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TN Development Corporation FY2023 filing

Tax-deductible

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

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

501(c)(3) charity; gifts are tax-deductible.
90¢ 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
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
90%
of spending
Looks good: 90% of spending went to programs; 75% or more.
Pt IX · Ln 25 · col B
Cash reserves
9 mo
of spending, in cash
Looks good: 9.3 months of spending in cash; 3 or more.
Pt X · Ln 1–2 · Pt I · Ln 18
Liabilities
$4.3M
64% of total assets
Fine: liabilities are 64% of assets; 50% to 65%.
Pt X · Ln 26
Independent board members
10
of 10 voting members
Looks good: 10 of 10 voting members are independent, a majority.
Pt VI · Ln 1a–1b
Looks goodFineWorth a lookConcernNo data yetTap a box for the reason.
Revenue
$1.7M
+16% vs prior year
Spent
$2.1M
To programs
90%
Net assets
$2.5M
By yearFY2020–FY2024
Revenue
$1.7M
FY2023▲ +16%
Revenue by fiscal year
FY2020$114K
FY2021$1.5M
FY2022$1.5M
FY2023$1.7M
FY2024$2.0M
FY2024$2.1M
Expenses
$2.1M
FY2023▲ +33%
Expenses by fiscal year
FY2020$165K
FY2021$1.4M
FY2022$1.6M
FY2023$2.1M
FY2024$2.1M
FY2024$2.2M
Net assets
$2.5M
FY2023▲ +222%
Net assets by fiscal year
FY2020$759K
FY2021$851K
FY2022$771K
FY2023$2.5M
FY2024$2.4M
FY2024$2.2M

From the FY2023 Form 990 (year ending June 2023) · figures checked against the IRS filing · see the original

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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

90 cents of each dollar spent went to programs.

Program services 90% · $1.9M Management & general 10% · $209K

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

10 people listed on the 990.

Part VII, Section A · reportable compensation · most recent filed roster (FY2022); the FY2023 filing did not itemize Part VII
$0Pt VII · Sec A
Talesha Stewart
Vice-Chair
$0Pt VII · Sec A
$0Pt VII · Sec A
$0Pt VII · Sec A
$0Pt VII · Sec A
$0Pt VII · Sec A
$0Pt VII · Sec A
$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

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1 program service account for $1.9M of program spending, described in the organization's own filed words · FY2022.
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.

$1.9Mprogram 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 FY2023 990, line by line.

Download 990
from philanthropy.org
1The main four
Money inPt VIII
$1.7M
Ln 12
Fees for servicesLn 2g$1.1M
Gifts and grantsLn 1h$712K
Investment incomeLn 3$9K
Money outPt IX
$2.1M
Ln 25
Programscol B$1.9M
Managementcol C$209K
Owns and owesPt X
$2.5M
net assets · Ln 32
Cash and savingsLn 1–2$1.6M
Total assetsLn 16$6.8M
LiabilitiesLn 26$4.3M
PeoplePt VI, VII
10
listed · VII A
PaidVII A0
Voting boardVI 1a10
IndependentVI 1b10
2In more detail
Revenue in detailPt VIII
Gifts and grantsLn 1h$712K
Fees for servicesLn 2g$1.1M
Investment incomeLn 3$9K
Gains on assetsLn 7−$59K
Total revenueLn 12$1.7M
Assets in detailPt X, end of year
CashLn 1$1.4M
SavingsLn 2$200K
Cash and savings togetherLn 1–2$1.6M
Land, buildings, equipmentLn 10c$2.8M
Other assetsLn 15$782K
Total assetsLn 16$6.8M
LiabilitiesLn 26$4.3M
Net assetsLn 32$2.5M
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 FY23End FY23
Cash and savingsLn 1–2$789K$1.6M
Land, buildings, equipmentLn 10c$2.6M$2.8M
Total assetsLn 16$5.5M$6.8M
LiabilitiesLn 26$4.7M$4.3M
Net assetsLn 32$771K$2.5M
4Every line
Statement of functional expensesPt IX · every line
LineTotalProgramsManagementFundraising
Grants to domestic organizationsLn 1$9K$9K
Other salaries and wagesLn 7$407K$366K$41K
Other employee benefitsLn 9$198K$178K$20K
Payroll taxesLn 10$40K$36K$4K
Accounting feesLn 11c$127K$114K$13K
Other fees for servicesLn 11g$183K$165K$18K
Advertising and promotionLn 12$3K$3K$343
Office expensesLn 13$61K$55K$6K
Information technologyLn 14$25K$23K$3K
OccupancyLn 16$527K$474K$53K
TravelLn 17$21K$19K$2K
Conferences, conventions and meetingsLn 19$17K$15K$2K
InterestLn 20$15K$13K$1K
Depreciation, depletion and amortizationLn 22$282K$254K$28K
InsuranceLn 23$92K$83K$9K
Other expenses (24a–d)Ln 24$95K$86K$10K
Total functional expensesLn 25$2.1M$1.9M$209K$0

Filing history

YearMoney inMoney outIn minus outNet assetsDownload
FY2024 $2.0M$2.1M−$127K$2.4M 990 PDF
FY2023 Viewing $1.7M$2.1M−$357K$2.5M 990 PDF
FY2022 $1.5M$1.6M−$79K$771K 990 PDF
FY2021 $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 FY2023 990 (4 parts)
Part VIII · Statement of revenue $1,744,510 across 7 lines filed
VIII-1d Related organizations$711,745
VIII-1h Total contributions, gifts and grants$711,745
VIII-2a-f Program service revenue, itemized rows (sum of 2a–2f as filed)Related to mission $1,064,237$1,064,237
VIII-3 Investment incomeExcluded from tax $8,757$8,757
VIII-7 Net gain or loss on sales of assetsExcluded from tax −$59,381−$59,381
VIII-11a-d Other revenue, itemized rows (sum of 11a–11d as filed)Related to mission $19,152$19,152
VIII-12 Total revenueRelated to mission $1,083,389 · Unrelated business $0 · Excluded from tax −$50,624$1,744,510
Part IX · Statement of functional expenses $2,101,973 across 16 lines filed
IX-1 Grants to domestic organizationsPrograms $9,000$9,000
IX-7 Other salaries and wagesPrograms $366,088 · Management $40,677$406,765
IX-9 Other employee benefitsPrograms $177,957 · Management $19,773$197,730
IX-10 Payroll taxesPrograms $36,076 · Management $4,009$40,085
IX-11c Accounting feesPrograms $114,277 · Management $12,698$126,975
IX-11g Other fees for servicesPrograms $164,839 · Management $18,315$183,154
IX-12 Advertising and promotionPrograms $3,090 · Management $343$3,433
IX-13 Office expensesPrograms $54,782 · Management $6,087$60,869
IX-14 Information technologyPrograms $22,546 · Management $2,505$25,051
IX-16 OccupancyPrograms $474,484 · Management $52,721$527,205
IX-17 TravelPrograms $19,119 · Management $2,124$21,243
IX-19 Conferences, conventions and meetingsPrograms $14,924 · Management $1,658$16,582
IX-20 InterestPrograms $13,281 · Management $1,476$14,757
IX-22 Depreciation, depletion and amortizationPrograms $253,883 · Management $28,209$282,092
IX-23 InsurancePrograms $82,667 · Management $9,185$91,852
IX-24 Other expenses (24a–d)Programs $85,662 · Management $9,518$95,180
IX-25 Total functional expensesPrograms $1,892,675 · Management $209,298 · Fundraising $0$2,101,973
Part X · Balance sheet $6,807,227 assets, 16 lines filed
Asset lines not itemized here account for $398,522; see the IRS return.
X-1 Cash, non-interest-bearingStart of year $688,676$1,421,259
X-2 Savings and temporary cash investmentsStart of year $100,000$200,000
X-4 Accounts receivableStart of year $165,471$177,333
X-8 Inventories for sale or useStart of year $554,791$963,065
X-9 Prepaid expenses and deferred chargesStart of year $17,532$18,138
X-10c Land, buildings and equipment, netStart of year $2,645,541$2,846,998
X-15 Other assetsStart of year $1,284,209$781,912
X-16 Total assetsStart of year $5,456,220$6,807,227
X-17 Accounts payable and accrued expensesStart of year $88,025$148,108
X-19 Deferred revenueStart of year $11,653$143,301
X-25 Other liabilitiesStart of year $1,425,212$1,027,474
X-26 Total liabilitiesStart of year $4,684,828$4,322,837
X-27 Net assets without donor restrictionsStart of year $771,392$2,078,665
X-28 Net assets with donor restrictions$405,725
X-32 Total net assets or fund balancesStart of year $771,392$2,484,390
X-33 Total liabilities and net assetsStart of year $5,456,220$6,807,227
Part XI · Reconciliation of net assets $2,484,390 net assets at year end
XI-1 Total revenue$1,744,510
XI-2 Total expenses$2,101,973
XI-3 Revenue less expenses−$357,463
XI-4 Net assets at start of year$771,392
XI-9 Other changes in net assets$2,070,461
XI-10 Net assets at end of year$2,484,390

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

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