Mount Olive Development Corporation
- Assets
- $1.7m
- Revenue
- $859.8k
- Investments
- $0.0
- Employees
- 13
- Location
- Fort Lauderdale, FL
- Founding
- 08/1995
- Data as of
- 12/2023
- 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 12/2023, Mount Olive Development Corporation employed 13 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 12/2023, Mount Olive Development Corporation generated $859.8k in total revenue. The organization has seen a slow decline revenue. Over the past 9 years, revenues have fallen by an average of (2.0%) each year. All expenses for the organization totaled $864.3k during the year ending 12/2023. 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
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 |
|---|---|---|---|
Johnae Mann Secretary | Trustee | 2 | $0 |
Roselyn Honyghan Board Member | Trustee | 2 | $0 |
Shanon Scott Board Member | Trustee | 2 | $0 |
Dr Heidi Richards Board Member | Trustee | 2 | $0 |
Candice Odom Vice Chairperson | Officer | 2 | $0 |
Monique Corker Board Member | Officer | 2 | $0 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Federated campaigns | $0 |
| Membership dues | $0 |
| Fundraising events | $0 |
| Related organizations | $0 |
| Government grants | $674,429 |
| All other contributions, gifts, grants, and similar amounts not included above | $28,763 |
| Noncash contributions included in lines 1a–1f | $0 |
| Total Revenue from Contributions, Gifts, Grants & Similar | $703,192 |
| Total Program Service Revenue | $84,322 |
| 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 | $859,812 |
| 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. | $410,276 |
| Compensation of current officers, directors, key employees. | $109,693 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $0 |
| Pension plan accruals and contributions | $0 |
| Other employee benefits | $52,170 |
| Payroll taxes | $39,164 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $0 |
| Fees for services: Accounting | $44,819 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $1,036 |
| Advertising and promotion | $0 |
| Office expenses | $26,429 |
| Information technology | $12,168 |
| Royalties | $0 |
| Occupancy | $10,800 |
| Travel | $1,474 |
| 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 | $59,176 |
| Insurance | $60,059 |
| All other expenses | $960 |
| Total functional expenses | $864,297 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $2,989 |
| Savings and temporary cash investments | $0 |
| Pledges and grants receivable | $51,835 |
| 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 | $1,603,608 |
| Investments—publicly traded securities | $0 |
| Investments—other securities | $0 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $62,664 |
| Total assets | $1,721,096 |
| Accounts payable and accrued expenses | $25,270 |
| Grants payable | $0 |
| Deferred revenue | $105,000 |
| 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 | $465,982 |
| Unsecured mortgages and notes payable | $0 |
| Other liabilities | $0 |
| Total liabilities | $596,252 |
| Net assets without donor restrictions | $800,078 |
| Net assets with donor restrictions | $324,766 |
| 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 | $1,721,096 |