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Nonprofiteer
← LOCAL ENTERPRISE ASSISTANCE FUND INC

Form 990 for tax year 2024

Filed by LOCAL ENTERPRISE ASSISTANCE FUND INC.

Totals

Total revenue
$5,593,085
Total expenses
$5,172,487
Contributions and grants received
$3,870,413
Grants paid
$318,577
Program service revenue
$1,498,012
Investment income
$224,660
Other revenue
$0
Total assets, end of year
$34,477,645
Total liabilities, end of year
$22,412,637
Net assets or fund balances, end of year
$12,065,008
Program services expenses (Part IX)
$3,998,277
Management and general expenses
$683,590
Fundraising expenses
$490,620
Program service expenses (Part III)
$3,998,277

Program services were 77.3% 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.

  • 1e · Government grants (contributions)

    $2,084,648

  • 1f · All other contributions, gifts and grants

    $1,785,765

  • 2a · Program service revenue: INTEREST & FEES ON LOA

    total $1,498,012 · related or exempt $1,498,012

  • 3 · Investment income

    total $224,660 · excluded $224,660

Functional expenses

Part IX, the statement of functional expenses.

  • 1 · Grants to domestic organizations and governments

    total $318,577 · program services $318,577

  • 5 · Compensation of officers, directors and key employees

    total $1,608,192 · program services $1,107,658 · management and general $280,094 · fundraising $220,440

  • 6 · Compensation of disqualified persons

    total $1,017,646 · program services $701,943 · management and general $176,665 · fundraising $139,038

  • 9 · Other employee benefits

    total $150,331 · program services $102,513 · management and general $26,759 · fundraising $21,059

  • 10 · Payroll taxes

    total $209,442 · program services $144,255 · management and general $36,478 · fundraising $28,709

  • 16 · Occupancy

    total $77,987 · program services $49,215 · management and general $17,538 · fundraising $11,234

  • 20 · Interest

    total $458,205 · program services $458,205

  • 24a · Other expenses: LOAN LOSS RESERVE

    total $930,434 · program services $930,434

  • 24b · Other expenses: OTHER

    total $258,678 · program services $148,295 · management and general $70,120 · fundraising $40,263

  • 24c · Other expenses: PROFESSIONAL FEES

    total $142,995 · program services $37,182 · management and general $75,936 · fundraising $29,877

Balance sheet

Part X, book values.

  • 1 · Cash, non-interest-bearing

    beginning of year $1,150,897 · end of year $907,843

  • 2 · Savings and temporary cash investments

    beginning of year $6,372,376 · end of year $8,360,589

  • 3 · Pledges and grants receivable

    beginning of year $1,000,000 · end of year $0

  • 4 · Accounts receivable

    beginning of year $4,723,341 · end of year $5,202,359

  • 5 · Loans and receivables from officers and key people

    beginning of year $329,376 · end of year $322,937

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

    $82,614

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

    $63,600

  • 10c · Land, buildings and equipment, net

    beginning of year $26,882 · end of year $19,014

  • 14 · Intangible assets

    beginning of year $71,001 · end of year $121,408

  • 15 · Other assets

    beginning of year $17,469,897 · end of year $19,543,495

  • 17 · Accounts payable and accrued expenses

    beginning of year $1,211,712 · end of year $1,054,623

  • 19 · Deferred revenue

    beginning of year $72,749 · end of year $1,951,749

  • 22 · Loans and payables to officers and key people

    beginning of year $125,000 · end of year $125,000

  • 24 · Unsecured notes and loans payable

    beginning of year $18,017,358 · end of year $19,155,323

  • 25 · Other liabilities

    beginning of year $72,541 · end of year $125,942

  • 27 · Net assets without donor restrictions

    beginning of year $11,644,410 · end of year $12,065,008

Mission and programs · 2024

Mission

LEAF'S MISSION IS TO PROMOTE HUMAN AND ECONOMIC DEVELOPMENT BY PROVIDING FINANCING AND DEVELOPMENT ASSISTANCE TO COOPERATIVES AND SOCIAL PURPOSE VENTURES THAT CREATE AND RETAIN JOBS FOR LOW-INCOME PEOPLE.

Activities or mission (Part I)

NON-PROFIT COMMUNITY DEVELOPMENT FINANCIAL INSTITUTION PROVIDING FLEXIBLE FINANCING AND TECHNICAL ASSISTANCE TO WORKER-OWNED COOPERATIVES AND COMMUNITY-OWNED BUSINESSES.

  • LEAF'S FINANCING ACTIVITIES ARE DIRECTED TOWARDS COMPANIES THAT HAVE THE FOLLOWING FOCUS:1) HEALTHY FOODS;2) AFFORDABLE HOUSING;3) COOPERATIVE OWNERSHIP;4) EMPOWERMENT OF LOW-INCOME PEOPLE TO CREATE AND MANAGE THEIR OWN BUSINESS

    Expenses $3,998,277 · Grants $318,577 · Revenue $1,498,012

As filed on the 2024 return.

Listed in Part VII

  • Gerardo Espinoza Director

    EXECUTIVE DIRECTOR

    Total calculated
    $210,840
    From this org
    $200,070
    From related orgs
    $0
    Other
    $10,770
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $176,070
    Bonus
    $24,000
    Other
    $0
    Deferred
    $0
    Nontaxable benefits
    $10,770
    Filer's total
    $210,840

  • Christopher Hunter Director

    ADVISORY SERVICE DIRE

    Total calculated
    $181,415
    From this org
    $166,658
    From related orgs
    $0
    Other
    $14,757
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $141,877
    Bonus
    $24,781
    Other
    $0
    Deferred
    $0
    Nontaxable benefits
    $14,757
    Filer's total
    $181,415

  • Fatiha Ainane

    SENIOR FINANCIAL ANAL

    Total calculated
    $145,566
    From this org
    $130,809
    From related orgs
    $0
    Other
    $14,757
    Hours/week
    40

  • Matthew Pires

    FINANCIAL ANALYST

    Total calculated
    $121,341
    From this org
    $118,880
    From related orgs
    $0
    Other
    $2,461
    Hours/week
    40

  • Damilola Odetola

    DIRECTOR & TREASURER

    Total calculated
    $0
    Hours/week
    2

  • Alexander Pyle

    DIRECTOR & CLERK

    Total calculated
    $0
    Hours/week
    2

  • Christine Clamp

    DIRECTOR & CHAIRPERSON

    Total calculated
    $0
    Hours/week
    2

  • Terry Lewis

    DIRECTOR

    Total calculated
    $0
    Hours/week
    1

  • David Hammer

    DIRECTOR

    Total calculated
    $0
    Hours/week
    1

  • John Smith

    DIRECTOR

    Total calculated
    $0
    Hours/week
    1

  • Shelley Miller

    DIRECTOR

    Total calculated
    $0
    Hours/week
    1

  • Amine Benali Director

    MANAGING DIRECTOR

    Total calculated
    $223,049
    From this org
    $183,154
    From related orgs
    $0
    Other
    $39,895
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $158,880
    Bonus
    $24,274
    Other
    $0
    Deferred
    $0
    Nontaxable benefits
    $39,895
    Filer's total
    $223,049

  • Jose Luis Rojas Director

    CHIEF LENDING OFFICER

    Total calculated
    $176,893
    From this org
    $169,238
    From related orgs
    $0
    Other
    $7,655
    Hours/week
    32

    Schedule J breakdown matched by us

    Base
    $147,368
    Bonus
    $21,870
    Other
    $0
    Deferred
    $0
    Nontaxable benefits
    $7,655
    Filer's total
    $176,893

  • Carol Ann McAuliffe

    CFO

    Total calculated
    $222,857
    From this org
    $182,962
    From related orgs
    $0
    Other
    $39,895
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $154,962
    Bonus
    $28,000
    Other
    $0
    Deferred
    $0
    Nontaxable benefits
    $39,895
    Filer's total
    $222,857

  • Virginia Berman

    DIR. OF COMM. & MARKETING

    Total calculated
    $131,202
    From this org
    $124,969
    From related orgs
    $0
    Other
    $6,233
    Hours/week
    40

  • Joshua Glickenhaus

    SENIOR LOAN OFFICER

    Total calculated
    $142,514
    From this org
    $136,154
    From related orgs
    $0
    Other
    $6,360
    Hours/week
    40

  • Mary Wong

    SENIOR LOAN OFFICER

    Total calculated
    $156,366
    From this org
    $125,838
    From related orgs
    $0
    Other
    $30,528
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $115,338
    Bonus
    $10,500
    Other
    $0
    Deferred
    $0
    Nontaxable benefits
    $30,528
    Filer's total
    $156,366

  • Jordan Browne

    FINANCIAL ANALYST

    Total calculated
    $138,106
    From this org
    $123,349
    From related orgs
    $0
    Other
    $14,757
    Hours/week
    40

  • Alan Singer

    SENIOR LOAN OFFICER

    Total calculated
    $138,959
    From this org
    $118,953
    From related orgs
    $0
    Other
    $20,006
    Hours/week
    40

  • James Louney

    RETIRING CFO

    Total calculated
    $151,594
    From this org
    $149,751
    From related orgs
    $0
    Other
    $1,843
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $118,000
    Bonus
    $31,751
    Other
    $0
    Deferred
    $0
    Nontaxable benefits
    $1,843
    Filer's total
    $151,594

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

  • 3 · Compensation committee

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

The filer's explanations (Part III)

PART I, LINE 3
A COMPENSATION COMMITEE DETERMINES THE COMPENSATION

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

  • THE BOSTON FOUNDATION

    $25,000

    GRANT TO SUPPORT ACTIVITIES OF ORGANIZATION

  • VICENTE'S NEW BEDFORD LLC

    $25,000

    GRANT TO SUPPORT ACTIVITIES OF ORGANIZATION

  • BOATHOUSE BISTRO LLC

    $25,000

    GRANT TO SUPPORT ACTIVITIES OF ORGANIZATION

  • MERENGUE RESTAURANT AND CATERING

    $22,527

    GRANT TO SUPPORT ACTIVITIES OF ORGANIZATION

  • MICHAEL AGRICOLA LLC

    $22,500

    GRANT TO SUPPORT ACTIVITIES OF ORGANIZATION

  • RINCON LIMENO REVERE INC

    $22,500

    GRANT TO SUPPORT ACTIVITIES OF ORGANIZATION

  • CAITLYN FONTES - TWO SISTERS (NAME OF RESTAURANT)

    $22,500

    GRANT TO SUPPORT ACTIVITIES OF ORGANIZATION

  • LENZI'S CATERING

    $22,492

    GRANT TO SUPPORT ACTIVITIES OF ORGANIZATION

  • ELLEN WILSON DBA FREE RANGERS FARM

    $22,000

    GRANT TO SUPPORT ACTIVITIES OF ORGANIZATION

  • DIEUDONNE LEAN DBA DEE'S DELUX CARIBBEAN

    $21,700

    GRANT TO SUPPORT ACTIVITIES OF ORGANIZATION

The 10 largest by cash amount. The API serves every itemized grant.

Provenance

Return type
form_990
Tax year
2024
Filed
15 April 2026
IRS schema version
2024v5.5
Source object
202621059349301832

Check it against the return as filed: the GivingTuesday Data Lake hosts a public copy of the original XML.

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