Local Development Corporation Of Crown Heights Inc
Local Development Corporation of Crown Heights reports 2023 deficit with significant increase in liabilities.
EIN: 112890302 · Brooklyn, NY · NTEE: S200 · Updated: 2026-03-28
| Metric | Value |
|---|---|
| Total Revenue | $18.4M |
| Total Expenses | $1.5M |
| Program Spending | 80% |
| CEO/Top Officer Pay | $1.2 |
| Net Assets | $9.7M |
| Transparency Score | 75/100 |
Is Local Development Corporation Of Crown Heights Inc Legit?
Some Concerns
Assessment based on IRS 990 filings, spending patterns, and AI analysis. Not a guarantee of legitimacy. Full charity check →
Local Development Corporation Of Crown Heights Inc directs 80% of its spending to programs. This exceeds the industry benchmark of 65%, indicating strong mission focus.
About Local Development Corporation Of Crown Heights Inc
Local Development Corporation Of Crown Heights Inc (EIN: 112890302) is a nonprofit organization based in Brooklyn, NY, classified under NTEE code S200. The organization reported total revenue of $18.4M and total assets of $12.6M according to its most recent IRS 990 filing. This transparency report provides an AI-powered analysis of Local Development Corporation Of Crown Heights Inc's financial health, spending patterns, executive compensation, and overall mission effectiveness based on publicly available IRS data.
Organization Overview
Local Development Corporation Of Crown Heights Inc is a large nonprofit that has been operating for 38 years, with 13 years of IRS 990 filings on record (2011–2023). Revenue has grown at a compound annual rate of 3.2%.
Key Financial Metrics (2023)
From the most recent IRS 990 filing on record:
| Total Revenue | $1.2M |
| Total Expenses | $1.5M |
| Surplus / Deficit | $-244,308 |
| Total Assets | $12.9M |
| Total Liabilities | $3.3M |
| Net Assets | $9.7M |
| Operating Margin | -19.9% |
| Debt-to-Asset Ratio | 25.3% |
| Months of Reserves | 105.6 months |
Financial Health Grade: B
In 2023, Local Development Corporation Of Crown Heights Inc reported a deficit of $244K with expenses exceeding revenue, holds 105.6 months of operating reserves (strong position), has a debt-to-asset ratio of 25.3% (moderate leverage).
Financial Trends
Over 13 years of filings (2011–2023), Local Development Corporation Of Crown Heights Inc's revenue has grown at a compound annual growth rate (CAGR) of 3.2%.
| Year | Revenue Change | Expense Change | Asset Change |
|---|---|---|---|
| 2023 | -3.5% | +29.8% | +28.6% |
| 2022 | +3.6% | +10.5% | +2.4% |
| 2021 | +0.3% | +23.6% | +268.9% |
| 2020 | -30.6% | +10.5% | +10.3% |
| 2019 | +50.9% | +25.2% | +73.7% |
IRS Tax-Exempt Classification
| IRS Classification Codes | 1000 |
| IRS Ruling Date | 1988 |
Classification data from ProPublica Nonprofit Explorer. Additional BMF data may be available after enrichment.
AI Transparency Report
Mission Effectiveness Score
NonprofitSpending's AI analysis rates Local Development Corporation Of Crown Heights Inc with a Mission Score of 75 out of 100 (Good). This score reflects the organization's overall financial transparency, program spending efficiency, and governance indicators derived from IRS 990 public filings.
Spending Breakdown
- admin: 15%
- programs: 80%
- fundraising: 5%
According to IRS 990 filings, Local Development Corporation Of Crown Heights Inc allocates its expenses as follows: admin: 15%, programs: 80%, fundraising: 5%. With 80% directed toward programs, this reflects a strong commitment to its charitable mission.
Key Financial Metrics (2023)
From the most recent IRS 990 filing on record:
- The organization reported a deficit of $244K, with expenses exceeding revenue.
- Debt-to-asset ratio: 25.3%.
Executive Compensation Analysis
Executive compensation is consistently reported at 0% across all available filings, indicating that no officers received compensation from the organization, which is highly favorable for a nonprofit of its size with over $1.2 million in annual revenue.
Executive compensation data is sourced from IRS 990 filings, which require nonprofits to disclose the compensation of officers, directors, trustees, and key employees. NonprofitSpending analyzes this data relative to the organization's total revenue and sector benchmarks to assess whether executive pay is reasonable.
Red Flags
The following concerns were identified during AI analysis of Local Development Corporation Of Crown Heights Inc's IRS 990 filings:
- Expenses exceeded revenue in 2023 ($1,470,419 vs. $1,226,111), indicating a net operating loss.
- Significant increase in liabilities from $334,616 in 2022 to $3,266,471 in 2023, requiring further scrutiny.
- Recurring deficits in multiple years (2023, 2016, 2015, 2014) suggest potential inconsistency in financial planning or revenue streams.
Strengths
The following positive indicators were identified for Local Development Corporation Of Crown Heights Inc:
- Consistent reporting of 0% officer compensation across all filings, indicating efficient use of funds at the executive level.
- Substantial growth in assets, from $906,841 in 2017 to $12,934,174 in 2023, demonstrating successful asset accumulation.
- Long and consistent filing history (13 filings), indicating good compliance and transparency.
Frequently Asked Questions about Local Development Corporation Of Crown Heights Inc
Is Local Development Corporation Of Crown Heights Inc a legitimate charity?
Local Development Corporation Of Crown Heights Inc (EIN: 112890302) is a registered tax-exempt nonprofit based in New York. Our AI analysis gives it a Mission Score of 75/100. It has 13 years of IRS 990 filings on record. Total revenue: $18.4M. 3 red flags identified. 3 strengths noted. Financial health grade: B.
How does Local Development Corporation Of Crown Heights Inc spend its money?
Local Development Corporation Of Crown Heights Inc directs 80% of its spending to programs and services. Fundraising costs 5%. This exceeds the 65% industry benchmark.
Are donations to Local Development Corporation Of Crown Heights Inc tax-deductible?
Local Development Corporation Of Crown Heights Inc is registered as a tax-exempt nonprofit (EIN: 112890302). Donations to most 501(c)(3) organizations are tax-deductible. Consult a tax professional for your specific situation.
How much does the Local Development Corporation Of Crown Heights Inc CEO make?
Local Development Corporation Of Crown Heights Inc's highest-compensated officer earns $1.2 annually. The organization reported $18.4M in total revenue. Executive compensation data is disclosed in IRS 990 filings.
What percentage of Local Development Corporation Of Crown Heights Inc's spending goes to programs?
Local Development Corporation Of Crown Heights Inc directs 80% to programs, 5% to fundraising. This exceeds the 65% industry benchmark for efficient nonprofits.
How does Local Development Corporation Of Crown Heights Inc compare to similar nonprofits?
With a transparency score of 75/100 (Good), Local Development Corporation Of Crown Heights Inc is above average for NTEE category S200 nonprofits. The score reflects financial transparency, program spending efficiency, and governance quality based on IRS 990 data.
Where is Local Development Corporation Of Crown Heights Inc located?
Local Development Corporation Of Crown Heights Inc is headquartered in Brooklyn, New York and files with the IRS under EIN 112890302. It is classified under NTEE code S200.
How many years of IRS 990 filings does Local Development Corporation Of Crown Heights Inc have?
Local Development Corporation Of Crown Heights Inc has 13 years of IRS 990 filings on record at NonprofitSpending. This extensive filing history provides a strong basis for evaluating long-term financial trends. The most recent filing shows $18.4M in total revenue.
Is Local Development Corporation Of Crown Heights Inc. financially stable given the 2023 deficit?
While the organization reported a deficit in 2023 ($1,226,111 revenue vs. $1,470,419 expenses), its substantial assets of $12,934,174 provide a buffer. However, the significant increase in liabilities to $3,266,471 in 2023 warrants further investigation into their nature and repayment plan.
What caused the large increase in liabilities in 2023?
The provided data shows liabilities jumped from $334,616 in 2022 to $3,266,471 in 2023. Without access to the full IRS 990, the specific reasons for this nearly tenfold increase cannot be determined, but it is a critical area for further inquiry.
How does the organization fund its operations given the recurring deficits in some years?
The organization has experienced deficits in multiple years (e.g., 2023, 2016, 2015, 2014). It likely relies on accumulated reserves from years with surpluses (e.g., 2022, 2021, 2020, 2019) or other non-operating income/asset sales to cover these shortfalls, as evidenced by its growing asset base.
Filing History
IRS 990 filing history for Local Development Corporation Of Crown Heights Inc showing financial trends over 13 years of public records:
Over 13 years of IRS 990 filings (2011–2023), Local Development Corporation Of Crown Heights Inc's revenue has grown by 46.8%, moving from $835K to $1.2M. Total assets increased by 362.8% over the same period, from $2.8M to $12.9M. Total functional expenses rose by 51.7%, from $969K to $1.5M. In its most recent filing year (2023), Local Development Corporation Of Crown Heights Inc reported a deficit of $244K, with expenses exceeding revenue. The organization holds $3.3M in liabilities against $12.9M in assets (debt-to-asset ratio: 25.3%), resulting in net assets of $9.7M.
| Year | Revenue | Expenses | Assets | Liabilities | Officer Comp. % | |
|---|---|---|---|---|---|---|
| 2023 | $1.2M | $1.5M | $12.9M | $3.3M | — | — |
| 2022 | $1.3M | $1.1M | $10.1M | $335K | — | View 990 |
| 2021 | $1.2M | $1.0M | $9.8M | $190K | — | View 990 |
| 2020 | $1.2M | $829K | $2.7M | $216K | — | View 990 |
| 2019 | $1.8M | $750K | $2.4M | $158K | — | View 990 |
| 2018 | $1.2M | $599K | $1.4M | $201K | — | View 990 |
| 2017 | $736K | $632K | $907K | $285K | — | View 990 |
| 2016 | $612K | $735K | $1.3M | $360K | — | View 990 |
| 2015 | $714K | $849K | $1.2M | $179K | — | View 990 |
| 2014 | $752K | $1.8M | $1.4M | $228K | — | View 990 |
| 2013 | $639K | $980K | $2.7M | $466K | — | View 990 |
| 2012 | $619K | $940K | $2.6M | $143K | — | View 990 |
| 2011 | $835K | $969K | $2.8M | $111K | — | View 990 |
Year-by-Year Financial Summary
- 2023: Revenue of $1.2M, expenses of $1.5M, and assets of $12.9M (revenue -3.5% year-over-year).
- 2022: Revenue of $1.3M, expenses of $1.1M, and assets of $10.1M (revenue +3.6% year-over-year).
- 2021: Revenue of $1.2M, expenses of $1.0M, and assets of $9.8M (revenue +0.3% year-over-year).
- 2020: Revenue of $1.2M, expenses of $829K, and assets of $2.7M (revenue -30.6% year-over-year).
- 2019: Revenue of $1.8M, expenses of $750K, and assets of $2.4M (revenue +50.9% year-over-year).
- 2018: Revenue of $1.2M, expenses of $599K, and assets of $1.4M (revenue +58.7% year-over-year).
- 2017: Revenue of $736K, expenses of $632K, and assets of $907K (revenue +20.2% year-over-year).
- 2016: Revenue of $612K, expenses of $735K, and assets of $1.3M (revenue -14.3% year-over-year).
- 2015: Revenue of $714K, expenses of $849K, and assets of $1.2M (revenue -5.0% year-over-year).
- 2014: Revenue of $752K, expenses of $1.8M, and assets of $1.4M (revenue +17.7% year-over-year).
- 2013: Revenue of $639K, expenses of $980K, and assets of $2.7M (revenue +3.2% year-over-year).
- 2012: Revenue of $619K, expenses of $940K, and assets of $2.6M (revenue -25.9% year-over-year).
- 2011: Revenue of $835K, expenses of $969K, and assets of $2.8M.
View Individual Filing Years
Explore detailed financial data from each IRS 990 filing year for Local Development Corporation Of Crown Heights Inc:
Data Sources and Methodology
This transparency report for Local Development Corporation Of Crown Heights Inc is generated by NonprofitSpending's AI analysis engine. The data is sourced from publicly available IRS 990 filings accessed through the ProPublica Nonprofit Explorer API and IRS electronic filing records. The Mission Score, spending breakdown, and other analytical insights are produced by artificial intelligence and should be used as one of multiple factors when evaluating a nonprofit organization.
IRS 990 forms are annual information returns that most tax-exempt organizations must file with the IRS. These forms provide detailed financial information including revenue, expenses, assets, liabilities, and compensation of officers. NonprofitSpending processes this data to provide accessible transparency reports for donors, researchers, and the general public.
Disclaimer
AI-generated analysis based on IRS public records. Not financial or legal advice. Verify information directly with the organization.