Civic Intelligence

Ndc Housing and Economic Development Corporation

990 • Fiscal year 2016 • EIN 11-2933129

Jan 01, 2016 to Dec 31, 2016 • Filed on Nov 14, 2017

Organization Profilen/a
ONE BATTERY PARK PLAZA No 710new york, NY 10004

(212) 682-1106

Siviq Scores

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

Liabilities / Assets

52nd percentile

0.25x

Higher debt load relative to assets than 52% of similar nonprofits.

2016 filings • 501(c)3 • $10M-$25M nonprofits • Source year 2016

Liabilities / Revenue

62nd percentile

0.40x

Higher debt load relative to revenue than 62% of similar nonprofits.

2016 filings • 501(c)3 • $10M-$25M nonprofits • Source year 2016

Net Margin

69th percentile

9.2%

Higher net margin than 69% of similar nonprofits.

2016 filings • 501(c)3 • $10M-$25M nonprofits • Source year 2016

Top Officer Pay

99th percentile

$1,935,552

Higher top officer pay than 99% of similar nonprofits.

Top officer pay equals 18.1% of source-year revenue.

2016 filings • 501(c)3 • $10M-$25M nonprofits • Source year 2016

Asset Growth

89th percentile

26%

Faster asset growth than 89% of similar nonprofits.

2016 filings • 501(c)3 • $10M-$25M nonprofits • Annualized from 2015 to 2016

Revenue Growth

91st percentile

52%

Faster revenue growth than 91% of similar nonprofits.

2016 filings • 501(c)3 • $10M-$25M nonprofits • Annualized from 2015 to 2016

Balance Sheet
Liabilities / Assets52nd percentile

Assets

Up

$17,430,967

Up $3,553,401 (+26%) from 2015

Net Assets

Up

$13,115,801

Up $986,038 (+8.1%) from 2015

Liabilities

Up

$4,315,166

Up $2,567,363 (+147%) from 2015

Revenue And Expenses
Liabilities / Revenue62nd percentileNet Margin69th percentile

Revenue

Up

$10,690,359

Up $3,662,917 (+52%) from 2015

Expenses

Up

$9,704,321

Up $3,623,946 (+60%) from 2015

Net Income

Up

$986,038

Up $38,971 (+4.1%) from 2015

Historical Trend

Balance Sheet Trend

Asset Growth89th percentile

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

$60M$40M$20M$0Assets 2011: $17,939,744Liabilities 2011: $7,530,046Net Assets 2011: $10,409,6982011Assets 2012: $17,302,031Liabilities 2012: $6,061,903Net Assets 2012: $11,240,1282012Assets 2013: $16,700,302Liabilities 2013: $5,277,981Net Assets 2013: $11,422,3212013Assets 2014: $14,544,995Liabilities 2014: $3,362,299Net Assets 2014: $11,182,6962014Assets 2015: $13,877,566Liabilities 2015: $1,747,803Net Assets 2015: $12,129,7632015Assets 2016: $17,430,967Liabilities 2016: $4,315,166Net Assets 2016: $13,115,8012016Assets 2017: $16,481,191Liabilities 2017: $2,848,849Net Assets 2017: $13,632,3422017Assets 2018: $18,599,484Liabilities 2018: $4,475,590Net Assets 2018: $14,123,8942018Assets 2019: $18,912,207Liabilities 2019: $3,896,986Net Assets 2019: $15,015,2212019Assets 2020: $21,024,766Liabilities 2020: $6,168,431Net Assets 2020: $14,856,3352020Assets 2021: $24,571,760Liabilities 2021: $9,213,537Net Assets 2021: $15,358,2232021Assets 2022: $30,272,835Liabilities 2022: $13,466,760Net Assets 2022: $16,806,0752022Assets 2023: $34,085,608Liabilities 2023: $16,058,027Net Assets 2023: $18,027,5812023Assets 2024: $44,237,144Liabilities 2024: $25,701,113Net Assets 2024: $18,536,0312024

Highlighted filing

2016

Assets$17,430,967
Liabilities$4,315,166
Net Assets$13,115,801
Open 2016 Filing

Operations Trend

Revenue Growth91st percentile

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

$15M$10M$5.0M$0-$5.0MExpenses 2011: $7,396,8482011Revenue 2012: $8,756,563Expenses 2012: $7,926,133Net Income 2012: $830,4302012Revenue 2013: $7,752,529Expenses 2013: $7,570,336Net Income 2013: $182,1932013Revenue 2014: $5,515,967Expenses 2014: $5,755,592Net Income 2014: -$239,6252014Revenue 2015: $7,027,442Expenses 2015: $6,080,375Net Income 2015: $947,0672015Revenue 2016: $10,690,359Expenses 2016: $9,704,321Net Income 2016: $986,0382016Revenue 2017: $9,241,637Expenses 2017: $8,725,096Net Income 2017: $516,5412017Revenue 2018: $8,968,108Expenses 2018: $8,476,467Net Income 2018: $491,6412018Revenue 2019: $10,713,943Expenses 2019: $9,822,616Net Income 2019: $891,3272019Revenue 2020: $10,793,357Expenses 2020: $10,433,704Net Income 2020: $359,6532020Revenue 2021: $10,401,743Expenses 2021: $9,899,953Net Income 2021: $501,7902021Revenue 2022: $13,208,840Expenses 2022: $11,761,090Net Income 2022: $1,447,7502022Revenue 2023: $12,386,503Expenses 2023: $11,165,097Net Income 2023: $1,221,4062023Revenue 2024: $13,287,489Expenses 2024: $12,779,039Net Income 2024: $508,4502024

Highlighted filing

2016

Revenue$10,690,359
Expenses$9,704,321
Net Income$986,038
Open 2016 Filing
Jump To
Filing Snapshot
Filing Period
Jan 1, 2016 to Dec 31, 2016
Signed
Nov 14, 2017
Return Version
2016v3.0
Gross Receipts
$10,690,359
Mission and Program Overview

Mission

Ndc housing and economic development corporation was organized for the following charitable purposes: to construct new and support existing safe and adequate low-income housing for disadvantaged persons; thereby assisting generally in the alleviation of housing shortages throughout the united states; to stimulate economic development in economically distressed areas of the country; and to assist in the erection and maintenance of public buildings, monuments or facilities to lessen the burdens of government, and to promote social welfare.

NDC Housing and Economic Development Corporation was organized for the following charitable purposes: to construct new and support existing safe and adequate low-income housing for disadvantaged persons; thereby assisting generally in the alleviation of housing shortages throughout the United States; to stimulate economic development in economically distressed areas of the country; and to assist in the erection and maintenance of public buildings, monuments or facilities; to lessen the burdens of governments; and to promote social welfare.

Balance Sheet Detail
LineBeginningEndChange
Assets
Accounts Receivable$3,208,880$7,174,537▲ $3,965,657
Cash and Non-Interest-Bearing Accounts$5,160,107$3,360,774▼ $1,799,333
Savings and Temporary Cash Investments$48,917$993,617▲ $944,700
Other Notes and Loans Receivable, Net$274,712$274,712→ $0
Prepaid Expenses and Deferred Charges$10,000--
Total Assets$13,877,566$17,430,967▲ $3,553,401
Other Assets Total$5,174,950$5,627,327▲ $452,377
Liabilities
Other Liabilities$1,706,615$4,211,467▲ $2,504,852
Accounts Payable and Accrued Expenses$27,477$53,873▲ $26,396
Deferred Revenue$13,711$49,826▲ $36,115
Total Liabilities$1,747,803$4,315,166▲ $2,567,363
Net Assets / Fund Balance
Unrestricted Net Assets$12,129,763$13,115,801▲ $986,038
Total Net Assets Fund Balance$12,129,763$13,115,801▲ $986,038
Total Liabilities and Net Assets / Fund Balance$13,877,566$17,430,967▲ $3,553,401

Asset Categories

AssetBook ValueDepreciationBasis
Other Assets Org$5,627,327--
Compensation and Service Providers
Top Officer Pay99th percentile

Board Members and Trustees

NameTitle
Robert W DavenportChairman/board member
Angela Butlerboard member
David J Trevisaniboard member
Gertrude Scrivenboard member
Ingrid Nardoniboard member
John Palyoboard member
Kevin Gremseboard member
Patricia Thomsonboard member
Stephanie Duganboard member
Thomas Jacksonboard member
Adam Ennisboard Member/CFO
Daniel Marsh IIIPres/board member
Ann VogtSec/Tres/board Member

Highest Paid Contractors

ContractorServicesLocationCompensation
Waterstone Capital PartnersConsulting32158 Camino Capistrano Suite A, San Juan Capistrano, CA 92675$316,500
Law Office of Mark D FosterLegal and acquisition fees4835 LBJ Freeway Suite 424, Dallas, TX 75244$305,000
CohnReznick LLPAuditing & TAX SERVICES1301 AVENUE OF THE AMERICAS, New York, NY 10019$196,855
Revenue and Support

Revenue Composition

Contributions and Grants
$1,715,000
Program Service Revenue
$8,711,376
Investment Income
$84,615
Other Revenue
$179,368
All Other Contributions
$5,000
Change in Net Assets
$986,038

Audited Revenue Reconciliation

Revenue per Audited Statements
$10,690,359
Revenue Not Reported on Financial Statements
$0
Revenue Not Reported on Form 990
$0
Total Revenue per Audited Statements
$10,690,359
Total Revenue per Form 990
$10,690,359
Expenses and Functional Allocation

Major Expense Lines

Line ItemAmount
Grants and Similar Amounts Paid$4,108,247
Salaries, Compensation, and Employee Benefits$3,258,320
Other Expenses$2,337,754
Professional Fundraising Fees$0
Total Fundraising Expense$0

Functional Expense Allocation

Line ItemProgramManagementFundraisingTotal
Grants to Domestic Orgs$4,108,247--$4,108,247
Other Salaries and Wages$1,927,406$537,569-$2,464,975
Fees for Services Other$808,966$81,490-$890,456
Other Employee Benefits$378,909$133,357-$512,266
Travel$288,962$64,915-$353,877
Occupancy$278,577$51,444-$330,021
Fees for Services Accounting-$263,774-$263,774
Pension Plan Contributions$123,002$43,290-$166,292
Fees for Services Legal-$146,857-$146,857
Payroll Taxes$88,653$26,134-$114,787
Office Expenses$88,682$17,966-$106,648
Other Expenses$3,586$2,779-$3,586
Total Functional Expenses$8,223,938$1,480,383$0$9,704,321

Audited Expense Reconciliation

Line ItemAmount
Expenses per Audited Statements$9,704,321
Total Expenses per Audited Statements$9,704,321
Total Expenses per Form 990$9,704,321
Expenses Not Reported on Financial Statements$0
Expenses Not Reported on Form 990$0
International Activity

Grant and Assistance Recipients

RecipientLocationCategoryPurposeAmount
National Council for Community Developmentnew york, NY501(c)(3)Support general operations$4,050,000
Kingsborough Housing Development Fund Co Incnew york, NY501(c)(3)Support general operations$25,447
Tsb Propertiesnew york, NY501(c)(3)Support general operations$18,000
Tes Propertiesnew york, NY501(c)(3)Support general operations$11,500
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
payable to the national development council$2,943,291
advances payable$1,268,176
Governance and Compliance

Governance Checklist

Compiled or reviewed by an accountant
No
Annual disclosure for covered persons
Yes
Audit committee
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 A, line 2

“ANN VOGT, Sec/Tres/board Member, & INGRID NARDONI, BOARD MEMBER, HAVE A FAMILY RELATIONSHIP.”

Form 990, Part VI, Section A, line 6

“National council for community development IS THE SOLE VOTING MEMBER OF NDC HOUSING & ECONOMIC DEVELOPMENT CORPORATION.”

Form 990, Part VI, Section A, line 7A

“National council for community development as THE SOLE VOTING MEMBER OF NDC HOUSING & ECONOMIC DEVELOPMENT CORPORATION has the POWER TO ELECT AND REMOVE DIRECTORS.”

Form 990, Part VI, Section B, line 11B

“The form 990 was prepared by outside tax preparers in consultation with management and auditors. A draft of the full form 990 was provided to the entire board for review. A complete copy of the final form 990 was provided to the organization's entire board before it was filed with the irs.”

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

“ALL MEMBERS OF THE HEDC BOARD OF DIRECTORS AND EXECUTIVE EMPLOYEES ARE REQUIRED TO ANNUALLY EXECUTE A CONFLICT OF INTEREST AND COMPENSATION GUIDELINES ACKNOWLEDGEMENT STATING THAT THEY HAVE RECEIVED, READ AND UNDERSTAND, AND AGREE TO COMPLY WITH THE CONFLICT OF INTEREST AND COMPENSATION GUIDELINES. THE CONFLICT OF INTEREST AND COMPENSATION GUIDELINES DOCUMENT REQUIREs BOARD MEMBERS AND EXECUTIVE EMPLOYEES TO DISCLOSE ANY POTENTIAL CONFLICTS OF INTEREST IMMEDIATELY. THE CHAIRPERSON OF THE BOARD WILL UPON NOTIFICATION OF SUCH AN EVENT APPOINTS A DISINTERESTED PERSON OR COMMITTEE TO INVESTIGATE ALTERNATIVES TO THE PROPOSED TRANSACTION VIOLATIONS OF THE CONFLICT OF INTEREST POLICY CAN RESULT IN APPROPRIATE DISCIPLINARY AND CORRECTIVE ACTION. ALSO, ALL BOARD MEMBERS BY EXECUTING THE CONFLICT OF INTEREST AND COMPENSATION GUIDELINES DOCUMENT ACKNOWLEDGES THAT THEY SHARE THE RESPONSIBILITY OF HEDC TO REMAIN FAITHFUL TO THE ORGANIZATION'S CHARITABLE PURPOSES.”

Form 990, Part VI, Section C, line 19

“the documents are available by request.”

Part VI, 1B:

“ALL OF THE ORGANIZATION'S BOARD MEMBERS WORK FOR THE PARENT ORGANIZATION NATIONAL COUNCIL FOR COMMUNITY DEVELOPMENT. WHILE NONE ARE INDEPENDENT THE INDEPENDENT BOARD OF DIRECTORS OF THE PARENT OVERSEES THE ORGANiZATION'S OPERATIONS AND ACTIONS.”

Filing and Contact Details

Filer

Filer Name
Ndc Housing & Economic Development
EIN
11-2933129
Phone
2126821106
Address
ONE BATTERY PARK PLAZA No 710, new york, NY 10004

Signing Officer

Name
Robert W Davenport
Title
Chairman
Phone
2126821106
Signed
2017-11-14
Discuss with paid preparer
Yes

Organization Details

Principal Officer
Robert W Davenport
Formed
1988
Legal Domicile
Va
Voting Board Members
13
Independent Board Members
0
Employees
0
Volunteers
13

Preparer

Firm
Cohnreznick Llp
Address
1301 AVENUE OF THE AMERICAS, NEW YORK, NY 10019
Preparer
Thomas Lanning
Phone
2122970400
Supplemental Narrative

Additional Explanations

form 990, Part III, LINE 1 CONTINUATION:

“c. to initiate and carry out activities to stimulate economic development in the economically depressed areas of the US. In particular, to undertake activities that: - relieve poverty and lessen neighborhood tension caused by a lack of jobs in deteriorated and depressed areas by providing training opportunities for the unemployed and creating job opportunities for disadvantaged groups. - combat community deterioration and eliminate blight by undertaking activities that stimulate the establishment of new businesses among disadvantaged groups and which rehabilitate and revive existing businesses operated by disadvantaged groups.”

form 990, part XII, line 2C

“the process has not changes from the prior year.”

form 990, Part IX, Lines 7-10:

“The amounts reported on lines 7-9 related to expenses paid by the parent company (national council for community development ein 13-6532871) and allocated to the organization.”

Financial Statement Notes

Part X, Line 2:

“The Organization is exempt from federal income taxes pursuant to Section 501(c)(3) of the Internal Revenue Code. The Organization is also exempt from state and local taxes. The Organization may recognize the tax benefit from an uncertain tax position only if it is more likely than not that the tax position will be sustained on examination by taxing authorities based on the technical merits of the position. Tax positions include the tax-exempt status of the Organization, among others. There are no uncertain tax positions identified or recorded as liabilities for the years ended December 31, 2016 and 2015. The Organization files Form 990, Return of Organization Exempt from Income Tax, with the Internal Revenue Service annually. At December 31, 2016, the Organization's Forms 990 for the years ended 2014 through 2016 remain open for examination by the IRS.”

Raw XML AppendixShowing 400 of 1,200 raw XML fields

This appendix keeps the raw XML leaves available for debugging and edge-case review. The human report above is the primary experience.

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IRS990/Desc0TO CONSTRUCT NEW LOW INCOME HOUSING AND TO DEVELOP, MANAGE, OPERATE, PROMOTE, FUND, AND SUPPORT EXISTING LOW INCOME HOUSING FOR PERSONS OF LIMITED FINANCIAL MEANS, HANDICAPPED PERSONS, ELDERLY PERSONS, AND OTHER PERSONS IN NEED OF SAFE ADEQUATE AFFORDABLE HOUSING AND TO ASSIST GENERALLY IN THE ALLEVIATION OF HOUSING SHORTAGES THROUGHOUT THE US. LOW INCOME HOUSING: HEDC IS A NATIONAL LEADER IN LOW INCOME HOUSING THROUGH BOTH DEVELOPMENT AND INVESTMENT. WORKING IN PARTNERSHIP WITH NONPROFIT ORGANIZATIONS AND SERVICE PROVIDERS AROUND THE NATION, HEDC HAS DEVELOPED, FINANCED, OPERATED, AND/OR MANAGED A TOTAL OF 9,000 UNITS OF QUALITY, SAFE, ADEQUATE, AND AFFORDABLE LOW INCOME HOUSING TOTALING $1.5 BILLION OF INVESTMENT IN LOW INCOME COMMUNITIES IN 30 STATES ACROSS THE NATION. In 2016 through our low income housing development and investment activities, HEDC constructed or renovated 194 units of quality, safe, adequate, and affordable housing for low income persons and families, the elderly, and people with special needs. Investment and development activities totaled $23 million. The following is a sampling of HEDC affordable housing projects completed in 2016:Lincoln Senior Housing Caliente, Panaca and Pioche, NVThis acquisition/rehabilitation of 52 units in these historic and colorful communities in rural Lincoln County, Nevada provides affordable housing for seniors at 30, 40 and 50% AMI. Lincoln Senior is one of only two affordable housing properties in 10,000-plus square mile Lincoln County. All units have project based RD rental assistance. Renovations provided for extensive upgrades to the units as well as energy efficiency measures including state of the art heat pumps, a solar installation and water saving xeriscaping. Financing includes USDA 515 and 538 loans, HOME funds, LIHTC equity and renewable energy Investment Tax Credits.Mast Landing Dover, NHMast Landing is located in southeastern New Hampshire, a few miles northwest of Portsmouth and 55 miles from downtown Boston. The project is providing 52 units of affordable senior housing on a site in a newly developing area well-suited for senior housing. Services including meals, medication reminders, housekeeping and assistance in other activities are being made available to the residents by an outside provider, Abundant Blessings Homecare. "Assisted living" is intended for seniors who need some assistance in the activities of daily life but do not need to be in a health care facility. The project received allocations of both 4% and 9% Low Income Housing Tax Credits, and the New Hampshire Housing Finance Agency holds the first mortgage under its FHA Risksharing program. The sponsor, a long-established non-profit based in Portland, continues its mission to house the elderly.Carlson Crossing St Joseph, MNThis 36-unit townhome project, built in 1982 and located in a steadily growing suburb of St. Cloud, was rehabilitated by one of the state's most successful non-profit developers and development teams. Rents are restricted at 50% and units are covered by a project-based Section 8 contract. The renovation included improvements to the site and to building exteriors and unit interiors, ensuring that this family project would continue to provide safe, affordable and attractive housing for the community.
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IRS990/Form990PartVIISectionAGrp/PersonNm0Adam Ennis
IRS990/Form990PartVIISectionAGrp/PersonNm1Angela Butler
IRS990/Form990PartVIISectionAGrp/PersonNm2Ann Vogt
IRS990/Form990PartVIISectionAGrp/PersonNm3Daniel Marsh III
IRS990/Form990PartVIISectionAGrp/PersonNm4David J Trevisani
IRS990/Form990PartVIISectionAGrp/PersonNm5Gertrude Scriven
IRS990/Form990PartVIISectionAGrp/PersonNm6Ingrid Nardoni
IRS990/Form990PartVIISectionAGrp/PersonNm7John Palyo
IRS990/Form990PartVIISectionAGrp/PersonNm8Kevin Gremse
IRS990/Form990PartVIISectionAGrp/PersonNm9Patricia Thomson
IRS990/Form990PartVIISectionAGrp/PersonNm10Robert W Davenport
IRS990/Form990PartVIISectionAGrp/PersonNm11Stephanie Dugan
IRS990/Form990PartVIISectionAGrp/PersonNm12Thomas Jackson
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IRS990/MissionDesc0NDC HOUSING AND ECONOMIC DEVELOPMENT CORPORATION WAS ORGANIZED FOR THE FOLLOWING CHARITABLE PURPOSES:a. to construct new low income housing and to develop, manage, operate, promote, fund, and support existing low income housing for persons of limited financial means, handicapped persons, elderly persons, and other persons in need of safe adequate affordable housing and to assist generally in the alleviation of housing shortages throughout the US.b. to assist in the erection and maintenance of public buildings, monuments, facilities, or works; to lessen the burdens of government; and to promote social welfare.
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IRS990/PrincipalOfficerNm0Robert W Davenport
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IRS990/ProgSrvcAccomActy2Grp/Desc0TO ASSIST IN THE ERECTION AND MAINTENANCE OF PUBLIC BUILDINGS, MONUMENTS, FACILITIES, OR WORKS TO LESSEN THE BURDEN OF GOVERNMENT AND TO PROMOTE SOCIAL WELFARE LESSENING THE BURDENS OF GOVERNMENT: HEDC ALSO PARTNERS WITH UNITS OF LOCAL GOVERNMENT TO ERECT AND MAINTAIN PUBLIC BUILDINGS, MONUMENTS, FACILITIES, AND WORKS TO LESSEN THE BURDENS OF GOVERNMENT AND TO PROMOTE SOCIAL WELFARE. IN TOTAL, HEDC HAS DEVELOPED AND FINANCED MORE THAN THIRTY PROPERTIES COSTING MORE THAN $2 BILLION ON BEHALF OF LOCAL GOVERNMENT INCLUDING PUBLIC BUILDINGS AND CITY HALLS, EDUCATIONAL AND MEDICAL RESEARCH FACILITIES, STUDENT HOUSING, AND PUBLIC INFRASTRUCTURE.DURING 2016, HEDC UNDERTOOK THE FOLLOWING PROJECTS UNDER THE MISSION OF LESSENING THE BURDENS OF GOVERNMENT. WASHINGTON BIOMEDICAL RESEARCH PROPERTIES SEATTLE, WAIN 2004 UNIVERSITY OF WASHINGTON SCHOOL OF MEDICINE BEGAN RENOVATING THEIR EXISTING BROTMAN BUILDING INTO A STATE-OF-THE-ART BIOMEDICAL RESEARCH FACILITY. THE UNIVERSITY WAS CHALLENGED TO DELIVER THE PROJECT IN A TIMELY AND EFFICIENT MANNER AND ASKED HEDC TO ASSIST BY UNDERTAKING THE MULTI-PHASE PROJECT ON THEIR BEHALF. THE THIRD PHASE IN UW MEDICINE'S SOUTH LAKE UNION CAMPUS CONSISTS OF THREE PHASES. PHASE 3.1 BROKE GROUND IN SUMMER 2011 AND WAS COMPLETED IN 2013. IT INCLUDES THE CONSTRUCTION OF A 138,000 SQUARE-FOOT RESEARCH LABORATORY BUILDING DIRECTLY ACROSS THE STREET FROM THE FIRST AND SECOND PHASES OF THE SOUTH LAKE UNION CAMPUS. THE CURRENT PROPOSED PROJECT IS WASHINGTON BIOMEDICAL RESEARCH PROPERTIES 3.2 (WBRP 3.2). WBRP 3.2 WILL BE AN EIGHT-STORY, APPROXIMATELY 157,000 SF BIOMEDICAL FACILITY THAT WILL BE CONSTRUCTED OVER THE FOUNDATION AND PARKING FROM WBRF 3. TOTAL PROJECT COSTS ARE CURRENTLY ESTIMATED AT $143 MM. THE FINANCING FOR PHASE 3.2 CLOSED IN 2015 AND THE PROJECT BROKE GROUND. WHEN COMPLETED, PHASES I, II, AND III WOULD PROVIDE OVER 800,000 GSF OF RESEARCH AND OFFICE SPACE IN SUPPORT OF SCHOOL OF MEDICINE RESEARCH PROGRAMS.SCRANTON PARKING FACILITIES - SCRANTON, PAHEDC WAS REQUESTED BY THE CITY OF SCRANTON TO NEGOTIATE A LONG-TERM CONCESSION/LEASE FOR THE CITY OF SCRANTON PARKING SYSTEM, WHICH INCLUDED: 1) FIVE PARKING GARAGES CONTAINING 2659 SPACES AND APPROXIMATELY 36,000 SF OF RETAIL; 2) 1479 METERED PARKING SPACES; AND 3) 550 PUBLICALLY-LEASED PARKING SPACES. HEDC WORKING WITH THE CITY OF SCRANTON SUCCESSFULLY NEGOTIATED THE LEASE AND WILL BE RESPONSIBLE FOR THE LEASE, OPERATION, MAINTENANCE AND CAPITAL REPAIR OF THE ENTIRETY OF THE PUBLIC PARKING SYSTEM FOR FORTY YEARS THROUGH ONE OF ITS' SUBSIDIARY CORPORATIONS. THE CONSIDERATION AMOUNT GENERATED BY A CONCESSIONAIRE/LEASE AGREEMENT IS BEING USED BY THE CITY, IN COMBINATION WITH PROCEEDS FROM A GENERAL OBLIGATION ISSUANCE, TO DEFEASE OR REDEEM ALL OUTSTANDING DEBT ASSOCIATED WITH THE PARKING AUTHORITY. THIS WILL FREE THE CITY OF THE ON-GOING LIABILITY AND FREE MUNICIPAL REVENUES FOR OTHER CRITICAL NEEDS AND OBLIGATIONS.
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IRS990/ProgSrvcAccomActy3Grp/Desc0TO INITIATE AND CARRY OUT ACTIVITIES TO STIMULATE ECONOMIC DEVELOPMENT IN THE ECONOMICALLY DEPRESSED AREAS OF THE US. IN PARTICULAR, TO UNDERTAKE ACTIVITIES THAT:- RELIEVE POVERTY AND LESSEN NEIGHBORHOOD TENSION CAUSED BY A LACK OF JOBS IN DETERIORATED AND DEPRESSED AREAS BY PROVIDING TRAINING OPPORTUNITIES FOR THE UNEMPLOYED AND CREATING JOB OPPORTUNITIES FOR DISADVANTAGED GROUPS.- COMBAT COMMUNITY DETERIORATION AND ELIMINATE BLIGHT BY UNDERTAKING ACTIVITIES THAT STIMULATE THE ESTABLISHMENT OF NEW BUSINESSES AMONG DISADVANTAGED GROUPS AND WHICH REHABILITATE AND REVIVE EXISTING BUSINESSES OPERATED BY DISADVANTAGED GROUPS.STIMULATE ECONOMIC DEVELOPMENT IN ECONOMICALLY DEPRESSED AREAS - HEDC WORKS WITH NONPROFIT ORGANIZATIONS AND SERVICE PROVIDERS AND UNITS OF LOCAL GOVERNMENT TO STIMULATE ECONOMIC DEVELOPMENT IN ECONOMICALLY DEPRESSED NEIGHBORHOODS ACROSS THE NATION. WORKING THROUGH THE NEW MARKETS TAX CREDIT PROGRAM AND WITH OTHER FINANCING, HEDC CREATES EMPLOYMENT AND ENTREPRENEURIAL OPPORTUNITIES FOR DISADVANTAGED GROUPS AND INDIVIDUALS, COMBATS COMMUNITY DETERIORATION, AND ELIMINATES SLUM AND BLIGHT THROUGH NEW INVESTMENT IN LOW INCOME COMMUNITIES TO REHABILITATE AND REVITALIZE NEIGHBORHOODS. UNDER THE NEW MARKETS TAX CREDIT (NMTC) PROGRAM, HEDC HAS SPONSORED 86 PROJECTS TOTALING OVER $1.7 BILLION OF NEW INVESTMENT, CREATED OVER 8,600 PERMANENT JOBS FOR DISADVANTAGED INDIVIDUALS, AND BROUGHT BADLY NEEDED GOODS AND SERVICES TO LOW INCOME COMMUNITIES.HIGHLIGHTS OF HEDC PROJECTS THAT COMPLETED IN 2016 INCLUDED:ROSWELL PARK CANCER INSTITUTE - BUFFALO, NYROSWELL PARK CANCER INSTITUTE (RPCI), IS AMERICA'S FIRST CANCER CENTER FOUNDED IN 1898 BY DR. ROSWELL PARK. THE NON-PROFIT INSTITUTE HAS BEEN PROVIDING HOSPITAL CARE TO A MEDICALLY UNDERSERVED AREA IN BUFFALO, NY FOR OVER 100 YEARS. IN 2016, WITH THE ASSISTANCE OF THE NDC AND THE NMTC PROGRAM, RPCI COMPLETED A 140,000 SQUARE FOOT CLINICAL SCIENCE CENTER (CSC) BUILDING ON ITS CAMPUS. THE 11-STORY CSC BUILDING CONNECTS THE MAIN HOSPITAL TO A NEW RESEARCH CENTER AND EXPANDS THE INSTITUTE'S CANCER PREVENTION PROGRAM SPACE BY 100%. BENEFITS INCLUDE SPACE FOR ADMINISTRATIVE OFFICES PREVIOUSLY HELD IN THE MAIN HOSPITAL AND SPACE FOR UP TO 10,000 ADDITIONAL COMMUNITY MAMMOGRAM SCREENINGS TO BE PERFORMED EACH YEAR. THE INSTITUTE IS WORKING WITH SEVERAL AREA NONPROFIT AND GOVERNMENTAL ORGANIZATIONS TO RECRUIT LOW-INCOME EMPLOYEES TO FILL JOBS CREATED BY THE PROJECT. WEBPAGEFX HARRISBURG , PA IN 2016, HEDC UNDER THE NMTC PROGRAM ASSISTED WEBPAGEFX A FULL-SERVICE DIGITAL MARKETING AGENCY THAT WAS EXPERIENCING RAPID CLIENT AND EMPLOYEE GROWTH WHICH RESULTED IN IT OUTGROWING ITS CURRENT LEASED SPACE, IN ACQUIRING AND RENOVATING A NEIGHBORING OFFICE STRUCTURE BUILT IN THE 1960S. THE PROJECT CREATED 9 CONSTRUCTION FTES AND IS PROJECTED TO CREATE 100 FTES OVER A FIVE-YEAR PERIOD. 103 FTES WERE RETAINED. THE PROJECT IS PROJECTED TO PROVIDE COMMUNITY WEB SOFTWARE PROGRAMMING TRAINING 30-50 INDIVIDUALS PER MONTH AND COMMUNITY INTERNET MARKETING TRAINING 35-60 INDIVIDUALS PER QUARTER. CAPITAL ACCESS FUND THE CAPITAL ACCESS FUND (CAF) IS A STRATEGIC ALLIANCE OF CILF AND THE NATIONAL URBAN LEAGUE TO CREATE ACCESS TO CAPITAL FOR MINORITY COMMUNITIES WHO FACE THESE BARRIERS TO ECONOMIC OPPORTUNITY AND PARTICIPATION IN THE AMERICAN ECONOMY. BUILT UPON A BASE OF FLEXIBLE PATIENT CAPITAL WITH AFFORDABLE INTEREST RATES AND SOUND TECHNICAL ASSISTANCE AND BUSINESS SUPPORT SERVICES, CAF NURTURES MINORITY BUSINESSES INTO SUCCESSFUL BUSINESSES. MANY STUDIES HAVE DOCUMENTED THAT MINORITY OWNED SMALL BUSINESSES EXPERIENCE HIGHER LOAN DENIAL RATES AND PAY HIGHER INTEREST RATES THAN WHITE-OWNED BUSINESSES EVEN AFTER CONTROLLING FOR DIFFERENCES IN CREDITWORTHINESS. BECAUSE OF THESE DENIAL RATES, MINORITY OWNED BUSINESS MUST RELY MORE UPON OWNER'S EQUITY AND LESS ON BANK DEBT. YET, THESE MINORITY BUSINESSES HAVE LESS EQUITY BECAUSE THEIR WEALTH BASE IS SMALLER. AS A RESULT, MINORITY SMALL BUSINESSES LAUNCH WITH LESS T
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IRS990ScheduleA/Form990ScheduleAPartVIGrp/ExplanationTxt0other revenue - 2014 Amount: $ 2,382. 2015 Amount: $ 2,970. 2016 Amount: $ 649. recovery of bad debt - 2015 Amount: $ 37,250. 2016 Amount: $ 106,129. NEW MARKET TAX CREDITS - 2016 Amount: $ 72,590.
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IRS990ScheduleA/TotalSupportCalendarYearGrp/CurrentTaxYearMinus3YearsAmt07752529
IRS990ScheduleA/TotalSupportCalendarYearGrp/CurrentTaxYearMinus4YearsAmt08756563
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Filings

Displayed year

2016 • Form 990Detailed filing. Detailed filing data is available for this year.

Open filing
Assets
$17,430,967
Liabilities
$4,315,166
Net assets
$13,115,801
Revenue
$10,690,359
Expenses
$9,704,321
Net income
$986,038
Balance SheetOperations
YearAssetsLiabilitiesNet AssetsRevenueExpensesNet Income
2024XML pending. An XML filing is linked for this year, but detailed extraction is still pending.$44.2$25.7$18.5$13.3$12.8$0.51
2023Detailed filing. Detailed filing data is available for this year.$34.1$16.1$18.0$12.4$11.2$1.22
2022Facts available. Structured filing facts are available, but richer extracted sections are limited.$30.3$13.5$16.8$13.2$11.8$1.45
2021Detailed filing. Detailed filing data is available for this year.$24.6$9.21$15.4$10.4$9.90$0.50
2020Detailed filing. Detailed filing data is available for this year.$21.0$6.17$14.9$10.8$10.4$0.36
2019XML pending. An XML filing is linked for this year, but detailed extraction is still pending.$18.9$3.90$15.0$10.7$9.82$0.89
2018XML pending. An XML filing is linked for this year, but detailed extraction is still pending.$18.6$4.48$14.1$8.97$8.48$0.49
2017XML pending. An XML filing is linked for this year, but detailed extraction is still pending.$16.5$2.85$13.6$9.24$8.73$0.52
2016Detailed filing. Detailed filing data is available for this year.$17.4$4.32$13.1$10.7$9.70$0.99
2015XML pending. An XML filing is linked for this year, but detailed extraction is still pending.$13.9$1.75$12.1$7.03$6.08$0.95
2014Detailed filing. Detailed filing data is available for this year.$14.5$3.36$11.2$5.52$5.76$0.24
2013Detailed filing. Detailed filing data is available for this year.$16.7$5.28$11.4$7.75$7.57$0.18
2012Summary only. Only limited summary data is available for this year.$17.3$6.06$11.2$8.76$7.93$0.83
2011Facts available. Structured filing facts are available, but richer extracted sections are limited.$17.9$7.53$10.4$7.40