2013-07-25T07:18:14-05:00 2012-09-30 260004395 HALT BUZAS & POWELL LTD 1199 N FAIRFAX ST 10TH FLOOR ALEXANDRIA VA 22314 990 2011-10-01 521749216 LATINO ECONOMIC DEVELOPMENT CORPORATION LATI 2025885102 2316 18TH STREET NW WASHINGTON DC 20009 ALBERTO GARCIA 2025885102 2013-07-24 1 CAROL MOUNT P00699613 7038361350 2013-07-23 2011 2016-02-24 21:20:13Z ALBERTO GARCIA 2316 18TH STREET NW WASHINGTON DC 20009 3047608 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. 9 9 42 17 0 0 3284926 2618992 111539 331563 10066 6572 215565 38204 3622096 2995331 0 0 0 0 1894206 2002091 0 0 69336 1461916 950737 3356122 2952828 265974 42503 2672117 2714373 1879955 1879708 792162 834665 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 912263 16415 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 WITH 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 FY2012, LEDC TRAINED 228 FAMILIES ON THE RESPONSIBILITIES OF HOMEOWNERSHIP, PROVIDED 334 FAMILIES WITH IN-DEPTH FORECLOSURE INTERVENTION COUNSELING, AND HELPED 45 INDIVIDUALS BECOME WELL-INFORMED FIRST-TIME HOMEBUYERS. 1265640 310640 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 FY2012, LEDC PROVIDED TECHNICAL ASSISTANCE AND TRAINING TO OVER 686 SMALL BUSINESS ENTREPRENEURS AND DISBURSED $1,185,975 IN MICROLOANS TO 78 BUSINESSES ACROSS THE REGION. 328315 14238 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 2012, LEDC HELPED 5,014 FAMILIES RECEIVE AFFORDABLE HOUSING PRESERVATION SERVICES IN 74 MULTIFAMILY BUILDINGS IN THE DISTRICT OF COLUMBIA. 2506218 1 1 0 0 0 0 0 0 0 0 1 0 0 0 1 1 1 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 0 0 0 0 0 1 11 0 42 1 0 0 0 0 0 0 0 0 X 9 9 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 2316 18TH STREET NW WASHINGTON DC 20009 JIM TAYLOR 1.00 X X 0 0 0 ALBERTO GARCIA 1.00 X X 0 0 0 VIVIAN VASALLO 1.00 X X 0 0 0 JORGE FIGUEREDO 1.00 X 0 0 0 NORALISA LEO 1.00 X 0 0 0 KEVIN LOWNDES 1.00 X 0 0 0 J MITCHELL REESE 1.00 X 0 0 0 COLLEEN DAILEY 1.00 X 0 0 0 CAROLINA SAIZAR 1.00 X 0 0 0 MANNY HIDALGO 40.00 X 131876 0 3289 131876 0 3289 1 0 0 0 0 1374974 1244018 2618992 PROGRAM SERVICES REVEN 900099 136040 136040 INTEREST INCOME ON LEN 900099 117900 117900 LOAN AND OTHER FEES 900099 77623 77623 331563 56 56 14178 0 14178 14178 14178 40924 34408 6516 6516 6516 32165 17869 14296 14296 OTHER INCOME 900099 9730 9730 9730 2995331 341293 0 35046 133756 107004 13376 13376 1556544 1426814 93978 35752 58803 53509 3683 1611 118966 108195 7474 3297 134022 121643 8502 3877 7359 7359 101700 101700 145595 84669 59674 1252 29777 29777 247492 230663 11559 5270 70520 68753 1214 553 51676 51676 7620 7620 39858 23457 16083 318 127108 115367 8064 3677 16919 11089 5477 353 LOAN LOSS RESERVE 38124 38124 MISCELLANEOUS 30350 2617 27733 PROVISION FOR DOUBTFUL 18757 18757 FACADE DEVELOPMENT 17882 17882 2952828 2506218 377274 69336 802575 118011 360710 457298 412685 920630 1355768 8137 1995 1284831 819627 483477 465204 2672117 2714373 132111 247464 55563 156792 1658163 1463752 34118 11700 1879955 1879708 X 792162 834665 792162 834665 2672117 2714373 42503 0 X X 0 1 1 X 1 1 X 2851117 2855301 3016056 3284926 2616569 14623969 2851117 2855301 3016056 3284926 2616569 14623969 259492 14364477 49435 78900 103552 261 56 232204 66683 77696 120655 157694 246510 669238 15525411 111539 0.92520 0.95220 X RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED 177862 177862 384712 317717 66995 313747 223988 89759 408510 277922 130588 465204 DEFERRED RENT 11700 11700 2995331 2952828 42503 42503 3013200 0 3013200 -17869 -17869 2995331 2970697 17869 17869 2952828 0 2952828 DESCRIPTION OF UNCERTAIN TAX POSITIONS UNDER FIN 48: PART X: LEDC IS EXEMPT FROM FEDERAL AND LOCAL INCOME TAXES UNDER SECTION 501(C)(3) OF THE INTERNAL REVENUE CODE ON ANY NET INCOME DERIVED FROM ACTIVITIES RELATED TO ITS EXEMPT PURPOSE. LEDC IS SUBJECT TO TAX ON NET INCOME FROM UNRELATED BUSINESS ACTIVITIES. FOR THE YEARS ENDED SEPTEMBER 30, 2012 AND 2011, LEDC DID NOT HAVE ANY INCOME TAXES FROM UNRELATED BUSINESS ACTIVITIES. LEDC FOLLOWS THE AUTHORITATIVE GUIDANCE RELATING TO ACCOUNTING FOR UNCERTAINTY IN INCOME TAXES INCLUDED IN ACCOUNTING STANDARDS CODIFICATION (ASC) TOPIC INCOME TAXES. THESE PROVISIONS PROVIDE CONSISTENT GUIDANCE FOR THE ACCOUNTING FOR UNCERTAINTY IN INCOME TAXES RECOGNIZED IN AN ENTITY'S FINANCIAL STATEMENTS AND PRESCRIBE A THRESHOLD OF "MORE LIKELY THAN NOT" FOR RECOGNITION AND DERECOGNITION OF TAX POSITIONS TAKEN OR EXPECTED TO BE TAKEN IN A TAX RETURN. LEDC PERFORMED AN EVALUATION OF UNCERTAIN TAX POSITIONS FOR THE YEARS ENDED SEPTEMBER 30, 2012 AND 2011, AND DETERMINED THAT THERE WERE NO MATTERS THAT WOULD REQUIRE RECOGNITION IN THE FINANCIAL STATEMENTS OR THAT MAY HAVE ANY EFFECT ON ITS TAX-EXEMPT STATUS. 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 LEDC'S POLICY TO RECOGNIZE INTEREST AND/OR PENALTIES RELATED TO UNCERTAIN TAX POSITIONS, IF ANY, IN INCOME TAX EXPENSE. AS OF SEPTEMBER 30, 2012 AND 2011, LEDC HAD NO ACCRUALS FOR INTEREST AND/OR PENALTIES. PART XII, LINE 4B - OTHER ADJUSTMENTS: SPECIAL EVENT EXPENSES PART XIII, LINE 2D - OTHER ADJUSTMENTS: SPECIAL EVENT EXPENSES DIRECT EXPENSES ASSOCIATED WITH FUNDRAISING EVENTS IS INCLUDED IN THE FORM 990 PART VIII AS A REDUCTION OF FUNDRAISING INCOME, BUT AS AN EXPENSE IN THE AUDIT REPORT. BANQUET 32164 32164 17868 32164 32164 17868 17868 14296 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: NO CHANGE IN OVERSIGHT PROCESS AND SELECTION PROCESS DURING THE TAX YEAR.