Civic Intelligence

Homestead Development Corporation

EIN 85-0866443 • 501(c)3 • Lake Placid, NY

Profile

To construct affordable energy efficient housing for purchase by essential workers in the Village of Lake Placid, New York and the town of North Elba, New York in order to preserve a community lifestyle in an otherwise transient environment.

70 Trillium DriveLake Placid, NY 12946

www.homesteadadk.org

Siviq Scores

Precomputed percentiles relative to similar nonprofits. These scores are descriptive rather than judgmental.

Liabilities / Assets

86th percentile

0.62x

Higher debt load relative to assets than 86% of similar nonprofits.

501(c)3 • $1M-$5M nonprofits • Source year 2024

Liabilities / Revenue

66th percentile

0.20x

Higher debt load relative to revenue than 66% of similar nonprofits.

501(c)3 • $1M-$5M nonprofits • Source year 2024

Net Margin

14th percentile

-22%

Higher net margin than 14% of similar nonprofits.

501(c)3 • $1M-$5M nonprofits • Source year 2024

Top Officer Pay

Score unavailable

No value available

No filing with officer rows is available for this organization yet.

Asset Growth

8th percentile

-21%

Faster asset growth than 8% of similar nonprofits.

501(c)3 • $1M-$5M nonprofits • Annualized from 2022 to 2024

Revenue Growth

85th percentile

51%

Faster revenue growth than 85% of similar nonprofits.

501(c)3 • $1M-$5M nonprofits • Annualized from 2022 to 2024

Balance Sheet
Liabilities / Assets86th percentile

Assets

Down

$1,010,818

Down $2,548,174 (-72%) from 2023

Liabilities

Down

$628,236

Down $1,877,646 (-75%) from 2023

Net Assets

Down

$382,582

Down $670,528 (-64%) from 2023

Operations
Liabilities / Revenue66th percentileNet Margin14th percentile

Revenue

Up

$3,094,710

Up $2,164,634 (+233%) from 2023

Expenses

Up

$3,765,766

Up $2,995,689 (+389%) from 2023

Net Income

Down

-$671,056

Down $831,055 (-519%) from 2023

Trend Graphs

Balance Sheet Trend

Asset Growth8th percentile

Grouped bars show assets, liabilities, and net assets across loaded filings.

$4.0M$3.0M$2.0M$1.0M$0Assets 2020: $10,882Liabilities 2020: $1,000Net Assets 2020: $9,8822020Assets 2021: $762,676Liabilities 2021: $153,125Net Assets 2021: $609,5512021Assets 2022: $1,623,820Liabilities 2022: $731,597Net Assets 2022: $892,2232022Assets 2023: $3,558,992Liabilities 2023: $2,505,882Net Assets 2023: $1,053,1102023Assets 2024: $1,010,818Liabilities 2024: $628,236Net Assets 2024: $382,5822024

Highlighted filing

2024

Assets$1,010,818
Liabilities$628,236
Net Assets$382,582
Open 2024 Filing

Operations Trend

Revenue Growth85th percentile

Revenue, expenses, and net income by year, with the latest filing highlighted.

$4.0M$2.0M$0-$2.0MRevenue 2020: $15,000Expenses 2020: $5,118Net Income 2020: $9,8822020Revenue 2021: $603,185Expenses 2021: $12,369Net Income 2021: $590,8162021Revenue 2022: $1,352,002Expenses 2022: $703,551Net Income 2022: $648,4512022Revenue 2023: $930,076Expenses 2023: $770,077Net Income 2023: $159,9992023Revenue 2024: $3,094,710Expenses 2024: $3,765,766Net Income 2024: -$671,0562024

Highlighted filing

2024

Revenue$3,094,710
Expenses$3,765,766
Net Income-$671,056
Open 2024 Filing

Filings

Most recent year

2024 • Form 990Detailed filing. Detailed filing data is available for this year.

Open filing
Assets
$1,010,818
Liabilities
$628,236
Net assets
$382,582
Revenue
$3,094,710
Expenses
$3,765,766
Net income
-$671,056
Balance SheetOperations
YearAssetsLiabilitiesNet AssetsRevenueExpensesNet Income
2024Detailed filing. Detailed filing data is available for this year.$1.01$0.63$0.38$3.09$3.77$0.67
2023Detailed filing. Detailed filing data is available for this year.$3.56$2.51$1.05$0.93$0.77$0.16
2022Detailed filing. Detailed filing data is available for this year.$1.62$0.73$0.89$1.35$0.70$0.65
2021Detailed filing. Detailed filing data is available for this year.$0.76$0.15$0.61$0.60$0.01$0.59
2020Detailed filing. Detailed filing data is available for this year.$0.01$0.00$0.01$0.02$0.01$0.01
Latest Filing Detail
Jump To
Filing Snapshot
Filing Period
Jan 1, 2024 to Dec 31, 2024
Signed
Nov 17, 2025
Return Version
2024v5.2
Gross Receipts
$3,094,710
Mission and Program Overview

Mission

To construct affordable energy efficient housing for purchase by essential workers in the Village of Lake Placid, New York and the town of North Elba, New York in order to preserve a community lifestyle in an otherwise transient environment.

Balance Sheet Detail
LineBeginningEndChange
Assets
Rtn Earn Endowment Incm Other Fnds$1,053,110$382,582▼ $670,528
Cash and Non-Interest-Bearing Accounts$90,447$46,802▼ $43,645
Accounts Receivable-$6,767-
Savings and Temporary Cash Investments$102,447$4,060▼ $98,387
Loans From Officers Directors$1,000$1,000→ $0
Pd in Cap Srpls Land Bldg Eqp Fund$0$0→ $0
Cap Stk Tr Prin Current Funds$0$0→ $0
Total Assets$3,558,992$1,010,818▼ $2,548,174
Other Assets Total$3,366,098$953,189▼ $2,412,909
Liabilities
Other Liabilities$2,354,882$529,170▼ $1,825,712
Unsecured Notes Loans Payable$150,000$60,000▼ $90,000
Accounts Payable and Accrued Expenses-$38,066-
Total Liabilities$2,505,882$628,236▼ $1,877,646
Net Assets / Fund Balance
Total Net Assets Fund Balance$1,053,110$382,582▼ $670,528
Total Liabilities and Net Assets / Fund Balance$3,558,992$1,010,818▼ $2,548,174

Asset Categories

AssetBook ValueDepreciationBasis
Other Assets Org$953,189--
Compensation and Service Providers
Top Officer PayScore unavailable

Board Members and Trustees

NameTitle
Stephen SamaPresident
Whit BissellVice President
Emily Kilburn PolitiTrustee
Maja GiambalvoTrustee
Timothy SeymourTrustee
Jamie RogersSecretary
John B Huttlinger jrTreasurer
Revenue and Support

Revenue Composition

Contributions and Grants
$717,526
Program Service Revenue
$2,375,000
Investment Income
$2,184
Other Revenue
$0
All Other Contributions
$717,526
Change in Net Assets
$-671,056
Expenses and Functional Allocation

Major Expense Lines

Line ItemAmount
Other Expenses$3,765,766
Grants and Similar Amounts Paid$0
Professional Fundraising Fees$0
Salaries, Compensation, and Employee Benefits$0
Total Fundraising Expense$0

Functional Expense Allocation

Line ItemProgramManagementFundraisingTotal
Interest$140,684--$140,684
Insurance$25,206$3,052-$28,258
Fees for Services Legal-$13,242-$13,242
Advertising$5,779--$5,779
Other Expenses$1,223$3,921-$1,223
Occupancy-$1,140-$1,140
Fees for Services Other$1,110--$1,110
Office Expenses-$456-$456
Total Functional Expenses$3,743,955$21,811$0$3,765,766
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

Interested-Person Transactions

Interested PartyRelationshipDescriptionShared RevenueAmount
John B Huttlinger JrAccountant and Tax PreparerInterested person is owner of a CPA firm which has been retained as Accountant and Tax Preparer for the Organization.No-
Stephen SamaProject ManagerInterested person is owner of a design and general construction firm which has been retained as Project Manager for the projectNo-

Loans and Receivables

Line ItemBeginningEndChange
Loans from Officers, Directors, Trustees, and Key Employees$1,000$1,000→ $0
Debt and Bond Financing

Other Reported Liabilities

LiabilityAmount
Loans Payable - Champlain National Bank$329,000
Loan Payable - Adirondack Foundation$100,000
Loan Payable - Village of Lake Placid$75,000
Accrued Interest$25,170
Governance and Compliance

Governance Checklist

Compiled or reviewed by an accountant
No
Annual disclosure for covered persons
Yes
Business relationship with 35% controlled entity
No
Business relationship with family members
No
Business relationship with organization members
Yes
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 B, line 11B

“Copy of Form 990 was distributed to the Board for their review prior to filing.”

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

“Board members sign and submit conflict of interest statements annually. Any disclosed potential conflicts are reviewed at that time.”

Form 990, Part VI, Section C, line 19

“Governing documents are made available upon request.”

Filing and Contact Details

Filer

Filer Name
Homestead Development Corporation
EIN
85-0866443
Phone
5182657278
Address
70 Trillium Drive, Lake Placid, NY 12946

Signing Officer

Name
Stephen Sama
Title
President
Phone
5182657278
Signed
2025-11-17
Discuss with paid preparer
Yes

Organization Details

Principal Officer
Stephen Sama
Formed
2020
Legal Domicile
Ny
Voting Board Members
7
Independent Board Members
7
Employees
0
Volunteers
0

Preparer

Firm
Adirondack Audit Co Inc
Address
2284 Saranac Ave Suite Six, Lake Placid, NY 12946
Preparer
John B Huttlinger Jr
Phone
5188911630
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IRS990ScheduleA/Total509Grp/CurrentTaxYearAmt03092526
IRS990ScheduleA/Total509Grp/CurrentTaxYearMinus1YearAmt0929000
IRS990ScheduleA/Total509Grp/CurrentTaxYearMinus2YearsAmt0991688
IRS990ScheduleA/Total509Grp/CurrentTaxYearMinus3YearsAmt0252329
IRS990ScheduleA/Total509Grp/CurrentTaxYearMinus4YearsAmt015000
IRS990ScheduleA/Total509Grp/TotalAmt05280543
IRS990ScheduleA/TotalSupportCalendarYearGrp/CurrentTaxYearAmt03094710
IRS990ScheduleA/TotalSupportCalendarYearGrp/CurrentTaxYearMinus1YearAmt0930076
IRS990ScheduleA/TotalSupportCalendarYearGrp/CurrentTaxYearMinus2YearsAmt0992002
IRS990ScheduleA/TotalSupportCalendarYearGrp/CurrentTaxYearMinus3YearsAmt0253185
IRS990ScheduleA/TotalSupportCalendarYearGrp/CurrentTaxYearMinus4YearsAmt015000
IRS990ScheduleA/TotalSupportCalendarYearGrp/TotalAmt05284973
IRS990ScheduleB/ContributorInformationGrp/ContributorBusinessName/BusinessNameLine10RESTRICTED
IRS990ScheduleB/ContributorInformationGrp/ContributorNum0RESTRICTED
IRS990ScheduleB/ContributorInformationGrp/ContributorUSAddress/AddressLine10RESTRICTED
IRS990ScheduleB/ContributorInformationGrp/ContributorUSAddress/AddressLine20RESTRICTED
IRS990ScheduleB/ContributorInformationGrp/ContributorUSAddress/City0RESTRICTED
IRS990ScheduleB/ContributorInformationGrp/ContributorUSAddress/State0RESTRICTED
IRS990ScheduleB/ContributorInformationGrp/ContributorUSAddress/ZIPCode0RESTRICTED
IRS990ScheduleB/ContributorInformationGrp/TotalContributionsAmt0RESTRICTED
IRS990/ScheduleBRequiredInd01
IRS990ScheduleD/OtherAssetsOrgGrp/BookValueAmt0953189
IRS990ScheduleD/OtherAssetsOrgGrp/Desc0Construction Work in Progress
IRS990ScheduleD/OtherLiabilitiesOrgGrp/Amt025170
IRS990ScheduleD/OtherLiabilitiesOrgGrp/Amt1329000
IRS990ScheduleD/OtherLiabilitiesOrgGrp/Amt2100000
IRS990ScheduleD/OtherLiabilitiesOrgGrp/Amt375000
IRS990ScheduleD/OtherLiabilitiesOrgGrp/Desc0Accrued Interest
IRS990ScheduleD/OtherLiabilitiesOrgGrp/Desc1Loans Payable - Champlain National Bank
IRS990ScheduleD/OtherLiabilitiesOrgGrp/Desc2Loan Payable - Adirondack Foundation
IRS990ScheduleD/OtherLiabilitiesOrgGrp/Desc3Loan Payable - Village of Lake Placid
IRS990ScheduleD/TotalBookValueLandBuildingsAmt00
IRS990ScheduleD/TotalBookValueOtherAssetsAmt0953189
IRS990ScheduleD/TotalLiabilityAmt0529170
IRS990/ScheduleJRequiredInd00
IRS990ScheduleL/BusTrInvolveInterestedPrsnGrp/NameOfInterested/PersonNm0Stephen Sama
IRS990ScheduleL/BusTrInvolveInterestedPrsnGrp/NameOfInterested/PersonNm1John B Huttlinger Jr
IRS990ScheduleL/BusTrInvolveInterestedPrsnGrp/RelationshipDescriptionTxt0Project Manager
IRS990ScheduleL/BusTrInvolveInterestedPrsnGrp/RelationshipDescriptionTxt1Accountant and Tax Preparer
IRS990ScheduleL/BusTrInvolveInterestedPrsnGrp/SharingOfRevenuesInd00
IRS990ScheduleL/BusTrInvolveInterestedPrsnGrp/SharingOfRevenuesInd10
IRS990ScheduleL/BusTrInvolveInterestedPrsnGrp/TransactionDesc0Interested person is owner of a design and general construction firm which has been retained as Project Manager for the project
IRS990ScheduleL/BusTrInvolveInterestedPrsnGrp/TransactionDesc1Interested person is owner of a CPA firm which has been retained as Accountant and Tax Preparer for the Organization.
IRS990ScheduleL/LoansBtwnOrgInterestedPrsnGrp/BalanceDueAmt01000
IRS990ScheduleL/LoansBtwnOrgInterestedPrsnGrp/BoardOrCommitteeApprovalInd01
IRS990ScheduleL/LoansBtwnOrgInterestedPrsnGrp/DefaultInd00
IRS990ScheduleL/LoansBtwnOrgInterestedPrsnGrp/LoanPurposeTxt0To fund initial organizational expenses.
IRS990ScheduleL/LoansBtwnOrgInterestedPrsnGrp/LoanToOrganizationInd0X
IRS990ScheduleL/LoansBtwnOrgInterestedPrsnGrp/OriginalPrincipalAmt01000
IRS990ScheduleL/LoansBtwnOrgInterestedPrsnGrp/PersonNm0Stephen Sama
IRS990ScheduleL/LoansBtwnOrgInterestedPrsnGrp/WrittenAgreementInd00
IRS990ScheduleL/TotalBalanceDueAmt01000
IRS990/ScheduleORequiredInd01
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt0Copy of Form 990 was distributed to the Board for their review prior to filing.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt1Board members sign and submit conflict of interest statements annually. Any disclosed potential conflicts are reviewed at that time.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt2Governing documents are made available upon request.
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc0Form 990, Part VI, Section B, line 11b
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc1Form 990, Part VI, Section B, line 12c
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc2Form 990, Part VI, Section C, line 19
IRS990/SchoolOperatingInd00
IRS990/SignificantChangeInd00
IRS990/SignificantNewProgramSrvcInd00
IRS990/StatesWhereCopyOfReturnIsFldCd0NY
IRS990/SubjectToExcsTaxNetInvstIncInd00
IRS990/SubjectToProxyTaxInd00
IRS990/SubjToTaxRmnrtnExPrchtPymtInd00
IRS990/TaxablePartyNotificationInd00
IRS990/TaxExemptBondsInd00
IRS990/TerminateOperationsInd00
IRS990/TotalAssetsBOYAmt03558992
IRS990/TotalAssetsEOYAmt01010818
IRS990/TotalAssetsGrp/BOYAmt03558992
IRS990/TotalAssetsGrp/EOYAmt01010818
IRS990/TotalCompGreaterThan150KInd00
IRS990/TotalContributionsAmt0717526
IRS990/TotalEmployeeCnt00
IRS990/TotalFunctionalExpensesGrp/FundraisingAmt00
IRS990/TotalFunctionalExpensesGrp/ManagementAndGeneralAmt021811
IRS990/TotalFunctionalExpensesGrp/ProgramServicesAmt03743955
IRS990/TotalFunctionalExpensesGrp/TotalAmt03765766
IRS990/TotalGrossUBIAmt00
IRS990/TotalLiabilitiesBOYAmt02505882
IRS990/TotalLiabilitiesEOYAmt0628236
IRS990/TotalLiabilitiesGrp/BOYAmt02505882
IRS990/TotalLiabilitiesGrp/EOYAmt0628236
IRS990/TotalNetAssetsFundBalanceGrp/BOYAmt01053110
IRS990/TotalNetAssetsFundBalanceGrp/EOYAmt0382582
IRS990/TotalOtherCompensationAmt00
IRS990/TotalProgramServiceExpensesAmt03743955
IRS990/TotalProgramServiceRevenueAmt02375000
IRS990/TotalReportableCompFromOrgAmt00
IRS990/TotalRevenueGrp/ExclusionAmt02184
IRS990/TotalRevenueGrp/RelatedOrExemptFuncIncomeAmt02375000
IRS990/TotalRevenueGrp/TotalRevenueColumnAmt03094710
IRS990/TotalRevenueGrp/UnrelatedBusinessRevenueAmt00
IRS990/TotalVolunteersCnt00
IRS990/TotLiabNetAssetsFundBalanceGrp/BOYAmt03558992
IRS990/TotLiabNetAssetsFundBalanceGrp/EOYAmt01010818
IRS990/TotReportableCompRltdOrgAmt00
IRS990/TrnsfrExmptNonChrtblRltdOrgInd00
IRS990/TypeOfOrganizationCorpInd0X
IRS990/UnrelatedBusIncmOverLimitInd00
IRS990/UnsecuredNotesLoansPayableGrp/BOYAmt0150000
IRS990/UnsecuredNotesLoansPayableGrp/EOYAmt060000
IRS990/UponRequestInd0X
IRS990/USAddress/AddressLine1Txt070 Trillium Drive
IRS990/USAddress/CityNm0Lake Placid
IRS990/USAddress/StateAbbreviationCd0NY
IRS990/USAddress/ZIPCd012946
IRS990/VotingMembersGoverningBodyCnt07
IRS990/VotingMembersIndependentCnt07
IRS990/WebsiteAddressTxt0www.homesteadadk.org
IRS990/WhistleblowerPolicyInd00
ReturnHeader/BuildTS02025-03-06 01:10:19Z
ReturnHeader/BusinessOfficerGrp/DiscussWithPaidPreparerInd01
ReturnHeader/BusinessOfficerGrp/PersonNm0Stephen Sama
ReturnHeader/BusinessOfficerGrp/PersonTitleTxt0President
ReturnHeader/BusinessOfficerGrp/PhoneNum05182657278
ReturnHeader/BusinessOfficerGrp/SignatureDt02025-11-17
ReturnHeader/Filer/BusinessName/BusinessNameLine1Txt0Homestead Development Corporation
ReturnHeader/Filer/BusinessNameControlTxt0HOME
ReturnHeader/Filer/EIN0850866443
ReturnHeader/Filer/PhoneNum05182657278
ReturnHeader/Filer/USAddress/AddressLine1Txt070 Trillium Drive
ReturnHeader/Filer/USAddress/CityNm0Lake Placid
ReturnHeader/Filer/USAddress/StateAbbreviationCd0NY
ReturnHeader/Filer/USAddress/ZIPCd012946
ReturnHeader/IRSResponsiblePrtyInfoCurrInd00
ReturnHeader/PreparerFirmGrp/PreparerFirmEIN0150227190
ReturnHeader/PreparerFirmGrp/PreparerFirmName/BusinessNameLine1Txt0Adirondack Audit Co Inc
ReturnHeader/PreparerFirmGrp/PreparerUSAddress/AddressLine1Txt02284 Saranac Ave Suite Six

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