Overview
What is Russell Development Company Inc?
Russell Development Company Inc, headquartered in Louisville, Kentucky, is a nonprofit organization dedicated to revitalizing the local community. They achieve this by constructing and renovating homes and boosting the availability of local food options. Specifically, they have established Chef Space, a kitchen incubator that caters to food entrepreneurs. This facility offers a 13,000 square foot workspace, rentable for both short and long periods, equipped with multiple food preparation stations, capital access, storage space, and training opportunities. By providing this essential resource, they assist in the growth of food businesses, thereby enhancing the local food scene. As of now, Chef Space has twenty subscribers, with the potential to accommodate up to fifty entrepreneurs.
Is Russell Development Company Inc legitimate?
Russell Development Company Inc is a legitimate nonprofit organization registered as a 501(c)(3) entity. Russell Development Company Inc 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:
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What is the mission statement of Russell Development Company Inc?
Russell Development Company Inc's mission is to revitalize a neighborhood through new home construction and rehabilitation, and to expand local food options by providing a kitchen incubator for food entrepreneurs. This is accomplished by transforming underused spaces, such as the Jays Cafeteria in Louisville, into facilities like Chef Space. Chef Space, opened in November 2015, offers food preparation and processing stations, access to capital, storage space, and training opportunities for its members. The incubator rents its space on an hourly or monthly basis, catering to the growing needs of food entrepreneurs as their businesses expand. Currently, Chef Space has twenty subscribers, with the capacity to accommodate up to fifty entrepreneurs.
Who is the CEO of Russell Development Company Inc?
Kevin Smtih is the Principal Officer of Russell Development Company Inc.
What is the revenue of Russell Development Company Inc?
Russell Development Company Inc's revenue in 2022 was $312,086.
Who are the executives of Russell Development Company Inc and what are their salaries?
Here are 4 key members and their salaries:
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Where can I find the form 990 for Russell Development Company Inc?
Russell Development Company Inc's most recent form 990 was submitted in 2022 and can be accessed here.
Mission Statement of Russell Development Company Inc
Russell Development Company Inc, with a mission to revitalize a neighborhood in Louisville, KY, accomplishes this through new home construction and rehabilitation, and by expanding local food options. They accomplish this by providing a kitchen incubator for food entrepreneurs, offering them the necessary space and amenities as their businesses grow. The company's flagship project, Chef Space, repurposed an old cafeteria and transformed it into a 13,000 square foot facility, providing multiple food preparation and processing stations, access to capital, storage space, and training opportunities for its members. Currently, Chef Space has twenty subscribers, with the capacity to accommodate up to fifty entrepreneurs. The goal of Russell Development Company Inc is to revitalize the community by creating a vibrant food scene and supporting local businesses.
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Impact
October, 2024
Russell Development Company Inc significantly impacts the Russell neighborhood of Louisville, KY, by focusing on community revitalization and economic growth. Through new home construction and rehabilitation, the organization enhances the housing landscape, providing residents with improved living conditions and fostering a sense of community pride.
Additionally, its initiative, Chef Space, serves as Louisville's first kitchen incubator, addressing the needs of local food entrepreneurs. By transforming a previously vacant facility into a dynamic space for culinary innovation, Chef Space offers affordable, well-equipped kitchen access for food startups, which often face challenges in scaling from home kitchens. With multiple food preparation and processing stations, along with opportunities for training and access to capital, Chef Space empowers entrepreneurs to grow their businesses.
Since its opening in November 2015, Chef Space has attracted a diverse group of subscribers, enhancing local food options and stimulating economic activity in the area. This combination of housing improvements and support for food entrepreneurs contributes to a more vibrant and sustainable community, playing a crucial role in the overall development of the Russell neighborhood.
This information is meant to be a general summary of Russell Development Company Inc. 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: $107,321
- Program Service Revenue: $204,765
- Gross Receipts: $312,086
Assets and Liabilities:
- Total Assets: $5,277,601
- Total Liabilities: $8,116,058
- Net Assets: -$2,838,457
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Programs
Programs are reported by nonprofits in their tax forms and are normally their tax-exempt activities.
KITCHEN INCUBATOR
Revenue
$204,765
Organization Details
Founding Year
2015
Phone
(502) 992-9436Principal Officer
Kevin Smtih
Main Address
1812 WEST MUHAMMAD ALI BOULEVARD, LOUISVILLE, KY, 40203
NTEE Category
Code: T30 - Philanthropy
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