Pyramid Residential Community Corporation
- Assets
- $238.4k
- Revenue
- $174.7k
- Investments
- $0.0
- Employees
- 0
- Location
- Houston, TX
- Founding
- 01/1999
- Data as of
- 12/2016
- EIN
- 31-1619755
Organization Overview
Pyramid Residential Community Corporation, operating under the name Pyramid Residential Community Corp, is located in Houston, TX. The organization was established in 1999. According to its NTEE Classification (L20) the organization is classified as: Housing Development, Construction & Management, under the broad grouping of Housing & Shelter and related organizations. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Pyramid Residential Community Corp is a 501(c)(3) and as such, is described as a "Charitable or Religous organization or a private foundation" by the IRS.
For the year ending 12/2016, Pyramid Residential Community Corp generated $174.7k in total revenue. This represents a relatively dramatic decline in revenue. Over the past 2 years, the organization has seen revenues fall by an average of (17.0%) each year. All expenses for the organization totaled $1.5m during the year ending 12/2016. You can explore the organizations financials more deeply in the financial statements section below.
Form
990
Mission & Program ActivityExcerpts From the 990 Filing
TAX YEAR
2016
Describe the Organization's Mission:
Part 3 - Line 1
TO BUILD AFFORDABLE HOUSING FOR PERSONS OF LOW AND MODERATE INCOME AND ELDERLY PERSONS IN THE HOUSTON METROPOLITAN AREA; BY PROVIDING CREDIT COUNSELING TO POTENTIAL HOMEBUYERS; BY EDUCATING FUTURE HOMEOWNERS AS TO THE BENEFITS AND RESPONSIBILITIES OF SUCCESSFUL HOME OWNERSHIP; AND BY PROVIDING FINANCIAL ASSISTANCE TO BE USED IN FUTHERANCE OF THE EXEMPT PURPOSES OF THE PCDC.
Describe the Organization's Program Activity:
Part 3 - Line 4a
PRCC CONCENTRATED ON DEVELOPING THE CORINTHIAN POINT RESIDENTIAL COMMUNITY WHICH WILL HAVE A TOTAL OF 462 SINGLE -FAMILY HOMES. IN OUR COMMITMENT OF AFFORDABILITY, 80% OF THE HOMES WILL BE PRICED UNDER THE MAXIMUM SALES PRICE FOR THE CITY OF HOUSTON HOMEBUYER ASSISTANCE PROGRAMS, WHICH WAS 103,000 AS OF DECEMBER 31, 2000. ALSO AT LEAST 1/3 OF THE FAMILIES WILL EARN 80% OF THE HOUSTON AREA MEDIAN INCOME OR LESS. CORINTHIAN POINTE IS LOCATED IN A TAX INCREMENT REINVESTMENT ZONE (TIRZ). PRCC DIVIDED THE RESIDENTIAL DEVELOPMENT INTO THREE PHASES. PRCC COMPLETED THE INFRASTRUCTURE DEVELOPMENT FOR THE FIRST 129 HOMES (PHASE I SECTION II) IN FEBRUARY 2000. PRCC COMPLETED THE INFRASTRUCTURE DEVELOPMENT FOR PHASE II SECTION III, WHICH ARE THE NEXT 194 HOMES IN JULY 2001. PRCC SOLD 9 ADDITIONAL LOTS IN PHASE I SECTION II, FOR A TOTAL OF 128 LOTS. PRCC ALSO SOLD 187 LOTS IN PHASE II SECTION II TO THREE SELECTED HOMEBUILDERS TO CONSTRUCT THE HOMES IN CORINTHIAN POINTE. A TOTAL OF 462 LOTS HAVE BEEN SOLD FOR HOMES IN CORINTHIAN POINTE AS OF DECEMBER 2007. PRCC FACILITATED A MENTORSHIP PROGRAM BETWEEN THE MAJOR HOMEBUILDER IN CORINTHIAN POINTE AND THE TWO SMALLER BUILDERS. PRCC FACILITATED THE DONATION OF TEN ACRES OF LAND TO HOUSTON INDEPENDENT SCHOOL DISTRICT FOR AN ELEMENTARY SCHOOL. THE SCHOOL OPENED FALL 2005.
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PDF Copies of 990 Filings
Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
J Otis Mitchell Director | Trustee | $0 | |
Genora Boykins Chairperson | Trustee | $0 | |
Lee Hall Treasurer | Trustee | $0 | |
Deborah Anderson Ex Dir. | Officer | $0 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Federated campaigns | $0 |
| Membership dues | $0 |
| Fundraising events | $0 |
| Related organizations | $0 |
| Government grants | $0 |
| All other contributions, gifts, grants, and similar amounts not included above | $0 |
| Noncash contributions included in lines 1a–1f | $0 |
| Total Revenue from Contributions, Gifts, Grants & Similar | $0 |
| Total Program Service Revenue | $0 |
| Investment income | $174,748 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $0 |
| Net Gain/Loss on Asset Sales | $0 |
| Net Income from Fundraising Events | $0 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $0 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $174,748 |
| Statement of Expenses | |
|---|---|
| Grants and other assistance to domestic organizations and domestic governments. | $0 |
| Grants and other assistance to domestic individuals. | $0 |
| Grants and other assistance to Foreign Orgs/Individuals | $0 |
| Benefits paid to or for members | $0 |
| Compensation of current officers, directors, key employees. | $0 |
| Compensation of current officers, directors, key employees. | $0 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $0 |
| Pension plan accruals and contributions | $0 |
| Other employee benefits | $0 |
| Payroll taxes | $0 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $0 |
| Fees for services: Accounting | $3,950 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $0 |
| Advertising and promotion | $0 |
| Office expenses | $0 |
| Information technology | $0 |
| Royalties | $0 |
| Occupancy | $0 |
| Travel | $0 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $0 |
| Interest | $21,555 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $0 |
| Insurance | $0 |
| All other expenses | $0 |
| Total functional expenses | $1,545,730 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $238,448 |
| Savings and temporary cash investments | $0 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $0 |
| Loans from Officers, Directors, or Controlling Persons | $0 |
| Loans from Disqualified Persons | $0 |
| Notes and loans receivable | $0 |
| Inventories for sale or use | $0 |
| Prepaid expenses and deferred charges | $0 |
| Net Land, buildings, and equipment | $0 |
| Investments—publicly traded securities | $0 |
| Investments—other securities | $0 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $0 |
| Total assets | $238,448 |
| Accounts payable and accrued expenses | $250 |
| Grants payable | $0 |
| Deferred revenue | $0 |
| Tax-exempt bond liabilities | $0 |
| Escrow or custodial account liability | $0 |
| Loans and other payables to any current Officer, Director, or Controlling Person | $0 |
| Secured mortgages and notes payable | $533,144 |
| Unsecured mortgages and notes payable | $0 |
| Other liabilities | $0 |
| Total liabilities | $533,394 |
| Unrestricted restricted net Assets | -$294,946 |
| Temporarily restricted net Assets | $0 |
| Permanently restricted net Assets or current funds | $0 |
| Capital stock or trust principal, or current funds | $0 |
| Paid-in or capital surplus, or land, building, or equipment fund | $0 |
| Total net assets or fund balances | -$294,946 |