Partnership In Property Commercial Land Trust
- Assets
- $2.9m
- Revenue
- $2.4m
- Investments
- $0.0
- Employees
- 3
- Location
- Minneapolis, MN
- Founding
- Data as of
- 12/2022
- EIN
- 87-1177063
Organization Overview
Partnership In Property Commercial Land Trust is located in Minneapolis, MN. According to its NTEE Classification (S30) the organization is classified as: Economic Development, under the broad grouping of Community Improvement & Capacity Building and related organizations. As of 12/2022, Partnership In Property Commercial Land Trust employed 3 individuals. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Partnership In Property Commercial Land Trust 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, Partnership In Property Commercial Land Trust generated $2.4m in total revenue. All expenses for the organization totaled $521.6k during the year ending 12/2022.
Form
990
Mission & Program ActivityExcerpts From the 990 Filing
TAX YEAR
2022
Describe the Organization's Mission:
Part 3 - Line 1
THE MISSING OF PARTNERSHIP IN PROPERTY COMMERCIAL LAND TRUST (PIPCLT) IS TO (RE)DEVELOP AND PRESERVE LONG-TERM AFFORDABLE COMMERCIAL SPACES THROUGH COMMUNITY DRIVEN OWNERSHIP OF LAND.
Describe the Organization's Program Activity:
Part 3 - Line 4a
PIPCLT WORKS TO EXPLICITLY ADDRESS RACIAL, GENDER, AND ECONOMIC DISPARITIES IN OUR COMMUNITY. COMMERCIAL LAND TRUSTS (CLTS) DEFINE LAND AS BEING COMMUNITY OWNED BECAUSE THE LAND IS ENTIRELY OWNED AND MANAGED BY A COMMUNITY-BASED MEMBERSHIP. PIPCLT BELIEVES THAT TRULY PARTICIPATORY COMMUNITY ENGAGEMENT INVOLVES SHARED LEARNING AND THAT DECISION MAKING BUILDS TRUST COMMUNITY WILL BE ENGAGED THROUGHOUT THE DEVELOPMENT PROCESS FROM PROPERTY SELECTION TO BUSINESS SELECTION. DISPLACEMENT OF COMMUNITY-OWNED BUSINESSES HASPSYCHOLOGICAL IMPACTS ON RESIDENTS. WE WILL USE OUR RESOURCES TO PRESERVE AND CREATE AFFORDABLE COMMERCIAL SPACES INDEFINITELY. CLTS USE LONG-TERM COMMUNITY OWNERSHIP OF LAND THROUGH A 99-YEAR GROUND LEASE AGREEMENT, WHICH HAS DEMONSTRATED EFFECTIVENESS IN COMBATING DISPLACEMENT OF OCCUPANTS. IN 2021, THE ORGANIZATION ACQUIRED ITS FIRST PROPERTY IN DECEMBER 2021
PIPCLT WORKS TO EXPLICITLY ADDRESS RACIAL, GENDER, AND ECONOMIC DISPARITIES IN OUR COMMUNITY. COMMERCIAL LAND TRUSTS (CLTS) DEFINE LAND AS BEING COMMUNITY OWNED BECAUSE THE LAND IS ENTIRELY OWNED AND MANAGED BY A COMMUNITY-BASED MEMBERSHIP. PIPCLT BELIEVES THAT TRULY PARTICIPATORY COMMUNITY ENGAGEMENT INVOLVES SHARED LEARNING AND THAT DECISION MAKING BUILDS TRUST COMMUNITY WILL BE ENGAGED THROUGHOUT THE DEVELOPMENT PROCESS FROM PROPERTY SELECTION TO BUSINESS SELECTION. DISPLACEMENT OF COMMUNITY-OWNED BUSINESSES HASPSYCHOLOGICAL IMPACTS ON RESIDENTS. WE WILL USE OUR RESOURCES TO PRESERVE AND CREATEAFFORDABLE COMMERCIAL SPACES INDEFINITELY. CLTS USE LONG-TERM COMMUNITY OWNERSHIP OF LAND THROUGH A 99-YEAR GROUND LEASE AGREEMENT, WHICH HASDEMONSTRATED EFFECTIVENESS IN COMBATING DISPLACEMENT OF OCCUPANTS. IN 2022, THE ORGANIZATION ACQUIRED ITS SECOND PROPERTY IN MARCH 2022
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PDF Copies of 990 Filings
Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Domoninque Jones Executive Director | Officer | 40 | $140,175 |
Felicia Perry Real Estate Manager | 40 | $69,154 | |
Danielle Mkali Chair | OfficerTrustee | 2 | $0 |
Mark Fick Treasurer | OfficerTrustee | 1 | $0 |
Devon Nolen Director | Trustee | 1 | $0 |
Barbara Hall Director | Trustee | 1 | $0 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Federated campaigns | $0 |
| Membership dues | $0 |
| Fundraising events | $61,805 |
| Related organizations | $0 |
| Government grants | $0 |
| All other contributions, gifts, grants, and similar amounts not included above | $2,326,847 |
| Noncash contributions included in lines 1a–1f | $0 |
| Total Revenue from Contributions, Gifts, Grants & Similar | $2,388,652 |
| Total Program Service Revenue | $0 |
| Investment income | $0 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $57,896 |
| 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 | $2,446,548 |
| 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 | $37,049 |
| Compensation of current officers, directors, key employees. | $115,981 |
| Compensation of current officers, directors, key employees. | $115,981 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $0 |
| Pension plan accruals and contributions | $0 |
| Other employee benefits | $1,917 |
| Payroll taxes | $18,508 |
| Fees for services: Management | $1,114 |
| Fees for services: Legal | $28,716 |
| Fees for services: Accounting | $61,907 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $56,768 |
| Advertising and promotion | $3,600 |
| Office expenses | $7,806 |
| Information technology | $5,957 |
| Royalties | $0 |
| Occupancy | $63,062 |
| Travel | $9,303 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $38,052 |
| Interest | $4,446 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $17,759 |
| Insurance | $3,762 |
| All other expenses | $8,572 |
| Total functional expenses | $521,583 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $2,196,758 |
| Savings and temporary cash investments | $0 |
| Pledges and grants receivable | $50,000 |
| 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 | $0 |
| Prepaid expenses and deferred charges | $7,213 |
| Net Land, buildings, and equipment | $668,687 |
| Investments—publicly traded securities | $0 |
| Investments—other securities | $0 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $0 |
| Total assets | $2,922,658 |
| Accounts payable and accrued expenses | $24,135 |
| 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 | $298,203 |
| Unsecured mortgages and notes payable | $0 |
| Other liabilities | $0 |
| Total liabilities | $322,338 |
| 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 | $2,600,320 |
| Total liabilities and net assets/fund balances | $2,922,658 |