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Bessemer Redevelopment Corp FY2022 filing

Tax-deductible

Bessemer, AL501(c)(3)Community DevelopmentEIN 85-1601510Revenue $777K in FY2022

On file with the IRS2625 5th Ave N Bldg C, 35020-4169 · Bessemer, ALTax-exempt since Sep 2020Publicly supported — 509(a)(2)

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We believe that besssemer communities and neighborhoods can have a quality of life that makes IT deserving of the name marvel city. We seek to DO our part in moving that forward through targeted catalyic projects that are multi-faceted and bring other like-minded developers to the table. A comprehensive vision will enable the transformation we envision with multiple partners and funding sources. Our mission is to lead the transformation of bessemer's neighborhoods through community first development, including building or renovating quality affordable housing. We will create buildings or sites that become community assets, and also create a community garden that will provide healthy food options for our community.

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

FY2022 · 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
3 of 4
filings with a surplus
Average surplus $205K a year · 31% of revenue · last 4 filings
Fine: a surplus in 3 of the last 4 filings.
Pt I · Ln 19 · 4 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
2 mo
of spending, in cash
Fine: 1.7 months of spending in cash; 1 to 3.
Pt X · Ln 1–2 · Pt I · Ln 18
Named funders
5
named funders · $412K
Looks good: 5 funders name it on their filings; 3 or more.
Funders’ Sch. I, 990-PF
Liabilities
$750K
58% of total assets
Fine: liabilities are 58% of assets; 50% to 65%.
Pt X · Ln 26
Independent board members
5
of 6 voting members
Looks good: 5 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
$777K
+96% vs prior year
Spent
$497K
To programs
100%
Net assets
$550K
By yearFY2020–FY2024
Revenue
$777K
FY2022▲ +96%
Tap a bar for its year
Revenue by fiscal year
FY2020$114K
FY2021$397K
FY2022$777K
FY2023$605K
FY2024$889K
Expenses
$497K
FY2022▲ +402%
Tap a bar for its year
Expenses by fiscal year
FY2020Not on file
FY2021$99K
FY2022$497K
FY2023$303K
FY2024$951K
Net assets
$550K
FY2022▲ +43%
Tap a bar for its year
Net assets by fiscal year
FY2020$110K
FY2021$385K
FY2022$550K
FY2023$852K
FY2024$978K

From the FY2022 Form 990 · figures checked against the IRS filing · see the original

Form 990 (PDF) Claim
You’re viewing the FY2022 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 Sep 2020.

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% · $497K

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
$0Pt VII · Sec A
Mike Rogers
Director
$0Pt VII · Sec A
Ed Welden
Director
$0Pt VII · Sec A
Dave Paige
Director
$0Pt VII · Sec A
$0Pt VII · Sec A
Calvin Bell
Director
$0Pt VII · Sec A
See Bessemer Redevelopment Corp 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 15aNo
  • Loans to or from officersSch L · Pt II7 listed

Programs and updates

Improves Bessemer neighborhoods through community-focused development, affordable housing, and healthy food access.

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Provided by the organization

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2 programs · $497K · in their own filed words · FY2022
01

Acquisitions of vacant and blighted properties for redevelopment.

$248Kprogram expense
02

Renovation of the bessemer train depot to enhance the community.

$248Kprogram 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
Housing Affordability TrustFY2024$169K
Navigate Affordable Housing Partners INCFY2024$100K
Mike and Gillian Goodrich Charitable FoundationFY2024$75K
Estelle S Campbell Charitable FoundationFY2024$50K
The Ratliff Charitable FoundationFY2024$18K
Total grants receivedfrom 5 funders$412K
See all 5 funders →

By the numbers

The FY2022 990, line by line.

Download 990
from philanthropy.org
1The main four
Money inPt VIII
$777K
Ln 12
Gifts and grantsLn 1h$770K
Investment incomeLn 3$4K
Other incomeLn 4–11$3K
Money outPt IX
$497K
Ln 25
Programscol B$497K
Owns and owesPt X
$550K
net assets · Ln 32
Cash and savingsLn 1–2$70K
Total assetsLn 16$1.3M
LiabilitiesLn 26$750K
PeoplePt VI, VII
6
listed · VII A
PaidVII A0
Voting boardVI 1a6
IndependentVI 1b5
2In more detail
Revenue in detailPt VIII
Gifts and grantsLn 1h$770K
Investment incomeLn 3$4K
Other incomeLn 4–11$3K
Gains on assetsLn 7−$14K
Total revenueLn 12$777K
Assets in detailPt X, end of year
CashLn 1$70K
Cash and savings togetherLn 1–2$70K
InvestmentsLn 11–13$566K
Total assetsLn 16$1.3M
LiabilitiesLn 26$750K
Net assetsLn 32$550K
OperationsPt I, VI
EmployeesI 50
VolunteersI 66
Fiscal year endsHeaderDecember
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 FY22End FY22
Cash and savingsLn 1–2$21K$70K
InvestmentsLn 11–13$256K$566K
Total assetsLn 16$688K$1.3M
LiabilitiesLn 26$303K$750K
Net assetsLn 32$385K$550K
4Every line
Statement of functional expensesPt IX · every line
LineTotalProgramsManagementFundraising
Grants to domestic organizationsLn 1$2K$2K
Other salaries and wagesLn 7$176K$176K
Other employee benefitsLn 9$21K$21K
Payroll taxesLn 10$14K$14K
Management feesLn 11a$103K$103K
Accounting feesLn 11c$18K$18K
Other fees for servicesLn 11g$112K$112K
Advertising and promotionLn 12$6K$6K
Office expensesLn 13$1K$1K
Information technologyLn 14$3K$3K
OccupancyLn 16$9K$9K
InterestLn 20$5K$5K
InsuranceLn 23$24K$24K
Other expenses (24a–d)Ln 24$1K$1K
All other expensesLn 24e$252$252
Total functional expensesLn 25$497K$497K$0$0

Filing history

YearMoney inMoney outIn minus outNet assetsDownload
FY2024 Latest $889K$951K−$61K$978K 990 PDF
FY2023 $605K$303K$302K$852K 990 PDF
FY2022 Viewing $777K$497K$280K$550K 990 PDF
FY2021 $397K$99K$298K$385K 990 PDF
FY2020 $114K$110K 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 FY2022 990 (6 parts)
Part I · Summary $777,066 revenue, 12 lines filed
I-8 Contributions and grantsPrior year $381,065$770,238
I-9 Program service revenuePrior year $0$0
I-10 Investment incomePrior year −$8,953$3,844
I-11 Other revenuePrior year $24,624$2,984
I-12 Total revenuePrior year $396,736$777,066
I-13 Grants and similar amounts paidPrior year $0$2,350
I-14 Benefits paid to membersPrior year $0$0
I-15 Salaries and benefitsPrior year $0$211,562
I-16a Professional fundraising feesPrior year $0$0
I-17 Other expensesPrior year $98,941$283,029
I-18 Total expensesPrior year $98,941$496,941
I-19 Revenue less expensesPrior year $297,795$280,125
Part VI · Governance 5 of 6 board members independent, 3 to look at
VI-1a Voting members of the governing body6
VI-1b Independent voting members5
VI-13 Written whistleblower policyNo
VI-14 Document retention and destruction policyNo
VI-15a Process for setting top official's payNo
VI-2 Family or business relationship among officers or directorsNo
VI-12a Written conflict of interest policyYes
Part VIII · Statement of revenue $777,066 across 6 lines filed
VIII-1f All other contributions, gifts and grants$770,238
VIII-1h Total contributions, gifts and grants$770,238
VIII-3 Investment incomeRelated to mission $17,704$17,704
VIII-6 Net rental income or lossExcluded from tax $2,984$2,984
VIII-7 Net gain or loss on sales of assetsExcluded from tax −$13,860−$13,860
VIII-12 Total revenueRelated to mission $17,704 · Unrelated business $0 · Excluded from tax −$10,876$777,066
Part IX · Statement of functional expenses $496,941 across 15 lines filed
IX-1 Grants to domestic organizationsPrograms $2,350$2,350
IX-7 Other salaries and wagesPrograms $176,451$176,451
IX-9 Other employee benefitsPrograms $20,779$20,779
IX-10 Payroll taxesPrograms $14,332$14,332
IX-11a Management feesPrograms $103,295$103,295
IX-11c Accounting feesPrograms $17,997$17,997
IX-11g Other fees for servicesPrograms $111,866$111,866
IX-12 Advertising and promotionPrograms $5,789$5,789
IX-13 Office expensesPrograms $1,348$1,348
IX-14 Information technologyPrograms $3,227$3,227
IX-16 OccupancyPrograms $8,875$8,875
IX-20 InterestPrograms $5,279$5,279
IX-23 InsurancePrograms $23,622$23,622
IX-24 Other expenses (24a–d)Programs $1,479$1,479
IX-24e All other expensesPrograms $252$252
IX-25 Total functional expensesPrograms $496,941 · Management $0 · Fundraising $0$496,941
Part X · Balance sheet $1,300,172 assets, 12 lines filed
Asset lines not itemized here account for $305,218; see the IRS return.
X-1 Cash, non-interest-bearingStart of year $21,190$70,467
X-3 Pledges and grants receivableStart of year $139,720$290,485
X-4 Accounts receivableStart of year $1,054$0
X-9 Prepaid expenses and deferred charges$68,210
X-13 Program-related investmentsStart of year $255,847$565,792
X-16 Total assetsStart of year $687,534$1,300,172
X-17 Accounts payable and accrued expenses$121,190
X-19 Deferred revenueStart of year $139,720$290,485
X-26 Total liabilitiesStart of year $302,680$750,355
X-27 Net assets without donor restrictionsStart of year $384,854$549,817
X-32 Total net assets or fund balancesStart of year $384,854$549,817
X-33 Total liabilities and net assetsStart of year $687,534$1,300,172
Part XI · Reconciliation of net assets $549,817 net assets at year end
XI-1 Total revenue$777,066
XI-2 Total expenses$496,941
XI-3 Revenue less expenses$280,125
XI-4 Net assets at start of year$384,854
XI-8 Prior period adjustments−$115,162
XI-9 Other changes in net assets$0
XI-10 Net assets at end of year$549,817

Form 990 e-file (XML) FY2022 from the IRS · Classification, formation year and address from the IRS Business Master File

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