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← LINC COMMUNITY DEVELOPMENT CORPORATION

Form 990 for tax year 2022

Filed by LINC COMMUNITY DEVELOPMENT CORPORATION.

Totals

Total revenue
$7,124,344
Total expenses
$7,152,688
Contributions and grants received
$2,654
Grants paid
$445,937
Program service revenue
$7,064,979
Investment income
$56,711
Other revenue
$0
Total assets, end of year
$66,942,934
Total liabilities, end of year
$82,640,199
Net assets or fund balances, end of year
-$15,697,265
Program services expenses (Part IX)
$5,545,625
Management and general expenses
$1,607,063
Fundraising expenses
$0
Program service expenses (Part III)
$5,545,625

Program services were 77.5% 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)

    $2,654

  • 2a · Program service revenue: ASSET MANAGEMENT FEE

    total $20,702 · related or exempt $20,702

  • 2b · Program service revenue: DEVELOPMENT FEE

    total $701,339 · related or exempt $701,339

  • 2c · Program service revenue: INCENTIVE MANAGEMENT FEE

    total $314,767 · related or exempt $314,767

  • 2d · Program service revenue: PARTNERSHIP MANAGMENT FEE

    total $538,012 · related or exempt $538,012

  • 2e · Program service revenue: RENTAL INCOME

    total $5,490,159 · related or exempt $5,490,159

  • 3 · Investment income

    total $56,711 · excluded $56,711

  • 4 · Income from investment of tax-exempt bond proceeds

    total $0

  • 5 · Royalties

    total $0

  • 6d · Net rental income or loss

    total $0

  • 7d · Net gain or loss

    total $0

  • 8c · Net income from fundraising events

    total $0

  • 9c · Net income from gaming

    total $0

  • 10c · Net income from sales of inventory

    total $0

  • 11e · Other revenue, total

    $0

Functional expenses

Part IX, the statement of functional expenses.

  • 1 · Grants to domestic organizations and governments

    total $445,937 · program services $445,937

  • 2 · Grants to domestic individuals

    total $0

  • 3 · Grants to foreign organizations and individuals

    total $0

  • 4 · Benefits paid to or for members

    total $0

  • 5 · Compensation of officers, directors and key employees

    total $0

  • 6 · Compensation of disqualified persons

    total $0

  • 7 · Other salaries and wages

    total $0

  • 8 · Pension plan contributions

    total $0

  • 9 · Other employee benefits

    total $0

  • 10 · Payroll taxes

    total $0

  • 11a · Fees: management

    total $0

  • 11b · Fees: legal

    total $0

  • 11c · Fees: accounting

    total $31,843 · management and general $31,843

  • 11d · Fees: lobbying

    total $0

  • 11e · Fees: professional fundraising services

    total $0

  • 11f · Fees: investment management

    total $0

  • 11g · Fees: other

    total $0

  • 12 · Advertising and promotion

    total $0

  • 13 · Office expenses

    total $0

  • 14 · Information technology

    total $0

  • 15 · Royalties

    total $0

  • 16 · Occupancy

    total $0

  • 17 · Travel

    total $0

  • 18 · Travel or entertainment for public officials

    total $0

  • 19 · Conferences, conventions and meetings

    total $0

  • 20 · Interest

    total $0

  • 21 · Payments to affiliates

    total $1,574,820 · management and general $1,574,820

  • 22 · Depreciation, depletion and amortization

    total $0

  • 23 · Insurance

    total $0

  • 24a · Other expenses: RENTAL EXPENSE

    total $4,655,059 · program services $4,655,059

  • 24b · Other expenses: OTHER DEDUCTIONS FROM K-1

    total $444,629 · program services $444,629

  • 24c · Other expenses: MISC EXPENSE

    total $400 · management and general $400

  • 24e · All other expenses

    total $0

Balance sheet

Part X, book values.

  • 1 · Cash, non-interest-bearing

    beginning of year $4,197 · end of year $4,104

  • 2 · Savings and temporary cash investments

    end of year $0

  • 3 · Pledges and grants receivable

    end of year $0

  • 4 · Accounts receivable

    beginning of year $994,518 · end of year $2,014,875

  • 5 · Loans and receivables from officers and key people

    end of year $0

  • 6 · Loans and receivables from disqualified persons

    end of year $0

  • 7 · Other notes and loans receivable

    beginning of year $53,210 · end of year $63,346

  • 8 · Inventories for sale or use

    end of year $0

  • 9 · Prepaid expenses and deferred charges

    end of year $0

  • 10c · Land, buildings and equipment, net

    end of year $0

  • 11 · Investments: publicly traded securities

    end of year $0

  • 12 · Investments: other securities

    end of year $0

  • 13 · Investments: program-related

    beginning of year $49,521,039 · end of year $64,860,609

  • 14 · Intangible assets

    end of year $0

  • 15 · Other assets

    end of year $0

  • 17 · Accounts payable and accrued expenses

    beginning of year $24,650 · end of year $24,650

  • 25 · Other liabilities

    beginning of year $66,217,220 · end of year $82,615,549

  • 27 · Net assets without donor restrictions

    beginning of year -$15,668,906 · end of year -$15,697,265

Mission and programs · 2022

Mission

LINC-CDC ENGAGES IN THE SOLICITATION, ADMINISTRATION, DISBURSEMENT AND RENTAL OF PROPERTY TO FOSTER LOW INCOME HOUSING. IT SERVES AS A CHDO TO ASSIST LOCAL JURISDICTIONS TO BETTER USE THEIR HOME GRANTS FROM THE FEDERAL DEPARTMENT OF HOUSING AND URBAN DEVELOPMENT.

  • PROVIDE LOW INCOME AFFORDABLE HOUSING TO NEEDY INDIVIDUALS.

    Expenses $5,545,625 · Grants $445,937 · Revenue $7,064,979

As filed on the 2022 return.

Listed in Part VII

  • Suny Chang

    president & coo

    Total calculated
    $504,321
    From this org
    $0
    From related orgs
    $460,854
    Other
    $43,467
    Hours/week
    0 + 36 related

    Schedule J breakdown matched by us

    Base
    not reported + $336,258 related
    Bonus
    not reported + $119,196 related
    Other
    not reported + $5,400 related
    Deferred
    not reported + $12,200 related
    Nontaxable benefits
    not reported + $31,267 related
    Filer's total
    not reported + $504,321 related

  • Rebecca F Clark

    CEO

    Total calculated
    $420,124
    From this org
    $0
    From related orgs
    $380,193
    Other
    $39,931
    Hours/week
    0 + 36 related

    Schedule J breakdown matched by us

    Base
    not reported + $360,240 related
    Bonus
    not reported + $14,553 related
    Other
    not reported + $5,400 related
    Deferred
    not reported + $12,200 related
    Nontaxable benefits
    not reported + $27,731 related
    Filer's total
    not reported + $420,124 related

  • Anders Plett

    SVP DEVELOPMENT

    Total calculated
    $246,642
    From this org
    $0
    From related orgs
    $213,670
    Other
    $32,972
    Hours/week
    0 + 36 related

    Schedule J breakdown matched by us

    Base
    not reported + $175,549 related
    Bonus
    not reported + $33,593 related
    Other
    not reported + $4,528 related
    Deferred
    not reported + $6,428 related
    Nontaxable benefits
    not reported + $26,544 related
    Filer's total
    not reported + $246,642 related

  • Donielle Nichols

    VP OF FINANCE

    Total calculated
    $242,408
    From this org
    $0
    From related orgs
    $206,747
    Other
    $35,661
    Hours/week
    0 + 36 related

    Schedule J breakdown matched by us

    Base
    not reported + $177,985 related
    Bonus
    not reported + $28,762 related
    Other
    not reported
    Deferred
    not reported + $7,489 related
    Nontaxable benefits
    not reported + $28,172 related
    Filer's total
    not reported + $242,408 related

  • Benjamin Winter

    SVP BUS DEVELOP

    Total calculated
    $213,982
    From this org
    $0
    From related orgs
    $191,910
    Other
    $22,072
    Hours/week
    0 + 36 related

    Schedule J breakdown matched by us

    Base
    not reported + $164,567 related
    Bonus
    not reported + $22,938 related
    Other
    not reported + $4,405 related
    Deferred
    not reported + $4,956 related
    Nontaxable benefits
    not reported + $17,116 related
    Filer's total
    not reported + $213,982 related

  • Eileen K Dooley

    VP CORP DEVELOP

    Total calculated
    $210,679
    From this org
    $0
    From related orgs
    $184,780
    Other
    $25,899
    Hours/week
    0 + 36 related

    Schedule J breakdown matched by us

    Base
    not reported + $159,260 related
    Bonus
    not reported + $25,520 related
    Other
    not reported
    Deferred
    not reported + $7,636 related
    Nontaxable benefits
    not reported + $18,263 related
    Filer's total
    not reported + $210,679 related

  • Maria Marquez-Brookes

    Chairman

    Total calculated
    $200,823
    From this org
    $0
    From related orgs
    $171,543
    Other
    $29,280
    Hours/week
    0.02 + 36 related

    Schedule J breakdown matched by us

    Base
    not reported + $145,527 related
    Bonus
    not reported + $26,016 related
    Other
    not reported
    Deferred
    not reported + $6,991 related
    Nontaxable benefits
    not reported + $22,289 related
    Filer's total
    not reported + $200,823 related

  • Mark Montoya

    VICE Chairman

    Total calculated
    $0
    Hours/week
    0.02

  • Jorge Ventura

    Secretary

    Total calculated
    $0
    Hours/week
    0.02

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. A Schedule J breakdown is as filed: base pay, bonus, other, deferred compensation and nontaxable benefits from this organization, with any from related organizations beside each, and the filer's own total. It is shown with the Part VII listing of the same name on the same return. The form gives no key between the two, so that pairing is ours, and is marked matched by us.

Schedule J

Answered yes

None.

Answered no

  • 4a · Severance or change-of-control payment
  • 4b · Supplemental nonqualified retirement plan
  • 4c · Equity-based compensation arrangement
  • 5a · Pay contingent on this organization's revenues
  • 5b · Pay contingent on a related organization's revenues
  • 6a · Pay contingent on this organization's net earnings
  • 6b · Pay contingent on a related organization's net earnings
  • 7 · Other non-fixed payments
  • 8 · Paid under the initial-contract exception

Part I's answers as filed. A line not listed was left unanswered; on lines 1a and 3 that means the box was not checked.

Grants on this return

Related organizations on this return

Schedule R Part II: tax-exempt organizations related to the filer by control. It does not record shared board members or money.

Taxable family on this return

Schedule R Parts I, III and IV, as filed. These record ownership and control, not shared board members or money moved.

Disregarded entities

Part I: entities that legally are the filer and file no return of their own.

  • LINC TORRANCE ASSOCIATES LLC

    LOW INC HSG · CA · income $24,323 · assets $92,367

    Directly controlled by LINC-COMM DEVELOPMENT CORP

  • LINC CDC-WHITTIER LLC

    LOW INC HSG · CA · assets $230

    Directly controlled by LINC-COMM DEVELOPMENT CORP

  • LINC-NYC LLC

    LOW INC HSG · CA · income $12,190 · assets $1,587,636

    Directly controlled by LINC-COMM DEVELOPMENT CORP

  • LINC-WILSHIRE LLC

    LOW INC HSG · CA · income $24,504 · assets $2,848

    Directly controlled by LINC-COMM DEVELOPMENT CORP

  • LINC CDC-HUNTINGTON PARK APTS LLC

    LOW INC HSG · CA · income $18 · assets $46,608

    Directly controlled by LINC-COMM DEVELOPMENT CORP

  • LINC-WILLOWBROOK APARTMENTS LLC

    LOW INC HSG · CA · income $87 · assets $864,628

    Directly controlled by LINC-COMM DEVELOPMENT CORP

  • LINC-ANDERSON APTS LLC

    LOW INC HSG · CA · income $40 · assets $566,123

    Directly controlled by LINC-COMM DEVELOPMENT CORP

  • LINC-BEAUMONT APTS LLC

    LOW INC HSG · CA · income $44 · assets $199,034

    Directly controlled by LINC-COMM DEVELOPMENT CORP

  • LINC-COMPTON AVE APTS LLC

    LOW INC HSG · CA · income $52 · assets $56,419

    Directly controlled by LINC-COMM DEVELOPMENT CORP

  • LINC WILMINGTON APTS LLC

    LOW INC HSG · CA · assets $21,685,303

    Directly controlled by LINC-COMM DEVELOPMENT CORP

  • LINC-WEHRLE APTS LLC

    LOW INC HSG · CA

    Directly controlled by LINC-COMM DEVELOPMENT CORP

Related partnerships

Part III: related organizations taxable as a partnership, with the filer's share.

  • SEE ATTACHED

    RELATED · CA · general or managing partner

    Directly controlled by LINC-COMM DEV CORP

  • LINC-BRISTOL ASSOC I LP

    RELATED · LOW INC HSG · CA · 99% owned · share of income $1,110,035 · share of assets $12,058,779 · general or managing partner

    Directly controlled by LINC-COMM DEV CORP

Provenance

Return type
form_990
Tax year
2022
Filed
9 November 2023
IRS schema version
2022v5.0
Source object
202303139349305515

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