2018-08-13T13:16:01-05:00 2017-09-30 260004395 HALT BUZAS & POWELL LTD 1199 N FAIRFAX ST 10TH FLOOR ALEXANDRIA VA 22314 990 2016-10-01 521749216 LATINO ECONOMIC DEVELOPMENT CORPORATION LATI 2025885102 641 S STREET NW WASHINGTON DC 20001 MARLA BILONICK EXECUTIVE DIRECTOR 2025885102 2018-08-08 1 SVETLANA CHEBAKINA P01399152 7038361350 2018-08-08 2016 2022-09-23 18:48:47Z LATINO ECONOMIC DEVELOPMENT CENTER MARLA BILONICK 641 S STREET NW WASHINGTON DC 20001 4275349 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 D.C. AND BALTIMORE METROPOLITAN AREAS BY EQUIPPING THEM WITH THE SKILLS AND TOOLS TO ACHIEVE FINANCIAL INDEPENDENCE AND BECOME LEADERS IN THEIR COMMUNITIES. 10 10 38 50 0 0 2874022 3870835 363838 401406 4629 0 228 3108 3242717 4275349 0 107853 0 0 1874780 2171286 0 0 79731 959695 1116120 2834475 3395259 408242 880090 4447354 5837691 2268000 2778247 2179354 3059444 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 D.C. AND BALTIMORE METROPOLITAN AREAS BY EQUIPPING THEM WITH THE SKILLS AND TOOLS TO ACHIEVE FINANCIAL INDEPENDENCE AND BECOME LEADERS IN THEIR COMMUNITIES. 0 0 923722 17656 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 FY2017, LEDC EDUCATED AND COUNSELED 1,742 LOW TO MODERATE INCOME RESIDENTS THROUGH COURSES AND COUNSELING. LEDC STAFF CONDUCTED A TOTAL OF 186 COURSES/WORKSHOPS. LEDC STAFF COUNSELED 505 LOW TO MODERATE RESIDENTS ON SOUND FINANCIAL PRACTICES AND RESPONSIBLE HOMEOWNERSHIP. AS A RESULT, 48 LOW TO MODERATE INCOME FAMILIES PURCHASED THEIR FIRST HOME. 127 CLIENTS SUBMITTED DC HOME PURCHASE ASSISTANCE PROGRAM (HPAP) APPLICATIONS. IN ADDITION, WITH LEDC'S ASSISTANCE 23 FAMILIES AVOIDED FORECLOSURE THROUGH PRINCIPAL REDUCTION OR PERMANENT MODIFICATIONS. 1532204 382010 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 MICRO LOANS RANGING FROM $500 TO $50,000 TO QUALIFIED START-UPS AND EXISTING BUSINESSES THAT HAVE DIFFICULTY OBTAINING CREDIT FROM MAINSTREAM FINANCIAL INSTITUTIONS. IN FY2017, LEDC'S SMALL BUSINESS COACHES IN MARYLAND AND D.C. SERVED A TOTAL OF 644 CLIENTS AND CONDUCTED A TOTAL OF 71 WORKSHOPS AND COURSES RELATED TO BUSINESS PLANNING, LICENSING AND PERMITTING, MARKETING, ACCOUNTING, AND TECHNOLOGY INTEGRATION. IN TERMS OF OUR MICROLENDING, WE DISBURSED 182 LOANS IN D.C., MD, AND NORTHERN VIRGINIA TOTALING MORE THAN $2.1 MILLION IN CAPITAL. OUR PROGRAMS LED TO THE CREATION OF 91 BUSINESSES, SUPPORTED/RETAINED 481 EQUIVALENT FULL-TIME JOBS, WHICH WE ESTIMATE WILL LEAD TO THE CREATION OF 260 EQUIVALENT FULL-TIME JOBS DURING THE FOLLOWING 12 MONTHS. OUR LENDING PORTFOLIO AT RISK RATE (LOANS MORE THAN 30 DAYS LATE) AT THE CLOSE OF FY17 WAS AT 7.8% AND OUR ANNUAL WRITE-OFF RATE WAS 4.65%. 490620 107853 1740 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 FY2017, LEDC SUPPORTED TENANTS AND RESIDENTS IN PREVENTING DISPLACEMENT AND PRESERVING AFFORDABLE HOUSING IN 83 BUILDINGS. LEDC PROVIDED TENANT ORGANIZING AT 26 FEDERALLY SUBSIDIZED BUILDINGS, 10 OWNER-OCCUPIED BUILDINGS, 47 RENT-CONTROLLED BUILDINGS; AND THROUGH 10 NEIGHBORHOOD OR COMMUNITY-SPECIFIC TRAININGS AND OUR 11TH ANNUAL CITY-WIDE TENANT TOWN HALL. OF THESE TENANT ASSOCIATIONS, WE ASSISTED 61 THROUGH THE TENANT OPPORTUNITY TO PURCHASE ACT (TOPA) PROCESS. LEDC'S WORK IN FY2017 LED TO THE LONG-TERM PRESERVATION OF 83 BUILDINGS (10 AS OWNER-OCCUPIED COOPERATIVES) WITH 1,534 UNITS. THESE BUILDINGS WILL REMAIN AFFORDABLE FOR AT LEAST 40 YEARS. 2946546 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 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 1 9 0 38 1 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 641 S STREET NW WASHINGTON DC 20001 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 SECRETARY 1.00 X X 0 0 0 MEGAN COOLIDGE BOARD MEMBER 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 140392 0 3000 140392 0 3000 1 0 0 0 0 3493 2637547 1229795 3870835 INTEREST INCOME ON LEN 900099 275418 275418 LOAN AND OTHER FEES 900099 98180 98180 PROGRAM SERVICES REVEN 900099 27808 27808 401406 OTHER INCOME 900099 3108 3108 3108 4275349 401406 0 3108 107853 107853 137992 120884 13436 3672 1725797 1511837 168040 45920 167025 146318 16263 4444 140472 123056 13678 3738 48907 42844 4762 1301 176798 94194 81285 1319 50829 44814 1215 4800 182183 159597 17739 4847 24300 12947 11172 181 187527 164278 18259 4990 42593 42593 29455 21653 7098 704 39266 34398 3823 1045 33332 29200 3245 887 12777 11193 1244 340 LOAN LOSS RESERVE 200421 200421 BAD DEBT EXPENSE 35817 35817 MISCELLANEOUS 30824 27002 3002 820 STAFF DEVELOPMENT 21091 15647 4721 723 3395259 2946546 368982 79731 375121 1358408 301427 312375 964997 982917 2648799 3023364 6849 25035 183859 77667 128528 106192 21633 29400 4447354 5837691 175713 200019 6369 61487 2079551 2512767 6367 3974 2268000 2778247 X 1738918 2626536 440436 432908 2179354 3059444 4447354 5837691 880090 0 X X 0 1 X 1 1 1 X 2452728 2137294 2071272 2874022 3870835 13406151 2452728 2137294 2071272 2874022 3870835 13406151 615140 12791011 5776 5776 27264 13148 326 228 3108 44074 13456001 2007425 0.95060 0.90980 X RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED 183859 77667 106192 106192 DEFERRED RENT 3974 3974 X 4275349 0 4275349 0 4275349 3395259 0 3395259 0 3395259 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, 2017 AND 2016, 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, 2017 AND 2016, THE ORGANIZATION HAD NO UNCERTAIN TAX POSITIONS WHICH SHOULD BE RECOGNIZED AS A LIABILITY. 1 SECURITY DEPOSIT AND DOWNPAYMENT 75 107853 PART I, LINE 2: LEDC REQUESTS AND VERIFIES INCOME DOCUMENTATION, LEASE AGREEMENTS AND W-9 FORMS. 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.