2023-11-14T08:15:35-06:00 2022-12-31 205556145 FRAZEE IVY DAVIS PLC 5100 POPLAR AVE STE 1400 MEMPHIS TN 381371499 990 2022-01-01 311708526 PROMISE DEVELOPMENT CORPORATION PROM 9019070035 262 CHELSEA AVE STE 101 MEMPHIS TN 38107 CORNELIUS SANDERS EXECUTIVE DIRECTOR 9019070035 2023-11-13 1 CORNELIUS SANDERS 999009999 1 J SLATER SMITHERS CPA P00281055 9016851040 2023-11-14 2 AAL1 IAL1 2022 2023-04-26 12:10:37Z CORNELIUS SANDERS 262 CHELSEA AVE STE 101 MEMPHIS TN 38107 4277565 0 X HTTPS://PDEVCORP.ORG/ X 2006 TN TO ENHANCE THE QUALITY OF LIFE THROUGH CREATING AND PRESERVING HOUSING, PROMOTING ECONOMIC DEVELOPMENT OPPORTUNITIES AND ENCOURAGING COMMUNITY LIFE. 7 7 38 0 0 0 1670067 3032764 1386817 1241301 -22988 3500 0 0 3033896 4277565 0 0 0 0 818659 810793 0 0 0 2156570 2388460 2975229 3199253 58667 1078312 5823077 7150223 652890 901724 5170187 6248499 PROMOTE ECONOMIC DEVELOPMENT IN THE NORTH MEMPHIS COMMUNITY BY PROVIDING AFFORDABLE HOUSING 0 0 2496983 1244801 PROVIDED AFFORDABLE HOUSING TO 160 CLIENTS IN THE NORTH MEMPHIS COMMUNITY. OUR WHOLLY-OWNED SUBSIDIARY, HARMONY WOODS, L.P., PROVIDED AFFORDABLE HOUSING TO 80 TENANTS. WE ALSO MANAGE APRIL WOODS APARTMENTS AND CYPRESS GARDENS, WHICH CONSIST OF 118 UNITS AND 24 UNITS 2496983 1 1 0 0 0 0 0 0 0 0 1 0 0 0 1 1 0 1 0 0 0 0 0 0 0 0 0 0 0 1 0 0 0 1 0 0 1 0 0 0 0 0 0 1 1 0 0 0 1 27 0 1 38 1 0 0 0 0 0 0 0 0 0 0 0 0 X 7 7 0 0 0 0 0 0 0 1 1 0 0 1 1 1 1 1 1 1 1 0 TN X CORNELIUS SANDERS 9019070035 262 CHELSEA AVE STE 101 MEMPHIS TN 38107 JANICE BENNETT VICE PRESIDENT 0.00 X X 0 0 0 RODNEY SANDERS TREASURER 0.00 X X 0 0 0 JUSTIN STARLING PRESIDENT 0.00 X X 0 0 0 CORNELIUS SANDERS EXECUTIVE DIRECTOR 30.00 30.00 X X 124307 0 3407 DEMETRA KEYS MEMBER 0.00 X 0 0 0 ROBERT MALONE MEMBER 0.00 X 0 0 0 MELVIN WILLIAMS MEMBER 0.00 X 0 0 0 MARCIE FISHER FORMER SECRETARY 20.00 20.00 X 24465 0 490 148772 0 3897 1 1 0 0 B&W EXCAVATING PO BOX 80408 MEMPHIS TN 38108 CONSTRUCTION 130875 JAMES WARD 312 BONITA DR MEMPHIS TN 38109 MAINTENANCE 118639 2 2962745 70019 3032764 LOW INCOME HOUSING REN 532000 1159363 1159363 MANAGEMENT FEE INCOME 532000 38762 38762 LAWN CARE INCOME 532000 34551 34551 RENT RECOVERY 532000 5050 5050 APPLICATION FEE INCOME 532000 1825 1825 1750 1750 1241301 3500 0 3500 3500 3500 4277565 1244801 0 0 148772 148772 569902 282432 287470 39149 2301 36848 52970 52970 48887 4889 43998 12378 12378 455998 455998 29336 23469 5867 31157 31157 263509 210807 52702 135787 108630 27157 REPAIRS AND MAINTENANCE 546536 501396 45140 UTILITIES, CABLE, AND I 278462 226313 52149 CONTRACT SERVICES 268258 246797 21461 PROPERTY TAXES 154116 123293 30823 164036 65381 98655 3199253 2496983 702270 0 114161 102406 117607 69287 99525 6857 6857 99444 402882 4310 44307 8615890 2109191 5370208 6506699 100 100 10865 17685 5823077 7150223 37875 306669 582840 551163 32175 43892 652890 901724 X 5170187 6248499 5170187 6248499 5823077 7150223 1078312 0 X X 0 1 X 1 1 1 X 2031077 1957193 2805778 1670067 3032764 11496879 2031077 1957193 2805778 1670067 3032764 11496879 11496879 553276 558991 1112267 12609146 0.91180 0.87780 X RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED 1557615 1557615 6737002 1909723 4827279 297970 199468 98502 23303 23303 6506699 SECURITY DEPOSITS 43892 43892 X PART X, LINE 2: UNCERTAIN TAX POSITIONS UNDER FIN 48: BASED ON EVALUATION OF THE ORGANIZATION'S TAX POSITIONS, MANAGEMENT BELIEVES ALL POSITIONS TAKEN WOULD MORE LIKELY THAN NOT BE UPHELD UNDER EXAMINATION. THEREFORE, NO PROVISION FOR THE EFFECTS OF UNCERTAIN TAX POSITIONS HAS BEEN RECORDED FOR THE YEAR ENDED DECEMBER 31, 2022. 0 0 0 0 0 0 0 0 0 MARCIE FISHER FORMER SECRETARY 24465 0 0 0 0 0 0 0 490 0 24955 0 0 0 EPI HOLDINGS LLC THE EXECUTIVE DIRECTOR IS THE SOLE OWNER OF EPI HOLDINGS. PROMISE DEVELOPMENT CORP ADVANCED EXPENSES ON BEHALF OF EPI HOLDINGS, LLC X 6857 6857 0 1 0 6857 JAMES WARD SPOUSE OF HOUSING AND COMMUNITY COORDINATOR 118639 REPAIRS, MAINTENANCE, AND LANDSCAPING SERVICES 0 CAROLYN WARD SISTER-IN-LAW OF HOUSING AND COMMUNITY COORDINATOR 9603 REPAIRS, MAINTENANCE, AND LANDSCAPING SERVICES 0 FORM 990, PART VI, SECTION B, LINE 11B THE BOARD OF DIRECTORS IS GIVEN AN OPPORTUNITY TO REVIEW THE RETURN BEFORE IT IS FILED. FORM 990, PART VI, SECTION B, LINE 12C CONFLICT OF INTEREST POLICY IS UPDATED ANNUALLY. FORM 990, PART VI, SECTION B, LINE 15 COMPENSATION IS REVIEWED AND APPROVED ANNUALLY FORM 990, PART VI, SECTION C, LINE 19 GOVERNING DOCUMENTS, CONFLICT OF INTEREST POLICY, AND FINANCIAL STATEMENTS ARE MADE AVAILABLE UPON REQUEST. PART XII, LINE 2C THE PROCESS HAS NOT CHANGED FROM THE PRIOR YEAR. RESILIENCE DEVELOPMENT CORPORATION 9915 ALLEN PKWY N OLIVE BRANCH MS 38654 813466709 RESIDENTIAL REAL ESTATE MS 501(C)(3) LINE 7 0 APRIL WOODS APARTMENTS LP 40 SOUTH MAIN SUITE 2560 MEMPHIS TN 38103 710963583 RESIDENTIAL REAL ESTATE TN RELATED 0 1 0.00500 0 0 0 1 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 RESILIENCE DEVELOPMENT CORPORATION D 329560 CASH APRIL WOODS APARTMENTS LP D 20875 CASH