Local Development Corporation Of Crown Heights Inc
- Assets
- $10.1m
- Revenue
- $1.3m
- Investments
- $0.0
- Employees
- 6
- Location
- Brooklyn, NY
- Founding
- 09/1988
- Data as of
- 12/2022
- EIN
- 11-2890302
Organization Overview
Local Development Corporation Of Crown Heights Inc is located in Brooklyn, NY. The organization was established in 1988. According to its NTEE Classification (S20) the organization is classified as: Community & Neighborhood Development, under the broad grouping of Community Improvement & Capacity Building and related organizations. As of 12/2022, Local Development Corporation Of Crown Heights Inc employed 6 individuals. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Local Development Corporation Of Crown Heights 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 12/2022, Local Development Corporation Of Crown Heights Inc generated $1.3m in total revenue. This represents relatively stable growth, over the past 8 years the organization has increased revenue by an average of 7.5% each year. All expenses for the organization totaled $1.1m during the year ending 12/2022. While expenses have increased by 3.7% per year over the past 8 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
2022
Describe the Organization's Mission:
Part 3 - Line 1
THE LOCAL DEVELOPMENT CORPORATION OF CROWN HEIGHTS, INC. ("LDCCH") WAS ORGANIZED IN NOVEMBER 1987 AS A NOT-FOR-PROFIT CHARITABLE CORPORATION WHOSE PURPOSE WAS TO RELIEVE AND REDUCE UNEMPLOYMENT, INTER ALIA, AND WAS LATER AMENDED TO INCLUDE PROVIDING HOUSING ACCOMODATIONS TO PERSONS AND FAMILIES OF LOW INCOME, AS WELL AS OPERATING CERTAIN PROGRAMS TO SUPPORT THE SURROUNDING COMMUNITY.
Describe the Organization's Program Activity:
Part 3 - Line 4a
COMMUNITY AND SOCIAL SERVICES - OPERATED/FUNDED THROUGH NPP PROGRAM IS COMPLEMENTED BY A PROGRAM THAT TEACHES KEY FINANCIAL CONCEPTS, SUCH AS CREDIT, BUDGETING AND DEBT REDUCTION. IN 2021, THE ORGANIZATION PROVIDED TRAINING AND INFORMATIONAL SESSIONS AS WELL AS INDIVIDUAL ASSISTANCE TO RESIDENTS OF THE CROWN HEIGHTS AND CENTRAL BROOKLYN COMMUNITY.
PROVIDING AFFORDABLE HOUSING SERVICES - THIS PROGRAM OFFERS ASSISTANCE IN HOUSING AND QUALITY OF LIFE ISSUES. OTHER SERVICES OFFERED UNDER THIS PROGRAM INCLUDE FIRST TIME HOME BUYER WORKSHOPS, HOUSING DEVELOPMENT PROGRAMS, APARTMENT RELOCATION, COUNSELING TO BUSINESS OWNERS AND INDIVIDUALS, SMALL BUSINESS DEVELOPMENT EDUCATION PROGRAMS, COLLABORATIVE PROJECTS WITH OTHER COMMUNITY ORGANIZATIONS, INFORMATION AND REFERRALS TO GOVERNMENT AGENCIES AND OTHER ORGANIZATIONS FUNDED BY NYS DIVISION OF HOUSING AND COMMUNITY RENEWAL AND HOUSING MAINTENANCE WORKSHOPS. THE ORGANIZATION SPONSORS VARIOUS AFFORDABLE HOUSING THROUGH ITS CONTROL AND OWNERSHIP INTERESTS IN VARIOUS AFFORDABLE HOUSING PROJECTS IN THE CROWN HEIGHTS AREA. (CONT'D ON SCHEUDLE O)IN 2022, THIS PROGRAM PROVIDED 700 UNITS OF LOW-INCOME SENIOR OR AFFORDABLE HOUSING IN 7 DEVELOPMENTS CONSISTING OF 20 BUILDINGS IN THE CENTRAL BROOKLYN COMMUNITY.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Charles E Thomas Chairman | OfficerTrustee | 0.25 | $0 |
Edward H King ESQ Treasurer Through 12/12/22 | OfficerTrustee | 0.25 | $0 |
Alecia Mason Vice-Chair | OfficerTrustee | 0.25 | $0 |
Cory Sargeant Secretary | OfficerTrustee | 0.25 | $0 |
Allyson Franklin ESQ Member | Trustee | 0.25 | $0 |
Kenneth Laidlow Member | Trustee | 0.25 | $0 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Federated campaigns | $0 |
| Membership dues | $0 |
| Fundraising events | $0 |
| Related organizations | $0 |
| Government grants | $208,495 |
| All other contributions, gifts, grants, and similar amounts not included above | $0 |
| Noncash contributions included in lines 1a–1f | $0 |
| Total Revenue from Contributions, Gifts, Grants & Similar | $208,495 |
| Total Program Service Revenue | $1,024,000 |
| Investment income | $165,249 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $0 |
| Net Gain/Loss on Asset Sales | -$190,394 |
| Net Income from Fundraising Events | $0 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $0 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $1,270,264 |
| 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. | $179,103 |
| Compensation of current officers, directors, key employees. | $143,282 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $248,961 |
| Pension plan accruals and contributions | $0 |
| Other employee benefits | $24,066 |
| Payroll taxes | $30,814 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $41,575 |
| Fees for services: Accounting | $169,985 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $39,774 |
| Fees for services: Other | $169,985 |
| Advertising and promotion | $0 |
| Office expenses | $32,932 |
| Information technology | $0 |
| Royalties | $0 |
| Occupancy | $57,226 |
| Travel | $8,868 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $4,496 |
| Interest | $0 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $12,896 |
| Insurance | $36,006 |
| All other expenses | $17,088 |
| Total functional expenses | $1,132,590 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $3,514,036 |
| Savings and temporary cash investments | $160,874 |
| Pledges and grants receivable | $85,569 |
| Accounts receivable, net | $0 |
| Loans from Officers, Directors, or Controlling Persons | $0 |
| Loans from Disqualified Persons | $0 |
| Notes and loans receivable | $499,006 |
| Inventories for sale or use | $0 |
| Prepaid expenses and deferred charges | $0 |
| Net Land, buildings, and equipment | $89,012 |
| Investments—publicly traded securities | $4,852,332 |
| Investments—other securities | $0 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $855,597 |
| Total assets | $10,056,426 |
| Accounts payable and accrued expenses | $92,074 |
| Grants payable | $0 |
| Deferred revenue | $0 |
| 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 | $0 |
| Unsecured mortgages and notes payable | $0 |
| Other liabilities | $242,542 |
| Total liabilities | $334,616 |
| Net assets without donor restrictions | $9,721,810 |
| Net assets with donor restrictions | $0 |
| 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 | $10,056,426 |