You’re viewing the FY2020 filing — not the latest on file.
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Is it real?
Yes. Exemption reinstated (2014-05-15). Per the IRS revocation list. Latest filing on record: FY2024. IRS ruling in Feb 2016.
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.
Something off? Claim to add context
Who runs it and what they're paid
4 people listed on the 990.
Part VII, Section A · reportable compensation
President
$0Pt VII · Sec A
Vice Presidnet
$0Pt VII · Sec A
Director
$0Pt VII · Sec A
Finance Director
$0Pt VII · Sec A
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 loans and financial aid to businesses needing help to grow.
Questions for Two Harbors Development Fund INC
Your first name shows with your question. Two Harbors Development Fund INC answers here, for everyone.
3 programs · $16K · in their own filed words · FY2020
01
Professional Services
Fees per agreement between City of Two Harbors and Two Harbors Development Fund, fees associated with providing loan packages.
Form 990 Part III, line 4, FY2020. The organization’s own words, as filed with the IRS. Find it at the IRS (EIN 45-2892768) · Dispute this line$8Kprogram expense
02
Legal Fees
Fees for closing loans, reviewing and contacting businesses with delinquent loans.
Form 990 Part III, line 4, FY2020. The organization’s own words, as filed with the IRS. Find it at the IRS (EIN 45-2892768) · Dispute this line$7Kprogram expense
03
Insurance Fees
Form 990 Part III, line 4, FY2020. The organization’s own words, as filed with the IRS. Find it at the IRS (EIN 45-2892768) · Dispute this line$673program expense
By the numbers
The FY2020 990, line by line.
Download 990
1The main four
Money inPt VIII
$25K
Ln 12
Other incomeLn 4–11$25K
Investment incomeLn 3$61
Money outPt IX
$16K
Ln 25
Programscol B$16K
Owns and owesPt X
$721K
net assets · Ln 32
Cash and savingsLn 1–2$84K
Total assetsLn 16$895K
LiabilitiesLn 26$175K
PeoplePt VI, VII
4
listed · VII A
PaidVII A0
Voting boardVI 1a3
IndependentVI 1b3
2In more detail
Revenue in detailPt VIII
Investment incomeLn 3$61
Other incomeLn 4–11$25K
Total revenueLn 12$25K
Assets in detailPt X, end of year
CashLn 1$84K
Cash and savings togetherLn 1–2$84K
Accounts receivableLn 4$952
Notes and loans receivableLn 7$810K
Total assetsLn 16$895K
LiabilitiesLn 26$175K
Net assetsLn 32$721K
OperationsPt I, VI
EmployeesI 50
VolunteersI 63
Fiscal year endsHeaderDecember
Conflict-of-interest policyVI 12aYes
Whistleblower policyVI 13No
Records policyVI 14No
3Year over year
Balance sheet, start vs end of yearPt X · col A, B
| Line | Start FY20 | End FY20 |
|---|---|---|
| Cash and savingsLn 1–2 | $132K | $84K |
| InvestmentsLn 11–13 | $0 | $0 |
| Total assetsLn 16 | $894K | $895K |
| LiabilitiesLn 26 | $183K | $175K |
| Net assetsLn 32 | $712K | $721K |
4Every line
Statement of functional expensesPt IX · every line
| Line | Total | Programs | Management | Fundraising |
|---|---|---|---|---|
| Grants to domestic organizationsLn 1 | $0 | $0 | ||
| 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 officers and key staff (Part IX, line 5)Ln 5 | $0 | $0 | $0 | $0 |
| Pay of disqualified personsLn 6 | $0 | $0 | $0 | $0 |
| Other salaries and wagesLn 7 | $0 | $0 | $0 | $0 |
| Pension plan contributionsLn 8 | $0 | $0 | $0 | $0 |
| Other employee benefitsLn 9 | $0 | $0 | $0 | $0 |
| Payroll taxesLn 10 | $0 | $0 | $0 | $0 |
| Management feesLn 11a | $0 | $0 | $0 | $0 |
| Legal feesLn 11b | $7K | $7K | $0 | $0 |
| Accounting feesLn 11c | $0 | $0 | $0 | $0 |
| Lobbying feesLn 11d | $0 | $0 | $0 | $0 |
| Professional fundraising feesLn 11e | $0 | $0 | ||
| Investment management feesLn 11f | $0 | $0 | $0 | $0 |
| Other fees for servicesLn 11g | $0 | $0 | $0 | $0 |
| Advertising and promotionLn 12 | $0 | $0 | $0 | $0 |
| Office expensesLn 13 | $0 | $0 | $0 | $0 |
| Information technologyLn 14 | $0 | $0 | $0 | $0 |
| RoyaltiesLn 15 | $0 | $0 | $0 | $0 |
| OccupancyLn 16 | $0 | $0 | $0 | $0 |
| TravelLn 17 | $0 | $0 | $0 | $0 |
| Travel and entertainment for public officialsLn 18 | $0 | $0 | $0 | $0 |
| Conferences, conventions and meetingsLn 19 | $0 | $0 | $0 | $0 |
| InterestLn 20 | $0 | $0 | $0 | $0 |
| Payments to affiliatesLn 21 | $0 | $0 | $0 | $0 |
| Depreciation, depletion and amortizationLn 22 | $0 | $0 | $0 | $0 |
| InsuranceLn 23 | $673 | $673 | $0 | $0 |
| Other expenses (24a–d)Ln 24 | $8K | $8K | $0 | $0 |
| All other expensesLn 24e | $0 | $0 | $0 | $0 |
| Total functional expensesLn 25 | $16K | $16K | $0 | $0 |
Filing history
| Year | Money in | Money out | In minus out | Net assets | Download |
|---|---|---|---|---|---|
| FY2024 LatestFiled with the IRS Nov 13, 2025 | $32K | $8K | $24K | $926K | 990 PDF |
| FY2023Filed with the IRS Aug 15, 2024 | $17K | $22K | −$5K | $902K | 990 PDF |
| FY2022Filed with the IRS Nov 7, 2023 | $10K | $5K | $4K | $907K | 990 PDF |
| FY2021Filed with the IRS May 17, 2022 | $44K | $8K | $35K | $756K | 990 PDF |
| FY2020 ViewingFiled with the IRS May 17, 2021 | $25K | $16K | $9K | $721K | 990 PDF |
Schedules filed Part IV
A · Public support
I · Grants
O · Explanations
See the full FY2020 990
Part I · Summary $24,720 revenue, 12 lines filed
I-8 Contributions and grantsPrior year $100,000$0
I-9 Program service revenuePrior year $0$0
I-10 Investment incomePrior year $323$61
I-11 Other revenuePrior year $20,864$24,659
I-12 Total revenuePrior year $121,187$24,720
I-13 Grants and similar amounts paidPrior year $0$0
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 $10,815$15,552
I-18 Total expensesPrior year $10,815$15,552
I-19 Revenue less expensesPrior year $110,372$9,168
Part VI · Governance 3 of 3 board members independent, 3 to look at
VI-1a Voting members of the governing body3
VI-1b Independent voting members3
VI-13 Written whistleblower policyNo
VI-14 Document retention and destruction policyNo
VI-15a Process for setting top official's payNo
VI-2 Family or business relationship among officers or directorsNo
VI-12a Written conflict of interest policyYes
Part VIII · Statement of revenue $24,720 across 5 lines filed
VIII-1h Total contributions, gifts and grants$0
VIII-3 Investment incomeRelated to mission $61 · Unrelated business $0 · Excluded from tax $0$61
VIII-5 RoyaltiesRelated to mission $0 · Unrelated business $0 · Excluded from tax $0$0
VIII-11a-d Other revenue, itemized rows (sum of 11a–11d as filed)Related to mission $24,659 · Unrelated business $0 · Excluded from tax $0$24,659
VIII-12 Total revenueRelated to mission $24,720 · Unrelated business $0 · Excluded from tax $0$24,720
Part IX · Statement of functional expenses $15,552 across 31 lines filed
IX-1 Grants to domestic organizationsPrograms $0$0
IX-2 Grants to domestic individualsPrograms $0$0
IX-3 Grants and assistance to foreign recipientsPrograms $0$0
IX-4 Benefits paid to or for membersPrograms $0$0
IX-5 Pay of officers and key staff (Part IX, line 5)Programs $0 · Management $0 · Fundraising $0$0
IX-6 Pay of disqualified personsPrograms $0 · Management $0 · Fundraising $0$0
IX-7 Other salaries and wagesPrograms $0 · Management $0 · Fundraising $0$0
IX-8 Pension plan contributionsPrograms $0 · Management $0 · Fundraising $0$0
IX-9 Other employee benefitsPrograms $0 · Management $0 · Fundraising $0$0
IX-10 Payroll taxesPrograms $0 · Management $0 · Fundraising $0$0
IX-11a Management feesPrograms $0 · Management $0 · Fundraising $0$0
IX-11b Legal feesPrograms $7,246 · Management $0 · Fundraising $0$7,246
IX-11c Accounting feesPrograms $0 · Management $0 · Fundraising $0$0
IX-11d Lobbying feesPrograms $0 · Management $0 · Fundraising $0$0
IX-11e Professional fundraising feesFundraising $0$0
IX-11f Investment management feesPrograms $0 · Management $0 · Fundraising $0$0
IX-11g Other fees for servicesPrograms $0 · Management $0 · Fundraising $0$0
IX-12 Advertising and promotionPrograms $0 · Management $0 · Fundraising $0$0
IX-13 Office expensesPrograms $0 · Management $0 · Fundraising $0$0
IX-14 Information technologyPrograms $0 · Management $0 · Fundraising $0$0
IX-15 RoyaltiesPrograms $0 · Management $0 · Fundraising $0$0
IX-16 OccupancyPrograms $0 · Management $0 · Fundraising $0$0
IX-17 TravelPrograms $0 · Management $0 · Fundraising $0$0
IX-18 Travel and entertainment for public officialsPrograms $0 · Management $0 · Fundraising $0$0
IX-19 Conferences, conventions and meetingsPrograms $0 · Management $0 · Fundraising $0$0
IX-20 InterestPrograms $0 · Management $0 · Fundraising $0$0
IX-21 Payments to affiliatesPrograms $0 · Management $0 · Fundraising $0$0
IX-22 Depreciation, depletion and amortizationPrograms $0 · Management $0 · Fundraising $0$0
IX-23 InsurancePrograms $673 · Management $0 · Fundraising $0$673
IX-24 Other expenses (24a–d)Programs $7,633 · Management $0 · Fundraising $0$7,633
IX-24e All other expensesPrograms $0 · Management $0 · Fundraising $0$0
IX-25 Total functional expensesPrograms $15,552 · Management $0 · Fundraising $0$15,552
Part X · Balance sheet $895,431 assets, 29 lines filed
X-1 Cash, non-interest-bearingStart of year $131,632$83,991
X-2 Savings and temporary cash investmentsStart of year $0$0
X-3 Pledges and grants receivableStart of year $0$0
X-4 Accounts receivableStart of year $662$952
X-5 Loans to officers and key peopleStart of year $0$0
X-6 Loans to other insidersStart of year $0$0
X-7 Notes and loans receivableStart of year $762,172$810,488
X-8 Inventories for sale or useStart of year $0$0
X-9 Prepaid expenses and deferred chargesStart of year $0$0
X-11 Publicly traded securitiesStart of year $0$0
X-12 Other securitiesStart of year $0$0
X-13 Program-related investmentsStart of year $0$0
X-14 Intangible assetsStart of year $0$0
X-15 Other assetsStart of year $0$0
X-16 Total assetsStart of year $894,466$895,431
X-17 Accounts payable and accrued expensesStart of year $125$36
X-18 Grants payableStart of year $0$0
X-19 Deferred revenueStart of year $182,647$174,533
X-20 Tax-exempt bond liabilitiesStart of year $0$0
X-21 Escrow or custodial accountsStart of year $0$0
X-22 Loans from officers and insidersStart of year $0$0
X-23 Secured mortgages and notes payableStart of year $0$0
X-24 Unsecured notes and loans payableStart of year $0$0
X-26 Total liabilitiesStart of year $182,772$174,569
X-29 Capital stock or trust principalStart of year $711,694$720,862
X-30 Paid-in or capital surplusStart of year $0$0
X-31 Retained earnings or endowmentStart of year $0$0
X-32 Total net assets or fund balancesStart of year $711,694$720,862
X-33 Total liabilities and net assetsStart of year $894,466$895,431
Part XI · Reconciliation of net assets $720,862 net assets at year end
XI-1 Total revenue$24,720
XI-2 Total expenses$15,552
XI-3 Revenue less expenses$9,168
XI-4 Net assets at start of year$711,694
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$720,862
Form 990 e-file FY2020 from the IRS (about our sources) · Classification, formation year and address from the IRS Business Master File
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