Overview
What is Reva Development Corporation?
Reva Development Corporation is a dedicated nonprofit organization based in Fort Lauderdale, Florida. Their primary mission is to revitalize underprivileged communities and spearhead economic growth as civic entrepreneurs. They achieve this by creating and preserving affordable living spaces for families and small businesses. Recently, they completed Phase II of the Towns of Okeechobee project in January 2022 and continue their predevelopment work on other projects. The corporation is committed to enhancing the livelihoods of local communities by spearheading development efforts.
Official website here: www.mfkreva.org
What are the reviews and ratings of this charity?
Charity Navigator Rating: 65% (Two-Star out of Four Star rating)
Reva Development Corporation has received a Two-Star rating from Charity Navigator, reflecting a score of 65%. This rating indicates that while the organization has strengths in areas such as its independent board membership and the absence of material diversion of assets, there are significant concerns related to financial practices. Specifically, the organization has a high liabilities to assets ratio, which raises questions about its financial stability.
The nonprofit demonstrates commendable accountability, with a majority of its board members being independent, and maintains several important policies, including those for document retention and conflict of interest. However, it is noted that the organization lacks a whistleblower policy and does not post its tax forms on its website, which are important transparency measures. This lack of documentation could affect stakeholder trust and accountability.
In terms of financial management, the program expense ratio of 98.65% indicates that a substantial amount of its expenses is directed toward programs, which is a positive sign. However, the high liabilities to assets ratio suggests potential financial challenges that the organization may need to address to ensure long-term sustainability. Overall, while Reva Development Corporation excels in some governance aspects, it faces critical areas for improvement.
This AI summary has been generated from information found on Charity Navigator.
Is Reva Development Corporation legitimate?
Reva Development Corporation is a legitimate nonprofit organization registered as a 501(c)(3) entity. Reva 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: $0
Professional Fundraising Fees: $0
Other Salaries and Wages: $0
For more financial information, click here
Official website here: www.mfkreva.org
What is the mission statement of Reva Development Corporation?
Reva Development Corporation is dedicated to revitalizing underserved communities by leading economic development efforts as civic entrepreneurs. Their mission is to create and preserve affordable spaces, specifically for families and small businesses, serving as a commitment to their community revival. They have demonstrated this commitment through the completion of Phase II of the Towns of Okeechobee in January 2022 and continue their predevelopment work for other projects.
Official website here: www.mfkreva.org
Who is the CEO of Reva Development Corporation?
Don D Patterson is the Chairman of Reva Development Corporation.
Official website here: www.mfkreva.org
What is the revenue of Reva Development Corporation?
Reva Development Corporation's revenue in 2022 was $21,531.
Official website here: www.mfkreva.org
Who are the executives of Reva Development Corporation and what are their salaries?
Here are 3 key members and their salaries:
- Compensation: $0
- Related: $0
- Other: $0
- Compensation: $0
- Related: $0
- Other: $0
- Compensation: $0
- Related: $0
- Other: $13,723
Official website here: www.mfkreva.org
Where can I find the form 990 for Reva Development Corporation?
Reva Development Corporation's most recent form 990 was submitted in 2022 and can be accessed here.
Official website here: www.mfkreva.org
Learn more at the official website: www.mfkreva.org
Mission Statement of Reva Development Corporation
Reva Development Corporation, as a civic entrepreneur, is committed to revitalizing underserved communities. Their mission is twofold: firstly, they aim to lead economic development efforts by creating and preserving affordable living and working spaces for families and small businesses. This mission is driven by their desire to uplift these communities and provide opportunities for growth and sustainability.
In practice, Reva Development Corporation demonstrates this commitment by engaging in various projects. For instance, they have completed Phase II of the Towns of Okeechobee as of January 2022. This project, undoubtedly, adds affordable housing options to the community, contributing to its revitalization. Furthermore, the corporation continues to work on the predevelopment of other projects, indicating their ongoing dedication to their mission.
In summary, Reva Development Corporation's mission is to revive underserved communities by leading economic development efforts and creating and preserving affordable spaces for families and small businesses. Their work on projects like the Towns of Okeechobee is a testament to their commitment to this mission, aiming to improve the quality of life and economic prospects in these communities.
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Impact
August, 2024
Reva Development Corporation is making a significant impact by revitalizing underserved communities and leading economic development efforts as civic entrepreneurs. They are creating and preserving affordable spaces for families and small businesses, ultimately contributing to the overall improvement of the community. Through projects like the completion of Phase II of Towns of Okeechobee in January 2022 and ongoing predevelopment work for other initiatives, Reva Development Corporation is actively transforming the landscape of Fort Lauderdale, FL, and beyond. Their commitment to these initiatives underscores their dedication to fostering sustainable growth and prosperity in areas that need it most.
This information is meant to be a general summary of Reva 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: $121
- Program Service Revenue: $239,690
- Gross Receipts: $553,186
Assets and Liabilities:
- Total Assets: $11,654,177
- Total Liabilities: $11,915,441
- Net Assets: -$261,264
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Programs
Programs are reported by nonprofits in their tax forms and are normally their tax-exempt activities.
DEVELOPMENT FEES
Revenue
$239,690
Organization Details
Founding Year
2004
Phone
(954) 829-7788Principal Officer
Don D Patterson
Main Address
300 SW 1ST AVE, FORT LAUDERDALE, FL, 333012201
Website
www.mfkreva.orgNTEE Category
Code: S30 - Community improvement
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