Civic Intelligence

Lowell Development & Financial Corp

EIN 04-2603693 • 501(c)3 • Lowell, MA

View Organization Page

Profile

To promote lowell's economic revitalization by providing secondary financing for the rehabilitation and acquisition of properties in lowell.

660 Suffolk StreetLowell, MA 01854

www.ldfc.org

Siviq Scores

Precomputed percentiles relative to similar nonprofits. These scores are descriptive rather than judgmental.

Liabilities / Assets

66th percentile

0.27x

Higher debt load relative to assets than 66% of similar nonprofits.

501(c)3 • $5M-$10M nonprofits • Source year 2025

Liabilities / Revenue

95th percentile

4.82x

Higher debt load relative to revenue than 95% of similar nonprofits.

501(c)3 • $5M-$10M nonprofits • Source year 2025

Net Margin

2nd percentile

-151%

Higher net margin than 2% of similar nonprofits.

501(c)3 • $5M-$10M nonprofits • Source year 2025

Top Officer Pay

Score unavailable

No value available

No filing with officer rows is available for this organization yet.

Asset Growth

11th percentile

-11%

Faster asset growth than 11% of similar nonprofits.

501(c)3 • $5M-$10M nonprofits • Annualized from 2024 to 2025

Revenue Growth

25th percentile

-6.1%

Faster revenue growth than 25% of similar nonprofits.

501(c)3 • $5M-$10M nonprofits • Annualized from 2024 to 2025

Balance Sheet
Liabilities / Assets66th percentile

Assets

Down

$7,573,338

Down $945,598 (-11%) from 2024

Liabilities

Down

$2,075,478

Down $296,483 (-12%) from 2024

Net Assets

Down

$5,497,860

Down $649,115 (-11%) from 2024

Operations
Liabilities / Revenue95th percentileNet Margin2nd percentile

Revenue

Down

$430,563

Down $27,973 (-6.1%) from 2024

Expenses

Up

$1,079,678

Up $578,892 (+116%) from 2024

Net Income

Down

-$649,115

Down $606,865 (-1436%) from 2024

Trend Graphs

Balance Sheet Trend

Asset Growth11th percentile

Grouped bars show assets, liabilities, and net assets across loaded filings.

$15M$10M$5.0M$0Assets 2011: $10,335,923Liabilities 2011: $3,464,689Net Assets 2011: $6,871,2342011Assets 2012: $9,863,481Liabilities 2012: $3,194,678Net Assets 2012: $6,668,8032012Assets 2013: $9,545,199Liabilities 2013: $3,154,836Net Assets 2013: $6,390,3632013Assets 2014: $9,646,647Liabilities 2014: $3,069,008Net Assets 2014: $6,577,6392014Assets 2015: $9,391,699Liabilities 2015: $3,082,642Net Assets 2015: $6,309,0572015Assets 2016: $7,788,369Liabilities 2016: $1,633,323Net Assets 2016: $6,155,0462016Assets 2017: $7,475,696Liabilities 2017: $1,439,804Net Assets 2017: $6,035,8922017Assets 2018: $7,845,567Liabilities 2018: $1,909,771Net Assets 2018: $5,935,7962018Assets 2019: $6,643,638Liabilities 2019: $893,710Net Assets 2019: $5,749,9282019Assets 2020: $6,250,150Liabilities 2020: $933,242Net Assets 2020: $5,316,9082020Assets 2021: $6,332,884Liabilities 2021: $775,652Net Assets 2021: $5,557,2322021Assets 2022: $6,302,849Liabilities 2022: $843,077Net Assets 2022: $5,459,7722022Assets 2023: $7,130,282Liabilities 2023: $941,057Net Assets 2023: $6,189,2252023Assets 2024: $8,518,936Liabilities 2024: $2,371,961Net Assets 2024: $6,146,9752024Assets 2025: $7,573,338Liabilities 2025: $2,075,478Net Assets 2025: $5,497,8602025

Highlighted filing

2025

Assets$7,573,338
Liabilities$2,075,478
Net Assets$5,497,860
Open 2025 Filing

Operations Trend

Revenue Growth25th percentile

Revenue, expenses, and net income by year, with the latest filing highlighted.

$1.5M$1.0M$500K$0-$500K-$1.0MExpenses 2011: $1,162,8252011Expenses 2012: $570,0982012Revenue 2013: $322,726Expenses 2013: $584,484Net Income 2013: -$261,7582013Revenue 2014: $707,544Expenses 2014: $507,401Net Income 2014: $200,1432014Revenue 2015: $359,403Expenses 2015: $595,844Net Income 2015: -$236,4412015Revenue 2016: $904,646Expenses 2016: $515,779Net Income 2016: $388,8672016Revenue 2017: $373,378Expenses 2017: $463,527Net Income 2017: -$90,1492017Revenue 2018: $574,777Expenses 2018: $616,762Net Income 2018: -$41,9852018Revenue 2019: $313,665Expenses 2019: $507,531Net Income 2019: -$193,8662019Revenue 2020: $329,550Expenses 2020: $762,570Net Income 2020: -$433,0202020Revenue 2021: $472,838Expenses 2021: $274,415Net Income 2021: $198,4232021Revenue 2022: $369,219Expenses 2022: $466,679Net Income 2022: -$97,4602022Revenue 2023: $501,210Expenses 2023: $425,006Net Income 2023: $76,2042023Revenue 2024: $458,536Expenses 2024: $500,786Net Income 2024: -$42,2502024Revenue 2025: $430,563Expenses 2025: $1,079,678Net Income 2025: -$649,1152025

Highlighted filing

2025

Revenue$430,563
Expenses$1,079,678
Net Income-$649,115
Open 2025 Filing

Filings

Most recent year

2025 • Form 990Detailed filing. Detailed filing data is available for this year.

Open filing
Assets
$7,573,338
Liabilities
$2,075,478
Net assets
$5,497,860
Revenue
$430,563
Expenses
$1,079,678
Net income
-$649,115
Balance SheetOperations
YearAssetsLiabilitiesNet AssetsRevenueExpensesNet Income
2025Detailed filing. Detailed filing data is available for this year.$7.57$2.08$5.50$0.43$1.08$0.65
2024Detailed filing. Detailed filing data is available for this year.$8.52$2.37$6.15$0.46$0.50$0.04
2023Detailed filing. Detailed filing data is available for this year.$7.13$0.94$6.19$0.50$0.43$0.08
2022Detailed filing. Detailed filing data is available for this year.$6.30$0.84$5.46$0.37$0.47$0.10
2021Detailed filing. Detailed filing data is available for this year.$6.33$0.78$5.56$0.47$0.27$0.20
2020Detailed filing. Detailed filing data is available for this year.$6.25$0.93$5.32$0.33$0.76$0.43
2019Detailed filing. Detailed filing data is available for this year.$6.64$0.89$5.75$0.31$0.51$0.19
2018Detailed filing. Detailed filing data is available for this year.$7.85$1.91$5.94$0.57$0.62$0.04
2017Detailed filing. Detailed filing data is available for this year.$7.48$1.44$6.04$0.37$0.46$0.09
2016Detailed filing. Detailed filing data is available for this year.$7.79$1.63$6.16$0.90$0.52$0.39
2015Detailed filing. Detailed filing data is available for this year.$9.39$3.08$6.31$0.36$0.60$0.24
2014Detailed filing. Detailed filing data is available for this year.$9.65$3.07$6.58$0.71$0.51$0.20
2013Facts available. Structured filing facts are available, but richer extracted sections are limited.$9.55$3.15$6.39$0.32$0.58$0.26
2012Facts available. Structured filing facts are available, but richer extracted sections are limited.$9.86$3.19$6.67$0.57
2011Facts available. Structured filing facts are available, but richer extracted sections are limited.$10.3$3.46$6.87$1.16
Latest Filing Detail
Jump To
Filing Snapshot
Filing Period
Jul 1, 2024 to Jun 30, 2025
Signed
Jan 5, 2026
Return Version
2024v5.0
Gross Receipts
$430,563
Mission and Program Overview

Mission

To promote lowell's economic revitalization by providing secondary financing for the rehabilitation and acquisition of properties in lowell.

The ldfc is a nonprofit development corporation established in 1975 to promote lowell's economic revitalization and to provide secondary financing for the rehabilitation and acquisition of properties in lowell.

Balance Sheet Detail
LineBeginningEndChange
Assets
Savings and Temporary Cash Investments$3,498,556$2,949,122▼ $549,434
Other Notes and Loans Receivable, Net$2,982,664$2,784,550▼ $198,114
Cash and Non-Interest-Bearing Accounts$1,844,925$1,667,675▼ $177,250
Prepaid Expenses and Deferred Charges$53,228$49,210▼ $4,018
Total Assets$8,518,936$7,573,338▼ $945,598
Other Assets Total$139,563$122,781▼ $16,782
Liabilities
Other Liabilities$1,541,405$1,390,782▼ $150,623
Mortgage Notes Payable Secured by Investment Property$748,689$629,064▼ $119,625
Accounts Payable and Accrued Expenses$50,037$38,169▼ $11,868
Deferred Revenue$31,830$17,463▼ $14,367
Total Liabilities$2,371,961$2,075,478▼ $296,483
Net Assets / Fund Balance
Net Assets With Donor Restrictions$5,216,222$5,175,994▼ $40,228
Net Assets Without Donor Restrictions$930,753$321,866▼ $608,887
Total Net Assets Fund Balance$6,146,975$5,497,860▼ $649,115
Total Liabilities and Net Assets / Fund Balance$8,518,936$7,573,338▼ $945,598

Asset Categories

AssetBook ValueDepreciationBasis
Other Land Buildings-$20,059$20,059
Compensation and Service Providers
Top Officer PayScore unavailable

Employees

NameTitleFull / Part TimeBaseOtherTotal
Allison LameyExecutive DiFT$137,787$13,779$151,566
Allison LameyExecutive Director-$137,787$13,779$151,566

Board Members and Trustees

NameTitle
James HoganPresident
Anothny NgangaDirector
Carl HowellDirector
Cathy MercadoDirector
Dan RiveraDirector
Dan RourkeDirector
Daniel FieldDirector
Danielle McfaddenDirector
Deborah McadamsDirector
Edward KennedyDirector
Gary CampbellDirector
James Linnehan JrDirector
James WildeDirector
Jane CalvinDirector
Jeff BushDirector
Jennifer RaittDirector
Julie ChenDirector
Julie GalonskaDirector
Maria ZeqoDirector
Maryann PicardDirector
Parker WilliamsDirector
Patty WilsonDirector
Paul CareyDirector
Philip SissonDirector
Raymond HamiltonDirector
Robert GilmanDirector
Shannon ArenburgDirector
Stacie HargisDirector
Steven JoncasDirector
Thomas GoldenDirector
Trevor BloomDirector
Yovani Baez-roseDirector
Yun-ju ChoiDirector
Ani VongClerk
Kara DoyleTreasurer
Revenue and Support

Revenue Composition

Contributions and Grants
$37,730
Program Service Revenue
$138,832
Investment Income
$126,370
Other Revenue
$127,631
All Other Contributions
$37,730
Change in Net Assets
$-649,115

Audited Revenue Reconciliation

Revenue per Audited Statements
$430,563
Total Revenue per Audited Statements
$430,563
Total Revenue per Form 990
$430,563
Expenses and Functional Allocation

Major Expense Lines

Line ItemAmount
Other Expenses$824,849
Salaries, Compensation, and Employee Benefits$254,829
Grants and Similar Amounts Paid$0
Professional Fundraising Fees$0
Total Fundraising Expense$0

Functional Expense Allocation

Line ItemProgramManagementFundraisingTotal
Current Officers, Directors, Trustees, and Key Employees-$129,825-$129,825
Other Salaries and Wages-$87,920-$87,920
Fees for Services Accounting$44,354$5,270-$49,624
Occupancy-$47,027-$47,027
Interest$35,015$782-$35,797
Insurance$17,883$6,095-$23,978
Other Employee Benefits-$20,324-$20,324
Office Expenses$674$17,409-$18,083
Payroll Taxes-$16,760-$16,760
Fees for Services Legal$5,090$117-$5,207
Other Expenses$219,297$-219,297-$500
Total Functional Expenses$334,863$744,815$0$1,079,678

Audited Expense Reconciliation

Line ItemAmount
Expenses per Audited Statements$1,079,678
Total Expenses per Audited Statements$1,079,678
Total Expenses per Form 990$1,079,678
Fundraising, Events, and Gaming
Fundraising activities
No
Gaming activities
No
Professional fundraiser used
No

Fundraising and Gaming Totals

Line ItemAmount
Professional Fundraising Fees$0
Political and Lobbying Activity
Political campaign activity
No
Lobbying activity
No
Subject to proxy tax
No
Debt and Bond Financing

Other Reported Liabilities

LiabilityAmount
Fiscal Agent Liability$1,308,531
Right-of-use Lease Liability Operati$68,551
Right-of-use Lease Liability Finance$13,700
Governance and Compliance

Governance Checklist

Compiled or reviewed by an accountant
No
Annual disclosure for covered persons
Yes
Audit committee
Yes
Backup withholding compliance
Yes
Business relationship with 35% controlled entity
No
Business relationship with family members
No
Business relationship with organization members
No
Material changes to governing documents
No
Compensation from other sources disclosed
No
CEO compensation reviewed
Yes
Other officer compensation reviewed
Yes
Conflict-of-interest policy
Yes
Audited financial statements prepared
No
Key decisions subject to board approval
No
Management duties delegated
No

Governance Explanations

Form 990, Part VI

“Carl howell is the chief executive officer of community teamwork, inc (cti) which anthony nganga is a board member of cgdc. Yovani baez-rose is the assistant city manager in lowell where thomas golden is her direct supervisor. James hogan is also on the board of directors of the lowell plan where gary campbell is the chair of the lowell plan. James is ceo of wsb that has existing business relationship with cti where carl howell is the ceo of cti. James is also on the executive, finance and strategic planning committee for cti. All members noted above are members of the lowell development and financial corporation's board of directors.”

Form 990, Page 6, Part VI, Line 2

“Common ground development corp. Washington savings bank director r/e pres/ceo jh on board of both entities. Common ground development corp. City of lowell director r/e city manager city of lowell issues grants. Common ground development corp. City of lowell director r/e asst. Mgr. City of lowell issues grants. Common ground development corp. Studio 26 associates director r/e founder services on board of cgdc.”

Form 990, Page 6, Part VI, Line 11B

“The 990 is reviewed by the executive committee prior to filing.”

Form 990, Page 6, Part VI, Line 12C

“Ldfc uses conflict of interest quiestionaires to monitor conflicts on an annual basis.”

Form 990, Page 6, Part VI, Line 15A

“The personnel committee, which is made up of members of the board of directors, is responsible for determining executive compensation levels.”

Form 990, Page 6, Part VI, Line 15B

“The personnel committee, which is made up of members of the board of directors, is responsible for determining executive compensation levels.”

Form 990, Page 6, Part VI, Line 18

“Available upon request at the lowell development and financial corporation's office.”

Form 990, Page 6, Part VI, Line 19

“The lowell development and financial corporation's audited statement of financial position is published annually in the lowell sun newspaper.”

Filing and Contact Details

Filer

Filer Name
Lowell Development & Financial Corp
EIN
04-2603693
Phone
9784599899
Address
660 SUFFOLK STREET, LOWELL, MA 01854

Signing Officer

Name
Kara Doyle
Title
Treasurer
Phone
0978459989
Signed
2026-01-05
Discuss with paid preparer
Yes

Organization Details

Principal Officer
Kara Doyle
Formed
1975
Legal Domicile
Ma
Voting Board Members
35
Independent Board Members
35
Employees
2

Preparer

Firm
Anstiss & Co Pc
Address
6 OMNI WAY STE 201, CHELMSFORD, MA 01824-4187
Preparer
Mary M Linskey
Phone
9784522500
Supplemental Narrative

Financial Statement Notes

Schedule D, Page 3, Part X

“Ldfc is incorporated under chapter 844 as an act of massachusetts state legislature and has been granted tax-exempt status under internal revenue code (ird) section 501(c)(3). Therefore, it is generally exempt from federal and state income taxes. Accordingly, no provision for income taxes has been provided for in the accompanying financial statements. In accordance with fasb asc 740-10, "income taxes", ldfc is required to evaluate and disclose tax positions that could have an effect on ldfc's financial statements. Ldfc has no uncertain tax positions that qualigy for either recognition or disclsure in the financial statements. Ldfc reports its activities to the internal revenue service and to the commonwealth of massachusetts on an annual basis. These informational returns are generally subject to audit and review by the governmental agencies for a period of three years after filing. Substantially all ldfc's income, expenditures and activities relate to its exempt prupose. Therefore, management has determined that ldfc is not subject to unrelated business income taxes and will continue to qualify as a tax-exmept not0for-profit entity.”

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