Lincoln Area Business Association
- Assets
- $79.6k
- Revenue
- $22.3k
- Investments
- $0.0
- Employees
- 3
- Location
- Cushing, MN
- Founding
- 03/1998
- Data as of
- 04/2024
- EIN
- 41-1535892
Organization Overview
Lincoln Area Business Association is located in Cushing, MN. The organization was established in 1998. According to its NTEE Classification (S20) the organization is classified as: Community & Neighborhood Development, under the broad grouping of Community Improvement & Capacity Building and related organizations. As of 04/2024, Lincoln Area Business Association employed 3 individuals. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Lincoln Area Business Association is a 501(c)(6) and as such, is described as a "Business League, Chambers of Commerce, or Real Estate Board" by the IRS.
For the year ending 04/2024, Lincoln Area Business Association generated $22.3k in total revenue. This organization has experienced exceptional growth, as over the past 8 years, it has increased revenue by an average of 18.8% each year . All expenses for the organization totaled $13.3k during the year ending 04/2024. You can explore the organizations financials more deeply in the financial statements section below.
Form
990
Mission & Program ActivityExcerpts From the 990 Filing
TAX YEAR
2024
Describe the Organization's Mission:
Part 3 - Line 1
OUR ASSOCIATION MARKETS THE LOCAL COMMUNITY TO POTENTIAL NEW BUSINESSES AND TO BRING IN TOURISTS.
Describe the Organization's Program Activity:
Part 3 - Line 4a
OUR ASSOCIATION MARKETS THE LOCAL COMMUNITY TO TOURISTS AND OTHERS.
THE ORGANIZATION HOLDS A CHARITABLE GAMBLING LICENSE AND PROVIDED LAWFUL PURPOSE DONATIONS IN THE AMOUNT OF 84,324 DURING THE YEAR TO THE LOCAL AREA.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Cindy Brey Secretary | OfficerTrustee | 1.5 | $3,140 |
Herb Bloomquist President | OfficerTrustee | 1.5 | $0 |
Peg Hartung Vice Preside | OfficerTrustee | 1.5 | $0 |
Todd Krajsa Treasurer | OfficerTrustee | 1.5 | $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 | $0 |
| Noncash contributions included in lines 1a–1f | $0 |
| Total Revenue from Contributions, Gifts, Grants & Similar | $0 |
| Total Program Service Revenue | $5,925 |
| Investment income | $220 |
| 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 | $16,171 |
| Net Income from Sales of Inventory | $0 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $22,316 |
| Statement of Expenses | |
|---|---|
| Grants and other assistance to domestic organizations and domestic governments. | $5,000 |
| 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 | $0 |
| Fees for services: Legal | $0 |
| 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 | $2,286 |
| 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 | $2,645 |
| Interest | $0 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $0 |
| Insurance | $0 |
| All other expenses | $0 |
| Total functional expenses | $13,313 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $73,944 |
| 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 | $0 |
| Inventories for sale or use | $3,298 |
| Prepaid expenses and deferred charges | $2,153 |
| Net Land, buildings, and equipment | $214 |
| Investments—publicly traded securities | $0 |
| Investments—other securities | $0 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $0 |
| Total assets | $79,609 |
| Accounts payable and accrued expenses | $0 |
| 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 | $727 |
| Total liabilities | $727 |
| Net assets without donor restrictions | $0 |
| Net assets with donor restrictions | $0 |
| 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 | $78,882 |
| Total liabilities and net assets/fund balances | $79,609 |
Grants Awarded
Over the last fiscal year, Lincoln Area Business Association has awarded $34,586 in support to 2 organizations.
| Grant Recipient | Amount |
|---|---|
SCANDIA VALLEY TOWNSHIP | | | $20,000 |
SCANDIA VALLEY FIRST RESPONSE | | | $14,586 |