Loft Inc
- Assets
- $5.8m
- Revenue
- $2.6m
- Investments
- $0.0
- Employees
- 23
- Location
- Minneapolis, MN
- Founding
- 06/1977
- Data as of
- 08/2022
- EIN
- 41-1297735
Organization Overview
Loft Inc, operating under the name The Loft Literary Center, is located in Minneapolis, MN. The organization was established in 1977. According to its NTEE Classification (A70) the organization is classified as: Humanities, under the broad grouping of Arts, Culture & Humanities and related organizations. As of 08/2022, Loft Literary Center employed 23 individuals. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Loft Literary Center is a 501(c)(3) and as such, is described as a "Charitable or Religous organization or a private foundation" by the IRS.
For the year ending 08/2022, Loft Literary Center generated $2.6m in total revenue. This represents relatively stable growth, over the past 7 years the organization has increased revenue by an average of 1.1% each year. All expenses for the organization totaled $2.1m during the year ending 08/2022. You can explore the organizations financials more deeply in the financial statements section below.
Form
990T
Mission & Program ActivityExcerpts From the 990T Filing
TAX YEAR
2022
Describe the Organization's Mission:
Part 3 - Line 1
THE LOFT ADVANCES THE ARTISTIC DEVELOPMENT OF WRITERS, FOSTERS A THRIVING WRITING (SEE SCHEDULE O) COMMUNITY, AND INSPIRES A PASSION FOR LITERATURE.
Describe the Organization's Program Activity:
LEARNING FOR WRITERS AND READERS: SEE SCHEDULE O FOR SERVICE ACCOMPLISHMENTS
SERVICES FOR WRITERS AND THE LITERARY COMMUNITY: SEE SCHEDULE O FOR SERVICE ACCOMPLISHMENTS
EVENTS FOR READERS: SEE SCHEDULE O FOR SERVICE ACCOMPLISHMENTS
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Elizabeth Schoeppler Managing/interim Executive Director | Officer | 40 | $105,904 |
Karlyn Coleman Director | Trustee | 1 | $100 |
Mike Meyer Board Treasurer | OfficerTrustee | 2 | $0 |
Melinda Ward Vice Chair & Secretary | OfficerTrustee | 2 | $0 |
Arleta Little 3122-Present Executive & Artistic Director | OfficerTrustee | 40 | $0 |
Jon Austin Director | OfficerTrustee | 2 | $0 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Federated campaigns | $0 |
| Membership dues | $0 |
| Fundraising events | $0 |
| Related organizations | $0 |
| Government grants | $180,898 |
| All other contributions, gifts, grants, and similar amounts not included above | $1,523,256 |
| Noncash contributions included in lines 1a–1f | $6,740 |
| Total Revenue from Contributions, Gifts, Grants & Similar | $1,704,154 |
| Total Program Service Revenue | $758,802 |
| Investment income | $152,417 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $0 |
| Net Gain/Loss on Asset Sales | $0 |
| Net Income from Fundraising Events | $0 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $0 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $2,615,373 |
| Statement of Expenses | |
|---|---|
| Grants and other assistance to domestic organizations and domestic governments. | $0 |
| Grants and other assistance to domestic individuals. | $143,000 |
| Grants and other assistance to Foreign Orgs/Individuals | $0 |
| Benefits paid to or for members | $0 |
| Compensation of current officers, directors, key employees. | $215,598 |
| Compensation of current officers, directors, key employees. | $84,494 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $678,659 |
| Pension plan accruals and contributions | $0 |
| Other employee benefits | $102,394 |
| Payroll taxes | $0 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $250 |
| Fees for services: Accounting | $89,763 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $11,239 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $56,473 |
| Advertising and promotion | $42,216 |
| Office expenses | $36,105 |
| Information technology | $59,867 |
| Royalties | $0 |
| Occupancy | $81,964 |
| Travel | $16,571 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $0 |
| Interest | $0 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $16,405 |
| Insurance | $5,494 |
| All other expenses | $2,862 |
| Total functional expenses | $2,066,861 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $240,506 |
| Savings and temporary cash investments | $1,164,241 |
| Pledges and grants receivable | $467,503 |
| Accounts receivable, net | $14,673 |
| Loans from Officers, Directors, or Controlling Persons | $0 |
| Loans from Disqualified Persons | $0 |
| Notes and loans receivable | $0 |
| Inventories for sale or use | $0 |
| Prepaid expenses and deferred charges | $22,946 |
| Net Land, buildings, and equipment | $13,267 |
| Investments—publicly traded securities | $3,682,086 |
| Investments—other securities | $0 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $179,245 |
| Total assets | $5,784,467 |
| Accounts payable and accrued expenses | $223,197 |
| Grants payable | $13,000 |
| Deferred revenue | $212,314 |
| Tax-exempt bond liabilities | $0 |
| Escrow or custodial account liability | $0 |
| Loans and other payables to any current Officer, Director, or Controlling Person | $0 |
| Secured mortgages and notes payable | $0 |
| Unsecured mortgages and notes payable | $0 |
| Other liabilities | $0 |
| Total liabilities | $448,511 |
| Net assets without donor restrictions | $702,113 |
| Net assets with donor restrictions | $4,633,843 |
| Capital stock or trust principal, or current funds | $0 |
| Paid-in or capital surplus, or land, building, or equipment fund | $0 |
| Retained earnings, endowment, accumulated income, or other funds | $0 |
| Total liabilities and net assets/fund balances | $5,784,467 |
Grants Recieved
Over the last fiscal year, we have identified 15 grants that Loft Inc has recieved totaling $1,170,537.
| Awarding Organization | Amount |
|---|---|
Mcknight Foundation Minneapolis, MN PURPOSE: FOR GENERAL OPERATING SUPPORT | $258,000 |
Mcknight Foundation Minneapolis, MN PURPOSE: FOR GENERAL OPERATING SUPPORT | $258,000 |
Mcknight Foundation Minneapolis, MN PURPOSE: FOR MCKNIGHT ARTIST FELLOWSHIPS FOR MIDCAREER LITERARY ARTISTS AND WRITERS IN MINNESOTA | $206,000 |
Mcknight Foundation Minneapolis, MN PURPOSE: FOR MCKNIGHT ARTIST FELLOWSHIPS FOR MIDCAREER LITERARY ARTISTS AND WRITERS IN MINNESOTA | $206,000 |
Mcknight Foundation Minneapolis, MN PURPOSE: FOR GENERAL OPERATING SUPPORT | $86,000 |
Mcknight Foundation Minneapolis, MN PURPOSE: FOR GENERAL OPERATING SUPPORT | $86,000 |
Endowment Analysis
| Beg. Balance | $3,957,620 |
| Earnings | -$560,761 |
| Other Expense | $92,409 |
| Ending Balance | $3,304,450 |
Peer Organizations
| Organization Name | Assets | Revenue |
|---|---|---|
National Forensic League West Des Moines, IA | $5,499,014 | $3,952,491 |
Loft Inc Minneapolis, MN | $5,784,467 | $2,615,373 |
Wisconsin Humanities Council Madison, WI | $372,757 | $2,007,119 |
The Clearing Ellison Bay, WI | $3,923,723 | $2,072,867 |
South Dakota Humanities Council Brookings, SD | $3,298,176 | $991,410 |
Wisconsin Academy Of Sciences Arts & Letters Madison, WI | $712,983 | $792,015 |
Minnesota Center For Book Arts Minneapolis, MN | $760,442 | $920,745 |
Open Book Minneapolis, MN | $4,393,030 | $386,668 |
Humanities Iowa Iowa City, IA | $1,550,896 | $77,679 |
Lake View Camp And Conference Center Pella, IA | $6,169,507 | $765,131 |
Minnesota Prison Writing Workshop Saint Paul, MN | $757,779 | $602,346 |
Les Voyageurs Incorporated St Cloud, MN | $169,378 | $0 |