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Nonprofiteer
← DULUTH 1200 FUND INC

Form 990 for tax year 2023

Filed by DULUTH 1200 FUND INC.

Totals

Total revenue
$134,046
Total expenses
$418,100
Contributions and grants received
$0
Grants paid
$219,050
Program service revenue
$36,908
Investment income
$97,138
Other revenue
$0
Total assets, end of year
$2,853,742
Total liabilities, end of year
$11,360
Net assets or fund balances, end of year
$2,842,382
Program services expenses (Part IX)
$418,100
Management and general expenses
$0
Fundraising expenses
$0
Program service expenses (Part III)
$418,100

Program services were 100.0% 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.

  • 2a · Program service revenue: Consumer Lending

    total $36,908 · related or exempt $36,908 · unrelated business $0 · excluded $0

  • 2f · All other program service revenue

    total $0 · related or exempt $0 · unrelated business $0 · excluded $0

  • 3 · Investment income

    total $97,138 · related or exempt $97,138 · unrelated business $0 · excluded $0

  • 4 · Income from investment of tax-exempt bond proceeds

    total $0 · related or exempt $0 · unrelated business $0 · excluded $0

  • 5 · Royalties

    total $0 · related or exempt $0 · unrelated business $0 · excluded $0

  • 6c · Rental income or loss

    real property $0 · personal property $0

  • 7c · Gain or loss

    securities $0 · other assets $0

  • 11e · Other revenue, total

    $0

Functional expenses

Part IX, the statement of functional expenses.

  • 1 · Grants to domestic organizations and governments

    total $219,050 · program services $219,050

  • 2 · Grants to domestic individuals

    total $0 · program services $0

  • 3 · Grants to foreign organizations and individuals

    total $0 · program services $0

  • 4 · Benefits paid to or for members

    total $0 · program services $0

  • 5 · Compensation of officers, directors and key employees

    total $0 · program services $0 · management and general $0 · fundraising $0

  • 6 · Compensation of disqualified persons

    total $0 · program services $0 · management and general $0 · fundraising $0

  • 7 · Other salaries and wages

    total $0 · program services $0 · management and general $0 · fundraising $0

  • 8 · Pension plan contributions

    total $0 · program services $0 · management and general $0 · fundraising $0

  • 9 · Other employee benefits

    total $0 · program services $0 · management and general $0 · fundraising $0

  • 10 · Payroll taxes

    total $0 · program services $0 · management and general $0 · fundraising $0

  • 11a · Fees: management

    total $42,083 · program services $42,083 · management and general $0 · fundraising $0

  • 11b · Fees: legal

    total $23,711 · program services $23,711 · management and general $0 · fundraising $0

  • 11c · Fees: accounting

    total $86 · program services $86 · management and general $0 · fundraising $0

  • 11d · Fees: lobbying

    total $0 · program services $0 · management and general $0 · fundraising $0

  • 11e · Fees: professional fundraising services

    total $0 · fundraising $0

  • 11f · Fees: investment management

    total $0 · program services $0 · management and general $0 · fundraising $0

  • 11g · Fees: other

    total $17,574 · program services $17,574 · management and general $0 · fundraising $0

  • 12 · Advertising and promotion

    total $0 · program services $0 · management and general $0 · fundraising $0

  • 13 · Office expenses

    total $21 · program services $21 · management and general $0 · fundraising $0

  • 14 · Information technology

    total $0 · program services $0 · management and general $0 · fundraising $0

  • 15 · Royalties

    total $0 · program services $0 · management and general $0 · fundraising $0

  • 16 · Occupancy

    total $0 · program services $0 · management and general $0 · fundraising $0

  • 17 · Travel

    total $0 · program services $0 · management and general $0 · fundraising $0

  • 18 · Travel or entertainment for public officials

    total $0 · program services $0 · management and general $0 · fundraising $0

  • 19 · Conferences, conventions and meetings

    total $1,040 · program services $1,040 · management and general $0 · fundraising $0

  • 20 · Interest

    total $0 · program services $0 · management and general $0 · fundraising $0

  • 21 · Payments to affiliates

    total $0 · program services $0 · management and general $0 · fundraising $0

  • 22 · Depreciation, depletion and amortization

    total $0 · program services $0 · management and general $0 · fundraising $0

  • 23 · Insurance

    total $0 · program services $0 · management and general $0 · fundraising $0

  • 24e · All other expenses

    total $114,535 · program services $114,535 · management and general $0 · fundraising $0

Balance sheet

Part X, book values.

  • 1 · Cash, non-interest-bearing

    beginning of year $2,525,522 · end of year $2,019,544

  • 7 · Other notes and loans receivable

    beginning of year $590,194 · end of year $834,198

  • 17 · Accounts payable and accrued expenses

    beginning of year $3,357 · end of year $11,360

  • 29 · Capital stock, trust principal or current funds

    beginning of year $3,112,359 · end of year $2,842,382

  • 30 · Paid-in or capital surplus, or land, building or equipment fund

    beginning of year $0 · end of year $0

  • 31 · Retained earnings, endowment or other funds

    beginning of year $0 · end of year $0

Mission and programs · 2023

Mission

The 1200 Fund's purpose is to provide low or no interest loans & other financial assistance (grants) to local Duluth area individuals and businesses to confront economic deterioration & loss of jobs. Financing, provided by a governmental funded revolving loan fund, is intended to provide assistance to individuals & businesses that aren't able to obtain affordable, adequate, or appropriate financing from other conventional sources. The primary requirement for assistance is the recipient provides for new job creation and/or retention of existing jobs.

Activities or mission (Part I)

The purpose of the 1200 Fund is to provide low, or no interest loans and other financial assistance (grants) to eligible individuals and businesses located in or near the City of Duluth, MN, in order to create and/or retain jobs and confront economic deterioration within the Duluth area.

  • There were 6 new 1200 Fund Advance/Bridge loans that were approved and drawn down in 2023. Four loans contained a provision for partial loan forgiveness based on the number of new jobs created and maintained for a specific period of time and 2 loans were given to expand a business for a current 1200 Fund client. For the loans with a partial loan forgiveness clause, quarterly job reporting is required in order to substantiate the amount of loan forgiveness that will be granted to the borrowers upon fulfillment of the loan agreements' job creation & maintenance requirements. In 2023, there were 5 business entities that qualified for loan forgiveness because of achieving their job creation and maintenance provisions of their loans; or, they met the required number of childcare slots created and maintained, per their agreements. The Duluth Downtown business and retail area continues to suffer from the many business closings, from the effects of the COVID pandemic, with many empty and unoccupied office and retail spaces still remaining in 2023. In 2023, the 1200 Fund gave grants to several non-profits, whose mission & purposes are to assist entrepreneurs and businesses, to stimulate the growth & success of businesses, and for the creation of more daycare businesses, for which there is high demand for, but not enough daycare openings. In 2023, The 1200 Fund also started the Mentorship Loan Program, which are low interest loans given to new businesses to assist them in their startup costs and to build credit, along with assistance from SCORE.org, known for their expert business knowledge & support for businesses. Four Mentorship Loans were given in 2023.

    Expenses $418,100 · Grants $219,050 · Revenue $134,046

As filed on the 2023 return.

Listed in Part VII

  • Laura Mullen

    President/Director

    Total calculated
    $0
    Hours/week
    0.5

  • Julie Pierce

    Vice President/Director

    Total calculated
    $0
    Hours/week
    0.25

  • Emily Vikre

    Director

    Total calculated
    $0
    Hours/week
    0.1

  • Fred Lewis

    Director

    Total calculated
    $0
    Hours/week
    0.1

  • Jebeh Edmunds

    Director

    Total calculated
    $0
    Hours/week
    0.1

  • Simone Giacomelli

    Director

    Total calculated
    $0
    Hours/week
    0.1

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

  • Northland Foundation

    $150,863

    Non-profit Northland Foundation received the grant funding to perform the Northland Jump Into Child Care Activity grant, to attract and create more child care in the Duluth area. The grant agreement included developing application and eligibility criteria, create an outreach plan, release and provide technical assistance to Day care provider applicants, make funding awards, finalize training & peer learning plans, connect projects with other resources, analyze pilot project reports, and prepare final reports to the Duluth 1200 Fund.

  • Northeast Entrepreneur Fund

    $60,000

    The Northeast Entrepreneur Fund received the Downtown Duluth Revitalization Project grant, to assist businesses in need to help revitalize the Downtown Duluth Business district. The Entrepreneur Fund received $50,000 for grants to be given to eligible businesses ($2,500 each), and $10,000 to cover the Entrepreneur Fund's costs to perform tasks per the grant's guidelines, which entailed developing grant criteria & application forms, solicit grant applications, review & make recommendations for the grants and compliance with eligibility, submit recommendations, prepare grant agreements for eligible businesses, disburse grant funding, monitor grant compliance, and report to the 1200 Fund. Note: An $11,000 match was required from the organization Downtown Duluth.

Provenance

Return type
form_990
Tax year
2023
Filed
13 November 2024
IRS schema version
2023v5.0
Source object
202403189349306900

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