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← CITY OF LAKES COMMUNITY LAND TRUST

Form 990 for tax year 2022

Filed by CITY OF LAKES COMMUNITY LAND TRUST.

Totals

Total revenue
$2,266,852
Total expenses
$4,308,132
Contributions and grants received
$1,925,547
Grants paid
$2,307,366
Program service revenue
$286,938
Investment income
$2,072
Other revenue
$52,295
Total assets, end of year
$15,797,710
Total liabilities, end of year
$9,970,803
Net assets or fund balances, end of year
$5,826,907
Program services expenses (Part IX)
$4,262,011
Management and general expenses
$37,824
Fundraising expenses
$8,297
Program service expenses (Part III)
$4,262,011

Program services were 98.9% 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.

Revenue

Part VIII, the statement of revenue.

  • 1b · Membership dues

    $29,074

  • 1e · Government grants (contributions)

    $1,052,426

  • 1f · All other contributions, gifts and grants

    $844,047

  • 1g · Noncash contributions included above

    $6,626

  • 2a · Program service revenue: Land lease revenue

    total $80,202 · related or exempt $80,202

  • 2b · Program service revenue: Commissions

    total $55,953 · related or exempt $55,953

  • 2c · Program service revenue: Building rents

    total $50,190 · related or exempt $50,190

  • 2d · Program service revenue: Miscelaneous income

    total $48,543 · related or exempt $48,543

  • 2e · Program service revenue: Service and organization fees

    total $12,150 · related or exempt $12,150

  • 2f · All other program service revenue

    total $39,900 · related or exempt $39,900

  • 3 · Investment income

    total $2,072 · excluded $2,072

  • 10a · Gross sales of inventory

    $1,657,000

  • 10b · Cost of goods sold

    $1,604,705

  • 10c · Net income from sales of inventory

    total $52,295 · related or exempt $52,295

Functional expenses

Part IX, the statement of functional expenses.

  • 1 · Grants to domestic organizations and governments

    total $2,307,366 · program services $2,307,366

  • 5 · Compensation of officers, directors and key employees

    total $386,502 · program services $357,318 · management and general $22,939 · fundraising $6,245

  • 7 · Other salaries and wages

    total $119,200 · program services $119,200

  • 8 · Pension plan contributions

    total $9,344 · program services $9,344

  • 9 · Other employee benefits

    total $25,143 · program services $25,143

  • 10 · Payroll taxes

    total $35,194 · program services $33,124 · management and general $1,656 · fundraising $414

  • 11b · Fees: legal

    total $8,429 · program services $8,429

  • 11c · Fees: accounting

    total $20,203 · program services $19,384 · management and general $667 · fundraising $152

  • 11g · Fees: other

    total $109,037 · program services $105,813 · management and general $2,627 · fundraising $597

  • 13 · Office expenses

    total $10,746 · program services $10,091 · management and general $540 · fundraising $115

  • 16 · Occupancy

    total $33,895 · program services $32,579 · management and general $1,104 · fundraising $212

  • 17 · Travel

    total $1,458 · program services $1,133 · management and general $312 · fundraising $13

  • 20 · Interest

    total $9,597 · program services $9,597

  • 22 · Depreciation, depletion and amortization

    total $33,230 · program services $32,253 · management and general $754 · fundraising $223

  • 23 · Insurance

    total $18,619 · program services $17,528 · management and general $1,033 · fundraising $58

  • 24a · Other expenses: Rehabilitation projects

    total $628,439 · program services $628,439

  • 24b · Other expenses: Home ownership subsidie

    total $498,700 · program services $498,700

  • 24c · Other expenses: Outreach and developmen

    total $15,334 · program services $15,150 · management and general $147 · fundraising $37

  • 24d · Other expenses: Dues & subscriptions

    total $15,146 · program services $14,413 · management and general $586 · fundraising $147

  • 24e · All other expenses

    total $22,550 · program services $17,007 · management and general $5,459 · fundraising $84

Balance sheet

Part X, book values.

  • 1 · Cash, non-interest-bearing

    beginning of year $1,914,224 · end of year $313,156

  • 3 · Pledges and grants receivable

    beginning of year $696,501 · end of year $696,056

  • 4 · Accounts receivable

    beginning of year $125,771 · end of year $349,305

  • 8 · Inventories for sale or use

    beginning of year $2,914,703 · end of year $3,151,124

  • 9 · Prepaid expenses and deferred charges

    beginning of year $16,390 · end of year $20,875

  • 10a · Land, buildings and equipment: cost or other basis

    $689,652

  • 10b · Land, buildings and equipment: accumulated depreciation

    $340,752

  • 10c · Land, buildings and equipment, net

    beginning of year $384,835 · end of year $348,900

  • 13 · Investments: program-related

    beginning of year $10,411,994 · end of year $10,918,294

  • 17 · Accounts payable and accrued expenses

    beginning of year $245,496 · end of year $124,708

  • 18 · Grants payable

    beginning of year $40,000 · end of year $65,000

  • 19 · Deferred revenue

    beginning of year $425,597 · end of year $374,191

  • 23 · Secured mortgages and notes payable

    beginning of year $7,875,465 · end of year $9,406,904

  • 25 · Other liabilities

    beginning of year $9,673

  • 27 · Net assets without donor restrictions

    beginning of year $5,108,571 · end of year $5,300,246

  • 28 · Net assets with donor restrictions

    beginning of year $2,759,616 · end of year $526,661

Mission and programs · 2022

Mission

Creating community ownership that preserves affordability and inclusivity is the mission of the City of Lakes Community Land Trust.

  • In 2022, the City of Lakes Community Land Trust celebrated their 20th anniversary and grew the land trust to 354 homes. While that figure is pretty impressive, it doesn't acknowledge the total of 470+ households assisted by the CLCLT through initial sales and resales over the years. The CLCLT has now served over 1,200 individuals through CLCLT homeownership over the past 20 years. In 2022, the CLCLT assisted 31 new low-income households achieve homeownership. Fourteen of these were new properties brought into the CLCLT and seventeen were resales. The CLCLT continued to grow in 2022 with some exciting projects. In September, the CLCLT broke ground on a 17-unit Townhome development in the Harrison neighborhood with co-Developer Twin Cities Habitat for Humanity. All 17 units will be perpetually affordable through the CLCLT. In October, the CLCLT began significant rehab on the 628 Franklin building in partnership with Hope Community. The building will be transformed into seven perpetually affordable condo units. In both of these developments the CLCLT will be working closely with neighborhoods to create affordable homeownership opportunities for current neighborhood renters earning less than 60% of Area Median Income. In 2022, the CLCLT initiated a Seller Leveraged Program (SLP) and was able to secure funding in support of the program. The CLCLT seeks a minimum 20% discount off the appraised value from the sellers in the SLP. The CLCLT acquired three properties through the Seller Leveraged Program in 2022. Owners of these properties, on average, have discounted the sale of their homes by 41% to assist the CLCLT in creating and preserving perpetual affordability for these homes. The CLCLT is actively working with several other SLP sellers and fundraising to develop a more comprehensive program.

    Expenses $1,890,049 · Revenue $278,480

  • In 2022, the Commercial Land Trust Initiative (CLTI) was fully transferred to Partnership in Property Commercial Land Trust (PIPCLT) when PIPCLT obtained its tax-exempt status effective May 2021. All CLTI restricted funds were disbursed from CLCLT to PIPCLT in 2022, at which time the fiscal relationship and agreement between CLCLT and PIPCLT was terminated. In 2021, CLCLT was awarded funding in excess of $2,500,000 on behalf of PIPCLT resulting in significant income in excess of expenses and a significant net asset increase in CLCLT's 2021 financial statements. CLCLT recognized at that time it would more than likely realize a significant decrease in net assets in 2022 with expenses in excess of income when the CLTI restricted funds were transferred to PIPCLT.

    Expenses $2,337,862 · Grants $2,307,366

  • City of Lakes Community Realty (CLCR), a Minnesota Limited Liability nonprofit company, was formed to facilitate Land Trust resales, purchases, and sell residential real estate on behalf of CLCLT, and to represent real estate transactions of partner organizations providing affordable home ownership. The activities are supported primarily from commissions on real estate sales.

    Expenses $34,100 · Revenue $60,753

As filed on the 2022 return. The filer continues this part on Schedule O, which is not shown here.

Listed in Part VII

  • Nataly Sanchez

    Chair

    Total calculated
    $0
    Hours/week
    2 + 2 related

  • Andrea Reese

    Vice Chair

    Total calculated
    $0
    Hours/week
    2 + 2 related

  • Christina A Jennings

    Treasurer

    Total calculated
    $0
    Hours/week
    2 + 2 related

  • Alicia Smith

    Secretary

    Total calculated
    $0
    Hours/week
    2 + 2 related

  • Sheila Bland

    Member

    Total calculated
    $0
    Hours/week
    1 + 1 related

  • J Ralph Pace

    Member

    Total calculated
    $0
    Hours/week
    1 + 1 related

  • Michael A Dill

    Member

    Total calculated
    $0
    Hours/week
    1 + 1 related

  • Lao Lu Hang

    Member

    Total calculated
    $0
    Hours/week
    1 + 1 related

  • Dave Higgins

    Member

    Total calculated
    $0
    Hours/week
    1 + 1 related

  • Matthew C Sargent

    Member

    Total calculated
    $0
    Hours/week
    1 + 1 related

  • Peggy Moore

    Member

    Total calculated
    $0
    Hours/week
    1 + 1 related

  • Taylor Smirkarova

    Member

    Total calculated
    $0
    Hours/week
    1 + 1 related

  • Jackline Mukiibi

    Member

    Total calculated
    $0
    Hours/week
    1 + 1 related

  • Minkara Tezet

    Member

    Total calculated
    $0
    Hours/week
    1 + 1 related

  • Libby Murphy

    Member

    Total calculated
    $0
    Hours/week
    1 + 1 related

  • Jeff Washburne

    Executive Director

    Total calculated
    $171,156
    From this org
    $163,006
    From related orgs
    $0
    Other
    $8,150
    Hours/week
    37 + 3 related

    Schedule J breakdown matched by us

    Base
    $163,006
    Bonus
    $0
    Other
    $0
    Deferred
    $8,150
    Nontaxable benefits
    $0
    Filer's total
    $171,156

  • Staci Horwitz

    Operations Director

    Total calculated
    $109,939
    From this org
    $94,706
    From related orgs
    $0
    Other
    $15,233
    Hours/week
    36.5 + 3.5 related

  • Mollie Mosman

    Finance Director

    Total calculated
    $105,406
    From this org
    $93,803
    From related orgs
    $0
    Other
    $11,603
    Hours/week
    36.5 + 3.5 related

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. A Schedule J breakdown is as filed: base pay, bonus, other, deferred compensation and nontaxable benefits from this organization, with any from related organizations beside each, and the filer's own total. It is shown with the Part VII listing of the same name on the same return. The form gives no key between the two, so that pairing is ours, and is marked matched by us.

Schedule J

Answered yes

  • 3 · Approval by the board or compensation committee

Answered no

  • 4a · Severance or change-of-control payment
  • 4b · Supplemental nonqualified retirement plan
  • 4c · Equity-based compensation arrangement
  • 5a · Pay contingent on this organization's revenues
  • 5b · Pay contingent on a related organization's revenues
  • 6a · Pay contingent on this organization's net earnings
  • 6b · Pay contingent on a related organization's net earnings
  • 7 · Other non-fixed payments
  • 8 · Paid under the initial-contract exception

Part I's answers as filed. A line not listed was left unanswered; on lines 1a and 3 that means the box was not checked.

Grants on this return

Related organizations on this return

Schedule R Part II: tax-exempt organizations related to the filer by control. It does not record shared board members or money.

  • Neighborhood Housing Services

    501(c)(3) · to promote neighborhood stabalization through sustainable home ownership · MN

    Directly controlled by City of Lakes Community Land Trust

Taxable family on this return

Schedule R Parts I, III and IV, as filed. These record ownership and control, not shared board members or money moved.

Disregarded entities

Part I: entities that legally are the filer and file no return of their own.

  • City of Lakes Community Realty LLC

    Purchase and sell real estate · MN · income $60,988 · assets $121,089

    Directly controlled by City of Lakes Community Land Trust

Provenance

Return type
form_990
Tax year
2022
Filed
21 June 2023
IRS schema version
2022v5.0
Source object
202311789349300111

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