2020-08-17T16:25:43-05:00 2019-09-30 363168081 SIKICH LLP 1199 N FAIRFAX STREET 10TH FLOOR ALEXANDRIA VA 22314 990 2018-10-01 521749216 LATINO ECONOMIC DEVELOPMENT CORPORATION LATI 2025885102 1401 COLUMBIA RD NW UNIT C-1 WASHINGTON DC 20009 MARLA BILONICK EXECUTIVE DIRECTOR 2025885102 2020-08-14 1 ROHINI CHANDRABHATLA P00740442 7038361350 2020-08-13 73.250.101.204 2020-08-14 19:58:45 ED P ECD00A88CE2B4C7922DC99CC8350D8655E6EDA8E F21D72B834DA8EE103968182D94B9680F7B8E8AD 2018 2020-09-23 17:36:50Z LATINO ECONOMIC DEVELOPMENT CENTER MARLA BILONICK 1401 COLUMBIA RD NW UNIT C-1 WASHINGTON DC 20009 5745929 0 X WWW.LEDCMETRO.ORG X 1991 DC THE LATINO ECONOMIC DEVELOPMENT CENTER'S (LEDC) MISSION IS TO DRIVE THE ECONOMIC AND SOCIAL ADVANCEMENT OF LOW- TO MODERATE-INCOME LATINOS AND OTHER UNDERSERVED COMMUNITIES IN THE DC AND BALTIMORE METROPOLITAN AREAS BY EQUIPPING THEM WITH THE SKILLS AND TOOLS TO ACHIEVE FINANCIAL INDEPENDENCE AND BECOME LEADERS IN THEIR COMMUNITIES. 10 10 59 250 0 0 4715969 5244110 438736 483526 0 0 4723 18293 5159428 5745929 141401 81680 0 0 2622557 2868420 0 0 312524 1315396 1458794 4079354 4408894 1080074 1337035 6450914 8801063 2311396 3324510 4139518 5476553 X THE LATINO ECONOMIC DEVELOPMENT CENTER'S (LEDC) MISSION IS TO DRIVE THE ECONOMIC AND SOCIAL ADVANCEMENT OF LOW- TO MODERATE-INCOME LATINOS AND OTHER UNDERSERVED COMMUNITIES IN THE DC AND BALTIMORE METROPOLITAN AREAS BY EQUIPPING THEM WITH THE SKILLS AND TOOLS TO ACHIEVE FINANCIAL INDEPENDENCE AND BECOME LEADERS IN THEIR COMMUNITIES. 0 0 1072652 7948 LEDC'S HOMEOWNERSHIP COUNSELING PROGRAM (REGIONAL): THE HOMEOWNERSHIP DEPARTMENT IS A HUD-CERTIFIED HOUSING COUNSELING AGENCY THAT HELPS FAMILIES IN THE DC REGION BUILD SOUND FINANCIAL MANAGEMENT SKILLS, BUY THEIR FIRST HOME, AND SAVE THEIR HOMES FROM FORECLOSURE. IN THE DISTRICT OF COLUMBIA AND MARYLAND, OUR HOUSING COUNSELORS HELP PROSPECTIVE FIRST-TIME HOMEBUYERS UNDERSTAND THE PROCESS AND RESPONSIBILITIES OF HOMEOWNERSHIP AND ACCESS LOCAL FINANCING TO PUT THE COST OF HOMEOWNERSHIP WITHIN REACH. WE ALSO ASSIST HOMEOWNERS AT-RISK FOR FORECLOSURE QUALIFY FOR ASSISTANCE PROGRAMS AND FIGHT HOUSING SCAMS. FAMILIES WORK CLOSELY WITH OUR COUNSELORS TO STRENGTHEN THEIR FINANCIAL PRACTICES AND IDENTIFY THEIR BEST LONG-TERM HOUSING SOLUTION. THE DEPARTMENT HAS ADOPTED THE NATIONAL INDUSTRY STANDARDS FOR HOMEOWNERSHIP EDUCATION AND COUNSELING. IN FY2019, LEDC EDUCATED AND COUNSELED 2,054 TO MODERATE INCOME RESIDENTS THROUGH COURSES AND COUNSELING. LEDC STAFF COUNSELED 633 LOW TO MODERATE RESIDENTS ON SOUND FINANCIAL PRACTICES AND RESPONSIBLE HOMEOWNERSHIP. AS A RESULT, 113 LOW TO MODERATE INCOME FAMILIES PURCHASED THEIR FIRST HOME. 106 CLIENTS SUBMITTED DC HOME PURCHASE ASSISTANCE PROGRAM (HPAP) APPLICATIONS. IN ADDITION, 44 FAMILIES RECEIVED FORECLOSURE COUNSELING. 2183330 474348 LEDC'S SMALL BUSINESS SERVICES PROGRAMS OFFER COACHING AND FINANCING TO LOW TO MODERATE INCOME ASPIRING ENTREPRENEURS AND EXISTING BUSINESS OWNERS IN THE DC AND BALTIMORE REGION. LEDC'S SMALL BUSINESS DEVELOPMENT TEAM OFFERS GROUP WORKSHOPS AND INDIVIDUALIZED TECHNICAL ASSISTANCE ON DIVERSE TOPICS INCLUDING BUSINESS PLANNING, LICENSING, MARKETING, RECORDKEEPING, SALES, AND TECHNOLOGY INTEGRATION. THE TEAM ALSO CONNECTS ENTREPRENEURS WITH EXPERT CONSULTANTS. LEDC'S LENDING PROGRAM OFFERS LOANS RANGING FROM $500 TO $250,000 TO QUALIFIED START-UPS AND EXISTING BUSINESSES THAT HAVE DIFFICULTY OBTAINING CREDIT FROM MAINSTREAM FINANCIAL INSTITUTIONS. IN FY2019, LEDC'S SMALL BUSINESS COACHES IN MARYLAND, NORTHERN VIRGINIA AND D.C. SERVED A TOTAL OF 1,507 CLIENTS. 636 UNIQUE CLIENTS RECEIVED A TOTAL OF 2,672 HOURS OF TECHNICAL ASSISTANCE, AN ADDITIONAL 360 WOMEN SERVED VIA OUR EMPOWERED WOMEN INTERNATIONAL PROGRAM RECEIVED ONE-ON-ONE SUPPORT. LEDC DEPLOYED 180 LOANS IN D.C., MD, AND NORTHERN VIRGINIA TOTALING MORE THAN $2.73 MILLION IN CAPITAL. OUR PROGRAMS LED TO THE CREATION OF 71 BUSINESSES, FINACED 36 STARTUPS, SUPPORTED/RETAINED 710 EQUIVALENT FULL-TIME JOBS, WHICH WE ESTIMATE WILL LEAD TO THE CREATION OF 272 EQUIVALENT FULL-TIME JOBS DURING THE FOLLOWING 12 MONTHS. 88173 81680 1230 LEDC'S AFFORDABLE HOUSING PRESERVATION PROGRAM: WORKS TO PRESERVE MULTI-FAMILY, RENTAL AND OWNER-OCCUPIED HOUSING AS AFFORDABLE AND PREVENT THE DISPLACEMENT OF RENTERS AND LOW-TO MODERATE-INCOME MULTIFAMILY OWNERS. THROUGH POPULAR EDUCATION, TECHNICAL ASSISTANCE, COMMUNITY ORGANIZING, AND ADVOCACY, LEDC ORGANIZERS HELP RENTERS ESTABLISH TENANT ASSOCIATIONS SO THEY MAY LEVERAGE DC'S TENANT RIGHTS. OUR TEAM WORKS WITH TENANTS TO STOP ILLEGAL RENT INCREASES, PURCHASE THEIR APARTMENT BUILDINGS, AND IMPROVE HOUSING CONDITIONS. LEDC ALSO WORKS WITH OWNERS OF AFFORDABLE MULTIFAMILY HOUSING, USUALLY COOPERATIVES, TO ENSURE ONGOING SUSTAINABILITY. THE PROGRAM HELPS RESIDENTS DEVELOP THEIR LEADERSHIP AND ORGANIZING SKILLS SO THEY CAN CRAFT AND LEAD CAMPAIGNS TO ADVOCATE FOR IMPROVED HOUSING POLICIES IN D.C. SINCE ITS INCEPTION THE PROGRAM HAS SUCCESSFULLY HELPED OVER TEN THOUSAND FAMILIES MAINTAIN THEIR AFFORDABLE HOUSING AND PREVENT DISPLACEMENT. IN FY2019, LEDC SUPPORTED TENANTS AND RESIDENTS IN PREVENTING DISPLACEMENT AND PRESERVING AFFORDABLE HOUSING IN 53 BUILDINGS CONSISTING OF 3,239 UNITS. WE ADAPTED OUR ANNUAL CITY-WIDE TENANT TOWN HALL TO FACILITATED THE LAUNCH OF A CITYWIDE TENANT UNION. THROUGH SUPPORT TO TENANT ASSOCIATIONS TENANT ORGANIZERS WERE ABLE TO HELP PRESERVE THE AFFORDABILITY AND IMPROVE THE CONDITIONS OF 1,200 UNITS TOTALING MORE THAN A $100 MILLION IN PUBLIC AND PRIVATE INVESTMENTS. THESE BUILDINGS WILL REMAIN AFFORDABLE FOR AT LEAST 40 YEARS. 3344155 1 1 0 0 0 0 0 0 0 0 1 0 0 0 1 1 1 0 0 0 0 0 0 0 0 0 0 0 1 1 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 1 135 0 1 59 1 1 1 0 0 0 0 0 0 0 0 0 0 0 X 10 10 0 0 0 0 0 0 0 1 1 0 0 1 1 1 1 1 1 1 1 0 MD X THE ORGANIZATION 2025885102 1401 COLUMBIA RD NW UNIT C-1 WASHINGTON DC 20009 SILVIA SALAZAR CHAIR 1.00 X X 0 0 0 DARRYL MAXWELL VICE CHAIR 1.00 X X 0 0 0 ROBERT ACEITUNO TREASURER 1.00 X X 0 0 0 CASEY WATSON BOARD MEMBER 1.00 X X 0 0 0 MEGAN COOLIDGE SECRETARY 1.00 X 0 0 0 RACHEL JO SANCHEZ BOARD MEMBER 1.00 X 0 0 0 FERNANDO LEMOS BOARD MEMBER 1.00 X 0 0 0 GABRIELA MOSSI BOARD MEMBER 1.00 X 0 0 0 JENNIFER LUBRANI CISNEROS BOARD MEMBER 1.00 X 0 0 0 ORLANDO VELEZ BOARD MEMBER 1.00 X 0 0 0 MARLA BILONICK EXECUTIVE DIRECTOR 40.00 X 151037 0 3072 151037 0 3072 1 0 1 0 0 2058360 3185750 5244110 INTEREST INCOME ON LEN 900099 260214 260214 LOAN AND OTHER FEES 900099 206084 206084 PROGRAM SERVICES REVEN 900099 17228 17228 483526 OTHER INCOME 900099 18293 18293 18293 5745929 483526 0 18293 81680 81680 156133 126225 16322 13586 2288422 1850063 239230 199129 239060 193266 24991 20803 184805 149405 19319 16081 20018 20018 29020 29020 383925 230347 133996 19582 56047 51623 574 3850 269612 87839 175992 5781 238637 192925 24947 20765 52211 41487 7382 3342 47268 31555 15018 695 72342 56421 10696 5225 25181 25181 34542 27925 3611 3006 LOAN LOSS RESERVE 153420 153420 0 0 MISCELLANEOUS 39770 18159 20932 679 STAFF DEVELOPMENT 28885 23881 5004 0 BAD DEBT EXPENSE 7837 7837 0 0 79 79 4408894 3344155 752215 312524 1553606 1244080 375591 227327 1262575 1263162 3089266 4170557 19576 12148 2009636 154678 95377 1854958 54923 28831 6450914 8801063 214877 360553 2096205 2958843 314 5114 2311396 3324510 X 3056841 4393876 1082677 1082677 4139518 5476553 6450914 8801063 1337035 0 X X 0 1 X 1 1 1 X 2071272 2874022 3870835 4715969 5244110 18776208 2071272 2874022 3870835 4715969 5244110 18776208 2038381 16737827 326 228 3108 4723 18293 26678 18802886 2057084 0.89020 0.93720 X RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED 1285356 1285356 183859 154678 29181 540421 540421 1854958 DEFERRED RENT 314 DEFERRED REVENUE 4800 5114 X 5745929 0 5745929 0 5745929 4408894 0 4408894 0 4408894 PART X, LINE 2: THE ORGANIZATION IS EXEMPT FROM FEDERAL AND LOCAL INCOME TAXES UNDER SECTION 501(C)(3) OF THE INTERNAL REVENUE CODE ON INCOME DERIVED FROM ACTIVITIES RELATED TO ITS EXEMPT PURPOSE. THIS CODE SECTION ENABLES THE ORGANIZATION TO ACCEPT DONATIONS THAT QUALIFY AS CHARITABLE CONTRIBUTIONS TO THE DONOR. THE ORGANIZATION IS SUBJECT TO INCOME TAXES ON TAXABLE INCOME FROM UNRELATED BUSINESS ACTIVITIES. FOR THE YEARS ENDED SEPTEMBER 30, 2018 AND 2017, THE ORGANIZATION DID NOT RECOGNIZE INCOME TAX EXPENSE IN THE ACCOMPANYING FINANCIAL STATEMENTS AS THERE WAS NO UNRELATED BUSINESS TAXABLE INCOME. THE ORGANIZATION IS NOT AWARE OF ANY ACTIVITIES THAT WOULD JEOPARDIZE THEIR TAX-EXEMPT STATUS THAT WOULD REQUIRE RECOGNITION IN THE ACCOMPANYING FINANCIAL STATEMENTS. GENERALLY, TAX RETURNS ARE SUBJECT TO EXAMINATION BY TAXING AUTHORITIES FOR UP TO THREE YEARS FROM THE DATE A COMPLETED RETURN IS FILED. IF THERE ARE MATERIAL OMISSIONS OF INCOME, TAX RETURNS MAY BE SUBJECT TO EXAMINATION FOR UP TO SIX YEARS. IT IS THE ORGANIZATION'S POLICY TO RECOGNIZE INTEREST AND/OR PENALTIES RELATED TO UNCERTAIN TAX POSITIONS, IF ANY, IN THE ACCOMPANYING FINANCIAL STATEMENTS. AS OF SEPTEMBER 30, 2018 AND 2017, THE ORGANIZATION HAD NO UNCERTAIN TAX POSITIONS WHICH SHOULD BE RECOGNIZED AS A LIABILITY. 1 SECURITY DEPOSIT AND DOWNPAYMENT 51 81680 PART I, LINE 2: LEDC REQUESTS AND VERIFIES INCOME DOCUMENTATION, LEASE AGREEMENTS AND W-9 FORMS. 0 0 0 0 0 0 0 0 0 MARLA BILONICK EXECUTIVE DIRECTOR 141037 0 10000 0 0 0 0 0 3072 0 154109 0 0 0 FORM 990, PART VI, SECTION B, LINE 11B FORM 990 IS PREPARED BY OUR OUTSIDE AUDITORS AND REVIEWED BY THE EXECUTIVE DIRECTOR AND DIRECTOR OF FINANCE BEFORE SENT TO THE BOARD PRIOR TO FILING. FORM 990, PART VI, SECTION B, LINE 12C ANNUALLY, THE BOARD OF DIRECTORS OF LEDC ATTEND THE LEDC ANNUAL BOARD MEETING IN THE MONTH OF NOVEMBER. THE AGENDA AND THE FOLLOWING ITEMS, SUCH AS THE CONFLICT OF INTEREST, CODE OF CONDUCT, BOARD DEVELOPMENT MATRIX AND DIRECTORY, ARE SENT OUT ELECTRONICALLY TO THE BOARD A WEEK IN ADVANCE. THEN THE FORMS ARE COLLECTED AND OTHER INFORMATION IS GATHERED ON THE ACTUAL MEETING DAY. FORM 990, PART VI, SECTION B, LINE 15 MEMBERS OF THE BOARD USE COMPARABLE COMPENSATION DATA WITH SIMILIAR SIZE AND GEOGRAPHIC AREA ORGANIZATIONS TO DISCUSS, DELIBERATE AND APPROVE THE EXECUTIVE DIRECTOR'S COMPENSATION AND THE DELIBERATION PROCESS IS DOCUMENTED. THE LAST REVIEW OCCURRED IN 2009. FORM 990, PART VI, SECTION C, LINE 19 GOVERNING DOCUMENTS, CONFLICT OF INTEREST POLICY AND FINANCIAL STATEMENTS ARE AVAILABLE UPON REQUEST TO GRANTING AGENCIES. FORM 990, PART XII, LINE 2C: THE ORGANIZATION'S PROCESSES FOR SELECTING AN INDEPENDENT ACCOUNT AND FOR OVERSIGHT OF THE AUDIT OF THE FINANCIAL STATEMENTS HAVE NOT CHANGED DURING THE TAX YEAR.