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Cedo Housing Development Corporation FY2024 filing

Tax-deductible

Quincy, FL501(c)(3)EIN 59-2575950Revenue $1.3M in FY2024

On file with the IRS20 E Washington St Ste A, 32351-2473 · Quincy, FLTax-exempt since Sep 1987Publicly supported charity — 170(b)(1)(A)(vi)

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To provide low income Housing to farm & low income workers

501(c)(3) charity; gifts are tax-deductible.
100¢ of each $1 spent went to programs.
Mission: Form 990 Part I, line 1 · Status: IRS Pub. 78 · Programs: Part IX

Before you give

FY2024 · 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
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
0 of 6
filings with a surplus
Average deficit $262K a year · 21% of revenue · last 6 filings
Concern: a surplus in 0 of the last 6 filings.
Pt I · Ln 19 · 6 filings
Spent on programs
100%
of spending
Looks good: 100% of spending went to programs; 75% or more.
Pt IX · Ln 25 · col B
Cash reserves
20 mo
of spending, in cash
Looks good: 19.7 months of spending in cash; 3 or more.
Pt X · Ln 1–2 · Pt I · Ln 18
Liabilities
$8.5M
121% of total assets
Concern: liabilities are 121% 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
$1.3M
+1% vs prior year
Spent
$1.6M
To programs
100%
Net assets
−$1.5M
By yearFY2020–FY2025
Revenue
$1.3M
FY2024▲ +1%
Tap a bar for its year
Revenue by fiscal year
FY2020$1.2M
FY2021$1.3M
FY2022$1.2M
FY2023$1.2M
FY2024$1.3M
FY2025$1.3M
Expenses
$1.6M
FY2024▼ -7%
Tap a bar for its year
Expenses by fiscal year
FY2020$1.2M
FY2021$1.3M
FY2022$1.6M
FY2023$1.7M
FY2024$1.6M
FY2025$1.5M
Net assets
−$1.5M
FY2024▼ -30%
Tap a bar for its year
Net assets by fiscal year
FY2020$1.3M
FY2021$1.3M
FY2022−$1.9M
FY2023−$1.1M
FY2024−$1.5M
FY2025−$1.8M

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 1987.

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

Where the money goes

100 cents of each dollar spent went to programs.

Program services 100% · $1.6M

Form 990 Part IX, line 25. Every line is in By the numbers.

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Who runs it and what they're paid

6 people listed on the 990.

Part VII, Section A · reportable compensation · most recent filed roster (FY2023); the FY2024 filing did not itemize Part VII
Brenda Banks
Director
$0Pt VII · Sec A
Ida Thompson
Director
$0Pt VII · Sec A
Audria Flowers
Vice-Chairpe
$0Pt VII · Sec A
$0Pt VII · Sec A
Rev Daniel Wells
Chairperson
$0Pt VII · Sec A
$0Pt VII · Sec A
See Cedo Housing 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

Provides affordable housing for farm and low-income workers.

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Provided by the organization

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1 program · $1.6M · in their own filed words · FY2023
01

Operation of housing complexes for low income workers

$1.6Mprogram expense

By the numbers

The FY2024 990, line by line.

Download 990
from philanthropy.org
1The main four
Money inPt VIII
$1.3M
Ln 12
Fees for servicesLn 2g$1.2M
Investment incomeLn 3$9K
Money outPt IX
$1.6M
Ln 25
Programscol B$1.6M
Owns and owesPt X
−$1.5M
net assets · Ln 32
Cash and savingsLn 1–2$2.6M
Total assetsLn 16$7.0M
LiabilitiesLn 26$8.5M
PeoplePt VI, VII
6
listed · VII A
PaidVII A0
Voting boardVI 1a6
IndependentVI 1b6
2In more detail
Revenue in detailPt VIII
Fees for servicesLn 2g$1.2M
Investment incomeLn 3$9K
Total revenueLn 12$1.3M
Assets in detailPt X, end of year
CashLn 1$2.6M
Cash and savings togetherLn 1–2$2.6M
Land, buildings, equipmentLn 10c$4.2M
Total assetsLn 16$7.0M
LiabilitiesLn 26$8.5M
Net assetsLn 32−$1.5M
OperationsPt I, VI
EmployeesI 50
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$2.6M$2.6M
Land, buildings, equipmentLn 10c$4.5M$4.2M
Total assetsLn 16$7.2M$7.0M
LiabilitiesLn 26$8.4M$8.5M
Net assetsLn 32−$1.1M−$1.5M
4Every line
Statement of functional expensesPt IX · every line
LineTotalProgramsManagementFundraising
Management feesLn 11a$541K$541K
OccupancyLn 16$59K$59K
InterestLn 20$235K$235K
Depreciation, depletion and amortizationLn 22$280K$280K
Other expenses (24a–d)Ln 24$485K$485K
Total functional expensesLn 25$1.6M$1.6M$0$0

Filing history

YearMoney inMoney outIn minus outNet assetsDownload
FY2025 Latest $1.3M$1.5M−$283K−$1.8M 990 PDF
FY2024 Viewing $1.3M$1.6M−$349K−$1.5M 990 PDF
FY2023 $1.2M$1.7M−$475K−$1.1M 990 PDF
FY2022 $1.2M$1.6M−$393K−$1.9M 990 PDF
FY2021 $1.3M$1.3M−$23K$1.3M 990 PDF
FY2020 $1.2M$1.2M−$50K$1.3M 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 FY2024 990 (6 parts)
Part I · Summary $1,250,567 revenue, 12 lines filed
I-8 Contributions and grants$0
I-9 Program service revenuePrior year $1,236,551$1,241,673
I-10 Investment incomePrior year $177$8,894
I-11 Other revenue$0
I-12 Total revenuePrior year $1,236,728$1,250,567
I-13 Grants and similar amounts paid$0
I-14 Benefits paid to members$0
I-15 Salaries and benefits$0
I-16a Professional fundraising fees$0
I-17 Other expensesPrior year $1,712,220$1,599,193
I-18 Total expensesPrior year $1,712,220$1,599,193
I-19 Revenue less expensesPrior year −$475,492−$348,626
Part VI · Governance 6 of 6 board members independent, no flags
VI-1a Voting members of the governing body6
VI-1b Independent voting members6
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 $1,250,567 across 3 lines filed
VIII-2a-f Program service revenue, itemized rows (sum of 2a–2f as filed)Related to mission $1,241,673$1,241,673
VIII-3 Investment incomeExcluded from tax $8,894$8,894
VIII-12 Total revenueRelated to mission $1,241,673 · Excluded from tax $8,894$1,250,567
Part IX · Statement of functional expenses $1,599,193 across 5 lines filed
IX-11a Management feesPrograms $540,867$540,867
IX-16 OccupancyPrograms $58,721$58,721
IX-20 InterestPrograms $234,687$234,687
IX-22 Depreciation, depletion and amortizationPrograms $280,327$280,327
IX-24 Other expenses (24a–d)Programs $484,591$484,591
IX-25 Total functional expensesPrograms $1,599,193 · Management $0 · Fundraising $0$1,599,193
Part X · Balance sheet $6,975,227 assets, 11 lines filed
X-1 Cash, non-interest-bearingStart of year $2,647,916$2,622,446
X-4 Accounts receivableStart of year $55,041$42,809
X-9 Prepaid expenses and deferred chargesStart of year $84,268$88,818
X-10c Land, buildings and equipment, netStart of year $4,461,481$4,221,154
X-16 Total assetsStart of year $7,248,706$6,975,227
X-17 Accounts payable and accrued expensesStart of year $4,385,091$4,712,730
X-25 Other liabilitiesStart of year $190,716$89,058
X-26 Total liabilitiesStart of year $8,395,029$8,470,176
X-27 Net assets without donor restrictionsStart of year −$1,146,323−$1,494,949
X-32 Total net assets or fund balancesStart of year −$1,146,323−$1,494,949
X-33 Total liabilities and net assetsStart of year $7,248,706$6,975,227
Part XI · Reconciliation of net assets −$1,494,949 net assets at year end
XI-1 Total revenue$1,250,567
XI-2 Total expenses$1,599,193
XI-3 Revenue less expenses−$348,626
XI-4 Net assets at start of year−$1,146,323
XI-10 Net assets at end of year−$1,494,949

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

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