Civic Intelligence

Lormet Housing Development Fund Corporation

990 • Fiscal year 2015 • EIN 11-2727514

Jan 01, 2015 to Dec 31, 2015 • Filed on May 02, 2016

Organization Profile
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

63rd percentile

0.23x

Higher debt load relative to assets than 63% of similar nonprofits.

2015 filings • 501(c)3 • $1M-$5M nonprofits • Source year 2015

Liabilities / Revenue

82nd percentile

0.81x

Higher debt load relative to revenue than 82% of similar nonprofits.

2015 filings • 501(c)3 • $1M-$5M nonprofits • Source year 2015

Net Margin

76th percentile

17%

Higher net margin than 76% of similar nonprofits.

2015 filings • 501(c)3 • $1M-$5M nonprofits • Source year 2015

Top Officer Pay

35th percentile

$0

Higher top officer pay than 35% of similar nonprofits.

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

2015 filings • 501(c)3 • $1M-$5M nonprofits • Source year 2015

Asset Growth

75th percentile

12%

Faster asset growth than 75% of similar nonprofits.

2015 filings • 501(c)3 • $1M-$5M nonprofits • Annualized from 2014 to 2015

Revenue Growth

64th percentile

9.7%

Faster revenue growth than 64% of similar nonprofits.

2015 filings • 501(c)3 • $1M-$5M nonprofits • Annualized from 2014 to 2015

Balance Sheet
Liabilities / Assets63rd percentile

Assets

Up

$2,156,903

Up $232,491 (+12%) from 2014

Net Assets

Up

$1,667,728

Up $103,418 (+6.6%) from 2014

Liabilities

Up

$489,175

Up $129,073 (+36%) from 2014

Revenue And Expenses
Liabilities / Revenue82nd percentileNet Margin76th percentile

Revenue

Up

$605,292

Up $53,580 (+9.7%) from 2014

Expenses

Down

$501,874

Down $56,759 (-10%) from 2014

Net Income

Up

$103,418

Up $110,339 (+1594%) from 2014

Historical Trend

Balance Sheet Trend

Asset Growth75th percentile

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

2015

Assets$2,156,903
Liabilities$489,175
Net Assets$1,667,728
Open 2015 Filing

Operations Trend

Revenue Growth64th percentile

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

2015

Revenue$605,292
Expenses$501,874
Net Income$103,418
Open 2015 Filing
Jump To
Filing Snapshot
Filing Period
Jan 1, 2015 to Dec 31, 2015
Signed
May 2, 2016
Return Version
2015v2.1
Gross Receipts
$605,292
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$1,742,879$1,884,412▲ $141,533
Cash and Non-Interest-Bearing Accounts$101,094$185,747▲ $84,653
Accounts Receivable$38,448$42,154▲ $3,706
Prepaid Expenses and Deferred Charges$27,986$26,721▼ $1,265
Total Assets$1,924,412$2,156,903▲ $232,491
Other Assets Total$14,005$17,869▲ $3,864
Liabilities
Other Liabilities$302,664$450,477▲ $147,813
Accounts Payable and Accrued Expenses$53,600$33,986▼ $19,614
Deferred Revenue$3,838$4,712▲ $874
Total Liabilities$360,102$489,175▲ $129,073
Net Assets / Fund Balance
Unrestricted Net Assets$1,564,310$1,667,728▲ $103,418
Total Net Assets Fund Balance$1,564,310$1,667,728▲ $103,418
Total Liabilities and Net Assets / Fund Balance$1,924,412$2,156,903▲ $232,491

Asset Categories

AssetBook ValueDepreciationBasis
Buildings$1,780,544$970,695$2,751,239
Equipment$93,868-$93,868
Land$10,000-$10,000
Compensation and Service Providers
Top Officer Pay35th percentile

Board Members and Trustees

NameTitle
Joseph K RoblesPresident
Paul PallottaVice President
Michael F RochfordSecty Tres

Highest Paid Contractors

ContractorServicesLocationCompensation
St Nicks AllianceAdministration and Maintenance2 KINGSLAND AVENUE, Brooklyn, NY 11211$233,256
Revenue and Support

Revenue Composition

Contributions and Grants
$0
Program Service Revenue
$605,157
Investment Income
$135
Other Revenue
$0
Change in Net Assets
$103,418

Audited Revenue Reconciliation

Revenue per Audited Statements
$605,292
Total Revenue per Audited Statements
$605,292
Total Revenue per Form 990
$605,292
Expenses and Functional Allocation

Major Expense Lines

Line ItemAmount
Other Expenses$501,874
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$70,768--$70,768
Fees for Services Management$54,240--$54,240
Depreciation Depletion$38,663--$38,663
Interest$21,636--$21,636
Insurance$20,232--$20,232
Fees for Services Legal$18,917--$18,917
Fees for Services Other$13,818--$13,818
All Other Expenses$9,386--$9,386
Occupancy$7,200--$7,200
Fees for Services Accounting$6,000--$6,000
Information Technology$2,468--$2,468
Office Expenses$807--$807
Total Functional Expenses$501,874$0$0$501,874

Audited Expense Reconciliation

Line ItemAmount
Expenses per Audited Statements$501,874
Total Expenses per Audited Statements$501,874
Total Expenses per Form 990$501,874
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$432,708
Federal income taxes$17,769
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
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
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 finance committee for review. The finance 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
2016-05-02
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 Anthony Sellers CPA
Address
11503 Farmers Blvd, St Albans, NY 11412
Preparer
Tyrone Sellers
Phone
7183418770
Supplemental Narrative

Additional Explanations

Form 990, Part XII, Line 2C

“Management reviews the audit to ensure it is accurate and complete. A copy of the draft audit is provided to the finance committee for review. The finance 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/TotalAmt02901808
IRS990ScheduleA/TotalSupportCalendarYearGrp/CurrentTaxYearAmt0605292
IRS990ScheduleA/TotalSupportCalendarYearGrp/CurrentTaxYearMinus1YearAmt0551712
IRS990ScheduleA/TotalSupportCalendarYearGrp/CurrentTaxYearMinus2YearsAmt0561885
IRS990ScheduleA/TotalSupportCalendarYearGrp/CurrentTaxYearMinus3YearsAmt0791796
IRS990ScheduleA/TotalSupportCalendarYearGrp/CurrentTaxYearMinus4YearsAmt0592366
IRS990ScheduleA/TotalSupportCalendarYearGrp/TotalAmt03103051
IRS990/ScheduleBRequiredInd0false
IRS990ScheduleD/BuildingsGrp/BookValueAmt01780544
IRS990ScheduleD/BuildingsGrp/DepreciationAmt0970695
IRS990ScheduleD/BuildingsGrp/OtherCostOrOtherBasisAmt02751239
IRS990ScheduleD/EquipmentGrp/BookValueAmt093868
IRS990ScheduleD/EquipmentGrp/OtherCostOrOtherBasisAmt093868
IRS990ScheduleD/ExpensesSubtotalAmt0501874
IRS990ScheduleD/InclEscrowCustodialAcctLiabInd0false
IRS990ScheduleD/LandGrp/BookValueAmt010000
IRS990ScheduleD/LandGrp/OtherCostOrOtherBasisAmt010000
IRS990ScheduleD/OtherLiabilitiesOrgGrp/Amt017769
IRS990ScheduleD/OtherLiabilitiesOrgGrp/Amt1432708
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/RevenueSubtotalAmt0605292
IRS990ScheduleD/TotalBookValueLandBuildingsAmt01884412
IRS990ScheduleD/TotalExpensesPerForm990Amt0501874
IRS990ScheduleD/TotalLiabilityAmt0450477
IRS990ScheduleD/TotalRevenuePerForm990Amt0605292
IRS990ScheduleD/TotalRevEtcAuditedFinclStmtAmt0605292
IRS990ScheduleD/TotExpnsEtcAuditedFinclStmtAmt0501874
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 finance committee for review. The finance 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 finance committee for review. The finance 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 2c
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/LoansOrGuaranteesFromOthOrgInd0false
IRS990ScheduleR/LoansOrGuaranteesToOtherOrgInd0false
IRS990ScheduleR/PaidEmployeesSharingInd0false
IRS990ScheduleR/PerformOfServicesByOtherOrgInd0true
IRS990ScheduleR/PerformOfServicesForOthOrgInd0false
IRS990ScheduleR/ReceiptOfIntAnntsRntsRyltsInd0false
IRS990ScheduleR/ReimbursementPaidByOtherOrgInd0false
IRS990ScheduleR/ReimbursementPaidToOtherOrgInd0false
IRS990ScheduleR/RentalOfFacilitiesToOthOrgInd0false
IRS990ScheduleR/RentalOfFcltsFromOthOrgInd0false
IRS990ScheduleR/SharingOfFacilitiesInd0false
IRS990ScheduleR/TransactionsRelatedOrgGrp/InvolvedAmt0233256
IRS990ScheduleR/TransactionsRelatedOrgGrp/MethodOfAmountDeterminationTxt0cash
IRS990ScheduleR/TransactionsRelatedOrgGrp/OtherOrganizationName/BusinessNameLine1Txt0ST NICK'S ALLIANCE
IRS990ScheduleR/TransactionsRelatedOrgGrp/TransactionTypeTxt0m
IRS990ScheduleR/TransferFromOtherOrgInd0false
IRS990ScheduleR/TransferToOtherOrgInd0false
IRS990/SchoolOperatingInd0false
IRS990/SignificantChangeInd0false
IRS990/SignificantNewProgramSrvcInd0false
IRS990/StatesWhereCopyOfReturnIsFldCd0NY
IRS990/SubjectToProxyTaxInd0false
IRS990/TaxablePartyNotificationInd0false
IRS990/TaxExemptBondsInd0false
IRS990/TempOrPermanentEndowmentsInd0false
IRS990/TerminateOperationsInd0false
IRS990/TotalAssetsBOYAmt01924412
IRS990/TotalAssetsEOYAmt02156903
IRS990/TotalAssetsGrp/BOYAmt01924412
IRS990/TotalAssetsGrp/EOYAmt02156903
IRS990/TotalCompGreaterThan150KInd0false
IRS990/TotalEmployeeCnt00
IRS990/TotalFunctionalExpensesGrp/FundraisingAmt00
IRS990/TotalFunctionalExpensesGrp/ManagementAndGeneralAmt00
IRS990/TotalFunctionalExpensesGrp/ProgramServicesAmt0501874
IRS990/TotalFunctionalExpensesGrp/TotalAmt0501874
IRS990/TotalGrossUBIAmt00
IRS990/TotalLiabilitiesBOYAmt0360102
IRS990/TotalLiabilitiesEOYAmt0489175
IRS990/TotalLiabilitiesGrp/BOYAmt0360102
IRS990/TotalLiabilitiesGrp/EOYAmt0489175
IRS990/TotalNetAssetsFundBalanceGrp/BOYAmt01564310
IRS990/TotalNetAssetsFundBalanceGrp/EOYAmt01667728
IRS990/TotalProgramServiceExpensesAmt0501844
IRS990/TotalProgramServiceRevenueAmt0605157
IRS990/TotalRevenueGrp/ExclusionAmt0135
IRS990/TotalRevenueGrp/RelatedOrExemptFuncIncomeAmt0605157
IRS990/TotalRevenueGrp/TotalRevenueColumnAmt0605292
IRS990/TotLiabNetAssetsFundBalanceGrp/BOYAmt01924412
IRS990/TotLiabNetAssetsFundBalanceGrp/EOYAmt02156903
IRS990/TravelGrp/TotalAmt00
IRS990/TrnsfrExmptNonChrtblRltdOrgInd0false
IRS990/TypeOfOrganizationCorpInd0X
IRS990/UnrelatedBusIncmOverLimitInd0false
IRS990/UnrestrictedNetAssetsGrp/BOYAmt01564310
IRS990/UnrestrictedNetAssetsGrp/EOYAmt01667728
IRS990/UponRequestInd0X
IRS990/USAddress/AddressLine1Txt02 KINGSLAND AVENUE
IRS990/USAddress/CityNm0BROOKLYN
IRS990/USAddress/StateAbbreviationCd0NY
IRS990/USAddress/ZIPCd011211
IRS990/VotingMembersGoverningBodyCnt03
IRS990/VotingMembersIndependentCnt03
IRS990/WhistleblowerPolicyInd0true
ReturnHeader/BuildTS02016-09-27 15:27:22Z
ReturnHeader/BusinessOfficerGrp/DiscussWithPaidPreparerInd0true
ReturnHeader/BusinessOfficerGrp/PersonNm0Cindy Ross
ReturnHeader/BusinessOfficerGrp/PersonTitleTxt0CFO
ReturnHeader/BusinessOfficerGrp/SignatureDt02016-05-02
ReturnHeader/Filer/BusinessName/BusinessNameLine1Txt0LORMET HDFC

Document Assets

No mirrored PDF or thumbnail assets are attached yet.

Filings

Displayed year

2015 • Form 990Detailed filing. Detailed filing data is available for this year.

Open filing
Assets
$2,156,903
Liabilities
$489,175
Net assets
$1,667,728
Revenue
$605,292
Expenses
$501,874
Net income
$103,418
Balance SheetOperations
YearAssetsLiabilitiesNet AssetsRevenueExpensesNet Income
2020XML pending. An XML filing is linked for this year, but detailed extraction is still pending.$2.07$0.05$2.02$0.69$0.60$0.09
2019Detailed filing. Detailed filing data is available for this year.$2.00$0.07$1.93$0.65$0.70$0.05
2018XML pending. An XML filing is linked for this year, but detailed extraction is still pending.$2.05$0.07$1.98$0.68$0.55$0.13
2017XML pending. An XML filing is linked for this year, but detailed extraction is still pending.$1.92$0.07$1.85$0.67$0.55$0.12
2016Import issue. A filing source exists for this year, but detailed import did not complete cleanly.$2.00$0.26$1.73$0.64$0.57$0.06
2015Detailed filing. Detailed filing data is available for this year.$2.16$0.49$1.67$0.61$0.50$0.10
2014Detailed filing. Detailed filing data is available for this year.$1.92$0.36$1.56$0.55$0.56$0.01
2013Detailed filing. Detailed filing data is available for this year.$1.63$0.06$1.57$0.56$0.43$0.13
2012Facts available. Structured filing facts are available, but richer extracted sections are limited.$1.46$0.03$1.44$0.57
2011Facts available. Structured filing facts are available, but richer extracted sections are limited.$1.25$0.03$1.22$0.51