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Biloxi Community Development Corp

Tax-deductible

Biloxi, MS501(c)(3)Housing EIN 31-1641324Revenue $4.5M in FY2024

On file with the IRSbiloxi.ms.usPo Box 447, 39533-0447 · Biloxi, MSTax-exempt since May 1999Publicly supported charity — 170(b)(1)(A)(vi)

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To promote and support the Development and management of quality affordable housing in the city of Biloxi, ms.

501(c)(3) charity; gifts are tax-deductible.
83¢ of each $1 spent went to programs.
Mission: Form 990 Part I, line 1 · Status: IRS Pub. 78 · Programs: Part IX

Before you give

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
FY2024
latest Form 990
Looks good: the latest return is for FY2024, 2 tax years back; within 2 tax years.
IRS e-file · Filing history
Surplus or deficit
0 of 5
filings with a surplus
Average deficit $856K a year · 34% of revenue · last 5 filings
Concern: a surplus in 0 of the last 5 filings.
Pt I · Ln 19 · 5 filings
Spent on programs
83%
of spending
Looks good: 83% of spending went to programs; 75% or more.
Pt IX · Ln 25 · col B
Cash reserves
5 mo
of spending, in cash
Looks good: 4.9 months of spending in cash; 3 or more.
Pt X · Ln 1–2 · Pt I · Ln 18
Liabilities
$26.2M
83% of total assets
Concern: liabilities are 83% of assets; over 80%.
Pt X · Ln 26
Independent board members
9
of 9 voting members
Looks good: 9 of 9 voting members are independent, a majority.
Pt VI · Ln 1a–1b
Looks goodFineWorth a lookConcernNo data yetTap a box for the reason.
Revenue
$4.5M
+107% vs prior year
Spent
$5.7M
To programs
83%
Net assets
$5.2M
By yearFY2020–FY2024
Revenue
$4.5M
FY2024▲ +107%
Tap a bar for its year
Revenue by fiscal year
FY2020$2.0M
FY2021$2.0M
FY2022$1.9M
FY2023$2.2M
FY2024$4.5M
Expenses
$5.7M
FY2024▲ +74%
Tap a bar for its year
Expenses by fiscal year
FY2020$2.5M
FY2021$2.7M
FY2022$2.7M
FY2023$3.3M
FY2024$5.7M
Net assets
$5.2M
FY2024▼ -63%
Tap a bar for its year
Net assets by fiscal year
FY2020$19.1M
FY2021$18.5M
FY2022$17.8M
FY2023$14.1M
FY2024$5.2M

From the FY2024 Form 990 · figures checked against the IRS filing · see the original

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Is it real?

Yes. Never revoked by the IRS. Latest filing on record: FY2024. IRS ruling in May 1999.

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

Where the money goes

83 cents of each dollar spent went to programs.

Program services 83% · $4.7M Management & general 17% · $944K

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

12 people listed on the 990.

Part VII, Section A · reportable compensation
Arlene Wall
Vice Chairma
$0Pt VII · Sec A
Eula Crowell
Commissioner
$0Pt VII · Sec A
Clarence Taylor
Commissioner
$0Pt VII · Sec A
George Birdrow
Commissioner
$0Pt VII · Sec A
Arlene Canaan
Commissioner
$0Pt VII · Sec A
$0Pt VII · Sec A
$0Pt VII · Sec A
Le'roy Carney
Commissioner
$0Pt VII · Sec A
See Biloxi Community Development Corp 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 15aYes

Programs and updates

Develops and manages quality affordable housing in Biloxi, Mississippi.

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1 program · $4.1M · in their own filed words · FY2024
01

To promote and support the development and management of quality affordable housing in the city of biloxi, MS.

$4.1Mprogram expense

By the numbers

The FY2024 990, line by line.

Download 990
from philanthropy.org
1The main four
Money inPt VIII
$4.5M
Ln 12
Fees for servicesLn 2g$4.9M
Investment incomeLn 3$53K
Money outPt IX
$5.7M
Ln 25
Programscol B$4.7M
Managementcol C$944K
Owns and owesPt X
$5.2M
net assets · Ln 32
Cash and savingsLn 1–2$2.3M
Total assetsLn 16$31.4M
LiabilitiesLn 26$26.2M
PeoplePt VI, VII
12
listed · VII A
PaidVII A0
Voting boardVI 1a9
IndependentVI 1b9
2In more detail
Revenue in detailPt VIII
Fees for servicesLn 2g$4.9M
Investment incomeLn 3$53K
Total revenueLn 12$4.5M
Assets in detailPt X, end of year
CashLn 1$1.4M
SavingsLn 2$973K
Cash and savings togetherLn 1–2$2.3M
InvestmentsLn 11–13−$355K
Land, buildings, equipmentLn 10c$26.6M
Other assetsLn 15$2.4M
Total assetsLn 16$31.4M
LiabilitiesLn 26$26.2M
Net assetsLn 32$5.2M
OperationsPt I, VI
EmployeesI 54
Fiscal year endsHeaderDecember
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 FY24End FY24
Cash and savingsLn 1–2$1.6M$2.3M
InvestmentsLn 11–13−$251K−$355K
Land, buildings, equipmentLn 10c$19.7M$26.6M
Total assetsLn 16$24.5M$31.4M
LiabilitiesLn 26$10.5M$26.2M
Net assetsLn 32$14.1M$5.2M
4Every line
Statement of functional expensesPt IX · every line
LineTotalProgramsManagementFundraising
Other salaries and wagesLn 7$888K$324K$564K
Pension plan contributionsLn 8$70K$70K
Payroll taxesLn 10$337K$135K$203K
Management feesLn 11a$107K$107K
Legal feesLn 11b$26K$26K
Accounting feesLn 11c$42K$9K$33K
Advertising and promotionLn 12$121$121
Office expensesLn 13$81K$74K$7K
OccupancyLn 16$1.2M$1.2M
TravelLn 17$24K$12K$12K
Conferences, conventions and meetingsLn 19$20K$20K
InterestLn 20$217K$217K
Depreciation, depletion and amortizationLn 22$1.6M$1.6M
InsuranceLn 23$885K$885K
Other expenses (24a–d)Ln 24$178K$148K$30K
All other expensesLn 24e$9K$9K
Total functional expensesLn 25$5.7M$4.7M$944K$0

Filing history

YearMoney inMoney outIn minus outNet assetsDownload
FY2024 Latest Viewing $4.5M$5.7M−$1.2M$5.2M 990 PDF
FY2023 $2.2M$3.3M−$1.1M$14.1M 990 PDF
FY2022 $1.9M$2.7M−$780K$17.8M 990 PDF
FY2021 $2.0M$2.7M−$648K$18.5M 990 PDF
FY2020 $2.0M$2.5M−$574K$19.1M 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 $4,480,835 revenue, 12 lines filed
I-8 Contributions and grants$0
I-9 Program service revenuePrior year $2,304,001$4,916,385
I-10 Investment incomePrior year $32,601$53,431
I-11 Other revenuePrior year −$174,212−$488,981
I-12 Total revenuePrior year $2,162,390$4,480,835
I-13 Grants and similar amounts paid$0
I-14 Benefits paid to members$0
I-15 Salaries and benefitsPrior year $956,628$1,295,536
I-16a Professional fundraising fees$0
I-17 Other expensesPrior year $2,298,867$4,371,127
I-18 Total expensesPrior year $3,255,495$5,666,663
I-19 Revenue less expensesPrior year −$1,093,105−$1,185,828
Part VI · Governance 9 of 9 board members independent, 3 to look at
VI-1a Voting members of the governing body9
VI-1b Independent voting members9
VI-12a Written conflict of interest policyNo
VI-13 Written whistleblower policyNo
VI-14 Document retention and destruction policyNo
VI-2 Family or business relationship among officers or directorsNo
VI-15a Process for setting top official's payYes
Part VIII · Statement of revenue $4,480,835 across 4 lines filed
VIII-2a-f Program service revenue, itemized rows (sum of 2a–2f as filed)Related to mission $4,916,385$4,916,385
VIII-3 Investment incomeExcluded from tax $53,431$53,431
VIII-11a-d Other revenue, itemized rows (sum of 11a–11d as filed)Related to mission −$488,981−$488,981
VIII-12 Total revenueRelated to mission $4,427,404 · Excluded from tax $53,431$4,480,835
Part IX · Statement of functional expenses $5,666,663 across 16 lines filed
IX-7 Other salaries and wagesPrograms $323,840 · Management $564,171$888,011
IX-8 Pension plan contributionsManagement $70,104$70,104
IX-10 Payroll taxesPrograms $134,695 · Management $202,726$337,421
IX-11a Management feesPrograms $107,365$107,365
IX-11b Legal feesManagement $25,544$25,544
IX-11c Accounting feesPrograms $9,032 · Management $33,177$42,209
IX-12 Advertising and promotionPrograms $121$121
IX-13 Office expensesPrograms $73,824 · Management $7,148$80,972
IX-16 OccupancyPrograms $1,181,980$1,181,980
IX-17 TravelPrograms $11,955 · Management $11,624$23,579
IX-19 Conferences, conventions and meetingsPrograms $20,092$20,092
IX-20 InterestPrograms $217,438$217,438
IX-22 Depreciation, depletion and amortizationPrograms $1,600,520$1,600,520
IX-23 InsurancePrograms $884,765$884,765
IX-24 Other expenses (24a–d)Programs $148,182 · Management $29,554$177,736
IX-24e All other expensesPrograms $8,806$8,806
IX-25 Total functional expensesPrograms $4,722,615 · Management $944,048 · Fundraising $0$5,666,663
Part X · Balance sheet $31,412,206 assets, 15 lines filed
X-1 Cash, non-interest-bearingStart of year $977,385$1,359,567
X-2 Savings and temporary cash investmentsStart of year $606,802$973,447
X-4 Accounts receivableStart of year $139,281$115,976
X-9 Prepaid expenses and deferred chargesStart of year $193,238$204,106
X-10c Land, buildings and equipment, netStart of year $19,732,905$26,637,615
X-13 Program-related investmentsStart of year −$250,641−$354,701
X-14 Intangible assetsStart of year $3,419$70,426
X-15 Other assetsStart of year $3,125,040$2,405,770
X-16 Total assetsStart of year $24,527,429$31,412,206
X-19 Deferred revenueStart of year $28,003$27,140
X-25 Other liabilitiesStart of year $10,449,369$26,152,413
X-26 Total liabilitiesStart of year $10,477,372$26,179,553
X-27 Net assets without donor restrictionsStart of year $14,050,057$5,232,653
X-32 Total net assets or fund balancesStart of year $14,050,057$5,232,653
X-33 Total liabilities and net assetsStart of year $24,527,429$31,412,206
Part XI · Reconciliation of net assets $5,232,653 net assets at year end
XI-1 Total revenue$4,480,835
XI-2 Total expenses$5,666,663
XI-3 Revenue less expenses−$1,185,828
XI-4 Net assets at start of year$14,050,057
XI-9 Other changes in net assets−$7,631,576
XI-10 Net assets at end of year$5,232,653

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

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