Diamond State C L T Inc
- Assets
- $311.0k
- Revenue
- $45.0k
- Investments
- $0.0
- Employees
- 2
- Location
- Dover, DE
- Founding
- 10/2006
- Data as of
- 06/2022
- EIN
- 20-3625660
Organization Overview
Diamond State C L T Inc, operating under the name Diamond State Community Land T, is located in Dover, DE. The organization was established in 2006. 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 06/2022, Diamond State Community Land T employed 2 individuals. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Diamond State Community Land T 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, Diamond State Community Land T generated $45.0k in total revenue. This represents a relatively dramatic decline in revenue. Over the past 6 years, the organization has seen revenues fall by an average of (30.9%) each year. All expenses for the organization totaled $83.5k 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
TO STRENGTHEN DELAWARE COMMUNITIES BY CREATING AND STEWARDING FOREVER AFFORDABLE HOUSING TO LOW-MODERATE INCOME INDIVIDUALS AND FAMILIES WHILE PROMOTING SUSTAINABLE USE OF THE LAND.
Describe the Organization's Program Activity:
Part 3 - Line 4a
LAND IS THE MOST CRITICAL FACTOR IN DETERMINING THE COST OF A NEW HOME. THE DIAMOND STATE CLT COMMUNITY LAND TRUST MAKES HOUSING AFFORDABLE BY THE UNIQUE METHOD OF SHARING EQUITY GAINS BETWEEN THE CLT AND THE HOMEOWNER, THEREBY LESSENING THE IMPACT OF LAND AND LOCATIONAL FACTORS AND ALLOWING THE HOME TO REMAIN AFFORDABLE TO SUBSEQUENT BUYERS. WITH 41 HOMES IN ITS PORTFOLIO THROUGHOUT THE STATE, DSCLT RECOGNIZES THE CONTINUING NEED FOR MORE AFFORDABLE HOUSING TO MODEST INCOME HOUSEHOLDS THAT WILL REMAIN AFFORDABLE FOR FUTURE GENERATIONS. FURTHER, THE ORGANIZATION PROMOTES THE CONCEPT THAT THE FUNDING IT RECEIVES TO HELP MAKE THOSE HOMES AFFORDABLE SHOULD BE PRESERVED OVER THE LONG-TERM SO THAT FUTURE GENERATIONS WILL BE ABLE TO AFFORD HOME OWNERSHIP. DSCLT HAS PRESERVED OVER $4.2 MILLION IN PUBLIC INVESTMENT. SEE SCHEDULE O FOR MORE . . . .
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Kathy Fransler Director | Trustee | 0.25 | $0 |
Daniel Wang Director | Trustee | 0.25 | $0 |
Erika Disalvo Director | Trustee | 0.25 | $0 |
Deborah Galonsky Treasurer | OfficerTrustee | 0.25 | $0 |
Sarah Keifer President | OfficerTrustee | 0.25 | $0 |
Joan Fitzgerald Vice President | OfficerTrustee | 0.25 | $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 | $424 |
| Noncash contributions included in lines 1a–1f | $0 |
| Total Revenue from Contributions, Gifts, Grants & Similar | $424 |
| Total Program Service Revenue | $17,560 |
| Investment income | $1,017 |
| 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 | $44,965 |
| 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. | $0 |
| Compensation of current officers, directors, key employees. | $0 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $32,072 |
| Pension plan accruals and contributions | $0 |
| Other employee benefits | $0 |
| Payroll taxes | $2,376 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $0 |
| Fees for services: Accounting | $25,200 |
| 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 | $7,788 |
| Information technology | $0 |
| Royalties | $0 |
| Occupancy | $2,717 |
| Travel | $0 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $0 |
| Interest | $0 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $0 |
| Insurance | $7,773 |
| All other expenses | $0 |
| Total functional expenses | $83,520 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $5,172 |
| Savings and temporary cash investments | $25,597 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | -$263 |
| Loans from Officers, Directors, or Controlling Persons | $0 |
| Loans from Disqualified Persons | $0 |
| Notes and loans receivable | $0 |
| Inventories for sale or use | $0 |
| Prepaid expenses and deferred charges | $0 |
| Net Land, buildings, and equipment | $242,121 |
| Investments—publicly traded securities | $0 |
| Investments—other securities | $0 |
| Investments—program-related | $38,332 |
| Intangible assets | $0 |
| Other assets | $0 |
| Total assets | $310,959 |
| Accounts payable and accrued expenses | $2,754 |
| 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 | $70,077 |
| Other liabilities | $0 |
| Total liabilities | $72,831 |
| Net assets without donor restrictions | $223,509 |
| Net assets with donor restrictions | $14,619 |
| 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 | $310,959 |