Land Bank Twin Cities Inc
- Assets
- $31.2m
- Revenue
- $7.6m
- Investments
- $0.0
- Employees
- 6
- Location
- St Paul, MN
- Founding
- 05/2015
- Data as of
- 12/2022
- EIN
- 61-1756962
Organization Overview
Land Bank Twin Cities Inc is located in St Paul, MN. The organization was established in 2015. According to its NTEE Classification (L80) the organization is classified as: Housing Support, under the broad grouping of Housing & Shelter and related organizations. As of 12/2022, Land Bank Twin Cities Inc employed 6 individuals. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Land Bank Twin Cities 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 12/2022, Land Bank Twin Cities Inc generated $7.6m in total revenue. This organization has experienced exceptional growth, as over the past 7 years, it has increased revenue by an average of 11.8% each year . All expenses for the organization totaled $4.6m during the year ending 12/2022. 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
2022
Describe the Organization's Mission:
Part 3 - Line 1
TO CAPTURE STRATEGIC REAL ESTATE OPPORTUNITIES TO BENEFIT PEOPLE WITH LOW TO MODERATE INCOMES.
Describe the Organization's Program Activity:
Part 3 - Line 4a
LAND BANKING -LAND BANK TWIN CITIES, INC. (LBTC) ACQUIRES, HOLDS, AND RESELLS STRATEGIC PROPERTIES IN THE SEVEN-COUNTY METROPOLITAN AREA TO SELL TO APPROVED NON-PROFIT AND SOCIALLY RESPONSIBLE FOR-PROFIT DEVELOPERS, NON-PROFIT SERVICE PROVIDERS, COMMUNITY BUSINESSES, AND GOVERNMENTS TO ADVANCE THE MISSION OF LBTC.
GENERAL PROGRAM - ACTIVITY GENERALLY RELATED TO LAND BANK TWIN CITIES, INC. OVERALL MISSION BUT NOT SPECIFIC TO ONE OF OUR DEFINED PROGRAMS.
COMMUNITY LENDING -LBTC LENDS TO APPROVED NON-PROFIT AND SOCIALLY RESPONSIBLE FOR-PROFIT DEVELOPERS, NON-PROFIT SERVICE PROVIDERS, COMMUNITY BUSINESSES, AND GOVERNMENTS FOR PURCHASE, REHABILITATION, AND NEW CONSTRUCTION OF PROPERTIES TO ADVANCE THE MISSION OF LBTC.
BROKERAGE/PROPERTY MANAGEMENTLBTC BROKERS THE SALE AND PURCHASE OF PROPERTIES, AND MANAGE PROPERTIES DURING HOLDING PERIODS, TO ADVANCE THE MISSION OF LBTC.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Tom Streitz Chair | OfficerTrustee | 1 | $0 |
Libby Starling Vice Chair | OfficerTrustee | 1 | $0 |
Jim Roth Secretary | OfficerTrustee | 1 | $0 |
Kizzy Downie Secretary | OfficerTrustee | 1 | $0 |
Jeff Washburne Treasurer | OfficerTrustee | 1 | $0 |
Angela Conley Director | Trustee | 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 | $3,840,200 |
| Noncash contributions included in lines 1a–1f | $0 |
| Total Revenue from Contributions, Gifts, Grants & Similar | $3,840,200 |
| Total Program Service Revenue | $2,181,070 |
| Investment income | $7,460 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $0 |
| Net Gain/Loss on Asset Sales | $1,459,218 |
| Net Income from Fundraising Events | $0 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $0 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $7,583,813 |
| 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. | $495,953 |
| Compensation of current officers, directors, key employees. | $180,816 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $255,163 |
| Pension plan accruals and contributions | $8,135 |
| Other employee benefits | $30,455 |
| Payroll taxes | $51,305 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $37,917 |
| Fees for services: Accounting | $20,607 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $63,250 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $154,745 |
| Advertising and promotion | $0 |
| Office expenses | $25,421 |
| Information technology | $56,461 |
| Royalties | $0 |
| Occupancy | $44,587 |
| Travel | $0 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $5,031 |
| Interest | $555,984 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $571,196 |
| Insurance | $39,602 |
| All other expenses | $2,628 |
| Total functional expenses | $4,611,397 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $11,906,741 |
| Savings and temporary cash investments | $0 |
| Pledges and grants receivable | $523,000 |
| Accounts receivable, net | $64,676 |
| 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 | $143,012 |
| Net Land, buildings, and equipment | $32,756 |
| Investments—publicly traded securities | $0 |
| Investments—other securities | $0 |
| Investments—program-related | $18,522,489 |
| Intangible assets | $0 |
| Other assets | $0 |
| Total assets | $31,192,674 |
| Accounts payable and accrued expenses | $361,170 |
| Grants payable | $0 |
| Deferred revenue | $1,672,305 |
| 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 | $18,918,508 |
| Unsecured mortgages and notes payable | $0 |
| Other liabilities | $1,884,370 |
| Total liabilities | $22,836,353 |
| Net assets without donor restrictions | $4,613,321 |
| Net assets with donor restrictions | $3,743,000 |
| 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 | $31,192,674 |