Rochester Land Bank Corporation
- Assets
- $2.2m
- Revenue
- $523.5k
- Investments
- $0.0
- Employees
- 0
- Location
- Rochester, NY
- Founding
- 06/2015
- Data as of
- 06/2024
- EIN
- 46-3600343
Organization Overview
Rochester Land Bank Corporation is located in Rochester, NY. The organization was established in 2015. According to its NTEE Classification (S30) the organization is classified as: Economic Development, under the broad grouping of Community Improvement & Capacity Building and related organizations. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Rochester Land Bank Corporation 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 06/2024, Rochester Land Bank Corporation generated $523.5k in total revenue. This represents a relatively dramatic decline in revenue. Over the past 9 years, the organization has seen revenues fall by an average of (12.8%) each year. All expenses for the organization totaled $274.8k during the year ending 06/2024. As we would expect to see with falling revenues, expenses have declined by (15.0%) per year over the past 9 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
2024
Describe the Organization's Mission:
Part 3 - Line 1
TO ACQUIRE, DEVELOP, AND RETURN VACANT, TAX-DELINQUENT, OR UNDESIRABLE LAND AND BUILDING INTO PRODUCTIVE USE THAT PROMOTES THE COMMUNITY.
Describe the Organization's Program Activity:
Part 3 - Line 4a
THE PURPOSE IS TO EVALUATE, RECLAIM, AND DEVELOP ABANDONED, VACANT, TAX-DELINQUENT, OR UNDESIRABLE LAND FOR POTENTIAL HOUSING OPPORTUNITIES AND TO PROMOTE COMMUNITY REVITALIZATION IN THE CITY OF ROCHESTER, NEW YORK.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Carol Wheeler Vice-Chair | OfficerTrustee | 1 | $0 |
Erik Frisch Chair | OfficerTrustee | 1 | $0 |
John Fornof Treasurer | OfficerTrustee | 1 | $0 |
Lashay Harris Secretary | OfficerTrustee | 1 | $0 |
James Smith Director | Trustee | 1 | $0 |
Kurt Martin Director | Trustee | 1 | $0 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Federated campaigns | $0 |
| Membership dues | $0 |
| Fundraising events | $0 |
| Related organizations | $0 |
| Government grants | $200,262 |
| All other contributions, gifts, grants, and similar amounts not included above | $0 |
| Noncash contributions included in lines 1a–1f | $0 |
| Total Revenue from Contributions, Gifts, Grants & Similar | $200,262 |
| Total Program Service Revenue | $0 |
| Investment income | $33,817 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $0 |
| Net Gain/Loss on Asset Sales | $289,375 |
| Net Income from Fundraising Events | $0 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $0 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $523,454 |
| 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 | $116,991 |
| Pension plan accruals and contributions | $0 |
| Other employee benefits | $0 |
| Payroll taxes | $0 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $0 |
| Fees for services: Accounting | $0 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $82,350 |
| Advertising and promotion | $0 |
| Office expenses | $0 |
| 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 | $3,425 |
| Interest | $0 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $0 |
| Insurance | $15,000 |
| All other expenses | $0 |
| Total functional expenses | $274,758 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $693,700 |
| Savings and temporary cash investments | $1,500,000 |
| Pledges and grants receivable | $0 |
| 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 | $0 |
| Prepaid expenses and deferred charges | $0 |
| Net Land, buildings, and equipment | $0 |
| Investments—publicly traded securities | $0 |
| Investments—other securities | $0 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $30,325 |
| Total assets | $2,224,025 |
| Accounts payable and accrued expenses | $4,416 |
| Grants payable | $0 |
| Deferred revenue | $800,000 |
| 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 | $0 |
| Other liabilities | $30,325 |
| Total liabilities | $834,741 |
| Net assets without donor restrictions | $1,389,284 |
| 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 |
| Retained earnings, endowment, accumulated income, or other funds | $0 |
| Total liabilities and net assets/fund balances | $2,224,025 |
Grants Awarded
Over the last fiscal year, Rochester Land Bank Corporation has awarded $328,000 in support to 3 organizations.
| Grant Recipient | Amount |
|---|---|
ROCHESTER HOUSING DEVELOPMENT FUND CORPORATION PURPOSE: HOUSING IN ROCHESTER, NY FOR REHABILITATION | $162,000 |
FLOWER CITY HABITAT PURPOSE: HOUSING IN ROCHESTER, NY FOR REHABILITATION | $66,000 |
ROSARIO HOME IMPROVEMENTS PURPOSE: HOUSING IN ROCHESTER, NY FOR REHABILITATION | $100,000 |