Asian Community Development Corp
- Assets
- $26.3m
- Revenue
- $3.9m
- Investments
- $0.0
- Employees
- 10
- Location
- Boston, MA
- Founding
- 10/1998
- Data as of
- 12/2021
- EIN
- 04-2988263
Organization Overview
Asian Community Development Corp is located in Boston, MA. The organization was established in 1998. According to its NTEE Classification (L20) the organization is classified as: Housing Development, Construction & Management, under the broad grouping of Housing & Shelter and related organizations. As of 12/2021, Asian Community Development Corp employed 10 individuals. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Asian Community Development Corp 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 12/2021, Asian Community Development Corp generated $3.9m in total revenue. This organization has experienced exceptional growth, as over the past 7 years, it has increased revenue by an average of 15.4% each year . All expenses for the organization totaled $2.3m during the year ending 12/2021. While expenses have increased by 13.5% per year over the past 7 years. They've been increasing with an increasing level of total revenue. 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
2021
Describe the Organization's Mission:
Part 3 - Line 1
THE ASIAN COMMUNITY DEVELOPMENT CORPORATION (ACDC) WORKS IN UNDERSERVED AND IMMIGRANT ASIAN AMERICAN COMMUNITIES IN THE GREATER BOSTON REGION TO CREATE AND PRESERVE AFFORDABLE, SUSTAINABLE, AND HEALTHY NEIGHBORHOODS. WE ACHIEVE THIS BY BUILDING AFFORDABLE HOMES AND VIBRANT SPACES, EMPOWERING FAMILIES WITH ASSET-BUILDING TOOLS, AND STRENGTHENING COMMUNITIES THROUGH RESIDENT AND YOUTH LEADERSHIP.
Describe the Organization's Program Activity:
Part 3 - Line 4a
THE ASIAN COMMUNITY DEVELOPMENT CORPORATION (ACDC) WORKS IN UNDERSERVED AND IMMIGRANT ASIAN AMERICAN COMMUNITIES IN THE GREATER BOSTON REGION TO CREATE AND PRESERVE AFFORDABLE, SUSTAINABLE, AND HEALTHY NEIGHBORHOODS. WE ACHIEVE THIS BY BUILDING AFFORDABLE HOMES AND VIBRANT SPACES, EMPOWERING FAMILIES WITH ASSET-BUILDING TOOLS, AND STRENGTHENING COMMUNITIES THROUGH RESIDENT AND YOUTH LEADERSHIP. ASIAN CDC'S WEBSITE PROVIDES A WEALTH OF INFORMATION AND VIDEOS ABOUT ITS PROGRAMS SEE THE 2021 ANNUAL REPORT AT HTTPS://ASIANCDC.ORG/2021IMPACTS. THE BUILDING BLOCKS PROGRAM PROVIDES FINANCIAL EMPOWERMENT THROUGH HOME BUYING WORKSHOPS, FINANCIAL LITEREACY TRAINING, MATCHED SAVINGS PROGRAM, AND 1 ON 1 HOUSING COUNSELING. ITS MONTHLY WORKSHOPS PROGRAM FOR FIRST-TIME HOMEBUYERS IS THE ONLY HUD-APPROVED WORKSHOP IN NEW ENGLAND THAT PROVIDES CHINESE LANGUAGE SERVICE ON A REGULAR BASIS.
THE HOUSING DEVELOPMENT PROGRAM WORKS TO CREATE AND PRESERVE HIGH QUALITY AFFORDABLE HOUSING TO MEET THE NEEDS OF COMMUNITIES OF LOW-INCOME ASIAN AMERICAN POPULATIONS. ACDC NOW HAS 7 PROPERTIES IN ITS PORTFOLIO THAT INCLUDES 344 AFFORDABLE RENTALS.
YOUTH PROGRAMS INCLUDE A HIGH SCHOOL LEADERSHIP PROGRAM, ASIAN VOICES OF ORGANIZED YOUTH FOR COMMUNITY EMPOWERMENT (A-VOYCE), TRAINING YOUTH IN COMMUNITY LEADERSHIP AND ORGANIZING IN CHINATOWN AND THE GREATER BOSTON AREA. YOUTH ALSO HAVE OPPORTUNITIES TO LEARN ABOUT CULTURAL IDENTITY, COMMUNITY DEVELOPMENT, AND UNDERTAKE PLACEKEEPING ACTIVITIES, WHICH INCLUDE RESIDENT-LED PUBLIC ART PROJECTS AND CULTURAL EVENTS ADDRESSING COMMUNITY POWER AND IMPACTS OF GENTRIFICATION. ASIAN-AMERICAN IDENTIFYING HIGH SCHOOL YOUTH LEARN ENTREPRENEURSHIP SKILLS AND APPLY THESE SKILLS THROUGH RUNNING THEIR OWN YOUTH-LED BUSINESS PROVIDING WALKING TOURS OF CHINATOWN AND OTHER PROJECTS.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Angie Liou Executive Director | Officer | 35 | $121,242 |
Kyle Sullivan Director Of Real Estate | 35 | $100,750 | |
Jeffrey Wong Treasurer | OfficerTrustee | 1 | $0 |
Geoffrey Why Vice President | OfficerTrustee | 1 | $0 |
Paul W Lee President | OfficerTrustee | 1 | $0 |
Eugene H Ho Assistant Treasurer | OfficerTrustee | 1 | $0 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Federated campaigns | $0 |
| Membership dues | $0 |
| Fundraising events | $0 |
| Related organizations | $0 |
| Government grants | $493,412 |
| All other contributions, gifts, grants, and similar amounts not included above | $1,644,417 |
| Noncash contributions included in lines 1a–1f | $0 |
| Total Revenue from Contributions, Gifts, Grants & Similar | $2,137,829 |
| Total Program Service Revenue | $1,576,105 |
| Investment income | $31,650 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | -$17,329 |
| Net Gain/Loss on Asset Sales | $7,289 |
| Net Income from Fundraising Events | $0 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $0 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $3,906,514 |
| 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. | $145,368 |
| Compensation of current officers, directors, key employees. | $18,663 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $605,891 |
| Pension plan accruals and contributions | $8,287 |
| Other employee benefits | $32,590 |
| Payroll taxes | $135,392 |
| Fees for services: Management | $14,126 |
| Fees for services: Legal | $3,798 |
| Fees for services: Accounting | $134,081 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $6,880 |
| Fees for services: Other | $57,282 |
| Advertising and promotion | $0 |
| Office expenses | $428,197 |
| Information technology | $10,929 |
| Royalties | $0 |
| Occupancy | $190,270 |
| Travel | $181 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $9,522 |
| Interest | $22,456 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $85,728 |
| Insurance | $9,464 |
| All other expenses | $10,548 |
| Total functional expenses | $2,281,960 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $2,870,033 |
| Savings and temporary cash investments | $2,511,064 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $62,432 |
| Loans from Officers, Directors, or Controlling Persons | $0 |
| Loans from Disqualified Persons | $0 |
| Notes and loans receivable | $11,484,185 |
| Inventories for sale or use | $0 |
| Prepaid expenses and deferred charges | $76,243 |
| Net Land, buildings, and equipment | $4,687,180 |
| Investments—publicly traded securities | $1,357,116 |
| Investments—other securities | $0 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $3,213,650 |
| Total assets | $26,261,903 |
| Accounts payable and accrued expenses | $158,307 |
| Grants payable | $0 |
| Deferred revenue | $1,011 |
| Tax-exempt bond liabilities | $0 |
| Escrow or custodial account liability | $22,358 |
| Loans and other payables to any current Officer, Director, or Controlling Person | $0 |
| Secured mortgages and notes payable | $3,368,165 |
| Unsecured mortgages and notes payable | $0 |
| Other liabilities | $0 |
| Total liabilities | $3,549,841 |
| Net assets without donor restrictions | $22,694,242 |
| Net assets with donor restrictions | $17,820 |
| 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 | $26,261,903 |
Grants Recieved
Over the last fiscal year, we have identified 14 grants that Asian Community Development Corp has recieved totaling $328,939.
| Awarding Organization | Amount |
|---|---|
Eastern Bank Charitable Foundation Lynn, MA PURPOSE: EXEMPT PURPOSE | $120,800 |
National Coalition For Asian Pacific American Community Dev Washington, DC PURPOSE: Housing Counseling; AAPI Community Resilience Fund | $86,736 |
Asian Americans Advancing Justice Atlanta Inc Norcross, GA | | $50,000 |
Harvard Pilgrim Health Care Foundation Inc Canton, MA PURPOSE: Healthy Youth, Healthy Community | $20,000 |
Boston After School & Beyond Inc Boston, MA PURPOSE: TO FURTHER THE MISSION OF THE SUMMER LEARNING COMMUNITY | $18,570 |
Hamilton Company Charitable Foundation Allston, MA PURPOSE: GENERAL | $7,500 |
Peer Organizations
| Organization Name | Assets | Revenue |
|---|---|---|
Champlain Housing Tr Burlington, VT | $156,492,954 | $31,041,858 |
Neville Communities Home Inc Cambridge, MA | $11,055,368 | $17,412,264 |
Affordable Housing And Services Collaborative Inc Braintree, MA | $170,389,416 | $17,704,653 |
Fairhaven Healthcare Center Inc Lowell, MA | $23,711,383 | $11,897,110 |
Jewish Federation Housing Development Fund Company Buffalo, NY | $0 | $1,951,149 |
National Affordable Housing Foundation Schenectady Inc Waltham, MA | $11,290,760 | $3,782,521 |
Neighborhood Of Affordable Housing Inc East Boston, MA | $27,971,204 | $13,300,567 |
Grand Central District Management Association Inc New York, NY | $3,484,616 | $12,729,561 |
Westbeth Corp Housing Development Fund Company Inc New York, NY | $62,389,155 | $10,191,211 |
Inquilinos Boricuas En Accion Inc Boston, MA | $173,108,948 | $16,934,744 |
Brighton Beach Housing Development Fund Company Inc New York, NY | $22,060,771 | $3,270,016 |
Milton-Fuller Housing Corporation Milton, MA | $76,615,525 | $9,254,138 |