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Nonprofit · EIN 56-0883684

MOSAIC DEVELOPMENT GROUP INC

Tax-exempt · DAVIDSON, NC 28036

Financials

$2.6M$2.7M2023$3.4M$2.5M2024
Revenue Expenses · by fiscal year end
Financials of MOSAIC DEVELOPMENT GROUP INC by year, from its e-filed returns
Year endedFormRevenueExpensesNet incomeTotal assetsLiabilitiesNet assets
December 31, 2024990$3,390,095$2,461,636$928,459$13,825,405$3,556,503$10,268,902
December 31, 2023990$2,611,828$2,685,476-$73,648$17,585,293$8,057,274$9,528,019
Financial details: 990 for the year ended December 31, 2024

Revenue

Contributions, gifts and grants
$26,350
Program service revenue
$1,953,623
Investment income
$1,361,013
Net gain from sales of assets
$1,166,212
Other revenue
$49,109

Expenses

Grants and similar amounts paid
$0
Compensation of officers, directors and key employees
$196,707
Other salaries and wages
$512,281
Salaries, compensation and benefits (total)
$857,919
Professional fundraising fees
$0
Legal fees
$21,211
Accounting fees
$26,400
Occupancy
$87,722
Travel
$9,067
Depreciation
$7,544
Program services (functional)
$2,300,099
Management and general (functional)
$131,631
Fundraising (functional)
$29,906

Balance sheet and other

Total assets, start of year
$17,585,293
Total assets, end of year
$13,825,405
Total liabilities, end of year
$3,556,503
Net assets, end of year
$10,268,902
Land, buildings and equipment
$1,344,624
Net assets without donor restrictions
$10,268,902
Gross receipts
$11,023,883
Employees
8
Volunteers
11
Year formed
1966
State of legal domicile
NC

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, 2024, highest compensation first.

NameTitleHours / weekCompensationOther / benefits
WILLIAM BOLSTADEXECUTIVE DIRECTOR
Officer
50$196,707$17,705
JILL V WEAVERACCOUNTING MANAGER
Highest-paid employee
40$141,557$22,692
JIMMY ROYSTERSENIOR PROJECT MANAGER
Highest-paid employee
40$148,436$14,336
LISA LEMOSASSET MANAGER
Highest-paid employee
40$118,855$21,034
CARI JONESBOARD CHAIR
Trustee or director, Officer
2$0$0
KIM GRAHAMBOARD VICE CHAIR
Trustee or director, Officer
1$0$0
TAMMIE RHODESBOARD TREASURER
Trustee or director, Officer
1$0$0
MARY RECA TODDBOARD SECRETARY
Trustee or director, Officer
1$0$0
VERONICA CLEMMONSBOARD MEMBER
Trustee or director
1$0$0
DAVID GITLINBOARD MEMBER
Trustee or director
1$0$0
KORY JETERBOARD MEMBER
Trustee or director
1$0$0
SHERYL FORTUNEBOARD MEMBER
Trustee or director
1$0$0
SHAUN GOLDENBOARD MEMBER
Trustee or director
1$0$0
LATONYA SHOAFBOARD MEMBER
Trustee or director
1$0$0
JEFF STAUDINGERBOARD MEMBER
Trustee or director
1$0$0
990 for the year ended December 31, 2023: 15 people
NameTitleHours / weekCompensationOther / benefits
WILLIAM BOLSTADEXECUTIVE DIRECTOR
Officer
50$157,333$15,633
JIMMY ROYSTERPROJECT MANAGER
Highest-paid employee
40$122,992$13,212
JILL V WEAVERACCOUNTING MANAGER
Highest-paid employee
40$115,178$20,338
CARI JONESBOARD CHAIR
Trustee or director, Officer
2$0$0
KIM GRAHAMBOARD VICE CHAIR
Trustee or director, Officer
1$0$0
TAMMIE RHODESBOARD TREASURER
Trustee or director, Officer
1$0$0
MARY RECA TODDBOARD SECRETARY
Trustee or director, Officer
1$0$0
VERONICA CLEMMONSBOARD MEMBER
Trustee or director
1$0$0
DAVID GITLINBOARD MEMBER
Trustee or director
1$0$0
KORY JETERBOARD MEMBER
Trustee or director
1$0$0
SHERYL FORTUNEBOARD MEMBER
Trustee or director
1$0$0
SHAUN GOLDENBOARD MEMBER
Trustee or director
1$0$0
LATONYA SHOAFBOARD MEMBER
Trustee or director
1$0$0
ERIN SMITHBOARD MEMBER
Trustee or director
1$0$0
JEFF STAUDINGERBOARD MEMBER
Trustee or director
1$0$0

Address and contacts

Address (IRS master file)
445 S MAIN ST STE 400, DAVIDSON, NC 28036-8099
Principal officer (990 for 2024)
WILLIAM BOLSTAD, 445 S MAIN STREET SUITE 400, DAVIDSON, NC 28036
Signed the 990
WILLIAM BOLSTAD, EXECUTIVE DIRECTOR
Phone
(704) 342-3316
Return prepared by
BERNARD ROBINSON & COMPANY LLP

Mission

TO ENHANCE COMMUNITIES AND IMPROVE LIVES THROUGH DIVERSE HOUSING AND ECONOMIC DEVELOPMENT SOLUTIONS. MOSAIC BELIEVES THAT HIGH QUALITY HOUSING FOR A VARIETY OF INCOMES IS A CATALYST FOR VIBRANT, HEALTHY COMMUNITIES. THEIR VISION IS THAT EVERYONE HAS ACCESS TO HIGH QUALITY HOUSING, IN THRIVING COMMUNITIES THAT OFFER A VARIETY OF JOBS AND SERVICES.

990 for the year ended December 31, 2024

Program accomplishments

  • FERNHILL APARTMENTS (CONOVER, NC - 72 FAMILY UNITS) WAS COMPLETED, PLACED IN SERVICE, AND STABILIZED DURING THE YEAR. THE PROPERTY TRANSITIONED TO NORMAL OPERATIONS, PROVIDING HIGH-QUALITY, AFFORDABLE HOUSING FOR WORKING FAMILIES IN THE REGION. MOSAIC HOLDS BOTH DIRECT AND INDIRECT GENERAL PARTNER INTERESTS AND CONTINUES TO EXERCISE SIGNIFICANT INFLUENCE OVER THE PROJECT'S OPERATIONS. ORCHARD POINT APARTMENTS (SANFORD, NC - 40 FAMILY UNITS), A COMPREHENSIVE REHABILITATION OF THE FORMER APPLE TREE APARTMENTS, COMMENCED CONSTRUCTION IN 2024 FOLLOWING THE PRIOR YEAR'S AWARD OF LOW-INCOME HOUSING TAX CREDITS (LIHTC). COMPLETION IS ANTICIPATED IN MID-2025. 902 S. BRIGGS AVENUE APARTMENTS (DURHAM, NC - 124 FAMILY UNITS) ADVANCED THROUGH THE LIHTC APPLICATION PROCESS. AT THE REQUEST OF THE NORTH CAROLINA HOUSING FINANCE AGENCY (NCHFA), MOSAIC RESUBMITTED ITS 4% TAX-EXEMPT BOND APPLICATION IN THE FALL 2024 ROUND, WITH AN AWARD EXPECTED IN 2025. RENAISSANCE COMMONS (ELIZABETH CITY, NC - 48 SENIOR UNITS) RECEIVED AN AWARD OF 9% LOW-INCOME HOUSING TAX CREDITS IN 2024 FOR A COMPREHENSIVE REHABILITATION OF THE EXISTING PROPERTY. CONSTRUCTION IS ANTICIPATED TO COMMENCE IN 2025, PRESERVING AFFORDABLE HOUSING FOR SENIORS IN THE REGION.
    Expenses $1,036,681 · revenue $971,260
  • IN RECOGNITION OF THE GROWING NEED FOR AFFORDABLE HOUSING THROUGHOUT NORTH CAROLINA, MOSAIC INITIATED A STRATEGIC RECAPITALIZATION TO STRENGTHEN ITS ABILITY TO EXPAND ITS DEVELOPMENT PIPELINE. AS PART OF THIS EFFORT, MOSAIC SOLD FIVE SITES FROM ITS 23-PROPERTY PORTFOLIO TO AN INVESTOR COMMITTED TO PRESERVING THEIR LONG-TERM AFFORDABILITY. FOUR OF THE FIVE TRANSACTIONS SUCCESSFULLY CLOSED IN 2024, WITH THE FIFTH EXPECTED TO CLOSE IN 2025. THESE ACTIONS REFLECT MOSAIC'S ONGOING COMMITMENT TO EXPANDING AND PRESERVING AFFORDABLE HOUSING OPPORTUNITIES FOR NORTH CAROLINA HOUSEHOLDS WHILE MAINTAINING PRUDENT FINANCIAL STEWARDSHIP AND STRONG PARTNERSHIPS WITH PUBLIC AND PRIVATE STAKEHOLDERS.
    Expenses $1,263,418 · revenue $1,031,472

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 yearYear endedDueIRS public records
2025December 31, 2025May 15, 2026Not on file
2024December 31, 2024May 15, 2025990 on file
2023December 31, 2023May 15, 2024990 on file

IRS record

EIN
56-0883684
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
1969
Accounting year ends
December
Files
Form 990 or 990-EZ
Assets (IRS master file)
$13,825,405
Income (IRS master file)
$11,023,883

Filing history

FormYear endedRevenueExpensesAssetsReturn
990December 2024$3,390,095$2,461,636$13,825,405XML
990December 2023$2,611,828$2,685,476$17,585,293XML
990December 2022$3,157,936$2,643,732$17,811,638IRS
990December 2021–––IRS
990December 2020–––IRS
990June 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 56-0883684).

Questions about MOSAIC DEVELOPMENT GROUP INC

What is the EIN of MOSAIC DEVELOPMENT GROUP INC?
The employer identification number (EIN) of MOSAIC DEVELOPMENT GROUP INC is 56-0883684.
Is MOSAIC DEVELOPMENT GROUP INC tax-exempt?
Yes. The IRS lists it as tax-exempt under section 501(c)(3) since 1969.
Are donations to MOSAIC DEVELOPMENT GROUP INC tax-deductible?
Yes. It is listed in IRS Publication 78 (Public charity, 50% deduction limit).
Which annual return does MOSAIC DEVELOPMENT GROUP INC 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 MOSAIC DEVELOPMENT GROUP INC 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 MOSAIC DEVELOPMENT GROUP INC last file with the IRS?
The latest return in the IRS public files is the 990 for the year ended December 2024.
Who is the principal officer of MOSAIC DEVELOPMENT GROUP INC?
The 990 for the year ended December 31, 2024 names WILLIAM BOLSTAD.
Who are the officers and directors of MOSAIC DEVELOPMENT GROUP INC?
The 990 for the year ended December 31, 2024 lists 15 people; 4 received compensation from the organization, the highest $196,707 (WILLIAM BOLSTAD, EXECUTIVE DIRECTOR).
How much revenue does MOSAIC DEVELOPMENT GROUP INC have?
On its 990 for the year ended December 31, 2024 it reported revenue of $3,390,095, expenses of $2,461,636 and total assets of $13,825,405 at year end.

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