2016-08-11T14:56:48-05:00 2015-09-30 260004395 HALT BUZAS & POWELL LTD 1199 N FAIRFAX ST 10TH FLOOR ALEXANDRIA VA 22314 990 2014-10-01 521749216 LATINO ECONOMIC DEVELOPMENT CORPORATION LATI 2025885102 641 S STREET NW WASHINGTON DC 20001 MARLA BILONICK EXECUTIVE DIRECTOR 2025885102 2016-08-10 1 R ERICA ROQUE P01701497 7038361350 2016-08-10 2014 2016-12-15 16:53:06Z X LATINO ECONOMIC DEVELOPMENT CENTER MARLA BILONICK 641 S STREET NW WASHINGTON DC 20001 2441176 0 X WWW.LEDCMETRO.ORG X 1991 DC LEDC'S MISSION IS TO DRIVE THE ECONOMIC AND SOCIAL ADVANCEMENT OF LOW- TO MODERATE-INCOME LATINOS AND OTHERS IN DC BY EQUIPPING THEM WITH THE SKILLS TO ACHIEVE FINANCIAL INDEPENDENCE AND BECOME COMMUNITY LEADERS. 8 8 41 50 0 0 2137294 2071272 418002 369578 -37395 0 13148 326 2531049 2441176 0 0 0 0 1768157 1632738 0 0 59603 808262 721662 2576419 2354400 -45370 86776 3732105 3731103 2047769 1959991 1684336 1771112 X THE LATINO ECONOMIC DEVELOPMENT CENTER (LEDC) IS A COMMUNITY-BASED NONPROFIT. OUR 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 TOOLS AND SKILLS THEY NEED TO ACHIEVE FINANCIAL INDEPENDENCE AND BECOME LEADERS IN THEIR COMMUNITIES. 0 0 676733 48307 LEDC'S HOMEOWNERSHIP COUNSELING PROGRAM (REGIONAL): THE HOMEOWNERSHIP DEPARTMENT IS A HUD-CERTIFIED HOUSING COUNSELING AGENCY THAT HELPS FAMILIES IN THE GREATER DC REGION 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 ASSIST STRUGGLING HOMEOWNERS AVOID FORECLOSURE AND SCAMS. THE DEPARTMENT FOLLOWS THE NATIONAL INDUSTRY STANDARDS FOR HOMEOWNERSHIP EDUCATION AND COUNSELING. IN 2015, LEDC PROVIDED HOMEOWNERSHIP AND FORECLOSURE COUNSELING AND EDUCATION TO 600 DC AND MD LOW- TO MODERATE- INCOME RESIDENTS. OUR HOMEOWNERSHIP COUNSELING EFFORTS RESULTED IN OVER 45 DISTRICT AND MARYLAND RESIDENTS PURCHASING THEIR FIRST HOME. OUR COUNSELORS IN OUR DC AND MD OFFICES ACHIEVED 54 POSITIVE OUTCOMES WITH CLIENTS FACING FORECLOSURE, WHICH INCLUDED BRINGING CLIENTS CURRENT WITH THEIR MORTGAGE PAYMENTS, MORTGAGE MODIFICATIONS, AND PRE-FORECLOSURE SALES. 975291 319855 LEDC'S SMALL BUSINESS DEVELOPMENT AND LENDING PROGRAMS: WITH OUR BUSINESS LOANS, TECHNICAL ASSISTANCE AND TRAINING, LEDC EQUIPS ASPIRING AND ESTABLISHED SMALL BUSINESS OWNERS IN THE D.C. AND BALTIMORE REGIONS WITH THE BUSINESS SKILLS AND ACCESS TO CAPITAL TO START OR STRENGTHEN THEIR BUSINESSES. LEDC'S SMALL BUSINESS SERVICES STAFF OFFER GROUP WORKSHOPS AND INDIVIDUALIZED TECHNICAL ASSISTANCE ON DIVERSE TOPICS INCLUDING BUSINESS PLANNING, LICENSING, MARKETING, RECORDKEEPING, SALES, AND TECHNOLOGY INTEGRATION. LEDC'S SMALL BUSINESS SERVICES PROGRAMS CONNECT ADVANCED ENTREPRENEURS WITH A ONE-ON-ONE SMALL BUSINESS COACHING SERVICE CALLED BRINCA. LEDC'S MICRO-LENDING SUPPORT PROVIDES BUSINESS LOANS BETWEEN $5,000 AND $50,000 TO QUALIFIED START-UPS AND EXISTING BUSINESSES THAT HAVE DIFFICULTY OBTAINING CREDIT FROM MAINSTREAM FINANCIAL INSTITUTIONS. IN FISCAL YEAR 2015 OUR LENDING PROGRAM DISBURSED 107 LOANS TO SMALL BUSINESSES IN DC, MD, AND NORTHERN VIRGINIA TOTALING MORE THAN $1.3 MILLION IN CAPITAL. OUR SMALL BUSINESS DEVELOPMENT TECHNICAL ASSISTANCE TEAM SERVED A TOTAL OF 503 CLIENTS IN MD AND DC. EIGHTY-FIVE PERCENT OF CLIENTS WERE EITHER LATINO OR AFRICAN-AMERICAN, THOUGH SOME ADDITIONAL MINORITY GROUPS WERE SERVED. OUR COMBINED SMALL BUSINESS TECHNICAL ASSISTANCE AND LENDING EFFORTS IN FISCAL YEAR 2015 LED TO THE CREATION OF 48 BUSINESSES, SUPPORTED/RETAINED 309 EQUIVALENT FULL-TIME JOBS AND CREATED 154 EQUIVALENT FULL-TIME JOBS. 338366 1416 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 ORGANIZE TENANT ASSOCIATIONS TO PROTECT THEIR LEGAL RIGHTS AS TENANTS, STOP ILLEGAL RENT INCREASES, ASSIST TENANTS IN PURCHASING THEIR APARTMENT BUILDINGS, AND IMPROVE POOR HOUSING CONDITIONS. LEDC ALSO WORKS WITH OWNERS OF AFFORDABLE MULTIFAMILY HOUSING, USUALLY COOPERATIVES, TO ENSURE ONGOING SUSTAINABILITY. THE PROGRAM ALSO ACTIVELY HELPS RESIDENTS TO DEVELOP THEIR LEADERSHIP AND ORGANIZING SKILLS SO THAT THEY CAN CRAFT AND LEAD CAMPAIGNS TO ADVOCATE FOR IMPROVED HOUSING POLICIES IN D.C. TO ACHIEVE LONG-TERM AFFORDABILITY OF THEIR HOMES. SINCE LEDC INITIATED THIS PROGRAM IN 2004, IT HAS SUCCESSFULLY HELPED OVER TEN THOUSAND FAMILIES MAINTAIN THEIR AFFORDABLE HOUSING AND PREVENT DISPLACEMENT. IN FISCAL YEAR 2015 OUR ORGANIZING TEAM WORKED WITH 3,095 TENANTS IN 73 BUILDINGS. OUR TEAM PROVIDES EDUCATIONAL, TECHNICAL ASSISTANCE, ORGANIZING, AND ADVOCACY SUPPORT, TO ENSURE DECENT, AFFORDABLE HOUSING IN THE DISTRICT. OUR EFFORTS RELATED TO THE FACILITATION OF BUILDING PURCHASES THROUGH THE TENANT OPPORTUNITY TO PURCHASE ACT (TOPA) IN FISCAL YEAR 2015 RESULTED IN THE PRESERVATION OF 389 UNITS AND PUBLIC AND PRIVATE INVESTMENTS TOTALING $26,192,735, WHICH DOES NOT INCLUDE DOLLARS INVESTED FOR REHABILITATION PURPOSES. 1990390 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 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 1 23 0 41 1 0 0 0 0 0 0 0 0 X 8 8 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 NORALISA LEO CHAIR 1.00 X X 0 0 0 FERNANDO LEMOS BOARD MEMBER 1.00 X 0 0 0 PURVI PATEL BOARD MEMBER 1.00 X 0 0 0 CASEY WATSON BOARD MEMBER 1.00 X 0 0 0 DARRYL MAXWELL BOARD MEMBER 1.00 X 0 0 0 GABRIELA MOSSI BOARD MEMBER 1.00 X 0 0 0 DAMARIS MIRZA TREASURER 1.00 X X 0 0 0 MARTIN CROWSON SECRETARY 1.00 X X 0 0 0 MARLA BILONICK EXECUTIVE DIRECTOR 40.00 X 94926 0 3765 ROD ILAGAN CFO 40.00 X 106924 0 3000 201850 0 6765 1 0 0 0 0 2720 1300286 768266 2071272 INTEREST INCOME ON LEN 900099 265208 265208 LOAN AND OTHER FEES 900099 52284 52284 PROGRAM SERVICES REVEN 900099 52086 52086 369578 OTHER INCOME 900099 326 326 326 2441176 369578 0 326 186474 155549 25791 5134 1245119 1038622 172214 34283 91113 76002 12602 2509 110032 91783 15219 3030 1098 1098 27460 22906 3798 756 60357 50347 8348 1662 21223 15788 5435 143325 119555 19824 3946 26482 22090 3663 729 143313 119545 19822 3946 31863 31863 12202 10009 2193 30045 24027 4401 1617 41253 34411 5706 1136 14734 12290 2038 406 LOAN LOSS RESERVE 151986 151986 MISCELLANEOUS 16321 13617 2255 449 2354400 1990390 304407 59603 402080 438604 83672 195509 382683 536172 2722967 2446097 7057 15107 422378 342287 110678 80091 22968 19523 3732105 3731103 138583 150553 643 5054 1908543 1796861 0 7523 2047769 1959991 X 1684336 1746112 25000 1684336 1771112 3732105 3731103 86776 0 X X 0 1 X 1 1 1 X 3284926 2618992 2452728 2137294 2071272 12565212 3284926 2618992 2452728 2137294 2071272 12565212 464127 12101085 261 14234 5776 20271 157694 9730 27264 13148 326 208162 12793645 1717448 0.94590 0.94250 X RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED 422378 342287 80091 80091 DEFERRED RENT 7523 7523 X 2441176 0 2441176 0 2441176 2354400 0 2354400 0 2354400 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, 2015 AND 2014, 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 ITS 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 MATERIAL OMISSIONS OF INCOME EXIST, 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, 2015 AND 2014, THE ORGANIZATION HAD NO UNCERTAIN TAX POSITIONS WHICH SHOULD BE RECOGNIZED AS A LIABILITY. X X X 0 0 0 0 0 0 0 0 0 FORM 990, PART VI, SECTION B, LINE 11 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.