Skip to content
Nonprofiteer
← LATINO ECONOMIC DEVELOPMENT CENTER

Form 990 for tax year 2022

Filed by LATINO ECONOMIC DEVELOPMENT CENTER.

Totals

Total revenue
$4,726,530
Total expenses
$4,491,158
Contributions and grants received
$4,105,183
Grants paid
$1,158,750
Program service revenue
$120,605
Investment income
$148,810
Other revenue
$351,932
Total assets, end of year
$11,425,396
Total liabilities, end of year
$4,942,297
Net assets or fund balances, end of year
$6,483,099
Program services expenses (Part IX)
$3,471,734
Management and general expenses
$858,282
Fundraising expenses
$161,142
Program service expenses (Part III)
$3,471,734

Program services were 77.3% 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.

  • 1c · Fundraising events

    $269,669

  • 1e · Government grants (contributions)

    $1,891,636

  • 1f · All other contributions, gifts and grants

    $1,943,878

  • 1g · Noncash contributions included above

    $4,853

  • 2a · Program service revenue: Program Fees

    total $120,605 · related or exempt $120,605

  • 3 · Investment income

    total $148,810 · related or exempt $148,810

  • 6a · Gross rents

    real property $348,000

  • 6b · Less rental expenses

    real property $0

  • 6c · Rental income or loss

    real property $348,000

  • 6d · Net rental income or loss

    total $348,000 · related or exempt $348,000

  • 8a · Fundraising events: gross income

    $8,640

  • 8a · Fundraising events: contributions included on line 1c

    $269,669

  • 8b · Fundraising events: direct expenses

    $4,708

  • 8c · Net income from fundraising events

    total $3,932 · excluded $3,932

Functional expenses

Part IX, the statement of functional expenses.

  • 2 · Grants to domestic individuals

    total $1,158,750 · program services $1,158,750

  • 5 · Compensation of officers, directors and key employees

    total $200,906 · program services $148,112 · management and general $36,134 · fundraising $16,660

  • 7 · Other salaries and wages

    total $917,444 · program services $686,214 · management and general $154,240 · fundraising $76,990

  • 9 · Other employee benefits

    total $223,057 · program services $144,914 · management and general $61,457 · fundraising $16,686

  • 10 · Payroll taxes

    total $84,637 · program services $58,067 · management and general $20,102 · fundraising $6,468

  • 11b · Fees: legal

    total $18,548 · program services $18,548

  • 11c · Fees: accounting

    total $245,803 · program services $125,453 · management and general $120,350

  • 11g · Fees: other

    total $473,459 · program services $243,807 · management and general $210,334 · fundraising $19,318

  • 13 · Office expenses

    total $113,648 · program services $76,103 · management and general $28,207 · fundraising $9,338

  • 16 · Occupancy

    total $224,729 · program services $214,877 · management and general $6,572 · fundraising $3,280

  • 17 · Travel

    total $47,350 · program services $35,037 · management and general $9,755 · fundraising $2,558

  • 19 · Conferences, conventions and meetings

    total $27,043 · program services $14,896 · management and general $9,085 · fundraising $3,062

  • 20 · Interest

    total $97,439 · program services $96,926 · management and general $513

  • 22 · Depreciation, depletion and amortization

    total $90,647 · program services $83,622 · management and general $4,686 · fundraising $2,339

  • 23 · Insurance

    total $58,349 · program services $41,846 · management and general $16,503

  • 24a · Other expenses: Scholarship fund

    total $134,603 · management and general $134,603

  • 24b · Other expenses: Maintenance and repairs

    total $71,475 · program services $71,007 · management and general $312 · fundraising $156

  • 24c · Other expenses: Provisions for loan los

    total $58,212 · program services $58,212

  • 24d · Other expenses: Bad debts

    total $56,777 · program services $38,800 · management and general $17,977

  • 24e · All other expenses

    total $188,282 · program services $156,543 · management and general $27,452 · fundraising $4,287

Balance sheet

Part X, book values.

  • 1 · Cash, non-interest-bearing

    beginning of year $4,262,832 · end of year $3,296,675

  • 3 · Pledges and grants receivable

    beginning of year $1,544,097 · end of year $1,628,349

  • 4 · Accounts receivable

    beginning of year $726,939 · end of year $894,410

  • 7 · Other notes and loans receivable

    beginning of year $2,858,582 · end of year $3,461,930

  • 9 · Prepaid expenses and deferred charges

    beginning of year $80,924 · end of year $81,137

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

    $2,909,202

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

    $846,307

  • 10c · Land, buildings and equipment, net

    beginning of year $2,167,708 · end of year $2,062,895

  • 17 · Accounts payable and accrued expenses

    beginning of year $221,629 · end of year $325,285

  • 19 · Deferred revenue

    beginning of year $2,885 · end of year $1,833

  • 23 · Secured mortgages and notes payable

    beginning of year $3,642,736 · end of year $3,514,781

  • 25 · Other liabilities

    beginning of year $1,526,105 · end of year $1,100,398

  • 27 · Net assets without donor restrictions

    beginning of year $2,723,491 · end of year $4,050,334

  • 28 · Net assets with donor restrictions

    beginning of year $3,524,236 · end of year $2,432,765

Mission and programs · 2022

Mission

To transform our community by creating economic opportunities for Latinos across the state of Minnesota. We provide a structure, support system and tool with which to promote sustainable communities.

Activities or mission (Part I)

To transform our community by creating economic opportunities for Latinos throughout Minnesota.

  • Business Development: LEDC's Business Development Program consultants supported more than 600 Latino-owned, immigrant-owned, and BIPOC-owned small businesses and entrepreneurs, providing more than 2,500 hours of technical assistance.

    Expenses $2,791,862 · Grants $1,158,750 · Revenue $381,373

  • Agriculture Program : In 2022, the Agriculture Program distributed $52,500 in 3 agricultural loans to 3 farms, 100% of whom are owned by Latino farmers. In this year the program also secured a $675,000 in USDA and MDA grant award to systematically address the needs of underserved farmers by providing access to capital, markets, land, and other resources to underserved producers. LEDC's Agriculture Program consulted with 32 Latino farmers and conducted over 750 hours of individual technical assistance focusing on Poultry Production, Sheep Production, Calf Operations, Financial planning, and access to markets.

    Expenses $281,442 · Revenue $28,977

  • Lending Programs: In 2022, LEDC's Lending Program made 29 loans totaling $1.47 million and leveraging an additional $1.84 million in capital from partner CDFIs and financial institutions. Of the loans made, 88% supported Latino entrepreneurs, and 12% supported BIPOC entrepreneurs who were not Latino. Eighty-one percent of these loans went to Twin Cities area businesses, and 19% went to support businesses in Greater Minnesota. Altogether, these loans helped create 110 jobs and retain nearly 100 jobs.

    Expenses $315,575 · Revenue $207,065

  • Expenses $82,855

As filed on the 2022 return.

Listed in Part VII

  • Carlos Lamboglia

    Chair

    Total calculated
    $0
    Hours/week
    1

  • Ruben Hidalgo

    Treasurer

    Total calculated
    $0
    Hours/week
    1

  • Eduardo Mozqueda

    Secretary

    Total calculated
    $0
    Hours/week
    1

  • Uri Camarena

    Director

    Total calculated
    $0
    Hours/week
    1

  • Christina Jennings

    Director

    Total calculated
    $0
    Hours/week
    1

  • Tony Vannicola

    Director

    Total calculated
    $0
    Hours/week
    1

  • Ambar Hanson

    Director

    Total calculated
    $0
    Hours/week
    1

  • Alex Trevino

    Director

    Total calculated
    $0
    Hours/week
    1

  • Carlos Lopez

    Director

    Total calculated
    $0
    Hours/week
    1

  • Angela Knudson

    Director

    Total calculated
    $0
    Hours/week
    1

  • John Uribe

    Director

    Total calculated
    $0
    Hours/week
    1

  • Alileen Sanchez

    Director

    Total calculated
    $0
    Hours/week
    1

  • Oliver Perez

    Director

    Total calculated
    $0
    Hours/week
    1

  • Henry Jimenez

    Executive Director

    Total calculated
    $200,906
    From this org
    $178,953
    From related orgs
    $0
    Other
    $21,953
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $178,953
    Bonus
    $0
    Other
    $0
    Deferred
    $0
    Nontaxable benefits
    $21,953
    Filer's total
    $200,906

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 survey or study
  • 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

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.

  • Los Lagos LLC

    Commercial rental real estate for Latinos · MN · income $192,285 · assets $889,866

    Directly controlled by Latino Economic Development Center

  • North Country Produce LLC

    Commercial kitchen for program participants · MN · income $91,692 · assets $38,847

    Directly controlled by Latino Economic Development Center

Related partnerships

Part III: related organizations taxable as a partnership, with the filer's share.

  • East Side Enterprise Center LLC

    Related · Commercial rental real estate · MN · 50% owned · share of income $72,619 · share of assets $410,040 · general or managing partner

    Directly controlled by Latino Economic Development Center

Provenance

Return type
form_990
Tax year
2022
Filed
17 October 2023
IRS schema version
2022v5.0
Source object
202312989349301426

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

The source document this was parsed from is served over the API, which is where bulk and document access live.