Nonprofit · EIN 85-0615136
PHELPS FOUNDATION
Tax-exempt · DETROIT, MI 48219
Financials
| Year ended | Form | Revenue | Expenses | Net income | Total assets | Liabilities | Net assets |
|---|---|---|---|---|---|---|---|
| December 31, 2024 | 990 | $16,719 | $23,136 | -$6,417 | $277,545 | $87,070 | $190,475 |
| December 31, 2023 | 990 | $243,109 | $117,756 | $125,353 | $277,717 | $87,070 | $190,647 |
Financial details: 990 for the year ended December 31, 2024
Revenue
- Contributions, gifts and grants
- $16,719
- Membership dues
- $7,685
- Program service revenue
- $0
- Investment income
- $0
- Other revenue
- $0
Expenses
- Grants and similar amounts paid
- $0
- Salaries, compensation and benefits (total)
- $0
- Professional fundraising fees
- $0
- Depreciation
- $6,256
- Program services (functional)
- $19,462
- Management and general (functional)
- $3,674
Balance sheet and other
- Total assets, start of year
- $277,717
- Total assets, end of year
- $277,545
- Total liabilities, end of year
- $87,070
- Net assets, end of year
- $190,475
- Land, buildings and equipment
- $277,000
- Gross receipts
- $16,719
- Employees
- 0
- Volunteers
- 7
- Year formed
- 2020
- State of legal domicile
- MI
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.
| Name | Title | Hours / week | Compensation |
|---|---|---|---|
| Renee Bryant | Director Trustee or director | – | $0 |
| Wallace Phelps | Director Trustee or director | – | $0 |
| McKinley Phelps | Director Trustee or director | – | $0 |
| Odessa Jones | Secretary Officer | – | $0 |
| Carmen Phelps | Chairman Officer | – | $0 |
| Theresa Phelps | Treasurer Officer | – | $0 |
| Christopher Dunn | Asset Manager Officer | – | $0 |
990 for the year ended December 31, 2023: 7 people
| Name | Title | Hours / week | Compensation |
|---|---|---|---|
| Renee Bryant | Director Trustee or director | – | $0 |
| Wallace Phelps | Director Trustee or director | – | $0 |
| McKinley Phelps | Director Trustee or director | – | $0 |
| Odessa Jones | Secretary Officer | – | $0 |
| Carmen Phelps | Chairman Officer | – | $0 |
| Theresa Phelps | Treasurer Officer | – | $0 |
| Christopher Dunn | Asset Manager Officer | – | $0 |
Address and contacts
- Address (IRS master file)
- 18846 W 7 MILE RD, DETROIT, MI 48219-2760
- Principal officer (990 for 2024)
- WALLACE PHELPS, 18846 W SEVEN MILE RD, DETROIT, MI 48219
- Signed the 990
- WALLACE PHELPS, DIRECTOR
- Phone
- (313) 779-9531
- Return prepared by
- Moultrie Bookkeeping LLC
Mission
We strive to help the homeless and veteran communities by providing affordable rental housing with a focus on individuals and families currently in shelters.
Program accomplishments
- Renovating property to provide affordable rental housing for veterans.Expenses $19,462 · revenue $7,207
What it must file and when
IRS records say it files Form 990-N (e-Postcard). Gross receipts normally $50,000 or less. 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 | 990 on file |
| 2023 | December 31, 2023 | May 15, 2024 | 990 on file |
IRS record
- EIN
- 85-0615136
- 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
- 2021
- Accounting year ends
- December
- Files
- Form 990-N (e-Postcard)
- Category (NTEE)
- Housing and shelter (L99)
- Assets (IRS master file)
- $277,545
- Income (IRS master file)
- $16,719
Filing history
| Form | Year ended | Revenue | Expenses | Assets | Return |
|---|---|---|---|---|---|
| 990 | December 2024 | $16,719 | $23,136 | $277,545 | XML |
| 990 | December 2023 | $243,109 | $117,756 | $277,717 | XML |
| 990 | December 2022 | $23,033 | $24,198 | $137,367 | IRS |
| 990 | December 2021 | – | – | – | IRS |
| 990 | December 2020 | – | – | – | 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 85-0615136).
Questions about PHELPS FOUNDATION
- What is the EIN of PHELPS FOUNDATION?
- The employer identification number (EIN) of PHELPS FOUNDATION is 85-0615136.
- Is PHELPS FOUNDATION tax-exempt?
- Yes. The IRS lists it as tax-exempt under section 501(c)(3) since 2021.
- Are donations to PHELPS FOUNDATION tax-deductible?
- Yes. It is listed in IRS Publication 78 (Public charity, 50% deduction limit).
- Which annual return does PHELPS FOUNDATION file?
- Form 990-N (e-Postcard). Gross receipts normally $50,000 or less.
- When is the next return of PHELPS FOUNDATION 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 PHELPS FOUNDATION 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 PHELPS FOUNDATION?
- The 990 for the year ended December 31, 2024 names WALLACE PHELPS.
- Who are the officers and directors of PHELPS FOUNDATION?
- The 990 for the year ended December 31, 2024 lists 7 people; 0 received compensation from the organization.
- How much revenue does PHELPS FOUNDATION have?
- On its 990 for the year ended December 31, 2024 it reported revenue of $16,719, expenses of $23,136 and total assets of $277,545 at year end.
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