Form 990 for tax year 2024

Totals

Total revenue

$2,300,129

Total expenses

$2,136,397

Contributions and grants received

$2,227,025

Grants paid

$558,735

Program service revenue

$0

Investment income

$95,220

Other revenue

-$22,116

Total assets, end of year

$4,378,569

Total liabilities, end of year

$254,847

Net assets or fund balances, end of year

$4,123,722

Program services expenses (Part IX)

$1,450,853

Management and general expenses

$453,415

Fundraising expenses

$232,129

Program service expenses (Part III)

$1,450,853

Program services were 67.9% 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.

Mission and programs · 2024

• Technical Assistance and Small Business Advising: The Lake Street Council provides small business advising in English, Spanish, and Somali. In 2024, our focus has moved to providing vital support to small businesses and entrepreneurs still struggling to succeed under challenging circumstances. We launched a workshop series focused on maintaining financial documentation, building credit, and planning for business expansion. We provided grants to businesses to improve their properties. We supported businesses through road construction.

  Expenses $821,413 · Grants $337,455

• We Love Lake Street (WLLA) Recovery Fund: In late May 2020, civil unrest erupted in the Lake Street corridor. More than 400 businesses were looted, damaged, or destroyed by fire in the aftermath. The events that unfolded during those weeks have had a deep and lasting impact on Lake Street. The broader community came together to support these impacted businesses, and the WLLS recovery fund raised more than $12 million dollars in a matter of weeks. The purpose of the WLLS recovery fund is to support the recovery of businesses and nonprofit organizations in the Lake Street corridor. To facilitate the distribution of funds, we created the WLLS recovery fund oversight committee (the "oversight committee"), which includes local leaders with a history of supporting Lake Street's diverse business community. The oversight committee was charged with making decisions about funding priorities and guidelines. The oversight committee's subcommittees decided who received funding and in what amount. In 2024 this fund continued to invest in grants and forgivable loans to displaced businesses that were seeking to reopen, to entrepreneurs who owned demolished properties who were seeking predevelopment support to start the process of rebuilding, and to community nonprofits that sought to redevelop demolished property to provide affordable commercial space for local small businesses.

  Expenses $270,909 · Grants $216,280

• Visitor Attraction and Placemaking Initiative: Through community activation events and millions of impressions online in the past year, we have uplifted individual businesses, highlighted our successes, and supported our partners. Our Lake Street Reimagined program continues to bring people out to discover and support Lake Street while creating opportunities for local artists. We provided funding for 20 murals, four sculptures and standalone installations, and two vinyl art installations.

  Expenses $177,596 · Grants $5,000

• Corridor Promotion: Attracted customers to the area through promotion of the Lake Street corridor.

  Expenses $175,935

• Fiscal Sponsorship: If a nonprofit organization has not yet received its 501(c)(3) status, it could operate under Lake Street Council as their fiscal sponsor who accepted donations and managed funds on its behalf allowing the program to begin work while awaiting tax-exempt approval.

  Expenses $5,000

• Community Engagement: Lake Street Council ("LSC") supports the Lake Street community in Minneapolis to ensure the vitality and prosperity of the commercial corridor and its 16 surrounding neighborhoods. We engage entrepreneurs, employees, residents, and institutional stakeholders in programs that promote economic development. As the main business association for Lake Street, we regularly hear from business and property owners throughout the corridor about the concerns that matter to them, and our priorities shift to reflect the needs of the moment. Our core programs include community engagement through small business advising, visitor attraction, placemaking initiatives, and financial relief for small businesses and nonprofits.

As filed on the 2024 return. The filer continues this part on Schedule O, which is not shown here.

Listed in Part VII

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

• Lul Bros Properties

  $50,000

  General support

• Southside Community Health Services Inc

  $50,000

  General support

• Kushite Art Gallery LLC

  $27,500

  General support

• Dem Properties

  $25,000

  General support

• Grass Roots LLC

  $25,000

  General support

• Don Pedro LLC

  $25,000

  General support

• Odigo Properties LLC

  $24,500

  General support

• Solcana Fitness LLC

  $22,000

  General support

• Taco Taxi Inc

  $14,350

  General support

• Jungle Theatre

  $13,000

  General support

The 10 largest by cash amount. The API serves every itemized grant.

Provenance

Return type

form_990

Tax year

2024

Filed

21 July 2025

IRS schema version

2024v5.2

Source object

202542249349300219

Check it against the return as filed: the GivingTuesday Data Lake hosts a public copy of the original XML.

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