2024-10-30T10:25:04-04:00 2024-06-30 042917204 ANSTISS & CO PC 6 OMNI WAY STE 201 CHELMSFORD MA 018244187 990 2023-07-01 042603693 LOWELL DEVELOPMENT & FINANCIAL CORP LOWE 9784599899 660 SUFFOLK STREET LOWELL MA 01854 KARA DOYLE TREASURER 0978459989 2024-10-22 true false MARY M LINSKEY P01366371 9784522500 2024-10-22 2023 2024-10-15 13:58:12Z KARA DOYLE 660 SUFFOLK ST NO 120 LOWELL MA 01854 458536 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. 35 35 2 0 31666 35614 123358 120007 35589 120921 310597 181994 501210 458536 0 0 263427 280712 0 0 161579 220074 425006 500786 76204 -42250 7130282 8518936 941057 2371961 6189225 6146975 TO PROMOTE LOWELL'S ECONOMIC REVITALIZATION BY PROVIDING SECONDARY FINANCING FOR THE REHABILITATION AND ACQUISITION OF PROPERTIES IN LOWELL. false false 372568 120007 PROGRAM SERVICE ACTIVITY INVOLVES THE LENDING OF MONEY (SECURED BY MORTGAGE NOTES) AT BELOW MARKET RATES OF INTEREST FOR COMMERCIAL AND RESIDENTIAL BUILDINGS. 372568 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 true 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 35 35 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 137539 0 13779 JAMES HOGAN PRESIDENT 5.00 X X 0 0 0 KARA DOYLE TREASURER 5.00 X X 0 0 0 YUN-JU CHOI CLERK 5.00 X X 0 0 0 SHANNON ARENBURG DIRECTOR X 0 0 0 YOVANI BAEZ-ROSE 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 LINDA CHAN FLYNN DIRECTOR X 0 0 0 SOKHARY CHAU DIRECTOR X 0 0 0 JULIE CHEN DIRECTOR X 0 0 0 DANIEL FIELD 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 STEVEN JONCAS DIRECTOR X 0 0 0 ERIN KELLY DIRECTOR X 0 0 0 EDWARD KENNEDY DIRECTOR X 0 0 0 JAMES LINNEHAN JR 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 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 MARIA ZEQO DIRECTOR X 0 0 0 137539 13779 1 false true false 35614 35614 INTEREST ON LOANS 531390 120007 120007 120007 120921 120921 MGMT CONTRACT/FISCAL AGENT FE 900099 109797 109797 OTHER REVENUE 900099 71497 71497 BAD DEBT RECOVERY 900099 700 700 181994 458536 302001 120921 151566 151566 92542 92542 19373 19373 17231 17231 4840 4483 357 41064 38506 2558 22669 1704 20965 43680 43680 38468 37475 993 340 340 23505 17883 5622 PROVISION FOR LOAN LOSSES 39458 39458 LOAN SERVICE FEES 4550 4550 GRANT EXPENSE 1500 1500 COST ALLOCATION 228509 -228509 500786 372568 128218 0 1089001 1844925 2991786 3498556 2856396 2982664 30725 53228 20059 20059 340 162034 139563 7130282 8518936 61040 50037 48694 31830 711603 748689 119720 1541405 941057 2371961 X 874301 930753 5314924 5216222 6189225 6146975 7130282 8518936 -42250 X false true X true false X 93382 31666 35614 160662 296782 451189 267441 433955 302001 1751368 296782 451189 360823 465621 337615 1912030 1912030 32767 21649 8396 35589 120921 219322 32767 21649 8396 35589 120921 219322 329549 472838 369219 501210 458536 2131352 0.89710 0.93680 0.10000 0.06000 X RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED 20059 20059 FISCAL AGENT LIABILITY 1427607 RIGHT-OF-USE LEASE LIABILITY OPERATI 95760 RIGHT-OF-USE LEASE LIABILITY FINANCE 18038 1541405 X 458536 458536 458536 500786 500786 500786 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 (IRD) 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 QUALIGY FOR EITHER RECOGNITION OR DISCLSURE 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 PRUPOSE. THEREFORE, MANAGEMENT HAS DETERMINED THAT LDFC IS NOT SUBJECT TO UNRELATED BUSINESS INCOME TAXES AND WILL CONTINUE TO QUALIFY AS A TAX-EXMEPT NOT0FOR-PROFIT ENTITY. X X false false false false false false false false false ALLISON LAMEY EXECUTIVE DIRECTOR 137539 13779 151318 FORM 990, PART VI KAREN FREDRICK IS THE CHIEF EXECUTIVE OFFICER OF COMMUNITY TEAMWORK, INC (CTI). STEVE JONCAS IS AN EMPLOYEE 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 DEVELOPMENT CORP. COMMUNITY TEAMWORK, INC. DIRECTOR R/E CEO REPORT DIRECTLY TO KF COMMON GROUND DEVELOPMENT CORP. WASHINGTON SAVINGS BANK DIRECTOR R/E PRES/CEO JH ON BOARD OF BOTH ENTITIES. COMMON GROUND DEVELOPMENT CORP. COMMON GROUND DEVELOPMENT CORP. DIRECTOR R/E VICE-PRES ON COMMON GROUND BOARD W/ JW. COMMON GROUND DEVELOPMENT CORP. CITY OF LOWELL DIRECTOR R/E CITY MANAGER CITY OF LOWELL ISSUES GRANTS. COMMON GROUND DEVELOPMENT CORP. CITY OF LOWELL DIRECTOR R/E ASST. MGR. CITY OF LOWELL ISSUES GRANTS. COMMON GROUND DEVELOPMENT CORP. STUDIO 26 ASSOCIATES DIRECTOR R/E FOUNDER SERVICES 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.