nonprofit logo

Promise Development Corporation

Learn about this cause: Is it Legit? Do I like the mission? What is the CEO's salary?

EIN: 311708526 ✦ Memphis, TN ✦ Designated as a 501(c)(3)

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/

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.

Here 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:

    Cornelius Sanders (Executive Director)
  • Compensation: $124,307
  • Related: $0
  • Other: $3,407

    • Marcie Fisher (Former Secretary)
  • Compensation: $24,465
  • Related: $0
  • Other: $490

    • Janice Bennett (Vice President) [Trustee/Director]
  • Compensation: $0
  • Related: $0
  • Other: $0

    • Rodney Sanders (Treasurer) [Trustee/Director]
  • Compensation: $0
  • Related: $0
  • Other: $0

    • Justin Starling (President) [Trustee/Director]
  • Compensation: $0
  • Related: $0
  • Other: $0

    • Demetra Keys (Member) [Trustee/Director]
  • Compensation: $0
  • Related: $0
  • Other: $0

    • Robert Malone (Member) [Trustee/Director]
  • Compensation: $0
  • Related: $0
  • Other: $0

    • Melvin Williams (Member) [Trustee/Director]
  • Compensation: $0
  • Related: $0
  • Other: $0


  • Official website here: www.pdevcorp.org/

    Where can I find the form 990 for Promise Development Corporation?

    The 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.

    Impact

    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.




    Thursday, August 15, 2024

    Promise Development Corporation's impact can be seen in the enhancement of quality of life in the North Memphis community through the creation and preservation of affordable housing. By providing housing to 160 clients directly and managing other affordable housing units in the area, such as Harmony Woods, April Woods Apartments, and Cypress Gardens, this organization plays a crucial role in promoting economic development opportunities and fostering community life in the region. Through their efforts, Promise Development Corporation contributes significantly to addressing housing needs and improving the overall well-being of individuals and families in Memphis.





    Financials

    This financial information is from Propublica.

    Revenue
    Expenses
    Efficiency

    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
  • 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

    Principal Officer

    Cornelius Sanders

    Main Address

    262 CHELSEA AVE STE 101, MEMPHIS, TN, 38107

    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.