MIRACIT DEVELOPMENT CORPORATION INC

🔒

Financial Vulnerability Assessment (Tuckman-Chang)

4 risk indicators measuring financial stability and operational resilience

Sign in with your work email to view Tuckman-Chang indicators

Financial Trends

Organization Details

Formation Year

1993

Legal Domicile

Principal Officer

SHARON DAVIS

Phone

6144712202

Tax Period

2024-01-01 to 2024-12-31

MIRACIT DEVELOPMENT CORPORATION INC, founded in 1993, is a small nonprofit in the Housing & Shelter sector that reported $316K in total revenue in fiscal year 2024. Revenue surged 34% from the prior year, signaling strong growth momentum. The organization ran a surplus of $48K, a strong 15% operating margin.

Mission

MIRACIT'S PURPOSE IS TO BE A PROACTIVE CATALYST FOR THE REVITALIZATION OF THE SURROUNDING NEIGHBORHOOD. IT WAS FOUNDED TO OBTAIN AND USE CONTRIBUTIONS, GRANTS AND LOANS TO IMPROVE THE HOUSING IN THE SURROUNDING NEIGHBORHOOD AND TO DEVELOP REAL ESTATE FOR LOW AND MODERATE INCOME INDIVIDUALS.

Program Service Accomplishments

Program 1

Expenses: $116,272 Revenue: $197,204

AFFORDABLE RENTAL HOUSING

Program 2

Expenses: $90,047 Revenue: $117,996

COMMUNITY PROJECTS

Program 3

Expenses: $11,163

CONSTRUCTION AND REHAB

🔒

Trantor Score

Financial Health Score (300–850) · Liquidity · Solvency · Sustainability · Efficiency

Sign in to view Trantor Score and financial metrics

Liquidity (40%) • Solvency (30%) • Sustainability (20%) • Efficiency (10%)

Financial Overview (2024)

Revenue Breakdown

Contributions & Grants $0

Program Service Revenue $315,199

Investment Income $0

Other Revenue $455

TOTAL REVENUE $315,654

Expense Breakdown

Grants Paid $0

Salaries & Benefits $0

Fundraising Expenses $0

Program Expenses $217,482

Other Expenses $267,790

TOTAL EXPENSES $267,790

Year-over-Year Comparison

	2024	2023	Change
Revenue	$315,654	$236,089	+0.3%
Expenses	$267,790	$269,089	0.0%
Net Income	$47,864	$-33,000	-2.5%

Key Indicators

✗ Grants to Organizations ✗ Grants to Individuals ✗ Lobbying ✗ Political Activity ✗ Foreign Activities ✗ Donor Advised Fund ✗ Schedule B Required

🔒

Financial Health Indicators

Comprehensive financial analysis: Altman Z-Score, liquidity, solvency, sustainability, efficiency, and growth metrics

Financial Distress Indicator

Liquidity & Cash Position

Sign in to view all financial metrics

Altman Z-Score • Liquidity Ratios • Solvency Analysis • Growth Indicators • Efficiency Metrics

Governance

Voting Members

Independent Members

Employees

N/A

Volunteers

Governance Policies

✗ Conflict of Interest Policy

✗ Whistleblower Policy

✗ Document Retention Policy

Special Practices & Reported Activities

✗ Operated a School

✗ Operated a Hospital

✗ Provided First Class Travel

✗ Reported Conflict of Interest

✗ Reported Asset Diversion

✗ Excess Benefit Transaction

✗ Made Political Expenditures

✗ Engaged in Lobbying

✗ Operated Donor Advised Fund

✗ Maintained Art Collections

✗ Filed Form 720

Compensation of Officers, Directors & Key Employees

Total Officers

$234,697

Total Directors

$241,197

Key Employees

Highest Compensated

reported

Name	Title	Hours/Week	Role	Reportable Comp	Other Comp	Total
DR EDGAR A POSEY	CHAIRMAN	1.00	Officer Director	$0	$0	$196,935
DARRELL FRANCIS	VICE CHAIRMA	5.00	Officer Director	$0	$0	$0
SHARON DAVIS	TREASURER	2.00	Officer Director	$0	$0	$37,762
CHANTAL GREEN	MEMBER	1.00	Director	$0	$0	$6,500
ANGELETHA ROGERS	SECRETARY	1.00	Officer Director	$0	$0	$0
NATHANIEL WILLIAMS	ASSISTANT TR	1.00	Director	$0	$0	$0
RHONDA SMITH	MEMBER	1.00	Director	$0	$0	$0
KAMINA MABRY	MEMBER	1.00	Director	$0	$0	$0
ALISE THOMPSON	ASSISTANT SE	1.00	Director	$0	$0	$0

Note: Compensation data is self-reported by the organization on their Form 990. "Reportable Comp" includes salary, bonuses, and other reportable compensation from the organization and related organizations. "Other Comp" includes benefits, deferred compensation, and non-taxable benefits.

Historical Data

Year	Revenue	Expenses	Assets	Net Income
2024	$315,654	$267,790	$1,261,961	$47,864
2023	$236,089	$269,089	$1,359,761	$-33,000
2022	$2,437,135	$384,300	$1,587,326	$2,052,835
2021	$582,538	$459,636	$986,512	$122,902
2020	$415,442	$328,740	$1,241,233	$86,702
2019	$370,281	$487,438	$1,434,701	$-117,157
2018	$430,720	$351,644	$1,818,157	$79,076