Albany Community Land Trust
- Assets
- $3.3m
- Revenue
- $1.2m
- Investments
- $0.0
- Employees
- 1
- Location
- Albany, NY
- Founding
- 02/1989
- Data as of
- 12/2021
- EIN
- 22-2908723
Organization Overview
Albany Community Land Trust is located in Albany, NY. The organization was established in 1989. 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. Albany 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 12/2021, Albany Community Land Trust generated $1.2m in total revenue. This organization has experienced exceptional growth, as over the past 7 years, it has increased revenue by an average of 12.2% each year . All expenses for the organization totaled $915.0k during the year ending 12/2021. While expenses have increased by 8.7% per year over the past 7 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
PRESERVING AND MAINTAINING AFFORDABLE HOUSING FOR LOW INCOME AND DISADVANTAGED INDIVIDUALS AND FAMILIES IN ALBANY, NEW YORK.
Describe the Organization's Program Activity:
Part 3 - Line 4a
ACLT ACQUIRES AND REHABILITATES VACANT BUILDINGS IN THE LOW-INCOME ALBANY NEIGHBORHOODS OF WEST HILL, ARBOR HILL AND THE SOUTH END. ACLT USES LOANS AND GRANT RESOURCES TO BRING THE PROPERTIES BACK TO PRODUCTIVE USE AND CONTINUES TO OWN AND MANAGE THESE PROPERTIES AS AFFORDABLE RENTAL PROPERTIES. IN 2021, 58 FAMILIES WERE HELPED FROM THIS PROGRAM.
ACLT'S HOMEOWNERSHIP PROGRAM INVOLVES THE ACQUISITION AND RENOVATION OF A HOME BEFORE SELLING IT TO THE HOMEBUYER. ACLT USES FINANCING AND SUBSIDIES FROM A VARIETY OF SOURCES TO COMPLETE THE REHABILITATION. ACLT RETAINS TITLE TO THE LAND UNDER LAND TRUST PROVISIONS. THE LAND IS THEN LEASED TO THE HOMEBUYER FOR A NOMINAL AMOUNT. ANY FUTURE SALE OF THE RESIDENCE MUST BE TO ANOTHER QUALIFIED HOMEOWNER OR ACLT RETAINS THE RIGHT TO RE-ACQUIRE THE BUILDING AT A PURCHASE PRICE SPECIFIED IN THE LAND LEASE AGREEMENT. THIS ENSURES THAT THE RESIDENCE WILL BE OWNED BY AN APPROVED FAMILY THAT WOULD HAVE MET THE ORIGINALLY DESIGNATED CRITERIA FOR HOMEOWNERSHIP AS DESIGNATED UNDER THE PROGRAM ADMINISTERED BY ACLT. AS OF DECEMBER 31, 2021, 36 FAMILIES HAVE BEEN HELPED BY THIS PROGRAM.
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PDF Copies of 990 Filings
Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Susan Cotner Executive Director | Officer | 20 | $8,000 |
Herb Mclaughlin Vice President | OfficerTrustee | 2 | $0 |
Valerie Alexander President | OfficerTrustee | 3 | $0 |
Roger Markovics Secretary | OfficerTrustee | 10 | $0 |
Neil Hannan Treasurer | OfficerTrustee | 2 | $0 |
Nishaea Richardson Board Member | Trustee | 1 | $0 |
Outside Vendors & Contractors
| Vendor Name (Service) | Service Year | Compensation |
|---|---|---|
Baker Contracting Rehab Contractor | 12/30/21 | $179,384 |
Immaculate C Construction Llc Rehab Contractor | 12/30/21 | $142,030 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Federated campaigns | $0 |
| Membership dues | $0 |
| Fundraising events | $0 |
| Related organizations | $0 |
| Government grants | $18,449 |
| All other contributions, gifts, grants, and similar amounts not included above | $373,753 |
| Noncash contributions included in lines 1a–1f | $0 |
| Total Revenue from Contributions, Gifts, Grants & Similar | $392,202 |
| Total Program Service Revenue | $539,096 |
| Investment income | $0 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $0 |
| Net Gain/Loss on Asset Sales | $20,345 |
| Net Income from Fundraising Events | $0 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $0 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $1,189,520 |
| 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. | $8,000 |
| Compensation of current officers, directors, key employees. | $0 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $0 |
| Pension plan accruals and contributions | $0 |
| Other employee benefits | $101 |
| Payroll taxes | $1,188 |
| Fees for services: Management | $50,400 |
| Fees for services: Legal | $0 |
| Fees for services: Accounting | $12,480 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $18,157 |
| Advertising and promotion | $0 |
| Office expenses | $614 |
| Information technology | $0 |
| Royalties | $0 |
| Occupancy | $3,600 |
| Travel | $0 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $0 |
| Interest | $54,644 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $138,386 |
| Insurance | $68,054 |
| All other expenses | $2,473 |
| Total functional expenses | $914,989 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $169,463 |
| Savings and temporary cash investments | $5,008 |
| Pledges and grants receivable | $112,226 |
| Accounts receivable, net | $39,163 |
| 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 | $9,795 |
| Net Land, buildings, and equipment | $2,944,177 |
| Investments—publicly traded securities | $0 |
| Investments—other securities | $0 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $0 |
| Total assets | $3,279,832 |
| Accounts payable and accrued expenses | $235,616 |
| Grants payable | $0 |
| Deferred revenue | $68,367 |
| 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 | $1,187,929 |
| Unsecured mortgages and notes payable | $0 |
| Other liabilities | $36,437 |
| Total liabilities | $1,528,349 |
| Net assets without donor restrictions | $1,200,816 |
| Net assets with donor restrictions | $550,667 |
| 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 | $3,279,832 |
Grants Recieved
Over the last fiscal year, we have identified 3 grants that Albany Community Land Trust has recieved totaling $159,600.
| Awarding Organization | Amount |
|---|---|
Enterprise Community Partners Inc Columbia, MD PURPOSE: COMMUNITY PRESERVATION AND DEVELOPMENT | $109,600 |
Schwab Charitable Fund San Francisco, CA PURPOSE: HUMAN SERVICES | $25,000 |
Gideon Lodge 140 Bnai Brith Housing Foundation Inc Albany, NY PURPOSE: RESTRICTED PROGRAM GRANT | $25,000 |
Peer Organizations
| Organization Name | Assets | Revenue |
|---|---|---|
Nhp Foundation New York, NY | $288,555,579 | $98,614,983 |
Viecare Beaver Llc Cranberry Township, PA | $43,089,373 | $46,860,704 |
Columbus Property Management & Development Inc Philadelphia, PA | $30,446,777 | $36,581,885 |
Nycha Ii Housing Development Fund Corporation New York, NY | $21,607,256 | $75,418,815 |
Housing Assistance Corporation Hyannis, MA | $20,544,372 | $36,246,807 |
Eihab Human Services New Jersey Inc Springfield Gardens, NY | $6,084,233 | $34,447,037 |
West Side Federation For Senior Housing Inc New York, NY | $138,485,239 | $41,412,403 |
Mainstay Life Services Pittsburgh, PA | $23,133,484 | $27,133,047 |
East Harlem Pilot Block Housing Development Fund Co Inc New York, NY | $76,192,730 | $32,420,395 |
Orange Affordable Housing Inc New York, NY | $0 | $0 |
Housing Visions Unlimited Inc Syracuse, NY | $54,882,329 | $24,284,268 |
Phipps Houses New York, NY | $754,776,508 | $88,001,578 |