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Duluth 1200 Fund INC FY2020 filing

Tax-deductible

Duluth, MN501(c)(3) EIN 41-1520829Revenue $44K in FY2020

On file with the IRS1200fund.com411 W 1st St Rm 402, 55802-2654 · Duluth, MNTax-exempt since Jul 1985Publicly supported charity — 170(b)(1)(A)(vi)

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The purpose of the 1200 Fund is to provide low, or no interest loans and other financial assistance (grants) to eligible businesses located in or near the City of Duluth, MN, in order to create and/or retain jobs and confront economic deterioration within the Duluth area.

501(c)(3) charity; gifts are tax-deductible.
100¢ of each $1 spent went to programs.
Mission: Form 990 Part I, line 1 · Status: IRS Pub. 78 · Programs: Part IX

Before you give

FY2020 · Form 990Independent: from IRS data, not the org
Download 990
IRS status
501(c)(3)
not on the IRS revocation list
Looks good: listed by the IRS and not on the revocation list.
IRS BMF · Auto-Revocation List
Tax-deductible gifts
Yes
Donations are tax-deductible
Looks good: the IRS lists gifts to it as deductible.
IRS Pub. 78 · IRS BMF
Latest return
FY2024
latest Form 990
Looks good: the latest return is for FY2024, 2 tax years back; within 2 tax years.
IRS e-file · Filing history
Surplus or deficit
2 of 5
filings with a surplus
Average surplus $234K a year · 34% of revenue · last 5 filings
Worth a look: a surplus in 2 of the last 5 filings.
Pt I · Ln 19 · 5 filings
Spent on programs
100%
of spending
Looks good: 100% of spending went to programs; 75% or more.
Pt IX · Ln 25 · col B
Cash reserves
11 mo
of spending, in cash
Looks good: 11.4 months of spending in cash; 3 or more.
Pt X · Ln 1–2 · Pt I · Ln 18
Liabilities
$4K
0.2% of total assets
Looks good: liabilities are 0% of assets; 50% or less.
Pt X · Ln 26
Independent board members
7
of 7 voting members
Looks good: 7 of 7 voting members are independent, a majority.
Pt VI · Ln 1a–1b
Looks goodFineWorth a lookConcernNo data yetTap a box for the reason.
Revenue
$44K
Spent
$1.4M
To programs
100%
Net assets
$1.7M
By yearFY2020–FY2024
Revenue
$44K
FY2020
Tap a bar for its year
Revenue by fiscal year
FY2020$44K
FY2021$26K
FY2022$1.6M
FY2023$134K
FY2024$1.7M
Expenses
$1.4M
FY2020
Tap a bar for its year
Expenses by fiscal year
FY2020$1.4M
FY2021$53K
FY2022$152K
FY2023$418K
FY2024$281K
Net assets
$1.7M
FY2020
Tap a bar for its year
Net assets by fiscal year
FY2020$1.7M
FY2021$1.7M
FY2022$3.1M
FY2023$2.8M
FY2024$4.3M

From the FY2020 Form 990 · figures checked against the IRS filing · see the original

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You’re viewing the FY2020 filing — not the latest on file. See the latest (FY2024) →

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.

Program services 100% · $1.4M

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.

Part VII, Section A · reportable compensation
Deb Otto
President/Director
$0Pt VII · Sec A
Brian Hanson
Vice President
$0Pt VII · Sec A
$0Pt VII · Sec A
Julie Pierce
Director
$0Pt VII · Sec A
Arik Forsman
Director
$0Pt VII · Sec A
Laura Mullen
Director
$0Pt VII · Sec A
$0Pt VII · Sec A
See Duluth 1200 Fund INC executive salaries →

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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.

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Provided by the organization

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1 program · $1.4M · in their own filed words · FY2020
01

There were 5 additional new loans approved and drawn down in 2020. All 5 loans contain a provision for loan requirements based on the number of new jobs created and maintained for a specific period of time. Quarterly job reporting is required in order to substantiate the amount of loan forgiveness that will be granted to the borrower.

$1.4Mprogram expense

Funders

Who pays for it.

From grant filings on record. Receipts are incomplete: individual donors are never listed.

Grants

Schedule I · this organization's grantmaking
Grants paid · 115 grants · $1.6M · 2020–2024
Northland FoundationMN · FY2024$149,137
Northland FoundationMN · FY2024$26,780
Western Area Business and Civic ClubFY2024$12,000
Northland FoundationMN · FY2023$150,863
Northeast Entrepreneur Fund INCMN · FY2023$60,000
Crazy Uncle Entertainment LLCFY2020$20,500
K and J Industries LLCFY2020$20,500
Duluth Pottery LLCFY2020$20,500
Omc SmokehouseFY2020$20,500
Flora NorthFY2020$20,000
West Theater LLCFY2020$20,000
Frost River Superior TechnologiesFY2020$20,000
Pikku LLCFY2020$10,500
Father Time AntiquesFY2020$10,000
2 Dye 4 SalonFY2020$10,000
Sammys PizzaFY2020$10,000
Lake Superior Magazine LLCFY2020$10,000
Serenity Tax and Bookkeeping Svcs LLCFY2020$10,000
See all 115 grants →

By the numbers

The FY2020 990, line by line.

Download 990
from philanthropy.org
1The main four
Money inPt VIII
$44K
Ln 12
Investment incomeLn 3$31K
Gifts and grantsLn 1h$13K
Money outPt IX
$1.4M
Ln 25
Programscol B$1.4M
Owns and owesPt X
$1.7M
net assets · Ln 32
Cash and savingsLn 1–2$1.3M
Total assetsLn 16$1.7M
LiabilitiesLn 26$4K
PeoplePt VI, VII
7
listed · VII A
PaidVII A0
Voting boardVI 1a7
IndependentVI 1b7
2In more detail
Revenue in detailPt VIII
Gifts and grantsLn 1h$13K
Government grantsLn 1e$0
Noncash giftsLn 1g$0
Fundraising eventsLn 1c$0
Investment incomeLn 3$31K
Total revenueLn 12$44K
Assets in detailPt X, end of year
CashLn 1$1.3M
Cash and savings togetherLn 1–2$1.3M
Total assetsLn 16$1.7M
LiabilitiesLn 26$4K
Net assetsLn 32$1.7M
OperationsPt I, VI
EmployeesI 50
VolunteersI 67
Fiscal year endsHeaderDecember
Conflict-of-interest policyVI 12aNo
Whistleblower policyVI 13No
Records policyVI 14Yes
3Year over year
Balance sheet, start vs end of yearPt X · col A, B
LineStart FY20End FY20
Cash and savingsLn 1–2$2.7M$1.3M
Total assetsLn 16$3.1M$1.7M
LiabilitiesLn 26$7K$4K
Net assetsLn 32$3.1M$1.7M
4Every line
Statement of functional expensesPt IX · every line
LineTotalProgramsManagementFundraising
Grants to domestic organizationsLn 1$1.3M$1.3M
Management feesLn 11a$39K$39K
Legal feesLn 11b$24K$24K
Conferences, conventions and meetingsLn 19$972$972
Other expenses (24a–d)Ln 24$31K$31K$0$0
All other expensesLn 24e$0$0
Total functional expensesLn 25$1.4M$1.4M$0$0

Filing history

YearMoney inMoney outIn minus outNet assetsDownload
FY2024 Latest $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 Viewing $44K$1.4M−$1.3M$1.7M 990 PDF

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Schedules filed Part IV

III · Programs R · Related orgs G · Fundraising L · Interested persons I · Grants A · Public support O · Explanations
See the full FY2020 990 (6 parts)
Part I · Summary $44,104 revenue, 12 lines filed
I-8 Contributions and grantsPrior year $24,212$13,046
I-9 Program service revenuePrior year $0$0
I-10 Investment incomePrior year $83,176$31,058
I-11 Other revenuePrior year $0$0
I-12 Total revenuePrior year $107,388$44,104
I-13 Grants and similar amounts paidPrior year $0$1,283,000
I-14 Benefits paid to membersPrior year $0$0
I-15 Salaries and benefitsPrior year $0$0
I-16a Professional fundraising feesPrior year $0$0
I-17 Other expensesPrior year $63,647$94,352
I-18 Total expensesPrior year $63,647$1,377,352
I-19 Revenue less expensesPrior year $43,741−$1,333,248
Part VI · Governance 7 of 7 board members independent, 3 to look at
VI-1a Voting members of the governing body7
VI-1b Independent voting members7
VI-12a Written conflict of interest policyNo
VI-13 Written whistleblower policyNo
VI-15a Process for setting top official's payNo
VI-2 Family or business relationship among officers or directorsNo
VI-14 Document retention and destruction policyYes
Part VIII · Statement of revenue $44,104 across 11 lines filed
VIII-1a Federated campaigns$0
VIII-1b Membership dues$0
VIII-1c Fundraising events$0
VIII-1d Related organizations$0
VIII-1e Government grants$0
VIII-1f All other contributions, gifts and grants$13,046
VIII-1g Noncash contributions (included above)$0
VIII-1h Total contributions, gifts and grants$13,046
VIII-3 Investment incomeRelated to mission $0 · Unrelated business $0 · Excluded from tax $31,058$31,058
VIII-5 RoyaltiesRelated to mission $0 · Unrelated business $0 · Excluded from tax $0$0
VIII-12 Total revenueRelated to mission $0 · Unrelated business $0 · Excluded from tax $31,058$44,104
Part IX · Statement of functional expenses $1,377,352 across 6 lines filed
IX-1 Grants to domestic organizationsPrograms $1,283,000$1,283,000
IX-11a Management feesPrograms $38,513$38,513
IX-11b Legal feesPrograms $23,782$23,782
IX-19 Conferences, conventions and meetingsPrograms $972$972
IX-24 Other expenses (24a–d)Programs $31,085 · Management $0 · Fundraising $0$31,085
IX-24e All other expensesPrograms $0$0
IX-25 Total functional expensesPrograms $1,377,352 · Management $0 · Fundraising $0$1,377,352
Part X · Balance sheet $1,742,903 assets, 6 lines filed
Asset lines not itemized here account for $437,175; see the IRS return.
X-1 Cash, non-interest-bearingStart of year $2,679,869$1,305,728
X-16 Total assetsStart of year $3,078,773$1,742,903
X-17 Accounts payable and accrued expensesStart of year $6,938$4,316
X-26 Total liabilitiesStart of year $6,938$4,316
X-32 Total net assets or fund balancesStart of year $3,071,835$1,738,587
X-33 Total liabilities and net assetsStart of year $3,078,773$1,742,903
Part XI · Reconciliation of net assets $1,738,587 net assets at year end
XI-1 Total revenue$44,104
XI-2 Total expenses$1,377,352
XI-3 Revenue less expenses−$1,333,248
XI-4 Net assets at start of year$3,071,835
XI-5 Net unrealized gains (losses) on investments$0
XI-6 Donated services and use of facilities$0
XI-7 Investment expenses$0
XI-8 Prior period adjustments$0
XI-9 Other changes in net assets$0
XI-10 Net assets at end of year$1,738,587

Form 990 e-file (XML) FY2020 from the IRS · Classification, formation year and address from the IRS Business Master File

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