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Punta Gorda Development Corporation FY2024 filing

Tax-deductible

Punta Gorda, FL501(c)(3)Housing EIN 20-1669599Revenue $122K in FY2024

On file with the IRSpuntagordaha.org340 Gulf Breeze Ave, 33950-5634 · Punta Gorda, FLTax-exempt since Dec 2013Supporting org, Type II — 509(a)(3)

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The organization is to provide and develop affordable Housing Opportunities to low and moderate income persons and/or families primarily located in, but not limited to, Punta Gorda Florida, and the surrounding areas.

501(c)(3) charity; gifts are tax-deductible.
79¢ of each $1 spent went to programs.
Mission: Form 990 Part I, line 1 · Status: IRS Pub. 78 · Programs: Part IX

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FY2024 · Form 990Independent: from IRS data, not the org
Download 990
IRS status
501(c)(3)
not on the IRS revocation list
Looks good: listed by the IRS and not on the revocation list.
IRS BMF · Auto-Revocation List
Tax-deductible gifts
Yes
Donations are tax-deductible
Looks good: the IRS lists gifts to it as deductible.
IRS Pub. 78 · IRS BMF
Latest return
FY2025
latest Form 990
Looks good: the latest return is for FY2025, 1 tax year back; within 2 tax years.
IRS e-file · Filing history
Surplus or deficit
2 of 5
filings with a surplus
Average surplus $10K a year · 7% of revenue · last 5 filings
Worth a look: a surplus in 2 of the last 5 filings.
Pt I · Ln 19 · 5 filings
Spent on programs
79%
of spending
Looks good: 79% of spending went to programs; 75% or more.
Pt IX · Ln 25 · col B
Cash reserves
9 mo
of spending, in cash
Looks good: 9.3 months of spending in cash; 3 or more.
Pt X · Ln 1–2 · Pt I · Ln 18
Liabilities
$8K
1% of total assets
Looks good: liabilities are 1% of assets; 50% or less.
Pt X · Ln 26
Independent board members
0
of 7 voting members
Concern: none of 7 voting members are independent.
Pt VI · Ln 1a–1b
Looks goodFineWorth a lookConcernNo data yetTap a box for the reason.
Revenue
$122K
-55% vs prior year
Spent
$151K
To programs
79%
Net assets
$614K
By yearFY2021–FY2025
Revenue
$122K
FY2024▼ -55%
Tap a bar for its year
Revenue by fiscal year
FY2021$152K
FY2022$94K
FY2023$270K
FY2024$122K
FY2025$125K
Expenses
$151K
FY2024▼ -19%
Tap a bar for its year
Expenses by fiscal year
FY2021$145K
FY2022$99K
FY2023$187K
FY2024$151K
FY2025$131K
Net assets
$614K
FY2024▼ -5%
Tap a bar for its year
Net assets by fiscal year
FY2021$567K
FY2022$560K
FY2023$643K
FY2024$614K
FY2025$608K

From the FY2024 Form 990 · see the original

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You’re viewing the FY2024 filing — not the latest on file. See the latest (FY2025) →

Is it real?

Yes. Exemption reinstated (2010-05-15). Per the IRS revocation list. Latest filing on record: FY2025. IRS ruling in Dec 2013.

IRS Pub. 78 · IRS Auto-Revocation List · IRS Business Master File

Where the money goes

79 cents of each dollar spent went to programs.

Program services 79% · $119K Management & general 21% · $32K

Form 990 Part IX, line 25, columns B–D. Every line is in By the numbers.

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Who runs it and what they're paid

8 people listed on the 990.

Part VII, Section A · reportable compensation
$0Pt VII · Sec A
$0Pt VII · Sec A
Sheila Dabney
Commissioner
$0Pt VII · Sec A
Sherri Washington
Commissioner
$0Pt VII · Sec A
$0Pt VII · Sec A
Nicholas Worden
Commissioner
$0Pt VII · Sec A
Alexia Martin
Commissioner
$0Pt VII · Sec A
Kevin Shaw
Vice Chair
$0Pt VII · Sec A
See Punta Gorda Development Corporation executive salaries →

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Questions the 990 asks

The form asks each of these directly. These are the filed answers.

  • Family or business ties among officersPt VI · Ln 2No
  • Top official's pay set by an independent reviewPt VI · Ln 15aNo

Programs and updates

Develops and provides affordable housing for low-income individuals and families in Punta Gorda and surrounding areas.

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Provided by the organization

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3 programs · $119K · in their own filed words · FY2024
01

Depreciation Expense is from the affordable housing units.

$76Kprogram expense
02

The units are and will be rented to low income families of the area. Maintenance or unit turn around, cleaning, painting, landscaping, HVAC,Hurricane repairs, etc., are all costs that are needed to prepare the units for occupancy.

$38Kprogram expense
03

Maintenance materials and utilities are needed for the upkeep on the affordable units. Insurance on the units is required and needed in case of a disaster.

$5Kprogram expense

By the numbers

The FY2024 990, line by line.

Download 990
from philanthropy.org
1The main four
Money inPt VIII
$122K
Ln 12
Other incomeLn 4–11$122K
Money outPt IX
$151K
Ln 25
Programscol B$119K
Managementcol C$32K
Owns and owesPt X
$614K
net assets · Ln 32
Cash and savingsLn 1–2$116K
Total assetsLn 16$622K
LiabilitiesLn 26$8K
PeoplePt VI, VII
8
listed · VII A
PaidVII A0
Voting boardVI 1a7
IndependentVI 1b0
2In more detail
Revenue in detailPt VIII
Government grantsLn 1e$0
Noncash giftsLn 1g$0
Fundraising eventsLn 1c$0
Other incomeLn 4–11$122K
Total revenueLn 12$122K
Assets in detailPt X, end of year
CashLn 1$116K
Cash and savings togetherLn 1–2$116K
Land, buildings, equipmentLn 10c$474K
Total assetsLn 16$622K
LiabilitiesLn 26$8K
Net assetsLn 32$614K
OperationsPt I, VI
EmployeesI 50
VolunteersI 60
Fiscal year endsHeaderDecember
Conflict-of-interest policyVI 12aYes
Whistleblower policyVI 13No
Records policyVI 14Yes
3Year over year
Balance sheet, start vs end of yearPt X · col A, B
LineStart FY24End FY24
Cash and savingsLn 1–2$82K$116K
Land, buildings, equipmentLn 10c$550K$474K
Total assetsLn 16$653K$622K
LiabilitiesLn 26$10K$8K
Net assetsLn 32$643K$614K
4Every line
Statement of functional expensesPt IX · every line
LineTotalProgramsManagementFundraising
Management feesLn 11a$21K$21K
Legal feesLn 11b$210$210
Other fees for servicesLn 11g$23K$23K
Office expensesLn 13$11K$11K
OccupancyLn 16$19K$19K
Depreciation, depletion and amortizationLn 22$76K$76K
InsuranceLn 23$0
Total functional expensesLn 25$151K$119K$32K$0

Filing history

YearMoney inMoney outIn minus outNet assetsDownload
FY2025 Latest $125K$131K−$6K$608K 990 PDF
FY2024 Viewing $122K$151K−$29K$614K 990 PDF
FY2023 $270K$187K$83K$643K 990 PDF
FY2022 $94K$99K−$5K$560K 990 PDF
FY2021 $152K$145K$7K$567K 990 PDF

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Schedules filed Part IV

III · Programs R · Related orgs G · Fundraising L · Interested persons I · Grants A · Public support O · Explanations
See the full FY2024 990 (6 parts)
Part I · Summary $121,871 revenue, 12 lines filed
I-8 Contributions and grantsPrior year $0$0
I-9 Program service revenuePrior year $0$0
I-10 Investment incomePrior year $0$0
I-11 Other revenuePrior year $270,292$121,871
I-12 Total revenuePrior year $270,292$121,871
I-13 Grants and similar amounts paidPrior year $0$0
I-14 Benefits paid to membersPrior year $0$0
I-15 Salaries and benefitsPrior year $0$0
I-16a Professional fundraising feesPrior year $0$0
I-17 Other expensesPrior year $186,864$150,988
I-18 Total expensesPrior year $186,864$150,988
I-19 Revenue less expensesPrior year $83,428−$29,117
Part VI · Governance 0 of 7 board members independent, 2 to look at
VI-1a Voting members of the governing body7
VI-1b Independent voting members0
VI-13 Written whistleblower policyNo
VI-15a Process for setting top official's payNo
VI-2 Family or business relationship among officers or directorsNo
VI-12a Written conflict of interest policyYes
VI-14 Document retention and destruction policyYes
Part VIII · Statement of revenue $121,871 across 10 lines filed
VIII-1a Federated campaigns$0
VIII-1b Membership dues$0
VIII-1c Fundraising events$0
VIII-1d Related organizations$0
VIII-1e Government grants$0
VIII-1f All other contributions, gifts and grants$0
VIII-1g Noncash contributions (included above)$0
VIII-1h Total contributions, gifts and grants$0
VIII-6 Net rental income or lossRelated to mission $121,871 · Unrelated business $0 · Excluded from tax $0$121,871
VIII-12 Total revenueRelated to mission $121,871 · Unrelated business $0 · Excluded from tax $0$121,871
Part IX · Statement of functional expenses $150,988 across 7 lines filed
IX-11a Management feesManagement $20,922$20,922
IX-11b Legal feesManagement $210$210
IX-11g Other fees for servicesPrograms $23,452$23,452
IX-13 Office expensesManagement $10,770$10,770
IX-16 OccupancyPrograms $19,446$19,446
IX-22 Depreciation, depletion and amortizationPrograms $76,188$76,188
IX-23 Insurance$0
IX-25 Total functional expensesPrograms $119,086 · Management $31,902 · Fundraising $0$150,988
Part X · Balance sheet $622,319 assets, 11 lines filed
X-1 Cash, non-interest-bearingStart of year $82,047$116,406
X-4 Accounts receivableStart of year −$44$1,632
X-9 Prepaid expenses and deferred chargesStart of year $20,519$30,456
X-10c Land, buildings and equipment, netStart of year $550,013$473,825
X-16 Total assetsStart of year $652,535$622,319
X-17 Accounts payable and accrued expensesStart of year $3,600$2,500
X-26 Total liabilitiesStart of year $9,511$8,411
X-27 Net assets without donor restrictionsStart of year $643,024$613,908
X-28 Net assets with donor restrictionsStart of year $0$0
X-32 Total net assets or fund balancesStart of year $643,024$613,908
X-33 Total liabilities and net assetsStart of year $652,535$622,319
Part XI · Reconciliation of net assets $613,908 net assets at year end
XI-1 Total revenue$121,871
XI-2 Total expenses$150,988
XI-3 Revenue less expenses−$29,117
XI-4 Net assets at start of year$643,024
XI-5 Net unrealized gains (losses) on investments$0
XI-6 Donated services and use of facilities$0
XI-7 Investment expenses$0
XI-8 Prior period adjustments$0
XI-9 Other changes in net assets$1
XI-10 Net assets at end of year$613,908

Form 990 e-file (XML) FY2024 from the IRS · Classification, formation year and address from the IRS Business Master File

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