2024-11-13T23:00:17-06:00 2023-12-31 946214841 ARMANINO ADVISORY LLC 485 MADISON AVENUE 9TH FLOOR NEW YORK NY 10022 990 2023-01-01 112563026 GREATER JAMAICA LOCAL DEVELOPMENT COMPANY INC GREA 7182910282 90-04 161ST STREET 704 JAMAICA NY 11432 TODD S BENENSON ASSIST. TREASURER/CFO 7182910282 2024-11-13 1 1 MATTHEW PETROSKI P00853132 2127926300 2024-11-13 2023 2024-10-15 13:58:12Z JUSTIN RODGERS 90-04 161ST STREET 704 JAMAICA NY 11432 593689 0 X WWW.GJDC.ORG X 1979 NY SEE SCHEDULE O GJLDC'S TARGET MARKET AREA IS THE COUNTY OF QUEENS, NEW YORK, AND MORE SPECIFICALLY, GJLDC'S LOAN FUND IS AVAILABLE FOR ANY BUSINESS (EXISTING, NEW, OR START-UP) IN OR PLANNING TO LOCATE WITHIN THE 114XX AND 116XX ZIP CODES WITHIN QUEENS COUNTY, OR QUEENS COUNTY WIDE FOR WOMEN AND BLACK OWNED BUSINESSES. AS AN ALTERNATIVE LENDER, OUR FUND IS TAILORED TO APPLICANTS WHO HAVE BEEN UNABLE TO OBTAIN FINANCING FROM TRADITIONAL SOURCES AT THE LEVEL REQUIRED BY THE VENTURE. THE TARGET APPLICANT IS INDEPENDENTLY OWNED AND OPERATED, AND GENERALLY HAS QUALIFIED AS A SMALL BUSINESS PURSUANT TO THE SBA SIZE STANDARDS BASED UPON DOLLAR VOLUME AND THE NUMBER OF ITS EMPLOYEES. APPLICANTS MUST HAVE SALES OF LESS THAN $10 MILLION. FINANCING IS AVAILABLE FROM $1,000 TO $300,000. SPECIAL CONSIDERATION FOR THE LOAN FUND PRODUCT IS GIVEN TO MEETING THE NEEDS OF WOMEN AND MINORITY-OWNED BUSINESSES. OUR FEDERAL CERTIFICATION INCLUDES A SPECIFIC FOCUS ON BLACK-OWNED BUSINESSES. 30 30 0 30 0 0 440000 482500 959897 104372 0 2867 7148 3950 1407045 593689 0 127500 0 0 174160 242206 0 0 0 207188 67713 381348 437419 1025697 156270 4516114 5044804 256230 628650 4259884 4416154 X SEE SCHEDULE OGREATER JAMAICA LOCAL DEVELOPMENT COMPANY, INC. ("GJLDC") WORKING IN CONJUNCTION WITH ITS AFFILIATE COMPANY, THE GREATER JAMAICA DEVELOPMENT CORPORATION ("GJDC"), PROVIDES FINANCIAL AND RELATED TECHNICAL ASSISTANCE TO QUALIFYING SMALL BUSINESSES AND/OR ENTREPRENEURS IN GJLDC'S TARGET MARKET. THE OBJECTIVE OF THE FINANCING IS TO PROMOTE ENTREPRENEURSHIP, CREATE NEW JOBS, RETAIN EXISTING JOBS, AND PROMOTE COMMUNITY REVITALIZATION AND/OR STABILIZATION.THIS SUPPORT INCLUDES, BUT IS NOT LIMITED TO, - NAVIGATING GOVERNMENTAL REGULATIONS - ACCESSING TRAINING GRANTS - LOAN PACKAGING - ADVOCACY 0 0 428100 127500 108322 SEE SCHEDULE OWITHIN OUR TARGET MARKET, GJLDC PROVIDES LOANS TO QUALIFIED COMMERCIAL PROSPECTS THAT HAVE BEEN UNABLE TO OBTAIN FINANCING FROM TRADITIONAL LENDERS. WE OFTEN PARTICIPATE WITH OTHER LENDING INSTITUTIONS IN FINANCING PROJECTS THAT ARE BEYOND GJLDC'S FINANCIAL LIMITATION. WE MEASURE OUR SUCCESS BY THE DOLLAR AMOUNT OF LOANS DISBURSED, THE DOLLAR AMOUNT OF PRIVATE INVESTMENT LEVERAGED, THE NUMBER OF JOBS CREATED OR RETAINED AND OTHER PERFORMANCE OBJECTIVES. RECOGNIZING THE NEED FOR URGENT ACTION IN RESPONSE TO THE COVID CRISIS, GJLDC AND ITS AFFILIATE GJDC, SIGNIFICANTLY INCREASED EMPHASIS ON PROVIDING OUR FREE SUITE OF TECHNICAL ASSISTANCE TO SMALL BUSINESSES IN OUR SERVICE GEOGRAPHY, WITH A SPECIAL FOCUS ON MWBE'S. SPECIFICALLY IN 2018 AND 2019, WE PROVIDED SERVICE ASSISTANCE (THROUGH CANVASSING, COMMUNITY ENGAGEMENT EVENTS AND ONE-ON-ONE ASSISTANCE TO ABOUT 500 ENTITIES PER YEAR). BY CONTRAST, IN 2021 AS A RESULT OF COVID'S IMPACT ON SMALL BUSINESSES, WE PROVIDED DIRECT ASSISTANCE TO 1189 BUSINESSES. OUR SERVICES RESULTED IN BUSINESS FUNDING AND/OR GRANTS SECURED OF $5,076,722. THROUGHOUT THE PANDEMIC, WE PARTNERED WITH FEDERAL, STATE, AND LOCAL GOVERNMENTAL UNITS TO PROVIDE FOCUSED ASSISTANCE AND GUIDANCE ON ACCESS TO NEWLY AVAILABLE BUSINESS RESOURCES.THIS DEDICATION CONTINUED IN 2022 AND 2023 AS OUR SERVICE GEOGRAPHY OF MOSTLY MINORITY OWNED ENTITIES RECOVERED IN VERY SLOW FASHION FROM PANDEMIC RESTRICTIONS. THESE BUSINESSES REQUIRE SPECIAL ATTENTION SINCE THEY TYPICALLY DID NOT HAVE ADEQUATE CASH RESERVES, LACKED ACCESS TO EXPERTISE, AND COULD NOT MOVE THEIR BUSINESSES ONLINE DURING THE LOCKDOWNS. 428100 1 1 0 1 0 0 0 0 0 0 1 0 0 1 1 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 0 0 0 1 3 0 1 0 0 0 0 0 0 0 0 0 0 0 0 0 X 30 30 0 0 0 0 0 0 0 1 1 0 0 1 1 1 1 1 1 0 0 0 NY X TODD S BENENSON ASSISTANT TREASURERCFO 7182910282 90-04 161ST STREET 704 JAMAICA NY 11432 X JUSTIN RODGERS PRESIDENT & CEO 1.00 34.00 X 0 291195 51290 TODD BENENSON ASSISTANT TREASURER/CFO 1.00 34.00 X 0 187151 38167 PATRICIA ROBINSON CHIEF ADMINISTRATIVE OFFICER 1.00 34.00 X 0 182699 35392 MASHEIKA LEWIS ASSISTANT SECRETARY 0.00 35.00 X 0 117164 31143 ARON KURLANDER DIR. OF BUSINESS SERVICE 5.00 30.00 X 0 158111 14695 LAMONT R BAILEY CHAIR 1.00 3.00 X X 0 0 0 ELLIOT G SANDER VICE CHAIR 1.00 2.00 X X 0 0 0 MICHELLE STODDART VICE CHAIR 1.00 2.00 X X 0 0 0 MELVA MILLER VICE CHAIR (THRU 10/23) 1.00 2.00 X X 0 0 0 JEFFREY S TERRY TREASURER 1.00 2.00 X X 0 0 0 ARTHUR BENJAMIN JR TREASURER (THRU 12/23) 1.00 2.00 X X 0 0 0 CALVIN LAWRENCE JR SECRETARY 1.00 2.00 X X 0 0 0 RICHARD T ANDERSON DIRECTOR 1.00 2.00 X 0 0 0 ERIC BLUESTONE DIRECTOR 1.00 2.00 X 0 0 0 DAVID COTTON DIRECTOR 1.00 2.00 X 0 0 0 REBECCA DEUTSCHER DIRECTOR 1.00 2.00 X 0 0 0 CEDRIC DEW DIRECTOR 1.00 2.00 X 0 0 0 FRANK DIMOLA DIRECTOR 1.00 2.10 X 0 0 0 RICHARD DZWLEWICZ DIRECTOR 1.00 2.00 X 0 0 0 HAROLD FLAKE DIRECTOR 1.00 2.00 X 0 0 0 ICEMA D GIBBS DIRECTOR 1.00 2.00 X 0 0 0 HOWARD GRAF DIRECTOR 1.00 2.10 X 0 0 0 YESENIA GRAHAM DIRECTOR 1.00 2.00 X 0 0 0 DANIEL A GREENE DIRECTOR 1.00 2.00 X 0 0 0 GEORGE GUILLAUME DIRECTOR 1.00 2.00 X 0 0 0 WANDA JACKSON DIRECTOR 1.00 2.00 X 0 0 0 PHILIPPA KARTERON DIRECTOR 1.00 2.00 X 0 0 0 PETER KULKA DIRECTOR 1.00 2.00 X 0 0 0 WILLIAM LYNCH DIRECTOR 1.00 2.00 X 0 0 0 MEREDITH MARSHALL DIRECTOR 1.00 2.00 X 0 0 0 REV PATRICK H O'CONNOR DIRECTOR 1.00 2.00 X 0 0 0 GREG POLIS DIRECTOR 1.00 2.00 X 0 0 0 REGINALD M RASCH DIRECTOR 1.00 2.00 X 0 0 0 REV DR CALVIN RICE DIRECTOR 1.00 2.00 X 0 0 0 YAROJIN ROBINSON DIRECTOR 1.00 2.00 X 0 0 0 DREW SPITLER DIRECTOR 1.00 2.00 X 0 0 0 JUDY TUCKER DIRECTOR 1.00 2.00 X 0 0 0 DR BERENCEA JOHNSON EANES DIRECTOR (THRU 12/23) 1.00 2.00 X 0 0 0 RACHEL GILBERT SOLOMON DIRECTOR (THRU 1/23) 1.00 2.00 X 0 0 0 0 936320 170687 0 0 1 0 0 25000 457500 482500 INTEREST ON LOANS 900099 104372 104372 104372 2867 2867 MISC REVENUE 900099 3950 3950 3950 593689 108322 0 2867 127500 127500 198265 198265 19149 19149 8183 8183 16609 16609 1129 1129 7080 7080 9751 8209 1542 2683 2683 8540 8540 14105 14105 6363 6363 BAD DEBT EXPENSE 17365 17365 FEES 697 697 437419 428100 9319 0 234723 307301 265000 85000 1928060 1778788 270 3510 29764 29764 0 0 2088061 2870205 4516114 5044804 23545 14309 232685 241841 0 372500 256230 628650 X 511808 359980 3748076 4056174 4259884 4416154 4516114 5044804 156270 0 X 0 1 X 1 1 1 X 0 1250000 60000 440000 482500 2232500 1250000 60000 440000 482500 2232500 1336544 895956 412 2867 3279 3193 5572 23175 7148 3950 43038 2278817 1932957 0.39320 0.19580 X RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED X 437419 11009042 437419 11009042 87484 700452 21871 175113 0 0 0 0 560609 593002 660305 700452 2514368 3771552 140152 148251 165076 175113 628592 942888 SCHEDULE C, PART II-A: AFFILIATED GROUP RETURN STATEMENT GREATER JAMAICA DEVELOPMENT CORPORATION, EIN #23-7021273, 90-04 161ST STREET, JAMAICA, NY 11342 JAMAICA CAPITAL CORPORATION, EIN #13-4214984, 90-04 161ST STREET, JAMAICA, NY 11342 29764 29764 0 0 RESTRICTED CASH 2579480 DUE FROM RELATED ORGANIZATIONS 290725 2870205 ADVANCES ON GOVERNMENT CONTRACTS AND GRANTS 372500 372500 X PART X, LINE 2: THE ORGANIZATION ACCOUNTS FOR UNCERTAIN INCOME TAX POSITIONS IN ACCORDANCE WITH FASB ACCOUNTING STANDARDS CODIFICATION ("ASC") TOPIC 740, INCOME TAXES, WHICH PROVIDES STANDARDS FOR ESTABLISHING AND CLASSIFYING ANY TAX PROVISIONS FOR UNCERTAIN TAX POSITIONS. THERE HAS BEEN NO INTEREST OR PENALTIES RECOGNIZED IN THE CONSOLIDATED STATEMENT OF ACTIVITIES NOR IN THE CONSOLIDATED STATEMENT OF FINANCIAL POSITION RELATED TO UNCERTAIN TAX POSITIONS AS MANAGEMENT BELIEVES THEY HAVE APPROPRIATE SUPPORT FOR ANY TAX POSITIONS TAKEN. IN ADDITION, NO TAX POSITIONS EXIST FOR WHICH IT IS REASONABLY POSSIBLE THAT THE TOTAL AMOUNTS OF UNRECOGNIZED TAX BENEFITS WILL SIGNIFICANTLY INCREASE OR DECREASE WITHIN THE NEXT 12 MONTHS. THE ORGANIZATION EVALUATES ANY UNCERTAIN TAX POSITIONS ON A CONTINUAL BASIS THROUGH REVIEW OF ITS POLICIES AND PROCEDURES AND DISCUSSIONS WITH OUTSIDE EXPERTS. MANAGEMENT BELIEVES THERE ARE NO UNCERTAIN TAX POSITIONS AS OF DECEMBER 31, 2023 AND 2022. THE ORGANIZATION'S TAX RETURNS ARE SUBJECT TO EXAMINATION BY THE RESPECTIVE TAXING AUTHORITIES, GENERALLY FOR THREE YEARS AFTER THEY WERE FILED. 0 0 0 0 0 0 0 0 0 JUSTIN RODGERS PRESIDENT & CEO 0 283725 0 0 0 7470 0 33476 0 17814 0 342485 0 0 TODD BENENSON ASSISTANT TREASURER/CFO 0 185963 0 0 0 1188 0 19156 0 19011 0 225318 0 0 PATRICIA ROBINSON CHIEF ADMINISTRATIVE OFFICER 0 181925 0 0 0 774 0 18278 0 17114 0 218091 0 0 ARON KURLANDER DIR. OF BUSINESS SERVICE 0 157841 0 0 0 270 0 14695 0 0 0 172806 0 0 PART I, LINE 3 THE COMPENSATION OF THE CEO IS DETERMINED BY THE RELATED ORGANIZATION, GREATER JAMAICA DEVELOPMENT CENTER, WITH EIN # XXX-XX-XXXX. THE SALARIES ARE BEING PAID BY THAT ORGANIZATION. GJDC USES THE FOLLOWING METHODS TO ESTABLISH THE COMPENSATION: COMPENSATION COMMITTEE FORM 990 OF OTHER ORGANIZATIONS COMPENSATION SURVEY OR STUDY APPROVAL BY THE BOARD OR COMPENSATION COMMITTEE FORM 990 PART I LINE 5 AND PART V LINE 2A NUMBER OF EMPLOYEES: ALL EMPLOYEES OF GREATER JAMAICA LOCAL DEVELOPMENT COMPANY, INC. ARE PAID THROUGH GREATER JAMAICA DEVELOPMENT CORPORATION AND THE PAYROLL IS ALLOCATED AND CHARGED BACK TO GREATER JAMAICA LOCAL DEVELOPMENT COMPANY, INC. THEREFORE, PART I, LINE 5 AND PART V, LINE 2A INDICATE THAT NO EMPLOYEES WERE REPORTED ON FORM W3, TRANSMITTAL OF TAX AND WAGE STATEMENTS. SINCE SUCH EMPLOYEES ARE REPORTED ON THE W3 OF GREATER JAMAICA DEVELOPMENT CORPORATION. FORM 990, PART VI, SECTION B, LINE 11B THE RETURN IS PREPARED BY AN INDEPENDENT ACCOUNTANT AND REVIEWED AND APPROVED BY THE AUDIT COMMITTEE AND THEN DISTRIBUTED TO ALL BOARD MEMBERS PRIOR TO FILING. FORM 990, PART VI, SECTION B, LINE 12C ON AN ANNUAL BASIS, THE POLICY AND DISCLOSURE FORM IS DISTRIBUTED TO BOARD MEMBERS, OFFICERS, AND KEY EMPLOYEES. STAFF FOLLOWS UP TO ENSURE THE RECEIPT OF THE FORMS. 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. FORM 990 PART VII SECTION A COLUMN (B) AVERAGE HOURS PER WEEK: THE AVERAGE HOURS PER WEEK REPORTED FOR THE OFFICERS LISTED BELOW OF 35 HOURS REPRESENTS THE TOTAL HOURS WORKED PER WEEK FOR SUCH INDIVIDUALS FOR GJDC AND ALL RELATED ORGANIZATIONS. THE ALLOCATION OF TIME FOR SUCH OFFICERS BETWEEN GJDC AND ITS RELATED ORGANIZATIONS IS AS FOLLOWS: JUSTIN RODGERS - GJDC (100%) TODD S BENENSON - GJDC (100%) PATRICIA ROBINSON - GJDC (100%) GREATER JAMAICA DEVELOPMENT CORPORATION 90-04 161ST STREET JAMAICA NY 11432 237021273 COMM. ECO. DEVEL. NY 501(C)(3) LINE 7 N/A 0 JAMAICA CAPITAL CORPORATION 90-04 161ST STREET JAMAICA NY 11432 134214984 REAL ESTATE DE 501(C)(3) LINE 12A, I GREATER JAMAICA DEVELOPMENT CORPORATION 0 JAMAICA CENTER HOLDING COMPANY INC 90-04 161ST STREET JAMAICA NY 11432 112746656 REAL EST. HLDG CO. NY 501(C)(2) N/A GREATER JAMAICA DEVELOPMENT CORPORATION 0 NEXUS JAMAICA NY QALICB INC 90-04 161ST STREET JAMAICA NY 11432 872037628 COMM. ECO. DEVEL. NY 501(C)(3) LINE 12A, I GREATER JAMAICA DEVELOPMENT CORPORATION 0 SUTPHIN RETAIL ONE LLC 90-04 161ST STREET JAMAICA NY 11432 201516814 REAL ESTATE NY N/A 0 0 SUTPHIN RETAIL TWO LLC 90-04 161ST STREET JAMAICA NY 11432 201516896 REAL ESTATE NY N/A 0 0 0 0 1 1 0 0 0 0 0 0 0 0 0 0 1 1 0 0 0