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TN Development Corporation FY2021 filing

Tax-deductible

Columbia, SC501(c)(3)Since 1992HousingEIN 57-0979157

To assist in the development of low income housing in Columbia and increase the residential base.

501(c)(3) charity; gifts are tax-deductible.
97¢ of each $1 spent went to programs.
Mission: Form 990 Part I, line 1 · Status: IRS Pub. 78 · Programs: Part IX

Before you give

FY2021 · 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
1 of 5
filings with a surplus
Average deficit $105K a year · 8% of revenue · last 5 filings
Concern: a surplus in 1 of the last 5 filings.
Pt I · Ln 19 · 5 filings
Spent on programs
97%
of spending
Looks good: 97% of spending went to programs; 75% or more.
Pt IX · Ln 25 · col B
Cash reserves
7 mo
of spending, in cash
Looks good: 7.4 months of spending in cash; 3 or more.
Pt X · Ln 1–2 · Pt I · Ln 18
Liabilities
$3.6M
81% of total assets
Concern: liabilities are 81% of assets; over 80%.
Pt X · Ln 26
Independent board members
6
of 6 voting members
Looks good: 6 of 6 voting members are independent, a majority.
Pt VI · Ln 1a–1b
Looks goodFineWorth a lookConcernNo data yetTap a box for the reason.
Revenue
$1.5M
×13 vs prior year
Spent
$1.4M
To programs
97%
Net assets
$851K
By yearFY2020–FY2024
Revenue
$1.5M
FY2021▲ ×13
Revenue by fiscal year
FY2020$114K
FY2021$1.5M
FY2022$1.5M
FY2023$1.7M
FY2024$2.0M
FY2024$2.1M
Expenses
$1.4M
FY2021▲ +770%
Expenses by fiscal year
FY2020$165K
FY2021$1.4M
FY2022$1.6M
FY2023$2.1M
FY2024$2.1M
FY2024$2.2M
Net assets
$851K
FY2021▲ +12%
Net assets by fiscal year
FY2020$759K
FY2021$851K
FY2022$771K
FY2023$2.5M
FY2024$2.4M
FY2024$2.2M

From the FY2021 Form 990 (year ending June 2021) · figures checked against the IRS filing · see the original

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You’re viewing the FY2021 filing — not the latest on file. See the latest (FY2024) →

Is it real?

Yes. Never revoked by the IRS. Latest filing on record: FY2024. IRS ruling in Nov 1994.

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

Where the money goes

97 cents of each dollar spent went to programs.

Program services 97% · $1.4M Management & general 3% · $47K

Form 990 Part IX, line 25, columns B–D. 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 · most recent filed roster (FY2020); the FY2021 filing did not itemize Part VII
$0Pt VII · Sec A
Benny Clark
Board Member
$0Pt VII · Sec A
Talesha Stewart
Vice-Chair
$0Pt VII · Sec A
John Verreault
Board Member
$0Pt VII · Sec A
Vanzell Haire
Board Member
$0Pt VII · Sec A
Michael Adams
Board Member
$0Pt VII · Sec A
Melissa S Gentry
Ex-Officio Member
$0Pt VII · Sec A
Harrison C Joseph
Executive Director
$0Pt VII · Sec A
See TN 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 15aYes

Programs and updates

Develops low-income housing and expands residential options.

Provided by the organization

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

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1 program service account for $1.4M of program spending, described in the organization's own filed words · FY2020.
01

The corporation is assisting in the development of low income housing in columbia, south carolina and attempting to increase the residential base of the community.

$1.4Mprogram expense

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Funders

Who pays for it.

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

By the numbers

The FY2021 990, line by line.

Download 990
from philanthropy.org
1The main four
Money inPt VIII
$1.5M
Ln 12
Fees for servicesLn 2g$964K
Gifts and grantsLn 1h$558K
Other incomeLn 4–11$5K
Money outPt IX
$1.4M
Ln 25
Programscol B$1.4M
Managementcol C$47K
Owns and owesPt X
$851K
net assets · Ln 32
Cash and savingsLn 1–2$880K
Total assetsLn 16$4.4M
LiabilitiesLn 26$3.6M
PeoplePt VI, VII
8
listed · VII A
PaidVII A0
Voting boardVI 1a6
IndependentVI 1b6
2In more detail
Revenue in detailPt VIII
Gifts and grantsLn 1h$558K
Fees for servicesLn 2g$964K
Other incomeLn 4–11$5K
Total revenueLn 12$1.5M
Assets in detailPt X, end of year
CashLn 1$780K
SavingsLn 2$100K
Cash and savings togetherLn 1–2$880K
Land, buildings, equipmentLn 10c$2.8M
Other assetsLn 15$2K
Total assetsLn 16$4.4M
LiabilitiesLn 26$3.6M
Net assetsLn 32$851K
OperationsPt I, VI
EmployeesI 50
VolunteersI 612
Fiscal year endsHeaderJune
Conflict-of-interest policyVI 12aYes
Whistleblower policyVI 13No
Records policyVI 14No
3Year over year
Balance sheet, start vs end of yearPt X · col A, B
LineStart FY21End FY21
Cash and savingsLn 1–2$721K$880K
Land, buildings, equipmentLn 10c$3.0M$2.8M
Total assetsLn 16$4.5M$4.4M
LiabilitiesLn 26$3.7M$3.6M
Net assetsLn 32$759K$851K
4Every line
Statement of functional expensesPt IX · every line
LineTotalProgramsManagementFundraising
Accounting feesLn 11c$121K$118K$3K
OccupancyLn 16$49K$47K$2K
InterestLn 20$25K$25K$16
Depreciation, depletion and amortizationLn 22$255K$249K$7K
InsuranceLn 23$61K$60K$458
Other expenses (24a–d)Ln 24$923K$888K$35K
All other expensesLn 24e$2K$2K$49
Total functional expensesLn 25$1.4M$1.4M$47K$0

Filing history

YearMoney inMoney outIn minus outNet assetsDownload
FY2024 $2.0M$2.1M−$127K$2.4M 990 PDF
FY2023 $1.7M$2.1M−$357K$2.5M 990 PDF
FY2022 $1.5M$1.6M−$79K$771K 990 PDF
FY2021 Viewing $1.5M$1.4M$92K$851K 990 PDF
FY2020 $114K$165K−$51K$759K 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 FY2021 990 (4 parts)
Part VIII · Statement of revenue $1,527,031 across 5 lines filed
VIII-1d Related organizations$557,792
VIII-1h Total contributions, gifts and grants$557,792
VIII-2a-f Program service revenue, itemized rows (sum of 2a–2f as filed)Related to mission $963,751$963,751
VIII-11a-d Other revenue, itemized rows (sum of 11a–11d as filed)Related to mission $5,488$5,488
VIII-12 Total revenueRelated to mission $969,239 · Unrelated business $0 · Excluded from tax $0$1,527,031
Part IX · Statement of functional expenses $1,435,296 across 7 lines filed
IX-11c Accounting feesPrograms $117,820 · Management $3,044$120,864
IX-16 OccupancyPrograms $46,726 · Management $2,042$48,768
IX-20 InterestPrograms $24,622 · Management $16$24,638
IX-22 Depreciation, depletion and amortizationPrograms $248,540 · Management $6,577$255,117
IX-23 InsurancePrograms $60,362 · Management $458$60,820
IX-24 Other expenses (24a–d)Programs $887,740 · Management $35,155$922,895
IX-24e All other expensesPrograms $2,145 · Management $49$2,194
IX-25 Total functional expensesPrograms $1,387,955 · Management $47,341 · Fundraising $0$1,435,296
Part X · Balance sheet $4,410,269 assets, 15 lines filed
X-1 Cash, non-interest-bearingStart of year $621,051$779,566
X-2 Savings and temporary cash investmentsStart of year $100,000$100,000
X-4 Accounts receivableStart of year $98,124$117,524
X-8 Inventories for sale or useStart of year $554,791$554,791
X-9 Prepaid expenses and deferred chargesStart of year $42,996$32,743
X-10c Land, buildings and equipment, netStart of year $3,033,531$2,823,470
X-15 Other assetsStart of year $5,849$2,175
X-16 Total assetsStart of year $4,456,342$4,410,269
X-17 Accounts payable and accrued expensesStart of year $73,087$70,507
X-19 Deferred revenueStart of year $41,949$44,253
X-25 Other liabilitiesStart of year $140,481$140,804
X-26 Total liabilitiesStart of year $3,697,293$3,559,485
X-27 Net assets without donor restrictionsStart of year $759,049$850,784
X-32 Total net assets or fund balancesStart of year $759,049$850,784
X-33 Total liabilities and net assetsStart of year $4,456,342$4,410,269
Part XI · Reconciliation of net assets $850,784 net assets at year end
XI-1 Total revenue$1,527,031
XI-2 Total expenses$1,435,296
XI-3 Revenue less expenses$91,735
XI-4 Net assets at start of year$759,049
XI-9 Other changes in net assets$0
XI-10 Net assets at end of year$850,784

Form 990 e-file (XML) FY2021 from the IRS · Classification, formation year and address from the IRS Business Master File

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