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Nonprofiteer
← LAO PARK HOUSING CORPORATION

Form 990 for tax year 2024

Filed by LAO PARK HOUSING CORPORATION.

Totals

Total revenue
$514,536
Total expenses
$829,831
Contributions and grants received
$0
Grants paid
$0
Program service revenue
$514,536
Investment income
$0
Other revenue
$0
Total assets, end of year
$1,731,305
Total liabilities, end of year
$5,785,968
Net assets or fund balances, end of year
-$4,054,663
Program services expenses (Part IX)
$829,831
Management and general expenses
$0
Fundraising expenses
$0
Program service expenses (Part III)
$829,831

Program services were 100.0% 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.

  • 2a · Program service revenue: RENTAL INCOME

    total $514,536 · related or exempt $514,536

Functional expenses

Part IX, the statement of functional expenses.

  • 7 · Other salaries and wages

    total $74,324 · program services $74,324

  • 9 · Other employee benefits

    total $18,516 · program services $18,516

  • 10 · Payroll taxes

    total $6,551 · program services $6,551

  • 11c · Fees: accounting

    total $18,050 · program services $18,050

  • 13 · Office expenses

    total $69,805 · program services $69,805

  • 20 · Interest

    total $346,522 · program services $346,522

  • 22 · Depreciation, depletion and amortization

    total $52,092 · program services $52,092

  • 23 · Insurance

    total $28,059 · program services $28,059

  • 24a · Other expenses: UTILITIES

    total $111,085 · program services $111,085

  • 24b · Other expenses: OPERATING AND MAINTENAN

    total $76,116 · program services $76,116

  • 24c · Other expenses: PROPERTY TAXES

    total $28,711 · program services $28,711

Balance sheet

Part X, book values.

  • 1 · Cash, non-interest-bearing

    beginning of year $28,872 · end of year $28,872

  • 4 · Accounts receivable

    beginning of year $14,379 · end of year $7,317

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

    $2,315,248

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

    $666,610

  • 10c · Land, buildings and equipment, net

    beginning of year $1,700,730 · end of year $1,648,638

  • 13 · Investments: program-related

    beginning of year $12 · end of year $12

  • 15 · Other assets

    beginning of year $37,893 · end of year $46,466

  • 17 · Accounts payable and accrued expenses

    beginning of year $1,400 · end of year $0

  • 23 · Secured mortgages and notes payable

    beginning of year $1,932,291 · end of year $1,917,476

  • 25 · Other liabilities

    beginning of year $3,587,563 · end of year $3,868,492

  • 27 · Net assets without donor restrictions

    beginning of year -$3,739,368 · end of year -$4,054,663

Mission and programs · 2024

Mission

TO OWN AND OPERATE HOUSING FOR THE BENEFIT OF LOW INCOME PERSONS WHO ARE IN NEED OF AFFORDABLE, DECENT, SAFE AND SANITARY HOUSING AND RELATED SERVICES, WHERE NO ADEQUATE HOUSING EXISTS FOR SUCH GROUPS

Activities or mission (Part I)

PROVIDE HOUSING FOR LOW INCOME INDIVIDUALS

  • TO DEVELOP MULTIPLE FAMILY LOW INCOME HOUSING FOR VERY LOW, LOW AND MODERATE INCOME PERSONS.

    Expenses $829,831 · Revenue $514,536

As filed on the 2024 return.

Listed in Part VII

  • BRADLEY WARD

    DIRECTOR

    Total calculated
    $0
    Hours/week
    2

  • KATHY CHAO ROTHBERG

    CHIEF EXECUTIVE DIRECTOR

    Total calculated
    $323,959
    From this org
    $0
    From related orgs
    $323,959
    Other
    $0
    Hours/week
    2 + 55 related

    Schedule J breakdown matched by us

    Base
    $0 + $323,959 related
    Bonus
    $0
    Other
    $0
    Deferred
    $0
    Nontaxable benefits
    $0
    Filer's total
    $0 + $323,959 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.

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.

Related partnerships

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

Provenance

Return type
form_990
Tax year
2024
Filed
14 November 2025
IRS schema version
2024v5.2
Source object
202503189349300630

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