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EIN 31-1708526

Promise Development Corporation

IRS 501(c) type
501(c)(3)
Num. employees
38
City
Memphis
State
Tennessee
Year formed
2006
Most recent tax filings
2022-12-01
NTEE code, primary
L25: Housing Rehabilitation
Description
To enhance the quality of life through creating and preserving housing, promoting economic Development opportunities and encouraging community life. Promote economic Development in the north memphis community by providing affordable housing.
Also known as...
North Memphis Community Devel
Total revenues
$4,277,565
2022
Total expenses
$3,199,253
2022
Total assets
$7,150,223
2022
Num. employees
38
2022

Program areas at Promise Development Corporation

Provided affordable housing to 160 clients in the north memphis community. Our wholly-owned subsidiary, harmony woods, l.p., provided affordable housing to 80 tenants. We also manage april woods apartments and cypress gardens, which consist of 118 units and 24 units

Who funds Promise Development Corporation

Grants from foundations and other nonprofits
GrantmakerDescriptionAmount
Community Foundation of Greater MemphisGeneral Operational Support$58,902
Community Alliance for the HomelessTo Pass Through Expenditure Grants To Sub Grantees.$54,000
Community Lift CorporationCDC Capacity$36,960

Personnel at Promise Development Corporation

NameTitleCompensation
Cornelius SandersExecutive Director$124,307
Justin StarlingPresident$0
Rodney SandersTreasurer$0
Janice BennettVice President$0
Marcie FisherFormer Secretary$46,711
...and 4 more key personnel

Financials for Promise Development Corporation

RevenuesFYE 12/2022
Total grants, contributions, etc.$3,032,764
Program services$1,241,301
Investment income and dividends$0
Tax-exempt bond proceeds$0
Royalty revenue$0
Net rental income$0
Net gain from sale of non-inventory assets$3,500
Net income from fundraising events$0
Net income from gaming activities$0
Net income from sales of inventory$0
Miscellaneous revenues$0
Total revenues$4,277,565

Form 990s for Promise Development Corporation

Fiscal year endingDate received by IRSFormPDF link
2022-122023-11-14990View PDF
2021-122022-11-10990View PDF
2020-122021-11-05990View PDF
2019-122021-04-06990View PDF
2018-122020-02-06990View PDF
...and 8 more Form 990s
Data update history
December 25, 2023
Posted financials
Added Form 990 for fiscal year 2022
December 25, 2023
Updated personnel
Identified 3 new personnel
December 23, 2023
Used new vendors
Identified 2 new vendors, including , and
November 25, 2023
Posted financials
Added Form 990 for fiscal year 2021
June 26, 2023
Received grants
Identified 3 new grant, including a grant for $67,500 from Community Alliance for the Homeless
Nonprofit Types
Housing and shelter organizationsHeadquarter / parent organizationsCharities
Issues
Human servicesCommunity improvementHousing
Characteristics
State / local levelReceives government fundingTax deductible donationsAccepts online donations
General information
Address
262 Chelsea Ave Ste 101
Memphis, TN 38107
Metro area
Memphis, TN-MS-AR
County
Shelby County, TN
Website URL
pdevcorp.org/ 
Phone
(901) 907-0035
IRS details
EIN
31-1708526
Fiscal year end
December
Taxreturn type
Form 990
Year formed
2006
Eligible to receive tax-deductible contributions (Pub 78)
Yes
Categorization
NTEE code, primary
L25: Housing Rehabilitation
NAICS code, primary
62422: Community Housing Services
Parent/child status
Central organization
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