Skip to content
Nonprofiteer
← CITY OF LAKES COMMUNITY LAND TRUST

Form 990 for tax year 2023

Filed by CITY OF LAKES COMMUNITY LAND TRUST.

Totals

Total revenue
$13,296,198
Total expenses
$2,202,127
Contributions and grants received
$12,803,415
Grants paid
$0
Program service revenue
$265,134
Investment income
$178,997
Other revenue
$48,652
Total assets, end of year
$32,072,076
Total liabilities, end of year
$15,151,098
Net assets or fund balances, end of year
$16,920,978
Program services expenses (Part IX)
$2,132,157
Management and general expenses
$51,577
Fundraising expenses
$18,393
Program service expenses (Part III)
$2,132,157

Program services were 96.8% 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

    $22,494

  • 1e · Government grants (contributions)

    $1,384,286

  • 1f · All other contributions, gifts and grants

    $11,396,635

  • 1g · Noncash contributions included above

    $335,000

  • 2a · Program service revenue: LAND LEASE REVENUE

    total $85,582 · related or exempt $85,582

  • 2b · Program service revenue: MISCELLANEOUS INCOME

    total $47,202 · related or exempt $47,202

  • 2c · Program service revenue: BUILDING RENTS

    total $42,838 · related or exempt $42,838

  • 2d · Program service revenue: COMMISSIONS

    total $41,677 · related or exempt $41,677

  • 2e · Program service revenue: MARKETING/DEVELOPER FEES

    total $26,825 · related or exempt $26,825

  • 2f · All other program service revenue

    total $21,010 · related or exempt $21,010

  • 3 · Investment income

    total $178,997 · excluded $178,997

  • 10a · Gross sales of inventory

    $447,500

  • 10b · Cost of goods sold

    $398,848

  • 10c · Net income from sales of inventory

    total $48,652 · related or exempt $48,652

Functional expenses

Part IX, the statement of functional expenses.

  • 5 · Compensation of officers, directors and key employees

    total $395,656 · program services $357,503 · management and general $25,532 · fundraising $12,621

  • 7 · Other salaries and wages

    total $169,911 · program services $167,560 · management and general $1,599 · fundraising $752

  • 8 · Pension plan contributions

    total $17,136 · program services $16,627 · management and general $211 · fundraising $298

  • 9 · Other employee benefits

    total $4,560 · program services $4,560

  • 10 · Payroll taxes

    total $38,924 · program services $36,209 · management and general $1,810 · fundraising $905

  • 11c · Fees: accounting

    total $18,576 · management and general $18,576

  • 11g · Fees: other

    total $128,967 · program services $126,789 · fundraising $2,178

  • 13 · Office expenses

    total $11,752 · program services $11,040 · management and general $443 · fundraising $269

  • 14 · Information technology

    total $5,495 · program services $5,327 · management and general $113 · fundraising $55

  • 16 · Occupancy

    total $32,180 · program services $31,197 · management and general $663 · fundraising $320

  • 17 · Travel

    total $7,584 · program services $7,521 · management and general $42 · fundraising $21

  • 20 · Interest

    total $8,346 · program services $8,346

  • 22 · Depreciation, depletion and amortization

    total $33,062 · program services $32,044 · management and general $679 · fundraising $339

  • 23 · Insurance

    total $10,290 · program services $9,057 · management and general $1,089 · fundraising $144

  • 24a · Other expenses: HOMEOWNERS ACQUISTION

    total $667,450 · program services $667,450

  • 24b · Other expenses: REHAB COSTS

    total $597,178 · program services $597,178

  • 24c · Other expenses: OUTREACH AND DEVELOPMEN

    total $28,330 · program services $28,071 · management and general $234 · fundraising $25

  • 24d · Other expenses: DUES AND SUBSCRIPTIONS

    total $15,735 · program services $14,856 · management and general $586 · fundraising $293

  • 24e · All other expenses

    total $10,995 · program services $10,822 · fundraising $173

Balance sheet

Part X, book values.

  • 1 · Cash, non-interest-bearing

    beginning of year $313,156 · end of year $120,467

  • 2 · Savings and temporary cash investments

    end of year $8,702,383

  • 3 · Pledges and grants receivable

    beginning of year $696,056 · end of year $1,205,350

  • 4 · Accounts receivable

    beginning of year $349,305 · end of year $291,830

  • 8 · Inventories for sale or use

    beginning of year $3,151,124 · end of year $9,384,166

  • 9 · Prepaid expenses and deferred charges

    beginning of year $20,875 · end of year $31,296

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

    $706,980

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

    $376,190

  • 10c · Land, buildings and equipment, net

    beginning of year $348,900 · end of year $330,790

  • 13 · Investments: program-related

    beginning of year $10,918,294 · end of year $12,005,794

  • 17 · Accounts payable and accrued expenses

    beginning of year $124,708 · end of year $203,314

  • 18 · Grants payable

    beginning of year $65,000 · end of year $45,000

  • 19 · Deferred revenue

    beginning of year $374,191 · end of year $457,308

  • 23 · Secured mortgages and notes payable

    beginning of year $9,406,904 · end of year $14,248,390

  • 25 · Other liabilities

    beginning of year $0 · end of year $197,086

  • 27 · Net assets without donor restrictions

    beginning of year $5,300,246 · end of year $16,102,871

  • 28 · Net assets with donor restrictions

    beginning of year $526,661 · end of year $818,107

Mission and programs · 2023

Mission

CREATING COMMUNITY OWNERSHIP THAT PRESERVES AFFORDABILITY AND INCLUSIVITY IS THE MISSION OF THE CITY OF LAKES COMMUNITY LAND TRUST.

  • IN 2023 THE CLCLT HAD ASSISTED ANOTHER 25 NEW HOUSEHOLDS ACHIEVE CLCLT HOMEOWNERSHIP IN MINNEAPOLIS, BRINGING THE TOTAL NUMBER OF HOMES IN TRUST TO 377 VIA GROUND LEASE AND DEED RESTRICTIONS. CONSTRUCTION ON THE CLCLT'S TWO LARGEST PROJECTS, THE 628 (7-UNIT CONDOMINIUM COMPLEX) AND HARRISON TOWNHOMES (17-UNITS), BEGAN IN EARNEST IN 2023. CLOSINGS ON INDIVIDUAL UNITS FOR BOTH PROJECTS ARE SCHEDULED TO START IN APRIL 2024. ADDITIONALLY, THE CLCLT ACQUIRED TWELVE NEW PROPERTIES THROUGH ITS HOMEBUYER INITIATED PROGRAM; EIGHT HOMES THROUGH PARTNERSHIPS WITH OTHER NONPROFIT DEVELOPERS; ONE THROUGH THE AFRICAN AMERICAN COMMUNITY LAND TRUST INITIATIVE; ONE THROUGH THE SELLER-LEVERAGED PROGRAM; AND ONE THROUGH PROJECT: SUSTAINED LEGACY. OF ALL HOUSEHOLDS SERVED IN 2023, 61% WERE FROM COMMUNITIES OF COLOR, AND THE AVERAGE AREA MEDIAN INCOME WAS 50.44%.THE RAPID INCREASE IN MORTGAGE INTEREST RATES AND LOW HOUSING STOCK WAS A SIGNIFICANT FACTOR IN THE NUMBER OF HOUSEHOLDS SERVED IN 2023. THE CLCLT ASSISTED SIX FEWER HOUSEHOLDS IN 2023 WHEN COMPARED TO 2022. MANY CLCLT HOMEBUYER INITIATED PROGRAM (HIP) BUYERS WERE UNABLE TO FIND QUALITY HOMES AT AN AFFORDABLE, SUSTAINABLE MONTHLY HOUSING PAYMENT THROUGH THE PROGRAM. AT THE SAME TIME, THE CLCLT WAS ABLE TO MOVE FORWARD ON PROJECTS SUPPORTED THROUGH THE CITY OF MINNEAPOLIS' AMERICAN RESCUE PLAN ACT (ARPA) FUND COMMITMENTS. THESE PROJECTS WILL ACTUALIZE AFFORDABLE HOMEOWNERSHIP OPPORTUNITIES IN 2024. IN ADDITION TO THE 377 HOMES IN TRUST AT YEAR-END 2023, THE CLCLT ALSO OWNS AND MAINTAINS FOUR RENTAL PROPERTIES, THE CLCLT OFFICE BUILDING, AND SEVERAL ADDITIONAL PROPERTIES UNDER DEVELOPMENT IN MINNEAPOLIS. EACH OF THESE PROPERTIES WILL REMAIN PERPETUALLY AFFORDABLE WITH NO OR VERY LITTLE ADDITIONAL AFFORDABILITY INVESTMENT BEING NEEDED AGAIN. AS OF YEAR-END 2023 THE CLCLT HAD ALSO FACILITATED A TOTAL OF 124 RESALES. IT'S IMPORTANT TO NOTE THAT NO NEW PUBLIC INVESTMENTS WERE NEEDED TO CREATE AFFORDABILITY FOR THE 124 RESALES DUE TO THE LONG-TERM AFFORDABILITY MECHANISM BUILT INTO THE COMMUNITY LAND TRUST. THE RESALES REPRESENT 124 LOW- AND MODERATE-INCOME HOUSEHOLDS WHO WERE ASSISTED INTO HOMEOWNERSHIP WITHOUT THE CLCLT NEEDING TO RAISE ADDITIONAL FUNDS TO KEEP THE HOMES AFFORDABLE DESPITE RAPIDLY RISING HOME VALUES IN MINNEAPOLIS AND INCREASING INTEREST RATES NATIONALLY. ALTHOUGH CONSTRUCTION COSTS STABILIZED SLIGHTLY IN 2023, THE IMPACT CONTINUES TO BE FELT ON CONSTRUCTION PROJECTS. EVEN THOUGH PUBLIC FUNDERS HAVE BEGUN TO ADJUST THEIR PER UNIT AFFORDABILITY OR DEVELOPMENT GAP MAXIMUM SUBSIDY LEVELS, THE CLCLT REMAINS CAUTIOUS ABOUT TAKING ON DEVELOPMENT PROJECTS WITHOUT AMPLE GAP RESOURCES OR DEFINITIVE PERMANENT FINANCING SOURCES AVAILABLE TO ENSURE THE HOMES ARE PRICED AFFORDABLY AT TIME OF COMPLETION.IN 2023 THE CLCLT SPONSORED OVER 28 CLCLT ORIENTATIONS. CONTINUING TO PROVIDE VIRTUAL ORIENTATIONS HAS ALLOWED THE CLCLT TO OFFER ORIENTATIONS WITHOUT LIMITING THE NUMBER OF ATTENDEES DUE TO SPACE RESTRICTIONS. ADDITIONALLY, THE CLCLT PARTICIPATED IN SEVEN COMMUNITY EVENTS. THROUGH THESE OUTREACH OPPORTUNITIES, THE CLCLT ESTIMATES IT WAS ABLE TO INFORM OVER 1,500 COMMUNITY MEMBERS ABOUT COMMUNITY LAND TRUST HOMEOWNERSHIP AND THE CLCLT'S PATHS INTO HOMEOWNERSHIP. ADDITIONALLY, THE CLCLT CONTINUES TO MEET WITH HOMEBUYERS VIRTUALLY, PRESENT TO NEIGHBORHOODS AND SOCIAL/HUMAN SERVICE PROVIDERS, AND OTHER STAKEHOLDERS ABOUT HOMEBUYER OPPORTUNITIES IN THE COMMUNITY AND THROUGH THE CLCLT WAY OF HOMEOWNERSHIP. THE CLCLT IS CURRENTLY STAFFED BY 7.0 FTE EMPLOYEES. OTHER ITEMS OF SIGNIFICANCE TO NOTE FOR 2023: THE CLCLT'S LONG-TIME EXECUTIVE DIRECTOR TRANSITIONED OUT OF THE ORGANIZATION IN JUNE 2023 AND A NEW EXECUTIVE DIRECTOR STARTED AT THE END OF JUNE. ALSO, THE CLCLT RECEIVED ITS MOST SUBSTANTIAL FINANCIAL GIFT OF $10,000,000 MIDWAY THROUGH THE YEAR.

    Expenses $2,099,431 · Revenue $268,209

  • CITY OF LAKES COMMUNITY REALTY (CLCR), A MINNESOTA LIMITED LIABILTY 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 $32,726 · Revenue $45,577

As filed on the 2023 return. The filer continues this part on Schedule O, which is not shown here.

Listed in Part VII

  • Alicia Smith

    CHAIR

    Total calculated
    $0
    Hours/week
    2 + 2 related

  • Lao Lu Hang

    TREASURER

    Total calculated
    $0
    Hours/week
    2 + 2 related

  • Libby Murphy

    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

  • Nataly Sanchez

    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 Smirkarava

    MEMBER

    Total calculated
    $0
    Hours/week
    1 + 1 related

  • Minkara Tezet

    MEMBER

    Total calculated
    $0
    Hours/week
    1 + 1 related

  • Christina Jennings

    MEMBER

    Total calculated
    $0
    Hours/week
    1 + 1 related

  • Bonita Turnipseed

    MEMBER

    Total calculated
    $0
    Hours/week
    1 + 1 related

  • Catrice Williams

    MEMBER

    Total calculated
    $0
    Hours/week
    1 + 1 related

  • Jeff Washburne

    FORMER EXECUTIVE DIRECTOR

    Total calculated
    $95,942
    From this org
    $87,108
    From related orgs
    $0
    Other
    $8,834
    Hours/week
    37 + 3 related

  • Staci Horwitz

    OPERATIONS DIRECTOR

    Total calculated
    $116,031
    From this org
    $98,872
    From related orgs
    $0
    Other
    $17,159
    Hours/week
    36.5 + 3.5 related

  • Mollie Mosman

    FINANCE DIRECTOR

    Total calculated
    $110,287
    From this org
    $97,106
    From related orgs
    $0
    Other
    $13,181
    Hours/week
    36.5 + 3.5 related

  • Andrea Reese

    EXECUTIVE DIRECTOR

    Total calculated
    $64,255
    From this org
    $54,922
    From related orgs
    $0
    Other
    $9,333
    Hours/week
    37 + 3 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.

Grants on this return

No itemized grants to organizations 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 $45,703 · assets $137,268

    Directly controlled by CITY OF LAKES COMMUNITY LAND TRUST

Provenance

Return type
form_990
Tax year
2023
Filed
17 October 2024
IRS schema version
2023v5.1
Source object
202412959349301536

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.