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Upgrade Development Corporation FY2022 filing

Not tax-deductible

Peoria, IL501(c)(4)EIN 23-7023935

Rental of Low to Moderate Income Housing, subsided by HUD

100¢ of each $1 spent went to programs.
Mission: Form 990 Part I, line 1 · Programs: Part IX

Before you give

FY2022 · Form 990Independent: from IRS data, not the org
Download 990
IRS status
501(c)(4)
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
No
Donations are not tax-deductible
Worth a look: the IRS does not list 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
3 of 6
filings with a surplus
Average surplus $309K a year · 4191% of revenue · last 6 filings
Worth a look: a surplus in 3 of the last 6 filings.
Pt I · Ln 19 · 6 filings
Spent on programs
100%
of spending
Looks good: 100% of spending went to programs; 75% or more.
Pt IX · Ln 25 · col B
Cash reserves
3 mo
of spending, in cash
Looks good: 3.3 months of spending in cash; 3 or more.
Pt X · Ln 1–2 · Pt I · Ln 18
Liabilities
$2K
0.5% of total assets
Looks good: liabilities are 0% of assets; 50% or less.
Pt X · Ln 26
Independent board members
11
of 11 voting members
Looks good: 11 of 11 voting members are independent, a majority.
Pt VI · Ln 1a–1b
Looks goodFineWorth a lookConcernNo data yetTap a box for the reason.
Revenue
$0
-100% vs prior year
Spent
$40
To programs
100%
Net assets
$498K
By yearFY2020–FY2025
Revenue
$0
FY2022▼ -100%
Revenue by fiscal year
FY2020$41K
FY2021$658
FY2022$0
FY2023$0
FY2024$2K
FY2025$0
Expenses
$40
FY2022▲ +300%
Expenses by fiscal year
FY2020−$1.8M
FY2021$10
FY2022$40
FY2023$476
FY2024$3K
FY2025$0
Net assets
$498K
FY2022▲ +5%
Net assets by fiscal year
FY2020$472K
FY2021$473K
FY2022$498K
FY2023$498K
FY2024$497K
FY2025$497K

From the FY2022 Form 990 (year ending September 2022) · see the original

Form 990 (PDF) Claim
You’re viewing the FY2022 filing — not the latest on file. See the latest (FY2025) →

Is it real?

Yes. Never revoked by the IRS. Latest filing on record: FY2025. IRS ruling in Aug 1969.

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

Where the money goes

100 cents of each dollar spent went to programs.

Program services 100% · $40

Form 990 Part IX, line 25. Every line is in By the numbers.

Who runs it and what they're paid

11 people listed on the 990.

Part VII, Section A · reportable compensation · most recent filed roster (FY2021); the FY2022 filing did not itemize Part VII
Lamar Anderson
Board Member
$0Pt VII · Sec A
Stephen Cantrell
Board Member
$0Pt VII · Sec A
Julie Comfort
Board Member
$0Pt VII · Sec A
Marvin Hightower
Board Member
$0Pt VII · Sec A
William Lervaag
Board Member
$0Pt VII · Sec A
Jeffrey Randolph
Board Member
$0Pt VII · Sec A
Bradley Sain
Board Member
$0Pt VII · Sec A
Terry Cunefare
Board President
$0Pt VII · Sec A
See Upgrade 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

Provides affordable rental housing for low and moderate-income families.

Provided by the organization

This section is blank until Upgrade Development Corporation claims this page.

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1 program service account for $40 of program spending, described in the organization's own filed words · FY2021.
01

Rental of low to moderate income housing. Rent is subsized by HUD through the section 8 program. Tenants pay rent based upon income. As of January 2020, the rental apartments were sold and now Upgrade Development has no physical property.

$40program expense

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By the numbers

The FY2022 990, line by line.

Download 990
from philanthropy.org
1The main four
Money inPt VIII
$0
Ln 12
Money outPt IX
$40
Ln 25
Programscol B$40
Owns and owesPt X
$498K
net assets · Ln 32
Cash and savingsLn 1–2$11
Total assetsLn 16$501K
LiabilitiesLn 26$2K
PeoplePt VI, VII
11
listed · VII A
PaidVII A0
Voting boardVI 1a11
IndependentVI 1b11
2In more detail
Revenue in detailPt VIII
Total revenueLn 12$0
Assets in detailPt X, end of year
SavingsLn 2$11
Cash and savings togetherLn 1–2$11
Other assetsLn 15$500K
Total assetsLn 16$501K
LiabilitiesLn 26$2K
Net assetsLn 32$498K
OperationsPt I, VI
EmployeesI 50
VolunteersI 60
Fiscal year endsHeaderSeptember
Conflict-of-interest policyVI 12aNo
Whistleblower policyVI 13No
Records policyVI 14No
3Year over year
Balance sheet, start vs end of yearPt X · col A, B
LineStart FY22End FY22
Cash and savingsLn 1–2$101$11
Total assetsLn 16$501K$501K
LiabilitiesLn 26$28K$2K
Net assetsLn 32$473K$498K
4Every line
Statement of functional expensesPt IX · every line
LineTotalProgramsManagementFundraising
Other expenses (24a–d)Ln 24$40$40$0$0
All other expensesLn 24e$0$0$0$0
Total functional expensesLn 25$40$40$0$0

Filing history

YearMoney inMoney outIn minus outNet assetsDownload
FY2025 Latest $0$0$0$497K 990 PDF
FY2024 $2K$3K−$943$497K 990 PDF
FY2023 $0$476−$476$498K 990 PDF
FY2022 Viewing $0$40−$40$498K 990 PDF
FY2021 $658$10$648$473K 990 PDF
FY2020 $41K−$1.8M$1.9M$472K 990 PDF

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Schedules filed Part IV

III · Programs I · Grants R · Related orgs G · Fundraising L · Interested persons A · Public support F · Foreign M · Noncash
See the full FY2022 990 (4 parts)
Part VIII · Statement of revenue $0 across 2 lines filed
VIII-1h Total contributions, gifts and grants$0
VIII-12 Total revenueRelated to mission $0 · Unrelated business $0 · Excluded from tax $0$0
Part IX · Statement of functional expenses $40 across 2 lines filed
IX-24 Other expenses (24a–d)Programs $40 · Management $0 · Fundraising $0$40
IX-24e All other expensesPrograms $0 · Management $0 · Fundraising $0$0
IX-25 Total functional expensesPrograms $40 · Management $0 · Fundraising $0$40
Part X · Balance sheet $500,656 assets, 10 lines filed
X-2 Savings and temporary cash investmentsStart of year $101$11
X-4 Accounts receivableStart of year $595$645
X-15 Other assetsStart of year $500,000$500,000
X-16 Total assetsStart of year $500,696$500,656
X-17 Accounts payable and accrued expensesStart of year $28,047$2,400
X-26 Total liabilitiesStart of year $28,047$2,400
X-27 Net assets without donor restrictionsStart of year $472,649$498,256
X-28 Net assets with donor restrictionsStart of year $0$0
X-32 Total net assets or fund balancesStart of year $472,649$498,256
X-33 Total liabilities and net assetsStart of year $500,696$500,656
Part XI · Reconciliation of net assets $498,256 net assets at year end
XI-1 Total revenue$0
XI-2 Total expenses$40
XI-3 Revenue less expenses−$40
XI-4 Net assets at start of year$472,649
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$25,647
XI-9 Other changes in net assets$0
XI-10 Net assets at end of year$498,256

Form 990 e-file (XML) FY2022 from the IRS · Classification, formation year and address from the IRS Business Master File

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