Civic Intelligence

Linked Economic Development Affordable Housing Foundation Inc

990 • Fiscal year 2015 • EIN 54-1707984

Jan 01, 2015 to Dec 31, 2015 • Filed on May 13, 2016

Organization Profile WWW.LEDAHF.ORG

23075 Tail Race RoadAldie, VA 20105

Siviq Scores

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

Higher debt load relative to assets than 88% of similar nonprofits.

2015 filings • 501(c)3 • $10M-$25M nonprofits • Source year 2015

Higher debt load relative to revenue than 94% of similar nonprofits.

2015 filings • 501(c)3 • $10M-$25M nonprofits • Source year 2015

Higher net margin than 97% of similar nonprofits.

2015 filings • 501(c)3 • $10M-$25M nonprofits • Source year 2015

Higher top officer pay than 13% of similar nonprofits.

Top officer pay equals 0.8% of source-year revenue.

2015 filings • 501(c)3 • $10M-$25M nonprofits • Source year 2015

No value available

No earlier valid filing was available within the previous three public years.

Source year 2015

No value available

No earlier valid filing was available within the previous three public years.

Source year 2015

Balance Sheet

Liabilities / Assets88th percentile

Assets

$17,215,479

No earlier filing loaded for comparison.

Net Assets

$2,291,902

No earlier filing loaded for comparison.

Liabilities

$14,923,577

No earlier filing loaded for comparison.

Revenue And Expenses

Liabilities / Revenue94th percentile Net Margin97th percentile

Revenue

$2,778,816

No earlier filing loaded for comparison.

Expenses

$486,914

No earlier filing loaded for comparison.

Net Income

$2,291,902

No earlier filing loaded for comparison.

Historical Trend

Balance Sheet Trend

Asset GrowthScore unavailable

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

Highlighted filing

2015

Assets$17,215,479

Liabilities$14,923,577

Net Assets$2,291,902

Open 2015 Filing

Operations Trend

Revenue GrowthScore unavailable

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

Highlighted filing

2015

Revenue$2,778,816

Expenses$486,914

Net Income$2,291,902

Open 2015 Filing

Jump To

Filing Snapshot

Filing Period: Jan 1, 2015 to Dec 31, 2015
Signed: May 13, 2016
Return Version: 2015v2.1
Gross Receipts: $2,778,816

Mission and Program Overview

Mission

To promote the availability and preservation of affordable housing, to promote local economic development and to otherwise relieve the burdens of government by coordinating public-private partnerships with government to develop unused land, land that demands resources to maintain, and that is not currently generating property tax revenue.

Promote economic development and availability of affordable housing and relieve burdens of government

Balance Sheet Detail

Line	Beginning	End	Change
Assets
Land, Buildings, and Equipment, Net	$0	$13,241,515	▲ $13,241,515
Intangible Assets	-	$2,225,800	-
Cash and Non-Interest-Bearing Accounts	-	$1,604,763	-
Accounts Receivable	-	$98,660	-
Prepaid Expenses and Deferred Charges	-	$44,741	-
Total Assets	$0	$17,215,479	▲ $17,215,479
Liabilities
Tax Exempt Bond Liabilities	-	$14,690,000	-
Accounts Payable and Accrued Expenses	-	$233,577	-
Total Liabilities	$0	$14,923,577	▲ $14,923,577
Net Assets / Fund Balance
Unrestricted Net Assets	-	$2,291,902	-
Total Net Assets Fund Balance	$0	$2,291,902	▲ $2,291,902
Total Liabilities and Net Assets / Fund Balance	$0	$17,215,479	▲ $17,215,479

Asset Categories

Asset	Book Value	Depreciation	Basis
Buildings	$11,928,030	$57,410	$11,985,440
Land	$1,313,485	-	$1,313,485

Compensation and Service Providers

Top Officer Pay13th percentile

Employees

Name	Title	Full / Part Time	Base	Other	Total
Richard J Degorter	President/executive Director	FT	$23,100	$51	$23,151
Janet S Degorter	Secretary/treasurer	PT	$17,331	$50	$17,381

Board Members and Trustees

Name	Title
John J Protopappas	Vice President
Barry F Hersh	Director
Jeffrey E Thompson	Director

Revenue and Support

Revenue Composition

Contributions and Grants: $2,295,000
Program Service Revenue: $483,816
Investment Income: $0
Other Revenue: $0
All Other Contributions: $2,295,000
Change in Net Assets: $2,291,902

Noncash Contribution Practices

Property subject to holding requirements: No
Reviewed unusual noncash gifts: No
Third parties used for noncash contributions: No

Noncash Contributions

Contribution Type	Contribution Count	Reported Amount	Valuation Method
Real Estate Commercial	2	$2,295,000	Appraised Fair Market Value (FMV)
Total Noncash Contributions	2	$2,295,000	-

Expenses and Functional Allocation

Major Expense Lines

Line Item	Amount
Other Expenses	$409,367
Salaries, Compensation, and Employee Benefits	$77,547
Grants and Similar Amounts Paid	$0
Professional Fundraising Fees	$0
Total Fundraising Expense	$0

Functional Expense Allocation

Line Item	Program	Management	Fundraising	Total
Fees for Services Other	$158,680	$10,015	-	$168,695
Interest	$99,386	-	-	$99,386
Depreciation Depletion	$68,010	-	-	$68,010
Current Officers, Directors, Trustees, and Key Employees	-	$40,431	-	$40,431
Insurance	$26,406	$6,100	-	$32,506
Other Salaries and Wages	$19,406	$12,558	-	$31,964
Fees for Services Legal	-	$17,708	-	$17,708
Fees for Services Management	$14,701	-	-	$14,701
Office Expenses	$4,254	$2,607	-	$6,861
Payroll Taxes	-	$3,586	-	$3,586
Other Employee Benefits	-	$1,566	-	$1,566
Fees for Services Accounting	-	$1,250	-	$1,250
Fees for Service Investment Mgmnt Fees	-	$250	-	$250
Total Functional Expenses	$390,843	$96,071	$0	$486,914

Fundraising, Events, and Gaming

Fundraising activities: No
Gaming activities: No
Professional fundraiser used: No

Fundraising and Gaming Totals

Line Item	Amount
Professional Fundraising Fees	$0

Political and Lobbying Activity

Political campaign activity: No
Lobbying activity: No
Subject to proxy tax: No

Related Organizations and Partnerships

Disregarded Entities

Entity	Location	Activity	Income	Assets	Controller
Ptgh-eo Urban Renewal LLC	Aldie, VA	Ownership and Management of Affordable Housing Property in East Orange Nj	$2,230,578	$10,989,762	-
Ledahf-east Cleveland LLC	Aldie, VA	Ownership and Management of Affordable Housing Property in East Cleveland Oh	$339,487	$5,968,369	-

Debt and Bond Financing

Bond Issues

Bond	Issuer	Issued	Issue Price	Purpose
A	Essex County Improvement Authority	2015-12-10	$100	Finance cost of acquisition, renovation & equipping of 39-unit housing proj
A	Essex County Improvement Authority	2015-12-10	$100	Finance cost of acquisition, renovation & equipping of 39-unit housing proj
D	Cleveland-cuyahoga County Port Authority	2015-09-09	$100	Finance cost of acquisition, renovation & equipping of 174-unit housing proj
A	Cleveland-cuyahoga County Port Authority	2015-09-09	$98	Finance cost of acquisition, renovation & equipping of 174-unit housing proj
B	Cleveland-cuyahoga County Port Authority	2015-09-09	$98	Finance cost of acquisition, renovation & equipping of 174-unit housing proj
B	Essex County Improvement Authority	2015-12-10	$98	Finance cost of acquisition, renovation & equipping of 39-unit housing proj
C	Cleveland-cuyahoga County Port Authority	2015-09-09	$98	Finance cost of acquisition, renovation & equipping of 174-unit housing proj
C	Essex County Improvement Authority	2015-12-10	$98	Finance cost of acquisition, renovation & equipping of 39-unit housing proj
D	Essex County Improvement Authority	2015-12-10	$98	Finance cost of acquisition, renovation & equipping of 39-unit housing proj

Bond Proceeds

Bond	Total Proceeds	Spent	Retired	Issuance Costs
D	$3,230,000	-	-	$396,054
A	$2,415,000	$2,970	-	$467,804
A	$1,835,000	-	-	$225,003
C	$1,505,000	$1,851	-	$291,530
C	$1,440,000	-	-	$176,569
B	$1,145,000	$1,408	-	$221,795
B	$1,125,000	-	-	$137,945
A	$780,000	-	-	$95,642
D	$480,000	$590	-	$92,980

Bond Financing Compliance

No rebate due: No
Rebate not yet due: No
Form 8038-T filed: No
Gross proceeds invested: No
Gross proceeds invested in GIC: No
Exception to rebate: No

Governance and Compliance

Governance Checklist

Compiled or reviewed by an accountant: 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: No
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 11

“The annual financial information and irs filings are presented at the board of directors meeting for their review and approval.”

Form 990, Part VI, Section C, Line 19

“Governing documents and financial statements are available to the public upon request.”

Filing and Contact Details

Filer

Filer Name: Linked Economic Development & Affordable
EIN: 54-1707984
Phone: 3018320630
Address: 23075 TAIL RACE ROAD, ALDIE, VA 20105

Signing Officer

Name: Richard J Degorter
Title: President
Phone: 3018320630
Signed: 2016-05-13
Discuss with paid preparer: Yes

Organization Details

Principal Officer: Richard J Degorter
Formed: 1994
Legal Domicile: Va
Voting Board Members: 5
Independent Board Members: 3
Employees: 2
Volunteers: 3

Preparer

Firm: Mitchell & Co Pc
Address: 110 EAST MARKET ST 200, LEESBURG, VA 20176
Preparer: W Matthew Burns
Phone: 7037774900

Supplemental Narrative

Additional Explanations

Form 990, Part III, Line 2

“Create opportunities for safe and affordable housing for low and moderate income citizens by cooperating with local governments to construct or rehabilitate affordable housing, facilitating home acquisition, promoting home ownership education, utilizing state housing partnership programs, and joining the us department of defense efforts to improve housing for military personnel.”

Form 990, Part IX, Line 11G

“Real estate taxes: program service expenses 39,204. Management and general expenses 0. Fundraising expenses 0. Total expenses 39,204. Settlement fees: program service expenses 35,892. Management and general expenses 0. Fundraising expenses 0. Total expenses 35,892. Repairs and maintenance: program service expenses 2,985. Management and general expenses 0. Fundraising expenses 0. Total expenses 2,985. Other: program service expenses 16,874. Management and general expenses 5,518. Fundraising expenses 0. Total expenses 22,392. Bad debt: program service expenses 0. Management and general expenses 4,497. Fundraising expenses 0. Total expenses 4,497. Contract service: program service expenses 8,370. Management and general expenses 0. Fundraising expenses 0. Total expenses 8,370. Utilities: program service expenses 55,355. Management and general expenses 0. Fundraising expenses 0. Total expenses 55,355.”

Form 990, Part XI, Line 2C

“The annual compiled financial statments are presented to the board of directors for review and approval.”

Raw XML AppendixShowing 400 of 749 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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IRS990ScheduleK/TaxExemptBondsArbitrageGrp/BondReferenceCd	4	A
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IRS990ScheduleK/TaxExemptBondsArbitrageGrp/BondReferenceCd	7	D
IRS990ScheduleK/TaxExemptBondsArbitrageGrp/BondReferenceCd	8	A
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IRS990ScheduleK/TaxExemptBondsArbitrageGrp/ExceptionToRebateInd	3	0
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IRS990ScheduleK/TaxExemptBondsArbitrageGrp/GrossProceedsInvestedInd	1	0
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IRS990ScheduleK/TaxExemptBondsArbitrageGrp/GrossProceedsInvestedInd	3	0
IRS990ScheduleK/TaxExemptBondsArbitrageGrp/GrossProceedsInvestedInd	4	0
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IRS990ScheduleK/TaxExemptBondsArbitrageGrp/GrossProceedsInvestedInd	7	0
IRS990ScheduleK/TaxExemptBondsArbitrageGrp/GrossProceedsInvestedInd	8	0
IRS990ScheduleK/TaxExemptBondsArbitrageGrp/GrossProceedsInvestedInGICInd	0	0
IRS990ScheduleK/TaxExemptBondsArbitrageGrp/GrossProceedsInvestedInGICInd	1	0
IRS990ScheduleK/TaxExemptBondsArbitrageGrp/GrossProceedsInvestedInGICInd	2	0
IRS990ScheduleK/TaxExemptBondsArbitrageGrp/GrossProceedsInvestedInGICInd	3	0
IRS990ScheduleK/TaxExemptBondsArbitrageGrp/GrossProceedsInvestedInGICInd	4	0
IRS990ScheduleK/TaxExemptBondsArbitrageGrp/GrossProceedsInvestedInGICInd	5	0
IRS990ScheduleK/TaxExemptBondsArbitrageGrp/GrossProceedsInvestedInGICInd	6	0
IRS990ScheduleK/TaxExemptBondsArbitrageGrp/GrossProceedsInvestedInGICInd	7	0
IRS990ScheduleK/TaxExemptBondsArbitrageGrp/GrossProceedsInvestedInGICInd	8	0
IRS990ScheduleK/TaxExemptBondsArbitrageGrp/HedgeIdentifiedInBksAndRecInd	0	0
IRS990ScheduleK/TaxExemptBondsArbitrageGrp/HedgeIdentifiedInBksAndRecInd	1	0
IRS990ScheduleK/TaxExemptBondsArbitrageGrp/HedgeIdentifiedInBksAndRecInd	2	0
IRS990ScheduleK/TaxExemptBondsArbitrageGrp/HedgeIdentifiedInBksAndRecInd	3	0
IRS990ScheduleK/TaxExemptBondsArbitrageGrp/HedgeIdentifiedInBksAndRecInd	4	0
IRS990ScheduleK/TaxExemptBondsArbitrageGrp/HedgeIdentifiedInBksAndRecInd	5	0
IRS990ScheduleK/TaxExemptBondsArbitrageGrp/HedgeIdentifiedInBksAndRecInd	6	0
IRS990ScheduleK/TaxExemptBondsArbitrageGrp/HedgeIdentifiedInBksAndRecInd	7	0
IRS990ScheduleK/TaxExemptBondsArbitrageGrp/HedgeIdentifiedInBksAndRecInd	8	0
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IRS990ScheduleK/TaxExemptBondsArbitrageGrp/NoRebateDueInd	4	0
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IRS990ScheduleK/TaxExemptBondsArbitrageGrp/NoRebateDueInd	7	0
IRS990ScheduleK/TaxExemptBondsArbitrageGrp/NoRebateDueInd	8	0
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IRS990ScheduleK/TaxExemptBondsArbitrageGrp/RebateNotDueYetInd	1	0
IRS990ScheduleK/TaxExemptBondsArbitrageGrp/RebateNotDueYetInd	2	0
IRS990ScheduleK/TaxExemptBondsArbitrageGrp/RebateNotDueYetInd	3	0
IRS990ScheduleK/TaxExemptBondsArbitrageGrp/RebateNotDueYetInd	4	0
IRS990ScheduleK/TaxExemptBondsArbitrageGrp/RebateNotDueYetInd	5	0
IRS990ScheduleK/TaxExemptBondsArbitrageGrp/RebateNotDueYetInd	6	0
IRS990ScheduleK/TaxExemptBondsArbitrageGrp/RebateNotDueYetInd	7	0
IRS990ScheduleK/TaxExemptBondsArbitrageGrp/RebateNotDueYetInd	8	0
IRS990ScheduleK/TaxExemptBondsArbitrageGrp/VariableRateIssueInd	0	0
IRS990ScheduleK/TaxExemptBondsArbitrageGrp/VariableRateIssueInd	1	0
IRS990ScheduleK/TaxExemptBondsArbitrageGrp/VariableRateIssueInd	2	0
IRS990ScheduleK/TaxExemptBondsArbitrageGrp/VariableRateIssueInd	3	0
IRS990ScheduleK/TaxExemptBondsArbitrageGrp/VariableRateIssueInd	4	0
IRS990ScheduleK/TaxExemptBondsArbitrageGrp/VariableRateIssueInd	5	0
IRS990ScheduleK/TaxExemptBondsArbitrageGrp/VariableRateIssueInd	6	0
IRS990ScheduleK/TaxExemptBondsArbitrageGrp/VariableRateIssueInd	7	0
IRS990ScheduleK/TaxExemptBondsArbitrageGrp/VariableRateIssueInd	8	0
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IRS990ScheduleK/TaxExemptBondsArbitrageGrp/WrittenProcToMonitorReqsInd	1	0
IRS990ScheduleK/TaxExemptBondsArbitrageGrp/WrittenProcToMonitorReqsInd	2	0
IRS990ScheduleK/TaxExemptBondsArbitrageGrp/WrittenProcToMonitorReqsInd	3	0
IRS990ScheduleK/TaxExemptBondsArbitrageGrp/WrittenProcToMonitorReqsInd	4	0
IRS990ScheduleK/TaxExemptBondsArbitrageGrp/WrittenProcToMonitorReqsInd	5	0
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IRS990ScheduleK/TaxExemptBondsArbitrageGrp/WrittenProcToMonitorReqsInd	8	0
IRS990ScheduleK/TaxExemptBondsIssuesGrp/BondIssuedDt	0	2015-09-09
IRS990ScheduleK/TaxExemptBondsIssuesGrp/BondIssuedDt	1	2015-09-09
IRS990ScheduleK/TaxExemptBondsIssuesGrp/BondIssuedDt	2	2015-09-09
IRS990ScheduleK/TaxExemptBondsIssuesGrp/BondIssuedDt	3	2015-09-09
IRS990ScheduleK/TaxExemptBondsIssuesGrp/BondIssuedDt	4	2015-12-10
IRS990ScheduleK/TaxExemptBondsIssuesGrp/BondIssuedDt	5	2015-12-10
IRS990ScheduleK/TaxExemptBondsIssuesGrp/BondIssuedDt	6	2015-12-10
IRS990ScheduleK/TaxExemptBondsIssuesGrp/BondIssuedDt	7	2015-12-10
IRS990ScheduleK/TaxExemptBondsIssuesGrp/BondIssuedDt	8	2015-12-10
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IRS990ScheduleK/TaxExemptBondsIssuesGrp/BondIssuerEIN	7	222023989
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IRS990ScheduleK/TaxExemptBondsIssuesGrp/BondReferenceCd	0	A
IRS990ScheduleK/TaxExemptBondsIssuesGrp/BondReferenceCd	1	B
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IRS990ScheduleK/TaxExemptBondsIssuesGrp/BondReferenceCd	4	A
IRS990ScheduleK/TaxExemptBondsIssuesGrp/BondReferenceCd	5	B
IRS990ScheduleK/TaxExemptBondsIssuesGrp/BondReferenceCd	6	C
IRS990ScheduleK/TaxExemptBondsIssuesGrp/BondReferenceCd	7	D
IRS990ScheduleK/TaxExemptBondsIssuesGrp/BondReferenceCd	8	A
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IRS990ScheduleK/TaxExemptBondsIssuesGrp/CUSIPNum	8	29608PEF3
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IRS990ScheduleK/TaxExemptBondsIssuesGrp/DefeasedInd	2	0
IRS990ScheduleK/TaxExemptBondsIssuesGrp/DefeasedInd	3	0
IRS990ScheduleK/TaxExemptBondsIssuesGrp/DefeasedInd	4	0
IRS990ScheduleK/TaxExemptBondsIssuesGrp/DefeasedInd	5	0
IRS990ScheduleK/TaxExemptBondsIssuesGrp/DefeasedInd	6	0
IRS990ScheduleK/TaxExemptBondsIssuesGrp/DefeasedInd	7	0
IRS990ScheduleK/TaxExemptBondsIssuesGrp/DefeasedInd	8	0
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IRS990ScheduleK/TaxExemptBondsIssuesGrp/IssuePriceAmt	1	98
IRS990ScheduleK/TaxExemptBondsIssuesGrp/IssuePriceAmt	2	98
IRS990ScheduleK/TaxExemptBondsIssuesGrp/IssuePriceAmt	3	100
IRS990ScheduleK/TaxExemptBondsIssuesGrp/IssuePriceAmt	4	100
IRS990ScheduleK/TaxExemptBondsIssuesGrp/IssuePriceAmt	5	98

Document Assets

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Filings

Displayed year

2015 • Form 990Detailed filing. Detailed filing data is available for this year.

Assets: $17,215,479
Liabilities: $14,923,577
Net assets: $2,291,902
Revenue: $2,778,816
Expenses: $486,914
Net income: $2,291,902

	Balance Sheet			Operations
Year	Assets	Liabilities	Net Assets	Revenue	Expenses	Net Income
2015Detailed filing. Detailed filing data is available for this year.	$17.2	$14.9	$2.29	$2.78	$0.49	$2.29