The Local Development Corporation of Crown Heights

Nonprofit profile at a glance

EIN
112890302
IRS 990 coverage
2010–2024
Forms available
Form 990 2024
Location
Brooklyn, NY, USA
Phone
7184678800
Rating
53
Verdict
MIXED
Rating confidence
Moderate
Sector
Community, Neighborhood Development

Official website

Reported finances

Revenue
$3,068,979
Expenses
$1,697,699
Assets
$12,592,779
Liabilities
$3,216,757

Source: IRS Form 990. Selected filing: tax year 2024. Amounts in USD.

Leadership & pay

14 people listed

Executive titles in this filing

  • VAL HENRY (PRESIDENT/CEO)

Highest reported compensation

  • VAL HENRY (PRESIDENT/CEO): $203,098 total reported compensation
  • CARMEN MARTINEZ (OFFICE MANAGER/OUTREACH DI): $133,126 total reported compensation
  • FRED OSIAS (SENIOR ACCOUNT MANAGER): $119,308 total reported compensation

Source: IRS Form 990. Selected filing: tax year 2024. Names and roles reflect this filing, not necessarily current officeholders.

Overview

Mission

The local development corporation of crown heights, inc. ("ldcch") was organized in november 1987 as a not-for-profit charitable corporation whose purpose was to relieve and reduce unemployment, inter alia, and was later amended to include providing housing accommodations to persons and families of low income, as well as operating certain programs to support the surrounding community.

What it reported doing in 2024

Providing affordable housing services - this program offers assistance in housing and quality of life issues. Other services offered under this program include first time home buyer workshops, housing development programs, apartment relocation, counseling to business owners and individuals, small business development education programs, collaborative projects with other community organizations, information and referrals to government agencies and other organizations funded by nys division of housing and community renewal and housing maintenance workshops. The organization sponsors various affordable housing through its control and ownership interests in various affordable housing projects in the crown heights area. (cont'd on schedule o)in 2024, this program provided 700 units of low-income senior or affordable housing in 7 developments consisting of 20 buildings in the central brooklyn community.

Operating model

Revenue model
Earned-program. 83% of the money available for current operations came from fees and other program revenue.
Distribution model
Direct operator. The filing allocates 100% of reported program-service expenses outside its grant, affiliate-payment, and member-benefit lines. This expense classification does not rule out separately announced grant awards.

The verdict

MIXED - The filed numbers largely add up and most voting board members are independent. A relatively small share of available resources goes toward mission work and a relatively small share of total spending goes to programs.

Rating breakdown

  • Financial Efficiency: 6
  • Transparency & Controls: 80
  • Accountability: 100
  • Sustainability: 74
  • Growth: 60

Detailed rating inputs

Financial Efficiency

  • Mission deployment rate: 4.6%; rating input score 5
  • Program expense ratio: 8.6%; rating input score 9
  • Fundraising efficiency: Limited

Transparency & Controls

  • Consistency checks: 100%; rating input score 100; 63rd percentile among comparable filings
  • Pay-setting controls: 2 of 6 controls in place; rating input score 33
    • Compensation committee: Pass
    • Independent consultant: Missing
    • Other Form 990s reviewed: Missing
    • Written employment contract: Missing
    • Compensation survey or study: Missing
    • Board or committee approval: Pass
  • Foreign activity oversight: Limited
  • Grant itemization coverage: Limited
  • Major donor itemization: Yes; rating input score 100
  • Related-party transparency: Yes; rating input score 100

Accountability

  • Independent voting board: 100%; rating input score 100; 63rd percentile among comparable filings
  • Governance controls: 8 of 8 controls in place; rating input score 100
    • Conflict-of-interest policy: Pass
    • Whistleblower policy: Pass
    • Document-retention policy: Pass
    • CEO compensation review process: Pass
    • Other executive compensation review process: NotApplicable
    • Form 990 shared with the board: Pass
    • Board meeting minutes documented: Pass
    • Audit committee oversight: Pass
    • Independent financial-statement audit: Pass

Sustainability

  • Operating margin: 44.7%; rating input score 91; 91st percentile among comparable filings
  • Total-asset coverage ratio: 7.42; rating input score 88; 88th percentile among comparable filings
  • Liabilities to assets ratio: 0.26; rating input score 38; 38th percentile among comparable filings
  • Officer compensation ratio: 33.8%; rating input score 4; 4th percentile among comparable filings

Growth

  • Program expense growth: -19.1% per year; rating input score 0; 1st percentile among comparable filings
  • Revenue growth: 6.8% per year; rating input score 100; 53rd percentile among comparable filings
  • Asset growth: 16.3% per year; rating input score 100; 77th percentile among comparable filings

Details

  • Where the money goes: 4.6% of revenue deployed · 8.6% of spending went to programs
  • Governance: 10 of 10 board members independent · 8 of 8 filing controls reported
  • Programs: 2 filed program accomplishments · $146K in reported program spending
  • Leadership: top reported pay $203K · 14 people listed · 2 of 6 pay-setting controls reported
  • Highest-paid contractors: 1 contractor listed · $126K reported
  • Consistency: 31 of 31 current checks pass
  • Schedules: 7 filed schedules · includes major donors, executive pay, and related organizations
  • Filing history: 14 filing years from 2010 to 2024
  • Contacts: How to reach this organization
  • Money network: 4 filed money-flow records
  • Related organizations: 10 filed related-organization links
  • Grant readiness: Federal tax and exclusion status, award history, and grant-maker relationships.
  • People: Everyone the filings name, and which of them the filings identify by more than a name.

Key Signals

Signals prioritize questions for review. They are not findings of misconduct.

  • High — Financial Efficiency: Mission deployment rate scored 5/100.
  • High — Financial Efficiency: Program expense ratio scored 9/100.
  • High — Growth: Program expense growth scored 0/100.
  • High — Sustainability: Officer compensation ratio scored 4/100.
  • Moderate — Sustainability: Liabilities to assets ratio scored 38/100.