Community Land Trust Of Palm Beach County
- Assets
- $8.7m
- Revenue
- $470.8k
- Investments
- $0.0
- Employees
- 3
- Location
- Lake Worth, FL
- Founding
- 03/2007
- Data as of
- 09/2023
- EIN
- 20-5090958
Organization Overview
Community Land Trust Of Palm Beach County is located in Lake Worth, FL. 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. As of 09/2023, Community Land Trust Of Palm Beach County employed 3 individuals. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Community Land Trust Of Palm Beach County 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 09/2023, Community Land Trust Of Palm Beach County generated $470.8k in total revenue. This represents relatively stable growth, over the past 8 years the organization has increased revenue by an average of 6.9% each year. All expenses for the organization totaled $871.9k during the year ending 09/2023. 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
2023
Describe the Organization's Mission:
Part 3 - Line 1
TO INCREASE THE PERMANENT SUPPLY OF HOUSING AFFORDABLE FOR VERY-LOW, LOW AND MODERATE INCOME RESIDENTS IN PALM BEACH COUNTY.
Describe the Organization's Program Activity:
Part 3 - Line 4a
THROUGH THE COMMITMENT OF ITS ALL-VOLUNTEER BOARD OF DIRECTORS, THE DEDICATION OF ITS STAFF, AND SUPPORT OF ITS MEMBERS, THE CLT OF PBCTC HAS BEEN ABLE TO ACCOMPLISH THE FOLLOWING IN FY 2022-23:NEW HOUSING CONSTRUCTION: COMPLETED THE FIRST HOME IN THE LAKE WORTH BEACH CLT COTTAGE HOMES PROJECT. THIS HOME IS SET ASIDE FOR HOUSEHOLDS WITH INCOMES AT 80% AND BELOW OF THE AMI.BROKE GROUND ON THE LAKE WORTH BEACH E STREET CLT COTTAGE HOMES PROJECT. THIS PROJECT IS COMPRISED OF THREE 3 BD/2BA SINGLE FAMILY HOMES TARGETED TO HOUSEHOLDS AT 100% OF THE AMI. THE PROJECT WAS AWARDED $287,700 IN AMERICAN RECOVERY ACT DOLLARS FROM PALM BEACH COUNTY AND THE LWBCRA DONATED THE LOTS.INITIATED THE DONATION OF AN ADDITIONAL 3 THREE LOTS FROM THE LAKE WORTH BEACH CRA FOR THE LAKE WORTH BEACH COTTAGE HOMES PROJECT.CLT HOMEOWNERSHIP:SOLD 1 (ONE) AFFORDABLE HOUSE UNDER THE COMMUNITY LAND TRUST MODEL OF HOMEOWNERSHIP TO AN ELIGIBLE HOUSEHOLD WITH AN INCOME BELOW 80% AMI.EXECUTED NINE (9) PRESALE AGREEMENTS FOR DAVIS COMMONS WITH BUYERS WHOSE ANNUAL INCOME IS AT OR BELOW 120% AMI.CLT RENTALS:MADE 82 AFFORDABLE RENTAL HOUSING UNITS AVAILABLE TO HOUSEHOLDS WITH INCOMES RANGING FROM 30% AMI TO 120% AMI AT DAVIS LANDINGS AND LA JOYA VILLAGES.GRANTS AWARDED:AWARDED $20,000 OPERATING GRANT FROM WELLS FARGOAWARDED $10,000 OPERATING GRANT FROM BANKUNITEDAWARDED $5,000 OPERATING GRANT FROM FINEMARK NATIONAL BANK AND TRUSTAWARDED $2,000 OPERATING GRANT FROM SYNOVUSSUBMITTED FOR $65K IN EMPLOYEE RETENTION CREDIT FROM IRSPROGRAM EXPANSION:OBTAINED THE CITY OF PORT ST LUCIE COUNCIL'S APPROVAL TO MOVE FORWARD WITH A BUYER INITIATED CLT PROGRAM IN THE CITY THE FIRST IN THE STATE OF FLORIDA.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Timothy P Wheat President | OfficerTrustee | 0.5 | $0 |
Hazel Lucas Vice President | OfficerTrustee | 0.5 | $0 |
Andrew Zeeman Treasurer | OfficerTrustee | 0.5 | $0 |
Silvia Ricketts Secretary | OfficerTrustee | 0.5 | $0 |
Shirley Erazo Director | Trustee | 0.5 | $0 |
Tangenica Henry Director | Trustee | 0.5 | $0 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Federated campaigns | $0 |
| Membership dues | $0 |
| Fundraising events | $0 |
| Related organizations | $0 |
| Government grants | $216,975 |
| All other contributions, gifts, grants, and similar amounts not included above | $25,033 |
| Noncash contributions included in lines 1a–1f | $216,975 |
| Total Revenue from Contributions, Gifts, Grants & Similar | $242,008 |
| Total Program Service Revenue | $322,867 |
| Investment income | $445 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $0 |
| Net Gain/Loss on Asset Sales | -$94,475 |
| Net Income from Fundraising Events | $0 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $0 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $470,845 |
| 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. | $111,410 |
| Compensation of current officers, directors, key employees. | $16,711 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $92,406 |
| Pension plan accruals and contributions | $3,725 |
| Other employee benefits | $32,365 |
| Payroll taxes | $15,967 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $3,625 |
| Fees for services: Accounting | $55,138 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $239 |
| Advertising and promotion | $93 |
| Office expenses | $18,643 |
| Information technology | $0 |
| Royalties | $0 |
| Occupancy | $17,669 |
| Travel | $0 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $0 |
| Interest | $136,198 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $204,687 |
| Insurance | $69,729 |
| All other expenses | $0 |
| Total functional expenses | $871,895 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $1,334,570 |
| Savings and temporary cash investments | $0 |
| Pledges and grants receivable | $21,478 |
| Accounts receivable, net | $0 |
| 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 | $17,509 |
| Net Land, buildings, and equipment | $7,245,483 |
| Investments—publicly traded securities | $0 |
| Investments—other securities | $0 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $65,837 |
| Total assets | $8,684,877 |
| Accounts payable and accrued expenses | $1,363,533 |
| 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 | $7,393,990 |
| Unsecured mortgages and notes payable | $0 |
| Other liabilities | $794,458 |
| Total liabilities | $9,551,981 |
| Net assets without donor restrictions | -$4,672,180 |
| Net assets with donor restrictions | $3,805,076 |
| 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 | $8,684,877 |