2024-11-12T11:36:49-06:00 2023-12-31 943108253 NOVOGRADAC & COMPANY LLP 3780 KILROY AIRPORT WAY SUITE 330 LONG BEACH CA 90822 990 2023-01-01 510609572 LOS ANGELES DEVELOPMENT FUND LOSA 2139732403 444 SOUTH FLOWER STREET 14TH FLOOR LOS ANGELES CA 90071 SANDRA RAHIMI SECRETARY 2139732403 2024-11-12 1 0 WILLIAM LETSINGER P00478303 5624329482 2023 2024-10-15 13:58:12Z CAROLYN HULL 444 SOUTH FLOWER STREET 14TH FLOOR LOS ANGELES CA 90071 1722450 0 X WWW.LADFNEWMARKETS.ORG X 2006 CA SEE SCHEDULE O 5 5 3 0 0 0 0 0 1526424 1630788 12107 91662 0 0 1538531 1722450 0 0 0 0 338315 462006 0 0 0 331734 393385 670049 855391 868482 867059 5755682 6685265 389131 455513 5366551 6229752 SEE SCHEDULE O 0 0 835363 1630788 LOS ANGELES DEVELOPMENT FUND'S SPECIFIC PURPOSE IS TO ASSIST IN CARRYING OUT THE ECONOMIC DEVELOPMENT PROGRAM AND OBJECTIVES OF THE CITY OF LOS ANGELES. IT PROMOTES THE DEVELOPMENT, ESTABLISHMENT, OR EXPANSION OF INDUSTRIES AND COMMERCE IN LOW-INCOME AREAS BY GENERATING PRIVATE INVESTMENT CAPITAL THROUGH THE NEW MARKETS TAX CREDIT PROGRAM. AS OF 12/31/2023, THE ORGANIZATION HAS RECEIVED FIVE ALLOCATIONS OF NEW MARKETS TAX CREDITS IN THE TOTAL AMOUNT OF $310 MILLION FROM THE COMMUNITY DEVELOPMENT FINANCIAL INSTITUTIONS FUND, A DIVISION OF THE UNITED STATES DEPARTMENT OF TREASURY. AS OF 12/31/2023, THE ORGANIZATION HAS FUNDED 25 PROJECTS UTILIZING $294.9 MILLION OF ITS NEW MARKETS TAX CREDIT ALLOCATION. 835363 1 0 0 0 0 0 0 0 0 0 0 0 0 0 0 1 0 1 0 0 0 0 0 0 0 0 0 0 0 1 0 0 0 0 0 0 0 0 0 0 0 0 0 1 1 0 0 0 1 6 0 1 3 1 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 X 5 5 0 0 0 0 0 0 0 1 0 0 1 1 1 1 1 1 1 1 1 1 0 CA X SANDRA RAHIMI 2138088959 444 SOUTH FLOWER STREET 14TH FLOOR LOS ANGELES CA 90071 CAROLYN HULL PRESIDENT/GOVERNING BOARD 1.00 X X 0 0 0 ANN SEWILL GOVERNING BOARD - TRUSTEE 0.50 X 0 0 0 KAREN KALFAYAN GOVERNING BOARD - TRUSTEE 0.50 X 0 0 0 MOCTESUMA ESPARZA GOVERNING BOARD - TRUSTEE 0.50 X 0 0 0 YOLANDA CHAVEZ GOVERNING BOARD - TRUSTEE 0.50 X 0 0 0 LIBBY WILLIAMS ADVISORY BOARD - TRUSTEE 0.50 X 0 0 0 BRIAN ALBERT ADVISORY BOARD - TRUSTEE 0.50 X 0 0 0 MARK WILSON ADVISORY BOARD - TRUSTEE 0.50 X 0 0 0 MIGUEL LUNA ADVISORY BOARD - TRUSTEE 0.50 X 0 0 0 NANCY VOLPERT ADVISORY BOARD - TRUSTEE 0.50 X 0 0 0 RUDY ESPINOZA ADVISORY BOARD - TRUSTEE 0.50 X 0 0 0 TUNUA THRASH-NTUK ADVISORY BOARD - TRUSTEE 0.50 X 0 0 0 PATRICIA HUBER CHIEF FINANCIAL OFFICER 1.00 X 0 0 0 SANDRA RAHIMI SECRETARY/MANAGER 40.00 X 229709 0 26622 JIAQI WU ASSOCIATE 40.00 X 116931 0 5202 346640 0 31824 2 0 1 0 0 LOAN SERV./COMP. FEE 900099 1190788 1190788 PLACEMENT FEES 900099 440000 440000 1630788 91662 91662 1722450 1630788 0 91662 X 418832 418832 43174 43174 4555 4555 118361 118361 220364 220364 30077 30077 OTHER ADMINISTRATIVE EX 20028 20028 855391 835363 20028 0 4793500 5722155 272796 268530 281881 281881 15861 17985 181355 177497 210289 217217 5755682 6685265 386441 452544 2690 2969 389131 455513 X 5366551 6229752 5366551 6229752 5755682 6685265 X 867059 -3858 X 0 1 X 1 0 X X X 1 SEE SUPPLEMENTAL INFORMATION 956000735 7 1 0 0 1 0 0 1 0 0 0 0 0 0 0 0 0 0 0 0 0 0 1 0 PART I, LINE 12G ECONOMIC & WORKFORCE DEV. DEPT. OF THE CITY OF LA 0 X 1718592 -3858 -3858 1722450 0 1722450 855391 0 855391 0 855391 PART X, LINE 2: THE ORGANIZATION IS A NOT-FOR-PROFIT CORPORATION UNDER SECTION 501(C)(3) OF THE INTERNAL REVENUE CODE AND SECTION 23701(D) OF THE CALIFORNIA REVENUE AND TAXATION CODE AND, THEREFORE, IS GENERALLY EXEMPT FROM BOTH FEDERAL AND STATE INCOME TAXES. THE PREPARATION OF FINANCIAL STATEMENTS IN ACCORDANCE WITH ACCOUNTING PRINCIPLES GENERALLY ACCEPTED IN THE UNITED STATES OF AMERICA REQUIRES THE ORGANIZATION TO REPORT INFORMATION REGARDING ITS EXPOSURE TO VARIOUS TAX POSITIONS TAKEN BY THE ORGANIZATION. MANAGEMENT HAS DETERMINED WHETHER ANY TAX POSITIONS HAVE MET THE RECOGNITION THRESHOLD AND HAS MEASURED THE ORGANIZATION'S EXPOSURE TO THOSE TAX POSITIONS. MANAGEMENT BELIEVES THAT THE ORGANIZATION HAS ADEQUATELY ADDRESSED ALL RELEVANT TAX POSITIONS AND THAT THERE ARE NO UNRECORDED TAX LIABILITIES. FEDERAL AND STATE TAX AUTHORITIES GENERALLY HAVE THE RIGHT TO EXAMINE AND AUDIT THE PREVIOUS THREE YEARS OF TAX RETURNS FILED. PART XI, LINE 2D - OTHER ADJUSTMENTS: INVESTMENT INCOME - LADF MANAGEMENT, INC. -3,858. 0 0 0 0 0 0 0 0 0 SANDRA RAHIMI SECRETARY/MANAGER 229709 0 0 0 0 0 9868 0 16754 0 256331 0 0 0 FORM 990, PART I, LINE 1 & PART III, LINE 1 DESCRIPTION OF ORGANIZATION'S MISSION: THE SPECIFIC PURPOSE OF THE ORGANIZATION IS TO ASSIST IN CARRYING OUT THE ECONOMIC DEVELOPMENT PROGRAM AND OBJECTIVES OF THE CITY OF LOS ANGELES TO PROMOTE THE DEVELOPMENT, ESTABLISHMENT OR EXPANSION OF INDUSTRIES AND COMMERCE BY, AMONG OTHER THINGS, GENERATING PRIVATE INVESTMENT CAPITAL THROUGH THE NEW MARKETS TAX CREDIT ("NMTC") PROGRAM THAT CAN BE MADE AVAILABLE FOR INVESTMENTS IN "LOW-INCOME COMMUNITIES" (AS DEFINED IN THE LAW AND REGULATIONS GOVERNING THE NMTC PROGRAM). THE PRIMARY MISSION OF THE ORGANIZATION SHALL BE TO ASSIST IN THE IMPLEMENTATION OF ECONOMIC DEVELOPMENT PROGRAMS AND ACTIVITIES OF THE MUNICIPAL CORPORATION OF LOS ANGELES, INCLUDING ITS DEPARTMENTS AND OFFICES, AND TO SERVE, OR PROVIDE INVESTMENT CAPITAL FOR, LOW-INCOME COMMUNITIES OR "LOW-INCOME PERSONS" (AS DEFINED IN THE LAWS AND REGULATIONS GOVERNING THE NMTC PROGRAM). AT LEAST SIXTY PERCENT (60%) OF THE PRODUCTS AND SERVICES OF THE ORGANIZATION SHALL BE DIRECTED TOWARD LOW-INCOME COMMUNITIES OR LOW-INCOME PERSONS. THE ORGANIZATION'S ACTIVITIES SHALL TARGET PARTICULARLY ECONOMICALLY DISTRESSED COMMUNITIES WITHIN THE CITY OF LOS ANGELES. IN ORDER TO FULFILL THIS PURPOSE, THE ORGANIZATION HAS BEEN CERTIFIED AS A COMMUNITY DEVELOPMENT ENTITY. THE ORGANIZATION HAS APPLIED AND SHALL CONTINUE TO APPLY FOR ALLOCATIONS OF NMTCS UNDER THE NMTC PROGRAM. UPON RECEIPT OF AN ALLOCATION OF NMTCS, THE ORGANIZATION WILL SUB-ALLOCATE SUCH NMTCS TO ONE OR MORE FOR-PROFIT SUBSIDIARIES ESTABLISHED IN ACCORDANCE WITH THE LAWS AND REGULATIONS GOVERNING THE NMTC PROGRAM FOR PURPOSES OF MAKING "QUALIFIED LOW-INCOME COMMUNITY INVVESTMENTS" (AS DEFINED IN THE LAWS AND REGULATIONS GOVERNING THE NMTC PROGRAM) IN LOW-INCOME COMMUNITIES IN THE CITY OF LOS ANGELES. FORM 990, PART VI, SECTION A, LINE 8B THE ORGANIZATION DOES NOT HAVE COMMITTEES WITH AUTHORITY TO ACT ON BEHALF OF THE GOVERNING BODY. FORM 990, PART VI, SECTION B, LINE 11B FORM 990 IS PRESENTED TO THE LOS ANGELES DEVELOPMENT FUND'S GOVERNING BOARD PRIOR TO FILING. ANY BOARD COMMENTS ARE INCORPORATED AND THE REVISED FORM PRESENTED AT THE FOLLOWING GOVERNING BOARD MEETING. FORM 990, PART VI, SECTION B, LINE 12C MOST BOARD MEMBERS AND OFFICERS ARE REQUIRED TO FILE FORM 700, STATEMENT OF ECONOMIC INTEREST, ANNUALLY. THE REMAINDER ARE REQUIRED TO FILE FORM CEC 11 ANNUALLY. THESE FORMS ARE REVIEWED BY THE CITY ETHICS COMMISSION, WHO WOULD REPORT ANY VIOLATIONS TO LOS ANGELES DEVELOPMENT FUND (LADF). LADF WOULD THEN PRESENT ANY VIOLATIONS TO THE LADF GOVERNING BOARD. FORM 990, PART VI, SECTION B, LINE 15 COMPENSATION FOR SANDY RAHIMI, SECRETARY AND MANAGER, WAS DETERMINED BY MARKET COMPARISON TO THE POSITION AT THE COMMUNITY REDEVELOPMENT AGENCY (CRA) THAT WAS CREATED TO MANAGE LADF, VIS A VIS THE MANAGEMENT SERVICES CONTRACT BETWEEN LADF AND CRA EFFECTIVE FROM FEB. 2009 TO FEB. 2013. THE COMPENSATION WAS REVIEWED AND APPROVED BY THE LADF PRESIDENT, AND SUBSEQUENTLY REVIEWED AND APPROVED BY THE LADF GOVERNING BOARD. FORM 990, PART VI, SECTION C, LINE 19 THE ORGANIZATION'S GOVERNING DOCUMENTS, CONFLICT OF INTEREST POLICY AND FINANCIAL STATEMENTS ARE AVAILABLE FOR PUBLIC INSPECTION UPON REQUEST DURING REGULAR BUSINESS HOURS. FORM 990, PART IX, LINE 11G CONSULTANTS - COMPLIANCE: PROGRAM SERVICE EXPENSES 60,564. MANAGEMENT AND GENERAL EXPENSES 0. FUNDRAISING EXPENSES 0. TOTAL EXPENSES 60,564. CONSULTANTS - UNDERWRITING: PROGRAM SERVICE EXPENSES 4,500. MANAGEMENT AND GENERAL EXPENSES 0. FUNDRAISING EXPENSES 0. TOTAL EXPENSES 4,500. CONSULTANTS - LOAN SERVICING: PROGRAM SERVICE EXPENSES 60,300. MANAGEMENT AND GENERAL EXPENSES 0. FUNDRAISING EXPENSES 0. TOTAL EXPENSES 60,300. CONSULTANTS - NMTC APPLICATION: PROGRAM SERVICE EXPENSES 95,000. MANAGEMENT AND GENERAL EXPENSES 0. FUNDRAISING EXPENSES 0. TOTAL EXPENSES 95,000. FORM 990, PART XI, LINE 9: INVESTMENT INCOME - LADF MANAGEMENT, INC. -3,858. 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