DOF Partners with Contact Fund/SeaChangeCapital to Help LETC

Contact Fund was an early $100,000 investor in DOF (2010).  In February 2013 Contact Fund and SeaChange Capital Partners formed an alliance to enable better access to mission-driven capital for New York City’s frontline nonprofits working in low income neighborhoods.

League Education and Training Center (LETC):  League Education and Training Center is over 60 years old serving over 500 clients daily with 300 professionals, paraprofessionals and support staff.  The organization has two entities each with several programs.  The League School Inc. has a Preschool program serving children ages 3-5 with developmental disabilities and psychiatric disorders and a K-12 school program which provides day treatment for students ages 5-21 with developmental disabilities and psychiatric disorders.  The Carl Fenichel Community Services Inc. program serves adults with a dual diagnosis of developmental disabilities and psychiatric disorders.  Adult programs include day habilitation, pre-vocational services and the LAND art gallery and studio.  The organization has over $27 million in contracts with the State Department of Education and the NY State Office of Mental Health.

The LETC Board developed a turnaround plan to reduce operating deficits which included cutting costs and consolidating locations.  The consolidation includes the sale of a building in Brooklyn.  The profit on this sale will enable the organization to complete the planned turnaround and cover cash flow needs.

DOF joined SeaChange Capital in providing a $1,300,000 loan to LETC during the restructuring phase.