Civic Intelligence

Lormet Housing Development Fund Corporation

990 • Fiscal year 2014 • EIN 11-2727514

Jan 01, 2014 to Dec 31, 2014 • Filed on May 21, 2015

2 Kingsland AvenueBrooklyn, NY 11211

(718) 388-5454

Siviq Scores

Precomputed percentiles for this filing year versus similar nonprofits in the same peer cohort.

Liabilities / Assets

59th percentile

0.19x

Higher debt load relative to assets than 59% of similar nonprofits.

2014 filings • 501(c)3 • $1M-$5M nonprofits • Source year 2014

Liabilities / Revenue

80th percentile

0.65x

Higher debt load relative to revenue than 80% of similar nonprofits.

2014 filings • 501(c)3 • $1M-$5M nonprofits • Source year 2014

Net Margin

36th percentile

-1.3%

Higher net margin than 36% of similar nonprofits.

2014 filings • 501(c)3 • $1M-$5M nonprofits • Source year 2014

Top Officer Pay

34th percentile

$0

Higher top officer pay than 34% of similar nonprofits.

Top officer pay equals 0.0% of source-year revenue.

2014 filings • 501(c)3 • $1M-$5M nonprofits • Source year 2014

Asset Growth

80th percentile

18%

Faster asset growth than 80% of similar nonprofits.

2014 filings • 501(c)3 • $1M-$5M nonprofits • Annualized from 2013 to 2014

Revenue Growth

34th percentile

-1.8%

Faster revenue growth than 34% of similar nonprofits.

2014 filings • 501(c)3 • $1M-$5M nonprofits • Annualized from 2013 to 2014

Assets

Up

$1,924,412

Up $297,012 (+18%) from 2013

Net Assets

Down

$1,564,310

Down $6,921 (-0.4%) from 2013

Liabilities

Up

$360,102

Up $303,933 (+541%) from 2013

Revenue

Down

$551,712

Down $10,173 (-1.8%) from 2013

Expenses

Up

$558,633

Up $130,592 (+31%) from 2013

Net Income

Down

-$6,921

Down $140,765 (-105%) from 2013

Historical Trend

Balance Sheet Trend

The highlighted filing sits inside the broader history for assets, liabilities, and net assets.

$3.0M$2.0M$1.0M$0Assets 2011: $1,245,459Liabilities 2011: $29,360Net Assets 2011: $1,216,0992011Assets 2012: $1,463,992Liabilities 2012: $26,605Net Assets 2012: $1,437,3872012Assets 2013: $1,627,400Liabilities 2013: $56,169Net Assets 2013: $1,571,2312013Assets 2014: $1,924,412Liabilities 2014: $360,102Net Assets 2014: $1,564,3102014Assets 2015: $2,156,903Liabilities 2015: $489,175Net Assets 2015: $1,667,7282015Assets 2016: $1,995,505Liabilities 2016: $264,674Net Assets 2016: $1,730,8312016Assets 2017: $1,922,934Liabilities 2017: $70,367Net Assets 2017: $1,852,5672017Assets 2018: $2,052,139Liabilities 2018: $74,313Net Assets 2018: $1,977,8262018Assets 2019: $1,999,044Liabilities 2019: $67,603Net Assets 2019: $1,931,4412019Assets 2020: $2,065,434Liabilities 2020: $47,358Net Assets 2020: $2,018,0762020

Highlighted filing

2014

Assets$1,924,412
Liabilities$360,102
Net Assets$1,564,310

Operations Trend

Revenue, expenses, and net income across loaded years, with this filing highlighted.

$800K$600K$400K$200K$0-$200KExpenses 2011: $513,8962011Expenses 2012: $570,5082012Revenue 2013: $561,885Expenses 2013: $428,041Net Income 2013: $133,8442013Revenue 2014: $551,712Expenses 2014: $558,633Net Income 2014: -$6,9212014Revenue 2015: $605,292Expenses 2015: $501,874Net Income 2015: $103,4182015Revenue 2016: $637,879Expenses 2016: $574,776Net Income 2016: $63,1032016Revenue 2017: $674,082Expenses 2017: $552,346Net Income 2017: $121,7362017Revenue 2018: $676,362Expenses 2018: $551,103Net Income 2018: $125,2592018Revenue 2019: $652,953Expenses 2019: $699,338Net Income 2019: -$46,3852019Revenue 2020: $685,401Expenses 2020: $598,766Net Income 2020: $86,6352020

Highlighted filing

2014

Revenue$551,712
Expenses$558,633
Net Income-$6,921
Jump To
Filing Snapshot
Filing Period
Jan 1, 2014 to Dec 31, 2014
Signed
May 21, 2015
Return Version
2014v5.0
Gross Receipts
$551,712
Mission and Program Overview

Mission

To provide affordable housing for persons and families of low income.

Balance Sheet Detail
LineBeginningEndChange
Assets
Land, Buildings, and Equipment, Net$1,001,280$1,742,879▲ $741,599
Cash and Non-Interest-Bearing Accounts$508,776$101,094▼ $407,682
Accounts Receivable$80,836$38,448▼ $42,388
Prepaid Expenses and Deferred Charges$24,415$27,986▲ $3,571
Total Assets$1,627,400$1,924,412▲ $297,012
Other Assets Total$12,093$14,005▲ $1,912
Liabilities
Other Liabilities$11,993$302,664▲ $290,671
Accounts Payable and Accrued Expenses$40,095$53,600▲ $13,505
Deferred Revenue$4,081$3,838▼ $243
Total Liabilities$56,169$360,102▲ $303,933
Net Assets / Fund Balance
Unrestricted Net Assets$1,571,231$1,564,310▼ $6,921
Total Net Assets Fund Balance$1,571,231$1,564,310▼ $6,921
Total Liabilities and Net Assets / Fund Balance$1,627,400$1,924,412▲ $297,012

Asset Categories

AssetBook ValueDepreciationBasis
Buildings$1,656,534$932,032$2,588,566
Equipment$76,345-$76,345
Land$10,000-$10,000
Compensation and Service Providers

Board Members and Trustees

NameTitle
Joseph K RoblesPresident
Paul PallottaVice President
Michael F RochfordSecty Tres

Highest Paid Contractors

ContractorServicesLocationCompensation
St Nicks AllianceMaintenance Administration2 KINGSLAND AVENUE, Brooklyn, NY 11211$233,263
Revenue and Support

Revenue Composition

Contributions and Grants
$0
Program Service Revenue
$551,000
Investment Income
$218
Other Revenue
$494
Change in Net Assets
$-6,921

Audited Revenue Reconciliation

Revenue per Audited Statements
$551,712
Total Revenue per Audited Statements
$551,712
Total Revenue per Form 990
$551,712
Expenses and Functional Allocation

Major Expense Lines

Line ItemAmount
Other Expenses$558,633
Grants and Similar Amounts Paid$0
Professional Fundraising Fees$0
Salaries, Compensation, and Employee Benefits$0
Total Fundraising Expense$0

Functional Expense Allocation

Line ItemProgramManagementFundraisingTotal
Other Expenses$80,772--$80,772
All Other Expenses$63,046--$63,046
Fees for Services Management$54,240--$54,240
Depreciation Depletion$38,662--$38,662
Fees for Services Legal$35,816--$35,816
Fees for Services Other$29,387--$29,387
Insurance$18,311--$18,311
Occupancy$7,200--$7,200
Fees for Services Accounting$7,000--$7,000
Interest$2,989--$2,989
Office Expenses$368--$368
Total Functional Expenses$558,633$0$0$558,633

Audited Expense Reconciliation

Line ItemAmount
Expenses per Audited Statements$558,633
Total Expenses per Audited Statements$558,633
Total Expenses per Form 990$558,633
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
Security Deposits Payable$288,759
Federal income taxes$13,905
Loan payable-
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 family members
No
Business relationship with organization members
No
Material changes to governing documents
No
Compensation from other sources disclosed
No
CEO compensation reviewed
No
Other officer compensation reviewed
No
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, Section B, Line 11B

Management reviews the 990 to obtain an understanding of the reporting requirements and to ensure it is accurate and complete. Subsequently, a copy of the draft 990 is provided to the audit committee for review. The audit committee will meet with management to discuss the 990 and resolve any questions that may arise. The draft 990 will then be distributed to the board for review and approval. Upon approval from the board the 990 will be filed.

Form 990, Part VI, Section B, Line 12C

Board members, officers and employees report annually if a conflict appears to exist, management and the board will meet with the individual to obtain all facts. Subsequently, a vote will ensure if the matter is indeed a conflict of interest. If it is found to be a conflict of interest, the individual with the conflict of interest must refrain from participating in the deliberation and decision making concerning the matter that gave rise to the conflict.

Form 990, Part VI, Section C, Line 19

The governing documents, conflict of interest policy and financial statements are available to the public upon request.

Filing and Contact Details

Filer

Filer Name
Lormet Hdfc
EIN
11-2727514
Phone
7183885454
Address
2 KINGSLAND AVENUE, BROOKLYN, NY 11211

Signing Officer

Name
Cindy Ross
Title
CFO
Signed
2015-05-21
Discuss with paid preparer
Yes

Organization Details

Formed
1989
Legal Domicile
Ny
Voting Board Members
3
Independent Board Members
3
Employees
0

Preparer

Firm
Tyrone A Sellers CPA
Address
115-03 Farmers Blvd, St Albans, NY 11412
Preparer
Tyrone A Sellers
Phone
7183418770
Supplemental Narrative

Additional Explanations

Form 990, Part XII, Line 12

Management reviews the audit to ensure it is accurate and complete. A copy of the draft audit is provided to the audit committee for review. The audit committee will meet with management to discuss the draft audit and resolve any questions that may arise. The draft audit will then be distributed to the board for review and approval. Upon approval from the board the draft audit will then be finalized.

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IRS990ScheduleA/Total509Grp/CurrentTaxYearMinus3YearsAmt0591588
IRS990ScheduleA/Total509Grp/CurrentTaxYearMinus4YearsAmt0532422
IRS990ScheduleA/Total509Grp/TotalAmt02829073
IRS990ScheduleA/TotalSupportCalendarYearGrp/CurrentTaxYearAmt0551712
IRS990ScheduleA/TotalSupportCalendarYearGrp/CurrentTaxYearMinus1YearAmt0561885
IRS990ScheduleA/TotalSupportCalendarYearGrp/CurrentTaxYearMinus2YearsAmt0791796
IRS990ScheduleA/TotalSupportCalendarYearGrp/CurrentTaxYearMinus3YearsAmt0592366
IRS990ScheduleA/TotalSupportCalendarYearGrp/CurrentTaxYearMinus4YearsAmt0533104
IRS990ScheduleA/TotalSupportCalendarYearGrp/TotalAmt03030863
IRS990/ScheduleBRequiredInd0false
IRS990ScheduleD/BuildingsGrp/BookValueAmt01656534
IRS990ScheduleD/BuildingsGrp/DepreciationAmt0932032
IRS990ScheduleD/BuildingsGrp/OtherCostOrOtherBasisAmt02588566
IRS990ScheduleD/EquipmentGrp/BookValueAmt076345
IRS990ScheduleD/EquipmentGrp/OtherCostOrOtherBasisAmt076345
IRS990ScheduleD/ExpensesSubtotalAmt0558633
IRS990ScheduleD/InclEscrowCustodialAcctLiabInd0false
IRS990ScheduleD/LandGrp/BookValueAmt010000
IRS990ScheduleD/LandGrp/OtherCostOrOtherBasisAmt010000
IRS990ScheduleD/OtherLiabilitiesOrgGrp/Amt013905
IRS990ScheduleD/OtherLiabilitiesOrgGrp/Amt1288759
IRS990ScheduleD/OtherLiabilitiesOrgGrp/Desc0Federal income taxes
IRS990ScheduleD/OtherLiabilitiesOrgGrp/Desc1Security Deposits Payable
IRS990ScheduleD/OtherLiabilitiesOrgGrp/Desc2Loan payable
IRS990ScheduleD/OtherSecuritiesGrp/Desc0Financial derivatives and other financial products
IRS990ScheduleD/OtherSecuritiesGrp/Desc1Closely-held equity interests
IRS990ScheduleD/RevenueSubtotalAmt0551712
IRS990ScheduleD/TotalBookValueLandBuildingsAmt01742879
IRS990ScheduleD/TotalExpensesPerForm990Amt0558633
IRS990ScheduleD/TotalLiabilityAmt0302664
IRS990ScheduleD/TotalRevenuePerForm990Amt0551712
IRS990ScheduleD/TotalRevEtcAuditedFinclStmtAmt0551712
IRS990ScheduleD/TotExpnsEtcAuditedFinclStmtAmt0558633
IRS990/ScheduleJRequiredInd0false
IRS990/ScheduleORequiredInd0true
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt0MANAGEMENT REVIEWS THE 990 TO OBTAIN AN UNDERSTANDING OF THE REPORTING REQUIREMENTS AND TO ENSURE IT IS ACCURATE AND COMPLETE. SUBSEQUENTLY, A COPY OF THE DRAFT 990 IS PROVIDED TO THE AUDIT COMMITTEE FOR REVIEW. THE AUDIT COMMITTEE WILL MEET WITH MANAGEMENT TO DISCUSS THE 990 AND RESOLVE ANY QUESTIONS THAT MAY ARISE. THE DRAFT 990 WILL THEN BE DISTRIBUTED TO THE BOARD FOR REVIEW AND APPROVAL. UPON APPROVAL FROM THE BOARD THE 990 WILL BE FILED.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt1BOARD MEMBERS, OFFICERS AND EMPLOYEES REPORT ANNUALLY IF A CONFLICT APPEARS TO EXIST, MANAGEMENT AND THE BOARD WILL MEET WITH THE INDIVIDUAL TO OBTAIN ALL FACTS. SUBSEQUENTLY, A VOTE WILL ENSURE IF THE MATTER IS INDEED A CONFLICT OF INTEREST. IF IT IS FOUND TO BE A CONFLICT OF INTEREST, THE INDIVIDUAL WITH THE CONFLICT OF INTEREST MUST REFRAIN FROM PARTICIPATING IN THE DELIBERATION AND DECISION MAKING CONCERNING THE MATTER THAT GAVE RISE TO THE CONFLICT.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt2THE GOVERNING DOCUMENTS, CONFLICT OF INTEREST POLICY AND FINANCIAL STATEMENTS ARE AVAILABLE TO THE PUBLIC UPON REQUEST.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt3MANAGEMENT REVIEWS THE AUDIT TO ENSURE IT IS ACCURATE AND COMPLETE. A COPY OF THE DRAFT AUDIT IS PROVIDED TO THE AUDIT COMMITTEE FOR REVIEW. THE AUDIT COMMITTEE WILL MEET WITH MANAGEMENT TO DISCUSS THE DRAFT AUDIT AND RESOLVE ANY QUESTIONS THAT MAY ARISE. THE DRAFT AUDIT WILL THEN BE DISTRIBUTED TO THE BOARD FOR REVIEW AND APPROVAL. UPON APPROVAL FROM THE BOARD THE DRAFT AUDIT WILL THEN BE FINALIZED.
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc0Form 990, Part VI, Section B, Line 11B
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc1Form 990, Part VI, Section B, Line 12C
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc2Form 990, Part VI, Section C, Line 19
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc3Form 990, Part XII, Line 12
IRS990ScheduleR/AssetExchangeInd0false
IRS990ScheduleR/AssetPurchaseFromOtherOrgInd0false
IRS990ScheduleR/AssetSaleToOtherOrgInd0false
IRS990ScheduleR/DivRelatedOrganizationInd0false
IRS990ScheduleR/GiftGrntCapContriFromOthOrgInd0false
IRS990ScheduleR/GiftGrntOrCapContriToOthOrgInd0false
IRS990ScheduleR/IdRelatedTaxExemptOrgGrp/ControlledOrganizationInd0false
IRS990ScheduleR/IdRelatedTaxExemptOrgGrp/DirectControllingNACd0N/A
IRS990ScheduleR/IdRelatedTaxExemptOrgGrp/DisregardedEntityName/BusinessNameLine1Txt0ST NICK'S ALLIANCE
IRS990ScheduleR/IdRelatedTaxExemptOrgGrp/EIN0510192170
IRS990ScheduleR/IdRelatedTaxExemptOrgGrp/ExemptCodeSectionTxt0501 c 3
IRS990ScheduleR/IdRelatedTaxExemptOrgGrp/LegalDomicileStateCd0NY
IRS990ScheduleR/IdRelatedTaxExemptOrgGrp/PrimaryActivitiesTxt0COMMUITY SERVICES
IRS990ScheduleR/IdRelatedTaxExemptOrgGrp/PublicCharityStatusTxt07
IRS990ScheduleR/IdRelatedTaxExemptOrgGrp/USAddress/AddressLine1Txt02 KINGSLAND AVENUE
IRS990ScheduleR/IdRelatedTaxExemptOrgGrp/USAddress/CityNm0BROOKLYN
IRS990ScheduleR/IdRelatedTaxExemptOrgGrp/USAddress/StateAbbreviationCd0NY
IRS990ScheduleR/IdRelatedTaxExemptOrgGrp/USAddress/ZIPCd011211
IRS990ScheduleR/LoansOrGuaranteesFromOthOrgInd0true
IRS990ScheduleR/LoansOrGuaranteesToOtherOrgInd0false
IRS990ScheduleR/PaidEmployeesSharingInd0false
IRS990ScheduleR/PerformOfServicesByOtherOrgInd0true
IRS990ScheduleR/PerformOfServicesForOthOrgInd0false
IRS990ScheduleR/ReceiptOfIntAnntsRntsRyltsInd0false
IRS990ScheduleR/ReimbursementPaidByOtherOrgInd0false
IRS990ScheduleR/ReimbursementPaidToOtherOrgInd0false
IRS990ScheduleR/RentalOfFacilitiesToOthOrgInd0false
IRS990ScheduleR/RentalOfFcltsFromOthOrgInd0false
IRS990ScheduleR/SharingOfFacilitiesInd0false
IRS990ScheduleR/TransactionsRelatedOrgGrp/InvolvedAmt0233263
IRS990ScheduleR/TransactionsRelatedOrgGrp/InvolvedAmt1288759
IRS990ScheduleR/TransactionsRelatedOrgGrp/MethodOfAmountDeterminationTxt0cash
IRS990ScheduleR/TransactionsRelatedOrgGrp/MethodOfAmountDeterminationTxt1cash
IRS990ScheduleR/TransactionsRelatedOrgGrp/OtherOrganizationName/BusinessNameLine1Txt0ST NICK'S ALLIANCE
IRS990ScheduleR/TransactionsRelatedOrgGrp/OtherOrganizationName/BusinessNameLine1Txt1Brooklyn Neighborhood HDFC
IRS990ScheduleR/TransactionsRelatedOrgGrp/TransactionTypeTxt0m
IRS990ScheduleR/TransactionsRelatedOrgGrp/TransactionTypeTxt1e
IRS990ScheduleR/TransferFromOtherOrgInd0false
IRS990ScheduleR/TransferToOtherOrgInd0false
IRS990/SchoolOperatingInd0false
IRS990/SignificantChangeInd0false
IRS990/SignificantNewProgramSrvcInd0false
IRS990/StatesWhereCopyOfReturnIsFldCd0NY
IRS990/SubjectToProxyTaxInd0false
IRS990/TaxablePartyNotificationInd0false
IRS990/TaxExemptBondsInd0false
IRS990/TempOrPermanentEndowmentsInd0false
IRS990/TerminateOperationsInd0false
IRS990/TotalAssetsBOYAmt01627400
IRS990/TotalAssetsEOYAmt01924412
IRS990/TotalAssetsGrp/BOYAmt01627400
IRS990/TotalAssetsGrp/EOYAmt01924412
IRS990/TotalCompGreaterThan150KInd0false
IRS990/TotalEmployeeCnt00
IRS990/TotalFunctionalExpensesGrp/FundraisingAmt00
IRS990/TotalFunctionalExpensesGrp/ManagementAndGeneralAmt00
IRS990/TotalFunctionalExpensesGrp/ProgramServicesAmt0558633
IRS990/TotalFunctionalExpensesGrp/TotalAmt0558633
IRS990/TotalGrossUBIAmt00
IRS990/TotalLiabilitiesBOYAmt056169
IRS990/TotalLiabilitiesEOYAmt0360102
IRS990/TotalLiabilitiesGrp/BOYAmt056169
IRS990/TotalLiabilitiesGrp/EOYAmt0360102
IRS990/TotalNetAssetsFundBalanceGrp/BOYAmt01571231
IRS990/TotalNetAssetsFundBalanceGrp/EOYAmt01564310
IRS990/TotalProgramServiceExpensesAmt0558633
IRS990/TotalProgramServiceRevenueAmt0551000
IRS990/TotalRevenueGrp/ExclusionAmt0218
IRS990/TotalRevenueGrp/RelatedOrExemptFuncIncomeAmt0551494
IRS990/TotalRevenueGrp/TotalRevenueColumnAmt0551712
IRS990/TotLiabNetAssetsFundBalanceGrp/BOYAmt01627400
IRS990/TotLiabNetAssetsFundBalanceGrp/EOYAmt01924412
IRS990/TravelGrp/TotalAmt00
IRS990/TrnsfrExmptNonChrtblRltdOrgInd0false
IRS990/TypeOfOrganizationCorpInd0X
IRS990/UnrelatedBusIncmOverLimitInd0false
IRS990/UnrestrictedNetAssetsGrp/BOYAmt01571231
IRS990/UnrestrictedNetAssetsGrp/EOYAmt01564310
IRS990/UponRequestInd0X
IRS990/USAddress/AddressLine1Txt02 KINGSLAND AVENUE
IRS990/USAddress/CityNm0BROOKLYN
IRS990/USAddress/StateAbbreviationCd0NY
IRS990/USAddress/ZIPCd011211

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