2024-08-15T15:11:07-05:00 2023-09-30 130436940 ANCHIN BLOCK & ANCHIN LLP 3 TIMES SQUARE NEW YORK NY 10036 990 2022-10-01 112556172 LONG ISLAND DEVELOPMENT CORPORATION LONG 5164335000 175 ENGINEERS ROAD NO 200 HAUPPAUGE NY 11788 GINA SLATER PARKER PRESIDENT AND CEO 5164335000 2024-08-15 1 1 ADAM RUBINFELD P01542370 2128403456 2024-08-15 2022 2024-08-08 14:25:15Z GINA SLATER PARKER 175 ENGINEERS ROAD HAUPPAUGE NY 11788 623735 0 X WWW.LIDC.ORG X 1980 NY TO ASSIST SMALL BUSINESSES/NFP ENTITIES WITH LOANS & TECHNICAL ASSISTANCE. 8 7 5 12 0 0 2117000 3000 431257 581399 5062 21336 18000 18000 2571319 623735 29500 10000 0 0 360311 365743 0 0 0 529377 743397 919188 1119140 1652131 -495405 14767676 14406347 461973 596049 14305703 13810298 X ECONOMIC DEVELOPMENT TO ASSIST SMALL BUSINESSES AND NOT-FOR-PROFIT ENTITIES WITH LOANS AND TECHNICAL ASSISTANCE. 0 0 436314 270030 CORONAVIRUS AID, RELIEF, AND ECONOMIC SECURITY ACT REVOLVING LOAN FUND:IN JULY 2020, THE DEPARTMENT OF COMMERCE'S ECONOMIC DEVELOPMENT ADMINISTRATION (EDA) APPROVED LIDC'S APPLICATION TO CAPITALIZE A $6,570,000 REVOLVING LOAN FUND TO ALLEVIATE SUDDEN AND SEVERE ECONOMIC DISLOCATION CAUSED BY THE CORONAVIRUS (COVID-19) PANDEMIC, TO PROVIDE PERMANENT RESOURCES TO SUPPORT ECONOMIC RESILIENCY, AND TO FURTHER THE LONG-TERM ECONOMIC ADJUSTMENT OBJECTIVES OF LONG ISLAND. THE EDA INVESTMENT ALSO PROVIDES $657,000 TO DEFRAY THE COST OF ADMINISTERING THE RLF. THE TOTAL PROJECT COST IS ESTIMATED TO BE $7,227,000 AND IS FUNDED UNDER THE ADDITIONAL SUPPLEMENTAL APPROPRIATIONS FOR CORONAVIRUS AID, RELIEF, AND ECONOMIC SECURITY ACT (CARES ACT). THE EDA ISSUED THE APPROVED AGREEMENT IN TWO PHASES. THE FIRST PHASE OR FUNDING PHASE IS A TWO YEAR PERIOD IN WHICH BOTH THE $6,570,000 LOAN FUNDS MUST BE DISBURSED AND THE $657,000 ADMINISTRATIVE FEE MUST BE UTILIZED. AS OF SEPTEMBER 30, 2021, $3,040,000 OF LOANS HAVE BEEN DISBURSED. THE SECOND PHASE OF REVOLVING LOAN FUND PHASE BEGINS AFTER THE FIRST PHASE HAS OCCURED AND PERFORMS AS A TRADITIONAL RLF DURING THE NEXT 7 YEARS. DURING THIS PERIOD, LIDC RECEIVES ADMINISTRATIVE FEES, SUBJECT TO MAXIMUM LIMITS SET BY THE CONTRACTS. THE ADMINISTRATIVE FEE IS PAID FROM INTEREST AND FEES EARNED IN CONNECTION WITH THE PROGRAM. 503107 10000 311369 LONG ISLAND DEFENSE DIVERSIFICATION REVOLVING LOAN FUNDIN 1994 LIDC ENTERED INTO A CONTRACT WITH NEW YORK STATE DEPARTMENT OF ECONOMIC DEVELOPMENT ("NYSDED") TO ADMINISTER A $2.0 MILLION LOAN FUND TO DISBURSE LOANS TO DEFENSE DEPENDENT SMALL BUSINESS MANUFACTURERS USING FUNDS PROVIDED BY THE ECONOMIC DEVELOPMENT ADMINISTRATION ("EDA") UNDER THE U.S. DEPARTMENT OF COMMERCE THROUGH NYSDED. THE FUND WAS INCREASED TO $2.5 MILLION IN 1995. THE USE OF FUNDS WAS EXPANDED TO TARGETED INDUSTRIES (NOTE A-2C). REPAYMENTS OF PRINCIPAL AND INTEREST ALONG WITH INTEREST ON DEPOSITS AND FEES RECEIVED IN CONNECTION WITH THESE LOANS ARE RESTRICTED FOR FUTURE LENDING. INTEREST AND FEES RECEIVED ON OUTSTANDING LOANS FOR THE YEAR ENDED SEPTEMBER 30, 2023 WAS $166,164. IN ADDITION, LIDC MAINTAINS RESERVE DEPOSIT ACCOUNTS FOR SOME OF THE BORROWERS, INTEREST ON WHICH BELONGS TO LIDC. LIDC RECEIVES ADMINISTRATIVE FEES IN CONNECTION WITH THIS PROGRAM WHICH ARE PAID FROM INTEREST AND FEES EARNED UP TO CERTAIN MAXIMUM LIMITS SET BY CONTRACT. FOR THE YEAR ENDED SEPTEMBER 30, 2023, LIDC RECEIVED FROM THE LONG ISLAND DEFENSE DIVERSIFICATION REVOLVING LOAN FUND ADMINISTRATIVE FEES OF $99,618.LONG ISLAND FISHERIES ASSISTANCE REVOLVING LOAN FUNDIN 1994 LIDC ENTERED INTO CONTRACTS WITH THE NYSDED AND JOB DEVELOPMENT AUTHORITY ("JDA") TO ADMINISTER A $750,000 FUND TO ASSIST COMMERCIAL FISHERMEN AND RELATED INDUSTRIES NEGATIVELY IMPACTED BY POLLUTION AND REGULATION ON LONG ISLAND. $500,000 IS FUNDED FROM THE EDA UNDER THE U.S. DEPARTMENT OF COMMERCE THROUGH NYSDED AND $250,000 IS FUNDED FROM THE JDA. THE FUNDS ARE USED FOR WORKING CAPITAL AND CAPITAL ASSET LOANS TO ELIGIBLE SMALL BUSINESSES. IN 1999 THE FUND WAS EXPANDED TO INCLUDE TARGETED INDUSTRIES (SEE NOTE A-2C). LIDC RECEIVES ADMINISTRATIVE FEES, SUBJECT TO MAXIMUM LIMITS SET BY THE CONTRACTS. THE ADMINISTRATIVE FEE IS PAID FROM INTEREST AND FEES EARNED IN CONNECTION WITH THE PROGRAM. INTEREST AND FEES RECEIVED ON OUTSTANDING LOANS FOR THE YEAR ENDED SEPTEMBER 30, 2023 WAS $35,457. USE OF INTEREST, PRINCIPAL AND FEES IS RESTRICTED BY CONTRACT. FOR THE YEARS ENDED SEPTEMBER 30, 2023, LIDC RECEIVED FROM THE LONG ISLAND FISHERIES ASSISTANCE REVOLVING LOAN FUND ADMINISTRATIVE FEES OF $26,082.LONG ISLAND TARGETED INDUSTRIES REVOLVING LOAN FUNDIN 1995, LIDC ENTERED INTO AGREEMENTS WITH THE NYS URBAN DEVELOPMENT CORPORATION ("UDC"), NASSAU AND SUFFOLK COUNTIES TO CREATE THE LONG ISLAND WORKING CAPITAL LOAN FUND. THIS FUND WAS TO PROVIDE WORKING CAPITAL LOANS TO TARGETED SMALL BUSINESSES FOR DEFENSE DIVERSIFICATION, INDUSTRIAL MODERNIZATION, AND SPECIAL COMMUNITY PROJECTS. AS OF SEPTEMBER 30, 1999, LIDC HAD RECEIVED $2,000,000 IN LOAN LOSS RESERVE FUNDS FROM UDC ($1,000,000), SUFFOLK COUNTY ($500,000), AND NASSAU COUNTY ($500,000). DURING THE FISCAL YEAR 1999 THE LONG ISLAND WORKING CAPITAL LOAN FUND WAS DISSOLVED AND THE BALANCE OF THE NYS (UDC) LOAN LOSS RESERVE WAS TRANSFERRED INTO THE LONG ISLAND TARGETED INDUSTRY RLF FOR DIRECT LENDING. ELIGIBILITY FOR THE TARGETED FUND WAS EXPANDED BEYOND THE LISTED TARGETED INDUSTRIES, AND COMMUNITY DEVELOPMENT PROJECTS TO INCLUDE NON-RETAIL STATE MINORITY AND/OR WOMEN OWNED BUSINESSES CERTIFIED BY NYS AND TO INCLUDE ANY BUSINESSES LOCATED IN A NYS EMPIRE ZONE, OR THAT IS NYS EXCELSIOR CERTIFIED. LIDC RECEIVES ADMINISTRATIVE FEES, SUBJECT TO MAXIMUM LIMITS SET BY THE CONTRACTS. THE ADMINISTRATIVE FEE IS PAID FROM INTEREST AND FEES EARNED IN CONNECTION WITH THE PROGRAM. INTEREST AND FEES RECEIVED ON OUTSTANDING LOANS FOR THE YEAR ENDED SEPTEMBER 30, 2023 WAS $73,607. USE OF INTEREST, PRINCIPAL AND FEES IS RESTRICTED BY CONTRACT. FOR THE YEAR ENDED SEPTEMBER 30, 2023, LIDC RECEIVED FROM THE LONG ISLAND TARGETED INDUSTRIES REVOLVING LOAN FUND ADMINISTRATIVE FEES OF $51,853. 939421 1 0 0 0 0 0 0 0 0 0 1 0 0 0 0 1 1 0 0 0 0 0 0 0 0 0 0 1 0 1 0 0 0 0 0 0 0 0 0 0 0 0 0 1 0 0 0 1 4 0 1 5 1 0 0 0 0 0 0 0 0 0 0 0 0 X 8 7 1 0 0 0 1 1 0 1 1 0 0 1 1 1 1 1 1 1 0 0 NY X LONG ISLAND DEVELOPMENT CORPORATION 5164335000 175 ENGINEERS ROAD NO 200 HAUPPAUGE NY 11788 GINA SLATER PARKER PRESIDENT/CEO/BOARD MEMBER 35.00 X X 221593 0 25369 PHYLLIS HILL SLATER BOARD MEMBER 10.00 X X 0 0 0 PHIL BALLIN BOARD MEMBER 5.00 X 0 0 0 ISABEL MEDINA BOARD MEMBER 5.00 X 0 0 0 MICHAEL FIELDS BOARD MEMBER 2.00 X 0 0 0 DIANA WEIR BOARD MEMBER 5.00 X 0 0 0 DOMENIC ABBATIELLO BOARD MEMBER 2.00 X 0 0 0 MICHELLE DIBENEDETTO BOARD MEMBER 5.00 X 0 0 0 221593 0 25369 1 0 1 0 0 3000 3000 REVOLVING LOAN FUND IN 522291 264928 264928 ADMINISTRATIVE INCOME 561000 246880 246880 SBA 504 PROGRAM REVENU 522291 69591 69591 581399 21336 21336 SUBLET INCOME 900099 18000 18000 18000 623735 581399 0 39336 10000 10000 246962 234614 12348 95954 91156 4798 22827 21685 1142 21503 21503 81250 81250 39350 39350 7955 7955 23992 22792 1200 11240 10678 562 70340 66823 3517 11111 10556 555 6371 6052 319 44154 44154 6154 5846 308 80268 76254 4014 ADMINISTRATION FEES 246880 246880 GRANT PROCUREMENT 27050 27050 EQUIPMENT RENTAL 2740 2603 137 ADMINISTRATIVE FILINGS 800 800 62239 59127 3112 1119140 939421 179719 0 195871 40714 6444716 3584832 7006 42558 8067416 10696038 24760 20451 38884 30318 14719 8566 13188 13188 14767676 14406347 31973 96049 430000 500000 461973 596049 X -295254 316116 14600957 13494182 14305703 13810298 14767676 14406347 -495405 0 X 0 1 X 1 1 1 X 25000 20000 112700 2117000 3000 2277700 25000 20000 112700 2117000 3000 2277700 2277700 3293 1403 308 5062 21336 31402 2309102 0.98640 0.99310 X 34807 27199 7608 4077 3119 958 8566 X 623735 0 623735 0 623735 1119140 0 1119140 0 1119140 PART X, LINE 2: THE ORGANIZATION IS A NOT-FOR-PROFIT ORGANIZATION THAT IS EXEMPT FROM INCOME TAXES UNDER SECTION 501(C)(3) OF THE INTERNAL REVENUE CODE. LIDC CONFORMS TO THE PROVISIONS OF ASC 740, INCOME TAXES, RELATED TO ACCOUNTING FOR UNCERTAINTY IN INCOME TAXES. ASC 740 PRESCRIBES A RECOGNITION THRESHOLD AND RELATED MEASUREMENT MODEL FOR RECOGNIZING TAX POSITIONS. FOR TAX BENEFITS TO BE RECOGNIZED, A TAX POSITION MUST MORE LIKELY THAN NOT BE SUSTAINED UPON EXAMINATION BY THE TAXING AUTHORITIES. NO ADJUSTMENTS HAVE BEEN REQUIRED BY LIDC FOR UNCERTAIN TAX POSITIONS. LIDC'S INCOME TAX RETURNS SUBSEQUENT TO 2016 ARE CURRENTLY SUBJECT TO EXAMINATION BY THE TAXING AUTHORITIES. 1 LONG ISLAND SMALL BUSINESS ASSISTANCE CORP 175 ENGINEERS ROAD 200 HAUPPAUGE NY 11788 113431263 501(C)(3) 10000 0 GRANT FOR BUSINESS CREDIT IMPROVEMENT PROGRAM 1 0 PART I, LINE 2: THE FUNDS ARE AUTHORIZED BY THE LIDC BOARD TO FUND THE BUSINESS CREDIT IMPROVEMENT PROGRAM (BCIP). BCIP IS BEING FULLY SERVICED, WITH MONTHLY BILLING, COLLECTIONS, DOWNHOMELOAN MANAGEMENT REPORTS AND ACCOUNT RECONCILIATION. X 0 0 0 0 0 0 0 1 0 GINA SLATER PARKER PRESIDENT/CEO/BOARD MEMBER 212518 0 9075 0 0 0 0 0 25369 0 246962 0 0 0 PART I, LINE 7: THE PRESIDENT/CEO RECEIVED A HOLIDAY BONUS DURING THE 2022 CALENDER YEAR. THE AMOUNT IS DETERMINED AND APPROVED BY THE BOARD. FORM 990, PART VI, SECTION A, LINE 2 PHYLLIS HILL SLATER, BOARD MEMBER & CHAIRMAN, IS THE MOTHER OF GINA SLATER PARKER, PRESIDENT/CEO/BOARD MEMBER. FORM 990, PART VI, SECTION A, LINE 6 THE ORGANIZATION HAS CORPORATE MEMBERS WHO ELECT THE BOARD. THERE ARE 21 CORPORATE MEMBERS AND 10 OF THEM SIT ON THE BOARD OF DIRECTORS. FORM 990, PART VI, SECTION A, LINE 7A THE ORGANIZATION HAS CORPORATE MEMBERS WHO ELECT THE BOARD OF DIRECTORS. FORM 990, PART VI, SECTION B, LINE 11B THE FORM 990 IS PREPARED BY MANAGEMENT WITH THE ASSISTANCE OF A THIRD PARTY TAX ACCOUNTANT. THE PRESIDENT/CEO AND BOARD TREASURER REVIEWS THE DRAFT OF THE RETURN. THE FINAL DRAFT OF THE RETURN IS PROVIDED TO THE ORGANIZATION'S AUDIT COMMITTEE AND THE EXECUTIVE COMMITTEE FOR FINAL REVIEW AND COMMENTS. THE RETURN IS PROVIDED TO THE FULL BOARD OF DIRECTORS PRIOR TO FILING WITH THE IRS. FORM 990, PART VI, SECTION B, LINE 12C THE CONFLICT OF INTEREST POLICY IS REVIEWED AT THE ANNUAL MEETING. A LIST IS PROVIDED OF ALL THE CORPORATE MEMBERS AND THEIR AFFILIATIONS. THE LIST IS REVIEWED FOR POTENTIAL CONFLICTS OR THE APPEARANCE OF CONFLICTS. MEMBERS HAVE AN AFFIRMATIVE OBLIGATION TO BRING ANY POTENTIAL CONFLICTS OR THE APPEARANCE OF A CONFLICT TO THE ATTENTION OF MANAGEMENT AND OFFICERS FOR RESOLUTION. ALSO, DIRECTORS AND KEY EMPLOYEES ANNUALLY SUBMIT A SIGNED CONFLICT OF INTEREST DISCLOSURE STATEMENT, WHICH IS REVIEWED BY THE AUDIT COMMITTEE CHAIR WHO BRINGS ANY ISSUES TO THE AUDIT COMMITTEE AND BOARD OF DIRECTORS AS APPROPRIATE. FORM 990, PART VI, SECTION B, LINE 15A THE COMPENSATION FOR THE PRESIDENT/CEO WAS DETERMINED BASED ON INPUT BY THE COMPENSATION COMMITTEE, AUDIT COMMITTEE, EXECUTIVE COMMITTEE AND ULTIMATE DETERMINATION BY THE BOARD OF DIRECTORS. FORM 990, PART VI, SECTION C, LINE 19 THE ORGANIZATION MAKES ITS GOVERNING DOCUMENTS, CONFLICT OF INTEREST POLICY, AND FINANCIAL STATEMENTS AVAILABLE TO THE PUBLIC UPON REQUEST. LONG ISLAND SMALL BUSINESS ASSISTANCE CORP 175 ENGINEERS RD 200 HAUPPAUGE NY 11788 113431263 MICRO LENDER FOR SEDI NY 501(C)(3) LINE 7 N/A 0 0 1 0 0 0 0 0 0 0 1 0 0 0 0 1 0 0 0 0