Civic Intelligence

Lantern Organization Inc.

990 • Fiscal year 2023 • EIN 13-3960661

Jan 01, 2023 to Dec 31, 2023 • Filed on Oct 30, 2024

Organization ProfileLANTERNCOMMUNITY.ORG

View Organization Page

42 W 39th Street 14th FloorNew York, NY 10018-8559

(212) 292-8400

Siviq Scores

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

Liabilities / Assets

65th percentile

0.42x

Higher debt load relative to assets than 65% of similar nonprofits.

2023 filings • 501(c)3 • $50M-$100M nonprofits • Source year 2023

Liabilities / Revenue

78th percentile

1.35x

Higher debt load relative to revenue than 78% of similar nonprofits.

2023 filings • 501(c)3 • $50M-$100M nonprofits • Source year 2023

Net Margin

58th percentile

5.8%

Higher net margin than 58% of similar nonprofits.

2023 filings • 501(c)3 • $50M-$100M nonprofits • Source year 2023

Top Officer Pay

48th percentile

$340,704

Higher top officer pay than 48% of similar nonprofits.

Top officer pay equals 2.0% of source-year revenue.

2023 filings • 501(c)3 • $50M-$100M nonprofits • Source year 2023

Asset Growth

89th percentile

36%

Faster asset growth than 89% of similar nonprofits.

2023 filings • 501(c)3 • $50M-$100M nonprofits • Annualized from 2022 to 2023

Revenue Growth

73rd percentile

16%

Faster revenue growth than 73% of similar nonprofits.

2023 filings • 501(c)3 • $50M-$100M nonprofits • Annualized from 2022 to 2023

Balance Sheet
Liabilities / Assets65th percentile

Assets

Up

$54,988,060

Up $14,686,131 (+36%) from 2022

Net Assets

Up

$31,924,732

Up $983,740 (+3.2%) from 2022

Liabilities

Up

$23,063,328

Up $13,702,391 (+146%) from 2022

Revenue And Expenses
Liabilities / Revenue78th percentileNet Margin58th percentile

Revenue

Up

$17,036,290

Up $2,354,215 (+16%) from 2022

Expenses

Up

$16,052,550

Up $10,090,190 (+169%) from 2022

Net Income

Down

$983,740

Down $7,735,975 (-89%) from 2022

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: $13,577,567Liabilities 2011: $4,030,950Net Assets 2011: $9,546,6172011Assets 2012: $14,849,161Liabilities 2012: $4,219,758Net Assets 2012: $10,629,4032012Assets 2013: $11,389,363Liabilities 2013: $631,801Net Assets 2013: $10,757,5622013Assets 2014: $10,964,043Liabilities 2014: $83,206Net Assets 2014: $10,880,8372014Assets 2015: $10,921,158Liabilities 2015: $29,946Net Assets 2015: $10,891,2122015Assets 2016: $11,301,222Liabilities 2016: $155,221Net Assets 2016: $11,146,0012016Assets 2017: $23,501,354Liabilities 2017: $4,172,462Net Assets 2017: $19,328,8922017Assets 2018: $27,910,631Liabilities 2018: $8,412,945Net Assets 2018: $19,497,6862018Assets 2019: $33,079,496Liabilities 2019: $10,526,888Net Assets 2019: $22,552,6082019Assets 2020: $27,431,747Liabilities 2020: $4,060,026Net Assets 2020: $23,371,7212020Assets 2021: $27,995,063Liabilities 2021: $4,845,608Net Assets 2021: $23,149,4552021Assets 2022: $40,301,929Liabilities 2022: $9,360,937Net Assets 2022: $30,940,9922022Assets 2023: $54,988,060Liabilities 2023: $23,063,328Net Assets 2023: $31,924,7322023Assets 2024: $57,031,398Liabilities 2024: $23,224,031Net Assets 2024: $33,807,3672024

Highlighted filing

2023

Assets$54,988,060
Liabilities$23,063,328
Net Assets$31,924,732
Open 2023 Filing

Operations Trend

Revenue Growth73rd percentile

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

$30M$20M$10M$0-$10MExpenses 2011: $633,2272011Expenses 2012: $648,4152012Revenue 2013: $689,394Expenses 2013: $561,235Net Income 2013: $128,1592013Revenue 2014: $663,345Expenses 2014: $540,070Net Income 2014: $123,2752014Revenue 2015: $222,875Expenses 2015: $212,500Net Income 2015: $10,3752015Revenue 2016: $593,900Expenses 2016: $339,111Net Income 2016: $254,7892016Revenue 2017: $1,002,877Expenses 2017: $778,888Net Income 2017: $223,9892017Revenue 2018: $568,667Expenses 2018: $399,873Net Income 2018: $168,7942018Revenue 2019: $1,245,078Expenses 2019: $401,156Net Income 2019: $843,9222019Revenue 2020: $984,787Expenses 2020: $165,674Net Income 2020: $819,1132020Revenue 2021: $1,032,369Expenses 2021: $1,270,635Net Income 2021: -$238,2662021Revenue 2022: $14,682,075Expenses 2022: $5,962,360Net Income 2022: $8,719,7152022Revenue 2023: $17,036,290Expenses 2023: $16,052,550Net Income 2023: $983,7402023Revenue 2024: $20,764,803Expenses 2024: $18,508,922Net Income 2024: $2,255,8812024

Highlighted filing

2023

Revenue$17,036,290
Expenses$16,052,550
Net Income$983,740
Open 2023 Filing
Jump To
Filing Snapshot
Filing Period
Jan 1, 2023 to Dec 31, 2023
Signed
Oct 30, 2024
Return Version
2023v5.0
Gross Receipts
$17,036,290
Mission and Program Overview

Mission

Develop housing for people with special needs.

Our mission is to end homelessness by increasing the supply of supportive and low-income housing.

Balance Sheet Detail
LineBeginningEndChange
Assets
Other Notes and Loans Receivable, Net$26,655,799$27,393,972▲ $738,173
Land, Buildings, and Equipment, Net$1,141,517$14,863,447▲ $13,721,930
Intangible Assets$7,512,698$6,761,428▼ $751,270
Cash and Non-Interest-Bearing Accounts$1,835,880$2,719,928▲ $884,048
Accounts Receivable$767,703$719,513▼ $48,190
Prepaid Expenses and Deferred Charges$5,667$236,899▲ $231,232
Savings and Temporary Cash Investments$5,134$1,990▼ $3,144
Total Assets$40,301,929$54,988,060▲ $14,686,131
Other Assets Total$2,377,531$2,290,883▼ $86,648
Liabilities
Mortgage Notes Payable Secured by Investment Property$6,903,035$20,588,100▲ $13,685,065
Other Liabilities$2,210,196$2,044,818▼ $165,378
Accounts Payable and Accrued Expenses$247,706$430,410▲ $182,704
Total Liabilities$9,360,937$23,063,328▲ $13,702,391
Net Assets / Fund Balance
Net Assets Without Donor Restrictions$30,940,992$31,924,732▲ $983,740
Total Net Assets Fund Balance$30,940,992$31,924,732▲ $983,740
Total Liabilities and Net Assets / Fund Balance$40,301,929$54,988,060▲ $14,686,131

Asset Categories

AssetBook ValueDepreciationBasis
Buildings$13,135,868$10,793,076$23,928,944
Land$1,625,000-$1,625,000
Leasehold Improvements$-406,309$1,058,598$652,289
Other Land Buildings$456,147-$456,147
Equipment$52,741-$52,741
Compensation and Service Providers
Top Officer Pay48th percentile

Employees

NameTitleFull / Part TimeBaseOtherTotal
Daniel KentPresidentFT$300,000$40,704$340,704
Judy ParkControllerFT$125,000$44,277$169,277
David MateoDirector ofFT$115,000$43,777$158,777
David MateoDirector of Prop Mgt-$115,000$43,777$158,777
Les HansonVP of LeasinFT$135,000$14,234$149,234

Board Members and Trustees

NameTitle
Nathaniel WiceBoard Member
ROBIN D'SOUZABoard Member
Robert ChervenakBoard Member
Sebastian PalmerBoard Member
Rafal MarkwatSecretary
Christopher BensonTreasurer
Revenue and Support

Revenue Composition

Contributions and Grants
$8,431,924
Program Service Revenue
$8,576,472
Investment Income
$27,894
Other Revenue
$0
All Other Contributions
$125,000
Change in Net Assets
$983,740

Audited Revenue Reconciliation

Revenue per Audited Statements
$17,036,290
Total Revenue per Audited Statements
$17,036,290
Total Revenue per Form 990
$17,036,290
Expenses and Functional Allocation

Major Expense Lines

Line ItemAmount
Other Expenses$11,041,450
Salaries, Compensation, and Employee Benefits$5,011,100
Grants and Similar Amounts Paid$0
Professional Fundraising Fees$0
Total Fundraising Expense$0

Functional Expense Allocation

Line ItemProgramManagementFundraisingTotal
Other Salaries and Wages$3,815,124$356,587-$4,171,711
Depreciation Depletion$794,449--$794,449
Office Expenses-$307,297-$307,297
Payroll Taxes$259,274$44,621-$303,895
Current Officers, Directors, Trustees, and Key Employees-$300,000-$300,000
Other Employee Benefits$200,916$34,578-$235,494
All Other Expenses$53,009$63,307-$116,316
Fees for Services Accounting-$78,528-$78,528
Other Expenses$76,301$351,973-$76,301
Fees for Services Other-$24,770-$24,770
Interest$22,681--$22,681
Fees for Services Legal-$6,021-$6,021
Total Functional Expenses$14,484,868$1,567,682$0$16,052,550

Audited Expense Reconciliation

Line ItemAmount
Expenses per Audited Statements$16,052,550
Total Expenses per Audited Statements$16,052,550
Total Expenses per Form 990$16,052,550
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
Lease Liability$1,985,129
Security Deposit Payable$59,689
Governance and Compliance

Governance Checklist

Compiled or reviewed by an accountant
No
Annual disclosure for covered persons
Yes
Audit committee
Yes
Business relationship with 35% controlled entity
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
Yes
Other officer compensation reviewed
Yes
Conflict-of-interest policy
Yes
Audited financial statements prepared
Yes
Key decisions subject to board approval
No
Management duties delegated
No

Governance Explanations

Form 990, Page 6, Part VI, Line 11B

“The completed 990 is submitted first to the audit committee for review. Once reviewed and approved by the audit committee, the 990 is circulated to the full board before it is filed with the irs.”

Form 990, Page 6, Part VI, Line 12C

“The board members review the policy annually and reports any conflicts.”

Form 990, Page 6, Part VI, Line 15A

“The board reviews and approves the compensation of the officer.”

Form 990, Page 6, Part VI, Line 15B

“Every year the board reviews and approves the compensation of several key employees.”

Form 990, Page 6, Part VI, Line 19

“Latern makes it's 990 available to the public through the nys attorney general's website and upon written request. Latern's governing documents, conflict of interest policy and financial statements are available upon request.”

Filing and Contact Details

Filer

Filer Name
Lantern Organization Inc
EIN
13-3960661
Phone
2122928400
Address
42 W 39TH STREET 14TH FLOOR, NEW YORK, NY 10018-8559

Signing Officer

Name
Daniel Kent
Title
President
Phone
2122928400
Signed
2024-10-30
Discuss with paid preparer
Yes

Organization Details

Principal Officer
Daniel Kent
Formed
1997
Legal Domicile
Ny
Voting Board Members
7
Independent Board Members
7
Employees
2

Preparer

Firm
Geltrude & Company LLC
Address
513 FRANKLIN AVE, NUTLEY, NJ 07110-1746
Preparer
Michael W Carlon
Phone
9736679100
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IRS990/ProgramServiceRevenueGrp/Desc1INTEREST HOUSING LOANS
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IRS990/ProgramServiceRevenueGrp/RelatedOrExemptFuncIncomeAmt1731588
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IRS990/PYTotalRevenueAmt014682075
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IRS990/RelatedEntityInd0true
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IRS990/ReportLandBuildingEquipmentInd0true
IRS990/ReportOtherAssetsInd0false
IRS990/ReportOtherLiabilitiesInd0true
IRS990/ReportProgramRelatedInvstInd0false
IRS990/RevenueAmt01776426
IRS990/SavingsAndTempCashInvstGrp/BOYAmt05134
IRS990/SavingsAndTempCashInvstGrp/EOYAmt01990
IRS990ScheduleA/Form990ScheduleAPartVIGrp/ExplanationTxt0OTHER INCOME 0
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IRS990ScheduleA/GiftsGrantsContriRcvd170Grp/CurrentTaxYearMinus1YearAmt013520179
IRS990ScheduleA/GiftsGrantsContriRcvd170Grp/CurrentTaxYearMinus2YearsAmt01000
IRS990ScheduleA/GiftsGrantsContriRcvd170Grp/CurrentTaxYearMinus3YearsAmt01001
IRS990ScheduleA/GiftsGrantsContriRcvd170Grp/TotalAmt021954104
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IRS990ScheduleA/GrossInvestmentIncome170Grp/CurrentTaxYearMinus3YearsAmt01
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IRS990ScheduleA/GrossReceiptsRltdActivitiesAmt011134402
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IRS990ScheduleA/TotalCalendarYear170Grp/TotalAmt021954104
IRS990ScheduleA/TotalSupportAmt021981999
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IRS990ScheduleB/ContributorInformationGrp/ContributorUSAddress/City0RESTRICTED
IRS990ScheduleB/ContributorInformationGrp/ContributorUSAddress/State0RESTRICTED
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IRS990ScheduleD/BuildingsGrp/DepreciationAmt010793076
IRS990ScheduleD/BuildingsGrp/OtherCostOrOtherBasisAmt023928944
IRS990ScheduleD/EquipmentGrp/BookValueAmt052741
IRS990ScheduleD/EquipmentGrp/OtherCostOrOtherBasisAmt052741
IRS990ScheduleD/ExpensesSubtotalAmt016052550
IRS990ScheduleD/LandGrp/BookValueAmt01625000
IRS990ScheduleD/LandGrp/OtherCostOrOtherBasisAmt01625000
IRS990ScheduleD/LeaseholdImprovementsGrp/BookValueAmt0-406309
IRS990ScheduleD/LeaseholdImprovementsGrp/DepreciationAmt01058598
IRS990ScheduleD/LeaseholdImprovementsGrp/OtherCostOrOtherBasisAmt0652289
IRS990ScheduleD/OtherLandBuildingsGrp/BookValueAmt0456147
IRS990ScheduleD/OtherLandBuildingsGrp/OtherCostOrOtherBasisAmt0456147
IRS990ScheduleD/OtherLiabilitiesOrgGrp/Amt01985129
IRS990ScheduleD/OtherLiabilitiesOrgGrp/Amt159689
IRS990ScheduleD/OtherLiabilitiesOrgGrp/Desc0LEASE LIABILITY
IRS990ScheduleD/OtherLiabilitiesOrgGrp/Desc1SECURITY DEPOSIT PAYABLE
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IRS990ScheduleD/TotalBookValueLandBuildingsAmt014863447
IRS990ScheduleD/TotalExpensesPerForm990Amt016052550
IRS990ScheduleD/TotalLiabilityAmt02044818
IRS990ScheduleD/TotalRevenuePerForm990Amt017036290
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IRS990ScheduleJ/BoardOrCommitteeApprovalInd0X
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IRS990ScheduleJ/CompBsdOnRevRelatedOrgsInd0false
IRS990ScheduleJ/EquityBasedCompArrngmInd0false
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IRS990ScheduleJ/RltdOrgOfficerTrstKeyEmplGrp/DeferredCompensationFlngOrgAmt143777
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IRS990ScheduleJ/RltdOrgOfficerTrstKeyEmplGrp/PersonNm0DANIEL KENT
IRS990ScheduleJ/RltdOrgOfficerTrstKeyEmplGrp/PersonNm1DAVID MATEO
IRS990ScheduleJ/RltdOrgOfficerTrstKeyEmplGrp/PersonNm2JUDY PARK
IRS990ScheduleJ/RltdOrgOfficerTrstKeyEmplGrp/TitleTxt0PRESIDENT
IRS990ScheduleJ/RltdOrgOfficerTrstKeyEmplGrp/TitleTxt1DIRECTOR OF PROP MGT
IRS990ScheduleJ/RltdOrgOfficerTrstKeyEmplGrp/TitleTxt2CONTROLLER
IRS990ScheduleJ/RltdOrgOfficerTrstKeyEmplGrp/TotalCompensationFilingOrgAmt0340704
IRS990ScheduleJ/RltdOrgOfficerTrstKeyEmplGrp/TotalCompensationFilingOrgAmt1158777
IRS990ScheduleJ/RltdOrgOfficerTrstKeyEmplGrp/TotalCompensationFilingOrgAmt2169277
IRS990ScheduleJ/SeverancePaymentInd0false
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IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt0THE COMPLETED 990 IS SUBMITTED FIRST TO THE AUDIT COMMITTEE FOR REVIEW. ONCE REVIEWED AND APPROVED BY THE AUDIT COMMITTEE, THE 990 IS CIRCULATED TO THE FULL BOARD BEFORE IT IS FILED WITH THE IRS.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt1THE BOARD MEMBERS REVIEW THE POLICY ANNUALLY AND REPORTS ANY CONFLICTS.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt2THE BOARD REVIEWS AND APPROVES THE COMPENSATION OF THE OFFICER.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt3EVERY YEAR THE BOARD REVIEWS AND APPROVES THE COMPENSATION OF SEVERAL KEY EMPLOYEES.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt4LATERN MAKES IT'S 990 AVAILABLE TO THE PUBLIC THROUGH THE NYS ATTORNEY GENERAL'S WEBSITE AND UPON WRITTEN REQUEST. LATERN'S GOVERNING DOCUMENTS, CONFLICT OF INTEREST POLICY AND FINANCIAL STATEMENTS ARE AVAILABLE UPON REQUEST.
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc0FORM 990, PAGE 6, PART VI, LINE 11B
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc1FORM 990, PAGE 6, PART VI, LINE 12C
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc2FORM 990, PAGE 6, PART VI, LINE 15A
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc3FORM 990, PAGE 6, PART VI, LINE 15B
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc4FORM 990, PAGE 6, PART VI, LINE 19
IRS990ScheduleR/AssetExchangeInd0false
IRS990ScheduleR/AssetPurchaseFromOtherOrgInd0false
IRS990ScheduleR/AssetSaleToOtherOrgInd0false
IRS990ScheduleR/DivRelatedOrganizationInd0false
IRS990ScheduleR/GiftGrntCapContriFromOthOrgInd0false
IRS990ScheduleR/GiftGrntOrCapContriToOthOrgInd0false
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IRS990ScheduleR/IdRelatedOrgTxblPartnershipGrp/DirectControllingNACd15N/A
IRS990ScheduleR/IdRelatedOrgTxblPartnershipGrp/DisproportionateAllocationsInd0false
IRS990ScheduleR/IdRelatedOrgTxblPartnershipGrp/DisproportionateAllocationsInd1false
IRS990ScheduleR/IdRelatedOrgTxblPartnershipGrp/DisproportionateAllocationsInd2false
IRS990ScheduleR/IdRelatedOrgTxblPartnershipGrp/DisproportionateAllocationsInd3false
IRS990ScheduleR/IdRelatedOrgTxblPartnershipGrp/DisproportionateAllocationsInd4false
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IRS990ScheduleR/IdRelatedOrgTxblPartnershipGrp/DisproportionateAllocationsInd6false
IRS990ScheduleR/IdRelatedOrgTxblPartnershipGrp/DisproportionateAllocationsInd7false
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IRS990ScheduleR/IdRelatedOrgTxblPartnershipGrp/DisproportionateAllocationsInd9false
IRS990ScheduleR/IdRelatedOrgTxblPartnershipGrp/DisproportionateAllocationsInd10false
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IRS990ScheduleR/IdRelatedOrgTxblPartnershipGrp/DisproportionateAllocationsInd12false
IRS990ScheduleR/IdRelatedOrgTxblPartnershipGrp/DisproportionateAllocationsInd13false

Document Assets

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Filings

Displayed year

2023 • Form 990Detailed filing. Detailed filing data is available for this year.

Open filing
Assets
$54,988,060
Liabilities
$23,063,328
Net assets
$31,924,732
Revenue
$17,036,290
Expenses
$16,052,550
Net income
$983,740
Balance SheetOperations
YearAssetsLiabilitiesNet AssetsRevenueExpensesNet Income
2024Detailed filing. Detailed filing data is available for this year.$57.0$23.2$33.8$20.8$18.5$2.26
2023Detailed filing. Detailed filing data is available for this year.$55.0$23.1$31.9$17.0$16.1$0.98
2022Detailed filing. Detailed filing data is available for this year.$40.3$9.36$30.9$14.7$5.96$8.72
2021Detailed filing. Detailed filing data is available for this year.$28.0$4.85$23.1$1.03$1.27$0.24
2020Detailed filing. Detailed filing data is available for this year.$27.4$4.06$23.4$0.98$0.17$0.82
2019Detailed filing. Detailed filing data is available for this year.$33.1$10.5$22.6$1.25$0.40$0.84
2018Detailed filing. Detailed filing data is available for this year.$27.9$8.41$19.5$0.57$0.40$0.17
2017Detailed filing. Detailed filing data is available for this year.$23.5$4.17$19.3$1.00$0.78$0.22
2016Detailed filing. Detailed filing data is available for this year.$11.3$0.16$11.1$0.59$0.34$0.25
2015Detailed filing. Detailed filing data is available for this year.$10.9$0.03$10.9$0.22$0.21$0.01
2014Detailed filing. Detailed filing data is available for this year.$11.0$0.08$10.9$0.66$0.54$0.12
2013Detailed filing. Detailed filing data is available for this year.$11.4$0.63$10.8$0.69$0.56$0.13
2012Facts available. Structured filing facts are available, but richer extracted sections are limited.$14.8$4.22$10.6$0.65
2011Facts available. Structured filing facts are available, but richer extracted sections are limited.$13.6$4.03$9.55$0.63