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Nonprofiteer
← FAC CENTER LOCAL DEVELOPMENT CORP

Form 990 for tax year 2022

Filed by FAC CENTER LOCAL DEVELOPMENT CORP.

Totals

Total revenue
$3,338,292
Total expenses
$805,147
Contributions and grants received
$0
Grants paid
$0
Program service revenue
$717,037
Investment income
$2,539,479
Other revenue
$81,776
Total assets, end of year
$6,759,552
Total liabilities, end of year
$3,117,087
Net assets or fund balances, end of year
$3,642,465
Program services expenses (Part IX)
$791,147
Management and general expenses
$14,000
Fundraising expenses
$0
Program service expenses (Part III)
$791,147

Program services were 98.3% 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 INCOME

    total $717,037 · related or exempt $717,037

  • 3 · Investment income

    total $493 · excluded $493

  • 7a · Gross sales of assets other than inventory

    other assets $2,538,986

  • 7c · Gain or loss

    other assets $2,538,986

  • 7d · Net gain or loss

    total $2,538,986 · related or exempt $2,538,986

  • 11a · Other revenue: PROPERTY TAX REFUND

    total $81,776 · related or exempt $81,776

  • 11e · Other revenue, total

    $81,776

Functional expenses

Part IX, the statement of functional expenses.

  • 11b · Fees: legal

    total $2,515 · program services $2,515

  • 11c · Fees: accounting

    total $14,000 · management and general $14,000

  • 13 · Office expenses

    total $188 · program services $188

  • 20 · Interest

    total $213,994 · program services $213,994

  • 22 · Depreciation, depletion and amortization

    total $155,688 · program services $155,688

  • 23 · Insurance

    total $13,074 · program services $13,074

  • 24a · Other expenses: ASSET MANAGEMENT FEES

    total $250,000 · program services $250,000

  • 24b · Other expenses: MANAGEMENT FEES

    total $57,525 · program services $57,525

  • 24c · Other expenses: REPAIRS & MAINTENANCE

    total $36,777 · program services $36,777

  • 24d · Other expenses: CLEANING SERVICE

    total $35,526 · program services $35,526

  • 24e · All other expenses

    total $25,860 · program services $25,860

Balance sheet

Part X, book values.

  • 1 · Cash, non-interest-bearing

    beginning of year $177,273 · end of year $1,886,417

  • 4 · Accounts receivable

    end of year $254

  • 9 · Prepaid expenses and deferred charges

    beginning of year $1,418 · end of year $1,452

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

    $6,134,536

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

    $2,483,035

  • 10c · Land, buildings and equipment, net

    beginning of year $3,734,615 · end of year $3,651,501

  • 15 · Other assets

    beginning of year $484,379 · end of year $1,219,928

  • 17 · Accounts payable and accrued expenses

    beginning of year $45,783 · end of year $76,265

  • 19 · Deferred revenue

    beginning of year $9,975

  • 23 · Secured mortgages and notes payable

    beginning of year $3,164,432 · end of year $2,972,647

  • 25 · Other liabilities

    beginning of year $68,175 · end of year $68,175

  • 27 · Net assets without donor restrictions

    beginning of year $1,109,320 · end of year $3,642,465

Mission and programs · 2022

Mission

THE MISSION OF THE ORGANIZATION IS TO REDUCE UNEMPLOYMENT AND EXPAND JOB OPPORTUNITIES IN THE SOUTH BROOKLYN AREA.

  • THE ORGANIZATION SERVES AS A COMMUNITY CENTER IN SOUTH BROOKLYN TO TRAIN INDIVIDUALS ON IMPROVING THEIR JOB SKILLS AND EMPLOYEE MARKETABILITY, ATTRACT OUT OF THE AREA BUSINESSES AND AGENCIES TO RELOCATE OR GROW TO THE LOCAL AREA AND REATIN LOCAL BUSINESSES AND AGENCIES.

    Expenses $791,147 · Revenue $717,037

As filed on the 2022 return.

Listed in Part VII

  • Michelle De La Uz

    SECRETARY

    Total calculated
    $243,845
    From this org
    $0
    From related orgs
    $233,154
    Other
    $10,691
    Hours/week
    0.5 + 34.5 related

    Schedule J breakdown matched by us

    Base
    not reported + $233,154 related
    Bonus
    not reported
    Other
    not reported
    Deferred
    not reported + $10,647 related
    Nontaxable benefits
    not reported + $44 related
    Filer's total
    not reported + $243,845 related

  • Dany Cunnigham

    PRESIDENT

    Total calculated
    $0
    Hours/week
    2

  • Jessica Yager

    TREASURER

    Total calculated
    $0
    Hours/week
    0.5 + 34.5 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.

Provenance

Return type
form_990
Tax year
2022
Filed
18 March 2024
IRS schema version
2022v5.0
Source object
202410789349301116

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