2025-11-03T14:24:30-06:00 2024-12-31 946214841 ARMANINO ADVISORY LLC 437 MADISON AVE SUITE 3700 NEW YORK NY 10022 990 2024-01-01 112563026 GREATER JAMAICA LOCAL DEVELOPMENT COMPANY GREA 7182910282 90-04 161ST STREET 704 JAMAICA NY 11432 TODD S BENENSON ASSIST. TREASURER/CFO 7182910282 2025-11-01 1 1 MATTHEW PETROSKI P00853132 2127926300 2025-11-01 2024 2025-03-06 01:10:19Z JUSTIN K RODGERS 90-04 161ST STREET 704 JAMAICA NY 11432 629644 0 X WWW.GJDC.ORG X 1979 NY GJLDC'S LOAN FUND IS FOCUSED ON SERVING BUSINESSES LOCATED WITHIN QUEENS COUNTY, NEW YORK SPECIFICALLY THOSE OPERATING IN OR PLANNING TO LOCATE WITHIN THE 114XX AND 116XX ZIP CODE AREAS. AS AN ALTERNATIVE LENDER, GJLDC IS COMMITTED TO SUPPORTING BUSINESSES THAT ARE UNABLE TO SECURE ADEQUATE FINANCING THROUGH TRADITIONAL LENDING SOURCES.ELIGIBLE APPLICANTS INCLUDE INDEPENDENTLY OWNED AND OPERATED ENTERPRISES THAT TYPICALLY MEET THE U.S. SMALL BUSINESS ADMINISTRATION (SBA) SIZE STANDARDS, BASED ON ANNUAL REVENUE AND NUMBER OF EMPLOYEES. TO QUALIFY, BUSINESSES MUST HAVE ANNUAL SALES OF LESS THAN $10 MILLION.LOAN AMOUNTS RANGE FROM $1,000 TO $300,000, AND ARE AVAILABLE TO BOTH EXISTING BUSINESSES AND START-UPS.GJLDC GIVES SPECIAL CONSIDERATION TO BUSINESSES THAT ARE OWNED BY INDIVIDUALS FROM LOW-TO-MODERATE INCOME BACKGROUNDS, AS WELL AS THOSE LOCATED IN OR ADJACENT TO LOW AND MODERATE INCOME CENSUS TRACTS AND BLOCKS. 30 30 0 30 0 0 482500 502500 104372 98711 2867 21979 3950 6454 593689 629644 127500 220000 0 0 242206 266764 0 0 0 67713 205081 437419 691845 156270 -62201 5044804 4630129 628650 276176 4416154 4353953 X SEE SCHEDULE OGREATER JAMAICA LOCAL DEVELOPMENT COMPANY, INC. ("GJLDC") WORKING IN CONJUNCTION WITH ITS AFFILIATE COMPANY, THE GREATER JAMAICA DEVELOPMENT CORPORATION ("GJDC"), PROVIDES FINANCIAL AND RELATED TECHNICAL ASSISTANCE TO QUALIFYING SMALL BUSINESSES AND/OR ENTREPRENEURS IN GJLDC'S TARGET MARKET. THE OBJECTIVE OF THE FINANCING IS TO PROMOTE ENTREPRENEURSHIP, CREATE NEW JOBS, RETAIN EXISTING JOBS, AND PROMOTE COMMUNITY REVITALIZATION AND/OR STABILIZATION.THIS SUPPORT INCLUDES, BUT IS NOT LIMITED TO, - NAVIGATING GOVERNMENTAL REGULATIONS- ACCESSING TRAINING GRANTS- LOAN PACKAGING- ADVOCACY 0 0 682533 220000 105165 SEE SCHEDULE OWITHIN OUR TARGET MARKET, GJLDC PROVIDES ESSENTIAL ACCESS TO CAPITAL FOR QUALIFIED COMMERCIAL BORROWERS WHO ARE UNABLE TO SECURE FINANCING THROUGH TRADITIONAL LENDING INSTITUTIONS. BY ADDRESSING THIS FINANCING GAP, WE HELP UNLOCK BUSINESS POTENTIAL AND DRIVE ECONOMIC DEVELOPMENT IN UNDERSERVED COMMUNITIES. GJLDC FREQUENTLY PARTNERS WITH BANKS, CREDIT UNIONS, AND OTHER FINANCIAL ENTITIES TO CO-FINANCE PROJECTS THAT EXCEED OUR INDIVIDUAL LENDING CAPACITY, ALLOWING US TO SUPPORT LARGER-SCALE VENTURES THAT GENERATE MEANINGFUL ECONOMIC OUTCOMES.OUR APPROACH TO IMPACT IS BOTH QUANTITATIVE AND COMMUNITY-FOCUSED. WE MEASURE SUCCESS NOT JUST BY DOLLARS DISBURSED, BUT ALSO BY THE VOLUME OF PRIVATE CAPITAL LEVERAGED, THE STRENGTH AND SUSTAINABILITY OF THE BUSINESSES WE SUPPORT, AND, MOST CRITICALLY, THE NUMBER OF LOCAL JOBS CREATED OR RETAINED. THESE METRICS REFLECT OUR COMMITMENT TO FOSTERING INCLUSIVE ECONOMIC GROWTH AND EMPOWERING ENTREPRENEURS FROM ALL BACKGROUNDS TO BUILD AND SCALE THEIR ENTERPRISES.THE COVID-19 PANDEMIC PRESENTED AN UNPRECEDENTED CHALLENGE TO THE SMALL BUSINESS COMMUNITY. IN RESPONSE, GJLDC AND OUR AFFILIATE GJDC SIGNIFICANTLY EXPANDED OUR TECHNICAL ASSISTANCE OFFERINGS. WHILE IN 2018 AND 2019 WE SERVED APPROXIMATELY 500 BUSINESSES PER YEAR THROUGH CANVASSING, WORKSHOPS, AND DIRECT SUPPORT, THE URGENCY OF THE PANDEMIC PROMPTED US TO MORE THAN DOUBLE OUR OUTREACH. IN 2021, WE PROVIDED HANDS-ON ASSISTANCE TO 1,189 SMALL BUSINESSES, HELPING THEM NAVIGATE EMERGENCY RELIEF PROGRAMS AND ACCESS FUNDING. THESE EFFORTS RESULTED IN OVER $5 MILLION IN GRANTS AND FINANCING SECURED FOR BUSINESSES ACROSS OUR SERVICE GEOGRAPHY. WORKING CLOSELY WITH FEDERAL, STATE, AND LOCAL GOVERNMENT PARTNERS, WE SERVED AS A TRUSTED RESOURCE DURING A PERIOD OF CRISIS, ENSURING OUR BUSINESS COMMUNITY HAD ACCESS TO ACCURATE GUIDANCE AND CRITICAL CAPITAL.AS WE CONTINUE TO EMERGE FROM THE EFFECTS OF THE PANDEMIC, GJLDC REMAINS FOCUSED ON GROWTH AND OPPORTUNITY. IN 2024, WE DISBURSED OVER $1.6 MILLION IN NEW LOANS INCLUDING BOTH TERM LOANS AND LINES OF CREDITWITH AN AVERAGE LOAN AMOUNT OF $56,500. THESE LOANS SUPPORTED A DIVERSE RANGE OF INDUSTRIES AND HELPED BUSINESSES EXPAND, STABILIZE OPERATIONS, AND HIRE NEW STAFF.SINCE THE INCEPTION OF OUR LOAN FUND, GJLDC HAS LOANED OR LEVERAGED MORE THAN $52.1 MILLION, DIRECTLY CONTRIBUTING TO THE CREATION OR RETENTION OF OVER 2,000 JOBS. THESE RESULTS UNDERSCORE THE IMPORTANCE OF OUR WORK IN BUILDING RESILIENT LOCAL ECONOMIES AND SUPPORTING SMALL BUSINESSES AS ENGINES OF JOB CREATION AND NEIGHBORHOOD REVITALIZATION. 682533 1 1 0 1 0 0 0 0 0 0 1 0 0 1 0 1 0 1 0 0 0 0 0 0 0 0 0 0 0 1 0 0 0 0 0 0 0 0 0 0 0 0 0 1 0 0 0 1 4 0 1 0 0 0 0 0 0 0 0 0 0 0 0 0 X 30 30 0 0 0 0 0 0 0 1 1 0 0 1 1 1 1 1 1 0 0 0 NY X TODD S BENENSON ASSISTANT TREASURERCFO 7182910282 90-04 161ST STREET 704 JAMAICA NY 11432 X LAMONT R BAILEY CHAIR 1.00 3.00 X X 0 0 0 ELLIOT G SANDER VICE CHAIR 1.00 2.00 X X 0 0 0 MICHELLE STODDART VICE CHAIR 1.00 2.00 X X 0 0 0 JEFFREY S TERRY TREASURER 1.00 2.00 X X 0 0 0 CALVIN LAWRENCE JR SECRETARY 1.00 2.00 X X 0 0 0 RICHARD T ANDERSON DIRECTOR 1.00 2.00 X 0 0 0 ERIC BLUESTONE DIRECTOR 1.00 2.00 X 0 0 0 DAVID COTTON DIRECTOR 1.00 2.00 X 0 0 0 REBECCA DEUTSCHER DIRECTOR 1.00 2.00 X 0 0 0 CEDRIC DEW DIRECTOR 1.00 2.00 X 0 0 0 FRANK DIMOLA DIRECTOR 1.00 2.10 X 0 0 0 RICHARD DZWLEWICZ DIRECTOR 1.00 2.00 X 0 0 0 HAROLD FLAKE DIRECTOR 1.00 2.00 X 0 0 0 ICEMA D GIBBS DIRECTOR 1.00 2.00 X 0 0 0 HOWARD GRAF DIRECTOR 1.00 2.10 X 0 0 0 YESENIA GRAHAM DIRECTOR 1.00 2.00 X 0 0 0 DANIEL A GREENE DIRECTOR 1.00 2.00 X 0 0 0 GEORGE GUILLAUME DIRECTOR 1.00 2.00 X 0 0 0 WANDA JACKSON DIRECTOR 1.00 2.00 X 0 0 0 PHILIPPA KARTERON DIRECTOR 1.00 2.00 X 0 0 0 PETER KULKA DIRECTOR 1.00 2.00 X 0 0 0 WILLIAM LYNCH DIRECTOR 1.00 2.00 X 0 0 0 REV PATRICK H O'CONNOR DIRECTOR 1.00 2.00 X 0 0 0 GREG POLIS DIRECTOR 1.00 2.00 X 0 0 0 REGINALD M RASCH DIRECTOR 1.00 2.00 X 0 0 0 REV DR CALVIN RICE DIRECTOR 1.00 2.00 X 0 0 0 YAROJIN ROBINSON DIRECTOR 1.00 2.00 X 0 0 0 DREW SPITLER DIRECTOR 1.00 2.00 X 0 0 0 OSAZE ROMANY DIRECTOR 1.00 2.00 X 0 0 0 JUDY TUCKER DIRECTOR 1.00 2.00 X 0 0 0 MEREDITH MARSHALL - THRU 0524 DIRECTOR 1.00 2.00 X 0 0 0 JUSTIN K RODGERS PRESIDENT & CEO 1.00 34.00 X 0 293287 49478 TODD S BENENSON ASSISTANT TREASURER/CFO 1.00 34.00 X 0 186539 36396 PATRICIA ROBINSON CHIEF ADMINISTRATIVE OFFICER/VP 1.00 34.00 X 0 184769 33372 MASHEIKA LEWIS ASSIST. SECRETARY/DIR. OF OPERATIONS 0.00 35.00 X 0 119278 25655 ARON KURLANDER DIR. OF BUSINESS SERVICE 5.00 30.00 X 0 173497 16151 0 957370 161052 0 0 1 0 0 130000 372500 502500 INTEREST ON LOANS 900099 98711 98711 98711 21979 21979 MISC REVENUE 900099 6454 6454 6454 629644 105165 0 21979 220000 220000 209844 209844 20424 20424 18908 18908 17588 17588 700 700 8409 8409 15000 15000 12465 12430 35 8200 8200 9044 9044 BAD DEBT EXPENSE 149822 149822 FEES 1441 573 868 691845 682533 9312 0 307301 188067 85000 0 1778788 2073935 3510 4091 29764 29764 0 0 2870205 2364036 5044804 4630129 14309 34335 241841 241841 372500 0 628650 276176 X 359980 339874 4056174 4014079 4416154 4353953 5044804 4630129 -62201 0 X 0 1 X 1 1 1 X 1250000 60000 440000 482500 502500 2735000 1250000 60000 440000 482500 502500 2735000 1279385 1455615 2867 21979 24846 5572 23175 7148 3950 6454 46299 2806145 1998113 0.51870 0.39320 X RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED X 691845 11912441 691845 11912441 128777 745622 32194 186406 0 0 0 0 593002 660305 700452 745622 2699381 4049072 148251 165076 175113 186406 674846 1012269 SCHEDULE C, PART II-A: AFFILIATED GROUP RETURN STATEMENT GREATER JAMAICA DEVELOPMENT CORPORATION, EIN #23-7021273, 90-04 161ST STREET, JAMAICA, NY 11342 JAMAICA CAPITAL CORPORATION, EIN #13-4214984, 90-04 161ST STREET, JAMAICA, NY 11342 29764 29764 0 0 RESTRICTED CASH 1952039 DUE FROM RELATED ORGANIZATIONS 411997 2364036 X PART X, LINE 2: THE ORGANIZATION ACCOUNTS FOR UNCERTAIN INCOME TAX POSITIONS IN ACCORDANCE WITH FASB ACCOUNTING STANDARDS CODIFICATION ("ASC") TOPIC 740, INCOME TAXES, WHICH PROVIDES STANDARDS FOR ESTABLISHING AND CLASSIFYING ANY TAX PROVISIONS FOR UNCERTAIN TAX POSITIONS. THERE HAS BEEN NO INTEREST OR PENALTIES RECOGNIZED IN THE CONSOLIDATED STATEMENT OF ACTIVITIES NOR IN THE CONSOLIDATED STATEMENT OF FINANCIAL POSITION RELATED TO UNCERTAIN TAX POSITIONS AS MANAGEMENT BELIEVES THEY HAVE APPROPRIATE SUPPORT FOR ANY TAX POSITIONS TAKEN. IN ADDITION, NO TAX POSITIONS EXIST FOR WHICH IT IS REASONABLY POSSIBLE THAT THE TOTAL AMOUNTS OF UNRECOGNIZED TAX BENEFITS WILL SIGNIFICANTLY INCREASE OR DECREASE WITHIN THE NEXT 12 MONTHS. THE ORGANIZATION EVALUATES ANY UNCERTAIN TAX POSITIONS ON A CONTINUAL BASIS THROUGH REVIEW OF ITS POLICIES AND PROCEDURES AND DISCUSSIONS WITH OUTSIDE EXPERTS. MANAGEMENT BELIEVES THERE ARE NO UNCERTAIN TAX POSITIONS AS OF DECEMBER 31, 2024 AND 2023. THE ORGANIZATION'S TAX RETURNS ARE SUBJECT TO EXAMINATION BY THE RESPECTIVE TAXING AUTHORITIES, GENERALLY FOR THREE YEARS AFTER THEY WERE FILED. 0 0 0 0 0 0 0 0 0 JUSTIN K RODGERS PRESIDENT & CEO 0 285817 0 0 0 7470 0 33254 0 16224 0 342765 0 0 TODD S BENENSON ASSISTANT TREASURER/CFO 0 185351 0 0 0 1188 0 18678 0 17718 0 222935 0 0 PATRICIA ROBINSON CHIEF ADMINISTRATIVE OFFICER/VP 0 183995 0 0 0 774 0 18051 0 15321 0 218141 0 0 ARON KURLANDER DIR. OF BUSINESS SERVICE 0 173227 0 0 0 270 0 16151 0 0 0 189648 0 0 PART I, LINE 3 THE COMPENSATION OF THE CEO IS DETERMINED BY THE RELATED ORGANIZATION, GREATER JAMAICA DEVELOPMENT CENTER, WITH EIN #23-7021273. THE SALARIES ARE BEING PAID BY THAT ORGANIZATION. GJDC USES THE FOLLOWING METHODS TO ESTABLISH THE COMPENSATION: COMPENSATION COMMITTEE FORM 990 OF OTHER ORGANIZATIONS COMPENSATION SURVEY OR STUDY APPROVAL BY THE BOARD OR COMPENSATION COMMITTEE FORM 990, PART I, LINE 5 AND PART V, LINE 2A: NUMBER OF EMPLOYEES: ALL EMPLOYEES OF GREATER JAMAICA LOCAL DEVELOPMENT COMPANY, INC. ARE PAID THROUGH GREATER JAMAICA DEVELOPMENT CORPORATION AND THE PAYROLL IS ALLOCATED AND CHARGED BACK TO GREATER JAMAICA LOCAL DEVELOPMENT COMPANY, INC. THEREFORE, PART I, LINE 5 AND PART V, LINE 2A INDICATE THAT NO EMPLOYEES WERE REPORTED ON FORM W3, TRANSMITTAL OF TAX AND WAGE STATEMENTS, SINCE SUCH EMPLOYEES ARE REPORTED ON THE W3 OF GREATER JAMAICA DEVELOPMENT CORPORATION. FORM 990, PART VI, SECTION B, LINE 11B THE RETURN IS REVIEWED AND APPROVED BY THE AUDIT COMMITTEE AND THEN DISTRIBUTED TO ALL BOARD MEMBERS PRIOR TO FILING. FORM 990, PART VI, SECTION B, LINE 12C ON AN ANNUAL BASIS, THE POLICY AND DISCLOSURE FORM IS DISTRIBUTED TO BOARD MEMBERS, OFFICERS, AND KEY EMPLOYEES. STAFF FOLLOWS UP TO ENSURE THE RECEIPT OF THE FORMS. FORM 990, PART VI, SECTION C, LINE 19 THE ORGANIZATION MAKES ITS GOVERNING DOCUMENTS, CONFLICT OF INTEREST POLICY, AND FINANCIAL STATEMENTS AVAILABLE TO THE PUBLIC UPON REQUEST. FORM 990, PART VII, SECTION A, COLUMN (B): AVERAGE HOURS PER WEEK: THE AVERAGE HOURS PER WEEK REPORTED FOR THE OFFICERS LISTED BELOW OF 35 HOURS REPRESENTS THE TOTAL HOURS WORKED PER WEEK FOR SUCH INDIVIDUALS FOR GJDC AND ALL RELATED ORGANIZATIONS. THE ALLOCATION OF TIME FOR SUCH OFFICERS BETWEEN GJDC AND ITS RELATED ORGANIZATIONS IS AS FOLLOWS: JUSTIN RODGERS - GJDC 31.9 HOURS/WEEK AND RELATED ORGANIZATIONS 3.1 HOURS/WEEK TODD S BENENSON - GJDC 31.9 HOURS/WEEK AND RELATED ORGANIZATIONS 3.1 HOURS/WEEK PATRICIA ROBINSON - GJDC 33 HOURS/WEEK AND RELATED ORGANIZATIONS 2 HOURS/WEEK GREATER JAMAICA DEVELOPMENT CORPORATION 90-04 161ST STREET JAMAICA NY 11432 237021273 COMM. ECO. DEVEL. NY 501(C)(3) LINE 7 N/A 0 JAMAICA CAPITAL CORPORATION 90-04 161ST STREET JAMAICA NY 11432 134214984 REAL ESTATE DE 501(C)(3) LINE 12A, I GREATER JAMAICA DEVELOPMENT CORPORATION 0 JAMAICA CENTER HOLDING COMPANY INC 90-04 161ST STREET JAMAICA NY 11432 112746656 REAL EST. HLDG CO. NY 501(C)(2) N/A GREATER JAMAICA DEVELOPMENT CORPORATION 0 NEXUS JAMAICA NY QALICB INC 90-04 161ST STREET JAMAICA NY 11432 872037628 COMM. ECO. DEVEL. NY 501(C)(3) LINE 12A, I GREATER JAMAICA DEVELOPMENT CORPORATION 0 SUTPHIN RETAIL ONE LLC 90-04 161ST STREET JAMAICA NY 11432 201516814 REAL ESTATE NY N/A 0 0 SUTPHIN RETAIL TWO LLC 90-04 161ST STREET JAMAICA NY 11432 201516896 REAL ESTATE NY N/A 0 0 0 0 1 1 0 0 0 0 0 0 0 0 0 0 1 1 0 0 0