Civic Intelligence

Lormet Housing Development Fund Corporation

990 • Fiscal year 2018 • EIN 11-2727514

Jan 01, 2018 to Dec 31, 2018 • Filed on Nov 15, 2019

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

38th percentile

0.04x

Higher debt load relative to assets than 38% of similar nonprofits.

2018 filings • 501(c)3 • $1M-$5M nonprofits • Source year 2018

Liabilities / Revenue

53rd percentile

0.11x

Higher debt load relative to revenue than 53% of similar nonprofits.

2018 filings • 501(c)3 • $1M-$5M nonprofits • Source year 2018

Net Margin

76th percentile

19%

Higher net margin than 76% of similar nonprofits.

2018 filings • 501(c)3 • $1M-$5M nonprofits • Source year 2018

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.

2018 filings • 501(c)3 • $1M-$5M nonprofits • Source year 2018

Asset Growth

66th percentile

6.7%

Faster asset growth than 66% of similar nonprofits.

2018 filings • 501(c)3 • $1M-$5M nonprofits • Annualized from 2017 to 2018

Revenue Growth

40th percentile

0.3%

Faster revenue growth than 40% of similar nonprofits.

2018 filings • 501(c)3 • $1M-$5M nonprofits • Annualized from 2017 to 2018

Balance Sheet
Liabilities / Assets38th percentile

Assets

Up

$2,052,139

Up $129,205 (+6.7%) from 2017

Net Assets

Up

$1,977,826

Up $125,259 (+6.8%) from 2017

Liabilities

Up

$74,313

Up $3,946 (+5.6%) from 2017

Revenue And Expenses
Liabilities / Revenue53rd percentileNet Margin76th percentile

Revenue

Up

$676,362

Up $2,280 (+0.3%) from 2017

Expenses

Down

$551,103

Down $1,243 (-0.2%) from 2017

Net Income

Up

$125,259

Up $3,523 (+2.9%) from 2017

Historical Trend

Balance Sheet Trend

Asset Growth66th 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

2018

Assets$2,052,139
Liabilities$74,313
Net Assets$1,977,826
Open 2018 Filing

Operations Trend

Revenue Growth40th 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

2018

Revenue$676,362
Expenses$551,103
Net Income$125,259
Open 2018 Filing
Jump To
Filing Snapshot
Filing Period
Jan 1, 2018 to Dec 31, 2018
Signed
Nov 15, 2019
Return Version
2018v3.1
Gross Receipts
$676,362
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$1,679,705$1,663,938▼ $15,767
Cash and Non-Interest-Bearing Accounts$153,328$263,854▲ $110,526
Accounts Receivable$44,317$79,050▲ $34,733
Prepaid Expenses and Deferred Charges$25,465$25,178▼ $287
Total Assets$1,922,934$2,052,139▲ $129,205
Other Assets Total$20,119$20,119→ $0
Liabilities
Accounts Payable and Accrued Expenses$36,693$27,356▼ $9,337
Deferred Revenue$13,555$26,838▲ $13,283
Other Liabilities$20,119$20,119→ $0
Total Liabilities$70,367$74,313▲ $3,946
Net Assets / Fund Balance
Unrestricted Net Assets$1,852,567$1,977,826▲ $125,259
Total Net Assets Fund Balance$1,852,567$1,977,826▲ $125,259
Total Liabilities and Net Assets / Fund Balance$1,922,934$2,052,139▲ $129,205

Asset Categories

AssetBook ValueDepreciationBasis
Buildings$1,571,052$1,180,187$2,751,239
Equipment$82,403$11,020$93,423
Other Land Buildings$483$75,862$76,345
Land$10,000-$10,000
Compensation and Service Providers
Top Officer Pay35th percentile

Board Members and Trustees

NameTitle
Joseph K RoblesPresident
Laura JamesVice Chair
Benjamin Robles Srmember
David Doboszmember
David Faganmember
Ed Brittenhammember
Felicia Pecoraromember
Kim Gabrielmember
Lisa Guttingmember
Lisa Summamember
Michael Andrewsmember
Phil Caponegromember
Ray Kairysmember
Sal Melimember
Theresa Womblemember
Pastor Philip J WaldvogelSecretary
John DArienzoTreasurer

Highest Paid Contractors

ContractorServicesLocationCompensation
St Nicks AllianceAdministration and Maintenance2 KINGSLAND AVENUE, Brooklyn, NY 11211$298,864
Revenue and Support

Revenue Composition

Contributions and Grants
$0
Program Service Revenue
$676,066
Investment Income
$296
Other Revenue
$0
Change in Net Assets
$125,259
Expenses and Functional Allocation

Major Expense Lines

Line ItemAmount
Other Expenses$551,103
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
Fees for Services Management$102,214--$102,214
Depreciation Depletion$91,667--$91,667
Other Expenses$19,385--$19,385
Insurance$16,794--$16,794
Fees for Services Accounting$6,000--$6,000
Fees for Services Legal$3,109--$3,109
Office Expenses$2,476--$2,476
All Other Expenses$1,344--$1,344
Total Functional Expenses$551,103$0$0$551,103
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
Federal income taxes$20,119
Security Deposits 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 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
2019-11-15
Discuss with paid preparer
Yes

Organization Details

Formed
1989
Legal Domicile
Ny
Voting Board Members
17
Independent Board Members
17
Employees
0

Preparer

Firm
Tyrone A Sellers CPA
Address
11503 Farmers Blvd, Saint 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.”

Financial Statement Notes

X 2

“Lormet is exempt from federal income taxes under Section 501c 3 of the Internal Revenue Code. Lormet has determined that there are no material uncertain tax positions that require recognition or disclosure in the financial statements. Periods ending December 31, 2015 and subsequent remain subject to examination by applicable taxing authorities.”

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IRS990/FundraisingActivitiesInd0false
IRS990/GamingActivitiesInd0false
IRS990/GoverningBodyVotingMembersCnt017
IRS990/GrantsToDomesticIndividualsGrp/TotalAmt00
IRS990/GrantsToDomesticOrgsGrp/TotalAmt00
IRS990/GrantsToIndividualsInd0false
IRS990/GrantsToOrganizationsInd0false
IRS990/GrantToRelatedPersonInd0false
IRS990/GrossReceiptsAmt0676362
IRS990/GroupReturnForAffiliatesInd0false
IRS990/IncludeFIN48FootnoteInd0true
IRS990/IndependentAuditFinclStmtInd0false
IRS990/IndependentVotingMemberCnt017
IRS990/IndoorTanningServicesInd0false
IRS990/InfoInScheduleOPartVIInd0X
IRS990/InfoInScheduleOPartXIIInd0X
IRS990/InformationTechnologyGrp/TotalAmt00
IRS990/InsuranceGrp/ProgramServicesAmt016794
IRS990/InsuranceGrp/TotalAmt016794
IRS990/InterestGrp/TotalAmt00
IRS990/InvestmentIncomeGrp/ExclusionAmt0296
IRS990/InvestmentIncomeGrp/TotalRevenueColumnAmt0296
IRS990/InvestmentInJointVentureInd0false
IRS990/IRPDocumentCnt03
IRS990/IRPDocumentW2GCnt00
IRS990/LandBldgEquipAccumDeprecAmt01267069
IRS990/LandBldgEquipBasisNetGrp/BOYAmt01679705
IRS990/LandBldgEquipBasisNetGrp/EOYAmt01663938
IRS990/LandBldgEquipCostOrOtherBssAmt02931007
IRS990/LegalDomicileStateCd0NY
IRS990/LoanOutstandingInd0false
IRS990/LobbyingActivitiesInd0false
IRS990/LocalChaptersInd0false
IRS990/MaterialDiversionOrMisuseInd0false
IRS990/MembersOrStockholdersInd0false
IRS990/MethodOfAccountingAccrualInd0X
IRS990/MinutesOfCommitteesInd0true
IRS990/MinutesOfGoverningBodyInd0true
IRS990/MissionDesc0To provide affordable housing for persons and families of low income.
IRS990/MoreThan5000KToIndividualsInd0false
IRS990/MoreThan5000KToOrgInd0false
IRS990/NetAssetsOrFundBalancesBOYAmt01852567
IRS990/NetAssetsOrFundBalancesEOYAmt01977826
IRS990/NoListedPersonsCompensatedInd0X
IRS990/NondeductibleContributionsInd0false
IRS990/OccupancyGrp/TotalAmt00
IRS990/OfficeExpensesGrp/ProgramServicesAmt02476
IRS990/OfficeExpensesGrp/TotalAmt02476
IRS990/OfficerMailingAddressInd0false
IRS990/OperateHospitalInd0false
IRS990/Organization501c3Ind0X
IRS990/OrganizationFollowsSFAS117Ind0X
IRS990/OtherAssetsTotalGrp/BOYAmt020119
IRS990/OtherAssetsTotalGrp/EOYAmt020119
IRS990/OtherEmployeeBenefitsGrp/TotalAmt00
IRS990/OtherExpensesGrp/Desc0Repairs and maintenance
IRS990/OtherExpensesGrp/Desc1Miscellaneous expenses
IRS990/OtherExpensesGrp/Desc2Utilities
IRS990/OtherExpensesGrp/Desc3Bad debts
IRS990/OtherExpensesGrp/ProgramServicesAmt0234499
IRS990/OtherExpensesGrp/ProgramServicesAmt13218
IRS990/OtherExpensesGrp/ProgramServicesAmt270397
IRS990/OtherExpensesGrp/ProgramServicesAmt319385
IRS990/OtherExpensesGrp/TotalAmt0234499
IRS990/OtherExpensesGrp/TotalAmt13218
IRS990/OtherExpensesGrp/TotalAmt270397
IRS990/OtherExpensesGrp/TotalAmt319385
IRS990/OtherLiabilitiesGrp/BOYAmt020119
IRS990/OtherLiabilitiesGrp/EOYAmt020119
IRS990/OtherSalariesAndWagesGrp/TotalAmt00
IRS990/PartialLiquidationInd0false
IRS990/PaymentsToAffiliatesGrp/TotalAmt00
IRS990/PayPremiumsPrsnlBnftCntrctInd0false
IRS990/PayrollTaxesGrp/TotalAmt00
IRS990/PensionPlanContributionsGrp/TotalAmt00
IRS990/PoliticalCampaignActyInd0false
IRS990/PrepaidExpensesDefrdChargesGrp/BOYAmt025465
IRS990/PrepaidExpensesDefrdChargesGrp/EOYAmt025178
IRS990/PrincipalOfcrBusinessName/BusinessNameLine1Txt0CINDY ROSS
IRS990/ProfessionalFundraisingInd0false
IRS990/ProgramServiceRevenueGrp/BusinessCd0531110
IRS990/ProgramServiceRevenueGrp/Desc0Rental revenue
IRS990/ProgramServiceRevenueGrp/RelatedOrExemptFuncIncomeAmt0676066
IRS990/ProgramServiceRevenueGrp/TotalRevenueColumnAmt0676066
IRS990/ProhibitedTaxShelterTransInd0false
IRS990/PYExcessBenefitTransInd0false
IRS990/PYInvestmentIncomeAmt0146
IRS990/PymtTravelEntrtnmntPubOfclGrp/TotalAmt00
IRS990/PYOtherExpensesAmt0552346
IRS990/PYProgramServiceRevenueAmt0673936
IRS990/PYRevenuesLessExpensesAmt0121736
IRS990/PYTotalExpensesAmt0552346
IRS990/PYTotalRevenueAmt0674082
IRS990/QuidProQuoContributionsInd0false
IRS990/RcvFndsToPayPrsnlBnftCntrctInd0false
IRS990/ReconcilationRevenueExpnssAmt0125259
IRS990/RegularMonitoringEnfrcInd0true
IRS990/RelatedEntityInd0true
IRS990/RelatedOrganizationCtrlEntInd0false
IRS990/ReportInvestmentsOtherSecInd0false
IRS990/ReportLandBuildingEquipmentInd0true
IRS990/ReportOtherAssetsInd0false
IRS990/ReportOtherLiabilitiesInd0true
IRS990/ReportProgramRelatedInvstInd0false
IRS990/RevenueAmt0676066
IRS990/RoyaltiesGrp/TotalAmt00
IRS990ScheduleA/GrossInvestmentIncome509Grp/CurrentTaxYearAmt0296
IRS990ScheduleA/GrossInvestmentIncome509Grp/CurrentTaxYearMinus1YearAmt0146
IRS990ScheduleA/GrossInvestmentIncome509Grp/CurrentTaxYearMinus2YearsAmt0149
IRS990ScheduleA/GrossInvestmentIncome509Grp/CurrentTaxYearMinus3YearsAmt0135
IRS990ScheduleA/GrossInvestmentIncome509Grp/CurrentTaxYearMinus4YearsAmt0218
IRS990ScheduleA/GrossInvestmentIncome509Grp/TotalAmt0944
IRS990ScheduleA/GrossReceiptsAdmissionsGrp/CurrentTaxYearAmt0676066
IRS990ScheduleA/GrossReceiptsAdmissionsGrp/CurrentTaxYearMinus1YearAmt0673936
IRS990ScheduleA/GrossReceiptsAdmissionsGrp/CurrentTaxYearMinus2YearsAmt0637712
IRS990ScheduleA/GrossReceiptsAdmissionsGrp/CurrentTaxYearMinus3YearsAmt0605157
IRS990ScheduleA/GrossReceiptsAdmissionsGrp/CurrentTaxYearMinus4YearsAmt0551000
IRS990ScheduleA/GrossReceiptsAdmissionsGrp/TotalAmt03143871
IRS990ScheduleA/InvestmentIncomeAndUBTIGrp/CurrentTaxYearAmt0296
IRS990ScheduleA/InvestmentIncomeAndUBTIGrp/CurrentTaxYearMinus1YearAmt0146
IRS990ScheduleA/InvestmentIncomeAndUBTIGrp/CurrentTaxYearMinus2YearsAmt0149
IRS990ScheduleA/InvestmentIncomeAndUBTIGrp/CurrentTaxYearMinus3YearsAmt0135
IRS990ScheduleA/InvestmentIncomeAndUBTIGrp/CurrentTaxYearMinus4YearsAmt0218
IRS990ScheduleA/InvestmentIncomeAndUBTIGrp/TotalAmt0944
IRS990ScheduleA/InvestmentIncomeCYPct00.00030
IRS990ScheduleA/InvestmentIncomePYPct00.00040
IRS990ScheduleA/NetIncomeFromOtherUBIGrp/TotalAmt00
IRS990ScheduleA/OtherIncome509Grp/CurrentTaxYearMinus2YearsAmt018
IRS990ScheduleA/OtherIncome509Grp/CurrentTaxYearMinus4YearsAmt0494
IRS990ScheduleA/OtherIncome509Grp/TotalAmt0512
IRS990ScheduleA/Post1975UBTIGrp/TotalAmt00
IRS990ScheduleA/PubliclySupportedOrg509a2Ind0X
IRS990ScheduleA/PublicSupportCY170Pct00.00000
IRS990ScheduleA/PublicSupportCY509Pct00.99950
IRS990ScheduleA/PublicSupportPY509Pct00.99940
IRS990ScheduleA/PublicSupportTotal170Amt00
IRS990ScheduleA/PublicSupportTotal509Amt03143871
IRS990ScheduleA/ThirtyThrPctSuprtTestsCY509Ind0X
IRS990ScheduleA/Total509Grp/CurrentTaxYearAmt0676066
IRS990ScheduleA/Total509Grp/CurrentTaxYearMinus1YearAmt0673936
IRS990ScheduleA/Total509Grp/CurrentTaxYearMinus2YearsAmt0637712
IRS990ScheduleA/Total509Grp/CurrentTaxYearMinus3YearsAmt0605157
IRS990ScheduleA/Total509Grp/CurrentTaxYearMinus4YearsAmt0551000
IRS990ScheduleA/Total509Grp/TotalAmt03143871
IRS990ScheduleA/TotalSupportCalendarYearGrp/CurrentTaxYearAmt0676362
IRS990ScheduleA/TotalSupportCalendarYearGrp/CurrentTaxYearMinus1YearAmt0674082
IRS990ScheduleA/TotalSupportCalendarYearGrp/CurrentTaxYearMinus2YearsAmt0637879
IRS990ScheduleA/TotalSupportCalendarYearGrp/CurrentTaxYearMinus3YearsAmt0605292
IRS990ScheduleA/TotalSupportCalendarYearGrp/CurrentTaxYearMinus4YearsAmt0551712
IRS990ScheduleA/TotalSupportCalendarYearGrp/TotalAmt03145327
IRS990/ScheduleBRequiredInd0false
IRS990ScheduleD/BuildingsGrp/BookValueAmt01571052
IRS990ScheduleD/BuildingsGrp/DepreciationAmt01180187
IRS990ScheduleD/BuildingsGrp/OtherCostOrOtherBasisAmt02751239
IRS990ScheduleD/EquipmentGrp/BookValueAmt082403
IRS990ScheduleD/EquipmentGrp/DepreciationAmt011020
IRS990ScheduleD/EquipmentGrp/OtherCostOrOtherBasisAmt093423
IRS990ScheduleD/FootnoteTextInd0X
IRS990ScheduleD/InclEscrowCustodialAcctLiabInd0false
IRS990ScheduleD/LandGrp/BookValueAmt010000
IRS990ScheduleD/LandGrp/OtherCostOrOtherBasisAmt010000
IRS990ScheduleD/OtherLandBuildingsGrp/BookValueAmt0483
IRS990ScheduleD/OtherLandBuildingsGrp/DepreciationAmt075862
IRS990ScheduleD/OtherLandBuildingsGrp/OtherCostOrOtherBasisAmt076345

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Filings

Displayed year

2018 • Form 990Detailed filing. Detailed filing data is available for this year.

Open filing
Assets
$2,052,139
Liabilities
$74,313
Net assets
$1,977,826
Revenue
$676,362
Expenses
$551,103
Net income
$125,259
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
2018Detailed filing. Detailed filing data is available for this year.$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
2015Import issue. A filing source exists for this year, but detailed import did not complete cleanly.$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