Dreamkey Partners INC: FY2020 Nonprofit Profile & Form 990 (EIN 56-1620516)

Ms Julie a Porter’s $341K as President is at the 84th percentile of top reported officer pay among 676 $10–100M housing nonprofits. Peer set: organizations in the same NTEE major field of work and revenue-size band, compared on each org’s own highest-paid officer/key-employee, from Form 990 Part VII / 990-PF Part VIII. Descriptive placement, not a verdict on whether the pay is appropriate.

Compensation history total reportable pay by year · 8 named individuals · Part VII

Name	FY2024	FY2023	FY2022	FY2021	FY2020
Ms Julie a Porter	$341,173	$288,357	$271,348	$261,888	$240,805
Mr Fred Dodson JR	$264,372	$237,808	—	—	—
Mr Fred Dodson	—	—	$225,947	$213,525	$167,306
Mr Daniel Cimaglia	$219,910	$210,908	$200,048	$177,927	—
Ms Karen Batten-Balas	$209,565	$200,988	$190,638	$186,504	$187,400
Mr Kevin Schrader	$198,956	$188,205	$161,746	$158,238	$158,998
Ms Erin Barbee	$191,092	$165,423	$134,144	$153,279	$160,473
Ms Rebekah Baker	$180,084	$165,364	$148,525	$144,041	$135,534

Total reportable compensation (Form 990 Part VII column D / Schedule J column E) by filing year, matched by name within this organization. The Schedule J base / bonus / deferred breakdown is not parsed into this dataset.

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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, finances, and manages affordable rental housing and homeownership opportunities to help low- and moderate-income families build stable lives and neighborhoods.

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1 program · $33.7M · in their own filed words · FY2020

01

Dreamkey partners, inc. Is a nonprofit housing development and finance corporation organized in the state of north carolina on july 5, 1988 to expand affordable and well-maintained housing and promote stable neighborhoods for low and moderate income families with a continuing interest in the ability of occupants to more fully enter the…

$33.7Mprogram expense

Funders

Who pays for it.

From grant filings on record. Receipts are incomplete: individual donors are never listed.

Grants

Schedule I · funders on record

Grants received · FY2024

Wells Fargo FoundationFY2024$650K

Neighborhood Reinvestment CorporationFY2024$487K

The Merancas Foundation INCFY2024$300K

United Way of Greater CharlotteFY2024$122K

Stephen L Cornwell FoundationFY2024$50K

True Homes Foundation INCFY2024$26K

The Crosland FoundationFY2024$15K

Charities Aid Foundation AmericaFY2024$11K

Total grants receivedfrom 8 funders$1.7M

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By the numbers

The FY2020 990, line by line.

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from philanthropy.org

1The main four

Money inPt VIII

$34.0M

Ln 12

Gifts and grantsLn 1h$24.2M

Fees for servicesLn 2g$9.3M

Other incomeLn 4–11$507K

Money outPt IX

$33.4M

Ln 25

Programscol B$33.7M

Owns and owesPt X

$21.1M

net assets · Ln 32

Cash and savingsLn 1–2$7.1M

Total assetsLn 16$77.3M

LiabilitiesLn 26$56.2M

PeoplePt VI, VII

28

listed · VII A

PaidVII A6

Voting boardVI 1a21

IndependentVI 1b21

2In more detail

Revenue in detailPt VIII

Gifts and grantsLn 1h$24.2M

Government grantsLn 1e$23.1M

Noncash giftsLn 1g$567K

Fees for servicesLn 2g$9.3M

Other incomeLn 4–11$507K

Total revenueLn 12$34.0M

Assets in detailPt X, end of year

CashLn 1$7.1M

Cash and savings togetherLn 1–2$7.1M

InvestmentsLn 11–13$6.6M

Land, buildings, equipmentLn 10c$42.3M

Other assetsLn 15$19.8M

Total assetsLn 16$77.3M

LiabilitiesLn 26$56.2M

Net assetsLn 32$21.1M

OperationsPt I, VI

EmployeesI 543

VolunteersI 60

Fiscal year endsHeaderDecember

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

Line	Start FY20	End FY20
Cash and savingsLn 1–2	$5.6M	$7.1M
InvestmentsLn 11–13	$7.7M	$6.6M
Land, buildings, equipmentLn 10c	$43.2M	$42.3M
Total assetsLn 16	$74.1M	$77.3M
LiabilitiesLn 26	$53.7M	$56.2M
Net assetsLn 32	$20.4M	$21.1M

4Every line

Statement of functional expensesPt IX · every line

Line	Total	Programs	Management	Fundraising
Pay of current officers, directors and key staffLn 5	$1.4M	$636K	$787K
Other salaries and wagesLn 7	$2.7M	$2.5M	$197K
Other employee benefitsLn 9	$576K	$390K	$186K
Payroll taxesLn 10	$303K	$225K	$78K
Legal feesLn 11b	$282K	$282K
Accounting feesLn 11c	$124K		$124K
Advertising and promotionLn 12	$192K	$192K
Office expensesLn 13	$1.0M	$888K	$152K
OccupancyLn 16	$346K	$228K	$118K
Conferences, conventions and meetingsLn 19	$3.0M	$3.0M	$5K
InterestLn 20	$1.5M	$1.5M
Depreciation, depletion and amortizationLn 22	$1.3M	$1.3M
InsuranceLn 23	$217K	$194K	$23K
Other expenses (24a–d)Ln 24	$22.2M	$22.2M	$87K
All other expensesLn 24e	−$2.0M	$122K	−$2.1M
Total functional expensesLn 25	$33.4M	$33.7M	−$322K	$0

Filing history

Year	Money in	Money out	In minus out	Net assets	Download
FY2024 Latest	$27.6M	$21.5M	$6.1M	$21.8M	990 PDF
FY2023	$25.7M	$24.1M	$1.6M	$13.3M	990 PDF
FY2022	$81.3M	$79.5M	$1.8M	$29.3M	990 PDF
FY2021	$88.0M	$81.6M	$6.4M	$27.4M	990 PDF
FY2020 Viewing	$34.0M	$33.4M	$637K	$21.1M	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 M · Noncash J · Pay O · Explanations

See the full FY2020 990 (6 parts)

Part I · Summary $33,997,762 revenue, 12 lines filed

I-8 Contributions and grantsPrior year $2,804,241$24,165,909

I-9 Program service revenuePrior year $10,757,042$9,325,264

I-10 Investment incomePrior year $0$0

I-11 Other revenuePrior year $8,729$506,589

I-12 Total revenuePrior year $13,570,012$33,997,762

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 $4,560,078$5,044,019

I-16a Professional fundraising feesPrior year $0$0

I-17 Other expensesPrior year $7,092,791$28,316,496

I-18 Total expensesPrior year $11,652,869$33,360,515

I-19 Revenue less expensesPrior year $1,917,143$637,247

Part VI · Governance 21 of 21 board members independent, no flags

VI-1a Voting members of the governing body21

VI-1b Independent voting members21

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

VI-15a Process for setting top official's payYes

Part VIII · Statement of revenue $33,997,762 across 6 lines filed

Lines not itemized here account for $538,874 of total revenue; see the IRS return.

VIII-1e Government grants$23,115,837

VIII-1f All other contributions, gifts and grants$1,050,072

VIII-1g Noncash contributions (included above)$566,611

VIII-1h Total contributions, gifts and grants$24,165,909

VIII-2a-f Program service revenue, itemized rows (sum of 2a–2f as filed)Related to mission $9,292,979$9,292,979

VIII-12 Total revenueRelated to mission $9,831,853 · Unrelated business $0 · Excluded from tax $0$33,997,762

Part IX · Statement of functional expenses $33,360,515 across 15 lines filed

IX-5 Pay of current officers, directors and key staffPrograms $636,141 · Management $787,298$1,423,439

IX-7 Other salaries and wagesPrograms $2,544,566 · Management $196,824$2,741,390

IX-9 Other employee benefitsPrograms $390,072 · Management $185,772$575,844

IX-10 Payroll taxesPrograms $225,126 · Management $78,220$303,346

IX-11b Legal feesPrograms $282,289$282,289

IX-11c Accounting feesManagement $124,500$124,500

IX-12 Advertising and promotionPrograms $191,641$191,641

IX-13 Office expensesPrograms $887,794 · Management $152,281$1,040,075

IX-16 OccupancyPrograms $228,047 · Management $118,202$346,249

IX-19 Conferences, conventions and meetingsPrograms $2,970,514 · Management $4,705$2,975,219

IX-20 InterestPrograms $1,537,660$1,537,660

IX-22 Depreciation, depletion and amortizationPrograms $1,321,418$1,321,418

IX-23 InsurancePrograms $194,113 · Management $23,034$217,147

IX-24 Other expenses (24a–d)Programs $22,150,875 · Management $87,149$22,238,024

IX-24e All other expensesPrograms $122,246 · Management −$2,079,972−$1,957,726

IX-25 Total functional expensesPrograms $33,682,502 · Management −$321,987 · Fundraising $0$33,360,515

Part X · Balance sheet $77,260,509 assets, 16 lines filed

Asset lines not itemized here account for −$1,056,027; see the IRS return.

X-1 Cash, non-interest-bearingStart of year $5,578,946$7,095,359

X-3 Pledges and grants receivableStart of year $645,724$1,115,105

X-8 Inventories for sale or useStart of year $1,745,086$1,773,233

X-9 Prepaid expenses and deferred chargesStart of year $22,930$17,403

X-10c Land, buildings and equipment, netStart of year $43,199,645$42,301,708

X-13 Program-related investmentsStart of year $7,684,303$6,630,590

X-14 Intangible assetsStart of year $741,114−$402,080

X-15 Other assetsStart of year $15,401,147$19,785,218

X-16 Total assetsStart of year $74,100,013$77,260,509

X-17 Accounts payable and accrued expensesStart of year $997,963$1,331,695

X-25 Other liabilitiesStart of year $565,291$583,563

X-26 Total liabilitiesStart of year $53,652,859$56,176,108

X-27 Net assets without donor restrictionsStart of year $16,466,629$17,386,990

X-28 Net assets with donor restrictionsStart of year $3,980,525$3,697,411

X-32 Total net assets or fund balancesStart of year $20,447,154$21,084,401

X-33 Total liabilities and net assetsStart of year $74,100,013$77,260,509

Part XI · Reconciliation of net assets $21,084,401 net assets at year end

XI-1 Total revenue$33,997,762

XI-2 Total expenses$33,360,515

XI-3 Revenue less expenses$637,247

XI-4 Net assets at start of year$20,447,154

XI-9 Other changes in net assets$0

XI-10 Net assets at end of year$21,084,401

Form 990 e-file (XML) FY2020 from the IRS · Classification, formation year and address from the IRS Business Master File

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Dreamkey Partners INC FY2020 filing

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