Mount Olive Development Corporation
- Assets
- $1.8m
- Revenue
- $871.1k
- Investments
- $0.0
- Employees
- 6
- Location
- Fort Lauderdale, FL
- Founding
- 08/1995
- Data as of
- 12/2021
- EIN
- 65-0548855
Organization Overview
Mount Olive Development Corporation is located in Fort Lauderdale, FL. The organization was established in 1995. According to its NTEE Classification (S31) the organization is classified as: Urban & Community Economic Development, under the broad grouping of Community Improvement & Capacity Building and related organizations. As of 12/2021, Mount Olive Development Corporation employed 6 individuals. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Mount Olive 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 12/2021, Mount Olive Development Corporation generated $871.1k in total revenue. The organization has seen a slow decline revenue. Over the past 7 years, revenues have fallen by an average of (2.3%) each year. All expenses for the organization totaled $892.1k during the year ending 12/2021. 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
2021
Describe the Organization's Mission:
Part 3 - Line 1
THE PRIMARY PURPOSE IS REVITALIZE LOW AND MODERATE INCOME COMMUNITIES OF BROWARD COUNTY BY PROVIDING AFFORDABLE HOUSING, SOCIAL SERVICES AND JOB OPPORTUNITIES
Describe the Organization's Program Activity:
Part 3 - Line 4a
PROVIDE AFFORDABLE HOUSING AND JOBS TO DISABLED, HOMELESS, AND LOW INCOME PERSONS. ALSO ASSISTED WITH JOB CREATION AND PLACEMENT
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
George Morgan Chairman | Officer | 4 | $0 |
Jacqueline Bennefield Treasurer | Officer | 2 | $0 |
Henry Lumpkins Parliamentarian | Officer | 2 | $0 |
Linda Carter Brown Vice Chairperson | Officer | 2 | $0 |
Rosalind Osgood Executive Director | Officer | 40 | $0 |
Joann Simmons Board Member | Trustee | 2 | $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 | $727,202 |
| Noncash contributions included in lines 1a–1f | $0 |
| Total Revenue from Contributions, Gifts, Grants & Similar | $727,202 |
| Total Program Service Revenue | $78,813 |
| Investment income | $0 |
| 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 | $871,125 |
| 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. | $462,997 |
| Compensation of current officers, directors, key employees. | $211,625 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $1,000 |
| Pension plan accruals and contributions | $0 |
| Other employee benefits | $46,832 |
| Payroll taxes | $37,466 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $0 |
| Fees for services: Accounting | $22,000 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $0 |
| Advertising and promotion | $6,585 |
| Office expenses | $10,372 |
| Information technology | $13,760 |
| Royalties | $0 |
| Occupancy | $55,562 |
| Travel | $2,933 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $14,750 |
| Interest | $0 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $63,888 |
| Insurance | $32,916 |
| All other expenses | $0 |
| Total functional expenses | $892,146 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $17,949 |
| Savings and temporary cash investments | $0 |
| Pledges and grants receivable | $58,914 |
| 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 | $1,721,962 |
| Investments—publicly traded securities | $0 |
| Investments—other securities | $0 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $46,542 |
| Total assets | $1,845,367 |
| Accounts payable and accrued expenses | $40,456 |
| Grants payable | $0 |
| Deferred revenue | $84,795 |
| 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 | $583,353 |
| Unsecured mortgages and notes payable | $0 |
| Other liabilities | $80,100 |
| Total liabilities | $788,704 |
| Net assets without donor restrictions | $684,819 |
| Net assets with donor restrictions | $371,844 |
| 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 | $1,845,367 |
Grants Recieved
Over the last fiscal year, we have identified 5 grants that Mount Olive Development Corporation has recieved totaling $234,421.
| Awarding Organization | Amount |
|---|---|
Hfsf Grants Management Inc Miami, FL PURPOSE: COVID RELIEF: BLACK COMMUNITY VACCINE ENGAGEMENT (PHASE 2 - CONTINUATION) | $87,711 |
Hfsf Grants Management Inc Miami, FL PURPOSE: MODCO CARES COVID RELIEF: BLACK COMMUNITY VACCINE ENGAGEMENT | $69,987 |
Community Foundation Of Broward Inc Fort Lauderdale, FL PURPOSE: DIGNITY IN AGING ITM | $50,000 |
United Way Of Broward County Fort Lauderdale, FL PURPOSE: General Support | $26,667 |
Amazonsmile Foundation Seattle, WA PURPOSE: GENERAL SUPPORT | $56 |
Peer Organizations
| Organization Name | Assets | Revenue |
|---|---|---|
The Bay Park Conservancy Inc Sarasota, FL | $16,645,209 | $18,178,827 |
Florida Opportunity Fund Inc Orlando, FL | $119,810,322 | $8,334,220 |
Florida Community Loan Fund Orlando, FL | $108,210,727 | $7,672,092 |
Bac Funding Corporation Miami, FL | $17,927,247 | $4,831,785 |
Community And Economic Development Quincy, FL | $11,268,446 | $5,882,256 |
Broward County Community Development Corporation Inc Fort Lauderdale, FL | $8,205,586 | $4,659,433 |
Miami Beach Community Development Corporation Inc Miami Beach, FL | $28,003,490 | $2,129,125 |
Neighbors And Neighbors Association Inc Miami, FL | $2,936,211 | $3,300,045 |
Pasco Economic Development Council Inc Lutz, FL | $4,349,801 | $2,360,770 |
Sunshine State Economic Development Corp Clearwater, FL | $6,634,562 | $1,695,679 |
Small Business Assistance Corp Savannah, GA | $17,970,431 | $1,539,306 |
Endeavor Miami Inc Miami, FL | $2,466,456 | $1,752,588 |