2025-11-13T18:09:38-07:00 2024-12-31 990 2024-01-01 311674388 CHRIS WHITE COMMUNITY DEVELOPMENT CORPORATION CHRI 3027781908 701 North Shipley Street Wilmington DE 19801 John Stafford Assistant Treasurer 3023887231 2025-11-14 1 2024 2025-03-06 01:10:19Z John P Stafford Apartment 212 2200 West 4th Street Wilmington DE 19805 310665 0 X www.chriswhitecdc.org X 1999 DE Our mission is to develop affordable artists' housing along with the supporting infrastructures that cultivate a Wilmington art community capable of innovative and lasting collaborations with its surroundings. 9 9 0 10 0 0 9021 9728 275374 291917 11897 9020 0 0 296292 310665 0 0 0 0 0 0 0 0 0 547595 566181 547595 566181 -251303 -255516 3791064 3550347 1633069 1647868 2157995 1902479 Our mission is to provide affordable artists' housing along with the supporting infrastructures that cultivate a Wilmington art community capable of innovative and lasting collaborations with its surroundings. 0 0 552993 0 286885 Operation of a 23-unit low-income apartment building for artists, including making the building's street-level gallery available to tenants. 9458 0 5032 Making the Chris White Gallery available to community artists and other arts organizations; and actively promoting and supporting art-related and other community events there. Since resuming gallery activities in November 2021 (after a 20-month hiatus caused by the COVID pandemic), CWCDC has regularly mounted exhibits of work by local artists and opened them to the public on preannounced occasions and made them available for private showings as well. Unpaid board members and other volunteers manage the gallery and organize events. Curation and set-up of exhibits is contracted with qualified representatives of the local art community on a per-exhibit basis. During 2024 the gallery was open to the public for 18 showings covering 7 different exhibits; in 2023 there were 31 showings for 7 exhibits. CWCDC earns a below-market commission when art is sold as a result of exhibits. The gallery is also offered to the community for appropriate private events for a nominal cost, resulting in 18 additional showings of art to a different public segment during 2024 and 14 in 2023. 0 0 0 562451 1 0 0 0 0 0 0 0 1 0 1 0 0 0 1 1 1 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 1 1 1 0 0 1 4 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 X 9 9 0 1 0 0 0 0 0 1 1 0 0 1 1 0 0 0 0 0 0 0 X X X Moderate Income Management Co Inc 6096498446 P O Box 3709 Princeton NJ 08543 Andy Vible Director 6 X 2604 0 0 Sharon Leyhow President and Director 8 0 X X 0 0 0 John Stafford Director, Assistant Treasurer 10 0 X X 0 0 0 Jason Stoehr Vice President and Director 3 0 X X 0 0 0 Danny Schweers Director 12 0 X 0 0 0 Scott Serota Director 1 0 X 0 0 0 Sherry Goodill Director and Secretary 4.00 0 X X 0 0 0 David Harris Director 1 0 X 0 0 0 Mandell Much Director 2 0 X 0 0 0 2604 0 0 0 0 0 0 0 0 0 0 0 0 9728 0 9728 Program Service Revenue 900099 291917 291917 0 0 0 0 0 0 291917 9020 0 0 9020 0 0 0 0 0 0 0 0 0 0 0 0 0 0 310665 291917 0 9020 0 0 0 0 0 0 0 0 66998 66998 12239 12239 16830 13420 3410 2715 2715 12154 11834 320 133510 133510 47481 47481 238478 238478 24818 24818 Investor service fee 1500 1500 0 0 Gallery event expenses 9458 9458 0 0 566181 562451 3730 0 X 415 6097 9935 13533 7152 9267 8274 8898 6794567 3483006 3547501 3311561 191410 177204 8254 5716 18123 18071 3791064 3550347 38242 47485 1982 672 18123 18071 1200009 1182339 374713 399301 1633069 1647868 X 2157995 1902479 0 0 2157995 1902479 3791064 3550347 -255516 0 0 0 0 0 X 0 1 0 0 X 10473 8589 5582 9021 9728 43393 224786 244469 259913 275374 291917 1296459 0 0 0 0 0 0 0 0 0 0 0 0 235259 253058 265495 284395 301645 1339852 0 0 0 0 90833 119369 138357 144035 158671 651265 90833 119369 138357 144035 158671 651265 688587 2849 -411 -3750 11897 9020 19605 0 0 0 0 0 2849 -411 -3750 11897 9020 19605 0 0 0 0 0 0 0 0 0 238108 252647 261745 296292 310665 1359457 0.50652 0.53287 0.01442 0.01042 X 0 1 X 0 236660 236660 0 6488353 3413452 3074901 0 0 0 0 0 53899 53899 0 0 15655 15655 0 3311561 0 Deferred interest on notes payable 390301 Accrued investor service fee 9000 399301 X 310665 0 0 0 0 0 310665 0 0 0 310665 566181 0 0 0 0 0 566181 0 0 0 566181 Schedule D, Part IV, Line 2b Line 21 of Part X, Form 990 represents security deposits held in rental operations. Schedule D, Part X, Line 2 CWCDC is a nonprofit organization that is exempt from income taxes under Section 501(c)(3) of the Internal Revenue Code ("IRC") and, therefore, has made no provision for federal income taxes in the accompanying consolidated financial statements. In addition, CWCDC qualifies for the charitable contribution deduction under Section 170(b)(1)(A) and has been determined by the Internal Revenue Service ("IRS") not to be a "private foundation" within the meaning of Section 509(a)(2) of the IRC. Income not related to CWCDC's tax-exempt purpose may be subject to taxation as unrelated business income. The Partnership has elected to be treated as a pass-through entity for income tax purposes and, as such, is not subject to income taxes. Rather, all items of taxable income, deductions and tax credits are passed through to and are reported by its owners on their respective income tax returns. The Partnership's federal tax status as a pass-through entity is based on its legal status as a partnership. Accordingly, the Partnership is not required to take any tax positions in order to qualify as a pass-through entity. The Partnership is required to file and does file tax returns with the IRS and other taxing authorities. The Partnership's policy for penalties and interest assessed by income taxing authorities is to include them in administrative expenses. For the years ended December 31, 2024 and 2023, the Partnership did not incur any penalties and interest from taxing authorities. CWCDC's Return of Organization Exempt from Income Tax (Form 990) and income tax returns filed by the Partnership are subject to examination by the IRS for a period of three years. While no income tax returns are currently being examined by the IRS, tax years since 2021 remain open.SLI has no financial activities other than its 0.01% share, totaling $369 of accumulated net losses of the Partnership and, therefore, has incurred no income taxes. Accordingly, these consolidated financial statements do not reflect a provision for income taxes, and none of the entities have any other tax positions requiring disclosure. Form 990, Part VI, Section A, Line 3 CWCDC, through the Partnership that holds the rental property, employs a qualified managing agent as required by Delaware regulatory authorities to administer day-to-day operations of the building, including collection of rents and payment of bills. The agent's work is closely monitored by members of the CWCDC board, and detailed reports are given to the full board each month. All policy matters, and any other significant operating decisions, are enacted only after discussion and approval by the full CWCDC board. Form 990, Part VI, Section B, Line 11b Each form 990 is reviewed by the entire board before filing. Form 990, Part VI, Section C, Line 19 CWCDC's by-laws (which include its conflict-of-interest policy) and its financial statements are available to the public upon request. Form 990, Part X, Line 1 Access to Partnership cash by CWCDC is limited by the Partnership agreement; for clarity, CWCDC has elected to include such cash among the restricted cash items on the consolidated statement of financial position. The Partnership is currently paying CWCDC the remainder of its developer's fee (originated in 2006 and eliminated in consolidation) in annual installments of $3,200. which will end in 2026. Form 990, Part X, Line 27 Unrestricted net assets as of December 31, 2024 is comprised of $328,009 of non-controlling, non-CWCDC interest (essentially the equity ownership of the limited partner investor in Shipley Lofts LP), and $1,574,470 of CWCDC interest. Employer identification number 31-1674388. Shipley Lofts LP 701 North Shipley Street Wilmington DE 19801 208005573 Operation of apartment building DE Shipley Lofts Inc Related 0 1 0.0001 Shipley Lofts Inc 701 North Shipley Street Wilmington DE 19801 208005423 General partner, Shipley Lofts LP DE Chris White CDC C 1 0 1 0 0 0 0 0 0 0 0 0 0 0 0 0 0 1 1 0 1 Shipley Lofts LP a-i 7912 Accrual of interest as specified in promissory notes; eliminated in consolidated financial statements Shipley Lofts LP p 2510 Event insurance and other gallery charges Shipley Lofts LP q 225 General Partner franchise tax Shipley Lofts LP s 3200 Current portion of deferred development fee (eliminated in consolidation). This filing is not late. Form 8868 was timely filed and accepted.