Denver Dry Development Corporation
Denver Dry Development Corporation
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About this organization
Revenue
$1,212,132
Expenses
$1,078,099
Mission
To operate commercial and residential rental property. The property consists of fifty-one residential units, thirty-nine of which are low-income housing and one commercial space leased to a not-for-profit trade association.
About
The Organization acquired the interest in the project owned by the 99% Tax Credit Investor in August 2009. Subsequently the Organization restructured its debt with the City and County of Denver and the Denver Urban Renewal Authority. The first mortgage was also refinanced. These financial changes put the project owned by the Organization on a solid financial footing. The Organization continues to provide housing to low income persons in accordance with the Land Use Restriction Agreement. The project also contains commercial space which is leased to a not for profit trade organization.
Interesting data from their 2020 990 filing
The filing sets forth the mission of the non-profit as “To provide low-income housing developed in accordance with section 42 of the irc. initially the organization served as the general partner of a partnership that operated the property. in august of 2009, the organization acquired the tax credit limited partnerb”.
When detailing its duties, they were outlined as: “To operate commercial and residential rental property. the property consists of fifty-one residential units, thirty-nine of which are low-income housing and one commercial space leased to a not-for-profit trade association.”.
- The state in which the non-profit is legally permitted to operate is CO.
- The address of the non-profit for 2020 according to the filing is 1555 California Street 200, Denver, CO, 80202.
- The non-profit's form for the year 2020 reports a total of 0 employees on their payroll.
- Does not operate a hospital.
- Does not operate a school.
- Does not collect art.
- Does not provide credit counseling.
- Does not have foreign activities.
- Is not a donor-advised fund.
- Is not a private foundation.
- Expenses are greater than $1,000,000.
- Revenue is greater than $1,000,000.
- Revenue less expenses is $134,033.
- The CEO compensation scheme within the organization is not based on a review and endorsement process by an independent body.
- The organization has a written policy that delegates the management duties.
- The organization has 2 independent voting members.
- The organization was formed in 1992.
- The organization is required to file Schedule O.
- The organization pays $111,052 in salary, compensation, and benefits to its employees.
- The organization pays $0 in fundraising expenses.
- The organization has minutes of its meetings.
- The organization's financial statements were reviewed by an accountant.
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