Totals
- Total revenue
- $1,696,428
- Total expenses
- $281,106
- Contributions and grants received
- $1,550,000
- Grants paid
- $187,917
- Program service revenue
- $54,469
- Investment income
- $91,959
- Other revenue
- $0
- Total assets, end of year
- $4,259,009
- Total liabilities, end of year
- $1,305
- Net assets or fund balances, end of year
- $4,257,704
- Program services expenses (Part IX)
- $281,106
- Management and general expenses
- $0
- Fundraising expenses
- $0
- Program service expenses (Part III)
- $281,106
Program services were 100.0% of total expenses calculated — Part IX's program-services column over total expenses, both as filed.
Line items
Every line the filer filed in Parts VIII, IX and X, as filed and in filed order. Blank columns are left out, and the lines are not forced to add up to the totals above.
Revenue
Part VIII, the statement of revenue.
-
1a · Federated campaigns
$0
-
1b · Membership dues
$0
-
1c · Fundraising events
$0
-
1d · Related organizations
$0
-
1e · Government grants (contributions)
$1,550,000
-
1f · All other contributions, gifts and grants
$0
-
1g · Noncash contributions included above
$0
-
2a · Program service revenue: Consumer Lending
total $54,469 · related or exempt $54,469 · unrelated business $0 · excluded $0
-
2f · All other program service revenue
total $0 · related or exempt $0 · unrelated business $0 · excluded $0
-
3 · Investment income
total $91,959 · related or exempt $91,959 · unrelated business $0 · excluded $0
-
4 · Income from investment of tax-exempt bond proceeds
total $0 · related or exempt $0 · unrelated business $0 · excluded $0
-
5 · Royalties
total $0 · related or exempt $0 · unrelated business $0 · excluded $0
-
6a · Gross rents
real property $0 · personal property $0
-
6b · Less rental expenses
real property $0 · personal property $0
-
6c · Rental income or loss
real property $0 · personal property $0
-
6d · Net rental income or loss
total $0 · related or exempt $0 · unrelated business $0 · excluded $0
-
7a · Gross sales of assets other than inventory
securities $0 · other assets $0
-
7b · Less cost or other basis and sales expenses
securities $0 · other assets $0
-
7c · Gain or loss
securities $0 · other assets $0
-
7d · Net gain or loss
total $0 · related or exempt $0 · unrelated business $0 · excluded $0
-
8a · Fundraising events: gross income
$0
-
8a · Fundraising events: contributions included on line 1c
$0
-
8b · Fundraising events: direct expenses
$0
-
8c · Net income from fundraising events
total $0 · unrelated business $0 · excluded $0
-
9a · Gaming: gross income
$0
-
9b · Gaming: direct expenses
$0
-
9c · Net income from gaming
total $0 · related or exempt $0 · unrelated business $0 · excluded $0
-
10a · Gross sales of inventory
$0
-
10b · Cost of goods sold
$0
-
10c · Net income from sales of inventory
total $0 · related or exempt $0 · unrelated business $0 · excluded $0
-
11e · Other revenue, total
$0
Functional expenses
Part IX, the statement of functional expenses.
-
1 · Grants to domestic organizations and governments
total $187,917 · program services $187,917
-
2 · Grants to domestic individuals
total $0 · program services $0
-
3 · Grants to foreign organizations and individuals
total $0 · program services $0
-
4 · Benefits paid to or for members
total $0 · program services $0
-
5 · Compensation of officers, directors and key employees
total $0 · program services $0
-
6 · Compensation of disqualified persons
total $0 · program services $0
-
7 · Other salaries and wages
total $0 · program services $0
-
8 · Pension plan contributions
total $0 · program services $0
-
9 · Other employee benefits
total $0 · program services $0
-
10 · Payroll taxes
total $0 · program services $0
-
11a · Fees: management
total $43,346 · program services $43,346
-
11b · Fees: legal
total $23,528 · program services $23,528
-
11c · Fees: accounting
total $0 · program services $0
-
11d · Fees: lobbying
total $0 · program services $0
-
11f · Fees: investment management
total $0 · program services $0
-
11g · Fees: other
total $24,738 · program services $24,738
-
19 · Conferences, conventions and meetings
total $1,577 · program services $1,577
-
24e · All other expenses
total $0 · program services $0
Balance sheet
Part X, book values.
-
1 · Cash, non-interest-bearing
beginning of year $2,019,544 · end of year $1,730,705
-
3 · Pledges and grants receivable
end of year $1,400,000
-
7 · Other notes and loans receivable
beginning of year $834,198 · end of year $1,128,304
-
17 · Accounts payable and accrued expenses
beginning of year $11,360 · end of year $1,305
-
29 · Capital stock, trust principal or current funds
beginning of year $2,842,382 · end of year $4,257,704
-
30 · Paid-in or capital surplus, or land, building or equipment fund
beginning of year $0 · end of year $0
-
31 · Retained earnings, endowment or other funds
beginning of year $0 · end of year $0
Mission and programs · 2024
Mission
The 1200 Fund's purpose is to provide low or no interest loans & other financial assistance (grants) to local Duluth area individuals and businesses to confront economic deterioration & loss of jobs. Financing, provided by a governmental funded revolving loan fund, is intended to provide assistance to individuals & businesses that aren't able to obtain affordable, adequate, or appropriate financing from other conventional sources. The primary requirement for assistance is the recipient provides for new job creation and/or retention of existing jobs.
Activities or mission (Part I)
The purpose of the 1200 Fund is to provide low, or no interest loans and other financial assistance (grants) to eligible individuals and businesses located in or near the City of Duluth, MN, in order to create and/or retain jobs and confront economic deterioration within the Duluth area.
-
There were 4 new 1200 Fund Advance loans that were approved and drawn down in 2024. The Advance loans have a provision for partial loan forgiveness based on the number of new jobs created and maintained for a specific period of time. (For the Advance loans with a partial loan forgiveness clause, quarterly job reporting is required in order to substantiate the amount of loan forgiveness that will be granted to the borrowers upon fulfillment of the loan agreements' job creation & maintenance requirements.) In 2024, there were no business entities that qualified for Advance loan forgiveness because of achieving their job creation and maintenance provisions of their loans; nor, did any of the Daycare related Advanced loans in 2024 meet the required number of childcare slots created and maintained for a specified amount of time, per their agreements. The Duluth Downtown and West End/Lincoln Park business and retail areas continue to suffer from the many business closings, from the effects of the COVID pandemic, with many empty and unoccupied office and retail spaces still remaining in 2024. In 2023, The 1200 Fund started the Mentorship Loan Program, which are low interest loans given to new businesses to assist them in their startup costs and to build credit, along with assistance from SCORE.org, known for their expert business knowledge & support for businesses. In 2024, the 1200 Fund gave 7 Mentorship loans. In 2024, 2 grants were given to a local non-profit foundation for 2 different child care grants, to promote growth of child care spots in the area, which is in great shortage; and 1 grant was given to a Business Club to promote their business district and to stimulate the growth & success of the area businesses.
Expenses $281,106 · Grants $187,917 · Revenue $1,696,428
As filed on the 2024 return.
Listed in Part VII
-
Laura Mullen
President/Director
- Total calculated
- $0
- Hours/week
- 0.5
-
Julie Pierce
Vice President/Director
- Total calculated
- $0
- Hours/week
- 0.5
-
Emily Vikre
Director
- Total calculated
- $0
- Hours/week
- 0.5
-
Fred Lewis
Director
- Total calculated
- $0
- Hours/week
- 0.5
-
Jebeh Edmunds
Director
- Total calculated
- $0
- Hours/week
- 0.5
-
Simone Giacomelli
Director
- Total calculated
- $0
- Hours/week
- 0.5
-
Tara Swenson
City Council Representative
- Total calculated
- $0
- Hours/week
- 0.5
Compensation is as filed in Part VII: reportable pay from this organization and from related organizations, other compensation, and hours per week. The total, marked calculated, is our sum of the three dollar columns, with a blank column counted as $0; the form itself has no total. On a Form 990-EZ the columns are Part IV's instead, and on a Form 990-PF Part VIII's — compensation, contributions to benefit plans, and expense account — and the total sums those.
Grants on this return
-
$149,137
Northland Child Care Activities Grant-Grant given to Northland Foundation to facilitate developing Child care grants & eligibility criteria and scoring, review, finalize training & peer Learning plans and engage projects in training & peer learning and connect projects with other resources. Analyze and prepare final reports of outcomes to the Duluth 1200 Fund.
-
$26,780
Jump Into Child Care Project Activities- Northland Foundation acted as fiscal sponsor for Child Care pilot project, to expand interest in child care field to address the child care workforce shortage. 17 training sessions were held, engaging 151 people, assisting with required training to assist participants with opening a licensed family child care business, also with the use of job coaches.
-
Western Area Business and Civic Club dba West Duluth Business Club
$12,000
West Duluth Business Club Grant for West Duluth Event Banners and Lighting Upgrades and installation to promote local events to increase business in the area.
Provenance
- Return type
- form_990
- Tax year
- 2024
- Filed
- 14 November 2025
- IRS schema version
- 2024v5.0
- Source object
- 202503189349309655
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