Louisville Housing Opportunities And Microenterprise Comm Dev Loan
- Assets
- $4.9m
- Revenue
- $2.7m
- Investments
- $0.0
- Employees
- 9
- Location
- Louisville, KY
- Founding
- 07/2014
- Data as of
- 12/2022
- EIN
- 45-4127209
Organization Overview
Louisville Housing Opportunities And Microenterprise Comm Dev Loan, operating under the name Lhome, is located in Louisville, KY. The organization was established in 2014. According to its NTEE Classification (L21) the organization is classified as: Low-Income & Subsidized Rental Housing, under the broad grouping of Housing & Shelter and related organizations. As of 12/2022, Lhome employed 9 individuals. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Lhome 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 12/2022, Lhome generated $2.7m in total revenue. All expenses for the organization totaled $2.3m during the year ending 12/2022. While expenses have increased by 85.7% 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
2022
Describe the Organization's Mission:
Part 3 - Line 1
LHOME IS A MISSION-DRIVEN, NONPROFIT FINANCIAL INSTITUTION THAT PROVIDES ACCESSIBLE, AFFORDABLE LOAN PRODUCTS AND FINANCIAL COACHING SERVICES TO LOW-INCOME SMALL BUSINESS OWNERS, HOMEOWNERS, AND RESIDENTS OF LOUISVILLE, KENTUCKY. LHOME IS A COMMUNITY DEVELOPMENT FINANCIAL INSTITUTION (CDFI), CERTIFIED BY THE U.S. TREASURY. LHOME IS SHORT FOR THE LOUISVILLE HOUSING OPPORTUNITIES AND MICRO-ENTERPRISE COMMUNITY DEVELOPMENT LOAN FUND, INC.LHOME IS COMMITTED TO SERVING THE PEOPLE AND BUSINESSES OF LOUISVILLE'S LOW- AND MODERATE- INCOME CENSUS TRACTS, PRIMARILY OUR WEST AND SOUTH END NEIGHBORHOODS, AND CREATING INTERGENERATIONAL WEALTH OPPORTUNITIES, PARTICULARLY FOR LOUISVILLE'S BLACK AND BROWN RESIDENTS. OVER 70% OF LHOME CLIENTS ARE NON-WHITE, AND OVER 90% RESIDE IN THESE HISTORICALLY UNDERSERVED AND DISCRIMINATED SECTIONS OF OUR CITY.
Describe the Organization's Program Activity:
Part 3 - Line 4a
SOCIAL INVESTMENTS: COMMUNITY LENDING, FINANCIAL EDUCATION AND COACHING FOR PROPERTY OWNERS AND SMALL BUSINESS OWNERS IN LOW-MODERATE INCOME CENSUS TRACTS.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Adam Hall Chair | Trustee | 8 | $0 |
Cassandra Webb Director | Trustee | 4 | $0 |
Cynthia Brown Director | Trustee | 4 | $0 |
Dana Johnson Director | Trustee | 4 | $0 |
Faith Weekly Director | Trustee | 4 | $0 |
Jennifer Hammond Outgoing Director | Trustee | 4 | $0 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Federated campaigns | $0 |
| Membership dues | $0 |
| Fundraising events | $0 |
| Related organizations | $0 |
| Government grants | $2,196,261 |
| All other contributions, gifts, grants, and similar amounts not included above | $386,596 |
| Noncash contributions included in lines 1a–1f | $0 |
| Total Revenue from Contributions, Gifts, Grants & Similar | $2,582,857 |
| Total Program Service Revenue | $78,461 |
| Investment income | $0 |
| 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 | $2,661,318 |
| 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 | $616,207 |
| Pension plan accruals and contributions | $0 |
| Other employee benefits | $31,298 |
| Payroll taxes | $44,080 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $75,526 |
| Fees for services: Accounting | $102,875 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $140,621 |
| Advertising and promotion | $4,186 |
| Office expenses | $58,339 |
| Information technology | $46,248 |
| Royalties | $0 |
| Occupancy | $14,574 |
| Travel | $9,460 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $0 |
| Interest | $34,204 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $5,549 |
| Insurance | $8,892 |
| All other expenses | $3,010 |
| Total functional expenses | $2,330,730 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $2,048,759 |
| Savings and temporary cash investments | $0 |
| Pledges and grants receivable | $1,146,127 |
| Accounts receivable, net | $0 |
| Loans from Officers, Directors, or Controlling Persons | $0 |
| Loans from Disqualified Persons | $0 |
| Notes and loans receivable | $1,636,060 |
| Inventories for sale or use | $0 |
| Prepaid expenses and deferred charges | $9,716 |
| Net Land, buildings, and equipment | $13,095 |
| Investments—publicly traded securities | $0 |
| Investments—other securities | $0 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $9,829 |
| Total assets | $4,863,586 |
| Accounts payable and accrued expenses | $36,227 |
| 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 | $1,889,940 |
| Other liabilities | $2,607 |
| Total liabilities | $1,928,774 |
| Net assets without donor restrictions | $2,030,114 |
| Net assets with donor restrictions | $904,698 |
| 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 | $4,863,586 |
Grants Awarded
Over the last fiscal year, Louisville Housing Opportunities And Microenterprise Comm Dev Loan has awarded $30,000 in support to 4 organizations.
| Grant Recipient | Amount |
|---|---|
LAVISH LIFE HAIR BOUTIQUE LLC PURPOSE: STARTUP BUSINESS SUPPORT | $6,000 |
FASHION CLUB PURPOSE: STARTUP BUSINESS SUPPORT | $8,000 |
MATH ACADEMY OF LOUISVILLE PURPOSE: STARTUP BUSINESS SUPPORT | $8,000 |
GARDEN GIRL FOODS INC PURPOSE: STARTUP BUSINESS SUPPORT | $8,000 |