Scotland Community Development Inc
- Assets
- $8.1m
- Revenue
- $513.2k
- Investments
- $0.0
- Employees
- 0
- Location
- Potomac, MD
- Founding
- 12/1967
- Data as of
- 12/2023
- EIN
- 52-6079918
Organization Overview
Scotland Community Development Inc is located in Potomac, MD. The organization was established in 1967. According to its NTEE Classification (L21) the organization is classified as: Low-Income & Subsidized Rental Housing, 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. Scotland Community Development Inc 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 12/2023, Scotland Community Development Inc generated $513.2k in total revenue. This represents a relatively dramatic decline in revenue. Over the past 9 years, the organization has seen revenues fall by an average of (5.6%) each year. All expenses for the organization totaled $64.2k during the year ending 12/2023. As we would expect to see with falling revenues, expenses have declined by (23.0%) per year over the past 9 years. 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
2023
Describe the Organization's Mission:
Part 3 - Line 1
TO PROVIDE HOUSING TO LOW INCOME RESIDENTS UNDER SECTION 221(D)(3) OF THE NATIONAL HOUSING ACT.
Describe the Organization's Program Activity:
Part 3 - Line 4a
SCOTLAND COMMUNITY DEVELOPMENT, INC. WAS INCORPORATED ON JUNE 11, 1965 AS A NOT-FOR-PROFIT, NON-STOCK CORPORATION IN ORDER TO CARRY OUT ITS PURPOSE TO DEVELOP, CONSTRUCT, OWN, MANAGE AND MAINTAIN A 75 UNIT LOW INCOME HOUSING APARTMENT COMPLEX IN POTOMAC, MARYLAND.ON DECEMBER 4, 2017, THE ENTITY SOLD ITS APARTMENT COMPLEX AND RELATED ASSETS TO SCOTLAND TOWNHOMES LIMITED PARTNERSHIP (THE "PARTNERSHIP") FOR $4,500,000. THIS SALE ALSO RESULTED IN THE ENTITY PROVIDING A $4,000,000 LOAN TO THE PARTNERSHIP. THE ENTITY HAS A 20% INTEREST IN SCOTLAND GENERAL PARTNERSHIP, LLC, WHO ARE PART OF THE PARTNERSHIP AND MADE A $200,000 INITIAL INVESTMENT IN THE PARTNERSHIP.SUBSEQUENT TO THE SALE, THE PARTNERSHIP ENTERED INTO A USER AGREEMENT WITH THE STATE OF MARYLAND WHICH ESTABLISHES HUD'S CRANSTON-GONZALEZ NATIONAL AFFORDABLE HOUSING ACT, SECTION 811 PROJECT RENTAL ASSISTANCE DEMONSTRATION PROGRAMS TO PROVIDE RENTAL ASSISTANCE TO PERSONS WITH DISABILITIES AT THE SCOTLAND TOWNHOMES.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Iris Neal President/director | OfficerTrustee | 0.3 | $0 |
Diane Quinn Tillery Vice President/director | OfficerTrustee | 0.3 | $0 |
Amal Fallah Secretary/ Director | OfficerTrustee | 0.3 | $0 |
Melissa Barrington Director | Trustee | 0.3 | $0 |
Donna Boxer Director Thru Sept 2023 | Trustee | 0.3 | $0 |
Kay Freeman Director | Trustee | 0.3 | $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 | $440,302 |
| Investment income | $72,869 |
| 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 | $513,171 |
| Statement of Expenses | |
|---|---|
| Grants and other assistance to domestic organizations and domestic governments. | $0 |
| Grants and other assistance to domestic individuals. | $3,951 |
| 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 | $29,015 |
| Fees for services: Legal | $9,450 |
| Fees for services: Accounting | $4,985 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $3,250 |
| Advertising and promotion | $0 |
| Office expenses | $2,046 |
| 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 | $0 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $0 |
| Insurance | $11,112 |
| All other expenses | $0 |
| Total functional expenses | $64,229 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $56 |
| Savings and temporary cash investments | $1,841,149 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $766,721 |
| 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 | $2,275 |
| Net Land, buildings, and equipment | $0 |
| Investments—publicly traded securities | $0 |
| Investments—other securities | $0 |
| Investments—program-related | $5,518,814 |
| Intangible assets | $0 |
| Other assets | $0 |
| Total assets | $8,129,015 |
| Accounts payable and accrued expenses | $11,538 |
| 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 | $0 |
| Unsecured mortgages and notes payable | $0 |
| Other liabilities | $0 |
| Total liabilities | $11,538 |
| Net assets without donor restrictions | $8,117,477 |
| 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 | $0 |
| Total liabilities and net assets/fund balances | $8,129,015 |