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Nonprofiteer
← LAFH PHASE II QALICB INC

Form 990 for tax year 2024

Filed by LAFH PHASE II QALICB INC.

Totals

Total revenue
$227,326
Total expenses
$448,023
Contributions and grants received
$0
Grants paid
$0
Program service revenue
$227,326
Investment income
$0
Other revenue
$0
Total assets, end of year
$15,685,275
Total liabilities, end of year
$59,992
Net assets or fund balances, end of year
$15,625,283
Program services expenses (Part IX)
$417,643
Management and general expenses
$30,380
Fundraising expenses
$0
Program service expenses (Part III)
$417,643

Program services were 93.2% 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.

  • 2a · Program service revenue: RENTAL INCOME

    total $227,326 · related or exempt $227,326

  • 3 · Investment income

    total $0

  • 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 $0

  • 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 $30,380 · management and general $30,380

  • 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 $0

  • 22 · Depreciation, depletion and amortization

    total $0

  • 23 · Insurance

    total $0

  • 24a · Other expenses: DEPRECIATION

    total $417,242 · program services $417,242

  • 24b · Other expenses: TAXES AND FEES

    total $401 · program services $401

  • 24e · All other expenses

    total $0

Balance sheet

Part X, book values.

  • 1 · Cash, non-interest-bearing

    beginning of year $54,223 · end of year $10

  • 2 · Savings and temporary cash investments

    end of year $0

  • 3 · Pledges and grants receivable

    end of year $0

  • 4 · Accounts receivable

    end of year $19,469

  • 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

    end of year $0

  • 8 · Inventories for sale or use

    end of year $0

  • 9 · Prepaid expenses and deferred charges

    beginning of year $105,361 · end of year $85,892

  • 10a · Land, buildings and equipment: cost or other basis

    $17,643,569

  • 10b · Land, buildings and equipment: accumulated depreciation

    $2,341,244

  • 10c · Land, buildings and equipment, net

    beginning of year $15,719,568 · end of year $15,302,325

  • 11 · Investments: publicly traded securities

    end of year $0

  • 12 · Investments: other securities

    end of year $0

  • 13 · Investments: program-related

    end of year $0

  • 14 · Intangible assets

    end of year $0

  • 15 · Other assets

    end of year $277,579

  • 17 · Accounts payable and accrued expenses

    beginning of year $3,560 · end of year $30,380

  • 19 · Deferred revenue

    beginning of year $14,806 · end of year $14,806

  • 25 · Other liabilities

    beginning of year $14,806 · end of year $14,806

  • 28 · Net assets with donor restrictions

    beginning of year $15,845,980 · end of year $15,625,283

Mission and programs · 2024

Mission

LAFH Phase II QALICB, Inc. was established to acquire the property formerly known as Valley Shelter and to develop commercial property at North Campus at LA Family Housing using Federal New Market Tax Credits. The commercial improvements consist of a comprehensive intake and assessment center for homeless individuals and administrative office space to be used as the headquarters of LAFH.

  • LAFH PHASE II QALICB, INC. WAS FORMED ON FEBRUARY 12, 2016 TO PERFORM THE CHARITABLE FUNCTIONS OF AND CARRY OUT THE CHARITABLE PURPOSES OF L.A. FAMILY HOUSING CORPORATION (LAFH). THE ORGANIZATION IS A SUPPORTING ORGANIZATION CONTROLLED BY LAFH AS SPECIFIED IN SECTION 509(a)(3) OF THE INTERNAL REVENUE CODE (CODE). THE ORGANIZATION WAS FORMED TO PURCHASE FROM LAFH CERTAIN REAL PROPERTY LOCATED AT 7843 LANKERSHIM BOULEVARD IN NORTH HOLLYWOOD, CALIFORNIA (PROPERTY) FOR DEVELOPMENT OF A COMPREHENSIVE INTAKE AND ASSESSMENT CENTER FOR HOMELESS INDIVIDUALS AND ADMINISTRATIVE OFFICE SPACE TO BE USED AS THE HEADQUARTERS OF LAFH. ON APRIL 11, 2016, THE ORGANIZATION ENTERED INTO A MEMORANDUM OF UNDERSTANDING (MOU) WITH NORTHEAST VALLEY HEALTH CORPORATION (NEVHC), A CALIFORNIA NONPROFIT PUBLIC BENEFIT CORPORATION, TO CONSTRUCT A 5,288 SQUARE FOOT CLINIC ON THE GROUND FLOOR OF THE PROPERTY (THE CLINIC) TO BE LEASED TO NEVHC UPON COMPLETION OF THE CLINIC.IN ADDITION, THE ORGANIZATION ALSO CONSTRUCTED A SUBTERRANEAN PARKING STRUCTURE WHICH IS USED BY BOTH THE ORGANIZATION AND AN ENTITY AFFILIATED WITH THE CORPORATION THROUGH COMMON OWNERSHIP. THE ORGANIZATION OWNS 53.56% OF THE PARKING STRUCTURE, AND MAINTENANCE AND OPERATING COSTS RELATED TO THE PARKING STRUCTURE ARE SHARED WITH THE AFFILIATED ENTITY PURSUANT TO THE RECIPROCAL EASEMENT AGREEMENT. THE PARKING STRUCTURE WAS PLACED IN SERVICE IN OCTOBER 2018. THE OFFICE WAS PLACED IN SERVICE IN JULY 2019 AND THE CLINIC IN DECEMBER 2019.

    Expenses $417,643 · Revenue $227,326

As filed on the 2024 return.

Listed in Part VII

  • Stephanie Klasky-Gamer

    Chairman

    Total calculated
    $331,195
    From this org
    $0
    From related orgs
    $331,195
    Other
    $0
    Hours/week
    2.5 + 40 related

    Schedule J breakdown matched by us

    Base
    not reported + $331,195 related
    Bonus
    not reported
    Other
    not reported
    Deferred
    not reported
    Nontaxable benefits
    not reported
    Filer's total
    not reported + $331,195 related

  • Toi Chisom

    Secretary

    Total calculated
    $238,035
    From this org
    $0
    From related orgs
    $238,035
    Other
    $0
    Hours/week
    2.5 + 40 related

    Schedule J breakdown matched by us

    Base
    not reported + $238,035 related
    Bonus
    not reported
    Other
    not reported
    Deferred
    not reported
    Nontaxable benefits
    not reported
    Filer's total
    not reported + $238,035 related

  • Gregg Sherkin

    Director

    Total calculated
    $0
    Hours/week
    2.5 + 0.5 related

  • Debbie Burkart

    Director

    Total calculated
    $0
    Hours/week
    2.5 + 0.5 related

  • Yasmin Tong

    Treasurer

    Total calculated
    $0
    Hours/week
    0.5 + 0.5 related

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

No itemized grants to organizations 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.

Provenance

Return type
form_990
Tax year
2024
Filed
7 November 2025
IRS schema version
2024v5.2
Source object
202523119349304017

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