Tennessee · Nonprofit
PROMISE DEVELOPMENT CORPORATION
PROMISE DEVELOPMENT CORPORATION (Tennessee) receives grants from 3 organizations whose IRS filings report $1,884,155 to it, the largest being COMMUNITY ALLIANCE FOR THE HOMELESS ($1,485,095). 3 of them have funded it in more than one year.
- Revenue FY2023
- $3.5M
- Funders on record
- 3
- Grants received
- $1.9M
- Net assets
- $6.3M
What Promise Development Corporation does
Mission
Promote economic development in the north memphis community by providing affordable housing
As stated on its FY2023 Form 990.
Program
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
$2,736,782 spent$1,286,926 earned by the program100% of program spending
The program described on its FY2023 Form 990. Program spending in total: $2,736,782.
The organization over time
Each line starts at 100 in 2018, so what you read is the shape rather than the size: 150 means half as much again as 2018, 50 means half. The number beside each label in the key is where it ended. The shaded band is where the middle 50% of its peers' revenue would sit, given their growth.
Balance sheet
Total assets and total liabilities at each year end, in dollars. The largest one-year move in total assets was 2021 to 2022, from $5.8M to $7.2M (+23%).
How it's funded, over time
Each bar is one year's revenue split into where it came from, and every bar is the same height — these are shares, not amounts, so a year that raised twice as much looks the same size. Hover a bar for the split.
Government-grant reliance: 2018 77% · 2019 76% · 2020 46% · 2021 51% · 2022 69% · 2023 2%. Grants only. Government contracts and fees sit inside program revenue.
63% of PROMISE DEVELOPMENT CORPORATION’s revenue is contributions — more donation-reliant than the typical peer (39% for the typical peer).
Surplus & reserves
Operating surplus or deficit each year, and months of liquidity in hand. 0 of the last 6 reported years ran a deficit.
reserve
Leadership and staff
The officers, directors, trustees and key employees listed on each return. Joined and no longer listed compare each filing with the year before, matching people by surname and first initial; a year after a gap, or a roster under three people, has no comparison.
Chief executive
Cornelius Sanders
Executive director
Board chair
Chemise Buirse
Board chair/president
As listed on its FY2023 Form 990.
Who funds it, year by year
2017 → 2023: the base broadened from 2 funders to 3 funders, grant income fell $628k → $150k.
1 of 3 of your funders are donor-advised or pass-through sponsors (tagged DAF) — 7% of grant dollars received. That money is really individual donors directing a sponsor; the institutions to cultivate are the non-DAF funders.
From the IRS filings of PROMISE DEVELOPMENT CORPORATION’s funders (the co-funder graph). Association, not causation. Trends are read to FY2023, the last fiscal year that has finished arriving. FY2024–FY2026 are still being filed and are shown unshaded; they do not move any figure on this page.
How concentrated its funding is
PROMISE DEVELOPMENT CORPORATION leans on a few funders — its largest provides 79% of grant income and the top three 100%; half comes from just 1 funder.
the vertical line marks half of all grant income — 1 funder to its left
100% of the income these shares are computed over arrives through pass-through sponsors or from payers whose filings do not say what kind of payment it is. Concentration is still measured over all of it, because the money is real; what it does not support is a claim about how many institutions have chosen to fund PROMISE DEVELOPMENT CORPORATION.
Largest funder’s share by year: 2017 98% · 2018 100% · 2019 76% · 2020 79% · 2021 39% · 2022 83% · 2023 39% — diversifying over time.
“Effective funders” = inverse Herfindahl index (1 / Σ shareᵢ²) — the number of equal-sized funders that would give the same concentration. Trends are read to FY2023, the last fiscal year that has finished arriving. FY2024–FY2026 are still being filed and are shown unshaded; they do not move any figure on this page.
Where its funders are
100% of PROMISE DEVELOPMENT CORPORATION's grant income comes from Tennessee funders.
In-state vs out-of-state, by year
Funder states come from each funder’s own filing. $136k arriving through sponsors registered in 1 state is excluded from the map and the split above: a sponsor holds money on a donor’s behalf, so its registered address would place those dollars somewhere no donor need ever have been. Trends are read to FY2023, the last fiscal year that has finished arriving. FY2024–FY2026 are still being filed and are shown unshaded; they do not move any figure on this page.
Against its field
PROMISE DEVELOPMENT CORPORATION's revenue grew 35% between 2018 and 2023.
this organization peer median middle 50% of peers· 3,794 housing & shelter nonprofits $1M–$10M, FY2023
Organizations like PROMISE DEVELOPMENT CORPORATION
Organizations whose mission and program text most resemble this one, by semantic similarity over every organization in the US filings — the closest peers, and often the clearest route to shared or prospective funders.
In Tennessee
Nationally
Read directly from this organization’s own Form 990, as neutral context.
Where the money goes
79% of spending goes to programs.
Governance
Public support
95%
Share of support from the public (Schedule A) — the basis for its public-charity status.
Footprint & structure
Files a return copy in 1 state
Part of a family of 2 related entities
- Resilience Development Corporation · exempt
- April Woods Apartments LP · partnership
Screen this organization
A dated, signed PDF of the compliance screen for PROMISE DEVELOPMENT CORPORATION: IRS status (Business Master File, Publication 78, auto-revocation), the OFAC sanctions lists, the Internal Revenue Bulletin, and California registration, with the Rev. Proc. 2018-32 §8.01 reliance elements stated element by element. Generated from the current files at the moment you download it.
Screens are triage, not determinations; a source that cannot be read reports not screened, never clear. Screen this nonprofit · How the screen works · on the API as GET /api/screening/{ein}?format=pdf
Questions and answers
- Who funds PROMISE DEVELOPMENT CORPORATION?
- PROMISE DEVELOPMENT CORPORATION (Tennessee) receives grants from 3 organizations whose IRS filings report $1,884,155 to it, the largest being COMMUNITY ALLIANCE FOR THE HOMELESS ($1,485,095). 3 of them have funded it in more than one year.
- How many funders does PROMISE DEVELOPMENT CORPORATION have?
- IRS filings report 3 organizations giving $1,884,155 in grants to PROMISE DEVELOPMENT CORPORATION, 3 of which have funded it in more than one year.
- Who is the largest funder of PROMISE DEVELOPMENT CORPORATION?
- COMMUNITY ALLIANCE FOR THE HOMELESS is the largest funder on record, with $1,485,095 in grants. The full list of funders is on this page.
- How can an organization like PROMISE DEVELOPMENT CORPORATION find more funders?
- Start with the funders already giving here, then look at the foundations that back similar organizations in Tennessee. The funding by cause and by state pages list the largest funders for a given area and how to approach them.
Play a game about who funds Promise Development →
These figures are read directly from IRS Form 990 / 990-PF e-file XML: this organization’s own return for FY2023 (financials across 2018–2023), and the filings of 3 funders that report grants to it. “On record” means captured in the filings we have parsed — a funder that does not e-file, or whose grant detail is not itemized, will not appear. Filings run roughly 12–24 months behind. Trends on this page end at FY2023, the last fiscal year that has finished arriving; later years are shown and marked, and move no figure. Data on this page was exported October 14, 2026. What this page cannot tell you · view filing