Hebrew Free Loan Society Inc
- Assets
- $39.1m
- Revenue
- $5.8m
- Investments
- $14.3m
- Employees
- 16
- Location
- New York, NY
- Founding
- 12/1926
- Data as of
- 06/2021
- EIN
- 13-5562239
Organization Overview
Hebrew Free Loan Society Inc is located in New York, NY. The organization was established in 1926. According to its NTEE Classification (P51) the organization is classified as: Financial Counseling, under the broad grouping of Human Services and related organizations. As of 06/2021, Hebrew Free Loan Society Inc employed 16 individuals. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Hebrew Free Loan Society 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 06/2021, Hebrew Free Loan Society Inc generated $5.8m in total revenue. This organization has experienced exceptional growth, as over the past 6 years, it has increased revenue by an average of 13.8% each year . All expenses for the organization totaled $3.6m during the year ending 06/2021. While expenses have increased by 12.7% per year over the past 6 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
PROVIDES INTEREST-FREE LOANS TO INDIVIDUALS, FAMILIES AND BUSINESSES.
Describe the Organization's Program Activity:
Part 3 - Line 4a
AT THE END OF FY 2021, HFLS HAD NEARLY 3,049 LOANS OUTSTANDING, TOTALING $19.65 MILLION. IN FY21 ALONE, HFLS DISBURSED MORE THAN $18.9 MILLION TO AID 1,524 INDIVIDUALS AND FAMILIES IN THE NEW YORK METROPOLITAN AREA. HFLS LOANS HELPED FAMILIES WHO ARE BARELY GETTING BY FINANCIALLY, AFFECTED BY COVID 19 AND WERE FACED WITH AN EMERGENCY OR OUTSIZE NEED, STUDENTS PAY FOR COLLEGE AND GRADUATE SCHOOL, ECONOMICALLY VULNERABLE ENTREPRENEURS START OR EXPAND A BUSINESS, PARENTS OF DISABLED CHILDREN WHO NEEDED TO ACCESS EXPENSIVE SPECIAL EDUCATION SERVICES, AND OTHER NEW YORKERS IN NEED.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
David Rosenn Executive Director | Officer | 40 | $196,208 |
Rachel Chasky Director Of Development | 40 | $134,824 | |
Daren Scott Director Of Finance And Admin | Officer | 40 | $127,593 |
Shlomo Haft Director Of Me Program | 40 | $118,604 | |
Kimberley Kaplan Deputy Director | 40 | $117,027 | |
Ian Shrank Board President | OfficerTrustee | 8 | $0 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Federated campaigns | $266,777 |
| Membership dues | $0 |
| Fundraising events | $0 |
| Related organizations | $0 |
| Government grants | $0 |
| All other contributions, gifts, grants, and similar amounts not included above | $4,436,780 |
| Noncash contributions included in lines 1a–1f | $0 |
| Total Revenue from Contributions, Gifts, Grants & Similar | $4,703,557 |
| Total Program Service Revenue | $0 |
| Investment income | $34,729 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $0 |
| Net Gain/Loss on Asset Sales | $812,556 |
| Net Income from Fundraising Events | $0 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $0 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $5,814,730 |
| 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. | $458,894 |
| Compensation of current officers, directors, key employees. | $51,355 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $1,157,198 |
| Pension plan accruals and contributions | $784,028 |
| Other employee benefits | $337,070 |
| Payroll taxes | $103,771 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $792 |
| Fees for services: Accounting | $33,100 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $10,264 |
| Fees for services: Other | $130,279 |
| Advertising and promotion | $77,918 |
| Office expenses | $56,198 |
| Information technology | $70,167 |
| Royalties | $0 |
| Occupancy | $171,246 |
| Travel | $0 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $6,502 |
| Interest | $73,992 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $22,222 |
| Insurance | $35,771 |
| All other expenses | $8,733 |
| Total functional expenses | $3,643,374 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $3,321,904 |
| Savings and temporary cash investments | $1,500,599 |
| Pledges and grants receivable | $325,132 |
| Accounts receivable, net | $31,591 |
| Loans from Officers, Directors, or Controlling Persons | $0 |
| Loans from Disqualified Persons | $0 |
| Notes and loans receivable | $19,448,080 |
| Inventories for sale or use | $0 |
| Prepaid expenses and deferred charges | $5,850 |
| Net Land, buildings, and equipment | $240,420 |
| Investments—publicly traded securities | $0 |
| Investments—other securities | $14,266,099 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $0 |
| Total assets | $39,139,675 |
| Accounts payable and accrued expenses | $161,302 |
| Grants payable | $0 |
| Deferred revenue | $108,720 |
| Tax-exempt bond liabilities | $0 |
| Escrow or custodial account liability | $161,582 |
| Loans and other payables to any current Officer, Director, or Controlling Person | $300,000 |
| Secured mortgages and notes payable | $0 |
| Unsecured mortgages and notes payable | $0 |
| Other liabilities | $8,226,804 |
| Total liabilities | $8,958,408 |
| Net assets without donor restrictions | $20,617,019 |
| Net assets with donor restrictions | $9,564,248 |
| 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 | $39,139,675 |
Grants Recieved
Over the last fiscal year, we have identified 1 grants that Hebrew Free Loan Society Inc has recieved totaling $5,000.
| Awarding Organization | Amount |
|---|---|
Klipper Family Foundation Woodbury, NY PURPOSE: DONATION | $5,000 |
Endowment Analysis
| Beg. Balance | $10,002,249 |
| Earnings | $1,357,359 |
| Net Contributions | $384,818 |
| Other Expense | $1,837,272 |
| Ending Balance | $9,907,154 |
Peer Organizations
| Organization Name | Assets | Revenue |
|---|---|---|
Garden State Consumer Credit Counseling Inc Manalapan, NJ | $15,368,790 | $14,807,314 |
American Consumer Credit Counseling Inc Auburndale, MA | $18,184,034 | $13,306,197 |
Cambridge Credit Counseling Corp Agawam, MA | $10,545,696 | $7,101,425 |
Consumer Credit Counseling Service Of Delaware Valley Philadelphia, PA | $4,817,961 | $4,855,910 |
Hebrew Free Loan Society Inc New York, NY | $39,139,675 | $5,814,730 |
Consumer Credit And Budget Counseling Inc Marmora, NJ | $1,261,705 | $3,720,720 |
Consumers Credit Counseling Service Of Rochester Inc Rochester, NY | $7,908,723 | $3,468,563 |
Start Small Think Big Inc New York, NY | $5,478,531 | $5,454,234 |
Money Management New York, NY | $8,835,712 | $4,309,180 |
Advantage Credit Counseling Service Inc Pittsburgh, PA | $1,986,787 | $1,981,242 |
Intl Federation Of Red Cross And Red Crescent Soc At The U N Inc New York, NY | $144,561 | $1,804,361 |
Parachute Credit Counseling Inc West Seneca, NY | $1,575,678 | $1,698,417 |