PROMISE DEVELOPMENT CORPORATION (EIN 311708526) - Form 990 Financial Analysis & Trantor Score

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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

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

TO ENHANCE THE QUALITY OF LIFE THROUGH CREATING AND PRESERVING HOUSING, PROMOTING ECONOMIC DEVELOPMENT OPPORTUNITIES AND ENCOURAGING COMMUNITY LIFE.

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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%)

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

Governance

Voting Members

Independent Members

Employees

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

$153,597

Total Directors

$153,597

Key Employees

Highest Compensated

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

PROMISE DEVELOPMENT CORPORATION