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EIN 31-1708526

Promise Development Corporation

IRS 501(c) type
501(c)(3)
Num. employees
33
City
Memphis
State
Tennessee
Year formed
2006
Most recent tax filings
2023-12-01
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
$3,499,542
2023
Total expenses
$3,450,236
2023
Total assets
$7,218,735
2023
Num. employees
33
2023

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
Reva MarshallSecretary
Benjamin RhodesProgram Manager
Tedd KincyProject and Facilities Manager
Angelica PerkinsProperty Manager
...and 4 more key personnel

Financials for Promise Development Corporation

RevenuesFYE 12/2023
Total grants, contributions, etc.$2,212,616
Program services$1,286,926
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$0
Net income from fundraising events$0
Net income from gaming activities$0
Net income from sales of inventory$0
Miscellaneous revenues$0
Total revenues$3,499,542

Form 990s for Promise Development Corporation

Fiscal year endingDate received by IRSFormPDF link
2023-122024-11-14990View PDF
2022-122023-11-14990View PDF
2021-122022-11-10990View PDF
2020-122021-11-05990View PDF
2019-122021-04-06990View PDF
...and 9 more Form 990s
Data update history
January 7, 2025
Used new vendors
Identified 1 new vendor, including
October 23, 2024
Updated personnel
Identified 7 new personnel
July 11, 2024
Received grants
Identified 3 new grant, including a grant for $58,902 from Community Foundation of Greater Memphis
December 25, 2023
Posted financials
Added Form 990 for fiscal year 2022
December 25, 2023
Updated personnel
Identified 3 new personnel
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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