2018-11-15T08:47:57-06:00 2017-12-31 411647057 MAHONEYULBRICHCHRISTIANSEN & RUSS PA 10 RIVER PARK PLAZA SUITE 800 SAINT PAUL MN 55107 990 2017-01-01 510467167 LATINO ECONOMIC DEVELOPMENT CENTER LATI 6127245336 1501 E LAKE STREET LOWER LEVEL MINNEAPOLIS MN 55407 CHRISTOPHER ROMANO CURRENT BOARD CHAIR 6127245336 2018-10-16 1 LANCE J BROCK P01919631 6512276695 2018-10-16 173.160.107.97 2018-10-16 09:52:40 CD P DA39A3EE5E6B4B0D3255BFEF95601890AFD80709 8FCC0AE5B5C62EA2E1ECCE65A8D774828604CBA2 2017 2018-06-14 16:35:46Z CHRISTOPHER ROMANO 1501 E LAKE STREET LOWER LEVEL MINNEAPOLIS MN 55407 2612135 0 X WWW.LEDC-MN.ORG X 2003 MN TO TRANSFORM OUR COMMUNITY BY CREATING ECONOMIC OPPORTUNITY FOR LATINOS. 12 12 16 16 0 0 2555553 2033974 503202 573805 0 0 0 4356 3058755 2612135 0 0 0 0 798466 740639 0 0 92632 1535306 1909303 2333772 2649942 724983 -37807 5856640 5930268 3433643 3573527 2422997 2356741 X TO TRANSFORM OUR COMMUNITY BY CREATING ECONOMIC OPPORTUNITY FOR LATINOS. 0 0 1565435 384497 BUSINESS DEVELOPMENT - THROUGH ITS MONTHLY BUSINESS ORIENTATION SESSIONS, LEDC PROVIDED INFORMATION TO ENTREPRENEURS ON THE BASICS OF STARTING A BUSINESS FEASIBILITY STEPS, HOW LEDC CAN ASSIST IN THE PROCESS, AND THE BENEFITS OF BECOMING A MEMBER OF LEDC. THROUGH LEDC MICRO-ENTREPRENEUR TRAININGS, THERE IS A SESSION THAT PROVIDES INFORMATION ON HOW TO PREPARE FOR A BUSINESS LOAN EITHER THROUGH LEDC, A TRADITIONAL LENDER (I.E. A BANK), OR A NON-TRADITIONAL LENDER (I.E ANOTHER COMMUNITY DEVELOPMENT NON-PROFIT ORGANIZATION). OVER 700 HOURS OF TECHNICAL ASSISTANCE WERE PROVIDED TO START-UP AND EXISTING BUSINESSES. LEDC CONTINUED PROVIDING SERVICES TO SMALL BUSINESSES IN RURAL COMMUNITIES AND CONTINUED TO PROMOTE AGRICULTURAL COOPERATIVE BUSINESS DEVELOPMENT AMONG IMMIGRANT VEGETABLE GROWERS, PROVIDING SERVICES TO BOTH INDIVIDUAL LATINO FARMERS, FARMERS IN COOPERATIVES, AND PROSPECTIVE FARMERS. OVER 500 HOURS OF TECHNICAL ASSISTANCE WERE PROVIDED TO FARMERS AND STOCKMAN. LEDC ALSO WORKED TO SUPPORT A MULTICULTURAL AGRICULTURAL MARKETING COOPERATIVE WHICH INCLUDED LATINO AND NON-LATINO FARMERS WORKING TOGETHER TO POOL RESOURCES AND LAND ACCOUNTS THEY COULD NOT ACHIEVE ON THEIR OWN. LEDC EXPANDED ITS REACH INTO SOUTHERN MINNESOTA, WITH CLIENTS AS FAR AWAY AS NEW ULM AND ROCHESTER, OPENING ITS NEW OFFICE IN AUSTIN. LEDC PROVIDED TECHNICAL ASSISTANCE TO 5 BUSINESSES AND12 START UPS AND STARTED PROCESSING 20 LOANS. THANKS TO OUR WORK DEVELOPING RURAL ARES, LEDC WAS INVITED TO PRESENT AS PART OF THE WHITE HOUSE RURAL COUNCIL. 172772 108212 EDUCATION AND TRAINING - LATINO ACADEMY TTOIC, A WORKFORCE TRAINING PROGRAM OF LEDC, EMPOWERS INDIVIDUALS BY COMBINING ADULT BASIC EDUCATION AND JOB READINESS. THE WORK AREAS OF THE CURRICULUM ARE: BUSINESS TRAINING, WORKFORCE DEVELOPMENT, GED PREPARATION, AND CERTIFICATIONS. THE LATINO ACADEMY TTOIC SERVED 419 CLIENTS, HELPED 22 JOB SEEKERS FIND A NEW JOB, EDUCATED 40 FULL TIME GED STUDENTS, AND HAD 5 GED GRADUATES, WITH MORE IN PROCESS.LEDC, THROUGH ITS LATINO SCHOLARSHIP FUND, AWARDED ELEVEN SCHOLARSHIPS IN 2017. 220162 81096 LENDING PROGRAMS - TWENTY LOANS WERE PACKAGED AND APPROVED, TOTALING $300,000; FUNDS FOR THESE LOANS CAME FROM LEDC'S LOAN POOL; SEVEN LOANS WERE REAPID, TOTALING $76,000, AN ADDITIONAL AMOUNT WAS LEVERAGED WITH THESE FUNDS FROM LOCAL BANKS AND COMMUNITY LENDERS. LEDC CONTINUED A PROGRAM IN PARTNERSHIP WITH MISSION ASSET FUND OF CALIFORNIA CALLED "LENDING CIRCLES." LENDING CIRCLES ARE ZERO-FEE, ZERO-INTEREST CREDIT-BUILDING SOCIAL LOANS. BORROWERS BECOME LENDERS AND LENDERS BECOME BORROWERS; A COLLECTIVE MONTHLY SAVINGS BECAME A LOAN FOR A PARTICIPANT. EVERY MONTH THE SAVINGS ARE REPORTED AS A LOAN PAYMENT TO THE CREDIT BUREAU. 1958369 1 1 0 0 0 0 0 0 0 0 1 0 0 0 1 1 0 1 0 0 0 0 0 0 1 0 0 0 0 0 0 0 0 0 0 0 1 0 0 0 0 0 0 1 0 0 0 1 31 0 1 16 1 0 0 0 0 0 0 0 0 0 0 X 12 12 0 0 0 0 1 1 0 1 1 0 0 1 1 1 1 1 1 0 0 0 MN X CHRISTOPHER ROMANO 6127245336 1501 E LAKE STREET LOWER LEVEL MINNEAPOLIS MN 55407 CHRISTINA JENNINGS TREASURER 1.00 X X 0 0 0 MARIA BOYLE VICE CHAIR 1.00 X X 0 0 0 ROSE LINDSAY FORMER CHAIR 1.00 X X 0 0 0 SUSANA DE LEON DIRECTOR 1.00 X 0 0 0 URI CAMARENA SECRETARY 1.00 X X 0 0 0 EDUARDO MOZQUEDA DIRECTOR 1.00 X 0 0 0 JOHN PACHECO DIRECTOR 1.00 X 0 0 0 THOMAS PANTALION DIRECTOR 1.00 X 0 0 0 CHRISTOPHER ROMANO CHAIR 1.00 X X 0 0 0 ANDRE GOODLET DIRECTOR 1.00 X 0 0 0 IRIS RAMOS DIRECTOR 1.00 X 0 0 0 SONIA ORTEGA DIRECTOR 1.00 X 0 0 0 RAMON LEON PRESIDENT AND CEO 40.00 X 116081 0 22738 116081 0 22738 1 0 0 0 0 13000 1175604 845370 2033974 RENTAL INCOME 532000 378914 378914 PROGRAM FEES 900099 108212 108212 INTEREST ON LOANS 900099 81096 81096 OTHER INCOME 900099 4471 4471 MEMBERSHIP DUES 900099 1112 1112 573805 4356 13000 0 4356 4356 2612135 573805 0 4356 X 138819 112443 26376 418646 371535 38134 8977 3500 2870 525 105 134823 92478 38377 3968 44851 28343 13986 2522 10500 10500 2896 2896 122013 4220 117793 481568 366336 64548 50684 74012 15177 58835 235695 137573 98122 39377 31852 7525 2172 464 1708 119035 118864 171 99238 82910 16328 23012 19319 3693 INVESTMENT IN WORTH COO 500000 500000 PROGRAM SUPPLIES AND EQ 69373 66855 2518 MAINTENANCE AND REPAIRS 56974 56974 PROVISION FOR LOAN LOSS 24961 24961 48477 24242 24235 2649942 1958369 598941 92632 873452 1299335 1246795 522200 4750 29128 1236997 1716324 18864 23402 2626166 476555 2248849 2149611 226933 190268 5856640 5930268 239827 75360 5900 2239 2831600 3167097 356316 328831 3433643 3573527 X -386610 -425074 2809607 2781815 2422997 2356741 5856640 5930268 X -37807 -28449 X X 0 1 X 1 1 1 X 1379757 2103002 2140717 2557303 2035086 10215865 1379757 2103002 2140717 2557303 2035086 10215865 863536 9352329 5386 16489 42436 82034 81096 227441 10443306 1641217 0.89550 0.91960 X 313608 313608 1875462 206091 1669371 170236 58871 111365 266860 211593 55267 2149611 SECURITY DEPOSITS 20415 DUE TO THE STATE OF MINNESOTA 224725 SCHOLARSHIP DONATION PAYABLE 83691 328831 X PART X, LINE 2: LEDC IS EXEMPT FROM INCOME TAXES UNDER INTERNAL REVENUE CODE SECTION 501(C)(3) AND APPLICABLE MINNESOTA STATUTES, EXCEPT TO THE EXTENT IT HAS TAXABLE INCOME FROM BUSINESSES THAT ARE NOT RELATED TO ITS EXEMPT PURPOSE. MANAGEMENT BELIEVES LEDC DID NOT HAVE ANY UNRELATED BUSINESS INCOME. LOS LAGOS, LLC AND NORTHCOUNTRY PRODUCE, LLC ARE SINGLE MEMBER LLC'S. SINGLE MEMBER LLC'S ARE DISREGARDED FOR INCOME TAX REPORTING, ACCORDINGLY, THEIR ACTIVITY IS INCLUDED IN LEDC'S INCOME TAX RETURN. TACO TOUR 17356 13000 4356 17356 13000 4356 4356 SMALL BUSINESS SUPPORT SERVICES OWNED BY A FAMILY MEMBER OF THE EXECUTIVE DIRECTOR AT LEDC 5940 BOOKKEEPING SERVICES AND OTHER CONSULTING SERVICES FOR LEDC ARE PROVIDED BY SMALL BUSINESS SUPPORT SERVICES, WHICH IS OWNED BY A FAMILY MEMBER OF THE EXECUTIVE DIRECTOR OF LEDC. 0 F&F JANITORIAL OWNED BY BOARD MEMBER (BUSINESS MEMBER OF LEDC) 6183 JANITORIAL AND CUSTODIAL SERVICES 0 FORM 990, PART VI, SECTION A, LINE 6 MEMBERS OF LEDC CAN RECEIVE TECHNICAL ASSISTANCE DURING THE PROCESS OF STARTING A NEW BUSINESS OR DURING THE EXPANSION OF ONE ALREADY EXISTING THROUGH ADVISEMENT IN THE FOLLOWING AREAS: LEASING CONTRACTS NEGOTIATION; BUSINESS PURCHASE OR RENT NEGOTIATION; BUSINESS REGISTRATION TO THE SECRETARY OF STATE; ACCOUNTING SYSTEMS ESTABLISHMENT; ASSISTANCE REGARDING STATE PERMITS AND LICENSES; ASSISTANCE DURING DIAGRAM ELABORATION; INTERNET INVESTIGATION OF PROVIDERS AND DISTRIBUTORS; SEARCHING FOR POTENTIAL PROVIDERS; AND ASSISTANCE WITH LOAN PACKAGES. FORM 990, PART VI, SECTION A, LINE 7A THERE IS ONLY ONE CLASS OF VOTING RIGHTS. ALL MEMBERS HAVE ONE VOTE. THE MEMBERS ELECT THE MEMBERS OF THE GOVERNING BODY. FORM 990, PART VI, SECTION B, LINE 11B THE FINANCE COMMITTEE REVIEWS THE FORM 990 AND PRESENTS IT TO THE ENTIRE BOARD OF DIRECTORS, AT WHICH TIME A VOTE IS TAKEN TO APPROVE THE FORM 990. FORM 990, PART VI, SECTION B, LINE 12C BOARD MEMBERS ARE REQUIRED TO SIGN AND DOCUMENT ANNUALLY THEIR UNDERSTANDING AND COMPLIANCE WITH THE WRITTEN CONFLICT OF INTEREST POLICY. AT BOARD MEETINGS, POTENTIAL FOR CONFLICT OF INTEREST ISSUES ARE DISCUSSED WHENEVER APPLICABLE, IF NECESSARY. FORM 990, PART VI, SECTION C, LINE 19 THE 990 IS AVAILABLE FOR REVIEW ON GUIDESTAR.COM. ADDITIONALLY, GOVERNING DOCUMENTS, CONFLICT ON INTEREST POLICIES, AND FINANCIAL STATEMENTS ARE AVAILABLE AT THE ORGANIZATION'S OFFICES UPON REQUEST. FORM 990, PART IX, LINE 11G CONSULTANT: PROGRAM SERVICE EXPENSES 366,089. MANAGEMENT AND GENERAL EXPENSES 57,349. FUNDRAISING EXPENSES 50,684. TOTAL EXPENSES 474,122. OTHER PROFESSIONAL FEES: PROGRAM SERVICE EXPENSES 247. MANAGEMENT AND GENERAL EXPENSES 0. FUNDRAISING EXPENSES 0. TOTAL EXPENSES 247. PROFESSIONAL SERVICES: PROGRAM SERVICE EXPENSES 0. MANAGEMENT AND GENERAL EXPENSES 7,199. FUNDRAISING EXPENSES 0. TOTAL EXPENSES 7,199. FORM 990, PART XI, LINE 9: EQUITY IN INVESTMENT INCOME -28,449. FORM 990, PART XII LINE 2C THE ORGANIZATION HAS A FINANCE COMMITTEE THAT REVIEWS, APPROVES AND PRESENTS THE AUDITED FINANCIAL STATEMENTS TO THE ENTIRE BOARD OF DIRECTORS FOR APPROVAL. THERE HAVE BEEN NO CHANGES IN THIS PROCESS FROM PRIOR YEARS. LOS LAGOS LLC 1501 EAST LAKE STREET LOWER LEVEL MINNEAPOLIS MN 55407 900680336 COMMERCIAL RENTAL REAL ESTATE FOR LATINOS MN 165297 809348 N/A NORTHCOUNTRY PRODUCE LLC 1516 E LAKE ST SUITE 201 MINNEAPOLIS MN 55407 371756530 COMMERCIAL KITCHEN FOR PROGRAM PARTICIPANTS MN 68061 150352 N/A EAST SIDE ENTERPRISE CENTER LLC 798 MARGARET STREET SAINT PAUL MN 55106 463309623 COMMERCIAL RENTAL REAL ESTATE MN LATINO ECONOMIC DEVELOPMENT CENTER RELATED -12045 388967 0 1 0.50000 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 EAST SIDE ENTERPRISE CENTER LLC D 214074 CASH LESS ALLOWANCE