Okaloosa Community Development Corporation in Ft Walton Bch, Florida (FL)

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Okaloosa Community Development Corporation
Employer Identification Number (EIN)593165895
Name of OrganizationOkaloosa Community Development Corporation
AddressPO BOX 2707, Ft Walton Bch, FL 32549-2707
ActivitiesLow income housing, Low and moderate income housing
SubsectionCharitable Organization
Ruling Date12/1994
DeductibilityContributions are deductible
FoundationOrganization that normally receives no more than one third of its support from gross investment income and unrelated business income and at the same time more than one third of its support from contributions, fees, and gross receipts related to exempt purposes
OrganizationCorporation
Exempt Organization StatusUnconditional Exemption
Tax Period06/2012
Assets$5,000,000 to $9,999,999
Income$500,000 to $999,999
Filing Requirement990 (all other) or 990EZ return
Asset Amount$6,487,627
Amount of Income$544,677
Form 990 Revenue Amount$506,326
National Taxonomy of Exempt Entities (NTEE)Housing, Shelter: Housing Expense Reduction Support


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Amount of income in 2012: $544,677
This organization: 

 $544,677
Other organizations performing similar types of work: 

 $1,545,801

Assets in 2012: $6,487,627
This organization: 

 $6,487,627
Other organizations performing similar types of work: 

 $2,426,855

Expenses in 2005: $8,987,477
This organization: 

 $8,987,477
Other organizations performing similar types of work: 

 $1,277,915

Income to expenses ratio in 2005: 1.1
Okaloosa Community Development Corporation: 

 1.1
Other organizations performing similar types of work: 

 1.0

Expenses allocated to program services in 2005: 95.9%
Okaloosa Community Development Corporation: 

 95.9%
Other organizations performing similar types of work: 

 90.3%

Number of employees in 2005: 5
Okaloosa Community Development Corporation: 

 5
Other organizations performing similar types of work: 

 5

Grants share in income in 2005: 95.6%
This organization: 

 95.6%
Other organizations performing similar types of work: 

 60.8%

Financial snapshot ($)

Revenue for 2005

Assets at end of 2005

Expenses for 2005

Functional Expenses for 2005 ($)

Income-Producing Activities for 2005

Revenue, Expenses, and Changes in Net Assets or Fund Balances
2005
Total revenue$9,889,472
Contributions, gifts, grants, and similar amounts received$9,449,925
Contributions to donor advised funds
Direct public support$0
Indirect public support$0
Government contributions (grants)$9,449,925
Program service revenue including government fees and contracts$399,546
Membership dues and assessments$0
Interest on savings and temporary cash investments$3,964
Dividends and interest from securities$0
Net rental income or (loss)$28,305
Gross rents$101,972
Less: rental expenses$73,667
Other investment income$0
Gain or (loss) from sales of assets other than inventory$0
Gross amount from sales of assets other than inventory$0
Less: cost or other basis and sales expenses$0
Net income or (loss) from special events and activities$0
Gross revenue$0
Less: direct expenses other than fundraising expenses$0
Gross profit or (loss) from sales of inventory$0
Gross sales of inventory, less returns and allowances$0
Less: cost of goods sold$0
Other revenue$7,732
Total expenses$8,987,477
Program services$8,615,029
Management and general$372,448
Fundraising$0
Payments to affiliates$0
Net assets or fund balances at end of year$4,659,143
Excess or (deficit) for the year$901,995
Net assets or fund balances at beginning of year$3,759,748
Other changes in net assets or fund balances$-2,600
Statement of Functional Expenses (for 2005)
TotalProgram servicesManagement and generalFundraising
Total functional expenses$8,987,477$8,615,029$372,448$0
Grants paid from donor advised funds
Other grants and allocations$1,292,751
Specific assistance to individuals$0
Benefits paid to or for members$0
Compensation of current officers, directors, key employees, etc.$0$0$0$0
Compensation of former officers, directors, key employees, etc.
Compensation and other distributions, not included above, to disqualified persons (as defined under section 4958(f)(1)) and persons described in section 4958(c)(3)(B)
Salaries and wages of employees not included above$185,270$0$185,270$0
Pension plan contributions not included above$0$0$0$0
Employee benefits not included above$0$0$0$0
Payroll taxes$15,416$0$15,416$0
Professional fundraising fees$0$0$0$0
Accounting fees$50,675$0$50,675$0
Legal fees$0$0$0$0
Supplies$9,706$0$9,706$0
Telephone$16,107$0$16,107$0
Postage and shipping$0$0$0$0
Occupancy$4,600$0$4,600$0
Equipment rental and maintenance$0$0$0$0
Printing and publications$0$0$0$0
Travel$20,701$126$20,575$0
Conferences, conventions, and meetings$0$0$0$0
Interest$31,564$25,440$6,124$0
Depreciation, depletion, etc.$6,953$0$6,953$0
Other expenses not covered above$7,353,734$7,296,712$57,022$0
Balance Sheets
2005
Total assets$6,449,305
Cash - non-interest-bearing$3,527,544
Savings and temporary cash investments$0
Accounts receivable less allowance for doubtful accounts$59,758
Pledges receivable less allowance for doubtful accounts$0
Grants receivable$0
Receivables from current and former officers, directors, trustees, and key employees$0
Receivables from other disqualified persons (as defined under section 4958(f)(1)) and persons described in section 4958(c)(3)(B)
Other notes and loans receivable less allowance for doubtful accounts$0
Inventories for sale or use$0
Prepaid expenses and deferred charges$8,372
Investments - publicly-traded securities
Investments - other securities$0
Investments - land, buildings, and equipment less accumulated depreciation$0
Investments - other$0
Land, buildings, and equipment less accumulated depreciation$2,853,631
Other assets, including program-related investments$0
Total liabilities$1,790,162
Accounts payable and accrued expenses$14,914
Grants payable$0
Deferred revenue$0
Loans from officers, directors, trustees, and key employees$0
Tax-exempt bond liabilities$0
Mortgages and other notes payable$1,773,366
Other liabilities$1,882
Total liabilities and net assets/fund balances$6,449,305
Total net assets or fund balances$4,659,143
Reconciliation of Revenue per Audited Financial Statements With Revenue per Return
2005
Total revenue$9,889,472
Total revenue, gains, and other support per audited financial statements$9,889,472
Other expenses$0
Net unrealized gains on investments$0
Donated services and use of facilities$0
Recoveries of prior year grants$0
Other$0
Other revenue$0
Investment expenses$0
Other$0
Reconciliation of Expenses per Audited Financial Statements With Expenses per Return
2005
Total expenses$8,987,477
Total expenses and losses per audited financial statements$8,987,477
Other revenue$0
Donated services and use of facilities$0
Prior year adjustments$0
Losses$0
Other$0
Other expenses$0
Investment expenses$0
Other$0
Current Officers, Directors, Trustees, and Key Employees
Total number of officers, directors, and trustees permitted to vote on organization business at board meetings18
Are any officers, directors, trustees, or key employees listed in Form 990, Part V-A, or highest compensated employees listed in Schedule A, Part I, or highest compensated professional and other independent contractors listed in Schedule A, Part II-A or II-B, related to each other through family or business relationships?No
Do any officers, directors, trustees, or key employees listed in Form 990, Part V-A, or highest compensated employees listed in Schedule A, Part I, or highest compensated professional and other independent contractors listed in Schedule A, Part II-A or II-B, receive compensation from any other organizations, whether tax exempt or taxable, that are related to the organization?No
Does the organization have a written conflict of interest policy?No
Other Information
Did the organization have unrelated business gross income of $1,000 or more during the year covered by this return, and has it filed a tax return on Form 990-T for this year?Yes
Was there a liquidation, dissolution, termination, or substantial contraction during the year?No
Is the organization related (other than by association with a statewide or nationwide organization) through common membership, governing bodies, trustees, officers, etc., to any other exempt or nonexempt organization?No
Direct and indirect political expenditures$0
Did the organization file Form 1120-POL for this year?No
Were substantially all dues nondeductible by members?
Did the organization make only in-house lobbying expenditures of $2,000 or less?
Dues, assessments, and similar amounts from members$0
Section 162(e) lobbying and political expenditures$0
Aggregate nondeductible amount of section 6033(e)(1)(A) dues notices$0
Taxable amount of lobbying and political expenditures$0
Does the organization elect to pay the section 6033(e) tax on the amount above?
If section 6033(e)(1)(A) dues notices were sent, does the organization agree to add the amount above to its reasonable estimate of dues allocable to nondeductible lobbying and political expenditures for the following tax year?
Initiation fees and capital contributions$0
Gross receipts for public use of club facilities$0
At any time during the year, did the organization, directly or indirectly, own a controlled entity within the meaning of section 512(b)(13)?
Amount of tax imposed on the organization during the year under: section 4911$0
Amount of tax imposed on the organization during the year under: section 4912$0
Amount of tax imposed on the organization during the year under: section 4955$0
Did the organization engage in any section 4958 excess benefit transaction during the year or did it become aware of an excess benefit transaction from a prior year?No
Amount of tax imposed on the organization managers or disqualified persons during the year under sections 4912, 4955, and 4958$0
Amount of tax above, reimbursed by the organization$0
At any time during the tax year, was the organization a party to a prohibited tax shelter transaction?
Did the organization acquire a direct or indirect interest in any applicable insurance contract?
Did the supporting organization, or a fund maintained by a sponsoring organization, have excess business holdings at any time during the year?
Number of employees employed in the pay period that includes March 12, 20065
Analysis of Income-Producing Activities (for 2005)
Unrelated business incomeExcluded by section 512, 513, or 514Related or exempt function income
Business codeAmountExclusion codeAmount
Total$28,305$0$411,242
Program service revenue
Program service revenue 1000000$000$0$399,546
Program service revenue 2000000$000$0$0
Program service revenue 3000000$000$0$0
Program service revenue 4000000$000$0$0
Program service revenue 5000000$000$0$0
Medicare/Medicaid payments000000$000$0$0
Fees and contracts from government agencies000000$000$0$0
Membership dues and assessments000000$000$0$0
Interest on savings and temporary cash investments000000$000$0$3,964
Dividends and interest from securities000000$000$0$0
Net rental income or (loss) from real estate
debt-financed propertyLessors of nonresidential buildings (except miniwarehouses)$28,30500$0$0
not debt-financed property000000$000$0$0
Net rental income or (loss) from personal property000000$000$0$0
Other investment income000000$000$0$0
Gain or (loss) from sales of assets other than inventory000000$000$0$0
Net income or (loss) from special events000000$000$0$0
Gross profit or (loss) from sales of inventory000000$000$0$0
Other revenue000000$000$0$7,732
Information Regarding Taxable Subsidiaries and Disregarded Entities (for 2005)
EIN of corporation, partnership, or disregarded entityPercentage of ownership interestTotal incomeEnd-of-year assets
0%$0$0
0%$0$0
0%$0$0
0%$0$0
Compensation of the Five Highest Paid Employees Other Than Officers, Directors, and Trustees (for 2005)
CompensationContributions to employee benefit plans & deferred compensationExpense account and other allowances
$0$0$0
$0$0$0
$0$0$0
$0$0$0
$0$0$0
Total number of other employees paid over $50,0000
Statements About Activities (for 2005)
Expenses paid or incurred in connection with the lobbying activities$0
Did the organization receive or hold an easement for conservation purposes, including easements to preserve open space, the environment, historic land areas or historic structures?
Did the organization provide credit counseling, debt management, credit repair, or debt negotiation services?
Did the organization maintain any donor advised funds?
Did the organization make any taxable distributions under section 4966?
Did the organization make a distribution to a donor, donor advisor, or related person?
Enter the total number of donor advised funds owned at the end of the tax year
Enter the aggregate value of assets held in all donor advised funds owned at the end of the tax year
Enter the total number of separate funds or accounts owned at the end of the tax year (excluding donor advised funds included above) where donors have the right to provide advice on the distribution or investment of amounts in such funds or accounts
Enter the aggregate value of assets held in all funds or accounts included above at the end of the tax year
Reason for Non-Private Foundation Status
The organization is not a private foundation because it isOrganization that receives a substantial part of its support from a governmental unit or from the general public
Support Schedule
2004
Total$1,266,776
Gifts, grants, and contributions received$441,716
Membership fees received$0
Gross receipts from admissions, merchandise sold or services performed, or furnishing of facilities in any activity that is related to the organization's charitable, etc., purpose$761,837
Gross income from interest, dividends, amounts received from payments on securities loans (section 512(a)(5)), rents, royalties, and unrelated business taxable income (less section 511 taxes) from businesses acquired by the organization after June 30, 1975$33,978
Net income from unrelated business activities not included above$0
Tax revenues levied for the organization's benefit and either paid to it or expended on its behalf$0
The value of services or facilities furnished to the organization by a governmental unit without charge. Do not include the value of services or facilities generally furnished to the public without charge$0
Other income$29,245
Lobbying Expenditures by Electing Public Charities (for 2005)
Total exempt purpose expenditures$0
Total lobbying expenditures$0
Total lobbying expenditures to influence public opinion (grassroots lobbying)$0
Total lobbying expenditures to influence a legislative body (direct lobbying)$0
Other exempt purpose expenditures$0
Lobbying nontaxable amount$0
Grassroots nontaxable amount$0
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$434,924
Contributions, Gifts, Grants and Other Similar Amounts$149,872
Program Service Revenue$256,295
Other Revenue
Investment income (including dividends, interest, and other similar amounts)$75
Income from investment of tax-exempt bond proceeds$0
Royalties$0
Net rental income$6,045
Gross rents (Real / Personal)$51,942 / $0
Less: rental expenses (Real / Personal)$45,897 / $0
Rental income or (loss) (Real / Personal)$6,045 / $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$22,637
Statement of Functional Expenses (for 2011)
Total functional expenses$793,965
Compensation of current officers, directors, trustees, and key employees$74,644
Other salaries and wages$47,096
Payroll taxes$10,550
Professional fundraising services$0
Other$661,675
Balance Sheet (for 2011)
Total assets$4,670,561
Total liabilities$447,845
Tax-exempt bond liabilities$0
Secured mortgages and notes payable to unrelated third parties$434,321
Unsecured notes and loans payable to unrelated third parties$0
Other$13,524
Total net assets or fund balances$4,222,716
Retained earnings, endowment, accumulated income, or other funds$0
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)
Support Schedule for Organizations Described in Sections 170(b)(1)(A)(iv) and 170(b)(1)(A)(vi) (for 2011)
2007 - 2011 Total
Total Support$6,408,852
Gifts, grants, contributions, and membership fees received$6,034,784
Tax revenues levied for the organization's benefit and either paid to or expended on its behalf$0
The value of services or facilities furnished by a governmental unit to the organization without charge$0
Gross income from interest, dividends, payments received on securities loans, rents, royalties and income from similar sources$374,068
Gross receipts from related activities, etc.$3,891,322
Unrelated Trade or Business Income (for 2008)
IncomeExpensesNet
Total$31,303$28,209$3,094
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$31,303$28,209$3,094
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$0$0$0
Deductions Not Taken Elsewhere (for 2008)
Total deductions$0
Compensation of officers, directors, and trustees$0
Salaries and wages$0
Repairs and maintenance$0
Bad debts$0
Interest$0
Taxes and licenses$0
Charitable contributions$0
Depreciation$0
Depletion$0
Contributions to deferred compensation plans$0
Employee benefit programs$0
Excess exempt expenses$0
Excess readership costs$0
Other deductions$0
Unrelated business taxable income$0
Unrelated business taxable income before net operating loss deduction$3,094
Net operating loss deduction$3,094
Unrelated business taxable income before specific deduction$0
Specific deduction$1,000
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Organizations performing similar types of work
IdNameAddressStateEstablishedTotal Income
1Low Income Investment Fund100 Pine St Ste 1800, San Francisco, CA 94111-5204CA1986-10$49,857,407
2Alabama Business Charitable Trust Fund IncPO BOX 2641, Birmingham, AL 35291-0001AL1992-05$18,809,897
3Webster Apartments419 W 34th St, New York, NY 10001-1596NY1924-11$11,069,033
4Energy Services Inc1225 S Park St, Madison, WI 53715-2101WI1984-03$6,304,313
5Cincinnati Development Fund Inc1100 Walnut St, Cincinnati, OH 45202-7225OH1989-09$3,687,775
6Indiana Utility Rate Payer Tr55 Monument Cir Ste 800, Indianapolis, IN 46204-2951IN1999-07$1,545,801
7Westminster Foundation Inc1305 Bobby Ln, Westlake, OH 44145-6916OH1998-07$1,328,666
8Affordable Housing Community Development CorporationPO BOX 264, Henderson, TN 38340-0264TN1995-08$812,861
9Rainbow Community Organization Inc200 E Main St Ste 1016, Fort Wayne, IN 46802-1900IN1984-07$593,610
10Okaloosa Community Development CorporationPO BOX 2707, Ft Walton Bch, FL 32549-2707FL1994-12$544,677
11Victorine Q Adams Fuel Fund IncPO BOX 1898, Baltimore, MD 21203MD1979-03$409,677
12Capital Affordable Housing Funding Corporation255 Orange St, Albany, NY 12210-2400NY1991-06$346,800
13Northwest Ohio Development Agency432 N Superior St, Toledo, OH 43604-1416OH2001-02$285,945
14Housing Development Corporation Of WashingtonPO BOX 98864, Des Moines, WA 98198WA1978-06$21,878
15Rental Assistance Corporation Of Buffalo470 Franklin Street, Buffalo, NY 14202-1375NY1993-10$26,106,096
16Dollar Energy Fund IncPO BOX 42329, Pittsburgh, PA 15203-0329PA1983-09$19,348,812
17Energy Coordinating Agency Of Philadelphia Inc1924 Arch St, Philadelphia, PA 19103-1404PA1986-07$18,087,741
18Bickerdike Redevelopment Corporation2550 W North Ave, Chicago, IL 60647-5216IL1972-01$4,940,725
19Neighborhood Lending Services Inc1279 N Milwaukee Avenue, Chicago, IL 60622-9360IL1989-01$4,466,170
20Operation Fuel Inc1 Regency Dr Ste 200, Bloomfield, CT 06002-2310CT1989-08$4,315,203
Number of organizations performing similar types of work
Alabama1
California3
Connecticut2
Delaware1
Florida1
Georgia1
Illinois6
Indiana2
Massachusetts1
Maryland2
Michigan1
Missouri1
Montana2
New Hampshire1
New Jersey1
Nevada1
New York4
Ohio3
Oregon2
Pennsylvania3
Tennessee1
Texas2
Washington1
Wisconsin1
Total44

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