Overview
What is Lowell Development & Financial Corp?
Lowell Development & Financial Corp, established in 1975, is a nonprofit development corporation situated in Lowell, Massachusetts. Their primary mission is to foster Lowell's economic revitalization by offering secondary financing for the renovation and acquisition of properties within the city. This nonprofit organization lends money, secured by mortgage notes, at below-market interest rates for both commercial and residential buildings. Their activities are instrumental in revitalizing Lowell's urban landscape, contributing to the overall development of the region. With a small team of two dedicated individuals, the Lowell Development & Financial Corp continues to play a significant role in the city's growth and transformation.
Official website here: www.ldfc.org
What are the reviews and ratings of this charity?
Charity Navigator Rating: 87%, Three-Star out of Four Star rating.
Lowell Development & Financial Corp has received a solid score of 87%, indicating strong accountability and financial practices. The charity's score is primarily derived from the Accountability & Finance beacon, reflecting its commitment to transparency and responsible management of resources. The organization boasts an independent board, with 100% of its members being independent, further enhancing its governance credibility.
Strengths of the organization include a high program expense ratio of 69.52%, signifying that a significant portion of its funds is directed towards its programs rather than administrative costs. Additionally, the organization has demonstrated effective oversight, with no material diversions of assets reported and well-maintained financial statements. It also has established policies regarding conflict of interest and document retention for board meetings.
However, some limitations are noted, including missing policies on whistleblower protections and document retention and destruction, which could affect its overall governance and accountability. Furthermore, the absence of the tax form on the nonprofit's website could hinder transparency efforts. Addressing these areas could improve the organization's rating and further bolster public trust.
This AI summary has been generated from information found on Charity Navigator.
Is Lowell Development & Financial Corp legitimate?
Lowell Development & Financial Corp is a legitimate nonprofit organization registered as a 501(c)(3) entity. Lowell Development & Financial Corp submitted a form 990, which is a tax form used by tax-exempt organizations in the U.S., indicating its operational transparency and adherence to regulatory requirements. Donations to this organization are tax deductible.
Heare are some key statistics you may want to consider:
Executive Compensation: $144,348
Professional Fundraising Fees: $0
Other Salaries and Wages: $84,340
For more financial information, click here
Official website here: www.ldfc.org
What is the mission statement of Lowell Development & Financial Corp?
Lowell Development & Financial Corp, established in 1975, is a nonprofit organization that has a mission to foster economic revitalization. They achieve this by providing secondary financing for the rehabilitation and acquisition of properties. This approach aids in the restoration and purchase of commercial and residential buildings in Lowell. Their primary activity involves lending money at below-market interest rates, secured by mortgage notes. This financial support is instrumental in revitalizing the economic landscape of the area.
Official website here: www.ldfc.org
Who is the CEO of Lowell Development & Financial Corp?
Kara Doyle is the Executive Di of Lowell Development & Financial Corp.
Official website here: www.ldfc.org
What is the revenue of Lowell Development & Financial Corp?
Lowell Development & Financial Corp's revenue in 2023 was $501,210.
Official website here: www.ldfc.org
Who are the executives of Lowell Development & Financial Corp and what are their salaries?
The average compensation at Lowell Development & Financial Corp during 2023 was $114,344. There are 2 employees at Lowell Development & Financial Corp.
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Official website here: www.ldfc.org
Where can I find the form 990 for Lowell Development & Financial Corp?
Lowell Development & Financial Corp's most recent form 990 was submitted in 2023 and can be accessed here.
Official website here: www.ldfc.org
Learn more at the official website: www.ldfc.org
Mission Statement of Lowell Development & Financial Corp
Lowell Development & Financial Corp, established in 1975, is a nonprofit development corporation with a mission to drive the economic revitalization of its community. To achieve this goal, the organization provides secondary financing for the rehabilitation and acquisition of properties in Lowell. By lending money at below-market interest rates, Lowell Development & Financial Corp supports the renovation and acquisition of commercial and residential buildings, thereby contributing to the overall improvement of the local economy. In essence, this nonprofit corporation plays a crucial role in facilitating property development projects that foster economic growth in Lowell.
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Impact
July, 2024
Lowell Development & Financial Corp has had a significant impact on the economic revitalization of Lowell, Massachusetts since its establishment in 1975. By providing secondary financing for the rehabilitation and acquisition of properties in Lowell, the organization has played a crucial role in promoting economic development in the city. Through its lending programs at below market rates of interest for commercial and residential buildings, Lowell Development & Financial Corp has helped to facilitate the renovation and upkeep of properties, contributing to the overall improvement of the community.
Overall, the organization's efforts have not only supported the preservation of historic buildings but also encouraged the development of new businesses and residential spaces in Lowell. This has led to a positive transformation of the city's landscape, creating a more vibrant and sustainable environment for residents and visitors alike.
This information is meant to be a general summary of Lowell Development & Financial Corp. Please take the time to review official sources before making any decisions based upon the content provided here.
Financials
This financial information is from Propublica.
Other financial information:
This information is from the most recently submitted tax form from this organization, which was in 2023.
- Investment Income: $35,589
- Program Service Revenue: $123,358
- Gross Receipts: $501,210
Assets and Liabilities:
- Total Assets: $7,130,282
- Total Liabilities: $941,057
- Net Assets: $6,189,225
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Programs
Programs are reported by nonprofits in their tax forms and are normally their tax-exempt activities.
INTEREST ON LOANS
Revenue
$122,358
PROCESSING FEES
Revenue
$1,000
Organization Details
Founding Year
1975
Phone
(978) 459-9899Principal Officer
Kara Doyle
Main Address
660 SUFFOLK STREET, LOWELL, MA, 01854
Website
www.ldfc.orgNTEE Category
Code: S310 - Community improvement
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