Lowell Development And Financial Corporation
- Assets
- $7.1m
- Revenue
- $501.2k
- Investments
- $0.0
- Employees
- 2
- Location
- Lowell, MA
- Founding
- 02/1977
- Data as of
- 06/2023
- EIN
- 04-2603693
Organization Overview
Lowell Development And Financial Corporation is located in Lowell, MA. The organization was established in 1977. According to its NTEE Classification (S31) the organization is classified as: Urban & Community Economic Development, under the broad grouping of Community Improvement & Capacity Building and related organizations. As of 06/2023, Lowell Development And Financial Corporation employed 2 individuals. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Lowell Development And Financial Corporation is a 501(c)(3) and as such, is described as a "Charitable or Religous organization or a private foundation" by the IRS.
For the year ending 06/2023, Lowell Development And Financial Corporation generated $501.2k in total revenue. This represents relatively stable growth, over the past 7 years the organization has increased revenue by an average of 4.3% each year. All expenses for the organization totaled $425.0k during the year ending 06/2023. You can explore the organizations financials more deeply in the financial statements section below.
Form
990
Mission & Program ActivityExcerpts From the 990 Filing
TAX YEAR
2023
Describe the Organization's Mission:
Part 3 - Line 1
THE LDFC IS A NONPROFIT DEVELOPMENT CORPORATION ESTABLISHED IN 1975 TO PROMOTE LOWELL'S ECONOMIC REVITALIZATION AND TO PROVIDE SECONDARY FINANCING FOR THE REHABILITATION AND ACQUISITION OF PROPERTIES IN LOWELL.
Describe the Organization's Program Activity:
Part 3 - Line 4a
PROGRAM SERVICE ACTIVITY INVOLVES THE LENDING OF MONEY (SECURED BY MORTGAGE NOTES) AT BELOW MARKET RATES OF INTEREST FOR COMMERCIAL AND RESIDENTIAL BUILDINGS.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Allison Lamey Executive Di | Officer | 35 | $131,226 |
Shannon Arenburg Director | Trustee | $0 | |
Yovani Baez-Rose Director | Trustee | $0 | |
Donald A Bedard Director | Trustee | $0 | |
Trevor Bloom Director | Trustee | $0 | |
Jane Calvin Director | Trustee | $0 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Federated campaigns | $0 |
| Membership dues | $0 |
| Fundraising events | $0 |
| Related organizations | $0 |
| Government grants | $0 |
| All other contributions, gifts, grants, and similar amounts not included above | $31,666 |
| Noncash contributions included in lines 1a–1f | $0 |
| Total Revenue from Contributions, Gifts, Grants & Similar | $31,666 |
| Total Program Service Revenue | $123,358 |
| Investment income | $35,589 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $0 |
| Net Gain/Loss on Asset Sales | $0 |
| Net Income from Fundraising Events | $0 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $0 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $501,210 |
| Statement of Expenses | |
|---|---|
| Grants and other assistance to domestic organizations and domestic governments. | $0 |
| Grants and other assistance to domestic individuals. | $0 |
| Grants and other assistance to Foreign Orgs/Individuals | $0 |
| Benefits paid to or for members | $0 |
| Compensation of current officers, directors, key employees. | $144,348 |
| Compensation of current officers, directors, key employees. | $144,348 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $84,340 |
| Pension plan accruals and contributions | $0 |
| Other employee benefits | $17,484 |
| Payroll taxes | $17,255 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $6,358 |
| Fees for services: Accounting | $36,400 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $0 |
| Advertising and promotion | $0 |
| Office expenses | $29,212 |
| Information technology | $0 |
| Royalties | $0 |
| Occupancy | $35,859 |
| Travel | $0 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $0 |
| Interest | $34,117 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $681 |
| Insurance | $20,609 |
| All other expenses | $0 |
| Total functional expenses | $425,006 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $1,089,001 |
| Savings and temporary cash investments | $2,991,786 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $0 |
| Loans from Officers, Directors, or Controlling Persons | $0 |
| Loans from Disqualified Persons | $0 |
| Notes and loans receivable | $2,856,396 |
| Inventories for sale or use | $0 |
| Prepaid expenses and deferred charges | $30,725 |
| Net Land, buildings, and equipment | $340 |
| Investments—publicly traded securities | $0 |
| Investments—other securities | $0 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $162,034 |
| Total assets | $7,130,282 |
| Accounts payable and accrued expenses | $61,040 |
| Grants payable | $0 |
| Deferred revenue | $48,694 |
| Tax-exempt bond liabilities | $0 |
| Escrow or custodial account liability | $0 |
| Loans and other payables to any current Officer, Director, or Controlling Person | $0 |
| Secured mortgages and notes payable | $711,603 |
| Unsecured mortgages and notes payable | $0 |
| Other liabilities | $119,720 |
| Total liabilities | $941,057 |
| Net assets without donor restrictions | $874,301 |
| Net assets with donor restrictions | $5,314,924 |
| Capital stock or trust principal, or current funds | $0 |
| Paid-in or capital surplus, or land, building, or equipment fund | $0 |
| Retained earnings, endowment, accumulated income, or other funds | $0 |
| Total liabilities and net assets/fund balances | $7,130,282 |