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Mpower Development Corp FY2024 filing

Not tax-deductible

Philadelphia, PAMutual-benefit / member-servingReligion EIN 46-2668689Revenue $633K in FY2024Latest return filed Nov 6, 2025

On file with the IRS1415 Fairmount Ave Suite 241, 19130-2962 · Philadelphia, PATax-exempt since Sep 2013

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The corporation's mission is to hold title to property, collect rent therefrom and turn over the entire amount thereof, less expenses, to an organization which itself is exempt under section 501(a) of the internal revenue code of 1986, as amended.

75¢ of each $1 spent went to programs.
Mission: Form 990 Part I, line 1 · Programs: Part IX

Before you give

FY2024 · Form 990Independent: from IRS data, not the org
Download 990
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
5 of 5
filings with a surplus
Average surplus $3.1M a year · 84% of revenue · last 5 filings
Looks good: a surplus in 5 of the last 5 filings.
Pt I · Ln 19 · 5 filings
Spent on programs
75%
of spending
Looks good: 75% of spending went to programs; 75% or more.
Pt IX · Ln 25 · col B
Cash reserves
34 mo
of spending, in cash
Looks good: 34.1 months of spending in cash; 3 or more.
Pt X · Ln 1–2 · Pt I · Ln 18
Liabilities
$96K
0.7% of total assets
Looks good: liabilities are 1% of assets; 50% or less.
Pt X · Ln 26
Independent board members
0
of 3 voting members
Concern: none of 3 voting members are independent.
Pt VI · Ln 1a–1b
Looks goodFineWorth a lookConcernNo data yetTap a box for the reason.
Revenue
$633K
-4% vs prior year
Spent
$344K
To programs
75%
Net assets
$13.3M
By yearFY2021–FY2025
Revenue
$633K
FY2024▼ -4%
Tap a bar for its year
Revenue by fiscal year
FY2021$15.5M
FY2022$931K
FY2023$657K
FY2024$633K
FY2025$784K
Expenses
$344K
FY2024▼ -5%
Tap a bar for its year
Expenses by fiscal year
FY2021$847K
FY2022$772K
FY2023$363K
FY2024$344K
FY2025$566K
Net assets
$13.3M
FY2024▼ -2%
Tap a bar for its year
Net assets by fiscal year
FY2021$12.9M
FY2022$12.5M
FY2023$13.5M
FY2024$13.3M
FY2025$12.9M

From the FY2024 Form 990 (year ending June 2024) · figures checked against the IRS filing · see the original

990 PDF Claim
You’re viewing the FY2024 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 Sep 2013.

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

Where the money goes

75 cents of each dollar spent went to programs.

Program services 75% · $258K Management & general 25% · $86K

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

Something off? Claim to add context

Who runs it and what they're paid

4 people listed on the 990.

Part VII, Section A · reportable compensation · most recent filed roster (FY2023); the FY2024 filing did not itemize Part VII
$0Pt VII · Sec A
Kevin Noel
Treasurer
$0Pt VII · Sec A
Janet Stearns
Secretary
$0Pt VII · Sec A
$0Pt VII · Sec A
See Mpower Development Corp executive salaries →

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

Manages property, collects rent, and gives all profits to a tax-exempt charity.

Questions for Mpower Development Corp

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2 programs · $793K · in their own filed words · FY2023
01

Distribution of net profit to organization exempt from income tax under section 501(a)

$535Kprogram expense
02

Operation and maintenance of property held for 501(a) organizations

$258Kprogram expense

By the numbers

The FY2024 990, line by line.

Download 990
from philanthropy.org
1The main four
Money inPt VIII
$633K
Ln 12
Investment incomeLn 3$416K
Fees for servicesLn 2g$216K
Money outPt IX
$344K
Ln 25
Programscol B$258K
Managementcol C$86K
Owns and owesPt X
$13.3M
net assets · Ln 32
Cash and savingsLn 1–2$979K
Total assetsLn 16$13.4M
LiabilitiesLn 26$96K
PeoplePt VI, VII
4
listed · VII A
PaidVII A0
Voting boardVI 1a3
IndependentVI 1b0
2In more detail
Revenue in detailPt VIII
Fees for servicesLn 2g$216K
Investment incomeLn 3$416K
Total revenueLn 12$633K
Assets in detailPt X, end of year
CashLn 1$979K
Cash and savings togetherLn 1–2$979K
Land, buildings, equipmentLn 10c$2.0M
Other assetsLn 15$10.4M
Total assetsLn 16$13.4M
LiabilitiesLn 26$96K
Net assetsLn 32$13.3M
OperationsPt I, VI
EmployeesI 50
VolunteersI 60
Fiscal year endsHeaderJune
Conflict-of-interest policyVI 12aYes
Whistleblower policyVI 13Yes
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$886K$979K
Land, buildings, equipmentLn 10c$2.0M$2.0M
Total assetsLn 16$13.6M$13.4M
LiabilitiesLn 26$95K$96K
Net assetsLn 32$13.5M$13.3M
4Every line
Statement of functional expensesPt IX · every line
LineTotalProgramsManagementFundraising
Management feesLn 11a$75K$75K
Accounting feesLn 11c$9K$9K
OccupancyLn 16$86K$86K
Depreciation, depletion and amortizationLn 22$85K$85K
InsuranceLn 23$49K$49K
Other expenses (24a–d)Ln 24$39K$38K$1K
Total functional expensesLn 25$344K$258K$86K$0

Filing history

YearMoney inMoney outIn minus outNet assetsDownload
FY2025 LatestFiled with the IRS Nov 6, 2025 $784K$566K$218K$12.9M 990 PDF
FY2024 ViewingFiled with the IRS Oct 25, 2024 $633K$344K$289K$13.3M 990 PDF
FY2023Filed with the IRS Sep 22, 2023 $657K$363K$294K$13.5M 990 PDF
FY2022Filed with the IRS Sep 30, 2022 $931K$772K$159K$12.5M 990 PDF
FY2021Filed with the IRS Oct 11, 2021 $15.5M$847K$14.6M$12.9M 990 PDF

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 $632,519 revenue, 12 lines filed
I-8 Contributions and grantsPrior year $0$0
I-9 Program service revenuePrior year $236,702$216,239
I-10 Investment incomePrior year $420,299$416,280
I-11 Other revenuePrior year $0$0
I-12 Total revenuePrior year $657,001$632,519
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 $362,618$343,888
I-18 Total expensesPrior year $362,618$343,888
I-19 Revenue less expensesPrior year $294,383$288,631
Part VI · Governance 0 of 3 board members independent, 1 to look at
VI-1a Voting members of the governing body3
VI-1b Independent voting members0
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-13 Written whistleblower policyYes
VI-14 Document retention and destruction policyYes
Part VIII · Statement of revenue $632,519 across 3 lines filed
VIII-2a-f Program service revenue, itemized rows (sum of 2a–2f as filed)Related to mission $216,239$216,239
VIII-3 Investment incomeRelated to mission $416,280$416,280
VIII-12 Total revenueRelated to mission $632,519 · Unrelated business $0 · Excluded from tax $0$632,519
Part IX · Statement of functional expenses $343,888 across 6 lines filed
IX-11a Management feesManagement $75,444$75,444
IX-11c Accounting feesManagement $9,250$9,250
IX-16 OccupancyPrograms $86,114$86,114
IX-22 Depreciation, depletion and amortizationPrograms $84,772$84,772
IX-23 InsurancePrograms $48,858$48,858
IX-24 Other expenses (24a–d)Programs $38,388 · Management $1,062$39,450
IX-25 Total functional expensesPrograms $258,132 · Management $85,756 · Fundraising $0$343,888
Part X · Balance sheet $13,369,348 assets, 13 lines filed
X-1 Cash, non-interest-bearingStart of year $885,595$978,592
X-4 Accounts receivableStart of year $34,877$10,164
X-9 Prepaid expenses and deferred chargesStart of year $1,508$1,793
X-10c Land, buildings and equipment, netStart of year $2,038,877$1,954,105
X-15 Other assetsStart of year $10,654,136$10,424,694
X-16 Total assetsStart of year $13,614,993$13,369,348
X-17 Accounts payable and accrued expensesStart of year $29,647$23,408
X-19 Deferred revenueStart of year $7,269$14,137
X-25 Other liabilitiesStart of year $58,021$58,288
X-26 Total liabilitiesStart of year $94,937$95,833
X-27 Net assets without donor restrictionsStart of year $13,520,056$13,273,515
X-32 Total net assets or fund balancesStart of year $13,520,056$13,273,515
X-33 Total liabilities and net assetsStart of year $13,614,993$13,369,348
Part XI · Reconciliation of net assets $13,273,515 net assets at year end
XI-1 Total revenue$632,519
XI-2 Total expenses$343,888
XI-3 Revenue less expenses$288,631
XI-4 Net assets at start of year$13,520,056
XI-9 Other changes in net assets−$535,172
XI-10 Net assets at end of year$13,273,515

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

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