Form 990 for tax year 2024
Filed by LATINO ECONOMIC DEVELOPMENT CORPORATION INC.
Totals
- Total revenue
- $825,230
- Total expenses
- $849,602
- Contributions and grants received
- $793,259
- Grants paid
- $189,900
- Program service revenue
- $0
- Investment income
- $0
- Other revenue
- $31,971
- Total assets, end of year
- $636,488
- Total liabilities, end of year
- $793,211
- Net assets or fund balances, end of year
- -$156,723
- Program services expenses (Part IX)
- $730,957
- Management and general expenses
- $118,645
- Fundraising expenses
- $0
- Program service expenses (Part III)
- $730,957
Program services were 86.0% of total expenses calculated — Part IX's program-services column over total expenses, both as filed.
Line items
Every line the filer filed in Parts VIII, IX and X, as filed and in filed order. Blank columns are left out, and the lines are not forced to add up to the totals above.
Revenue
Part VIII, the statement of revenue.
-
1e · Government grants (contributions)
$792,489
-
1f · All other contributions, gifts and grants
$770
-
6a · Gross rents
real property $31,971
-
6b · Less rental expenses
real property $0
-
6c · Rental income or loss
real property $31,971
-
6d · Net rental income or loss
total $31,971 · excluded $31,971
Functional expenses
Part IX, the statement of functional expenses.
-
1 · Grants to domestic organizations and governments
total $184,900 · program services $184,900
-
2 · Grants to domestic individuals
total $5,000 · program services $5,000
-
7 · Other salaries and wages
total $124,884 · program services $99,907 · management and general $24,977
-
11a · Fees: management
total $34,000 · management and general $34,000
-
12 · Advertising and promotion
total $23,984 · program services $23,984
-
13 · Office expenses
total $12,736 · program services $10,189 · management and general $2,547
-
16 · Occupancy
total $135,748 · program services $84,853 · management and general $50,895
-
17 · Travel
total $1,091 · program services $1,091
-
19 · Conferences, conventions and meetings
total $4,490 · management and general $4,490
-
24a · Other expenses: PROGRAM SUPPORT
total $197,627 · program services $197,627
-
24b · Other expenses: STIPENDS
total $89,300 · program services $89,300
-
24c · Other expenses: TRAINING
total $22,163 · program services $22,163
-
24d · Other expenses: COMMUNITY ENGAGEMENT
total $5,000 · program services $5,000
-
24e · All other expenses
total $8,679 · program services $6,943 · management and general $1,736
Balance sheet
Part X, book values.
-
1 · Cash, non-interest-bearing
beginning of year $9,922 · end of year $104,209
-
4 · Accounts receivable
beginning of year $20,131 · end of year $439,279
-
7 · Other notes and loans receivable
end of year $93,000
-
15 · Other assets
beginning of year $425,000
-
17 · Accounts payable and accrued expenses
beginning of year $90,920 · end of year $156,362
-
19 · Deferred revenue
end of year $636,849
-
25 · Other liabilities
beginning of year $496,484
-
27 · Net assets without donor restrictions
beginning of year -$132,351 · end of year -$156,723
Mission and programs · 2024
Mission
TO DEVELOP AND SUPPORT LATINO BUSINESSES IN MASSACHUSETTS; TO PROMOTE AND SUPPORT THE ECONOMIC, CIVIC AND SOCIALWELFARE OF THE LATINO COMMUNITY IN MASSACHUSETTS; TO PROMOTE AND SUPPORT ECONOMIC GROWTH BUSINESS DEVELOPMENTIN THE LATINO COMMUNITY IN MASSACHUSETTS; TO ENGAGE IN ANY OTHER CIVIC, EDUCATIONAL, CHARITABLE OR BENEVOLENTACTIVITY PERMITTED UNDER THE PROVISIONS OF CHAPTER 180 OF THE GENERAL LAW OF THE COMMONWEALTH.
Activities or mission (Part I)
MOBILIZING COMMUNITY RESOURCES TO ASSIST THOSE IN NEED IN THE COMMUNITY.
-
LATINO ECONOMIC DEVELOPMENT CORPORATION (LEDC) CREATED AND LAUNCHED A MINI GRANT PROGRAM THATPROVIDED DIRECT FINANCIAL SUPPORT TO DOZENS OF SMALL BUSINESSES, HELPING STRENGTHEN OPERATIONS, RETAINJOBS, AND EXPAND ECONOMIC OPPORTUNITIES THROUGHOUT THE COMMUNITY. THROUGH THIS INITIATIVE AND RELATEDPROGRAMMING, LEDC HAS SUPPORTED HUNDREDS OF ENTREPRENEURS, WORKERS, YOUTH, AND FAMILIES ACROSS THEREGION.IN ADDITION TO GRANT FUNDING, LEDC DELIVERED EXTENSIVE ONE-ON-ONE BUSINESS COACHING AND TECHNICALASSISTANCE TO ENTREPRENEURS AND STARTUP BUSINESSES, HELPING GUIDE BUSINESS PLANNING, FINANCIAL LITERACY,MARKETING, COMPLIANCE, AND LONG-TERM SUSTAINABILITY. THESE SERVICES EMPOWERED BUSINESS OWNERS WITHTHE TOOLS AND MENTORSHIP NEEDED TO GROW AND CREATE ADDITIONAL EMPLOYMENT OPPORTUNITIES.LEDC ALSO HOSTED LARGE-SCALE BUSINESS SUMMITS, NETWORKING EVENTS, WORKFORCE DEVELOPMENT TRAININGS,AND YOUTH ENGAGEMENT INITIATIVES THAT COLLECTIVELY IMPACTED HUNDREDS OF INDIVIDUALS. PROGRAMS FOCUSEDON ENTREPRENEURSHIP, CAREER READINESS, WORKFORCE EXPOSURE, LEADERSHIP DEVELOPMENT, AND HANDS-ONLEARNING OPPORTUNITIES FOR YOUTH AND YOUNG ADULTS, HELPING CONNECT PARTICIPANTS TO EMPLOYMENTPATHWAYS, MENTORSHIP, AND ECONOMIC MOBILITY.
Expenses $730,957 · Grants $189,900
As filed on the 2024 return. The filer continues this part on Schedule O, which is not shown here.
Listed in Part VII
-
Daniel KnapikDANIEL KNAPIK
CHAIRMAN/PRESIDENT
- Total calculated
- $0
- Hours/week
- 1
-
Norman RoldanNORMAN ROLDAN
PRESIDENT (AS OF 03/25)
- Total calculated
- $0
- Hours/week
- 1
-
Beth ChagueBETH CHAGUE
TREASURER
- Total calculated
- $0
- Hours/week
- 1
-
Jose ClaudioJOSE CLAUDIO
TREASURER (AS OF 03/25)
- Total calculated
- $0
- Hours/week
- 1
-
Joesiah GonzalezJOESIAH GONZALEZ
CLERK (AS OF 03/25)
- Total calculated
- $0
- Hours/week
- 1
-
Jorge ColonJORGE COLON
DIRECTOR
- Total calculated
- $0
- Hours/week
- 1
-
Lydia MartinezLYDIA MARTINEZ
DIRECTOR
- Total calculated
- $0
- Hours/week
- 1
Compensation is as filed in Part VII: reportable pay from this organization and from related organizations, other compensation, and hours per week. The total, marked calculated, is our sum of the three dollar columns, with a blank column counted as $0; the form itself has no total. On a Form 990-EZ the columns are Part IV's instead, and on a Form 990-PF Part VIII's — compensation, contributions to benefit plans, and expense account — and the total sums those.
Grants on this return
-
A1 PRIORITY TOWING & SERVICE LLC
$6,000
BUSINESS SUPPORT/OPERATIONS SUPPORT
-
BELLA LUNA AESTHETICS AND WELLNESS LLC
$6,000
BUSINESS SUPPORT/OPERATIONS SUPPORT
-
ROZKI RIDES LLC
$6,000
BUSINESS SUPPORT/OPERATIONS SUPPORT
-
SWEETERA & CO
$6,000
BUSINESS SUPPORT/OPERATIONS SUPPORT
Provenance
- Return type
- form_990
- Tax year
- 2024
- Filed
- 14 May 2026
- IRS schema version
- 2024v5.5
- Source object
- 202601359349308165
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