Irvine Community Land Trust
- Assets
- $81.6m
- Revenue
- $2.3m
- Investments
- $0.0
- Employees
- 1
- Location
- Irvine, CA
- Founding
- 02/2007
- Data as of
- 06/2024
- EIN
- 20-4773159
Organization Overview
Irvine Community Land Trust is located in Irvine, CA. The organization was established in 2007. 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. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Irvine Community Land Trust 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 06/2024, Irvine Community Land Trust generated $2.3m in total revenue. This represents a relatively dramatic decline in revenue. Over the past 9 years, the organization has seen revenues fall by an average of (14.5%) each year. All expenses for the organization totaled $800.4k during the year ending 06/2024. 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
2024
Describe the Organization's Mission:
Part 3 - Line 1
TO LESSEN THE BURDENS OF GOVERNMENT BY, AMONG OTHER THINGS, DEVELOPING, CONSTRUCTING, FINANCING, MANAGING, SELLING, RENTING, SUBSIDIZING, AND MONITORING SINGLE AND MULTI-FAMILY HOUSING, AND BY HOLDING IN-PERPETUITY, LAND AND ASSETS FOR AFFORDABLE HOUSING.
Describe the Organization's Program Activity:
Part 3 - Line 4a
THE IRVINE COMMUNITY LAND TRUSTS THREE LARGEST PROGRAM SERVICES TO DATE HAVE BEEN TO 1) SUBSIDIZE DEVELOPMENT COSTS FOR AFFORDABLE MULTI-FAMILY RENTAL PROJECTS AND 2)ACQUIRE, REHABILITATE AND RENT AT AN AFFORDABLE COST SCATTERED SITE HOUSING UNITS AND 3)ACQUIRE LAND FOR DEVELOPMENT AS AFFORDABLE HOUSING.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
William Hughes Exec Director | OfficerTrustee | 40 | $207,200 |
Larry Agran Board Member | Trustee | 3 | $0 |
Patrick Strader Board Member | Trustee | 2 | $0 |
Michael Carroll Board Member | Trustee | 0 | $0 |
Leon Napper Board Member | Trustee | 3 | $0 |
Nancy Donnelly Vptreasurerboard Member | OfficerTrustee | 3 | $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 | $0 |
| Noncash contributions included in lines 1a–1f | $0 |
| Total Revenue from Contributions, Gifts, Grants & Similar | $0 |
| Total Program Service Revenue | $1,055,611 |
| Investment income | $1,185,859 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $39,189 |
| 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 | $2,280,659 |
| Statement of Expenses | |
|---|---|
| Grants and other assistance to domestic organizations and domestic governments. | $3,000 |
| 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. | $284,501 |
| Compensation of current officers, directors, key employees. | $284,501 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $0 |
| Pension plan accruals and contributions | $0 |
| Other employee benefits | $25,700 |
| Payroll taxes | $21,988 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $208,950 |
| Fees for services: Accounting | $45,610 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $0 |
| Advertising and promotion | $1,547 |
| Office expenses | $25,511 |
| Information technology | $0 |
| Royalties | $0 |
| Occupancy | $0 |
| Travel | $0 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $5,894 |
| Interest | $0 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $104,742 |
| Insurance | $4,608 |
| All other expenses | $14,924 |
| Total functional expenses | $800,434 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $2,640,347 |
| Savings and temporary cash investments | $26,306,252 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $0 |
| Loans from Officers, Directors, or Controlling Persons | $0 |
| Loans from Disqualified Persons | $0 |
| Notes and loans receivable | $11,015,932 |
| Inventories for sale or use | $0 |
| Prepaid expenses and deferred charges | $0 |
| Net Land, buildings, and equipment | $36,756,038 |
| Investments—publicly traded securities | $0 |
| Investments—other securities | $0 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $4,906,545 |
| Total assets | $81,625,114 |
| Accounts payable and accrued expenses | $57,876 |
| 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 | $6,014 |
| Total liabilities | $63,890 |
| Net assets without donor restrictions | $0 |
| 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 | $81,561,224 |
| Total liabilities and net assets/fund balances | $81,625,114 |