Hebrew Free Loan Society Inc
- Assets
- $49.2m
- Revenue
- $7.3m
- Investments
- $0.0
- Employees
- 21
- Location
- New York, NY
- Founding
- 12/1926
- Data as of
- 06/2023
- EIN
- 13-5562239
Organization Overview
Hebrew Free Loan Society Inc is located in New York, NY. The organization was established in 1926. According to its NTEE Classification (P51) the organization is classified as: Financial Counseling, under the broad grouping of Human Services and related organizations. As of 06/2023, Hebrew Free Loan Society Inc employed 21 individuals. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Hebrew Free Loan Society Inc is a 501(c)(3) and as such, is described as a "Charitable or Religous organization or a private foundation" by the IRS.
For the year ending 06/2023, Hebrew Free Loan Society Inc generated $7.3m in total revenue. This organization has experienced exceptional growth, as over the past 8 years, it has increased revenue by an average of 13.3% each year . All expenses for the organization totaled $3.8m during the year ending 06/2023. While expenses have increased by 9.9% per year over the past 8 years. They've been increasing with an increasing level of total revenue. You can explore the organizations financials more deeply in the financial statements section below.
Form
990
Mission & Program ActivityExcerpts From the 990 Filing
TAX YEAR
2023
Describe the Organization's Mission:
Part 3 - Line 1
PROVIDES INTEREST-FREE LOANS TO INDIVIDUALS, FAMILIES AND BUSINESSES.
Describe the Organization's Program Activity:
Part 3 - Line 4a
THE HEBREW FREE LOAN SOCIETY (HFLS) ADVANCES ECONOMIC STABILITY AND OPPORTUNITY FOR LOWER-INCOME NEW YORKERS WITHIN AND BEYOND THE JEWISH COMMUNITY BY MAKING SAFE, AFFORDABLE INTEREST-FREE LOANS. HFLS IS A NON-SECTARIAN LENDER, SERVING THE NEW YORK CITY AREA SINCE 1892.HFLS PROVIDES 0%-INTEREST LOANS TO ASSIST LOW AND MODERATE-INCOME HOUSEHOLDS WHO ARE STRUGGLING TO MANAGE SPIKES IN EXPENSES, DIPS IN INCOME, AND ALL TYPES OF EMERGENCY OR OUTSIZE NEEDS. HFLS LOANS HELP LOWER-INCOME INDIVIDUALS AND FAMILIES PAY FOR COLLEGE, GRADUATE SCHOOL, OR PROFESSIONAL TRAINING; MANAGE MEDICAL AND DENTAL EXPENSES; AFFORD MOVING COSTS AND SECURITY DEPOSITS; CONSOLATE AND REDUCE HIGH-INTEREST DEBT; START OR EXPAND A SMALL BUSINESS; ACCESS EXPENSIVE SPECIAL EDUCATION SERVICES FOR THEIR SPECIAL NEEDS CHILDREN; PAY IMMIGRATION AND LEGAL FEES; AND MORE. AT END OF FY23, HFLS HAD 3,989 LOANS OUTSTANDING TOTALING $34.14 MILLION; IN FY23 ALONE, HFLS DISBURSED 2,033 LOANS TOTALING MORE THAN $29 MILLION, AN INCREASE OF NEARLY $5.5M AND MORE THAN 100 LOANS OVER THE PRIOR FY.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Ian Shrank Chair | OfficerTrustee | 2 | $0 |
Ellen M Braitman Vice Chair | OfficerTrustee | 1 | $0 |
Edward S Karan Vice Chair | OfficerTrustee | 1 | $0 |
Paul Siegel Treasurer | OfficerTrustee | 1 | $0 |
Alon Lederman Secretary | OfficerTrustee | 1 | $0 |
Steven Adelsberg Board Member | Trustee | 0.5 | $0 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Federated campaigns | $247,000 |
| Membership dues | $0 |
| Fundraising events | $0 |
| Related organizations | $0 |
| Government grants | $0 |
| All other contributions, gifts, grants, and similar amounts not included above | $6,058,517 |
| Noncash contributions included in lines 1a–1f | $0 |
| Total Revenue from Contributions, Gifts, Grants & Similar | $6,305,517 |
| Total Program Service Revenue | $346,995 |
| Investment income | $68,775 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $0 |
| Net Gain/Loss on Asset Sales | $588,582 |
| Net Income from Fundraising Events | $0 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $0 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $7,309,869 |
| Statement of Expenses | |
|---|---|
| Grants and other assistance to domestic organizations and domestic governments. | $0 |
| Grants and other assistance to domestic individuals. | $0 |
| Grants and other assistance to Foreign Orgs/Individuals | $0 |
| Benefits paid to or for members | $0 |
| Compensation of current officers, directors, key employees. | $608,492 |
| Compensation of current officers, directors, key employees. | $53,901 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $1,277,632 |
| Pension plan accruals and contributions | $120,431 |
| Other employee benefits | $233,360 |
| Payroll taxes | $150,016 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $250 |
| Fees for services: Accounting | $35,240 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $9,988 |
| Fees for services: Other | $221,249 |
| Advertising and promotion | $67,654 |
| Office expenses | $41,969 |
| Information technology | $0 |
| Royalties | $0 |
| Occupancy | $193,107 |
| Travel | $0 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $15,638 |
| Interest | $0 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $87,544 |
| Insurance | $35,067 |
| All other expenses | $71,420 |
| Total functional expenses | $3,782,035 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $1,125,712 |
| Savings and temporary cash investments | $2,501,417 |
| Pledges and grants receivable | $141,482 |
| Accounts receivable, net | $159,612 |
| Loans from Officers, Directors, or Controlling Persons | $0 |
| Loans from Disqualified Persons | $0 |
| Notes and loans receivable | $34,147,795 |
| Inventories for sale or use | $0 |
| Prepaid expenses and deferred charges | $48,376 |
| Net Land, buildings, and equipment | $272,693 |
| Investments—publicly traded securities | $10,487,626 |
| Investments—other securities | $0 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $364,680 |
| Total assets | $49,249,393 |
| Accounts payable and accrued expenses | $71,601 |
| Grants payable | $0 |
| Deferred revenue | $42,134 |
| Tax-exempt bond liabilities | $0 |
| Escrow or custodial account liability | $146,974 |
| Loans and other payables to any current Officer, Director, or Controlling Person | $300,000 |
| Secured mortgages and notes payable | $0 |
| Unsecured mortgages and notes payable | $0 |
| Other liabilities | $11,208,626 |
| Total liabilities | $11,769,335 |
| Net assets without donor restrictions | $24,606,766 |
| Net assets with donor restrictions | $12,873,292 |
| Capital stock or trust principal, or current funds | $0 |
| Paid-in or capital surplus, or land, building, or equipment fund | $0 |
| Retained earnings, endowment, accumulated income, or other funds | $0 |
| Total liabilities and net assets/fund balances | $49,249,393 |