Harlem Commonwealth Council Inc.

Filing Period

Jul 1, 2012 to Jun 30, 2013

Signed

May 12, 2014

Return Version

2012v2.0

Gross Receipts

$2,348,159

Mission

Major Activities

Activity 2

Community Economic Development - The organization acquires and develops commercial and industrial properties in pursuit of their tax-exempt purpose of promoting community economic development activities in enterprise or equivalent zones targeted as development areas (Harlem and the south Bronx, NYC). Properties owned for the purpose of conducting economic development activities include an industrial park, commercial retail and office buildings, and vacant land currently under development. Accomplishments in rebuilding the community, creating hundreds of new jobs, training new workers, attracting and creation of industry and commercial activities and stimulating retail sales in economic development target areas. Developed properties are home to retail operations, shipping, warehousing, service businesses, a school bus terminal transporting hundreds of students daily, and others. The organization's revenues from these activities consist of reimbursed occupancy costs from subsidiaries/affiliates sharing office space at the organization's facility, joint venture mortgage interest paid by a subordinate 501(c)(3) organization, rent (facility sharing) from community service organizations having compatible economic development missions.

Activity 3

Federally Funded Entrepreneurial Small Business Loan Program - The organization received a $677,000 federal grant to conduct a small business loan program to assist local enterprises in meeting capital needs and in creating new employment. Through June 30, 2011, the entrepreneurial loan program made loans totaling $427,000. It is estimated that 75 new jobs will be created after the first $427,000 round of loans are made. As loans are repaid, a new capital fund will be generated to continue his program. The organization is also to contribute matching funds. Revenues consist of interest earned on the loans and expenses represent payroll and administrative costs of conducting the program.

Filer

EIN

13-6271908