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Partnership Development Foundation INC FY2023 filing

Tax-deductible

Portsmouth, VA501(c)(3)Community DevelopmentEIN 75-3193664

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To support the city of portsmouth by reclaiming under performing properties for a higher and better use for the economic growth of the entire city and by providing financial resources for other charitable and educational organizations.

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

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
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
4 of 5
filings with a surplus
Average surplus $154K a year · 40% of revenue · last 5 filings
Fine: a surplus in 4 of the last 5 filings.
Pt I · Ln 19 · 5 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
10 mo
of spending, in cash
Looks good: 9.8 months of spending in cash; 3 or more.
Pt X · Ln 1–2 · Pt I · Ln 18
Named funders
4
named funders · $67K
Looks good: 4 funders name it on their filings; 3 or more.
Funders’ Sch. I, 990-PF
Liabilities
$763K
44% of total assets
Looks good: liabilities are 44% of assets; 50% or less.
Pt X · Ln 26
Independent board members
7
of 7 voting members
Looks good: 7 of 7 voting members are independent, a majority.
Pt VI · Ln 1a–1b
Looks goodFineWorth a lookConcernNo data yetTap a box for the reason.
Revenue
$270K
-48% vs prior year
Spent
$152K
To programs
100%
Net assets
$957K
By yearFY2020–FY2025
Revenue
$270K
FY2023▼ -48%
Revenue by fiscal year
FY2020$200K
FY2021$502K
FY2022$518K
FY2023$270K
FY2024$427K
FY2025$215K
Expenses
$152K
FY2023▼ -35%
Expenses by fiscal year
FY2020Not on file
FY2021$146K
FY2022$234K
FY2023$152K
FY2024$285K
FY2025$345K
Net assets
$957K
FY2023▲ +14%
Net assets by fiscal year
FY2020$197K
FY2021$554K
FY2022$838K
FY2023$957K
FY2024$1.1M
FY2025$968K

From the FY2023 Form 990 · see the original

Form 990 (PDF) Claim
You’re viewing the FY2023 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 May 2006.

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% · $152K

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

8 people listed on the 990.

Part VII, Section A · reportable compensation
$0Pt VII · Sec A
Ross Cherry
Vice Preside
$0Pt VII · Sec A
$0Pt VII · Sec A
Michelle Wren
Executive Di
$0Pt VII · Sec A
$0Pt VII · Sec A
Curtis Lyons
Director
$0Pt VII · Sec A
$0Pt VII · Sec A
$0Pt VII · Sec A
See Partnership Development Foundation INC 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

Reclaims underperforming properties for economic growth and funds other charities and educational groups.

Provided by the organization

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1 program service account for $15K of program spending, described in the organization's own filed words · FY2023.
01

To support economic growth in the city of portsmouth by providing financial support and human resources for specific projects and by promoting education within the city.

$15Kprogram expense

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Funders

Who pays for it.

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

Grants

Schedule I · received and paid
Grants received · FY2024
Wells Fargo FoundationFY2024$30K
Sentara HealthcareFY2024$25K
The Southeast Virginia Community FoundationFY2024$7K
Dominion Energy Charitable FoundationFY2024$5K
Total grants receivedfrom 4 funders$67K
See all 4 funders →
Grants paid · 2 grants · $98K · 2023–2024
Unitemized GrantFY2024$83,000
Unitemized GrantFY2023$15,000

By the numbers

The FY2023 990, line by line.

Download 990
from philanthropy.org
1The main four
Money inPt VIII
$270K
Ln 12
Gifts and grantsLn 1h$270K
Investment incomeLn 3$22
Money outPt IX
$152K
Ln 25
Programscol B$152K
Owns and owesPt X
$957K
net assets · Ln 32
Cash and savingsLn 1–2$124K
Total assetsLn 16$1.7M
LiabilitiesLn 26$763K
PeoplePt VI, VII
8
listed · VII A
PaidVII A0
Voting boardVI 1a7
IndependentVI 1b7
2In more detail
Revenue in detailPt VIII
Gifts and grantsLn 1h$270K
Investment incomeLn 3$22
Total revenueLn 12$270K
Assets in detailPt X, end of year
CashLn 1$124K
Cash and savings togetherLn 1–2$124K
Land, buildings, equipmentLn 10c$1.1M
Other assetsLn 15$499K
Total assetsLn 16$1.7M
LiabilitiesLn 26$763K
Net assetsLn 32$957K
OperationsPt I, VI
EmployeesI 50
VolunteersI 64
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
LineStart FY23End FY23
Cash and savingsLn 1–2$25K$124K
Land, buildings, equipmentLn 10c$1.2M$1.1M
Total assetsLn 16$1.3M$1.7M
LiabilitiesLn 26$420K$763K
Net assetsLn 32$838K$957K
4Every line
Statement of functional expensesPt IX · every line
LineTotalProgramsManagementFundraising
Grants to domestic individualsLn 2$15K$15K
Depreciation, depletion and amortizationLn 22$137K$137K
Total functional expensesLn 25$152K$152K$0$0

Filing history

YearMoney inMoney outIn minus outNet assetsDownload
FY2025 Latest $215K$345K−$131K$968K 990 PDF
FY2024 $427K$285K$142K$1.1M 990 PDF
FY2023 Viewing $270K$152K$118K$957K 990 PDF
FY2022 $518K$234K$284K$838K 990 PDF
FY2021 $502K$146K$357K$554K 990 PDF
FY2020 $200K$197K 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 $270,274 across 4 lines filed
VIII-1f All other contributions, gifts and grants$270,252
VIII-1h Total contributions, gifts and grants$270,252
VIII-3 Investment incomeExcluded from tax $22$22
VIII-12 Total revenueExcluded from tax $22$270,274
Part IX · Statement of functional expenses $151,793 across 2 lines filed
IX-2 Grants to domestic individualsPrograms $15,000$15,000
IX-22 Depreciation, depletion and amortizationPrograms $136,793$136,793
IX-25 Total functional expensesPrograms $151,793 · Management $0 · Fundraising $0$151,793
Part X · Balance sheet $1,720,116 assets, 9 lines filed
X-1 Cash, non-interest-bearingStart of year $25,437$124,317
X-10c Land, buildings and equipment, netStart of year $1,220,740$1,096,741
X-15 Other assetsStart of year $5,130$499,058
X-16 Total assetsStart of year $1,258,807$1,720,116
X-25 Other liabilitiesStart of year $420,500$763,328
X-26 Total liabilitiesStart of year $420,500$763,328
X-27 Net assets without donor restrictionsStart of year $838,307$956,788
X-32 Total net assets or fund balancesStart of year $838,307$956,788
X-33 Total liabilities and net assetsStart of year $1,258,807$1,720,116
Part XI · Reconciliation of net assets $956,788 net assets at year end
XI-1 Total revenue$270,274
XI-2 Total expenses$151,793
XI-3 Revenue less expenses$118,481
XI-4 Net assets at start of year$838,307
XI-10 Net assets at end of year$956,788

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

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