2015-08-14T11:09:28-05:00 2014-09-30 260004395 HALT BUZAS & POWELL LTD 1199 N FAIRFAX ST 10TH FLOOR ALEXANDRIA VA 22314 990 2013-10-01 521749216 LATINO ECONOMIC DEVELOPMENT CORPORATION LATI 2025885102 641 S STREET NW WASHINGTON DC 20001 ROD ILAGAN CHIEF FINANCIAL OFFICER 2025885102 2015-08-14 1 CAROL MOUNT P00699613 7038361350 2015-08-14 2013 2016-04-25 22:37:26Z LATINO ECONOMIC DEVELOPMENT CENTER MARLA BILONICK 641 S STREET NW WASHINGTON DC 20001 3868444 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. 7 7 41 50 0 0 2452728 2137294 454601 418002 964449 -37395 33014 13148 3904792 2531049 0 0 0 0 1985029 1768157 0 0 74638 1024722 808262 3009751 2576419 895041 -45370 4587791 3732105 2858085 2047769 1729706 1684336 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 D.C. AREA RESIDENTS BY EQUIPPING THEM WITH THE SKILLS AND TOOLS TO ACHIEVE FINANCIAL INDEPENDENCE AND BECOME LEADERS IN THEIR COMMUNITIES. 0 0 797386 21665 LEDC'S HOMEOWNERSHIP COUNSELING PROGRAM (REGIONAL): THE HOMEOWNERSHIP DEPARTMENT IS A HUD-CERTIFIED HOUSING COUNSELING AGENCY THAT HELPS FAMILIES IN THE WASHINGTON REGION TO BUY THEIR FIRST HOME AND SAVE THEIR HOMES FROM FORECLOSURE. IN THE DISTRICT OF COLUMBIA, OUR HOUSING COUNSELORS HELP PROSPECTIVE FIRST-TIME HOMEBUYERS TO UNDERSTAND THE PROCESS AND RESPONSIBILITIES OF HOMEOWNERSHIP AND ACCESS LOCAL FINANCING TO PUT THE COST OF HOMEOWNERSHIP WITHIN REACH. IN MARYLAND, WE HELP STRUGGLING HOMEOWNERS QUALIFY FOR FORECLOSURE ASSISTANCE PROGRAMS AND FIGHT SCAMS AS FAMILIES WORK CLOSELY WITH OUR COUNSELORS TO IDENTIFY THEIR BEST LONG-TERM HOUSING SOLUTION. THE DEPARTMENT HAS ADOPTED THE NATIONAL INDUSTRY STANDARDS FOR HOMEOWNERSHIP EDUCATION AND COUNSELING. IN FY2014, LEDC ASSISTED 34 FAMILIES IN PURCHASING THEIR FIRST HOME, 29 OF THESE PURCHASERS UTILIZED DC'S HPAP PROGRAM. LEDC TRAINED 639 PEOPLE THROUGH OUR FIRST-TIME HOMEBUYER COURSES, PROVIDED INDIVIDUAL COUNSELING TO 351 CLIENTS AND SUBMITTED 77 HPAP APPLICATIONS. IN FY2014, LEDC ASSISTED OVER 149 ACTIVE FORECLOSURE CASES OF WHICH OVER 36 RECEIVED A POSITIVE OUTCOME SUCH AS A PRINCIPAL REDUCTION OR PERMANENT MODIFICATION AND ANOTHER 100 CASES ARE ACTIVELY IN NEGOTIATIONS OR HAVE UNREPORTED RESOLUTIONS. 1154078 394912 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 WASHINGTON REGION WITH THE BUSINESS SKILLS AND ACCESS TO CAPITAL TO START OR STRENGTHEN THEIR BUSINESSES. LEDC'S SMALL BUSINESS DEVELOPMENT STAFF OFFERS GROUP WORKSHOPS AND INDIVIDUALIZED TECHNICAL ASSISTANCE ON DIVERSE TOPICS INCLUDING BUSINESS PLANNING, LICENSING, MARKETING, RECORDKEEPING, SALES, AND TECHNOLOGY INTEGRATION. THE PROGRAM CONNECTS ADVANCED ENTREPRENEURS WITH A ONE-ON-ONE SMALL BUSINESS COACHING SERVICE CALLED BRINCA. LEDC'S COMMUNITY ASSET FUND FOR ENTREPRENEURS, THE NEW FACE OF LEDC'S LENDING PROGRAM, 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 FY2014, LEDC SMALL BUSINESS COACHES IN MARYLAND AND D.C. SERVED A TOTAL OF 768 CLIENTS AND CONDUCTED A TOTAL OF 63 WORKSHOPS AND COURSES RELATED TO BUSINESS PLANNING, LICENSING AND PERMITTING, MARKETING, ACCOUNTING, AND TECHNOLOGY INTEGRATION. IN TERMS OF OUR MICROLENDING, WE DISBURSED 103 LOANS TO SMALL BUSINESSES IN D.C., MD, AND NORTHERN VIRGINIA TOTALING MORE THAN $1.5 MILLION IN CAPITAL. OUR PROGRAMS LED TO THE CREATION OF 48 BUSINESSES, SUPPORTED/RETAINED 309 EQUIVALENT FULL-TIME JOBS, WHICH WE ESTIMATE WILL LEAD TO THE CREATION OF 154 EQUIVALENT FULL-TIME JOBS (1.5 PER LOAN) DURING THE FOLLOWING 12 MONTHS. OUR LENDING PORTFOLIO AT RISK RATE (LOANS MORE THAN 30 DAYS LATE) AT THE CLOSE OF FY14 WAS AT 3.2% AND OUR ANNUAL WRITE-OFF RATE WAS 2.7%. 392433 1425 LEDC'S AFFORDABLE HOUSING PRESERVATION PROGRAM: THE 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 THE DISTRICT OF COLUMBIA 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 FY2014, LEDC SUPPORTED TENANTS AND RESIDENTS IN PREVENTING DISPLACEMENT AND PRESERVING AFFODRABLE HOUSING IN 89 BUILDINGS HOME TO NEARLY 3,000 FAMILIES. IN FY2014,LEDC PROVIDED TENANT ORGANIZING AT 6 FEDERALLY SUBSIDIZED BUILDINGS, 12 OWNER-OCCUPIED BUILDINGS, 73 RENT-CONTROLLED BUILDINGS; AND THROUGH 3 NEIGHBORHOOD-SPECIFIC TRAININGS AND OUR SEVENTH ANNUAL CITY-WIDE TENANT TOWN HALL. OF THESE TENANT ASSOCIATIONS, WE ASSISTED 35 THROUGH THE TOPA PROCESS, LEADING TO THE PRESERVATION OF 10 AFFORDABLE RENTAL BUILDINGS WITH 334 UNITS OF HOUSING, INCLUDING 5 BUILDINGS WITH 250 UNITS. LEDC'S WORK IN FY2014 ALSO LED TO THE PRESERVATION OF 2 BUILDINGS AS COOPERATIVES WITH 21 UNITS OF OWNER-OCCUPIED HOUSING. THESE BUILDINGS WILL REMAIN AFFORDABLE FOR AT LEAST 40 YEARS. 2343897 1 1 0 0 0 0 0 0 0 0 1 0 0 0 0 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 14 0 41 1 0 0 0 0 0 0 0 0 X 7 7 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 JIM TAYLOR BOARD MEMBER UNTIL 3/2014 1.00 X 0 0 0 J MITCHELL REESE BOARD MEMBER 1.00 X 0 0 0 SCOTT STOKES BOARD MEMBER 1.00 X 0 0 0 YVETTE RETAMOSA 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 72097 0 1766 ROD ILAGAN CFO 40.00 X 4231 0 183 76328 0 1949 0 0 0 0 0 7541 1516952 612801 2137294 INTEREST INCOME ON LENDING ACTIVI 900099 273355 273355 PROGRAM SERVICES REVENUE 900099 76774 76774 LOAN AND OTHER FEES 900099 67873 67873 418002 1300000 1337395 -37395 -37395 -37395 OTHER INCOME 900099 13148 13148 13148 2531049 418002 0 -24247 176616 160721 10597 5298 1365642 1248189 74043 43410 107744 98440 5896 3408 118155 107940 6483 3732 6000 6000 52616 48067 2887 1662 102953 94157 5497 3299 30852 26815 4037 170769 156980 8751 5038 29623 26957 1777 889 140305 128175 7698 4432 28705 28705 6416 5864 552 45304 27665 17639 75132 68637 4122 2373 16786 15335 921 530 LOAN LOSS RESERVE 84863 84863 MISCELLANEOUS 17938 16387 984 567 2576419 2343897 157884 74638 357621 402080 81009 83672 391297 382683 2363466 2722967 27415 30025 411712 301034 1366983 110678 4587791 3732105 277616 138583 11283 643 2569186 1908543 2858085 2047769 X 1688859 1684336 40847 0 1729706 1684336 4587791 3732105 -45370 0 X X 0 1 X 1 1 1 X 3016056 3284926 2618992 2452728 2137294 13509996 3016056 3284926 2618992 2452728 2137294 13509996 350754 13159242 103552 261 14234 5776 123823 120655 157694 9730 27264 13148 328491 13962310 1347870 0.94250 0.93800 X RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED 411712 301034 110678 110678 X 2532549 1500 1500 2531049 0 2531049 2577919 1500 1500 2576419 0 2576419 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, 2014 AND 2013, 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 ORGANIZATIONS POLICY TO RECOGNIZE INTEREST AND/OR PENALTIES RELATED TO UNCERTAIN TAX POSITIONS, IF ANY, IN THE ACCOMPANYING FINANCIAL STATEMENTS. AS OF SEPTEMBER 30, 2014 AND 2013, NO UNCERTAIN TAX POSITIONS EXISTED FOR WHICH THE ORGANIZATION SHOULD RECOGNIZE A LIABILITY. 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.