Is it real?
Yes. Never revoked by the IRS. Latest filing on record: FY2024. IRS ruling in Jul 1985.
IRS Pub. 78 · IRS Auto-Revocation List · IRS Business Master File
Where the money goes
100 cents of each dollar spent went to programs.
Form 990 Part IX, line 25. Every line is in By the numbers.
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Who runs it and what they're paid
7 people listed on the 990.
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Questions the 990 asks
The form asks each of these directly. These are the filed answers.
- Family or business ties among officersPt VI · Ln 2No
- Top official's pay set by an independent reviewPt VI · Ln 15aNo
Programs and updates
Provides low-interest loans and grants to businesses in Duluth, Minnesota, to create jobs and support local economic development.
Questions for Duluth 1200 Fund INC
Your first name shows with your question. Duluth 1200 Fund INC answers here, for everyone.
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There were 4 new 1200 Fund Advance loans that were approved and drawn down in 2024. The Advance loans have a provision for partial loan forgiveness based on the number of new jobs created and maintained for a specific period of time.
Funders
Who pays for it.
From grant filings on record. Receipts are incomplete: individual donors are never listed.
Grants
By the numbers
The FY2024 990, line by line.
Download 990
| Line | Start FY24 | End FY24 |
|---|---|---|
| Cash and savingsLn 1–2 | $2.0M | $1.7M |
| Total assetsLn 16 | $2.9M | $4.3M |
| LiabilitiesLn 26 | $11K | $1K |
| Net assetsLn 32 | $2.8M | $4.3M |
| Line | Total | Programs | Management | Fundraising |
|---|---|---|---|---|
| Grants to domestic organizationsLn 1 | $188K | $188K | ||
| Grants to domestic individualsLn 2 | $0 | $0 | ||
| Grants and assistance to foreign recipientsLn 3 | $0 | $0 | ||
| Benefits paid to or for membersLn 4 | $0 | $0 | ||
| Pay of current officers, directors and key staffLn 5 | $0 | $0 | ||
| Pay of disqualified personsLn 6 | $0 | $0 | ||
| Other salaries and wagesLn 7 | $0 | $0 | ||
| Pension plan contributionsLn 8 | $0 | $0 | ||
| Other employee benefitsLn 9 | $0 | $0 | ||
| Payroll taxesLn 10 | $0 | $0 | ||
| Management feesLn 11a | $43K | $43K | ||
| Legal feesLn 11b | $24K | $24K | ||
| Accounting feesLn 11c | $0 | $0 | ||
| Lobbying feesLn 11d | $0 | $0 | ||
| Investment management feesLn 11f | $0 | $0 | ||
| Other fees for servicesLn 11g | $25K | $25K | ||
| Conferences, conventions and meetingsLn 19 | $2K | $2K | ||
| All other expensesLn 24e | $0 | $0 | ||
| Total functional expensesLn 25 | $281K | $281K | $0 | $0 |
Filing history
| Year | Money in | Money out | In minus out | Net assets | Download |
|---|---|---|---|---|---|
| FY2024 Latest Viewing | $1.7M | $281K | $1.4M | $4.3M | 990 PDF |
| FY2023 | $134K | $418K | −$284K | $2.8M | 990 PDF |
| FY2022 | $1.6M | $152K | $1.4M | $3.1M | 990 PDF |
| FY2021 | $26K | $53K | −$28K | $1.7M | 990 PDF |
| FY2020 | $44K | $1.4M | −$1.3M | $1.7M | 990 PDF |
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Schedules filed Part IV
See the full FY2024 990 (6 parts)
Part I · Summary $1,696,428 revenue, 12 lines filed
Part VI · Governance 7 of 7 board members independent, 3 to look at
Part VIII · Statement of revenue $1,696,428 across 15 lines filed
Part IX · Statement of functional expenses $281,106 across 18 lines filed
Part X · Balance sheet $4,259,009 assets, 7 lines filed
Part XI · Reconciliation of net assets $4,257,704 net assets at year end
Form 990 e-file (XML) FY2024 from the IRS · Classification, formation year and address from the IRS Business Master File
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