2015-09-11T16:26:18-05:00 2014-12-31 411647057 MAHONEYULBRICHCHRISTIANSEN & RUSS PA 10 RIVER PARK PLAZA SUITE 800 SAINT PAUL MN 55107 990 2014-01-01 510467167 LATINO ECONOMIC DEVELOPMENT CENTER LATI 6127245336 1501 E LAKE STREET LOWER LEVEL MINNEAPOLIS MN 55407 MARIO HERNANDEZ COO 6127245336 2015-09-02 1 DANIEL J FLICEK P00076153 6512276695 2015-09-02 2014 2016-02-25 16:41:14Z MARIO HERNANDEZ 1501 E LAKE STREET LOWER LEVEL MINNEAPOLIS MN 55407 2348165 0 X WWW.LEDC-MN.ORG X 2003 MN TO TRANSFORM OUR COMMUNITY BY CREATING ECONOMIC OPPORTUNITY FOR LATINOS. 16 16 16 16 0 0 1375237 2098602 193436 249551 115 12 0 0 1568788 2348165 0 0 0 0 674470 753974 0 0 43408 783229 1304633 1457699 2058607 111089 289558 2605526 3146177 1469403 1727811 1136123 1418366 X TO TRANSFORM OUR COMMUNITY BY CREATING ECONOMIC OPPORTUNITY FOR LATINOS. 0 0 1772538 249551 DURING 2014, THE LATINO ECONOMIC DEVELOPMENT CENTER (LEDC) ENGAGED IN ACTIVITIES TO PROMOTE ITS VISION OF "TRANSFORMING OUR COMMUNITY BY CREATING ECONOMIC OPPORTUNITIES FOR LATINOS" THROUGH MICRO-ENTREPRENEUR TRAINING CLASSES, BUSINESS OPENING PHASE TECHNICAL ASSISTANCE, LICENSING UPDATE ASSISTANCE, BUSINESS PERFORMANCE EVALUATIONS ASSISTANCE, BUSINESS FINANCING OPERATIONS, WORKFORCE TRAINING, BUSINESS LENDING, AND A SCHOLARSHIP PROGRAM. IN 2014, LEDC HAD APPROXIMATELY 250 ACTIVE BUSINESS MEMBERS.BUSINESS TECHNICAL ASSISTANCE 2014 (LATINO BUSINESS DEVELOPMENT) - THROUGH ITS MONTHLY BUSINESS ORIENTATION SESSIONS, LEDC PROVIDED INFORMATION TO 106 PEOPLE 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 800 HOURS OF TECHNICAL ASSISTANCE WERE PROVIDED TO START-UP AND EXISTING BUSINESSES IN 2014. 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. IN 2014, LEDC FOCUSED ON THREE GEOGRAPHIC CORRIDORS IN GREATER MN. LEDC REACHED OVER 50 INDIVIDUALS INTERESTED IN FARMING. FROM THAT NUMBER, 10 TOOK A TRAINING COURSE AND LEDC HELPED FORM 2 NEW FARMING COOPERATIVES IN SOUTHEAST MN. IN 2014, 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. LATINO ACADEMY TTOIC, A WORKFORCE TRAINING PROGRAM OF LEDC, EMPOWERS INDIVIDUALS BY COMBINING ADULT BASIC EDUCATION AND JOB READINESS. DURING 2014 THE WORK AREAS OF THE CURRICULUM ARE: BUSINESS TRAINING, WORKFORCE DEVELOPMENT, GED PREPARATION, AND CERTIFICATIONS. IN 2014, THE LATINO ACADEMY TTOIC SERVED 460 CLIENTS. OF THIS NUMBER, 77 CLIENTS WENT THROUGH BUSINESS TRAINING CLASSES. A TOTAL OF 180 CLIENTS WENT THROUGH THE WORKFORCE DEVELOPMENT PROGRAM RESULTING IN 41 PEOPLE RECEIVING A NEW JOB OR RETAINING THEIR CURRENT JOB. BUSINESS LENDING PROGRAM - IN 2014 EIGHTEEN (18) LOANS WERE PACKAGED AND APPROVED, TOTALING $815,000; FUNDS FOR THESE LOANS CAME FROM LEDC'S LOAN POOL; 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. LEDC HELPED FORM 2 LENDING CIRCLES IN 2014.LEDC'S, THROUGH ITS LATINO SCHOLARSHIP FUND, AWARDED SEVEN SCHOLARSHIPS IN 2014. 1772538 1 1 0 0 0 0 0 0 0 0 1 0 0 0 1 1 0 1 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 1 0 0 0 0 0 0 1 0 0 0 1 25 0 1 16 1 0 0 0 0 0 0 0 0 0 0 X 16 16 0 0 0 0 1 1 0 1 1 0 0 1 1 1 1 1 1 0 0 0 MN X X RAMON LEON 6127245336 1516 EAST LAKE STREET STE 201 MINNEAPOLIS MN 55407 LORENZO ARIZA DIRECTOR 1.00 X 0 0 0 MARIA BOYLE DIRECTOR 1.00 X 0 0 0 ALONDRA CANO DIRECTOR 1.00 X 0 0 0 JUAN CERVANTES DIRECTOR 1.00 X 0 0 0 SUSANA DE LEON DIRECTOR 1.00 X 0 0 0 ELVIRA FLORES SECRETARY 1.00 X X 0 0 0 NORMA GARCES DIRECTOR 1.00 X 0 0 0 CHRIS GARCIA DIRECTOR 1.00 X 0 0 0 ENRIQUE GARCIA CHAIR 1.00 X X 0 0 0 CARLOS LANDREAU TREASURER 1.00 X X 0 0 0 ROSE LINDSAY DIRECTOR 1.00 X 0 0 0 RENE MADRID DIRECTOR 1.00 X 0 0 0 AMALIA MORENO-DAMGAARD DIRECTOR 1.00 X 0 0 0 IRIS RAMOS DIRECTOR 1.00 X 0 0 0 RAMON LEON PRESIDENT AND CEO 40.00 X 101907 0 28182 MARIO HERNANDEZ VICE PRESIDENT AND COO 40.00 X 72417 0 5300 JUAN LINARES VICE CHAIR 1.00 X 0 0 0 174324 0 33482 1 0 0 0 0 1606063 492539 2098602 RENTAL INCOME 532000 132351 132351 PROGRAM FEES 900099 72678 72678 OTHER INCOME 900099 23645 23645 INTEREST ON LOANS 900099 16477 16477 MEMBERSHIP DUES 900099 4400 4400 249551 12 12 2348165 249551 0 12 X 207806 124683 62342 20781 383564 360811 19031 3722 3695 3362 259 74 107811 97502 8233 2076 51098 42627 6533 1938 74448 2951 71497 515888 468807 39358 7723 47090 39617 5764 1709 253302 247271 4651 1380 46499 38791 5945 1763 23139 13358 9174 607 47731 47638 93 46771 42567 3242 962 12987 11673 1013 301 PROGRAM SUPPLIES AND EQ 152636 152636 SCHOLARSHIP TRANSFER 45021 45021 PROVISION FOR LOAN LOSS 21927 21927 EQUIPMENT 9823 8195 1256 372 7371 3101 4270 2058607 1772538 242661 43408 959153 878825 420522 414435 5975 7725 298974 727151 20360 19735 1101216 206520 900542 894696 203610 2605526 3146177 135602 84314 150000 438015 1093662 1110566 90139 94916 1469403 1727811 X 117670 229570 1018453 1188796 1136123 1418366 2605526 3146177 X 289558 -7315 X X 0 1 X 1 1 1 X 727951 1682215 1125004 1379757 2103002 7017929 727951 1682215 1125004 1379757 2103002 7017929 297465 6720464 1043 793 607 5386 16489 24318 7042247 739946 0.95430 0.87560 X RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED 163609 163609 667313 63469 603844 62784 9782 53002 207510 133269 74241 894696 INVESTMENTS IN LLC'S 203610 F 203610 SECURITY DEPOSITS 4000 DUE TO THE STATE OF MINNESOTA 52000 FISCAL AGENT PAYABLE 296 SCHOLARSHIP DONATION PAYABLE 38620 94916 X 2483315 135150 135150 2348165 0 2348165 2193757 135150 135150 2058607 0 2058607 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 IS A SINGLE MEMBER LLC. SINGLE MEMBER LLC'S ARE DISREGARDED FOR INCOME TAX REPORTING, ACCORDINGLY, THE ACTIVITY OF LOS LAGOS, LLC IS INCLUDED IN LEDC'S INCOME TAX RETURN. THE COMPANY IS NOT CURRENTLY UNDER EXAMINATION BY ANY TAXING JURISDICTION. FEDERAL AND STATE TAX AUTHORITIES GENERALLY HAVE THE RIGHT TO EXAMINE RETURNS FOR A PERIOD OF THREE YEARS AFTER THEY ARE FILED. SMALL BUSINESS SUPPORT SERVICES OWNED BY A FAMILY MEMBER OF THE EXECUTIVE DIRECTOR AT LEDC 37880 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) 5917 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 11 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 468,807. MANAGEMENT AND GENERAL EXPENSES 39,358. FUNDRAISING EXPENSES 7,723. TOTAL EXPENSES 515,888. FORM 990, PART XI, LINE 9: EQUITY IN INVESTMENT LOSS -7,315. 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 COMMERCIAL RENTAL REAL ESTATE FOR LATINOS MN 155541 853415 N/A MARKET VIEW LLC 663 UNIVERSITY AVENUE WEST SUITE 20 SAINT PAUL MN 55104 455058653 COMMERCIAL RENTAL REAL ESTATE MN NEIGHBORHOOD DEVELOPMENT CENTER INC RELATED -12487 247219 0 0 0.10000 EAST SIDE ENTERPRISE CENTER LLC 798 MARGARET STREET SAINT PAUL MN 55106 463309623 COMMERCIAL RENTAL REAL ESTATE MN LATINO ECONOMIC DEVELOPMENT CENTER RELATED 77133 455409 0 1 0.50000 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0