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 7 years, the organization has seen revenues fall by an average of (10.2%) 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 (20.0%) per year over the past 7 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.
Get More from Intellispect for FreeCreate a free account to get more data, nonprofit salaries, advanced search and more.
Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Lisa Daily Chairperson/director | OfficerTrustee | 1 | $0 |
Alexandra Church Director | Trustee | 1 | $0 |
Ramona Monteverde Director | Trustee | 1 | $0 |
Kevin White Director | Trustee | 1 | $0 |
Paul Halayko 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 | |
|---|---|
| Total Revenue from Contributions, Gifts, Grants & Similar | $1,376,595 |
| 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 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 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 | $0 |
| 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 |
| 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 | $0 |
| Net assets with donor restrictions | $0 |
| Capital stock or trust principal, or current funds | $0 |
| Paid-in or capital surplus, or land, building, or equipment fund | $0 |
| Total liabilities and net assets/fund balances | $1,914,041 |