Nonprofit · EIN 31-1708526
PROMISE DEVELOPMENT CORPORATION
Tax-exempt · MEMPHIS, TN 38107
Financials
| Year ended | Form | Revenue | Expenses | Net income | Total assets | Liabilities | Net assets |
|---|---|---|---|---|---|---|---|
| December 31, 2023 | 990 | $3,499,542 | $3,450,236 | $49,306 | $7,218,735 | $869,025 | $6,349,710 |
Financial details: 990 for the year ended December 31, 2023
Revenue
- Contributions, gifts and grants
- $2,212,616
- of which government grants
- $61,537
- Program service revenue
- $1,286,926
- Investment income
- $0
- Other revenue
- $0
Expenses
- Grants and similar amounts paid
- $0
- Compensation of officers, directors and key employees
- $149,684
- Other salaries and wages
- $622,375
- Salaries, compensation and benefits (total)
- $863,251
- Professional fundraising fees
- $0
- Legal fees
- $30,769
- Accounting fees
- $2,550
- Occupancy
- $592,942
- Travel
- $56,979
- Depreciation
- $273,339
- Program services (functional)
- $2,736,782
- Management and general (functional)
- $713,454
Balance sheet and other
- Total assets, start of year
- $7,150,223
- Total assets, end of year
- $7,218,735
- Total liabilities, end of year
- $869,025
- Net assets, end of year
- $6,349,710
- Land, buildings and equipment
- $6,841,592
- Net assets without donor restrictions
- $6,349,710
- Gross receipts
- $3,499,542
- Employees
- 33
- Volunteers
- 0
- Year formed
- 2006
- State of legal domicile
- TN
From the e-filed returns the IRS publishes as XML (latest three processing years; amended returns replace the original). PDF copies at the IRS.
Officers, directors and key employees
As listed on the 990 for the year ended December 31, 2023, highest compensation first.
| Name | Title | Hours / week | Compensation | Other / benefits |
|---|---|---|---|---|
| CORNELIUS SANDERS | EXECUTIVE DIRECTOR Trustee or director, Officer | 30 | $124,668 | $3,579 |
| REVA MARSHALL | SECRETARY Trustee or director, Officer | 20 | $25,017 | $333 |
| JANICE BENNETT | VICE PRESIDENT Trustee or director, Officer | 1 | $0 | $0 |
| RODNEY SANDERS | TREASURER Trustee or director, Officer | 1 | $0 | $0 |
| JUSTIN STARLING | MEMBER Trustee or director | 1 | $0 | $0 |
| DEMETRA KEYS | MEMBER Trustee or director | 1 | $0 | $0 |
| ROBERT MALONE | MEMBER Trustee or director | 1 | $0 | $0 |
| MELVIN WILLIAMS | MEMBER Trustee or director | 1 | $0 | $0 |
| CHEMISE BUIRSE | BOARD CHAIR/PRESIDENT Trustee or director, Officer | 11 | $0 | $0 |
Address and contacts
- Address (IRS master file)
- 262 CHELSEA AVE SUITE 101, MEMPHIS, TN 38107-2407
- In care of
- % CORNELIUS SANDERS
- Principal officer (990 for 2023)
- CORNELIUS SANDERS, 262 CHELSEA AVE STE 101, MEMPHIS, TN 38107
- Signed the 990
- CORNELIUS SANDERS, EXECUTIVE DIRECTOR
- Phone
- (901) 907-0035
- Website
- HTTPS://PDEVCORP.ORG/
- Return prepared by
- FRAZEE IVY DAVIS PLC
Mission
PROMOTE ECONOMIC DEVELOPMENT IN THE NORTH MEMPHIS COMMUNITY BY PROVIDING AFFORDABLE HOUSING
Program accomplishments
- PROVIDED AFFORDABLE HOUSING TO 160 CLIENTS IN THE NORTH MEMPHIS COMMUNITY. OUR WHOLLY-OWNED SUBSIDIARY, HARMONY WOODS, L.P., PROVIDED AFFORDABLE HOUSING TO 80 TENANTS. WE ALSO MANAGE APRIL WOODS APARTMENTS AND CYPRESS GARDENS, WHICH CONSIST OF 118 UNITS AND 24 UNITSExpenses $2,736,782 · revenue $1,286,926
What it must file and when
IRS records say it files Form 990 or 990-EZ. Based on its last return; a smaller organization may file the 990-N. Its accounting year ends in December, so each return is due on the 15th day of the 5th month after that.
| Tax year | Year ended | Due | IRS public records |
|---|---|---|---|
| 2025 | December 31, 2025 | May 15, 2026 | Not on file |
| 2024 | December 31, 2024 | May 15, 2025 | Not on file |
| 2023 | December 31, 2023 | May 15, 2024 | 990 on file |
IRS record
- EIN
- 31-1708526
- Tax-exempt status
- 501(c)(3): Charitable, religious, educational or scientific organization
- Foundation status
- Publicly supported organization (170(b)(1)(A)(vi))
- Donations deductible (Pub 78)
- Public charity, 50% deduction limit
- Exempt since
- 2000
- Accounting year ends
- December
- Files
- Form 990 or 990-EZ
- Category (NTEE)
- Housing and shelter (L25)
- Assets (IRS master file)
- $7,218,735
- Income (IRS master file)
- $3,499,542
Filing history
| Form | Year ended | Revenue | Expenses | Assets | Return |
|---|---|---|---|---|---|
| 990 | December 2023 | $3,499,542 | $3,450,236 | $7,218,735 | XML |
| 990 | December 2022 | $4,277,565 | $3,199,253 | $7,150,223 | IRS |
| 990 | December 2021 | – | – | – | IRS |
| 990 | December 2020 | – | – | – | IRS |
| 990 | December 2019 | – | – | – | IRS |
| 990 | December 2018 | – | – | – | IRS |
990-N: the IRS bulk file holds only the latest e-Postcard per organization; earlier years come from archived copies of that file since 2020 and can have gaps (the IRS e-Postcard search lists every one). 990, 990-EZ, 990-PF, 990-T: every e-filed return in the IRS e-file index since 2019; XML for the latest three processing years, amounts from the IRS Statistics of Income extracts before that. PDF copies and determination letters at the IRS (search EIN 31-1708526).
Questions about PROMISE DEVELOPMENT CORPORATION
- What is the EIN of PROMISE DEVELOPMENT CORPORATION?
- The employer identification number (EIN) of PROMISE DEVELOPMENT CORPORATION is 31-1708526.
- Is PROMISE DEVELOPMENT CORPORATION tax-exempt?
- Yes. The IRS lists it as tax-exempt under section 501(c)(3) since 2000.
- Are donations to PROMISE DEVELOPMENT CORPORATION tax-deductible?
- Yes. It is listed in IRS Publication 78 (Public charity, 50% deduction limit).
- Which annual return does PROMISE DEVELOPMENT CORPORATION file?
- Form 990 or 990-EZ. Based on its last return; a smaller organization may file the 990-N.
- When is the next return of PROMISE DEVELOPMENT CORPORATION due?
- The return for tax year 2025 (the year ending December 31, 2025) is due May 15, 2026. Form 8868 extends it by six months; the 990-N cannot be extended.
- When did PROMISE DEVELOPMENT CORPORATION last file with the IRS?
- The latest return in the IRS public files is the 990 for the year ended December 2023.
- Who is the principal officer of PROMISE DEVELOPMENT CORPORATION?
- The 990 for the year ended December 31, 2023 names CORNELIUS SANDERS.
- Who are the officers and directors of PROMISE DEVELOPMENT CORPORATION?
- The 990 for the year ended December 31, 2023 lists 9 people; 2 received compensation from the organization, the highest $124,668 (CORNELIUS SANDERS, EXECUTIVE DIRECTOR).
- How much revenue does PROMISE DEVELOPMENT CORPORATION have?
- On its 990 for the year ended December 31, 2023 it reported revenue of $3,499,542, expenses of $3,450,236 and total assets of $7,218,735 at year end.
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