PROMISE DEVELOPMENT CORPORATION

EIN: 311708526 501(c)(3) Housing & Shelter

MEMPHIS, TN

Total Revenue
$3,499,542
Total Expenses
$3,450,236
Total Assets
$7,218,735
Net Assets
$6,349,710
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Financial Vulnerability Assessment (Tuckman-Chang)

4 risk indicators measuring financial stability and operational resilience

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Financial Trends

Organization Details

Formation Year
2006
Legal Domicile
TN
Principal Officer
CORNELIUS SANDERS
Phone
9019070035
Tax Period
2023-01-01 to 2023-12-31

PROMISE DEVELOPMENT CORPORATION, founded in 2006, is a community nonprofit in the Housing & Shelter sector that reported $3.5M in total revenue in fiscal year 2023. Revenue decreased 18% compared to the prior year.

Mission

PROMOTE ECONOMIC DEVELOPMENT IN THE NORTH MEMPHIS COMMUNITY BY PROVIDING AFFORDABLE HOUSING

Program Service Accomplishments

Program 1
Expenses: $2,736,782 Revenue: $1,286,926

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...

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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 UNITS

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Trantor Score

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

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

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Financial Overview (2023)

Revenue Breakdown

Contributions & Grants $2,212,616
Program Service Revenue $1,286,926
Investment Income $0
Other Revenue $0
TOTAL REVENUE $3,499,542

Expense Breakdown

Grants Paid $0
Salaries & Benefits $863,251
Fundraising Expenses $0
Program Expenses $2,736,782
Other Expenses $2,586,985
TOTAL EXPENSES $3,450,236

Year-over-Year Comparison

2023 2022 Change
Revenue $3,499,542 $4,277,565 -0.2%
Expenses $3,450,236 $3,199,253 +0.1%
Net Income $49,306 $1,078,312 -1.0%
Key Indicators
✗ Grants to Organizations ✗ Grants to Individuals ✗ Lobbying ✗ Political Activity ✗ Foreign Activities ✗ Donor Advised Fund ✓ Schedule B Required
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Financial Health Indicators

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

Financial Distress Indicator

Liquidity & Cash Position

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

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Governance

Voting Members
7
Independent Members
7
Employees
33
Volunteers
N/A

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
5
$153,597
Total Directors
9
$153,597
Key Employees
0
$0
Highest Compensated
0
reported
Name Title Hours/Week Role Reportable Comp Other Comp Total
JANICE BENNETT VICE PRESIDENT 1.00
Officer Director
$0 $0 $0
RODNEY SANDERS TREASURER 1.00
Officer Director
$0 $0 $0
JUSTIN STARLING MEMBER 1.00
Director
$0 $0 $0
DEMETRA KEYS MEMBER 1.00
Director
$0 $0 $0
ROBERT MALONE MEMBER 1.00
Director
$0 $0 $0
MELVIN WILLIAMS MEMBER 1.00
Director
$0 $0 $0
CHEMISE BUIRSE BOARD CHAIR/PRESIDENT 11.00
Officer Director
$0 $0 $0
REVA MARSHALL SECRETARY 20.00
Officer Director
$25,017 $333 $25,350
CORNELIUS SANDERS EXECUTIVE DIRECTOR 30.00
Officer Director
$124,668 $3,579 $128,247
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
2023 $3,499,542 $3,450,236 $7,218,735 $49,306
2022 $4,277,565 $3,199,253 $7,150,223 $1,078,312
2021 $3,033,896 $2,975,229 $5,823,077 $58,667
2020 $3,719,840 $2,774,838 $5,992,520 $945,002
2019 $2,516,184 $2,380,334 $5,024,263 $135,850
2018 $2,584,353 $2,257,620 $4,996,655 $326,733
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