Overview
What is Promise Development Corporation?
Promise Development Corporation is a nonprofit organization situated in Memphis, Tennessee, specifically at 262 Chelsea Ave STE 101. Their primary mission is to improve the quality of life within the North Memphis community by creating and preserving affordable housing. They have successfully provided housing to 160 clients in the area, with their wholly-owned subsidiary, Harmony Woods, L.P., offering accommodations to 80 tenants. Furthermore, they manage two additional properties, April Woods Apartments containing 118 units and Cypress Gardens with 24 units. Beyond housing, the corporation also encourages economic development opportunities and promotes community life in North Memphis, as per their vision. The organization employs a team of 38 individuals dedicated to fulfilling this mission.
Official website here: www.pdevcorp.org/
What are the reviews and ratings of this charity?
Charity Navigator Rating 96% - Four-Star out of Four Star rating
Promise Development Corporation has achieved an impressive 96% score, reflecting strong performance in Accountability and Finance. This high rating signifies the organization's commitment to transparency and responsible financial management, which is crucial for gaining public trust and support.
The organization showcases several strengths, including an entirely independent board, robust financial oversight, and a solid program expense ratio of 76.34%. These factors demonstrate a strong governance structure and a focus on utilizing resources effectively to achieve its mission.
No significant limitations were noted in the data, indicating that Promise Development Corporation operates with a high level of integrity and reliability. Overall, the charity stands out for its excellent financial practices and governance, making it a trustworthy option for donors.
This AI summary has been generated from information found on Charity Navigator.
Is Promise Development Corporation legitimate?
Promise Development Corporation is a legitimate nonprofit organization registered as a 501(c)(3) entity. Promise Development Corporation submitted a form 990, which is a tax form used by tax-exempt organizations in the U.S., indicating its operational transparency and adherence to regulatory requirements. Donations to this organization are tax deductible.
Heare are some key statistics you may want to consider:
Executive Compensation: $148,772
Professional Fundraising Fees: $0
Other Salaries and Wages: $569,902
For more financial information, click here
Official website here: www.pdevcorp.org/
What is the mission statement of Promise Development Corporation?
Promise Development Corporation's mission is centered around improving living standards. The organization strives to achieve this goal by promoting economic development opportunities and creating and preserving housing. Specifically, the corporation focuses on enhancing the community life in an unspecified location by providing affordable housing. As part of its efforts, the corporation has provided housing to 160 clients and through its subsidiary, Harmony Woods, L.P., has offered affordable housing to 80 tenants. Additionally, Promise Development Corporation manages April Woods Apartments and Cypress Gardens, housing a total of 142 units.
Official website here: www.pdevcorp.org/
Who is the CEO of Promise Development Corporation?
Cornelius Sanders is the Vice President of Promise Development Corporation.
Official website here: www.pdevcorp.org/
What is the revenue of Promise Development Corporation?
Promise Development Corporation's revenue in 2022 was $4,277,565.
Official website here: www.pdevcorp.org/
Who are the executives of Promise Development Corporation and what are their salaries?
The average compensation at Promise Development Corporation during 2022 was $18,912. There are 38 employees at Promise Development Corporation.
Here are 8 key members and their salaries:
- Compensation: $0
- Related: $0
- Other: $0
- Compensation: $0
- Related: $0
- Other: $0
- Compensation: $0
- Related: $0
- Other: $0
- Compensation: $124,307
- Related: $0
- Other: $3,407
- Compensation: $0
- Related: $0
- Other: $0
- Compensation: $0
- Related: $0
- Other: $0
- Compensation: $0
- Related: $0
- Other: $0
- Compensation: $24,465
- Related: $0
- Other: $490
Official website here: www.pdevcorp.org/
Where can I find the form 990 for Promise Development Corporation?
Promise Development Corporation's most recent form 990 was submitted in 2022 and can be accessed here.
Official website here: www.pdevcorp.org/
Learn more at the official website: www.pdevcorp.org/
Mission Statement of Promise Development Corporation
Promise Development Corporation, a nonprofit organization, is committed to enhancing the quality of life in various communities. Their primary mission, however, is specifically focused on promoting economic development in the North Memphis area. They achieve this by providing affordable housing solutions. By offering affordable housing options, they aim to contribute positively to the economic growth of the North Memphis community.
In practice, Promise Development Corporation has successfully provided affordable housing to 160 clients within the North Memphis community. Furthermore, their wholly-owned subsidiary, Harmony Woods, L.P., continues this mission by offering affordable housing to 80 tenants. Additionally, they manage two other housing facilities, April Woods Apartments and Cypress Gardens, which collectively provide homes to 118 and 24 tenants respectively. By providing affordable housing options, Promise Development Corporation is not only meeting a basic need but also contributing to the economic development of the North Memphis community.
Shop smarter and support your favorite cause with the Give Freely browser extension. Save money with coupons and donate to charity with a single click. Download now!
Impact
October, 2024
Promise Development Corporation significantly enhances the quality of life in the North Memphis community through various initiatives focused on housing and economic development. The organization has provided affordable housing to 160 clients, addressing a critical need in the area. Its subsidiary, Harmony Woods, L.P., has contributed by offering homes to 80 tenants, while the management of April Woods Apartments and Cypress Gardens adds another 142 units to their affordable housing portfolio.
By creating and preserving housing, Promise Development Corporation not only alleviates housing insecurity but also fosters community stability. This stability can lead to improved economic development opportunities, as residents gain access to safe and affordable living conditions that promote overall well-being. The organization's efforts in housing contribute to encouraging community life, supporting residents in building a strong, integrated community in North Memphis. Through these initiatives, Promise Development Corporation plays a vital role in the region's socio-economic landscape.
This information is meant to be a general summary of Promise Development Corporation. Please take the time to review official sources before making any decisions based upon the content provided here.
Financials
This financial information is from Propublica.
Other financial information:
This information is from the most recently submitted tax form from this organization, which was in 2022.
- Investment Income: $3,500
- Program Service Revenue: $1,241,301
- Gross Receipts: $4,277,565
Assets and Liabilities:
- Total Assets: $7,150,223
- Total Liabilities: $901,724
- Net Assets: $6,248,499
Want to help this charity, for free? You can click here to learn more about Give Freely
Programs
Programs are reported by nonprofits in their tax forms and are normally their tax-exempt activities.
LOW INCOME HOUSING REN
Revenue
$1,159,363
MANAGEMENT FEE INCOME
Revenue
$38,762
LAWN CARE INCOME
Revenue
$34,551
RENT RECOVERY
Revenue
$5,050
APPLICATION FEE INCOME
Revenue
$1,825
Organization Details
Founding Year
2006
Phone
(901) 907-0035Principal Officer
Cornelius Sanders
Main Address
262 CHELSEA AVE STE 101, MEMPHIS, TN, 38107
Website
www.pdevcorp.org/NTEE Category
Code: L25 - Housing
If you are a representative of Promise Development Corporation and wish to learn more about how Give Freely can help you raise funds, please click here: https://givefreely.com/nonprofits/. Our services are offered at no cost to your organization.