Martin Luther King Economic Development Corporation in Miami, Florida (FL)

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Martin Luther King Economic Development Corporation
Employer Identification Number (EIN)592042422
Name of OrganizationMartin Luther King Economic Development Corporation
Address6116 Nw 7th Ave, Miami, FL 33127-1112
ActivitiesDescribed in section 170(b)1)(a)(vi) of the Code, Area development, redevelopment of renewal, Other activity aimed t combating community deterioration
SubsectionCharitable Organization
Ruling Date09/1983
DeductibilityContributions are deductible
FoundationOrganization which receives a substantial part of its support from a governmental unit or the general public
OrganizationCorporation
Exempt Organization StatusUnconditional Exemption
Tax Period06/2012
Assets$500,000 to $999,999
Income$500,000 to $999,999
Filing Requirement990 (all other) or 990EZ return
Asset Amount$624,531
Amount of Income$916,865
Form 990 Revenue Amount$718,790
National Taxonomy of Exempt Entities (NTEE)Community Improvement, Capacity Building: Economic Development


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Amount of income in 2012: $916,865 (it was $180,857 in 2011)
This organization: 

 $916,865
Other organizations performing similar types of work: 

 $264,751

Assets in 2012: $624,531 (it was $644,685 in 2011)
Martin Luther King Economic Development Corporation: 

 $624,531
Other organizations performing similar types of work: 

 $450,137

Financial snapshot ($)

Statements Regarding Other IRS Filings and Tax Compliance (for 2011)
Did the organization have unrelated business gross income of $1,000 or more during the year?Yes
Initiation fees and capital contributions$0
Gross receipts for public use of club facilities $0
Gross income from members or shareholders$0
Gross income from other sources$0
Statement of Revenue (for 2011)
Total revenue$-18,710
Contributions, Gifts, Grants and Other Similar Amounts$0
Program Service Revenue$0
Other Revenue
Investment income (including dividends, interest, and other similar amounts)$0
Income from investment of tax-exempt bond proceeds$0
Royalties$0
Net rental loss$-18,710
Gross rents (Real / Personal)$180,857 / $0
Less: rental expenses (Real / Personal)$199,567 / $0
Rental income or (loss) (Real / Personal)$-18,710 / $0
Net gain from sales of assets other than inventory$0
Net income from fundraising events$0
Net income from gaming activities$0
Net income from sales of inventory$0
Miscellaneous Revenue$0
Statement of Functional Expenses (for 2011)
Total functional expenses$50,000
Compensation of current officers, directors, trustees, and key employees$0
Other salaries and wages$0
Payroll taxes$0
Professional fundraising services$0
Other$50,000
Balance Sheet (for 2011)
Total assets$644,685
Total liabilities$945,268
Tax-exempt bond liabilities$0
Secured mortgages and notes payable to unrelated third parties$0
Unsecured notes and loans payable to unrelated third parties$0
Other$945,268
Total net assets or fund balances$-300,583
Retained earnings, endowment, accumulated income, or other funds$-300,583
Reason for Public Charity Status (for 2011)
The organization is not a private foundation because it is:An organization that normally receives a substantial part of its support from a governmental unit or from the general public described in section 170(b)(1)(A)(vi)
Unrelated Trade or Business Income (for 2008)
IncomeExpensesNet
Total$1,837,171$0$183,717
Gross receipts or sales less returns and allowances$0$0$0
Cost of goods sold$0$0$0
Gross profit$0$0$0
Capital gain net income$0$0$0
Net gain$0$0$0
Capital loss deduction for trusts$0$0$0
Income (loss) from partnerships and S corporations$0$0$0
Rent income$0$0$0
Unrelated debt-financed income$0$0$0
Interest, annuities, royalties, and rents from controlled organizations$0$0$0
Investment income of a section 501(c)(7), (9), or (17) organization$0$0$0
Exploited exempt activity income$0$0$0
Advertising income$0$0$0
Other income$1,837,171$0$183,717
Deductions Not Taken Elsewhere (for 2008)
Total deductions$358,890
Compensation of officers, directors, and trustees$0
Salaries and wages$0
Repairs and maintenance$31,329
Bad debts$0
Interest$86,256
Taxes and licenses$7,427
Charitable contributions$0
Depreciation$415
Depletion$0
Contributions to deferred compensation plans$0
Employee benefit programs$0
Excess exempt expenses$0
Excess readership costs$0
Other deductions$233,463
Unrelated business taxable income$-175,173
Unrelated business taxable income before net operating loss deduction$-175,173
Net operating loss deduction$0
Unrelated business taxable income before specific deduction$-175,173
Specific deduction$1,000
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Organizations performing similar types of work
IdNameAddressStateEstablishedTotal Income
1Asian Inc1167 Mission St Fl 4, San Francisco, CA 94103-1544CA1976-02$7,138,348
2Community Economic Development Fund Foundation Inc965 E Main St, Meriden, CT 06450-6006CT1994-12$1,882,428
3Springfield Regional Development Corporation14 Clinton St Ste 7, Springfield, VT 05156-3302VT1993-09$685,231
4Wentworth Economic Development Corporation IncPO BOX 641, Wolfeboro, NH 03894-0641NH1996-03$220,388
5Central Arkansas Development CouncilPO BOX 580, Benton, AR 72018-0580AR1966-01$41,602,245
6Manatee Community Action Agency Inc302 Manatee Ave E Ste 322, Bradenton, FL 34208-1900FL1968-10$12,423,806
7Research Park Corporation7117 Florida Blvd, Baton Rouge, LA 70806-4549LA1994-04$9,415,269
8Northern Maine Development Commission IncPO BOX 779, Caribou, ME 04736-0779ME1995-02$5,891,557
9Griffiss Local Development Corporation584 Phoenix Dr, Rome, NY 13441-4913NY1995-03$5,028,864
10Interfaith Housing Services IncPO BOX 1987, Hutchinson, KS 67504-1987KS1992-05$3,971,074
11Fay-Penn Economic Development Corporation1040 Eberly Way Ste 200, Lemont Frnc, PA 15456-1350PA1992-05$3,775,578
12Cen-Tex Certified Development Corporation2212 S Congress Ave, Austin, TX 78704-4319TX1992-07$3,749,329
13Central Carolina Economic Development Alliance, Central Sc Alliance1201 Main St Ste 100, Columbia, SC 29201-3225SC1996-07$2,818,598
14Hale Empowerment And RevitalizationPO BOX 318, Greensboro, AL 36744-0318AL1995-01$2,669,333
15Pierce County Community Development Corporation1305 Tacoma Ave S, Tacoma, WA 98402-1903WA1993-01$2,291,278
16Foundation For The Mid South Inc134 E Amite St, Jackson, MS 39201-2101MS1991-01$2,195,199
17Bastrop Economic Development Corporation903 Main St, Bastrop, TX 78602-3809TX1997-12$1,697,856
18Queens Economic Development Corporation12055 Queens Blvd Rm 309, Kew Gardens, NY 11424-1015NY1977-12$1,588,394
19Harlem Commonwealth Council Inc361 West 125th Street, New York, NY 10027-4843NY1997-04$1,578,573
20Maine Development Foundation295 Water St Ste 5, Augusta, ME 04330-4643ME1978-08$1,562,112
21Inner City Redevelopment Corporation2915 N 2nd St, Milwaukee, WI 53212-2411WI1980-06$1,284,060
22Rockville Economic Development Inc95 Monroe St, Rockville, MD 20850-2521MD1998-05$1,254,163
23Georgia Corporation For Economic Development75 5th St Nw Ste 1200, Atlanta, GA 30308-1020GA1994-09$1,230,970
24Hamilton County Business Center Inc1776 Mentor Ave, Cincinnati, OH 45212-3521OH1989-04$1,226,471
25Kennebec Valley Council Of Governments, K V C O G17 Main St, Fairfield, ME 04937-1119ME1998-06$1,214,654
26Dallas Cv Inc2200 Ross Ave Ste 4600e, Dallas, TX 75201-2767TX1992-11$1,058,560
27Gulf Coast Economic Development District Inc, Houston-Galveston Area Council3555 Timmons Lane, Houston, TX 77027TX1995-07$965,544
28Martin Luther King Economic Development Corporation6116 Nw 7th Ave, Miami, FL 33127-1112FL1983-09$916,865
29Cypress Equity Fund Management Corp800 N Magnolia Ave Ste 1100, Orlando, FL 32803-3266FL1996-04$110,463
30North Beach Development Corporation Of Miami Beach IncPO BOX 414232, Miami Beach, FL 33141-0232FL1994-08$9,528
Number of organizations performing similar types of work
Alaska2
Alabama1
Arkansas4
Arizona2
California12
Colorado2
Connecticut3
District of Columbia3
Delaware1
Florida7
Georgia2
Hawaii1
Iowa6
Illinois5
Indiana8
Kansas5
Louisiana3
Massachusetts5
Maryland7
Maine4
Michigan8
Minnesota9
Missouri9
Mississippi2
Montana1
North Carolina13
North Dakota2
Nebraska4
New Hampshire3
New Jersey6
New Mexico4
New York23
Ohio9
Oklahoma1
Oregon4
Pennsylvania12
Rhode Island1
South Carolina5
South Dakota2
Tennessee4
Texas11
Utah2
Virginia1
Vermont1
Washington3
Wisconsin8
West Virginia6
Wyoming1
Total238

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