Civic Intelligence

Commonwealth Local Development Corp

990 • Fiscal year 2014 • EIN 13-2938457

Jul 01, 2013 to Jun 30, 2014 • Filed on May 14, 2015

361 West 125th StreetNew York, NY 10027

(212) 749-0900

Siviq Scores

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

Liabilities / Assets

48th percentile

0.17x

Higher debt load relative to assets than 48% of similar nonprofits.

2014 filings • 501(c)3 • $5M-$10M nonprofits • Source year 2014

Liabilities / Revenue

85th percentile

1.59x

Higher debt load relative to revenue than 85% of similar nonprofits.

2014 filings • 501(c)3 • $5M-$10M nonprofits • Source year 2014

Net Margin

97th percentile

81%

Higher net margin than 97% of similar nonprofits.

2014 filings • 501(c)3 • $5M-$10M nonprofits • Source year 2014

Top Officer Pay

87th percentile

$292,307

Higher top officer pay than 87% of similar nonprofits.

Top officer pay equals 31.1% of source-year revenue.

2014 filings • 501(c)3 • $5M-$10M nonprofits • Source year 2014

Asset Growth

35th percentile

-0.7%

Faster asset growth than 35% of similar nonprofits.

2014 filings • 501(c)3 • $5M-$10M nonprofits • Annualized from 2013 to 2014

Revenue Growth

33rd percentile

-1.3%

Faster revenue growth than 33% of similar nonprofits.

2014 filings • 501(c)3 • $5M-$10M nonprofits • Annualized from 2013 to 2014

Assets

Down

$8,761,522

Down $59,897 (-0.7%) from 2013

Net Assets

Up

$7,264,307

Up $762,373 (+12%) from 2013

Liabilities

Down

$1,497,215

Down $822,270 (-35%) from 2013

Revenue

Down

$939,138

Down $12,346 (-1.3%) from 2013

Expenses

Down

$176,764

Down $21,957 (-11%) from 2013

Net Income

Up

$762,374

Up $9,611 (+1.3%) from 2013

Historical Trend

Balance Sheet Trend

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

$30M$20M$10M$0Assets 2011: $8,637,954Liabilities 2011: $3,850,358Net Assets 2011: $4,787,5962011Assets 2012: $8,853,228Liabilities 2012: $3,104,057Net Assets 2012: $5,749,1712012Assets 2013: $8,821,419Liabilities 2013: $2,319,485Net Assets 2013: $6,501,9342013Assets 2014: $8,761,522Liabilities 2014: $1,497,215Net Assets 2014: $7,264,3072014Assets 2015: $11,718,723Liabilities 2015: $3,728,928Net Assets 2015: $7,989,7952015Assets 2016: $12,045,393Liabilities 2016: $3,347,412Net Assets 2016: $8,697,9812016Assets 2017: $12,742,372Liabilities 2017: $3,140,000Net Assets 2017: $9,602,3722017Assets 2018: $13,107,157Liabilities 2018: $2,558,791Net Assets 2018: $10,548,3662018Assets 2019: $13,061,508Liabilities 2019: $2,255,094Net Assets 2019: $10,806,4142019Assets 2020: $12,658,585Liabilities 2020: $2,218,388Net Assets 2020: $10,440,1972020Assets 2021: $13,512,087Liabilities 2021: $2,199,863Net Assets 2021: $11,312,2242021Assets 2022: $14,096,606Liabilities 2022: $2,049,364Net Assets 2022: $12,047,2422022Assets 2023: $14,754,330Liabilities 2023: $2,008,090Net Assets 2023: $12,746,2402023Assets 2024: $23,866,180Liabilities 2024: $1,964,046Net Assets 2024: $21,902,1342024

Highlighted filing

2014

Assets$8,761,522
Liabilities$1,497,215
Net Assets$7,264,307

Operations Trend

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

$3.0M$2.0M$1.0M$0-$1.0MRevenue 2011: $864,000Expenses 2011: $233,781Net Income 2011: $630,2192011Expenses 2012: $183,5252012Revenue 2013: $951,484Expenses 2013: $198,721Net Income 2013: $752,7632013Revenue 2014: $939,138Expenses 2014: $176,764Net Income 2014: $762,3742014Revenue 2015: $939,000Expenses 2015: $213,512Net Income 2015: $725,4882015Revenue 2016: $1,093,459Expenses 2016: $385,273Net Income 2016: $708,1862016Revenue 2017: $1,120,499Expenses 2017: $216,108Net Income 2017: $904,3912017Revenue 2018: $1,170,604Expenses 2018: $224,610Net Income 2018: $945,9942018Revenue 2019: $1,194,731Expenses 2019: $936,683Net Income 2019: $258,0482019Revenue 2020: $1,197,711Expenses 2020: $1,563,928Net Income 2020: -$366,2172020Revenue 2021: $1,171,417Expenses 2021: $283,278Net Income 2021: $888,1392021Revenue 2022: $1,255,309Expenses 2022: $521,175Net Income 2022: $734,1342022Revenue 2023: $1,247,682Expenses 2023: $545,275Net Income 2023: $702,4072023Revenue 2024: $1,800,974Expenses 2024: $2,045,172Net Income 2024: -$244,1982024

Highlighted filing

2014

Revenue$939,138
Expenses$176,764
Net Income$762,374
Jump To
Filing Snapshot
Filing Period
Jul 1, 2013 to Jun 30, 2014
Signed
May 14, 2015
Return Version
2013v4.0
Gross Receipts
$939,138
Mission and Program Overview

Mission

To stimulate overall economic development of the Harlem Community through the creation of enterprises, generation of jobs and improvement of services.

Local development Corp (LDC) - Community Economic Development projects benefiting the general public.

Balance Sheet Detail
LineBeginningEndChange
Assets
Land, Buildings, and Equipment, Net$8,195,154$8,182,514▼ $12,640
Cash and Non-Interest-Bearing Accounts$577,016$367,575▼ $209,441
Accounts Receivable$39,300$0▼ $39,300
Savings and Temporary Cash Investments-$0-
Other Notes and Loans Receivable, Net-$0-
Pledges and Grants Receivable-$0-
Receivable From Disqualified Prsn-$0-
Receivables From Officers Etc-$0-
Investments Other Securities-$0-
Investments Program Related-$0-
Investments in Publicly Traded Securities-$0-
Intangible Assets-$0-
Inventories for Sale or Use-$0-
Prepaid Expenses and Deferred Charges-$0-
Total Assets$8,821,418$8,761,522▼ $59,896
Other Assets Total$9,948$211,433▲ $201,485
Liabilities
Other Liabilities$2,309,485$1,486,905▼ $822,580
Accounts Payable and Accrued Expenses$10,000$10,310▲ $310
Total Liabilities$2,319,485$1,497,215▼ $822,270
Net Assets / Fund Balance
Unrestricted Net Assets$6,501,933$7,264,307▲ $762,374
Total Net Assets Fund Balance$6,501,933$7,264,307▲ $762,374
Total Liabilities and Net Assets / Fund Balance$8,821,418$8,761,522▼ $59,896

Asset Categories

AssetBook ValueDepreciationBasis
Land$8,151,441-$8,151,441
Equipment$31,073$32,127$63,200
Compensation and Service Providers

Employees

NameTitleOtherTotal
Salvatore V Jordan JrCFO$90,024$90,024

Board Members and Trustees

Revenue and Support

Revenue Composition

Contributions and Grants
$0
Program Service Revenue
$939,000
Investment Income
$138
Other Revenue
$0
Change in Net Assets
$762,374
Expenses and Functional Allocation

Major Expense Lines

Line ItemAmount
Other Expenses$170,603
Salaries, Compensation, and Employee Benefits$6,161
Grants and Similar Amounts Paid$0
Professional Fundraising Fees$0
Total Fundraising Expense$0

Functional Expense Allocation

Line ItemProgramManagementFundraisingTotal
Occupancy$96,100--$96,100
Other Expenses-$39,300-$39,300
Depreciation Depletion$12,640--$12,640
Fees for Services Legal-$10,160-$10,160
Fees for Services Accounting-$10,000-$10,000
Other Salaries and Wages$4,929--$4,929
Office Expenses-$2,403-$2,403
Payroll Taxes$1,232--$1,232
Total Functional Expenses$114,901$61,863$0$176,764
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
Insider Transactions and Loans

Loans and Receivables

Line ItemBeginningEndChange
Receivables from Disqualified Persons-$0-
Receivables from Officers, Directors, Trustees, and Key Employees-$0-
Debt and Bond Financing

Other Reported Liabilities

LiabilityAmount
Mortgage Payable - Affiliate$1,463,657
Rent Collected in Advance$20,833
Due to Affiliates$2,415
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
Yes
Other officer compensation reviewed
Yes
Conflict-of-interest policy
Yes
Audited financial statements prepared
Yes
Key decisions subject to board approval
Yes
Management duties delegated
No

Governance Explanations

Form 990, Part VI, Line 7A: How Members or Shareholders Elect Governing Body

Directors of Commonwealth Local Development Corporation (CLDC) are appointed by the Harlem Commonwealth Council, Inc the sole member of CLDC.

Form 990, Part VI, Line 7B: Describe Decisions of Governing Body Approval by Members or Shareholders

Directors of the Commonwealth Local Development Corp. may be removed without cause by its member.

Form 990, Part VI, Line 11B: Form 990 Review Process

Form 990 is prepared with direct input from the CFO and president. The Form 990 is distributed to each board member and reviewed by the audit committee before filing. An analytical tool (review checklist) is included with the member's copy of the Form 990 to assist in understanding the purpose and content of each part and section of the Form 990. Questions or comments are to be brought to the attention of the president and the Form 990 paid preparer.

Form 990, Part VI, Line 12C: Explanation of Monitoring and Enforcement of Conflicts

The organization's written conflict of interest policies and annual updates apply to officers, directors, and key employees. Compliance is monitored through internal control procedures on an ongoing basis by the CFO and President. Restrictions are imposed on the voting rights of board members or the President where participation in governing body's deliberations and decisions could result in conflicts of interest.

Form 990, Part VI, Line 15A: Compensation Review & Approval Process - CEO, Top Management

Compensation of the Chief Executive Officer and President is reviewed and approved by the board of directors, compensation and finance committee of the Harlem Commonwealth Council, Inc. (HCCI). HCCI refers to compensation data for similarly qualified persons in functionally comparable positions. Outside legal counsel's analysis/study of comparable salary levels is used. Contemporaneous documentation of deliberations and decisions regarding compensation contracts is maintained. There are employment contracts for the CEO/President.

Form 990, Part VI, Line 19: Other Organization Documents Publicly Available

The organization makes its governing documents, conflicts of interest policies and financial statements available to the general public upon request. Audited financial statements are provided to donors, potential donors and funding sources. All documents are available at the organization's executive office. Financial and program information is published on the organization central website.

Filing and Contact Details

Filer

EIN
13-2938457
Phone
2127490900

Signing Officer

Name
Joseph L Tait
Title
Pres/CEO
Signed
2015-05-14
Discuss with paid preparer
Yes

Organization Details

Principal Officer
Joseph L Tait
Formed
1977
Legal Domicile
Ny
Voting Board Members
6
Independent Board Members
5
Employees
0
Volunteers
5

Preparer

Preparer
Cazembe Bektemba CPA
Phone
2124477300
Supplemental Narrative

Additional Explanations

Form 990, IX, Line, 5, 7, and 10

The organization does not have employees. The compensation, salaries and wages, and payroll taxes reported on Lines 5, 7 and 10 are allocations from Harlem Commonwealth Council, Inc., Commonwealth Industrial Parks, Inc., and Commonwealth Holding Co., Inc., which are all related organizations.

Financial Statement Notes

Part X : FIN48 Footnote

HCC and CLDC are nonprofit entities exempt from income tax under the provisions of Section 501 (c)(3) of the Internal Revenue Code. HCC and CLDC has adopted the provisions of FASB ASC 740-10-25, which requires that a tax position be recognized or derecognized based on a "more likely than not" threshold. This applies to positions taken or expected to be taken in a tax return. HCC and CLDC do not believe its financial statements include any uncertain tax positions.

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IRS990/PayPremiumsPrsnlBnftCntrctInd0false
IRS990/PayrollTaxesGrp/ProgramServicesAmt01232
IRS990/PayrollTaxesGrp/TotalAmt01232
IRS990/PensionPlanContributionsGrp/TotalAmt00
IRS990/PledgesAndGrantsReceivableGrp/EOYAmt00
IRS990/PoliticalCampaignActyInd0false
IRS990/PrepaidExpensesDefrdChargesGrp/EOYAmt00
IRS990/PrincipalOfficerNm0Joseph L Tait
IRS990/ProfessionalFundraisingInd0false
IRS990/ProgramServiceRevenueGrp/BusinessCd0531120
IRS990/ProgramServiceRevenueGrp/Desc0Econ. Dev. Prog. Rent
IRS990/ProgramServiceRevenueGrp/RelatedOrExemptFuncIncomeAmt0939000
IRS990/ProgramServiceRevenueGrp/TotalRevenueColumnAmt0939000
IRS990/ProhibitedTaxShelterTransInd0false
IRS990/PYExcessBenefitTransInd0false
IRS990/PYInvestmentIncomeAmt01484
IRS990/PymtTravelEntrtnmntPubOfclGrp/TotalAmt00
IRS990/PYOtherExpensesAmt0155166
IRS990/PYProgramServiceRevenueAmt0950000
IRS990/PYRevenuesLessExpensesAmt0752763
IRS990/PYSalariesCompEmpBnftPaidAmt043555
IRS990/PYTotalExpensesAmt0198721
IRS990/PYTotalRevenueAmt0951484
IRS990/QuidProQuoContributionsInd0false
IRS990/RcvblFromDisqualifiedPrsnGrp/EOYAmt00
IRS990/RcvFndsToPayPrsnlBnftCntrctInd0false
IRS990/ReceivablesFromOfficersEtcGrp/EOYAmt00
IRS990/ReconcilationRevenueExpnssAmt0762374
IRS990/RegularMonitoringEnfrcInd0true
IRS990/RelatedEntityInd0true
IRS990/RelatedOrganizationCtrlEntInd0false
IRS990/ReportInvestmentsOtherSecInd0false
IRS990/ReportLandBuildingEquipmentInd0true
IRS990/ReportOtherAssetsInd0false
IRS990/ReportOtherLiabilitiesInd0true
IRS990/ReportProgramRelatedInvstInd0false
IRS990/RevenueAmt0939000
IRS990/RoyaltiesGrp/TotalAmt00
IRS990/RoyaltiesRevenueGrp/TotalRevenueColumnAmt00
IRS990/SavingsAndTempCashInvstGrp/EOYAmt00
IRS990ScheduleA/AmountsRcvdDsqlfyPersonGrp/TotalAmt00
IRS990ScheduleA/GiftsGrantsContrisRcvd509Grp/TotalAmt00
IRS990ScheduleA/GovtFurnSrvcFcltsVl509Grp/TotalAmt00
IRS990ScheduleA/GrossInvestmentIncome509Grp/CurrentTaxYearAmt0138
IRS990ScheduleA/GrossInvestmentIncome509Grp/CurrentTaxYearMinus1YearAmt01484
IRS990ScheduleA/GrossInvestmentIncome509Grp/TotalAmt01622
IRS990ScheduleA/GrossReceiptsAdmissionsGrp/CurrentTaxYearAmt0939000
IRS990ScheduleA/GrossReceiptsAdmissionsGrp/CurrentTaxYearMinus1YearAmt0950000
IRS990ScheduleA/GrossReceiptsAdmissionsGrp/CurrentTaxYearMinus2YearsAmt0885000
IRS990ScheduleA/GrossReceiptsAdmissionsGrp/CurrentTaxYearMinus3YearsAmt0864000
IRS990ScheduleA/GrossReceiptsAdmissionsGrp/CurrentTaxYearMinus4YearsAmt0864000
IRS990ScheduleA/GrossReceiptsAdmissionsGrp/TotalAmt04502000
IRS990ScheduleA/GrossReceiptsNonUnrltBusGrp/TotalAmt00
IRS990ScheduleA/InvestmentIncomeAndUBTIGrp/CurrentTaxYearAmt0138
IRS990ScheduleA/InvestmentIncomeAndUBTIGrp/CurrentTaxYearMinus1YearAmt01484
IRS990ScheduleA/InvestmentIncomeAndUBTIGrp/TotalAmt01622
IRS990ScheduleA/InvestmentIncomeCYPct00.00040
IRS990ScheduleA/InvestmentIncomePYPct00.00160
IRS990ScheduleA/NetIncomeFromOtherUBIGrp/TotalAmt00
IRS990ScheduleA/OtherIncome509Grp/TotalAmt00
IRS990ScheduleA/Post1975UBTIGrp/TotalAmt00
IRS990ScheduleA/PubliclySupportedOrg509a2Ind0X
IRS990ScheduleA/PublicSupportCY509Pct00.40180
IRS990ScheduleA/PublicSupportPY509Pct00.59860
IRS990ScheduleA/PublicSupportTotal509Amt01809377
IRS990ScheduleA/SubstAndDsqlfyPrsnsTotGrp/CurrentTaxYearAmt0920218
IRS990ScheduleA/SubstAndDsqlfyPrsnsTotGrp/CurrentTaxYearMinus1YearAmt0921455
IRS990ScheduleA/SubstAndDsqlfyPrsnsTotGrp/CurrentTaxYearMinus2YearsAmt0850950
IRS990ScheduleA/SubstAndDsqlfyPrsnsTotGrp/TotalAmt02692623
IRS990ScheduleA/SubstantialContributorsAmtGrp/CurrentTaxYearAmt0920218
IRS990ScheduleA/SubstantialContributorsAmtGrp/CurrentTaxYearMinus1YearAmt0921455
IRS990ScheduleA/SubstantialContributorsAmtGrp/CurrentTaxYearMinus2YearsAmt0850950
IRS990ScheduleA/SubstantialContributorsAmtGrp/TotalAmt02692623
IRS990ScheduleA/TaxRevLeviedOrgnztnlBnft509Grp/TotalAmt00
IRS990ScheduleA/ThirtyThrPctSuprtTestsCY509Ind0X
IRS990ScheduleA/Total509Grp/CurrentTaxYearAmt0939000
IRS990ScheduleA/Total509Grp/CurrentTaxYearMinus1YearAmt0950000
IRS990ScheduleA/Total509Grp/CurrentTaxYearMinus2YearsAmt0885000
IRS990ScheduleA/Total509Grp/CurrentTaxYearMinus3YearsAmt0864000
IRS990ScheduleA/Total509Grp/CurrentTaxYearMinus4YearsAmt0864000
IRS990ScheduleA/Total509Grp/TotalAmt04502000
IRS990ScheduleA/TotalSupportCalendarYearGrp/CurrentTaxYearAmt0939138
IRS990ScheduleA/TotalSupportCalendarYearGrp/CurrentTaxYearMinus1YearAmt0951484
IRS990ScheduleA/TotalSupportCalendarYearGrp/CurrentTaxYearMinus2YearsAmt0885000
IRS990ScheduleA/TotalSupportCalendarYearGrp/CurrentTaxYearMinus3YearsAmt0864000
IRS990ScheduleA/TotalSupportCalendarYearGrp/CurrentTaxYearMinus4YearsAmt0864000
IRS990ScheduleA/TotalSupportCalendarYearGrp/TotalAmt04503622
IRS990/ScheduleBRequiredInd0false
IRS990ScheduleD/EquipmentGrp/BookValueAmt031073
IRS990ScheduleD/EquipmentGrp/DepreciationAmt032127
IRS990ScheduleD/EquipmentGrp/OtherCostOrOtherBasisAmt063200
IRS990ScheduleD/FootnoteTextInd0X
IRS990ScheduleD/LandGrp/BookValueAmt08151441
IRS990ScheduleD/LandGrp/OtherCostOrOtherBasisAmt08151441
IRS990ScheduleD/OtherLiabilitiesOrgGrp/Amt02415
IRS990ScheduleD/OtherLiabilitiesOrgGrp/Amt11463657
IRS990ScheduleD/OtherLiabilitiesOrgGrp/Amt220833
IRS990ScheduleD/OtherLiabilitiesOrgGrp/Desc0Due to Affiliates
IRS990ScheduleD/OtherLiabilitiesOrgGrp/Desc1Mortgage Payable - Affiliate
IRS990ScheduleD/OtherLiabilitiesOrgGrp/Desc2Rent Collected in Advance
IRS990ScheduleD/SupplementalInformationDetail/ExplanationTxt0HCC and CLDC are nonprofit entities exempt from income tax under the provisions of Section 501 (c)(3) of the Internal Revenue Code. HCC and CLDC has adopted the provisions of FASB ASC 740-10-25, which requires that a tax position be recognized or derecognized based on a "more likely than not" threshold. This applies to positions taken or expected to be taken in a tax return. HCC and CLDC do not believe its financial statements include any uncertain tax positions.
IRS990ScheduleD/SupplementalInformationDetail/FormAndLineReferenceDesc0Part X : FIN48 Footnote
IRS990ScheduleD/TotalBookValueLandBuildingsAmt08182514
IRS990ScheduleD/TotalLiabilityAmt01486905
IRS990ScheduleJ/AnyNonFixedPaymentsInd0false
IRS990ScheduleJ/BoardOrCommitteeApprovalInd0X
IRS990ScheduleJ/CompBasedOnRevenueOfFlngOrgInd0false
IRS990ScheduleJ/CompBsdNetEarnsFlngOrgInd0false
IRS990ScheduleJ/CompBsdNetEarnsRltdOrgsInd0false
IRS990ScheduleJ/CompBsdOnRevRelatedOrgsInd0false
IRS990ScheduleJ/CompensationCommitteeInd0X
IRS990ScheduleJ/CompensationSurveyInd0X
IRS990ScheduleJ/EquityBasedCompArrngmInd0false
IRS990ScheduleJ/Form990OfOtherOrganizationsInd0X
IRS990ScheduleJ/InitialContractExceptionInd0false
IRS990ScheduleJ/RebuttablePresumptionProcInd0false
IRS990/ScheduleJRequiredInd0true
IRS990ScheduleJ/RltdOrgOfficerTrstKeyEmplGrp/CompensationBasedOnRltdOrgsAmt0292307
IRS990ScheduleJ/RltdOrgOfficerTrstKeyEmplGrp/PersonNm0Joseph L Tait
IRS990ScheduleJ/RltdOrgOfficerTrstKeyEmplGrp/TitleTxt0Pres/CEO
IRS990ScheduleJ/RltdOrgOfficerTrstKeyEmplGrp/TotalCompensationRltdOrgsAmt0292307
IRS990ScheduleJ/SeverancePaymentInd0false
IRS990ScheduleJ/SupplementalNonqualRtrPlanInd0false
IRS990ScheduleJ/WrittenEmploymentContractInd0X
IRS990/ScheduleORequiredInd0true
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt0Directors of Commonwealth Local Development Corporation (CLDC) are appointed by the Harlem Commonwealth Council, Inc the sole member of CLDC.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt1Directors of the Commonwealth Local Development Corp. may be removed without cause by its member.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt2Form 990 is prepared with direct input from the CFO and president. The Form 990 is distributed to each board member and reviewed by the audit committee before filing. An analytical tool (review checklist) is included with the member's copy of the Form 990 to assist in understanding the purpose and content of each part and section of the Form 990. Questions or comments are to be brought to the attention of the president and the Form 990 paid preparer.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt3The organization's written conflict of interest policies and annual updates apply to officers, directors, and key employees. Compliance is monitored through internal control procedures on an ongoing basis by the CFO and President. Restrictions are imposed on the voting rights of board members or the President where participation in governing body's deliberations and decisions could result in conflicts of interest.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt4Compensation of the Chief Executive Officer and President is reviewed and approved by the board of directors, compensation and finance committee of the Harlem Commonwealth Council, Inc. (HCCI). HCCI refers to compensation data for similarly qualified persons in functionally comparable positions. Outside legal counsel's analysis/study of comparable salary levels is used. Contemporaneous documentation of deliberations and decisions regarding compensation contracts is maintained. There are employment contracts for the CEO/President.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt5The organization makes its governing documents, conflicts of interest policies and financial statements available to the general public upon request. Audited financial statements are provided to donors, potential donors and funding sources. All documents are available at the organization's executive office. Financial and program information is published on the organization central website.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt6The organization does not have employees. The compensation, salaries and wages, and payroll taxes reported on Lines 5, 7 and 10 are allocations from Harlem Commonwealth Council, Inc., Commonwealth Industrial Parks, Inc., and Commonwealth Holding Co., Inc., which are all related organizations.
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc0Form 990, Part VI, Line 7a: How Members or Shareholders Elect Governing Body
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc1Form 990, Part VI, Line 7b: Describe Decisions of Governing Body Approval by Members or Shareholders
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc2Form 990, Part VI, Line 11b: Form 990 Review Process
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc3Form 990, Part VI, Line 12c: Explanation of Monitoring and Enforcement of Conflicts
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc4Form 990, Part VI, Line 15a: Compensation Review & Approval Process - CEO, Top Management
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc5Form 990, Part VI, Line 19: Other Organization Documents Publicly Available
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc6Form 990, IX, Line, 5, 7, and 10
IRS990ScheduleR/AssetExchangeInd0false
IRS990ScheduleR/AssetPurchaseFromOtherOrgInd0false
IRS990ScheduleR/AssetSaleToOtherOrgInd0false
IRS990ScheduleR/DivRelatedOrganizationInd0false
IRS990ScheduleR/GiftGrntCapContriFromOthOrgInd0false
IRS990ScheduleR/GiftGrntOrCapContriToOthOrgInd0false
IRS990ScheduleR/IdRelatedOrgTxblCorpTrGrp/ControlledOrganizationInd0false
IRS990ScheduleR/IdRelatedOrgTxblCorpTrGrp/ControlledOrganizationInd1false
IRS990ScheduleR/IdRelatedOrgTxblCorpTrGrp/DirectControllingEntityName/BusinessNameLine10Harlem Commonwealth
IRS990ScheduleR/IdRelatedOrgTxblCorpTrGrp/DirectControllingEntityName/BusinessNameLine11Commonwealth Holding
IRS990ScheduleR/IdRelatedOrgTxblCorpTrGrp/EIN0132688150
IRS990ScheduleR/IdRelatedOrgTxblCorpTrGrp/EIN1133015188
IRS990ScheduleR/IdRelatedOrgTxblCorpTrGrp/EntityTypeTxt0C Corp
IRS990ScheduleR/IdRelatedOrgTxblCorpTrGrp/EntityTypeTxt1C Corp
IRS990ScheduleR/IdRelatedOrgTxblCorpTrGrp/LegalDomicileStateCd0NY
IRS990ScheduleR/IdRelatedOrgTxblCorpTrGrp/LegalDomicileStateCd1NY
IRS990ScheduleR/IdRelatedOrgTxblCorpTrGrp/PrimaryActivitiesTxt0Holding company
IRS990ScheduleR/IdRelatedOrgTxblCorpTrGrp/PrimaryActivitiesTxt1Manages Econ Dev. Project
IRS990ScheduleR/IdRelatedOrgTxblCorpTrGrp/RelatedOrganizationName/BusinessNameLine10Commonwealth Holding Co Inc
IRS990ScheduleR/IdRelatedOrgTxblCorpTrGrp/RelatedOrganizationName/BusinessNameLine11Commonwealth Industrial Parks Inc
IRS990ScheduleR/IdRelatedOrgTxblCorpTrGrp/USAddress/AddressLine10361 West 125th Street
IRS990ScheduleR/IdRelatedOrgTxblCorpTrGrp/USAddress/AddressLine11361 West 125th Street
IRS990ScheduleR/IdRelatedOrgTxblCorpTrGrp/USAddress/City0New York
IRS990ScheduleR/IdRelatedOrgTxblCorpTrGrp/USAddress/City1New York
IRS990ScheduleR/IdRelatedOrgTxblCorpTrGrp/USAddress/State0NY

Document Assets

No mirrored PDF or thumbnail assets are attached yet.

Filings

Balance SheetOperations
YearAssetsLiabilitiesNet AssetsRevenueExpensesNet Income
2024Detailed filing. Detailed filing data is available for this year.$23.9$1.96$21.9$1.80$2.05$0.24
2023Detailed filing. Detailed filing data is available for this year.$14.8$2.01$12.7$1.25$0.55$0.70
2022Detailed filing. Detailed filing data is available for this year.$14.1$2.05$12.0$1.26$0.52$0.73
2021XML pending. An XML filing is linked for this year, but detailed extraction is still pending.$13.5$2.20$11.3$1.17$0.28$0.89
2020Import issue. A filing source exists for this year, but detailed import did not complete cleanly.$12.7$2.22$10.4$1.20$1.56$0.37
2019XML pending. An XML filing is linked for this year, but detailed extraction is still pending.$13.1$2.26$10.8$1.19$0.94$0.26
2018Detailed filing. Detailed filing data is available for this year.$13.1$2.56$10.5$1.17$0.22$0.95
2017Facts available. Structured filing facts are available, but richer extracted sections are limited.$12.7$3.14$9.60$1.12$0.22$0.90
2016XML pending. An XML filing is linked for this year, but detailed extraction is still pending.$12.0$3.35$8.70$1.09$0.39$0.71
2015XML pending. An XML filing is linked for this year, but detailed extraction is still pending.$11.7$3.73$7.99$0.94$0.21$0.73
2014Detailed filing. Detailed filing data is available for this year.$8.76$1.50$7.26$0.94$0.18$0.76
2013Facts available. Structured filing facts are available, but richer extracted sections are limited.$8.82$2.32$6.50$0.95$0.20$0.75
2012Facts available. Structured filing facts are available, but richer extracted sections are limited.$8.85$3.10$5.75$0.18
2011Summary only. Only limited summary data is available for this year.$8.64$3.85$4.79$0.86$0.23$0.63