Form 990 for tax year 2022

Filed by LEECH LAKE FINANCIAL SERVICES INC.

Totals

Total revenue: $704,238
Total expenses: $701,063
Contributions and grants received: $651,173
Grants paid: $0
Program service revenue: $53,065
Investment income: $0
Other revenue: $0
Total assets, end of year: $1,772,149
Total liabilities, end of year: $1,096,085
Net assets or fund balances, end of year: $676,064
Program services expenses (Part IX): $414,694
Management and general expenses: $286,369
Fundraising expenses: $0
Program service expenses (Part III): $414,694

Program services were 59.2% 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)

$301,663
1f · All other contributions, gifts and grants

$349,510
2a · Program service revenue: INTEREST INCOME

total $45,534 · related or exempt $45,534
2b · Program service revenue: FEE INCOME

total $7,531 · related or exempt $7,531

Functional expenses

Part IX, the statement of functional expenses.

7 · Other salaries and wages

total $286,751 · program services $110,748 · management and general $176,003
9 · Other employee benefits

total $34,973 · program services $11,956 · management and general $23,017
10 · Payroll taxes

total $24,861 · program services $9,728 · management and general $15,133
11c · Fees: accounting

total $9,975 · management and general $9,975
11g · Fees: other

total $179,671 · program services $179,671
12 · Advertising and promotion

total $20,374 · program services $16,250 · management and general $4,124
13 · Office expenses

total $29,210 · program services $1,390 · management and general $27,820
16 · Occupancy

total $7,744 · management and general $7,744
17 · Travel

total $23,083 · program services $20,983 · management and general $2,100
19 · Conferences, conventions and meetings

total $3,814 · program services $3,814
20 · Interest

total $17,287 · program services $10,886 · management and general $6,401
22 · Depreciation, depletion and amortization

total $9,418 · program services $4,740 · management and general $4,678
24a · Other expenses: BAD DEBT EXPENSE

total $36,428 · program services $36,428
24b · Other expenses: MISCELLANEOUS

total $17,474 · program services $8,100 · management and general $9,374

Balance sheet

Part X, book values.

1 · Cash, non-interest-bearing

beginning of year $593,082 · end of year $800,060
3 · Pledges and grants receivable

beginning of year $48,118 · end of year $202,527
4 · Accounts receivable

beginning of year $4,320 · end of year $15,643
7 · Other notes and loans receivable

beginning of year $393,568 · end of year $449,591
10a · Land, buildings and equipment: cost or other basis

$347,317
10b · Land, buildings and equipment: accumulated depreciation

$42,989
10c · Land, buildings and equipment, net

beginning of year $276,267 · end of year $304,328
17 · Accounts payable and accrued expenses

beginning of year $49,830 · end of year $63,622
19 · Deferred revenue

beginning of year $111,148 · end of year $474,892
23 · Secured mortgages and notes payable

beginning of year $108,318 · end of year $102,961
25 · Other liabilities

beginning of year $373,170 · end of year $454,610
27 · Net assets without donor restrictions

beginning of year $261,902 · end of year $289,546
28 · Net assets with donor restrictions

beginning of year $410,987 · end of year $386,518

Mission and programs · 2022

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 $414,694 · Revenue $53,065

As filed on the 2022 return.

Listed in Part VII

William EthierWILLIAM ETHIER

CHAIR

Total calculated

$0

Hours/week

2
Breanna MiettinenBREANNA MIETTINEN

DIRECTOR

Total calculated

$0

Hours/week

2
Sarah KueselSARAH KUESEL

SECRETARY

Total calculated

$0

Hours/week

2
Katie GuthrieKATIE GUTHRIE

DIRECTOR

Total calculated

$0

Hours/week

1
Gordon FinedayGORDON FINEDAY

VICE CHAIR

Total calculated

$0

Hours/week

2
Jeff EverhartJEFF EVERHART

TREASURER

Total calculated

$0

Hours/week

2
Jaimee MeyerJAIMEE MEYER

DIRECTOR

Total calculated

$0

Hours/week

1
Rob AitkenROB AITKEN

EXECUTIVE DIRECTOR

Total calculated

$83,946

From this org

$83,946

From related orgs

$0

Other

$0

Hours/week

40
Pam SpongPAM SPONG

OPERATIONS & FINANCE MANAGER

Total calculated

$78,164

From this org

$78,164

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: 2022
Filed: 15 November 2024
IRS schema version: 2022v5.0
Source object: 202403209349323740

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