Reva Development Corporation
- Assets
- $11.7m
- Revenue
- $21.5k
- Investments
- $0.0
- Employees
- 0
- Location
- Fort Lauderdale, FL
- Founding
- 09/2005
- Data as of
- 09/2022
- EIN
- 36-4563315
Organization Overview
Reva Development Corporation is located in Fort Lauderdale, FL. The organization was established in 2005. According to its NTEE Classification (S30) the organization is classified as: Economic Development, under the broad grouping of Community Improvement & Capacity Building and related organizations. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Reva Development Corporation 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 09/2022, Reva Development Corporation generated $21.5k in total revenue. This represents a relatively dramatic decline in revenue. Over the past 6 years, the organization has seen revenues fall by an average of (37.5%) each year. All expenses for the organization totaled $243.6k during the year ending 09/2022. 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
2022
Describe the Organization's Mission:
Part 3 - Line 1
TO MAINTAIN A COMMITMENT TO REVIVE UNDESERVED COMMUNITIES, AND TO LEAD ECONOMIC DEVELOMENT EFFORTS AS CIVIC ENTREPRENEURS BY CREATING AD PRESERVING AFFORDABLE SPACES FOR FAMILIES AND SMALL BUSINESSES.
Describe the Organization's Program Activity:
Part 3 - Line 4a
COMPLETED CONSTRUCTION OF PHASE II OF TOWNS OF OKEECHOBEE IN JANUARY 2022CONTINUED PREDEVELOPMENT WORK FOR OTHER PROJECTS.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
George Gadsen Chairman | Trustee | 0 | $0 |
Sherwood Dubose Vice Chairman | Trustee | 0 | $0 |
Don Patterson President | Officer | 40 | $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 | $239,690 |
| Investment income | $121 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | -$218,280 |
| 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 | $21,531 |
| 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 | $686 |
| Fees for services: Accounting | $0 |
| 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 | $7,154 |
| Information technology | $0 |
| Royalties | $0 |
| Occupancy | $40,873 |
| Travel | $4,516 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $0 |
| Interest | $13,337 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $0 |
| Insurance | $359 |
| All other expenses | $47,432 |
| Total functional expenses | $243,586 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $42,931 |
| Savings and temporary cash investments | $0 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $15,752 |
| 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 | $17,478 |
| Net Land, buildings, and equipment | $9,514,102 |
| Investments—publicly traded securities | $0 |
| Investments—other securities | $0 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $2,063,914 |
| Total assets | $11,654,177 |
| Accounts payable and accrued expenses | $61,665 |
| 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 | $79,295 |
| Secured mortgages and notes payable | $9,168,751 |
| Unsecured mortgages and notes payable | $31,200 |
| Other liabilities | $2,574,530 |
| Total liabilities | $11,915,441 |
| Net assets without donor restrictions | $0 |
| Net assets with donor restrictions | $0 |
| Capital stock or trust principal, or current funds | $0 |
| Paid-in or capital surplus, or land, building, or equipment fund | $0 |
| Retained earnings, endowment, accumulated income, or other funds | -$261,264 |
| Total liabilities and net assets/fund balances | $11,654,177 |