2015-10-14T13:00:13-05:00 2014-12-31 133923842 MBAF CPAS LLC 400 COLUMBUS AVE S LOBBY 2ND FL VALHALLA NY 10595 990 2014-01-01 133154100 LEVITICUS 2523 ALTERNATIVE FUND INC LEVI 9149094498 33 W MAIN STREET NO 205 ELMSFORD NY 10523 GREGORY MAHER EXECUTIVE DIRECTOR 9149094498 2015-10-14 1 CHARLES GROPPE CPA P00093923 9147410800 2014 2016-02-25 16:41:14Z GREGORY MAHER 33 W MAIN STREET NO 205 ELMSFORD NY 10523 2463934 0 X WWW.LEVITICUSFUND.ORG X 1983 NY PROVIDE LOANS TO ORGANIZATIONS FOR THE BENEFIT OF ECONOMICALLY DISADVANTAGED INDIVIDUALS, FAMILIES AND COMMUNITIES. 13 13 4 25 0 0 103544 1383921 789227 1001905 49355 32536 45528 45572 987654 2463934 0 0 0 0 414466 485212 0 0 31194 612790 733165 1027256 1218377 -39602 1245557 19495076 25896978 15044398 20200743 4450678 5696235 X THE LEVITICUS 25:23 ALTERNATIVE FUND, INC. IS A NOT-FOR-PROFIT FINANCIAL INTERMEDIARY MOTIVATED BY FAITH THAT OFFERS INVESTORS A SOCIALLY-RESPONSIVE MEANS TO SERVE LOW-INCOME NEIGHBORHOODS. THE FUND PROVIDES FLEXIBLE CAPITAL AND FINANCIAL SERVICES FOR THE DEVELOPMENT OF AFFORDABLE HOUSING AND COMMUNITY FACILITIES, INCLUDING CHILD CARE AND EARLY LEARNING CENTERS, THROUGHOUT NEW YORK, NEW JERSEY AND CONNECTICUT. 0 0 1072806 1047477 PROMOTE ACTIVITIES AIMED AT MEETING THE BASIC HUMAN NEEDS OF THE ECONOMICALLY DISADVANTAGED. LOANS ARE MADE TO QUALIFIED APPLICANTS TO FINANCE PROJECTS. 2014 LENDING ACTIVITY WAS AS FOLLOWS: 6 LOANS TOTALING $3,304,428 PARTIALLY FINANCING 183 UNITS OF AFFORDABLE AND SUPPORTIVE HOUSING; 1 LOAN TOTALING $476,021 PARTIALLY FINANCING A NEW 10,000 SQUARE FOOT EARLY EDUCATION CENTER SERVING 76 CHILDREN FROM LOW-INCOME FAMILIES; 1 LOAN TOTALING $440,000 PARTIALLY FINANCING RENOVATIONS TO A NONPROFIT'S OFFICE AND ART GALLERY SPACE; AND 1 LOAN TOTALING $4,800,000 PARTIALLY FINANCING A 13,600 SQUARE FOOT ADDITION TO AN EXISTING COMMUNITY HEALTH CENTER. 1072806 1 1 0 0 0 0 0 0 0 0 1 1 0 0 1 1 1 0 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 0 0 0 0 1 3 0 1 4 1 0 0 0 0 0 0 0 0 0 0 X 13 13 0 0 1 0 1 1 0 1 1 0 0 1 1 1 1 0 1 1 1 0 X X GREGORY MAHER 9149094498 33 W MAIN STREET SUITE 205 ELMSFORD NY 10523 MR CHARLES JOHNSTON BOARD MEMBER 0.50 X 0 0 0 MS LINDA HINCKEN TREASURER 0.50 X X 0 0 0 SR GERALDINE KENNEDY SECRETARY FROM MAY 2014 0.50 X X 0 0 0 MR SALVATORE DEL BENE BOARD MEMBER 0.50 X 0 0 0 MR DERRICK A LOVETT PRESIDENT 0.50 X X 0 0 0 MR JOSEPH REILLY BOARD MEMBER 0.50 X 0 0 0 MS CATHERINE ROWAN VICE PRESIDENT 0.50 X X 0 0 0 MR RICHARD O'BRIEN BOARD MEMBER 0.50 X 0 0 0 MR JUSTIN TOWEY BOARD MEMBER 0.50 X 0 0 0 MR MICHAEL SENA BOARD MEMBER 0.50 X 0 0 0 MS JUDITH RIMBEY SECRETARY TO APRIL 2014 0.50 X X 0 0 0 REV JULIUS WALLS BOARD MEMBER 0.50 X 0 0 0 MS PEGGY SCARANO BOARD MEMBER 0.50 X 0 0 0 MR DAN LETENDRE BOARD MEMBER 0.50 X 0 0 0 MR GREGORY MAHER EXECUTIVE DIRECTOR 40.00 X 177366 0 49614 177366 0 49614 1 0 1 0 0 455000 928921 1383921 INTEREST PROJECT LOANS 900099 926905 926905 NMTC FEES 900099 75000 75000 1001905 32536 32536 COMMITMENT/CLOSING FEE 900099 45572 45572 45572 2463934 1047477 0 32536 226978 195203 22696 9079 187609 161344 18761 7504 31001 26660 3100 1241 15750 13142 1172 1436 23874 20532 2387 955 689 689 30750 30750 18275 10775 7500 6945 6945 23154 18507 3819 828 48701 41883 4870 1948 14066 13363 703 6396 3509 2887 339183 339183 11013 11013 1280 1152 128 PROVISION FOR LOAN LOSS 123105 123105 STIPENDS 102844 90501 12343 DUES AND SUBSCRIPTIONS 6764 6764 1218377 1072806 114377 31194 811051 1408218 2745571 2167769 4990 460844 13606172 20222043 72145 63079 12057 9066 2200669 1500225 114566 128813 19495076 25896978 39593 45551 7062 11970 14938944 20028817 58799 114405 15044398 20200743 X 3976243 4911850 474435 784385 4450678 5696235 19495076 25896978 1245557 0 X X 0 1 X 1 1 1 X 193693 189943 596598 103544 1383921 2467699 690952 683280 790066 834755 1047477 4046530 884645 873223 1386664 938299 2431398 6514229 0 0 0 6514229 66135 59393 41067 49355 32536 248486 66135 59393 41067 49355 32536 248486 950780 932616 1427731 987654 2463934 6762715 0.96330 0.96050 0.03670 0.03950 X RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED 50003 44984 5019 22142 18095 4047 9066 CERTIFICATES OF DEPOSIT 1500225 F 1500225 INTEREST PAYABLE 68365 DEFERRED RENT 1835 COLLATERAL ON PROJECT NOTE RECEIVABLE 44205 114405 X 2463934 0 2463934 0 2463934 1218377 0 1218377 0 1218377 PART X, LINE 2: THE ORGANIZATION IS ORGANIZED UNDER THE NOT-FOR-PROFIT CORPORATION LAW OF THE STATE OF NEW YORK. THE ORGANIZATION HAS BEEN GRANTED EXEMPTION FROM FEDERAL INCOME TAXATION PURSUANT TO SECTION 501(C)(3) OF THE INTERNAL REVENUE CODE. THE ACCOUNTING STANDARD FOR UNCERTAINTY IN INCOME TAXES PRESCRIBES A MINIMUM RECOGNITION THRESHOLD AND MEASUREMENT METHODOLOGY THAT A TAX POSITION TAKEN OR EXPECTED TO BE TAKEN IN A TAX RETURN IS REQUIRED TO MEET BEFORE BEING RECOGNIZED IN THE FINANCIAL STATEMENTS. IT ALSO PROVIDES GUIDANCE FOR DERECOGNITION, CLASSIFICATION, INTEREST AND PENALTIES, DISCLOSURE, AND TRANSITION. THE ORGANIZATION MAY BE SUBJECT TO AUDIT BY TAX AUTHORITIES. THE ORGANIZATION BELIEVES THAT IT HAS APPROPRIATE SUPPORT FOR THE POSITIONS TAKEN ON ITS TAX RETURNS. NONETHELESS, THE AMOUNTS ULTIMATELY PAID, IF ANY, UPON RESOLUTION OF THE ISSUES RAISED BY THE TAXING AUTHORITIES MAY DIFFER MATERIALLY FROM THE AMOUNTS ACCRUED FOR EACH YEAR. MANAGEMENT BELIEVES THAT ITS NONPROFIT STATUS WOULD BE SUSTAINED UPON EXAMINATION. THE ORGANIZATION FILES INFORMATIONAL RETURNS IN THE FEDERAL JURISDICTION. THE ORGANIZATION IS GENERALLY NO LONGER SUBJECT TO INCOME TAX EXAMINATIONS BY THE INTERNAL REVENUE SERVICE FOR RETURNS FILED BEFORE 2011. X X 0 0 0 0 0 0 0 0 0 MR GREGORY MAHER EXECUTIVE DIRECTOR 177366 0 0 0 0 0 26535 0 23079 0 226980 0 0 0 FORM 990, PART VI, SECTION A, LINE 4 THE REVISIONS OF BY-LAWS INCLUDE THE FOLLOWING: SECTION 1.3. THE NOT-FOR-PROFIT CORPORATION LAW (NPCL) NOW ALLOWS FOR NOTICES OF A MEETING TO BE DELIVERED ELECTRONICALLY OR BY FAX. A CHANGE ALLOWING FOR THIS TYPE OF COMMUNICATION FOR NOTICE OF MEMBER MEETINGS HAS BEEN INCLUDED IN THIS SECTION. SECTION 1.5. THE BY-LAWS CURRENTLY ALLOW FOR ACTION BY THE MEMBERS WITHOUT A MEETING IF ALL VOTING MEMBERS PROVIDE THEIR CONSENT. THE NPCL NOW ALLOWS FOR THAT CONSENT TO BE COMMUNICATED ELECTRONICALLY. SECTION 2.1. IT IS PROPOSED TO LOWER THE REQUIRED MEMBER REPRESENTATION ON THE BOARD FROM 51% TO 25%. LEVITICUS BELIEVES THIS CHANGE IS PRUDENT AND RECOGNIZES THE INCREASING CHALLENGES WE HAVE BEEN ENCOUNTERING IN RECRUITING MEMBER REPRESENTATIVES TO THE BOARD WHO HAVE THE TIME AND RELEVANT SKILLS TO MEET THE CURRENT REQUIREMENT OF 51%. IT IS IMPORTANT TO NOTE THAT THIS CHANGE DOES NOT ALTER IN ANY WAY THE POWER OF THE MEMBERS TO ELECT THE LEVITICUS BOARD OF DIRECTORS. SECTION 2.5. A CHANGE ALLOWING FOR ELECTRONIC COMMUNICATION FOR NOTICE OF BOARD OF DIRECTOR MEETINGS HAS BEEN INCLUDED IN THIS SECTION, SIMILAR TO THE PROVISION IN SECTION 1.3 ABOVE. THIS IS NOW ALLOWED UNDER THE NPCL. SECTION 2.6. IF A SPECIAL MEETING OF THE BOARD OF DIRECTORS IS CALLED, THE NAME OF THE PERSON CALLING THE MEETING NEEDS TO BE INCLUDED IN THE NOTICE OF THE MEETING. SECTION 2.7. THE NPCL ALLOWS THAT ANY ONE OR MORE DIRECTORS OR COMMITTEE MEMBERS NOT PHYSICALLY PRESENT AT A MEETING OF THE BOARD OR ANY COMMITTEE MAY PARTICIPATE BY A CONFERENCE CALL OR SIMILAR COMMUNICATIONS OR BY ELECTRONIC VIDEO SCREENS COMMUNICATION. THE PERSON SHALL BE CONSIDERED PRESENT AT THE MEETING AS LONG AS ALL PERSONS PARTICIPATING CAN HEAR EACH OTHER AT THE SAME TIME AND EACH DIRECTOR CAN PARTICIPATE IN ALL MATTERS BEFORE THE BOARD. SECTION 4.1. THE AUTHORITY OF THE EXECUTIVE COMMITTEE TO APPROVE LOANS WAS DELETED SINCE THIS POWER IS REDUNDANT WITH THE SAME POWER VESTED BY THE BOARD IN THE LOAN COMMITTEE. SECTION 4.2. THE "ALLOCATIONS COMMITTEE" WAS RENAMED THE "LOAN COMMITTEE" AND THE POWERS OF THE LOAN PORTFOLIO REVIEW COMMITTEE WERE INCORPORATED INTO THE LOAN COMMITTEE. IN ADDITION, WHEN THE LOAN COMMITTEE MEETS ANNUALLY TO REVIEW THE LOAN PORTFOLIO AND MAKE A REPORT AND RECOMMENDATIONS TO THE FULL BOARD, IT SHALL HAVE TWO (2) ADDITIONAL, QUALIFIED INDIVIDUALS SELECTED BY THE EXECUTIVE DIRECTOR AND LOAN COMMITTEE CHAIR - WHICH INDIVIDUALS MAY OR MAY NOT BE MEMBERS OF THE BOARD - ADDED TO THE ROSTER OF THE COMMITTEE FOR SUCH MEETING. SECTION 4.3. ADDITIONAL RESPONSIBILITIES WERE ADDED TO THE FINANCE COMMITTEE; NAMELY, TO "OVERSEE THE FINANCIAL ACCOUNTING AND FINANCIAL REPORTING PROCESSES" OF LEVITICUS, AND "TO AUTHORIZE A CERTIFIED ANNUAL AUDIT REPORT BY A BOARD APPOINTED AUDITOR" AS WELL AS "REVIEW THE RESULTS OF THE AUDIT AND ANY MANAGEMENT LETTER WITH THE AUDITOR." THESE CHANGES WERE ALSO REQUIRED BY THE RECENT AMENDMENT TO THE NPCL. SECTION 9.1. IT IS STANDARD IN BY-LAWS TO NAME THE FISCAL YEAR OF THE CORPORATION, SO WE HAVE NOW DONE THAT IN THIS SECTION, WHILE RESERVING THE RIGHT OF THE BOARD TO "CHANGE THE CORPORATION'S FISCAL YEAR WHEN DEEMED NECESSARY OR ADVISABLE." FORM 990, PART VI, SECTION A, LINE 6 THE MEMBERS ELECT THE ORGANIZATION'S BOARD OF DIRECTORS. FORM 990, PART VI, SECTION A, LINE 7A THE MEMBERS ELECT THE ORGANIZATION'S BOARD OF DIRECTORS. FORM 990, PART VI, SECTION B, LINE 11 THE FORM 990 IS REVIEWED BY THE FINANCE COMMITTEE OF THE BOARD OF DIRECTORS PRIOR TO SUBMISSION. FORM 990, PART VI, SECTION B, LINE 12C ANNUALLY AT THE FIRST BOARD MEETING OF THE YEAR, ALL BOARD MEMBERS COMPLETE, SIGN AND SUBMIT A CONFLICT OF INTEREST STATEMENT. THE STATEMENT OUTLINES THE ORGANIZATION'S CONFLICT OF INTEREST POLICY AND REQUIRES BOARD MEMBERS TO STATE IN WRITING ALL KNOWN CONFLICTS OF INTEREST. FORM 990, PART VI, SECTION B, LINE 15 THE ORGANIZATION PERIODICALLY REVIEWS SALARIES FOR ALL OFFICER AND KEY EMPLOYEE POSITIONS, INCLUDING THE EXECUTIVE DIRECTOR POSITION. SALARIES ARE COMPARED TO COMPARABLE POSITIONS IN OTHER CHARITABLE ORGANIZATIONS, INCLUDING THOSE IN THE ORGANIZATION'S SECTOR, USING DATA FROM SALARY REVIEWS CONDUCTED BY THIRD PARTY ORGANIZATIONS. THE COMPARATIVE FINDINGS ARE PRESENTED TO THE EXECUTIVE COMMITTEE OF THE BOARD OF DIRECTORS FOR DISCUSSION AND APPROVAL. FORM 990, PART VI, SECTION C, LINE 19 THE ORGANIZATION'S FORM 990'S ARE AVAILABLE ON GUIDESTAR.ORG. THE ORGANIZATION'S FORM 1023, GOVERNING DOCUMENTS, CONFLICT OF INTEREST POLICIES AND FINANCIAL STATEMENTS ARE MADE AVAILABLE TO THE PUBLIC UPON REQUEST. FORM 990, PART XII, LINE 2C THE PROCESS HAS NOT CHANGED SINCE THE PRIOR YEAR.