Lowell Community Loan Fund Inc
- Assets
- $8.3m
- Revenue
- $3.5m
- Investments
- $0.0
- Employees
- 7
- Location
- Lawrence, MA
- Founding
- 07/2009
- Data as of
- 12/2021
- EIN
- 04-3571892
Organization Overview
Lowell Community Loan Fund Inc is located in Lawrence, MA. The organization was established in 2009. 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, Lowell Community Loan Fund Inc employed 7 individuals. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Lowell Community Loan Fund Inc 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, Lowell Community Loan Fund Inc generated $3.5m in total revenue. This organization has experienced exceptional growth, as over the past 7 years, it has increased revenue by an average of 48.7% each year . All expenses for the organization totaled $1.4m during the year ending 12/2021. While expenses have increased by 35.5% 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.
Since 2018, Lowell Community Loan Fund Inc has awarded 111 individual grants totaling $1,251,707. If you would like to learn more about the grant giving history of this organization, scroll down to the grant profile section of this page.
Form
990
Mission & Program ActivityExcerpts From the 990 Filing
TAX YEAR
2021
Describe the Organization's Mission:
Part 3 - Line 1
TO ADVANCE COMMUNITY REVITALIZATION AND DEVELOPMENT IN THE MERRIMACK VALLEY BY PROVIDING APPROPRIATE LOAN PROGRAMS AND TECHNICAL ASSISTANCE TO LOW AND MODERATE INCOME COMMUNITIES.
Describe the Organization's Program Activity:
Part 3 - Line 4a
TO PROVIDE FINANCING AND/OR COLLABORATE WITH EXISTING LOANS TO PROVIDE FIRST OR SUBORDINATE MORTGAGE FINANCING TO CREDIT WORTHY BORROWERS AT A MODEST RATE FOR HOME ACQUISITION, REFINANCING, AND TO AVOID PRIVATE MORTGAGE INSURANCE. THE ORGANIZATION ALSO OFFERS LOANS AT TRADITIONAL FINANCIAL INSTITUTION RATES FOR SMALL BUSINESS STARTUPS, STABALIZATION, EXPANSION, AND JOB CREATION.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Kristen Harol President | OfficerTrustee | 5 | $0 |
Lisa Kozol V.P. / Treas | OfficerTrustee | 5 | $0 |
Yun-Ju Choi Clerk | OfficerTrustee | 5 | $0 |
Glynn Lloyd Executive Di | Officer | 40 | $0 |
Arleen Zorrila Director | Trustee | 5 | $0 |
Abbott Lawrence Director | Trustee | 5 | $0 |
Outside Vendors & Contractors
| Vendor Name (Service) | Service Year | Compensation |
|---|---|---|
Gregg Davis Int Ceo Beg 7/1 | 12/30/20 | $111,329 |
Aafcpas Accounting | 12/30/20 | $112,980 |
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 | $2,993,466 |
| Noncash contributions included in lines 1a–1f | $0 |
| Total Revenue from Contributions, Gifts, Grants & Similar | $2,993,466 |
| Total Program Service Revenue | $362,005 |
| Investment income | $400 |
| 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 | $3,489,371 |
| Statement of Expenses | |
|---|---|
| Grants and other assistance to domestic organizations and domestic governments. | $78,000 |
| 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. | $0 |
| Compensation of current officers, directors, key employees. | $0 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $381,001 |
| Pension plan accruals and contributions | $0 |
| Other employee benefits | $81,015 |
| Payroll taxes | $43,902 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $21,285 |
| Fees for services: Accounting | $211,923 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $260,004 |
| Advertising and promotion | $680 |
| Office expenses | $72,849 |
| Information technology | $0 |
| Royalties | $0 |
| Occupancy | $35,419 |
| Travel | $0 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $0 |
| Interest | $52,554 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $4,387 |
| Insurance | $2,877 |
| All other expenses | $0 |
| Total functional expenses | $1,400,254 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $3,169,809 |
| Savings and temporary cash investments | $0 |
| Pledges and grants receivable | $327,027 |
| Accounts receivable, net | $0 |
| Loans from Officers, Directors, or Controlling Persons | $0 |
| Loans from Disqualified Persons | $0 |
| Notes and loans receivable | $4,463,502 |
| Inventories for sale or use | $0 |
| Prepaid expenses and deferred charges | $40,778 |
| Net Land, buildings, and equipment | $3,804 |
| Investments—publicly traded securities | $9,366 |
| Investments—other securities | $0 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $320,510 |
| Total assets | $8,334,796 |
| Accounts payable and accrued expenses | $815,198 |
| Grants payable | $0 |
| Deferred revenue | $404,360 |
| Tax-exempt bond liabilities | $0 |
| Escrow or custodial account liability | $61,102 |
| Loans and other payables to any current Officer, Director, or Controlling Person | $0 |
| Secured mortgages and notes payable | $0 |
| Unsecured mortgages and notes payable | $3,718,533 |
| Other liabilities | $36,476 |
| Total liabilities | $5,035,669 |
| Net assets without donor restrictions | $2,503,659 |
| Net assets with donor restrictions | $795,468 |
| 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 | $8,334,796 |
Grants Awarded
Over the last fiscal year, Lowell Community Loan Fund Inc has awarded $78,000 in support to 13 organizations.
| Grant Recipient | Amount |
|---|---|
GLOWING BEAUTY & CO INC PURPOSE: LOAN FORGIVENESS | $6,000 |
BOCADITOS LLC PURPOSE: LOAN FOREGIVENESS | $6,000 |
DGLAMOUR ART DECORATIONS INC PURPOSE: LOAN FORGIVENESS | $6,000 |
DOVETAIL DISTRIBUTORS LLC PURPOSE: LOAN FORGIVENESS | $6,000 |
DECAROLIS BROTHERS CYCLISTS LLC PURPOSE: LOAN FORGIVENESS | $6,000 |
LA CIBAENA BAKERY INC PURPOSE: LOAN FORGIVENESS | $6,000 |
Grants Recieved
Over the last fiscal year, we have identified 2 grants that Lowell Community Loan Fund Inc has recieved totaling $282,500.
| Awarding Organization | Amount |
|---|---|
Essex County Community Foundation Incorporated Danvers, MA | | $250,000 |
Local Initiatives Support Corporation New York, NY PURPOSE: SEE PART IV | $32,500 |
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 |