Summech Community Development Corporation Inc
- Assets
- $8.9m
- Revenue
- $2.4m
- Investments
- $0.0
- Employees
- 6
- Location
- Atlanta, GA
- Founding
- 09/1990
- Data as of
- 12/2023
- EIN
- 58-1895918
Organization Overview
Summech Community Development Corporation Inc is located in Atlanta, GA. The organization was established in 1990. 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. As of 12/2023, Summech Community Development Corporation Inc employed 6 individuals. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Summech Community Development Corporation 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, Summech Community Development Corporation Inc generated $2.4m in total revenue. This organization has experienced exceptional growth, as over the past 9 years, it has increased revenue by an average of 14.3% each year . All expenses for the organization totaled $1.5m during the year ending 12/2023. While expenses have increased by 10.5% per year over the past 9 years. They've been increasing with an increasing level of total revenue. 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 AFFORDABLE HOUSING FOR LOW INCOME HOUSEHOLDS IN THE SUMMERHILL AND MECHANICSVILLE NEIGHBORHOODS OF METRO ATLANTA.
Describe the Organization's Program Activity:
Part 3 - Line 4a
DEVELOPING LAND IN THE SOUTHEAST PART OF ATLANTA.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Wayne Darville Mc Chairman | OfficerTrustee | 1 | $0 |
Dr Rhonda Ware PHD Secretary | OfficerTrustee | 1 | $0 |
Sharon Collins Parliamentar | OfficerTrustee | 1 | $0 |
Dr Alyce M Ware Edd Member | Trustee | 1 | $0 |
Watrina Watson Member | Trustee | 1 | $0 |
Dr David Williams Member | Trustee | 1 | $0 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Federated campaigns | $0 |
| Membership dues | $0 |
| Fundraising events | $0 |
| Related organizations | $0 |
| Government grants | $1,688,073 |
| All other contributions, gifts, grants, and similar amounts not included above | $51,559 |
| Noncash contributions included in lines 1a–1f | $0 |
| Total Revenue from Contributions, Gifts, Grants & Similar | $1,739,632 |
| Total Program Service Revenue | $935 |
| Investment income | $52,984 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $555,177 |
| 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 | $2,358,194 |
| 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. | $184,774 |
| Compensation of current officers, directors, key employees. | $18,478 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $253,567 |
| Pension plan accruals and contributions | $20,567 |
| Other employee benefits | $0 |
| Payroll taxes | $31,736 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $33,083 |
| Fees for services: Accounting | $33,775 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $1,791 |
| Advertising and promotion | $21,756 |
| Office expenses | $16,551 |
| Information technology | $5,329 |
| Royalties | $0 |
| Occupancy | $55,375 |
| Travel | $0 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $0 |
| Interest | $5,422 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $152,862 |
| Insurance | $116,622 |
| All other expenses | $31,187 |
| Total functional expenses | $1,465,859 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $1,208,309 |
| Savings and temporary cash investments | $0 |
| Pledges and grants receivable | $575,543 |
| Accounts receivable, net | $26,948 |
| Loans from Officers, Directors, or Controlling Persons | $0 |
| Loans from Disqualified Persons | $0 |
| Notes and loans receivable | $1,580,305 |
| Inventories for sale or use | $0 |
| Prepaid expenses and deferred charges | $35,793 |
| Net Land, buildings, and equipment | $5,302,786 |
| Investments—publicly traded securities | $0 |
| Investments—other securities | $0 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $154,226 |
| Total assets | $8,883,910 |
| Accounts payable and accrued expenses | $469,566 |
| 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 | $2,884,571 |
| Unsecured mortgages and notes payable | $0 |
| Other liabilities | $49,419 |
| Total liabilities | $3,403,556 |
| 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 | $5,480,354 |
| Total liabilities and net assets/fund balances | $8,883,910 |