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Sky Development Corporation FY2023 filing

Tax-deductible

Mobile, AL501(c)(3)HousingEIN 31-1653360

To own and operate a 24-unit apartment project located in cullman, alabama that provides housing and supportive services to low-income elderly people.

501(c)(3) charity; gifts are tax-deductible.
100¢ of each $1 spent went to programs.
Mission: Form 990 Part I, line 1 · Status: IRS Pub. 78 · Programs: Part IX

Before you give

FY2023 · 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 $38K a year · 41% of revenue · last 5 filings
Concern: a surplus in 0 of the last 5 filings.
Pt I · Ln 19 · 5 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
<1 mo
of spending, in cash
Concern: 0.2 months of spending in cash; under 2 weeks.
Pt X · Ln 1–2 · Pt I · Ln 18
Liabilities
$141K
20% of total assets
Looks good: liabilities are 20% of assets; 50% or less.
Pt X · Ln 26
Independent board members
7
of 8 voting members
Looks good: 7 of 8 voting members are independent, a majority.
Pt VI · Ln 1a–1b
Looks goodFineWorth a lookConcernNo data yetTap a box for the reason.
Revenue
$97K
+12% vs prior year
Spent
$142K
To programs
100%
Net assets
$578K
By yearFY2020–FY2024
Revenue
$97K
FY2023▲ +12%
Revenue by fiscal year
FY2020$85K
FY2021$84K
FY2022$87K
FY2023$97K
FY2024$116K
Expenses
$142K
FY2023▲ +12%
Expenses by fiscal year
FY2020$115K
FY2021$116K
FY2022$127K
FY2023$142K
FY2024$160K
Net assets
$578K
FY2023▼ -7%
Net assets by fiscal year
FY2020$695K
FY2021$663K
FY2022$623K
FY2023$578K
FY2024$534K

From the FY2023 Form 990 · see the original

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You’re viewing the FY2023 filing — not the latest on file. See the latest (FY2024) →

Is it real?

Yes. Exemption reinstated (2010-05-15). Per the IRS revocation list. Latest filing on record: FY2024. IRS ruling in Apr 2012.

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% · $142K

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

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
$0Pt VII · Sec A
$0Pt VII · Sec A
Susan Knight
Director
$0Pt VII · Sec A
Ken Cumbie
Secretary/Treasurer
$0Pt VII · Sec A
Lee Metzger
Director
$0Pt VII · Sec A
Robert Rogers
President
$0Pt VII · Sec A
See Sky 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 housing and support to low-income seniors in Cullman, Alabama.

Provided by the organization

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

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1 program service account for $142K of program spending, described in the organization's own filed words · FY2023.
01

To own and operate a 24-UNIT apartment project located in cullman, alabama that provides housing and supportive services to low-income elderly people.

$142Kprogram expense

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By the numbers

The FY2023 990, line by line.

Download 990
from philanthropy.org
1The main four
Money inPt VIII
$97K
Ln 12
Fees for servicesLn 2g$96K
Other incomeLn 4–11$522
Investment incomeLn 3$7
Money outPt IX
$142K
Ln 25
Programscol B$142K
Owns and owesPt X
$578K
net assets · Ln 32
Cash and savingsLn 1–2$3K
Total assetsLn 16$718K
LiabilitiesLn 26$141K
PeoplePt VI, VII
8
listed · VII A
PaidVII A0
Voting boardVI 1a8
IndependentVI 1b7
2In more detail
Revenue in detailPt VIII
Fees for servicesLn 2g$96K
Investment incomeLn 3$7
Other incomeLn 4–11$522
Total revenueLn 12$97K
Assets in detailPt X, end of year
CashLn 1$3K
Cash and savings togetherLn 1–2$3K
Land, buildings, equipmentLn 10c$619K
Other assetsLn 15$86K
Total assetsLn 16$718K
LiabilitiesLn 26$141K
Net assetsLn 32$578K
OperationsPt I, VI
EmployeesI 50
VolunteersI 67
Fiscal year endsHeaderDecember
Conflict-of-interest policyVI 12aYes
Whistleblower policyVI 13Yes
Records policyVI 14No
3Year over year
Balance sheet, start vs end of yearPt X · col A, B
LineStart FY23End FY23
Cash and savingsLn 1–2$203$3K
Land, buildings, equipmentLn 10c$631K$619K
Total assetsLn 16$720K$718K
LiabilitiesLn 26$97K$141K
Net assetsLn 32$623K$578K
4Every line
Statement of functional expensesPt IX · every line
LineTotalProgramsManagementFundraising
Other salaries and wagesLn 7$11K$11K
Payroll taxesLn 10$815$815
Management feesLn 11a$15K$15K
Accounting feesLn 11c$6K$6K
Office expensesLn 13$6K$6K
OccupancyLn 16$53K$53K
Conferences, conventions and meetingsLn 19$713$713
Depreciation, depletion and amortizationLn 22$35K$35K
InsuranceLn 23$15K$15K
Other expenses (24a–d)Ln 24$159$159
Total functional expensesLn 25$142K$142K$0$0

Filing history

YearMoney inMoney outIn minus outNet assetsDownload
FY2024 Latest $116K$160K−$44K$534K 990 PDF
FY2023 Viewing $97K$142K−$45K$578K 990 PDF
FY2022 $87K$127K−$40K$623K 990 PDF
FY2021 $84K$116K−$32K$663K 990 PDF
FY2020 $85K$115K−$30K$695K 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 FY2023 990 (4 parts)
Part VIII · Statement of revenue $96,983 across 4 lines filed
Lines not itemized here account for $44,444 of total revenue; see the IRS return.
VIII-2a-f Program service revenue, itemized rows (sum of 2a–2f as filed)Related to mission $52,010$52,010
VIII-3 Investment incomeExcluded from tax $7$7
VIII-11a-d Other revenue, itemized rows (sum of 11a–11d as filed)Related to mission $522$522
VIII-12 Total revenueRelated to mission $96,976 · Unrelated business $0 · Excluded from tax $7$96,983
Part IX · Statement of functional expenses $142,421 across 10 lines filed
IX-7 Other salaries and wagesPrograms $10,774$10,774
IX-10 Payroll taxesPrograms $815$815
IX-11a Management feesPrograms $15,163$15,163
IX-11c Accounting feesPrograms $6,100$6,100
IX-13 Office expensesPrograms $5,935$5,935
IX-16 OccupancyPrograms $52,625$52,625
IX-19 Conferences, conventions and meetingsPrograms $713$713
IX-22 Depreciation, depletion and amortizationPrograms $34,968$34,968
IX-23 InsurancePrograms $15,169$15,169
IX-24 Other expenses (24a–d)Programs $159$159
IX-25 Total functional expensesPrograms $142,421 · Management $0 · Fundraising $0$142,421
Part X · Balance sheet $718,147 assets, 12 lines filed
X-1 Cash, non-interest-bearingStart of year $203$2,902
X-4 Accounts receivableStart of year $919$1,222
X-9 Prepaid expenses and deferred chargesStart of year $6,048$8,897
X-10c Land, buildings and equipment, netStart of year $631,111$619,143
X-15 Other assetsStart of year $81,542$85,983
X-16 Total assetsStart of year $719,823$718,147
X-17 Accounts payable and accrued expensesStart of year $96,540$139,759
X-19 Deferred revenueStart of year $260$803
X-26 Total liabilitiesStart of year $96,800$140,562
X-27 Net assets without donor restrictionsStart of year $623,023$577,585
X-32 Total net assets or fund balancesStart of year $623,023$577,585
X-33 Total liabilities and net assetsStart of year $719,823$718,147
Part XI · Reconciliation of net assets $577,585 net assets at year end
XI-1 Total revenue$96,983
XI-2 Total expenses$142,421
XI-3 Revenue less expenses−$45,438
XI-4 Net assets at start of year$623,023
XI-9 Other changes in net assets$0
XI-10 Net assets at end of year$577,585

Form 990 e-file (XML) FY2023 from the IRS · Classification, formation year and address from the IRS Business Master File

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