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Nonprofiteer
← LAFH PHASE II QALICB INC

Form 990 for tax year 2023

Filed by LAFH PHASE II QALICB INC.

Totals

Total revenue
$17,777,729
Total expenses
$739,507
Contributions and grants received
$0
Grants paid
$0
Program service revenue
$276,065
Investment income
$366
Other revenue
$17,501,298
Total assets, end of year
$15,879,152
Total liabilities, end of year
$33,172
Net assets or fund balances, end of year
$15,845,980
Program services expenses (Part IX)
$690,054
Management and general expenses
$49,453
Fundraising expenses
$0
Program service expenses (Part III)
$690,054

Program services were 93.3% 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 REVENUE

    total $276,065 · unrelated business $0 · excluded $0

  • 3 · Investment income

    total $366 · unrelated business $0 · excluded $366

  • 11a · Other revenue: CANCELLATION OF DEBT

    total $17,501,298 · related or exempt $0 · unrelated business $0 · excluded $17,501,298

  • 11e · Other revenue, total

    $17,501,298

Functional expenses

Part IX, the statement of functional expenses.

  • 11c · Fees: accounting

    total $14,010 · program services $0 · management and general $14,010 · fundraising $0

  • 16 · Occupancy

    total $11,050 · program services $0 · management and general $11,050 · fundraising $0

  • 20 · Interest

    total $45,569 · program services $45,569 · management and general $0 · fundraising $0

  • 22 · Depreciation, depletion and amortization

    total $415,559 · program services $415,559 · management and general $0 · fundraising $0

  • 24a · Other expenses: ASSET MANAGEMENT FEE

    total $24,343 · program services $0 · management and general $24,343 · fundraising $0

  • 24b · Other expenses: CONTRIBUTIONS

    total $175,951 · program services $175,951 · management and general $0 · fundraising $0

  • 24c · Other expenses: TAXES AND FEES

    total $52,975 · program services $52,975 · management and general $0 · fundraising $0

  • 24d · Other expenses: MISCELLANEOUS

    total $50 · program services $0 · management and general $50 · fundraising $0

Balance sheet

Part X, book values.

  • 1 · Cash, non-interest-bearing

    beginning of year $99 · end of year $54,223

  • 9 · Prepaid expenses and deferred charges

    beginning of year $96,196 · end of year $105,361

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

    $17,643,569

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

    $1,924,001

  • 10c · Land, buildings and equipment, net

    beginning of year $16,135,127 · end of year $15,719,568

  • 15 · Other assets

    beginning of year $107,246 · end of year $0

  • 17 · Accounts payable and accrued expenses

    beginning of year $0 · end of year $3,560

  • 19 · Deferred revenue

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

  • 23 · Secured mortgages and notes payable

    beginning of year $17,501,298 · end of year $0

  • 25 · Other liabilities

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

  • 27 · Net assets without donor restrictions

    beginning of year -$1,192,242 · end of year $15,845,980

Mission and programs · 2023

Mission

LOW INCOME HOUSING

  • 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 $690,054 · Revenue $276,065

As filed on the 2023 return.

Listed in Part VII

  • Gregg Sherkin

    DIRECTOR

    Total calculated
    $0
    Hours/week
    2.5

  • Debbie Burkart

    DIRECTOR

    Total calculated
    $0
    Hours/week
    2.5

  • Stephanie Klasky-Gamer

    CHAIRMAN

    Total calculated
    $329,417
    From this org
    $0
    From related orgs
    $329,417
    Other
    $0
    Hours/week
    2.5

    Schedule J breakdown matched by us

    Base
    $0 + $329,417 related
    Bonus
    $0
    Other
    $0
    Deferred
    $0
    Nontaxable benefits
    $0
    Filer's total
    $0 + $329,417 related

  • Toi Chisom

    SECRETARY

    Total calculated
    $230,292
    From this org
    $0
    From related orgs
    $230,292
    Other
    $0
    Hours/week
    2.5

    Schedule J breakdown matched by us

    Base
    $0 + $230,292 related
    Bonus
    $0
    Other
    $0
    Deferred
    $0
    Nontaxable benefits
    $0
    Filer's total
    $0 + $230,292 related

  • Yasmin Tong

    TREASURER

    Total calculated
    $0
    Hours/week
    0.5

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. 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.

  • GLENOAKS GARDENS LP

    N/A · HOMELESS SERVICES & HOUSING PROGRAMS · CA · 0% owned

    Directly controlled by NA

  • THE EMERALD 2020 LP

    N/A · HOMELESS SERVICES & HOUSING PROGRAMS · CA · 0% owned

    Directly controlled by NA

  • 11681 FOOTHILL LPSUMMIT VIEW

    N/A · HOMELESS SERVICES & HOUSING PROGRAMS · CA · 0% owned

    Directly controlled by NA

  • 11681 FOOTHILL GP LLC

    N/A · HOMELESS SERVICES & HOUSING PROGRAMS · CA · 0% owned

    Directly controlled by NA

  • RESIDENCES ON MAIN GP LLC

    N/A · HOMELESS SERVICES & HOUSING PROGRAMS · CA · 0% owned

    Directly controlled by NA

  • TOPANGA CANYON HOUSING PARTNERS LP

    N/A · HOMELESS SERVICES & HOUSING PROGRAMS · CA · 0% owned

    Directly controlled by NA

  • 9502 VAN NUYS LP

    N/A · HOMELESS SERVICES & HOUSING PROGRAMS · CA · 0% owned

    Directly controlled by NA

  • DAY STREET LP

    N/A · HOMELESS SERVICES & HOUSING PROGRAMS · CA · 0% owned

    Directly controlled by NA

  • PSH CAMPUS LP

    N/A · HOMELESS SERVICES & HOUSING PROGRAMS · CA · 0% owned

    Directly controlled by NA

  • RESIDENCES ON MAIN LP

    N/A · HOMELESS SERVICES & HOUSING PROGRAMS · CA · 0% owned

    Directly controlled by NA

  • THE ANGEL 2018 LP

    N/A · HOMELESS SERVICES & HOUSING PROGRAMS · CA · 0% owned

    Directly controlled by NA

  • CREST APARTMENTS LP

    N/A · HOMELESS SERVICES & HOUSING PROGRAMS · CA · 0% owned

    Directly controlled by NA

  • 21300 DEVONSHIRE LP

    N/A · HOMELESS SERVICES & HOUSING PROGRAMS · CA · 0% owned

    Directly controlled by NA

Provenance

Return type
form_990
Tax year
2023
Filed
8 April 2024
IRS schema version
2023v5.1
Source object
202433209349327823

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