North & East Lubbock Community Development Corporation
- Assets
- $670.4k
- Revenue
- $77.2k
- Investments
- $565.0k
- Employees
- 2
- Location
- Lubbock, TX
- Founding
- 01/2005
- Data as of
- 09/2021
- EIN
- 71-0961103
Organization Overview
North & East Lubbock Community Development Corporation is located in Lubbock, TX. The organization was established in 2005. According to its NTEE Classification (S20) the organization is classified as: Community & Neighborhood Development, under the broad grouping of Community Improvement & Capacity Building and related organizations. As of 09/2021, North & East Lubbock Community Development Corporation employed 2 individuals. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. North & East Lubbock Community Development Corporation 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 09/2021, North & East Lubbock Community Development Corporation generated $77.2k in total revenue. This represents a relatively dramatic decline in revenue. Over the past 4 years, the organization has seen revenues fall by an average of (12.9%) each year. All expenses for the organization totaled $89.3k during the year ending 09/2021. As we would expect to see with falling revenues, expenses have declined by (15.2%) per year over the past 4 years. 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
CREATE, FACILITATE AND PROMOTE ECONOMIC DEVELOPMENT IN NORTH AND EAST LUBBOCK, TEXAS.
Describe the Organization's Program Activity:
Part 3 - Line 4a
THE NELCDC IMPACTED HOUSEHOLDS THROUGH HOMEBUYER EDUCATION AND HOUSING AND CREDIT COUNSELING. NEW CLIENTS QUALIFIED FOR MORTGAGE LOANS AND BECOME FIRST-TIME HOMEBUYERS AS A RESULT OF THE CDCS HOUSING AND CREDIT COUNSELING PROGRAM. NEW HOMEBUYERS WERE ABLE TO CLOSE ON THEIR MORTGAGE LOANS AS A RESULT OF ATTENDING THE CDCS HUD-APPROVED GROUP EDUCATION WORKSHOP ON FINANCIAL LITERACY AND HOMEBUYER EDUCATION. THE WORK OF THE HOUSING COUNSELING AND AFFORDABLE HOUSING PROJECTS ADDED TAXABLE VALUE TO THE LOCAL TAX BASE.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Monique Coleman Executive Director | Officer | 40 | $5,971 |
Cosby Morton Chair | OfficerTrustee | 1 | $0 |
David Haynes Jr Vice Chair | OfficerTrustee | 1 | $0 |
Valorie Duvall Treasurer | OfficerTrustee | 1 | $0 |
Mary Beckham Secretary | OfficerTrustee | 1 | $0 |
Subodh Patel Board Member | Trustee | 1 | $0 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Total Revenue from Contributions, Gifts, Grants & Similar | $44,050 |
| 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 | $77,237 |
| Statement of Expenses | |
|---|---|
| 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 to disqualified persons | $34,503 |
| Other salaries and wages | $0 |
| Pension plan accruals and contributions | $0 |
| Other employee benefits | $6,682 |
| Payroll taxes | $2,456 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $228 |
| Fees for services: Accounting | $1,053 |
| 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 | $24,521 |
| 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 | $396 |
| Interest | $433 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $0 |
| Insurance | $5,229 |
| All other expenses | $0 |
| Total functional expenses | $89,263 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $42,243 |
| Savings and temporary cash investments | $0 |
| 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 | $0 |
| Inventories for sale or use | $0 |
| Prepaid expenses and deferred charges | $0 |
| Investments—publicly traded securities | $0 |
| Investments—other securities | $564,951 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $0 |
| Total assets | $670,399 |
| Accounts payable and accrued expenses | $4,695 |
| 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 | $0 |
| Total liabilities | $4,695 |
| 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 |
| Total liabilities and net assets/fund balances | $665,704 |