Newburgh Community Land Bank Inc
- Assets
- $2.2m
- Revenue
- $1.2m
- Investments
- $0.0
- Employees
- 4
- Location
- Newburgh, NY
- Founding
- 08/2014
- Data as of
- 06/2021
- EIN
- 46-0549946
Organization Overview
Newburgh Community Land Bank Inc is located in Newburgh, NY. The organization was established in 2014. According to its NTEE Classification (S20) the organization is classified as: Community & Neighborhood Development, under the broad grouping of Community Improvement & Capacity Building and related organizations. As of 06/2021, Newburgh Community Land Bank Inc employed 4 individuals. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Newburgh Community Land Bank 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 06/2021, Newburgh Community Land Bank Inc generated $1.2m in total revenue. This represents a relatively dramatic decline in revenue. Over the past 6 years, the organization has seen revenues fall by an average of (11.8%) each year. All expenses for the organization totaled $657.3k during the year ending 06/2021. As we would expect to see with falling revenues, expenses have declined by (22.9%) per year over the past 6 years. 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
2021
Describe the Organization's Mission:
Part 3 - Line 1
ESTABLISHED FOR THE PURPOSE OF STIMULATING PLANNING, ECONOMIC DEVELOPMENT, AND NEIGHBOROOD REVITALIZATION IN THE CITY OF NEWBURGH, NEW YORK
Describe the Organization's Program Activity:
Part 3 - Line 4a
THE LAND BANK'S NET POSITION INCREASED APPROXIMATELY $539,499 THIS YEAR. MUCH OF THIS INCREASE IS ATTRIBUTABLE TO THE DELAYS IN PROPERTY SALES AND RENOVATION PROJECTS WITH CORRESPONDING GRANT DISBURSEMENTS RELATED TO THE COVID-19 GLOBAL PANDEMIC IN PRIOR YEAR. 1) THE LAND BANK DISPOSED OF 27 PROPERTIES IN FISCAL YEAR 2021 THAT HAD A COST OF APPROXIMATELY $592,265. WE SOLD 5 PROPERTIES TO HABITAT FOR HUMANITY FOR AFFORDABLE HOMEOWNERSHIP, AS WELL AS 20 PROPERTIES TO RUPCO FOR AFFORDABLE RENTAL HOUSING AND 2 HOMES TO OWNER OCCUPANTS. 2) THE LAND BANK STARTED CONSTRUCTION ON 4 PROPERTIES FOR THE PURPOSE OF RENTAL SUPPORTED HOMEOWNERSHIP. 3) THE LAND BANK COMPLETED ENVIRONMENTAL REMEDIATION AND STRUCTURAL STABILIZATION WORK ON 4 PROPERTIES.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Lisa Daily Chairperson/director | OfficerTrustee | 1 | $0 |
David Potack Treasurer/director | OfficerTrustee | 1 | $0 |
Andrei Niles Secretary/director | OfficerTrustee | 1 | $0 |
Ramona Monteverde Director | Trustee | 1 | $0 |
Alexandra Church Director | Trustee | 1 | $0 |
Joe Surace Director | Trustee | 1 | $0 |
Outside Vendors & Contractors
| Vendor Name (Service) | Service Year | Compensation |
|---|---|---|
Libolt & Sons Inc Construction | 6/29/17 | $959,369 |
Safe Harbors Of The Hudson Construction | 6/29/17 | $113,103 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Federated campaigns | $0 |
| Membership dues | $0 |
| Fundraising events | $0 |
| Related organizations | $0 |
| Government grants | $57,242 |
| All other contributions, gifts, grants, and similar amounts not included above | $1,319,353 |
| Noncash contributions included in lines 1a–1f | $64,800 |
| Total Revenue from Contributions, Gifts, Grants & Similar | $1,376,595 |
| Total Program Service Revenue | $0 |
| Investment income | $0 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $0 |
| Net Gain/Loss on Asset Sales | $0 |
| Net Income from Fundraising Events | $0 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | -$179,773 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $1,196,822 |
| 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. | $0 |
| Compensation of current officers, directors, key employees. | $0 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $269,650 |
| Pension plan accruals and contributions | $0 |
| Other employee benefits | $19,291 |
| Payroll taxes | $21,165 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $16,337 |
| Fees for services: Accounting | $45,155 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $27,685 |
| Advertising and promotion | $0 |
| Office expenses | $15,028 |
| Information technology | $0 |
| Royalties | $0 |
| Occupancy | $0 |
| Travel | $0 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $0 |
| Interest | $0 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $11,298 |
| Insurance | $50,484 |
| All other expenses | $13,309 |
| Total functional expenses | $657,323 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $231,673 |
| Savings and temporary cash investments | $0 |
| Pledges and grants receivable | $414,357 |
| Accounts receivable, net | $0 |
| Loans from Officers, Directors, or Controlling Persons | $0 |
| Loans from Disqualified Persons | $0 |
| Notes and loans receivable | $0 |
| Inventories for sale or use | $1,397,096 |
| Prepaid expenses and deferred charges | $46,212 |
| Net Land, buildings, and equipment | $152,585 |
| Investments—publicly traded securities | $0 |
| Investments—other securities | $0 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $0 |
| Total assets | $2,241,923 |
| Accounts payable and accrued expenses | $63,735 |
| Grants payable | $0 |
| Deferred revenue | $206,110 |
| Tax-exempt bond liabilities | $0 |
| Escrow or custodial account liability | $0 |
| Loans and other payables to any current Officer, Director, or Controlling Person | $0 |
| Secured mortgages and notes payable | $0 |
| Unsecured mortgages and notes payable | $58,037 |
| Other liabilities | $0 |
| Total liabilities | $327,882 |
| Net assets without donor restrictions | $1,761,456 |
| Net assets with donor restrictions | $152,585 |
| 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 | $2,241,923 |
Grants Recieved
Over the last fiscal year, we have identified 1 grants that Newburgh Community Land Bank Inc has recieved totaling $5,000.
| Awarding Organization | Amount |
|---|---|
Ulster Savings Charitable Foundation Kingston, NY PURPOSE: EXEMPT PURPOSE | $5,000 |
Peer Organizations
| Organization Name | Assets | Revenue |
|---|---|---|
Urban Affairs Coalition Philadelphia, PA | $25,704,306 | $97,554,481 |
Brooklyn Navy Yard Development Corporation Brooklyn, NY | $543,633,704 | $68,378,369 |
Cent For Urban Community Svcs New York, NY | $78,734,129 | $72,768,234 |
The Community Preservation Corporation New York, NY | $1,407,109,282 | $65,839,600 |
Quincy Community Action Programs Inc Quincy, MA | $14,865,186 | $43,148,267 |
Westchester Community Opportunity Program Inc Elmsford, NY | $7,932,264 | $37,716,573 |
Reinvestment Fund Inc Philadelphia, PA | $609,259,384 | $44,624,452 |
St Nicks Alliance Corp Brooklyn, NY | $44,353,994 | $35,596,992 |
National Council For Community Development Inc Brooklyn, NY | $24,193,687 | $38,165,020 |
The Community Action Organization Of Western New York Inc Buffalo, NY | $11,956,609 | $31,001,421 |
Community Action Pioneer Valley Inc Greenfield, MA | $7,969,732 | $29,838,934 |
Citizens For Citizens Inc Fall River, MA | $12,279,316 | $29,399,731 |