2023-11-14T09:20:38-05:00 2023-06-30 042917204 ANSTISS & CO PC 6 OMNI WAY STE 201 CHELMSFORD MA 018244187 990 2022-07-01 042603693 LOWELL DEVELOPMENT & FINANCIAL CORP LOWE 9784599899 660 SUFFOLK STREET LOWELL MA 01854 KARA DOYLE TREASURER 0978459989 2023-10-26 true KARA DOYLE 999009999 false RICHARD B DIONNE P00142882 9784522500 2023-10-26 2022 2023-04-26 12:10:37Z KARA DOYLE 660 SUFFOLK ST NO 120 LOWELL MA 01854 501210 false X WWW.LDFC.ORG X 1975 MA THE LDFC IS A NONPROFIT DEVELOPMENT CORPORATION ESTABLISHED IN 1975 TO PROMOTE LOWELL'S ECONOMIC REVITALIZATION AND TO PROVIDE SECONDARY FINANCING FOR THE REHABILITATION AND ACQUISITION OF PROPERTIES IN LOWELL. 37 37 2 0 93382 31666 177711 123358 8396 35589 89730 310597 369219 501210 0 0 259374 263427 0 0 207305 161579 466679 425006 -97460 76204 6302849 7130282 843077 941057 5459772 6189225 TO PROMOTE LOWELL'S ECONOMIC REVITALIZATION BY PROVIDING SECONDARY FINANCING FOR THE REHABILITATION AND ACQUISITION OF PROPERTIES IN LOWELL. false false 306204 123358 PROGRAM SERVICE ACTIVITY INVOLVES THE LENDING OF MONEY (SECURED BY MORTGAGE NOTES) AT BELOW MARKET RATES OF INTEREST FOR COMMERCIAL AND RESIDENTIAL BUILDINGS. 306204 true true false false false false false false false false true false false false true true true false false false false false false false false false false false false false false false false false false false false false false false false false false false false false false true 2 0 true 2 true false false false false false false false false X 37 37 true false false false false false false true true false false false true true true false false true true false MA X X ALLISON LAMEY 0978459989 660 SUFFOLK STREET LOWELL MA 01854 ALLISON LAMEY EXECUTIVE DI 35.00 X 131226 0 13122 SHANNON ARENBURG DIRECTOR X 0 0 0 YOVANI BAEZ-ROSE DIRECTOR X 0 0 0 DONALD A BEDARD DIRECTOR X 0 0 0 TREVOR BLOOM DIRECTOR X 0 0 0 JANE CALVIN DIRECTOR X 0 0 0 GARY CAMPBELL DIRECTOR X 0 0 0 PAUL CAREY DIRECTOR X 0 0 0 SOKHARY CHAU DIRECTOR X 0 0 0 JULIE CHEN DIRECTOR X 0 0 0 YUN-JU CHOI CLERK 5.00 X X 0 0 0 KARA DOYLE TREASURER 5.00 X X 0 0 0 DANIEL FIELD DIRECTOR X 0 0 0 LINDA FLYNN DIRECTOR X 0 0 0 KAREN FREDERICK DIRECTOR X 0 0 0 JULIE GALONSKA DIRECTOR X 0 0 0 ROBERT GILMAN DIRECTOR X 0 0 0 THOMAS GOLDEN DIRECTOR X 0 0 0 RAYMOND HAMILTON DIRECTOR X 0 0 0 STACIE HARGIS DIRECTOR X 0 0 0 JAMES HOGAN PRESIDENT 5.00 X X 0 0 0 STEVEN JONCAS DIRECTOR X 0 0 0 JAMES LINNEHAN JR DIRECTOR X 0 0 0 EDWARD KENNEDY DIRECTOR X 0 0 0 WILLIAM LIPCHITZ DIRECTOR X 0 0 0 GLYNN LLOYD DIRECTOR X 0 0 0 DEBORAH MCADAMS DIRECTOR X 0 0 0 DANIELLE MCFADDEN DIRECTOR X 0 0 0 CATHY MERCADO DIRECTOR X 0 0 0 ANOTHNY NGANGA DIRECTOR X 0 0 0 MARYANN PICARD DIRECTOR X 0 0 0 JENNIFER RAITT DIRECTOR X 0 0 0 DIANE SILVA VICE-PRESIDE 5.00 X X 0 0 0 PHILIP SISSON DIRECTOR X 0 0 0 SOPHAN SMITH DIRECTOR X 0 0 0 ANI VONG DIRECTOR X 0 0 0 JAMES WILDE DIRECTOR X 0 0 0 PARKER WILLIAMS DIRECTOR X 0 0 0 131226 13122 1 false false false 31666 31666 INTEREST ON LOANS 531390 122358 122358 PROCESSING FEES 531390 1000 1000 123358 35589 35589 BAD DEBT RECOVERY 900099 218954 218954 MGMT CONTRACT/OTHER 900099 90000 90000 OTHER REVENUE 900099 1643 1643 310597 501210 433955 35589 144348 144348 84340 84340 17484 17484 17255 17255 6358 5091 1267 36400 33900 2500 29212 610 28602 35859 35859 34117 34117 681 681 20609 13707 6902 LOAN SERVICE FEES 4208 4208 GRANT EXPENSE 1500 1500 COST ALLOCATION 218936 -218936 PROVISION FOR LOAN LOSSES -7365 -4365 -3000 425006 306204 118802 0 2004702 1089001 1655269 2991786 2517373 2856396 13131 30725 20059 19719 1021 340 111353 162034 6302849 7130282 71154 61040 60359 48694 711564 711603 119720 843077 941057 X 259266 874301 5200506 5314924 5459772 6189225 6302849 7130282 X 76204 653249 X false true X true false X 93382 31666 125048 286555 296782 451189 267441 433955 1735922 286555 296782 451189 360823 465621 1860970 1860970 27110 32767 21649 8396 35589 125511 27110 32767 21649 8396 35589 125511 313665 329549 472838 369219 501210 1986481 0.93680 0.94950 0.06000 0.05000 X RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED 20059 19719 340 340 RIGHT-OF-USE LEASE LIABILITY 119720 119720 X 501210 501210 501210 425006 425006 425006 SCHEDULE D, PAGE 3, PART X LDFC IS INCORPORATED UNDER CHAPTER 844 AS AN ACT OF MASSACHUSETTS STATE LEGISLATURE AND HAS BEEN GRANTED TAX-EXEMPT STATUS UNDER INTERNAL REVENUE CODE (IRC) SECTION 501(C)(3). THEREFORE, IT IS GENERALLY EXEMPT FROM FEDERAL AND STATE INCOME TAXES. ACCORDINGLY, NO PROVISION FOR INCOME TAXES HAS BEEN PROVIDED FOR IN THE ACCOMPANYING FINANCIAL STATEMENTS. IN ACCORDANCE WITH FASB ASC 740-10, "INCOME TAXES", LDFC IS REQUIRED TO EVALUATE AND DISCLOSE TAX POSITIONS THAT COULD HAVE AN EFFECT ON LDFC'S FINANCIAL STATEMENTS. LDFC HAS NO UNCERTAIN TAX POSITIONS THAT QUALIFY FOR EITHER RECOGNITION OR DISCLOSURE IN THE FINANCIAL STATEMENTS. LDFC REPORTS ITS ACTIVITIES TO THE INTERNAL REVENUE SERVICE AND TO THE COMMONWEALTH OF MASSACHUSETTS ON AN ANNUAL BASIS. THESE INFORMATIONAL RETURNS ARE GENERALLY SUBJECT TO AUDIT AND REVIEW BY THE GOVERNMENTAL AGENCIES FOR A PERIOD OF THREE YEARS AFTER FILING. SUBSTANTIALLY ALL LDFC'S INCOME, EXPENDITURES AND ACTIVITIES RELATE TO ITS EXEMPT PURPOSE. THEREFORE, MANAGEMENT HAS DETERMINED THAT LDFC IS NOT SUBJECT TO UNRELATED BUSINESS INCOME TAXES AND WILL CONTINUE TO QUALIFY AS A TAX- EXEMPT NOT-FOR-PROFIT ENTITY. FORM 990, PART VI KAREN FREDRICK IS THE CHIEF EXECUTIVE OFFICER OF COMMUNITY TEAMWORK, INC (CTI). FRANKY DESCOTEAUX IS THE DIRECTOR OF ENTREPRENEURSHIP CENTER AT CTI. STEVE JONCAS, AND WILLIAM LIPCHITZ ARE ALL EMPLOYEES OF COMMON GROUND DEVELOPMENT CORP (CGDC), WHICH ANTHONY NGANGA IS A BOARD MEMBER OF CGDC AND JAMES WILDE THE VICE-PRESIDENT OF CGDC'S BOARD. JAMES HOGAN IS ON THE BOARD OF DIRECTORS OF CGDC AND CTI. ALL MEMBERS NOTED ABOVE ARE MEMBERS OF THE LOWELL DEVELOPMENT AND FINANCIAL CORPORATION'S BOARD OF DIRECTORS. FORM 990, PAGE 6, PART VI, LINE 2 COMMON GROUND DEVELP CORP. COMMUNITY TEAMWORK INC DIR REAL EST CEO REPORT DIRECTLY TO KF COMMON GROUND DEVELP CORP. WASHINGTIN SAVING BANK DIR REAL EST PRES & CEO JH ON BOARD OF CTI & COMMON GR COMMON GROUND DEVELP CORP COMMON GROUND DEVELP CORP DIR REAL EST REAL ESTATE WORKS WITH COMMON GROUND DEVELP CORP COMMON GROUND DEVELP CORP DIR REAL EST VICE- PRES WORKS WITH & JW ON BOARD CGDC COMMON GROUND DEVELP CORP CITY OF LOWELL DIR REAL EST CITY MGNR CITY OF LOWELL ISSUE GRANTS COMMON GROUND DEVELP CORP CITY OF LOWELL DIR REAL EST ASSIST MGNR CITY OF LOWELL ISSUE GRANTS COMMON GROUND DEVELP CORP STUDIO 26 ASSOCIATES DIR REAL EST FOUNDER SERVES ON BOARD OF CGDC FORM 990, PAGE 6, PART VI, LINE 11B THE 990 IS REVIEWED BY THE EXECUTIVE COMMITTEE PRIOR TO FILING. FORM 990, PAGE 6, PART VI, LINE 12C LDFC USES CONFLICT OF INTEREST QUIESTIONAIRES TO MONITOR CONFLICTS ON AN ANNUAL BASIS. FORM 990, PAGE 6, PART VI, LINE 15A THE PERSONNEL COMMITTEE, WHICH IS MADE UP OF MEMBERS OF THE BOARD OF DIRECTORS, IS RESPONSIBLE FOR DETERMINING EXECUTIVE COMPENSATION LEVELS. FORM 990, PAGE 6, PART VI, LINE 15B THE PERSONNEL COMMITTEE, WHICH IS MADE UP OF MEMBERS OF THE BOARD OF DIRECTORS, IS RESPONSIBLE FOR DETERMINING EXECUTIVE COMPENSATION LEVELS. FORM 990, PAGE 6, PART VI, LINE 18 AVAILABLE UPON REQUEST AT THE LOWELL DEVELOPMENT AND FINANCIAL CORPORATION'S OFFICE. FORM 990, PAGE 6, PART VI, LINE 19 THE LOWELL DEVELOPMENT AND FINANCIAL CORPORATION'S AUDITED STATEMENT OF FINANCIAL POSITION IS PUBLISHED ANNUALLY IN THE LOWELL SUN NEWSPAPER. FORM 990, PART XI, LINE 9 CREDIT AND LEASE STANDARD ADOPTION 653,249