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Nonprofit · EIN 56-1461066

DEVELOPMENT VENTURES INCORPORATED

Tax-exempt · DURHAM, NC 27701

Financials

$551K$732K2023$4.9M$2.3M2024
Revenue Expenses · by fiscal year end
Financials of DEVELOPMENT VENTURES INCORPORATED by year, from its e-filed returns
Year endedFormRevenueExpensesNet incomeTotal assetsLiabilitiesNet assets
December 31, 2024990$4,862,543$2,315,861$2,546,682$23,990,842$10,876,935$13,113,907
December 31, 2023990$550,587$732,240-$181,653$12,661,500$1,626,486$11,035,014
Financial details: 990 for the year ended December 31, 2024

Revenue

Contributions, gifts and grants
$3,311,032
of which government grants
$3,311,032
Program service revenue
$1,346,052
Investment income
$205,459
Net gain from sales of assets
$181,115
Other revenue
$0

Expenses

Grants and similar amounts paid
$0
Other salaries and wages
$71,892
Salaries, compensation and benefits (total)
$108,755
Professional fundraising fees
$0
Accounting fees
$15,335
Occupancy
$126,418
Depreciation
$263,049
Program services (functional)
$2,185,663
Management and general (functional)
$130,198

Balance sheet and other

Total assets, start of year
$12,661,500
Total assets, end of year
$23,990,842
Total liabilities, end of year
$10,876,935
Net assets, end of year
$13,113,907
Land, buildings and equipment
$7,818,485
Net assets without donor restrictions
$13,113,907
Gross receipts
$4,951,372
Employees
0
Volunteers
0
Year formed
1985
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 / weekCompensationFrom related orgs
ANTHONY SCOTTCHIEF EXECUTIVE OFFICER
Officer
0.25$0$209,607
ANTHONY SNELLDIRECTOR OF DEVELOPMENT
Officer
40$0$162,584
KAREN LADODURHAM CHOICE PROJECT MANAGER
Highest-paid employee
0.25$0$156,188
ASHANTI BROWNCHIEF OPERATING OFFICER
Officer
0.25$0$132,128
ERIC SMITHCNI COMMUNITY LIAISON
Highest-paid employee
0.25$0$132,106
RALPH STALEYCHIEF FINANCIAL OFFICER
Officer
0.25$0$125,797
CARLA WALTONDIRECTOR OF ADMINISTRATION
Highest-paid employee
0.25$0$120,142
DENITA JOHNSONCHIEF OPERATING OFFICER
Officer
0.25$0$33,846
ROBERT BO GLENNDIRECTOR
Trustee or director
0.25$0$0
DANIEL C HUDGINSDIRECTOR
Trustee or director
0.25$0$0
PEBBLES LUCASDIRECTOR
Trustee or director
0.25$0$0
ANGELA HOLMESDIRECTOR
Trustee or director
0.25$0$0
CARL RISTCITY LIAISON
Trustee or director
0.25$0$0
MAYME WEBB-BLEDSOEDIRECTOR
Trustee or director
0.25$0$0
TORRELL ARMSTRONGDIRECTOR
Trustee or director
0.25$0$0
2 more people on this return
NameTitleHours / weekCompensation
S NICOLE DIGGSDIRECTOR
Trustee or director
0.25$0
WILLIAM B CLARKCHAIR
Trustee or director
0.25$0
990 for the year ended December 31, 2023: 15 people
NameTitleHours / weekCompensationFrom related orgs
ANTHONY SCOTTCHIEF EXECUTIVE OFFICER
Officer
1$0$209,740
DENITA JOHNSONCHIEF OPERATING OFFICER
Officer
1$0$160,168
ANTHONY SNELLDIRECTOR OF DEVELOPMENT
Highest-paid employee
1$0$129,725
KAREN LADOCMI-DEVELOPEMENT
Highest-paid employee
1$0$126,998
RALPH STALEYCHIEF FINANCIAL OFFICER
Officer
1$0$126,141
CARLA WALTONDIRECTOR OF ADMINISTRATION
Highest-paid employee
1$0$119,902
DOMINQUE DUNNDIRECTOR OF HOUSING
Highest-paid employee
1$0$109,094
ROBERT GLENNDIRECTOR
Trustee or director
0.5$0$0
DANIEL C HUDGINSDIRECTOR
Trustee or director
0.5$0$0
MAYME WEBB-BLEDSOEDIRECTOR
Trustee or director
0.5$0$0
JILLIAN JOHNSONCITY LIAISON
Trustee or director
0.5$0$0
TORELL ARMSTRONGDIRECTOR
Trustee or director
0.5$0$0
PEBBLES LUCASDIRECTOR
Trustee or director
0.5$0$0
ANGELA HOLMESDIRECTOR
Trustee or director
0.5$0$0
KIMBERLY WILLIAMSCHAIR
Trustee or director
0.5$0$0

Address and contacts

Address (IRS master file)
423 MORRIS STREET SUITE 200, DURHAM, NC 27701-2128
Principal officer (990 for 2024)
RALPH STALEY, 423 MORRIS STREET SUITE 200, DURHAM, NC 27701
Signed the 990
RALPH STALEY, CFO
Phone
(919) 683-1551
Return prepared by
NOVOGRADAC & COMPANY LLP

Mission

THE MISSION OF DEVELOPMENT VENTURES INCORPORATED IS TO DEVELOP AND OPERATE AFFORDABLE HOUSING COMMUNITIES SERVING RESIDENTS OF DURHAM, NORTH CAROLINA.

990 for the year ended December 31, 2024

Program accomplishments

  • THE MISSION OF DEVELOPMENT VENTURES INCORPORATED IS TO DEVELOP AND OPERATE AFFORDABLE HOUSING COMMUNITIES SERVING RESIDENTS OF DURHAM. DEVELOPMENT VENTURES INCORPORATED CURRENTLY SERVES AS THE OWNER OF LINCOLN APARTMENTS, THE GOLEY POINTE PROJECT, AND LAUREL OAKS APARTMENTS. THE ENTITY IS INVOLVED IN THE DEVELOPMENT OF 1010 WORTH STREET AND IS THE DEVELOPER FOR THE PREISS-STEELE PLACE REDEVELOPMENT PROJECT.
    Expenses $2,185,663 · revenue $1,527,167

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
56-1461066
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
1986
Accounting year ends
December
Files
Form 990 or 990-EZ
Assets (IRS master file)
$23,990,842
Income (IRS master file)
$4,951,372

Filing history

FormYear endedRevenueExpensesAssetsReturn
990December 2024$4,862,543$2,315,861$23,990,842XML
990December 2023$550,587$732,240$12,661,500XML
990December 2022$244,976$361,617$7,605,902IRS
990December 2021–––IRS
990December 2020–––IRS
990December 2019–––IRS
990December 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 56-1461066).

Questions about DEVELOPMENT VENTURES INCORPORATED

What is the EIN of DEVELOPMENT VENTURES INCORPORATED?
The employer identification number (EIN) of DEVELOPMENT VENTURES INCORPORATED is 56-1461066.
Is DEVELOPMENT VENTURES INCORPORATED tax-exempt?
Yes. The IRS lists it as tax-exempt under section 501(c)(3) since 1986.
Are donations to DEVELOPMENT VENTURES INCORPORATED tax-deductible?
Yes. It is listed in IRS Publication 78 (Public charity, 50% deduction limit).
Which annual return does DEVELOPMENT VENTURES INCORPORATED 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 DEVELOPMENT VENTURES INCORPORATED 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 DEVELOPMENT VENTURES INCORPORATED 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 DEVELOPMENT VENTURES INCORPORATED?
The 990 for the year ended December 31, 2024 names RALPH STALEY.
Who are the officers and directors of DEVELOPMENT VENTURES INCORPORATED?
The 990 for the year ended December 31, 2024 lists 17 people; 0 received compensation from the organization.
How much revenue does DEVELOPMENT VENTURES INCORPORATED have?
On its 990 for the year ended December 31, 2024 it reported revenue of $4,862,543, expenses of $2,315,861 and total assets of $23,990,842 at year end.

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