Form 990 for tax year 2024
Filed by 585 LEXINGTON BENEFIT CORPORATION.
Totals
- Total revenue
- $149
- Total expenses
- $209,738
- Contributions and grants received
- $0
- Grants paid
- $0
- Program service revenue
- $0
- Investment income
- $149
- Other revenue
- $0
- Total assets, end of year
- $948,449
- Total liabilities, end of year
- $3,124,077
- Net assets or fund balances, end of year
- -$2,175,628
- Program services expenses (Part IX)
- $205,742
- Management and general expenses
- $3,996
- Fundraising expenses
- $0
- Program service expenses (Part III)
- $205,742
Program services were 98.1% 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.
-
3 · Investment income
total $149 · excluded $149
Functional expenses
Part IX, the statement of functional expenses.
-
11b · Fees: legal
total $40,148 · program services $40,148
-
11g · Fees: other
total $154,723 · program services $151,275 · management and general $3,448
-
20 · Interest
total $13,587 · program services $13,587
-
24a · Other expenses: OTHER
total $732 · program services $732
-
24b · Other expenses: BANK FEES
total $548 · management and general $548
Balance sheet
Part X, book values.
-
1 · Cash, non-interest-bearing
end of year $948,449
-
17 · Accounts payable and accrued expenses
end of year $724,077
-
24 · Unsecured notes and loans payable
end of year $2,400,000
-
27 · Net assets without donor restrictions
end of year -$2,175,628
Mission and programs · 2024
Mission
585 LEXINGTON BENEFIT CORPORATION (THE ORGANIZATION) IS A TYPE 1 SUPPORTING ORGANIZATION IN SUPPORT OF FOODLINK, INC. (FOODLINK). THE ORGANIZATION IS GOVERNED AND MANAGED UNDER THE COMMON CONTROL OF FOODLINK. THE ORGANIZATION'S PRIMARY PURPOSE IS TO FUNCTION AS THE QUALIFIED ACTIVE LOW-INCOME COMMUNITY BUSINESS (QUALICB) FOR FOODLINK'S COMMUNITY FARM PROGRAM SITE AT 585 LEXINGTON AVENUE. SERVING AS QUALICB IS KEY TO A SERIES OF ARRANGEMENTS TO OBTAIN NEW MARKET TAX CREDITS (NMTC) TO FINANCE CERTAIN PROPERTY ACQUISITION AND IMPROVEMENT ACTIVITIES FOR FOODLINK.
Activities or mission (Part I)
585 LEXINGTON BENEFIT CORPORATION IS ORGANIZED AND OPERATED EXCLUSIVELY FOR THE BENEFIT OF, TO PERFORM THE FUNCTIONS OF, AND TO CARRY OUT AND SUPPORT THE CHARITABLE PURPOSES OF FOODLINK, INC., A NEW YORK NOT-FOR-PROFIT CORPORATION AT THEIR LEXINGTON AVENUE LOCATION.
-
585 LEXINGTON BENEFIT CORPORATION IS ORGANIZED AND OPERATED EXCLUSIVELY FOR THE BENEFIT OF, TO PERFORM THE FUNCTIONS OF, AND TO CARRY OUT AND SUPPORT THE CHARITABLE PURPOSES OF FOODLINK, INC., A NEW YORK NOT-FOR-PROFIT CORPORATION, AT THEIR LEXINGTON AVENUE LOCATION.
Expenses $205,742
As filed on the 2024 return. The filer continues this part on Schedule O, which is not shown here.
Listed in Part VII
-
Terra KellerTERRA KELLER
CHAIR
- Total calculated
- $232,223
- From this org
- $0
- From related orgs
- $193,014
- Other
- $39,209
- Hours/week
- 0.5 + 39.5 related
Schedule J breakdown matched by us
- Base
- $0 + $193,014 related
- Bonus
- $0
- Other
- $0
- Deferred
- $0 + $13,645 related
- Nontaxable benefits
- $0 + $25,564 related
- Filer's total
- $0 + $232,223 related
-
Mitch GruberMITCH GRUBER
BOARD VICE CHAIR
- Total calculated
- $0
- Hours/week
- 0.5
-
James GrossmanJAMES GROSSMAN
SECRETARY
- Total calculated
- $0
- Hours/week
- 0.5
-
Lewis NorryLEWIS NORRY
BOARD MEMBER
- Total calculated
- $0
- Hours/week
- 0.5
-
Martha ValentiMARTHA VALENTI
BOARD TREASURER
- Total calculated
- $0
- Hours/week
- 0.5
-
Julia TedescoJULIA TEDESCO
PRESIDENT & CHIEF EXECUTIV
- Total calculated
- $283,662
- From this org
- $0
- From related orgs
- $240,523
- Other
- $43,139
- Hours/week
- 1 + 39 related
Schedule J breakdown matched by us
- Base
- $0 + $240,523 related
- Bonus
- $0
- Other
- $0
- Deferred
- $0 + $17,277 related
- Nontaxable benefits
- $0 + $25,862 related
- Filer's total
- $0 + $283,662 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
The filer's explanations (Part III)
- PART I, LINE 3
- THESE TWO OFFICERS ARE EMPLOYED BY THE ORGANIZATION'S PARENT, FOODLINK, INC. FOODLINK, INC.'S BOARD AND COMPENSATION COMMITTEE DETERMINE THE CEO'S COMPENSATION AND COMPENSATION OF THE COO/ CFO IS DETERMINED BY THE CEO IN CONSULTATION WITH FOODLINK, INC.'S COMPENSATION COMMITTEE. TERRA KELLER IS THE BOARD CHAIR FOR THE ORGANIZATION, HOWEVER, IS CHIEF OPERATING OFFICER AND CHIEF EXECUTIVE OFFICER OF THE ORGANIZATION'S PARENT, FOODLINK INC., AND AS SUCH IS COMPENSATED BY THEM. JULIA TEDESCO IS THE PRESIDENT AND CHIEF EXECUTIVE OFFICER OF THE ORGANIZATION'S PARENT, FOODLINK INC., AND AS SUCH IS COMPENSATED BY THEM.
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.
-
501(C)(3) · FOOD BANK · NY
-
501(C)(3) · PROVIDE FUNDS FOR ORGANIZATIONS THAT DISTRIBUTE FOOD FOR THOSE IN NEED · NY
Provenance
- Return type
- form_990
- Tax year
- 2024
- Filed
- 5 February 2026
- IRS schema version
- 2024v5.5
- Source object
- 202640369349300019
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