Duluth 1200 Fund Inc
- Assets
- $1.7m
- Revenue
- $25.7k
- Investments
- $0.0
- Employees
- 0
- Location
- Duluth, MN
- Founding
- 07/1985
- Data as of
- 12/2021
- EIN
- 41-1520829
Organization Overview
Duluth 1200 Fund Inc is located in Duluth, MN. The organization was established in 1985. According to its NTEE Classification (S99) the organization is classified as: Community Improvement & Capacity Building N.E.C., under the broad grouping of Community Improvement & Capacity Building and related organizations. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Duluth 1200 Fund Inc 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 12/2021, Duluth 1200 Fund Inc generated $25.7k in total revenue. This represents relatively stable growth, over the past 7 years the organization has increased revenue by an average of 6.5% each year. All expenses for the organization totaled $53.5k during the year ending 12/2021. While expenses have increased by 5.3% per year over the past 7 years. They've been increasing with an increasing level of total revenue. You can explore the organizations financials more deeply in the financial statements section below.
Since 2020, Duluth 1200 Fund Inc has awarded 110 individual grants totaling $1,172,500. If you would like to learn more about the grant giving history of this organization, scroll down to the grant profile section of this page.
Form
990
Mission & Program ActivityExcerpts From the 990 Filing
TAX YEAR
2021
Describe the Organization's Mission:
Part 3 - Line 1
THE PURPOSE OF THE 1200 FUND IS TO PROVIDE LOW, OR NO INTEREST LOANS AND OTHER FINANCIAL ASSISTANCE (GRANTS) TO ELIGIBLE 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.
Describe the Organization's Program Activity:
Part 3 - Line 4a
THERE WERE 4 ADDITIONAL NEW LOANS APPROVED AND DRAWN DOWN IN 2021. ALL 4 LOANS CONTAIN A PROVISION FOR LOAN REQUIREMENTS BASED ON THE NUMBER OF NEW JOBS CREATED AND MAINTAINED FOR A SPECIFIC PERIOD OF TIME, OR THE NUMBER OF DAYCARE SLOTS CREATED AND MAINTAINED. QUARTERLY JOB OR DAYCARE SLOT REPORTING IS REQUIRED IN ORDER TO SUBSTANTIATE THE AMOUNT OF LOAN FORGIVENESS THAT WILL BE GRANTED TO THE BORROWER. IN 2021, THERE WERE NO BUSINESS ENTITIES THAT QUALIFIED FOR LOAN FORGIVENESS. IN 2020, THE COVID19 PANDEMIC ADVERSELY AFFECTED DULUTH AREA BUSINESSES. IN RESPONSE TO THE ADVERSE ECONOMIC CONDITIONS IT CAUSED, THE 1200 FUND'S BOARD APPROVED & ENACTED A MORATORIUM ON PAYMENTS AND THE ACCRUAL OF INTEREST ON QUALIFIED LOANS FOR BUSINESSES IN BUSINESS SECTORS AFFECTED THE MOST BY THE PANDEMIC, THE HOSPITALITY INDUSTRY ESPECIALLY, AS WELL AS OTHERS, TO ASSIST THEM IN ADDRESSING REVENUE SHORTFALLS & THE ECONOMIC HARDSHIPS CAUSED BY THE PANDEMIC. THE MORATORIUM ON LOAN PAYMENTS & INTEREST ACCRUAL ENDED MAY 31, 2021.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Deb Otto President/director | OfficerTrustee | 0.1 | $0 |
Brian Hanson Vice President/director | OfficerTrustee | 0.1 | $0 |
Mike Boeselager Director | Trustee | 0.1 | $0 |
Julie Pierce Director | Trustee | 0.1 | $0 |
Emily Vikre Director | Trustee | 0.1 | $0 |
Arik Forsman Director | Trustee | 0.1 | $0 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Federated campaigns | $0 |
| Membership dues | $0 |
| Fundraising events | $0 |
| Related organizations | $0 |
| Government grants | $0 |
| All other contributions, gifts, grants, and similar amounts not included above | $29,719 |
| Noncash contributions included in lines 1a–1f | $0 |
| Total Revenue from Contributions, Gifts, Grants & Similar | $29,719 |
| Total Program Service Revenue | $0 |
| Investment income | -$4,061 |
| 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 | $25,658 |
| Statement of Expenses | |
|---|---|
| Grants and other assistance to domestic organizations and domestic governments. | $0 |
| Grants and other assistance to domestic individuals. | $0 |
| Grants and other assistance to Foreign Orgs/Individuals | $0 |
| Benefits paid to or for members | $0 |
| Compensation of current officers, directors, key employees. | $0 |
| Compensation of current officers, directors, key employees. | $0 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $0 |
| Pension plan accruals and contributions | $0 |
| Other employee benefits | $0 |
| Payroll taxes | $0 |
| Fees for services: Management | $39,668 |
| Fees for services: Legal | $7,118 |
| Fees for services: Accounting | $0 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $0 |
| Advertising and promotion | $143 |
| Office expenses | $0 |
| Information technology | $0 |
| Royalties | $0 |
| Occupancy | $0 |
| Travel | $0 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $713 |
| Interest | $0 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $0 |
| Insurance | $0 |
| All other expenses | $0 |
| Total functional expenses | $53,492 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $1,162,157 |
| Savings and temporary cash investments | $0 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $0 |
| Loans from Officers, Directors, or Controlling Persons | $0 |
| Loans from Disqualified Persons | $0 |
| Notes and loans receivable | $549,246 |
| Inventories for sale or use | $0 |
| Prepaid expenses and deferred charges | $0 |
| Net Land, buildings, and equipment | $0 |
| Investments—publicly traded securities | $0 |
| Investments—other securities | $0 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $0 |
| Total assets | $1,711,403 |
| Accounts payable and accrued expenses | $650 |
| Grants payable | $0 |
| Deferred revenue | $0 |
| 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 | $650 |
| Net assets without donor restrictions | $0 |
| Net assets with donor restrictions | $0 |
| Capital stock or trust principal, or current funds | $1,710,753 |
| 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 | $1,711,403 |
Grants Awarded
Over the last fiscal year, Duluth 1200 Fund Inc has awarded $1,172,500 in support to 110 organizations.
| Grant Recipient | Amount |
|---|---|
CRAZY UNCLE ENTERTAINMENT LLCDBA THE CADDY SHACK DULUTH PURPOSE: COVID Relief "Fast Grant" | $20,500 |
OMC SMOKEHOUSE PURPOSE: COVID Relief "Fast Grant" | $20,500 |
K AND J INDUSTRIES LLCDBA THE BOREAL HOUSE PURPOSE: COVID Relief "Fast Grant" | $20,500 |
DULUTH POTTERY LLC PURPOSE: COVID Relief "Fast Grant" | $20,500 |
WEST THEATER LLC PURPOSE: COVID Relief "Fast Grant" | $20,000 |
FROST RIVER SUPERIOR TECHNOLOGIES PURPOSE: COVID Relief "Fast Grant" | $20,000 |
Peer Organizations
| Organization Name | Assets | Revenue |
|---|---|---|
Gopher State One-Call Inc Minneapolis, MN | $13,617,385 | $7,412,499 |
Downtown Parking Management Inc Cedar Rapids, IA | $2,652,564 | $2,696,142 |
Scott County Regional Authority Bettendorf, IA | $3,455,493 | $3,293,735 |
Midwest Consruction & Distribution Industry Benefit Trust Eagan, MN | $4,510,406 | $1,947,839 |
Minnesota Association Of Townships St Michael, MN | $4,706,958 | $2,431,395 |
Dakota Business Finance Sioux Falls, SD | $1,006,804 | $1,543,251 |
Benedictine Living Community Of Wahpeton Minneapolis, MN | $6,015,815 | $1,840,159 |
Petroleum Marketers Of Iowa Urbandale, IA | $2,364,008 | $1,629,473 |
Minnesota Trucking Association Brooklyn Center, MN | $2,156,107 | $1,481,093 |
Independent Community Banks Of North Dakota Bismarck, ND | $2,054,460 | $1,393,335 |
Aggregate Ready Mix Of Minnesota Eagan, MN | $513,476 | $1,065,543 |
Minocqua Area Chamber Of Commerce Inc Minocqua, WI | $522,112 | $877,439 |