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Nonprofiteer
← LAND BANK TWIN CITIES INC

Form 990 for tax year 2024

Filed by LAND BANK TWIN CITIES INC.

Totals

Total revenue
$5,464,563
Total expenses
$6,629,339
Contributions and grants received
$1,382,815
Grants paid
$0
Program service revenue
$3,426,563
Investment income
$43,775
Other revenue
$611,410
Total assets, end of year
$32,138,508
Total liabilities, end of year
$25,069,401
Net assets or fund balances, end of year
$7,069,107
Program services expenses (Part IX)
$5,452,345
Management and general expenses
$1,107,953
Fundraising expenses
$69,041
Program service expenses (Part III)
$5,452,345

Program services were 82.2% 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.

  • 1f · All other contributions, gifts and grants

    $1,382,815

  • 2a · Program service revenue: RENTAL INCOME

    total $2,109,964 · related or exempt $2,109,964

  • 2b · Program service revenue: PROGRAM INTEREST

    total $672,812 · related or exempt $672,812

  • 2c · Program service revenue: PROGRAM FEES

    total $643,787 · related or exempt $643,787

  • 7a · Gross sales of assets other than inventory

    other assets $1,138,552

  • 7b · Less cost or other basis and sales expenses

    other assets $1,094,777

  • 7c · Gain or loss

    other assets $43,775

  • 7d · Net gain or loss

    total $43,775 · related or exempt $43,775

  • 11a · Other revenue: MISCELLANEOUS INCOME

    total $611,410 · related or exempt $611,410

  • 11e · Other revenue, total

    $611,410

Functional expenses

Part IX, the statement of functional expenses.

  • 5 · Compensation of officers, directors and key employees

    total $425,602 · program services $231,273 · management and general $192,712 · fundraising $1,617

  • 7 · Other salaries and wages

    total $485,466 · program services $332,956 · management and general $142,892 · fundraising $9,618

  • 8 · Pension plan contributions

    total $14,131 · program services $11,188 · management and general $2,712 · fundraising $231

  • 9 · Other employee benefits

    total $34,712 · program services $28,254 · management and general $5,818 · fundraising $640

  • 10 · Payroll taxes

    total $66,118 · program services $42,695 · management and general $22,602 · fundraising $821

  • 11b · Fees: legal

    total $148,006 · management and general $148,006

  • 11c · Fees: accounting

    total $271,268 · management and general $271,268

  • 11g · Fees: other

    total $581,655 · program services $306,624 · management and general $221,539 · fundraising $53,492

  • 13 · Office expenses

    total $14,405 · program services $9,409 · management and general $4,888 · fundraising $108

  • 14 · Information technology

    total $102,454 · program services $55,901 · management and general $45,723 · fundraising $830

  • 16 · Occupancy

    total $115,345 · program services $78,440 · management and general $36,001 · fundraising $904

  • 17 · Travel

    total $1,786 · program services $1,662 · management and general $121 · fundraising $3

  • 19 · Conferences, conventions and meetings

    total $5,223 · program services $4,077 · management and general $657 · fundraising $489

  • 20 · Interest

    total $837,440 · program services $837,440

  • 22 · Depreciation, depletion and amortization

    total $831,483 · program services $824,704 · management and general $6,632 · fundraising $147

  • 24a · Other expenses: PROPERTY EXPENSE - LLCS

    total $2,742,573 · program services $2,742,573

  • 24b · Other expenses: DUES AND SUBSCRIPTIONS

    total $9,577 · program services $6,256 · management and general $3,249 · fundraising $72

  • 24c · Other expenses: MISCELLANEOUS EXPENSE

    total $9,233 · program services $6,031 · management and general $3,133 · fundraising $69

  • 24d · Other expenses: BAD DEBT EXPENSE

    total -$67,138 · program services -$67,138

Balance sheet

Part X, book values.

  • 1 · Cash, non-interest-bearing

    beginning of year $5,143,324 · end of year $5,041,411

  • 3 · Pledges and grants receivable

    beginning of year $102,000 · end of year $0

  • 4 · Accounts receivable

    beginning of year $323,189 · end of year $249,114

  • 7 · Other notes and loans receivable

    beginning of year $2,966,063 · end of year $2,926,183

  • 9 · Prepaid expenses and deferred charges

    beginning of year $91,831 · end of year $104,405

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

    $1,040,348

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

    $193,422

  • 10c · Land, buildings and equipment, net

    beginning of year $224,629 · end of year $846,926

  • 13 · Investments: program-related

    beginning of year $23,650,655 · end of year $22,632,564

  • 15 · Other assets

    beginning of year $249,352 · end of year $337,905

  • 17 · Accounts payable and accrued expenses

    beginning of year $570,332 · end of year $473,168

  • 19 · Deferred revenue

    beginning of year $565,627 · end of year $271,951

  • 23 · Secured mortgages and notes payable

    beginning of year $22,198,049 · end of year $23,770,414

  • 25 · Other liabilities

    beginning of year $1,183,152 · end of year $553,868

  • 27 · Net assets without donor restrictions

    beginning of year $4,373,128 · end of year $4,261,532

  • 28 · Net assets with donor restrictions

    beginning of year $3,860,755 · end of year $2,807,575

Mission and programs · 2024

Mission

LAND BANK TWIN CITIES, INC. CAPTURES STRATEGIC REAL ESTATE OPPORTUNITIES TO BENEFIT PEOPLE WITH LOW TO MODERATE INCOMES, PRIORITIZING PEOPLE OF COLOR AND POPULATIONS FACING BARRIERS.

  • LAND BANKING -LAND BANK TWIN CITIES, INC. (LBTC) ACQUIRES, HOLDS, AND RESELLS STRATEGIC PROPERTIES WITHIN THE SEVEN-COUNTY METROPOLITAN AREA, TARGETING SALES TO APPROVED NON-PROFIT ORGANIZATIONS, SOCIALLY RESPONSIBLE FOR-PROFIT DEVELOPERS, COMMUNITY BUSINESSES, AND GOVERNMENT TO ADVANCE ITS MISSION.

    Expenses $745,869 · Revenue $376,691

  • COMMUNITY LENDING -LBTC PROVIDES LOANS TO APPROVED NON-PROFIT AND SOCIALLY RESPONSIBLE FOR-PROFIT DEVELOPERS, NON-PROFIT SERVICE PROVIDERS, COMMUNITY BUSINESSES, AND GOVERNMENT FOR THE PURCHASE, REHABILITATION, AND NEW CONSTRUCTION OF PROPERTIES, IN ALIGNMENT WITH ITS MISSION.

    Expenses $88,933 · Revenue $219,875

  • BROKERAGE/PROPERTY MANAGEMENT - LBTC BROKERS THE SALE AND PURCHASE OF PROPERTIES AND MANAGES PROPERTIES DURING HOLDING PERIODS TO SUPPORT ITS MISSION.

    Expenses $2,779,375 · Revenue $3,144,862

  • GENERAL PROGRAM - ACTIVITIES THAT GENERALLY RELATE TO THE OVERALL MISSION OF LAND BANK TWIN CITIES, INC. BUT DO NOT FALL UNDER A SPECIFIC DEFINED PROGRAM.

    Expenses $1,838,168 · Revenue $340,320

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

Listed in Part VII

  • Amy McCulloch

    DIRECTOR

    Total calculated
    $0
    Hours/week
    1

  • Barbara McCormick

    DIRECTOR

    Total calculated
    $0
    Hours/week
    1

  • Charles Hanley

    TREASURER

    Total calculated
    $0
    Hours/week
    1

  • David McGee

    DIRECTOR

    Total calculated
    $0
    Hours/week
    1

  • Elfric Porte II

    DIRECTOR

    Total calculated
    $0
    Hours/week
    1

  • Jason Chavez

    DIRECTOR

    Total calculated
    $0
    Hours/week
    1

  • Jay Jensen

    DIRECTOR (THRU 11/2024)

    Total calculated
    $0
    Hours/week
    1

  • Karla Henderson

    VICE CHAIR

    Total calculated
    $0
    Hours/week
    1

  • Kevin Anderson

    DIRECTOR

    Total calculated
    $0
    Hours/week
    1

  • Kizzy Downie

    SECRETARY

    Total calculated
    $0
    Hours/week
    1

  • Libby Starling

    CHAIR

    Total calculated
    $0
    Hours/week
    1

  • Nicolle Goodman

    DIRECTOR

    Total calculated
    $0
    Hours/week
    1

  • Cheniqua Johnson

    DIRECTOR

    Total calculated
    $0
    Hours/week
    1

  • Mai Chong Xiong

    DIRECTOR

    Total calculated
    $0
    Hours/week
    1

  • Mollie Mosman

    CHIEF FINANCIAL OFFICER

    Total calculated
    $0
    Hours/week
    1

  • Edward Landenberger

    VS PRESIDENT & SR PROGRAM

    Total calculated
    $195,287
    From this org
    $168,782
    From related orgs
    $0
    Other
    $26,505
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $168,782
    Bonus
    $0
    Other
    $0
    Deferred
    $6,751
    Nontaxable benefits
    $19,754
    Filer's total
    $195,287

  • Shana Wenger

    CHIEF OPERATING OFFICER (THRU 7/2024)

    Total calculated
    $132,781
    From this org
    $123,337
    From related orgs
    $0
    Other
    $9,444
    Hours/week
    40

  • Aarica Coleman

    PRESIDENT & CEO

    Total calculated
    $97,534
    From this org
    $93,125
    From related orgs
    $0
    Other
    $4,409
    Hours/week
    40

  • Scott Anderson

    PROGRAM MANAGER

    Total calculated
    $119,654
    From this org
    $115,000
    From related orgs
    $0
    Other
    $4,654
    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. 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 · Compensation committee
  • 3 · Form 990 of other organizations
  • 3 · Compensation survey or study
  • 3 · Approval by the board or compensation committee
  • 7 · Other non-fixed payments

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
  • 8 · Paid under the initial-contract exception

The filer's explanations (Part III)

PART I, LINE 7
BONUSES FOR THE PRESIDENT ARE PROVIDED AT THE DISCRETION OF THE EXECUTIVE COMMITTEE BASED ON PERFORMANCE OUTCOMES AND FOR ALL OTHER STAFF AT THE DISCRECTION OF THE PRESIDENT BASED ON PERFORMANCE OUTCOMES.

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

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.

  • TCC ADY LLC

    REAL ESTATE HOLDING COMPANY · MN · income $0 · assets $0

    Directly controlled by LAND BANK TWIN CITIES INC

  • TCC BLOOM LAKE ONE LLC

    REAL ESTATE HOLDING COMPANY · MN · income $0 · assets $0

    Directly controlled by LAND BANK TWIN CITIES INC

  • TCC HIAWATHA LLC

    REAL ESTATE HOLDING COMPANY · MN · income $659,292 · assets $2,964,720

    Directly controlled by LAND BANK TWIN CITIES INC

  • TCC NWUD LLC

    REAL ESTATE HOLDING COMPANY · MN · income $0 · assets $0

    Directly controlled by LAND BANK TWIN CITIES INC

  • TCC PROPERTY SERVICES LLC

    REAL ESTATE BROKERAGE · MN · income $106,094 · assets $90,849

    Directly controlled by LAND BANK TWIN CITIES INC

  • TCC UNIVAN LLC

    REAL ESTATE HOLDING COMPANY · MN · income $0 · assets $0

    Directly controlled by LAND BANK TWIN CITIES INC

  • TCC VIC LLC

    REAL ESTATE HOLDING COMPANY · MN · income $0 · assets $0

    Directly controlled by LAND BANK TWIN CITIES INC

  • LB 842 RAY LLC

    REAL ESTATE HOLDING COMPANY · MN · income $0 · assets $0

    Directly controlled by LAND BANK TWIN CITIES INC

  • LB 240 PLATO LLC

    REAL ESTATE HOLDING COMPANY · MN · income $0 · assets $0

    Directly controlled by LAND BANK TWIN CITIES INC

  • LB LO CAL LLC

    REAL ESTATE HOLDING COMPANY · MN · income $0 · assets $0

    Directly controlled by LAND BANK TWIN CITIES INC

  • LB ELLIOT PARK LLC

    REAL ESTATE HOLDING COMPANY · MN · income $126 · assets $0

    Directly controlled by LAND BANK TWIN CITIES INC

  • LB 2401 LLC

    REAL ESTATE HOLDING COMPANY · MN · income $0 · assets $0

    Directly controlled by LAND BANK TWIN CITIES INC

  • LB INDIGENOUS LLC

    REAL ESTATE HOLDING COMPANY · MN · income $0 · assets $0

    Directly controlled by LAND BANK TWIN CITIES INC

  • LB 4100 WEST 76 LLC

    REAL ESTATE HOLDING COMPANY · MN · income $0 · assets $0

    Directly controlled by LAND BANK TWIN CITIES INC

  • LB NAV CEDAR LLC

    REAL ESTATE BROKERAGE · MN · income $0 · assets $0

    Directly controlled by LAND BANK TWIN CITIES INC

  • TWIN CITIES COMMUNITY LAND LLC BANK

    REAL ESTATE HOLDING COMPANY · MN · income $151,461 · assets $1,462,855

    Directly controlled by LAND BANK TWIN CITIES INC

  • LB CORCORAN 5 LLC

    REAL ESTATE HOLDING COMPANY · MN · income $2,268,749 · assets $7,256,457

    Directly controlled by LAND BANK TWIN CITIES INC

  • LB PLAYWRIGHTS 710 LLC

    REAL ESTATE HOLDING COMPANY · MN · income $6,720 · assets $13,878

    Directly controlled by LAND BANK TWIN CITIES INC

  • LB 1351 ARCADE LLC

    REAL ESTATE HOLDING COMPANY · MN · income $9,513 · assets $21,270

    Directly controlled by LAND BANK TWIN CITIES INC

  • LB LAND TRUST NORTH 1 LLC

    REAL ESTATE HOLDING COMPANY · MN · income $41,802 · assets $634,891

    Directly controlled by LAND BANK TWIN CITIES INC

  • LB SMMF2 LLC

    REAL ESTATE HOLDING COMPANY · MN · income -$84,984 · assets $9,133

    Directly controlled by LAND BANK TWIN CITIES INC

  • LB 1 TO 4 LLC

    REAL ESTATE HOLDING COMPANY · MN · income $143,851 · assets $2,035,936

    Directly controlled by LAND BANK TWIN CITIES INC

  • LB 1041 SELBY LLC

    REAL ESTATE HOLDING COMPANY · MN · income $136,196 · assets $1,651,546

    Directly controlled by LAND BANK TWIN CITIES INC

  • LB 2015 GIRARD LLC

    REAL ESTATE HOLDING COMPANY · MN · income $21,058 · assets $313,621

    Directly controlled by LAND BANK TWIN CITIES INC

  • LB 2515 WABASH LLC

    REAL ESTATE HOLDING COMPANY · MN · income $505,806 · assets $3,764,200

    Directly controlled by LAND BANK TWIN CITIES INC

  • LB MPLS 143 LLC

    REAL ESTATE HOLDING COMPANY · MN · income $0 · assets $0

    Directly controlled by LAND BANK TWIN CITIES INC

  • LB NEWTOWN LLC

    REAL ESTATE HOLDING COMPANY · MN · income $324,971 · assets $2,330,970

    Directly controlled by LAND BANK TWIN CITIES INC

  • LB SELBY COMMON LLC

    REAL ESTATE HOLDING COMPANY · MN · income $8 · assets $0

    Directly controlled by LAND BANK TWIN CITIES INC

  • LB 700 S 10 LLC

    REAL ESTATE HOLDING COMPANY · MN · income $119,985 · assets $150,830

    Directly controlled by LAND BANK TWIN CITIES INC

  • LB EAST 7 ASSEMBLY LLC

    REAL ESTATE HOLDING COMPANY · MN · income $80,658 · assets $1,136,163

    Directly controlled by LAND BANK TWIN CITIES INC

Provenance

Return type
form_990
Tax year
2024
Filed
13 November 2025
IRS schema version
2024v5.2
Source object
202543189349308334

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