Bessemer Redevelopment Corp
- Assets
- $1.3m
- Revenue
- $777.1k
- Investments
- $0.0
- Employees
- 3
- Location
- Bessemer, AL
- Founding
- Data as of
- 12/2022
- EIN
- 85-1601510
Organization Overview
Bessemer Redevelopment Corp is located in Bessemer, AL. According to its NTEE Classification (S20) the organization is classified as: Community & Neighborhood Development, under the broad grouping of Community Improvement & Capacity Building and related organizations. As of 12/2022, Bessemer Redevelopment Corp employed 3 individuals. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Bessemer Redevelopment 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 12/2022, Bessemer Redevelopment Corp generated $777.1k in total revenue. All expenses for the organization totaled $496.9k during the year ending 12/2022.
Form
990
Mission & Program ActivityExcerpts From the 990 Filing
TAX YEAR
2022
Describe the Organization's Mission:
Part 3 - Line 1
WE LEAD THE TRANSFORMATION OF NEIGHBORHOODS IN BESSEMER, ALABAMA, THROUGH COMMUNITY-FIRST DEVELOPMENT, INCLUDING BUILDING OR RENOVATING A QUALITY AFFORDABLE HOUSING PRODUCT, CREATING BUILDINGS OR SITES THAT BECOME COMMUNITY ASSETS, CREATING QUALITY PUBLIC SPACES, AND A SAFER ENVIRONMENT FOR EVERYONE (SIDEWALKS, STREETLIGHTS).
Describe the Organization's Program Activity:
Part 3 - Line 4a
ACQUISITIONS OF VACANT AND BLIGHTED PROPERTIES FOR REDEVELOPMENT.
RENOVATION OF THE BESSEMER TRAIN DEPOT TO ENHANCE THE COMMUNITY.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Brian Giattina President | OfficerTrustee | 20 | $0 |
Mike Rogers Director | Trustee | 1 | $0 |
Ed Welden Director | Trustee | 1 | $0 |
Dave Paige Director | Trustee | 1 | $0 |
Ashley Norris Director | Trustee | 1 | $0 |
Calvin Bell Director | 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 | $770,238 |
| Noncash contributions included in lines 1a–1f | $0 |
| Total Revenue from Contributions, Gifts, Grants & Similar | $770,238 |
| Total Program Service Revenue | $0 |
| Investment income | $17,704 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $2,984 |
| Net Gain/Loss on Asset Sales | -$13,860 |
| Net Income from Fundraising Events | $0 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $0 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $777,066 |
| Statement of Expenses | |
|---|---|
| Grants and other assistance to domestic organizations and domestic governments. | $2,350 |
| 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 | $176,451 |
| Pension plan accruals and contributions | $0 |
| Other employee benefits | $20,779 |
| Payroll taxes | $14,332 |
| Fees for services: Management | $103,295 |
| Fees for services: Legal | $0 |
| Fees for services: Accounting | $17,997 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $111,866 |
| Advertising and promotion | $5,789 |
| Office expenses | $1,348 |
| Information technology | $3,227 |
| Royalties | $0 |
| Occupancy | $8,875 |
| Travel | $0 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $0 |
| Interest | $5,279 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $0 |
| Insurance | $23,622 |
| All other expenses | $252 |
| Total functional expenses | $496,941 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $70,467 |
| Savings and temporary cash investments | $0 |
| Pledges and grants receivable | $290,485 |
| Accounts receivable, net | $0 |
| Loans from Officers, Directors, or Controlling Persons | $305,218 |
| Loans from Disqualified Persons | $0 |
| Notes and loans receivable | $0 |
| Inventories for sale or use | $0 |
| Prepaid expenses and deferred charges | $68,210 |
| Net Land, buildings, and equipment | $0 |
| Investments—publicly traded securities | $0 |
| Investments—other securities | $0 |
| Investments—program-related | $565,792 |
| Intangible assets | $0 |
| Other assets | $0 |
| Total assets | $1,300,172 |
| Accounts payable and accrued expenses | $121,190 |
| Grants payable | $0 |
| Deferred revenue | $290,485 |
| Tax-exempt bond liabilities | $0 |
| Escrow or custodial account liability | $0 |
| Loans and other payables to any current Officer, Director, or Controlling Person | $168,680 |
| Secured mortgages and notes payable | $170,000 |
| Unsecured mortgages and notes payable | $0 |
| Other liabilities | $0 |
| Total liabilities | $750,355 |
| Net assets without donor restrictions | $549,817 |
| 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 | $1,300,172 |