Lowell Development And Financial Corporation
- Assets
- $6.3m
- Revenue
- $369.2k
- Investments
- $0.0
- Employees
- 2
- Location
- Lowell, MA
- Founding
- 02/1977
- Data as of
- 06/2022
- 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 06/2022, 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 06/2022, Lowell Development And Financial Corporation generated $369.2k in total revenue. This represents relatively stable growth, over the past 7 years the organization has increased revenue by an average of 0.4% each year. All expenses for the organization totaled $466.7k during the year ending 06/2022. 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
2022
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.
Get More from Intellispect for FreeCreate a free account to get more data, nonprofit salaries, advanced search and more.
Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Allison Lamey Executive Di | Officer | 35 | $129,347 |
Yun-Ju Choi Clerk | OfficerTrustee | 5 | $0 |
Kara Doyle Treasurer | OfficerTrustee | 5 | $0 |
James Hogan President | OfficerTrustee | 5 | $0 |
Diane Silva Vice-Preside | OfficerTrustee | 5 | $0 |
Shannon Arenburg 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 | $93,382 |
| Noncash contributions included in lines 1a–1f | $0 |
| Total Revenue from Contributions, Gifts, Grants & Similar | $93,382 |
| Total Program Service Revenue | $177,711 |
| Investment income | $8,396 |
| 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 | $369,219 |
| 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. | $144,344 |
| Compensation of current officers, directors, key employees. | $144,344 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $79,332 |
| Pension plan accruals and contributions | $0 |
| Other employee benefits | $18,843 |
| Payroll taxes | $16,855 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $3,800 |
| Fees for services: Accounting | $29,682 |
| 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 | $29,793 |
| Information technology | $0 |
| Royalties | $0 |
| Occupancy | $32,792 |
| Travel | $0 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $0 |
| Interest | $31,839 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $715 |
| Insurance | $23,947 |
| All other expenses | $0 |
| Total functional expenses | $466,679 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $2,004,702 |
| Savings and temporary cash investments | $1,655,269 |
| 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 | $2,517,373 |
| Inventories for sale or use | $0 |
| Prepaid expenses and deferred charges | $13,131 |
| Net Land, buildings, and equipment | $1,021 |
| Investments—publicly traded securities | $0 |
| Investments—other securities | $0 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $111,353 |
| Total assets | $6,302,849 |
| Accounts payable and accrued expenses | $71,154 |
| Grants payable | $0 |
| Deferred revenue | $60,359 |
| 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 | $711,564 |
| Unsecured mortgages and notes payable | $0 |
| Other liabilities | $0 |
| Total liabilities | $843,077 |
| Net assets without donor restrictions | $259,266 |
| Net assets with donor restrictions | $5,200,506 |
| 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 | $6,302,849 |
Grants Recieved
Over the last fiscal year, we have identified 1 grants that Lowell Development And Financial Corporation has recieved totaling $21,150.
| Awarding Organization | Amount |
|---|---|
The Cambodian Mutual Assistance Association Of Greater Lowell Inc Lowell, MA PURPOSE: CREATE AND SAVE JOBS | $21,150 |
Peer Organizations
| Organization Name | Assets | Revenue |
|---|---|---|
43north Bpc Inc Buffalo, NY | $13,425,800 | $3,001,464 |
Grameen America Inc Jackson Heights, NY | $237,127,552 | $50,248,348 |
Provport Inc Providence, RI | $45,314,013 | $11,716,204 |
Homestart Inc Boston, MA | $5,713,584 | $14,864,192 |
The Community Action Agency Of Western Connecticut Inc Danbury, CT | $3,614,776 | $12,103,732 |
Massachusetts Manufacturing Extension Partnership Inc Auburn, MA | $5,456,400 | $10,807,956 |
Greater Jamaica Development Corp Jamaica, NY | $43,416,674 | $8,397,998 |
South Bronx Overall Economic Development Corporation Bronx, NY | $11,273,834 | $9,485,057 |
Dorchester Bay Economic Development Corporation Dorchester, MA | $50,118,730 | $16,286,134 |
National Basketball Association Foundation New York, NY | $26,984,536 | $31,000,000 |
Rdc Commercial Center Inc Brooklyn, NY | $15,313,985 | $4,091,889 |
Grow America Fund Inc Brooklyn, NY | $143,748,091 | $12,181,976 |