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Nonprofiteer
← LATINO ECONOMIC DEVELOPMENT CORPORATION INC

Form 990 for tax year 2023

Filed by LATINO ECONOMIC DEVELOPMENT CORPORATION INC.

Totals

Total revenue
$427,217
Total expenses
$473,942
Contributions and grants received
$385,000
Grants paid
$0
Program service revenue
$0
Investment income
$0
Other revenue
$42,217
Total assets, end of year
$455,053
Total liabilities, end of year
$587,404
Net assets or fund balances, end of year
-$132,351
Program services expenses (Part IX)
$403,958
Management and general expenses
$69,984
Fundraising expenses
$0
Program service expenses (Part III)
$403,958

Program services were 85.2% 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.

  • 1e · Government grants (contributions)

    $362,500

  • 1f · All other contributions, gifts and grants

    $22,500

  • 11a · Other revenue: MISCELLANEOUS REVENUE

    total $42,217 · related or exempt $42,217

  • 11e · Other revenue, total

    $42,217

Functional expenses

Part IX, the statement of functional expenses.

  • 7 · Other salaries and wages

    total $137,218 · program services $137,218

  • 16 · Occupancy

    total $81,869 · program services $81,869

  • 17 · Travel

    total $7,500 · program services $7,500

  • 24a · Other expenses: BUSINESS PROGRAM SUPPORT

    total $86,191 · program services $86,191

  • 24b · Other expenses: GRANT EXPENSES

    total $60,295 · program services $60,295

  • 24c · Other expenses: FISCAL MANAGEMENT FEES

    total $45,000 · management and general $45,000

  • 24d · Other expenses: STIPENDS

    total $19,000 · program services $19,000

  • 24e · All other expenses

    total $36,869 · program services $11,885 · management and general $24,984

Balance sheet

Part X, book values.

  • 1 · Cash, non-interest-bearing

    beginning of year $2,510 · end of year $9,922

  • 4 · Accounts receivable

    end of year $20,131

  • 15 · Other assets

    end of year $425,000

  • 17 · Accounts payable and accrued expenses

    beginning of year $88,136 · end of year $90,920

  • 25 · Other liabilities

    end of year $496,484

  • 27 · Net assets without donor restrictions

    beginning of year -$85,626 · end of year -$132,351

Mission and programs · 2023

Mission

MOBILIZING COMMUNITY RESOURCES TO ASSIST THOSE IN NEED IN THE COMMUNITY.

Activities or mission (Part I)

TO DEVELOP AND SUPPORT LATINO BUSINESSES IN MASSACHUSETTS; TO PROMOTE AND SUPPORT THE ECONOMIC, CIVIC AND SOCIAL WELFARE OF THE LATINO COMMUNITY IN MASSACHUSETTS; TO PROMOTE AND SUPPORT ECONOMIC GROWTH BUSINESS DEVELOPMENT IN THE LATINO COMMUNITY IN MASSACHUSETTS; TO ENGAGE IN ANY OTHER CIVIC, EDUCATIONAL, CHARITABLE OR BENEVOLENT ACTIVITY PERMITTED UNDER THE PROVISIONS OF CHAPTER 180 OF THE GENERAL LAW OF THE COMMONWEALTH.

  • LATINO EDC CREATED MINI GRANT PROGRAM GIVING OUT MINI GRANTS TO XX BUSINESS SUPPORTING XX PERSONS. LATINO EDC OFFERED ONE ON ONE COACHING TO BUSINESSES AND THIS SUPPORTED OVER 50 BUSINESS. LATINO EDC HOSTED BUSINESS SUMMIT AND NETWORKING EVENTS THAT IMPACTED OVER 200 INDIVIDUALS.

    Expenses $403,958

As filed on the 2023 return.

Listed in Part VII

  • Beth Chague

    TREASURER

    Total calculated
    $0
    Hours/week
    1

  • Jose Claudio

    CLERK

    Total calculated
    $0
    Hours/week
    1

  • Jorge Colon

    DIRECTOR

    Total calculated
    $0
    Hours/week
    1

  • Daniel Knapik

    PRESIDENT

    Total calculated
    $0
    Hours/week
    1

  • Lydia Martinez

    CURRENT PRES

    Total calculated
    $0
    Hours/week
    1

  • Norman Roldan

    DIRECTOR

    Total calculated
    $0
    Hours/week
    1

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
2023
Filed
8 July 2025
IRS schema version
2023v6.0
Source object
202542029349301014

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