Carmel Midtown Community Development Corporation
- Assets
- $15.2m
- Revenue
- $18.8m
- Investments
- $0.0
- Employees
- 0
- Location
- Carmel, IN
- Founding
- Data as of
- 12/2021
- EIN
- 83-2549004
Organization Overview
Carmel Midtown Community Development Corporation is located in Carmel, IN. Carmel Midtown Community Development Corporation is a 501(c)(4) and as such, is described as a "Civic League, Social Welfare Organization, and Local Association of Employees" by the IRS.
For the year ending 12/2021, Carmel Midtown Community Development Corporation generated $18.8m in total revenue.
Form
990
Mission & Program ActivityExcerpts From the 990 Filing
TAX YEAR
2021
Describe the Organization's Mission:
Part 3 - Line 1
CARMEL MIDTOWN COMMUNITY DEVELOPMENT CORPORATION SEEKS TO IMPROVE CONDITIONS IN THE CITY OF CARMEL THROUGH REDEVELOPMENT, SPECIFICALLY BY FINANCING CONSTRUCTION PROJECTS THAT FURTHER ECONOMIC AND CULTURAL STANDARDS AROUND THE CITY.
Describe the Organization's Program Activity:
Part 3 - Line 4a
GRANT OF LAND TO OLD TOWN HOLDINGS 1, LLC (OLD TOWN HOLDINGS) VIA PURCHASE OPTION CONTRACT, IN ORDER TO DEVELOP LAND IN THE MIDTOWN DISTRICT OF THE CITY OF CARMEL. CMCDC MAY PARTICIPATE IN COMMUNITY BASED ECONOMIC DEVELOPMENT PROJECTS PER INDIANA CODE 4-4-28-2. CMCDC DEVELOPED LAND (PROPERTY A) IN ACCORDANCE WITH INDIANA CODE 36-7-14-2, IN ORDER TO FACILITATE A LAND SWAP FOR PROPERTY DEEMED AS NEEDING REDEVELOPMENT (PROPERTY B) WITHIN CMCDC'S DISTRICT. CMCDC RECEIVED OWNERSHIP OF PROPERTY A, THEN TRANSFERRED THE TITLE TO THE ORIGINAL OCCUPANT OF PROPERTY B, STOCKBERGER (MILLER AUTO). IN EXCHANGE CMCDC RECEIVED TITLE OF PROPERTY B, AND GRANTED THE PROPERTY TO OLD TOWN HOLDINGS ON THE CONTINGENCY THAT A PROJECT WILL BE COMPLETED, WITHIN A CERTAIN TIME-FRAME, THAT WOULD BENEFIT THE PUBLIC HEALTH, SAFETY, MORALS, AND WELFARE; INCREASE THE ECONOMIC WELL OF; AND SERVE TO PROTECT AND INCREASE PROPERTY VALUES IN THE CITY.
PAYMENT FOR MURAL PAINTED BY ISRAEL SOLOMON THAT ENHANCES THE CULTURE OF THE CITY OF CARMEL.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Raju Chintala President | Officer | 1 | $0 |
Miriam Dant Vice President | Officer | 1 | $0 |
Michael Stiehl Secretary | Officer | 1 | $0 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Federated campaigns | $0 |
| Membership dues | $0 |
| Fundraising events | $0 |
| Related organizations | $0 |
| Government grants | $17,475,716 |
| All other contributions, gifts, grants, and similar amounts not included above | $1,184,653 |
| Noncash contributions included in lines 1a–1f | $16,270,318 |
| Total Revenue from Contributions, Gifts, Grants & Similar | $18,660,369 |
| Total Program Service Revenue | $0 |
| Investment income | $0 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $101,780 |
| 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 | $18,762,149 |
| Statement of Expenses | |
|---|---|
| Grants and other assistance to domestic organizations and domestic governments. | $4,041,621 |
| 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 | $90,001 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $0 |
| Insurance | $0 |
| All other expenses | $19,050 |
| Total functional expenses | $4,150,672 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $82,780 |
| 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 | $15,085,665 |
| Investments—publicly traded securities | $0 |
| Investments—other securities | $0 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $0 |
| Total assets | $15,168,445 |
| Accounts payable and accrued expenses | $0 |
| 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 | $0 |
| 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 | $15,085,665 |
| Retained earnings, endowment, accumulated income, or other funds | $82,780 |
| Total liabilities and net assets/fund balances | $15,168,445 |
Grants Awarded
Over the last fiscal year, Carmel Midtown Community Development Corporation has awarded $2,562,675 in support to 2 organizations.
| Grant Recipient | Amount |
|---|---|
DOWNTOWN CITY CENTER DEVELOPMENT CORPORATION PURPOSE: To finance projects that enhance and improve certain areas of the City of Carmel both economically and culturally, as is consistent with Indiana Code: 36-7-14-12.2. | $2,300,000 |
CITY OF CARMEL - REDEVELOPMENT COMMISSION PURPOSE: Grant back rent proceeds. | $262,675 |
Peer Organizations
| Organization Name | Assets | Revenue |
|---|---|---|
Chinese American Service League Inc Chicago, IL | $15,835,299 | $20,315,146 |
Sholom Home East Inc St Paul, MN | $55,805,227 | $20,264,604 |
Leavenworth-Jefferson Electric Cooperative Inc Topeka, KS | $0 | $20,178,550 |
Nebraska Student Loan Program Inc Lincoln, NE | $230,624,169 | $45,453,979 |
Botsford Continuing Care Corporation Southfield, MI | $28,554,348 | $16,692,642 |
American Association Of Orthopaedic Surgeons Of America Rosemont, IL | $21,165,468 | $24,653,127 |
Blackburn University Carlinville, IL | $69,417,787 | $20,572,819 |
Community Support Services Inc Akron, OH | $23,036,222 | $26,517,082 |
Montgomery Place Chicago, IL | $31,885,880 | $16,111,662 |
Region 3b Area Agency On Aging Battle Creek, MI | $12,282,051 | $21,229,876 |
Southwest Counseling Solutions Inc Detroit, MI | $10,435,524 | $23,926,279 |
Adec Inc Bristol, IN | $35,707,130 | $22,045,756 |