Broadway Developement Corp

Tax-deductible

Gary, IN501(c)(3)Community DevelopmentEIN 35-1928008Revenue $892K in FY2023

On file with the IRS650 Richard Gordon Hatcher Blvd, 46404-1533 · Gary, INTax-exempt since Mar 1995Publicly supported charity — 170(b)(1)(A)(vi)

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Property development and mangement to improve the quality of housing within a specified area of gary, in.

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

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
FY2023
latest Form 990
Fine: the latest return is for FY2023, 3 tax years back; within 3 tax years.
IRS e-file · Filing history
Surplus or deficit
3 of 4
filings with a surplus
Average surplus $233K a year · 47% of revenue · last 4 filings
Fine: a surplus in 3 of the last 4 filings.
Pt I · Ln 19 · 4 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
20 mo
of spending, in cash
Looks good: 20.4 months of spending in cash; 3 or more.
Pt X · Ln 1–2 · Pt I · Ln 18
Liabilities
$3.7M
66% of total assets
Worth a look: liabilities are 66% of assets; over 65%.
Pt X · Ln 26
Independent board members
3
of 3 voting members
Looks good: 3 of 3 voting members are independent, a majority.
Pt VI · Ln 1a–1b
Looks goodFineWorth a lookConcernNo data yetTap a box for the reason.
Revenue
$892K
+799% vs prior year
Spent
$187K
To programs
83%
Net assets
$1.9M
By yearFY2019–FY2023
Revenue
$892K
FY2023▲ +799%
Tap a bar for its year
Revenue by fiscal year
FY2019$540K
FY2021$469K
FY2022$99K
FY2023$892K
Expenses
$187K
FY2023▲ +25%
Tap a bar for its year
Expenses by fiscal year
FY2019$413K
FY2021$317K
FY2022$150K
FY2023$187K
Net assets
$1.9M
FY2023▲ +56%
Tap a bar for its year
Net assets by fiscal year
FY2019$127K
FY2021$1.3M
FY2022$1.2M
FY2023$1.9M

From the FY2023 Form 990 · figures checked against the IRS filing · see the original

990 PDF Claim

Is it real?

Yes. Never revoked by the IRS. Latest filing on record: FY2023. IRS ruling in Mar 1995.

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% · $154K Management & general 17% · $33K

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

3 people listed on the 990.

Part VII, Section A · reportable compensation
$0Pt VII · Sec A
$0Pt VII · Sec A
Treasurer
$0Pt VII · Sec A
See Broadway Developement 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 15aNo

Programs and updates

Develops and manages properties to improve housing quality in Gary, Indiana.

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1 program · in their own filed words · FY2023
01

Property development and management

Pt IX · col B

By the numbers

The FY2023 990, line by line.

1The main four
Money inPt VIII
$892K
Ln 12
Fees for servicesLn 2g$892K
Money outPt IX
$187K
Ln 25
Programscol B$154K
Managementcol C$33K
Owns and owesPt X
$1.9M
net assets · Ln 32
Cash and savingsLn 1–2$318K
Total assetsLn 16$5.6M
LiabilitiesLn 26$3.7M
PeoplePt VI, VII
3
listed · VII A
PaidVII A0
Voting boardVI 1a3
IndependentVI 1b3
2In more detail
Revenue in detailPt VIII
Fees for servicesLn 2g$892K
Total revenueLn 12$892K
Assets in detailPt X, end of year
CashLn 1$318K
Cash and savings togetherLn 1–2$318K
InvestmentsLn 11–13$4.9M
Land, buildings, equipmentLn 10c$5K
Total assetsLn 16$5.6M
LiabilitiesLn 26$3.7M
Net assetsLn 32$1.9M
OperationsPt I, VI
EmployeesI 50
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 FY23End FY23
Cash and savingsLn 1–2$12K$318K
InvestmentsLn 11–13$4.9M$4.9M
Land, buildings, equipmentLn 10c$5K$5K
Total assetsLn 16$4.9M$5.6M
LiabilitiesLn 26$3.7M$3.7M
Net assetsLn 32$1.2M$1.9M
4Every line
Statement of functional expensesPt IX · every line
LineTotalProgramsManagementFundraising
Grants to domestic organizationsLn 1$0
Grants to domestic individualsLn 2$0
Grants and assistance to foreign recipientsLn 3$0
Benefits paid to or for membersLn 4$0
Pay of current officers, directors and key staffLn 5$0
Pay of disqualified personsLn 6$111K$111K
Other salaries and wagesLn 7$0
Pension plan contributionsLn 8$0
Other employee benefitsLn 9$25K$25K
Payroll taxesLn 10$0
Management feesLn 11a$18K$18K
Legal feesLn 11b$641$641
Accounting feesLn 11c$0
Lobbying feesLn 11d$0
Investment management feesLn 11f$0
Other fees for servicesLn 11g$0
Advertising and promotionLn 12$0
Office expensesLn 13$0
Information technologyLn 14$0
RoyaltiesLn 15$0
OccupancyLn 16$0
TravelLn 17$0
Travel and entertainment for public officialsLn 18$0
Conferences, conventions and meetingsLn 19$0
InterestLn 20$0
Payments to affiliatesLn 21$0
Depreciation, depletion and amortizationLn 22$0
InsuranceLn 23$0
Other expenses (24a–d)Ln 24$32K$18K$14K
All other expensesLn 24e$0
Total functional expensesLn 25$187K$154K$33K$0

Filing history

YearMoney inMoney outIn minus outNet assetsDownload
FY2023 Latest Viewing $892K$187K$705K$1.9M 990 PDF
FY2022 $99K$150K−$51K$1.2M 990 PDF
FY2021 $469K$317K$152K$1.3M 990 PDF
FY2020 Not on file
FY2019 $540K$413K$127K$127K 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 (6 parts)
Part I · Summary $891,639 revenue, 12 lines filed
I-8 Contributions and grants$0
I-9 Program service revenuePrior year $74,633$891,639
I-10 Investment income$0
I-11 Other revenuePrior year $24,521$0
I-12 Total revenuePrior year $99,154$891,639
I-13 Grants and similar amounts paid$0
I-14 Benefits paid to members$0
I-15 Salaries and benefits$136,556
I-16a Professional fundraising fees$0
I-17 Other expensesPrior year $149,721$50,542
I-18 Total expensesPrior year $149,721$187,098
I-19 Revenue less expensesPrior year −$50,567$704,541
Part VI · Governance 3 of 3 board members independent, 2 to look at
VI-1a Voting members of the governing body3
VI-1b Independent voting members3
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 $891,639 across 2 lines filed
VIII-2a-f Program service revenue, itemized rows (sum of 2a–2f as filed)$891,639
VIII-12 Total revenue$891,639
Part IX · Statement of functional expenses $187,098 across 30 lines filed
IX-1 Grants to domestic organizations$0
IX-2 Grants to domestic individuals$0
IX-3 Grants and assistance to foreign recipients$0
IX-4 Benefits paid to or for members$0
IX-5 Pay of current officers, directors and key staff$0
IX-6 Pay of disqualified personsPrograms $111,306$111,306
IX-7 Other salaries and wages$0
IX-8 Pension plan contributions$0
IX-9 Other employee benefitsPrograms $25,250$25,250
IX-10 Payroll taxes$0
IX-11a Management feesManagement $17,843$17,843
IX-11b Legal feesManagement $641$641
IX-11c Accounting fees$0
IX-11d Lobbying fees$0
IX-11f Investment management fees$0
IX-11g Other fees for services$0
IX-12 Advertising and promotion$0
IX-13 Office expenses$0
IX-14 Information technology$0
IX-15 Royalties$0
IX-16 Occupancy$0
IX-17 Travel$0
IX-18 Travel and entertainment for public officials$0
IX-19 Conferences, conventions and meetings$0
IX-20 Interest$0
IX-21 Payments to affiliates$0
IX-22 Depreciation, depletion and amortization$0
IX-23 Insurance$0
IX-24 Other expenses (24a–d)Programs $17,827 · Management $14,231$32,058
IX-24e All other expenses$0
IX-25 Total functional expensesPrograms $154,383 · Management $32,715 · Fundraising $0$187,098
Part X · Balance sheet $5,621,657 assets, 9 lines filed
X-1 Cash, non-interest-bearingStart of year $12,030$318,299
X-4 Accounts receivableStart of year $34,317$417,629
X-10c Land, buildings and equipment, netStart of year $4,870$4,870
X-12 Other securitiesStart of year $4,880,859$4,880,859
X-16 Total assetsStart of year $4,932,076$5,621,657
X-26 Total liabilitiesStart of year $3,695,048$3,695,048
X-27 Net assets without donor restrictionsStart of year $1,237,028$1,926,609
X-32 Total net assets or fund balancesStart of year $1,237,028$1,926,609
X-33 Total liabilities and net assetsStart of year $4,932,076$5,621,657
Part XI · Reconciliation of net assets $1,926,609 net assets at year end
XI-1 Total revenue$891,639
XI-2 Total expenses$187,098
XI-3 Revenue less expenses$704,541
XI-4 Net assets at start of year$1,237,028
XI-9 Other changes in net assets−$14,960
XI-10 Net assets at end of year$1,926,609

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

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