |
| 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 | $40,000 |
| Total liabilities | $50,935 |
| Net assets without donor restrictions | $981,303 |
| Net assets with donor restrictions | $4,826 |
| 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 | $1,037,064 |