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Nonprofiteer
← LEECH LAKE FINANCIAL SERVICES INC

Form 990 for tax year 2023

Filed by LEECH LAKE FINANCIAL SERVICES INC.

Totals

Total revenue
$789,469
Total expenses
$878,081
Contributions and grants received
$725,278
Grants paid
$10,581
Program service revenue
$52,639
Investment income
$0
Other revenue
$11,552
Total assets, end of year
$1,732,951
Total liabilities, end of year
$1,145,499
Net assets or fund balances, end of year
$587,452
Program services expenses (Part IX)
$528,754
Management and general expenses
$349,327
Fundraising expenses
$0
Program service expenses (Part III)
$528,754

Program services were 60.2% 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.

  • 1e · Government grants (contributions)

    $347,546

  • 1f · All other contributions, gifts and grants

    $377,732

  • 2a · Program service revenue: INTEREST INCOME

    total $44,712 · related or exempt $44,712

  • 2b · Program service revenue: FEE INCOME

    total $7,927 · related or exempt $7,927

  • 11a · Other revenue: OTHER INCOME

    total $11,552 · related or exempt $11,552

  • 11e · Other revenue, total

    $11,552

Functional expenses

Part IX, the statement of functional expenses.

  • 2 · Grants to domestic individuals

    total $10,581 · program services $10,581

  • 7 · Other salaries and wages

    total $383,999 · program services $178,050 · management and general $205,949

  • 9 · Other employee benefits

    total $44,515 · program services $17,137 · management and general $27,378

  • 10 · Payroll taxes

    total $32,919 · program services $15,305 · management and general $17,614

  • 11c · Fees: accounting

    total $9,300 · management and general $9,300

  • 11g · Fees: other

    total $242,467 · program services $242,467

  • 12 · Advertising and promotion

    total $23,113 · program services $13,822 · management and general $9,291

  • 13 · Office expenses

    total $31,414 · program services $1,518 · management and general $29,896

  • 16 · Occupancy

    total $11,767 · management and general $11,767

  • 17 · Travel

    total $18,541 · program services $18,541

  • 19 · Conferences, conventions and meetings

    total $3,241 · program services $3,241

  • 20 · Interest

    total $26,009 · program services $13,106 · management and general $12,903

  • 22 · Depreciation, depletion and amortization

    total $9,051 · program services $5,208 · management and general $3,843

  • 24a · Other expenses: MISCELLANEOUS

    total $37,969 · program services $16,583 · management and general $21,386

  • 24b · Other expenses: BAD DEBT EXPENSE

    total -$6,805 · program services -$6,805

Balance sheet

Part X, book values.

  • 1 · Cash, non-interest-bearing

    beginning of year $800,060 · end of year $987,685

  • 3 · Pledges and grants receivable

    beginning of year $202,527 · end of year $116,486

  • 4 · Accounts receivable

    beginning of year $15,643 · end of year $30,177

  • 7 · Other notes and loans receivable

    beginning of year $449,591 · end of year $303,326

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

    $347,317

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

    $52,040

  • 10c · Land, buildings and equipment, net

    beginning of year $304,328 · end of year $295,277

  • 17 · Accounts payable and accrued expenses

    beginning of year $63,622 · end of year $51,532

  • 19 · Deferred revenue

    beginning of year $474,892 · end of year $487,946

  • 23 · Secured mortgages and notes payable

    beginning of year $102,961 · end of year $97,096

  • 25 · Other liabilities

    beginning of year $454,610 · end of year $508,925

  • 27 · Net assets without donor restrictions

    beginning of year $289,546 · end of year $225,752

  • 28 · Net assets with donor restrictions

    beginning of year $386,518 · end of year $361,700

Mission and programs · 2023

Mission

TO PROMOTE ECONOMIC DEVELOPMENT BY PROVIDING SAFE, AFFORDABLE LOANS AND FINANCIAL TRAINING.

  • THE LOAN PROGRAMS PROVIDED MORE THAN 200 LOANS TO INDIVIDUALS AND BUSINESS WHO NORMALLY WOULDN'T QUALIFY FOR A CONVENTIONAL LOAN. THE PROGRAM ALSO PROVIDES FINANCIAL TRAINING.

    Expenses $342,082 · Grants $10,581 · Revenue $64,191

  • THE COMMUNITY DEVELOPMENT PROGRAM IS DEVELOPING PROGRAMS TO IMPROVE THE AFFORDABLE HOUSING IN RURAL NORTHERN MINNESOTA AND THE LEECH LAKE RESERVATION.

    Expenses $186,672

As filed on the 2023 return.

Listed in Part VII

  • William Ethier

    CHAIR

    Total calculated
    $0
    Hours/week
    2

  • Breanna Miettinen

    DIRECTOR

    Total calculated
    $0
    Hours/week
    2

  • Sarah Kuesel

    SECRETARY

    Total calculated
    $0
    Hours/week
    1

  • Katie Guthrie

    DIRECTOR

    Total calculated
    $0
    Hours/week
    1

  • Gordon Fineday

    VICE CHAIR

    Total calculated
    $0
    Hours/week
    2

  • Jeff Everhart

    TREASURER

    Total calculated
    $0
    Hours/week
    2

  • Jaimee Meyer

    DIRECTOR

    Total calculated
    $0
    Hours/week
    1

  • Rob Aitken

    EXECUTIVE DIRECTOR

    Total calculated
    $90,374
    From this org
    $90,374
    From related orgs
    $0
    Other
    $0
    Hours/week
    40

  • Pam Spong

    OPERATIONS & FINANCE MANAGER

    Total calculated
    $88,705
    From this org
    $88,705
    From related orgs
    $0
    Other
    $0
    Hours/week
    40

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

No itemized grants to organizations on this return.

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.

  • BUILD ONE PROPERTIES LLC

    ECONOMIC DEVELOPMENT · MN

    Directly controlled by LEECH LAKE FINANCIAL SERVICES INC

Provenance

Return type
form_990
Tax year
2023
Filed
15 November 2024
IRS schema version
2023v5.1
Source object
202423209349324962

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