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Nonprofiteer
← FRANKFORT AREA COMMUNITY LAND TRUST

Form 990 for tax year 2024

Filed by FRANKFORT AREA COMMUNITY LAND TRUST.

Totals

Total revenue
$317,781
Total expenses
$67,156
Contributions and grants received
$350,182
Grants paid
$0
Program service revenue
$0
Investment income
-$33,811
Other revenue
$1,410
Total assets, end of year
$544,007
Total liabilities, end of year
$14,651
Net assets or fund balances, end of year
$529,356
Program services expenses (Part IX)
$36,596
Management and general expenses
$27,116
Fundraising expenses
$3,444
Program service expenses (Part III)
$36,596

Program services were 54.5% 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)

    $255,000

  • 1f · All other contributions, gifts and grants

    $95,182

  • 6a · Gross rents

    real property $410

  • 6c · Rental income or loss

    real property $410

  • 6d · Net rental income or loss

    total $410 · related or exempt $410

  • 7a · Gross sales of assets other than inventory

    other assets $210,000

  • 7b · Less cost or other basis and sales expenses

    other assets $243,811

  • 7c · Gain or loss

    other assets -$33,811

  • 7d · Net gain or loss

    total -$33,811 · related or exempt -$33,811

  • 11a · Other revenue: OTHER REVENUE

    total $1,000 · related or exempt $1,000

  • 11e · Other revenue, total

    $1,000

Functional expenses

Part IX, the statement of functional expenses.

  • 7 · Other salaries and wages

    total $39,000 · program services $19,500 · management and general $19,500

  • 10 · Payroll taxes

    total $3,448 · program services $1,724 · management and general $1,724

  • 11a · Fees: management

    total $2,502 · program services $2,502

  • 11b · Fees: legal

    total $20 · management and general $20

  • 11c · Fees: accounting

    total $4,075 · management and general $4,075

  • 12 · Advertising and promotion

    total $6,888 · program services $3,444 · fundraising $3,444

  • 13 · Office expenses

    total $736 · program services $663 · management and general $73

  • 14 · Information technology

    total $1,573 · program services $787 · management and general $786

  • 16 · Occupancy

    total $2,686 · program services $2,627 · management and general $59

  • 17 · Travel

    total $65 · management and general $65

  • 20 · Interest

    total $5,137 · program services $5,137

  • 24a · Other expenses: MISCELLANEOUS

    total $1,026 · program services $212 · management and general $814

Balance sheet

Part X, book values.

  • 1 · Cash, non-interest-bearing

    beginning of year $221,801 · end of year $214,485

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

    $63,893

  • 10c · Land, buildings and equipment, net

    beginning of year $63,893 · end of year $63,893

  • 15 · Other assets

    beginning of year $22,718 · end of year $265,629

  • 17 · Accounts payable and accrued expenses

    beginning of year $4,681 · end of year $2,151

  • 22 · Loans and payables to officers and key people

    beginning of year $25,000 · end of year $12,500

  • 27 · Net assets without donor restrictions

    beginning of year $128,731 · end of year $529,356

  • 28 · Net assets with donor restrictions

    beginning of year $150,000

Mission and programs · 2024

Mission

THE FACLT IS A COMMUNITY LAND TRUST (CLT); A NON-PROFIT CREATED TO PROVIDE ATTAINABLE HOMES FOR THE BENEFIT OF OUR EXISTING COMMUNITY.

Activities or mission (Part I)

THE FACLT ENGAGES IN ACTIVITIES TO PROVIDE ATTAINABLE HOMES THAT ARE PERPETUALLY MADE AVAILABLE TO LOCAL MIDDLE INCOME WAGE EARNERS.

  • CONSTRUCTION AND SALE OF ATTAINABLE HOUSING FOR OUR WORKING COMMUNITY. IN A LAND TRUST MODEL, THE PURCHASERS BUY IMPROVEMENTS TO THE LAND WHILE THE LAND TRUST RETAINS OWNERSHIP OF THE LAND. PURCHASERS SIGN A LONG-TERM GROUND LEASE AND PAY NOMINAL RENT FOR THE LAND.

    Expenses $36,596 · Revenue -$32,401

As filed on the 2024 return.

Listed in Part VII

  • Jay White

    PRESIDENT

    Total calculated
    $0
    Hours/week
    20

  • Margaret Devine

    VICE PRESIDE

    Total calculated
    $0
    Hours/week
    5

  • Andrew Brickman

    TREASURER

    Total calculated
    $0
    Hours/week
    5

  • Timothy Jones

    DIRECTOR

    Total calculated
    $0
    Hours/week
    5

  • Douglas Rath

    DIRECTOR

    Total calculated
    $0
    Hours/week
    5

  • Kaitlin Matesich

    DIRECTOR

    Total calculated
    $0
    Hours/week
    5

  • Ryan Fiebing

    DIRECTOR

    Total calculated
    $0
    Hours/week
    5

  • Neil Brilliant

    SECRETARY

    Total calculated
    $0
    Hours/week
    5

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

No itemized grants to organizations on this return.

Provenance

Return type
form_990
Tax year
2024
Filed
29 May 2025
IRS schema version
2024v5.0
Source object
202541749349301194

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