2024-03-22T11:57:07-05:00 2023-06-30 872525370 CITRIN COOPERMAN ADVISORS LLC 180 PARK AVENUE SUITE 200 FLORHAM PARK NJ 07932 990 2022-07-01 135562239 HEBREW FREE LOAN SOCIETY INC HEBR 2126870188 675 THIRD AVENUE SUITE 1900 NEW YORK NY 10017 DAVID ROSENN PRESIDENT & CEO 2126870188 2024-03-18 1 DAVID ROSENN 999009999 0 PAULA VUKSIC P00360739 9732180500 2024-03-18 3 AAL1 IAL1 2022 2023-04-26 12:10:37Z DAVID ROSENN 675 THIRD AVENUE SUITE 1900 NEW YORK NY 10017 8921287 0 X WWW.HFLS.ORG X 1892 NY PROVIDES INTEREST-FREE LOANS TO INDIVIDUALS, FAMILIES AND BUSINESSES. 24 24 21 0 0 0 7445504 6305517 0 346995 -347836 657357 341465 0 7439133 7309869 0 0 0 0 2024717 2389931 0 0 493758 864948 1392104 2889665 3782035 4549468 3527834 43852664 49249393 10134440 11769335 33718224 37480058 X THE HEBREW FREE LOAN SOCIETY (HFLS) ADVANCES ECONOMIC STABILITY AND OPPORTUNITY FOR LOWER INCOME NEW YORKERS WITHIN AND BEYOND THE JEWISH COMMUNITY BY MAKING SAFE, AFFORDABLE INTEREST-FREE LOANS. HFLS IS A NON-SECTARIAN LENDER, SERVING THE NEW YORK CITY METROPOLITAN AREA SINCE 1892.TODAY, WE CONTINUE THAT TRADITION OF MAKING INTEREST-FREE LOANS AVAILABLE TO NEW YORKERS WHO NEED IMMEDIATE HELP OR WANT TO INVEST IN THEIR FUTURES, BUT CANNOT AFFORD OR DO NOT QUALIFY FOR COMMERCIAL CREDIT. HFLS MAINTAINS A 99.9% REPAYMENT RATE. SINCE OUR FOUNDING 130 YEARS AGO, HFLS HAS PROVIDED OVER $380 MILLION TO MORE THAN 900,000 BORROWERS. AS OUR LOANS ARE REPAID, THE CAPITAL IS LENT OUT AGAIN AND AGAIN, HELPING MORE PEOPLE AND MULTIPLYING THE IMPACT OVER TIME. HFLS IS UNIQUE. THERE ARE NO OTHER ORGANIZATIONS IN NEW YORK CITY THAT PROVIDE AN ARRAY OF INTEREST-FREE LOANS TO LOW-AND MODERATE-INCOME PEOPLE FACING FINANCIAL EMERGENCIES. 0 0 2866366 346995 THE HEBREW FREE LOAN SOCIETY (HFLS) ADVANCES ECONOMIC STABILITY AND OPPORTUNITY FOR LOWER-INCOME NEW YORKERS WITHIN AND BEYOND THE JEWISH COMMUNITY BY MAKING SAFE, AFFORDABLE INTEREST-FREE LOANS. HFLS IS A NON-SECTARIAN LENDER, SERVING THE NEW YORK CITY AREA SINCE 1892.HFLS PROVIDES 0%-INTEREST LOANS TO ASSIST LOW AND MODERATE-INCOME HOUSEHOLDS WHO ARE STRUGGLING TO MANAGE SPIKES IN EXPENSES, DIPS IN INCOME, AND ALL TYPES OF EMERGENCY OR OUTSIZE NEEDS. HFLS LOANS HELP LOWER-INCOME INDIVIDUALS AND FAMILIES PAY FOR COLLEGE, GRADUATE SCHOOL, OR PROFESSIONAL TRAINING; MANAGE MEDICAL AND DENTAL EXPENSES; AFFORD MOVING COSTS AND SECURITY DEPOSITS; CONSOLATE AND REDUCE HIGH-INTEREST DEBT; START OR EXPAND A SMALL BUSINESS; ACCESS EXPENSIVE SPECIAL EDUCATION SERVICES FOR THEIR SPECIAL NEEDS CHILDREN; PAY IMMIGRATION AND LEGAL FEES; AND MORE. AT END OF FY23, HFLS HAD 3,989 LOANS OUTSTANDING TOTALING $34.14 MILLION; IN FY23 ALONE, HFLS DISBURSED 2,033 LOANS TOTALING MORE THAN $29 MILLION, AN INCREASE OF NEARLY $5.5M AND MORE THAN 100 LOANS OVER THE PRIOR FY. 2866366 1 1 0 0 0 0 0 0 1 1 1 0 0 0 1 1 1 0 0 0 0 0 0 0 0 0 0 0 0 1 0 0 0 1 0 0 0 0 0 0 0 0 0 0 0 0 0 1 4 0 1 21 1 0 0 0 0 0 0 0 0 0 0 0 0 X 24 24 0 0 0 0 0 0 0 1 1 0 0 1 1 1 1 1 1 1 0 0 CA CO CT FL GA IL NJ NY GA DC KS MD MA MN NH NC PA RI TN VA WA X X DAREN SCOTT 2126870188 675 THIRD AVENUE SUITE 1900 NEW YORK NY 10017 IAN SHRANK CHAIR 2.00 X X 0 0 0 ELLEN M BRAITMAN VICE CHAIR 1.00 X X 0 0 0 EDWARD S KARAN VICE CHAIR 1.00 X X 0 0 0 PAUL SIEGEL TREASURER 1.00 X X 0 0 0 ALON LEDERMAN SECRETARY 1.00 X X 0 0 0 STEVEN ADELSBERG BOARD MEMBER 0.50 X 0 0 0 VICTORIA BENGUALID BOARD MEMBER 0.50 X 0 0 0 WILL BRESSMAN BOARD MEMBER 0.50 X 0 0 0 ANDREW DANSKER BOARD MEMBER 0.50 X 0 0 0 MARK GERSTEIN BOARD MEMBER 0.50 X 0 0 0 DAVID GGLASSER BOARD MEMBER 0.50 X 0 0 0 JOEL HIRSCHTRITT BOARD MEMBER 0.50 X 0 0 0 KIMBERLEY S JOHNSON BOARD MEMBER 0.50 X 0 0 0 ALAN LAYTNER BOARD MEMBER 0.50 X 0 0 0 GREG LEVIN BOARD MEMBER 0.50 X 0 0 0 ANA DEMEL BOARD MEMBER 0.50 X 0 0 0 JANE EISNER BOARD MEMBER 0.50 X 0 0 0 MARK B RUBIN BOARD MEMBER 0.50 X 0 0 0 LYNNE GALLER BOARD MEMBER 0.50 X 0 0 0 SIMEON SIEGEL BOARD MEMBER 0.50 X 0 0 0 ANDREW TANANBAUM BOARD MEMBER 0.50 X 0 0 0 JONATHAN BRICKMAN BOARD MEMBER 0.50 X 0 0 0 JAMIE HARRIS BOARD MEMBER 0.50 X 0 0 0 STACEY ZOLAND BOARD MEMBER 0.50 X 0 0 0 SHLOMO HAFT ME PROGRAM DIRECTOR 40.00 X 109502 0 21326 DAVID ROSENN PRESIDENT & CEO 40.00 X 210786 0 27455 KIMBERLEY KAPLAN DEPUTY DIRECTOR 40.00 X 171127 0 24647 DAREN SCOTT DIRECTOR OF FINANACE AND ADMIN. 40.00 X 141210 0 23344 RACHEL CHASKY DEVELOPMENT DIRECTOR 40.00 X 140002 0 22501 772627 0 119273 5 0 1 0 0 247000 6058517 6305517 OTHER ADMINISTRATIVE FEES 611430 346995 346995 346995 68775 68775 2200000 1611418 588582 588582 588582 7309869 346995 0 657357 608492 532635 53901 21956 1277632 823297 177560 276775 120431 90323 12043 18065 233360 175020 23866 34474 150016 112512 15002 22502 250 195 25 30 35240 27487 3524 4229 9988 9988 221249 124298 44670 52281 67654 67654 41969 29557 8395 4017 193107 169935 13517 9655 15638 13292 1877 469 87544 61281 17509 8754 35067 29806 3507 1754 PROVISION FOR UNCOLLECT 462058 462058 PROGRAM EXPENSE 102137 102137 OPERATIONAL MANAGEMENT 25620 17178 5918 2524 MISCELLANEOUS 23163 20500 2663 71420 27701 10109 33610 3782035 2866366 421911 493758 3176368 1125712 3000683 2501417 78882 141482 108305 159612 25286677 34147795 26418 48376 707990 435297 348318 272693 11827013 10487626 0 364680 43852664 49249393 1233 71601 68384 42134 140474 146974 300000 300000 9624349 11208626 10134440 11769335 X 21723374 24606766 11994850 12873292 33718224 37480058 43852664 49249393 3527834 234000 0 X 0 1 X 1 0 X 2419732 6851552 4703557 7445504 6305517 27725862 2419732 6851552 4703557 7445504 6305517 27725862 10695391 17030471 51319 46130 34729 42805 68774 243757 27969619 1527249 0.60890 0.64950 X RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED 0 1 X 10588104 990799 437702 2185531 9831074 9907154 2075810 -743211 651649 10588104 10002249 384818 1357359 1837272 9907154 9152119 869203 -19073 10002249 8608989 840558 100690 398118 9152119 0.09161 0.90839 0 0 707990 435297 272693 272693 LOAN PAYABLE - CR AND LC 100000 LOAN PAYABLE - SOCIETY FOR THE ADVANCEMENT OF JUDAISM 13000 JEWISH COMMUNAL FUND 2075000 SCHUSTERMAN LOAN FOR EDU 500000 MEN HAVING BABIES LOAN FUND 139000 ROBINHOOD LOAN FUND 111900 MOISE Y. SAFRA FOUNDATION LOAN 1000000 CHARITABLE ASSOCIATES LOAN 1095000 UJA SMALL BUSINESS LOAN 800000 COMMUNITY HEALTHCARE (ACCESS LOANS) 80000 EVAN DREYER 50000 CBA CAPITAL LOAN 50000 FOLLOW YOUR DREAM CAPITAL LOAN 2000000 COLLATERAL 1230046 FJC CAPITAL LOAN FOR SE 500000 CAPITAL LOAN FROM JOSEPH BLUM 1000000 JCF LOAN FOR JLF CHICAGO 100000 LEASE LIABILITY 364680 11208626 X 7597377 234000 63496 297496 7299881 9988 9988 7309869 3835543 63496 63496 3772047 9988 9988 3782035 PART IV, LINE 2B: THE HEBREW FREE LOAN SOCIETY ADMINISTERS THREE SCHOLARSHIP PROGRAMS ON BEHALF OF THE UJA FEDERATION OF NEW YORK. THIS PROGRAM PROVIDES APPROXIMATELY $1 MILLION TO STUDENTS WITH FINANCIAL NEED, PRIMARILY IN THE NEW YORK METROPOLITAN AREA. HFLS GATHERS AND PROCESSES APPLICATIONS FROM STUDENTS, ENSURING THAT THEY MEET UJA'S ELIGIBILITY REQUIREMENTS. APPROVAL OF INDIVIDUAL STUDENT SCHOLARSHIP AWARDS IS AT THE SOLE DISCRETION OF THE UJA SCHOLARSHIP COMMITTEES. AS PART OF THE ADMINISTRATIVE PROCESS HFLS IS REQUIRED TO SEND A REPORT TO UJA ON THE NUMBER AND AMOUNT OF SCHOLARSHIPS APPROVED AND UJA THEN DISBURSES THE FUNDS TO STUDENTS. HOWEVER, STUDENTS ARE REQUIRED TO ACCEPT THE SCHOLARSHIPS BEFORE DISBURSEMENT. SOME STUDENTS MAY NOT ACCEPT THE SCHOLARSHIP OFFERED AND AS SUCH THE UNCLAIMED FUNDS ARE KEPT BY HFLS AND ADDED TO THE POOL OF AVAILABLE FUNDS IN THE NEXT SCHOLARSHIP SEASON. PART V, LINE 4: THE ORGANIZATION'S ENDOWMENT CONSISTS OF PERMANENTLY RESTRICTED FUNDS AND BOARD DESIGNATED FUNDS THAT PROVIDE A FUNDING STREAM FOR THE ORGANIZATION'S PROGRAMS. PART X, LINE 2: THE SOCIETY QUALIFIES AS A TAX-EXEMPT, NOT-FOR-PROFIT ORGANIZATION UNDER SECTION 501(C)(3) OF THE INTERNAL REVENUE CODE. THE SOCIETY RECOGNIZES AND MEASURES ITS UNRECOGNIZED TAX BENEFITS IN ACCORDANCE WITH FASB ASC 740, INCOME TAXES. UNDER THAT GUIDANCE, THE SOCIETY ASSESSES THE LIKELIHOOD, BASED ON THEIR TECHNICAL MERIT, THAT TAX POSITIONS WILL BE SUSTAINED UPON EXAMINATION BASED ON THE FACTS, CIRCUMSTANCES AND INFORMATION AVAILABLE AT THE END OF EACH PERIOD. THE MEASUREMENT OF UNRECOGNIZED TAX BENEFITS IS ADJUSTED WHEN NEW INFORMATION IS AVAILABLE, OR WHEN AN EVENT OCCURS THAT REQUIRES A CHANGE. MANAGEMENT HAS EVALUATED THE TAX POSITIONS OF THE SOCIETY AND HAS CONCLUDED THAT NO UNCERTAIN TAX POSITIONS THAT REQUIRE ADJUSTMENT TO THE FINANCIAL STATEMENTS HAD BEEN TAKEN. X X X X 0 0 0 0 0 0 0 0 0 DAVID ROSENN PRESIDENT & CEO 210786 0 0 0 0 0 8037 0 19418 0 238241 0 0 0 KIMBERLEY KAPLAN DEPUTY DIRECTOR 171127 0 0 0 0 0 6151 0 18496 0 195774 0 0 0 DAREN SCOTT DIRECTOR OF FINANACE AND ADMIN. 141210 0 0 0 0 0 4848 0 18496 0 164554 0 0 0 RACHEL CHASKY DEVELOPMENT DIRECTOR 140002 0 0 0 0 0 4848 0 17653 0 162503 0 0 0 IAN SHRANK BOARD PRESIDENT CAPITAL LOAN X 250000 250000 0 1 1 MARK J GERSTEIN VICE PRESIDENT CAPITAL LOAN X 50000 50000 0 1 1 300000 FORM 990, PART VI, SECTION B, LINE 11B THE ORGANIZATION'S FORM 990 IS INITIALLY REVIEWED BY BOTH THE SOCIETY'S DIRECTOR OF FINANCE AND ADMINISTRATION AND THE PRESINDENT/CEO. IT IS THEN REVIEWED BY THE AUDIT COMMITTEE CHAIR TO VERIFY THAT ALL REQUIRED DISCLOSURES HAVE BEEN MADE. THE SOCIETY'S EXECUTIVE COMMITTEE THEN PERFORMS A FINAL REVIEW BEFORE THE FORM 990 IS DISTRIBUTED TO THE ENTIRE BOARD AND RECEIVES FINAL APPROVAL FOR FILING FROM THE ORGANIZATION'S PRESIDENT/CEO. FORM 990, PART VI, SECTION B, LINE 12C THE CONFLICT OF INTEREST POLICY APPLIES TO ALL OFFICERS, TRUSTEES AND KEY EMPLOYEES OF THE ORGANIZATION. ALL TRANSACTIONS ARE MONITORED TO DETERMINE IF ANY POTENTIAL CONFLICT EXISTS. IF IT IS DETERMINED THAT A POTENTIAL CONFLICT DOES EXIST, THE OFFICER, TRUSTEE OR KEY EMPLOYEE IS PROHIBITED FROM PARTICIPATING IN THE DELIBERATIONS AND DECISIONS RELATING TO THAT TRANSACTION. FORM 990, PART VI, SECTION B, LINE 15A THE CHAIR AND MEMBERS OF THE EXECUTIVE COMMITTEE REVIEW COMPARABLE DATA OF OTHER ORGANIZATIONS (VARIOUS OTHER SIMILARITY-SIZED FREE LOAN SOCIETIES) TO DETERMINE THE COMPENSATION OF THE PRESIDENT/CEO. ALL DISCUSSIONS OF THE EXECUTIVE COMMITTEE AND THE BOARD OF DIRECTORS REGARDING COMPENSATION OF OFFICERS ARE DOCUMENTED IN THE SOCIETY'S RECORDS. FORM 990, PART VI, SECTION C, LINE 19 THE ORGANIZATION'S FINANCIAL STATEMENTS ARE MADE AVAILABLE ON OUR WEBSITE. THE ORGANIZATION'S GOVERNING DOCUMENTS AND CONFLICT OF INTEREST POLICY ARE MADE AVAILABLE UPON REQUEST.