Civic Intelligence

Lake Street Council

EIN 41-0975738 • 501(c)3 • Minneapolis, MN

Profile

Lake street council engages, serves, and advocates for the lake street business community in minneapolis to ensure the vitality and prosperity of the commercial corridor.

2925 Chicago Ave S 190Minneapolis, MN 55407

www.lakestreetcouncil.org

Siviq Scores

Precomputed percentiles relative to similar nonprofits. These scores are descriptive rather than judgmental.

Liabilities / Assets

49th percentile

0.06x

Higher debt load relative to assets than 49% of similar nonprofits.

501(c)3 • $1M-$5M nonprofits • Source year 2024

Liabilities / Revenue

56th percentile

0.11x

Higher debt load relative to revenue than 56% of similar nonprofits.

501(c)3 • $1M-$5M nonprofits • Source year 2024

Net Margin

55th percentile

7.1%

Higher net margin than 55% of similar nonprofits.

501(c)3 • $1M-$5M nonprofits • Source year 2024

Top Officer Pay

74th percentile

$120,500

Higher top officer pay than 74% of similar nonprofits.

Top officer pay equals 5.2% of source-year revenue.

501(c)3 • $1M-$5M nonprofits • Source year 2024

Asset Growth

56th percentile

5.5%

Faster asset growth than 56% of similar nonprofits.

501(c)3 • $1M-$5M nonprofits • Annualized from 2023 to 2024

Revenue Growth

81st percentile

44%

Faster revenue growth than 81% of similar nonprofits.

501(c)3 • $1M-$5M nonprofits • Annualized from 2023 to 2024

Balance Sheet
Liabilities / Assets49th percentile

Assets

Up

$4,378,569

Up $228,955 (+5.5%) from 2023

Liabilities

Up

$254,847

Up $65,223 (+34%) from 2023

Net Assets

Up

$4,123,722

Up $163,732 (+4.1%) from 2023

Operations
Liabilities / Revenue56th percentileNet Margin55th percentile

Revenue

Up

$2,300,129

Up $707,796 (+44%) from 2023

Expenses

Down

$2,136,397

Down $356,987 (-14%) from 2023

Net Income

Up

$163,732

Up $1,064,783 (+118%) from 2023

Trend Graphs

Balance Sheet Trend

Asset Growth56th percentile

Grouped bars show assets, liabilities, and net assets across loaded filings.

$10M$5.0M$0-$5.0MAssets 2010: $105,118Liabilities 2010: $3,288Net Assets 2010: $101,8302010Assets 2011: $65,203Liabilities 2011: $3,063Net Assets 2011: $62,1402011Assets 2012: $25,886Liabilities 2012: $4,496Net Assets 2012: $21,3902012Assets 2013: $78,435Liabilities 2013: $1,185Net Assets 2013: $77,2502013Assets 2014: $98,901Liabilities 2014: $1,146Net Assets 2014: $97,7552014Assets 2015: $125,000Liabilities 2015: -$3,495Net Assets 2015: $128,4952015Assets 2016: $179,297Liabilities 2016: $0Net Assets 2016: $179,2972016Assets 2017: $238,324Liabilities 2017: $0Net Assets 2017: $238,3242017Assets 2018: $363,492Liabilities 2018: $0Net Assets 2018: $363,4922018Assets 2019: $418,043Liabilities 2019: $1,185Net Assets 2019: $416,8582019Assets 2020: $8,647,168Liabilities 2020: $192,609Net Assets 2020: $8,454,5592020Assets 2021: $6,341,683Liabilities 2021: $147,325Net Assets 2021: $6,194,3582021Assets 2022: $5,311,066Liabilities 2022: $220,025Net Assets 2022: $5,091,0412022Assets 2023: $4,149,614Liabilities 2023: $189,624Net Assets 2023: $3,959,9902023Assets 2024: $4,378,569Liabilities 2024: $254,847Net Assets 2024: $4,123,7222024

Highlighted filing

2024

Assets$4,378,569
Liabilities$254,847
Net Assets$4,123,722
Open 2024 Filing

Operations Trend

Revenue Growth81st percentile

Revenue, expenses, and net income by year, with the latest filing highlighted.

$20M$15M$10M$5.0M$0-$5.0MExpenses 2010: $217,1502010Expenses 2011: $237,6462011Revenue 2012: $296,828Expenses 2012: $336,213Net Income 2012: -$39,3852012Revenue 2013: $282,723Expenses 2013: $231,063Net Income 2013: $51,6602013Revenue 2014: $303,818Expenses 2014: $291,304Net Income 2014: $12,5142014Revenue 2015: $365,272Expenses 2015: $335,160Net Income 2015: $30,1122015Revenue 2016: $360,739Expenses 2016: $312,793Net Income 2016: $47,9462016Revenue 2017: $558,481Expenses 2017: $499,531Net Income 2017: $58,9502017Revenue 2018: $613,563Expenses 2018: $488,395Net Income 2018: $125,1682018Revenue 2019: $393,207Expenses 2019: $339,841Net Income 2019: $53,3662019Revenue 2020: $15,041,966Expenses 2020: $7,737,498Net Income 2020: $7,304,4682020Revenue 2021: $1,498,492Expenses 2021: $3,758,693Net Income 2021: -$2,260,2012021Revenue 2022: $1,331,547Expenses 2022: $2,434,864Net Income 2022: -$1,103,3172022Revenue 2023: $1,592,333Expenses 2023: $2,493,384Net Income 2023: -$901,0512023Revenue 2024: $2,300,129Expenses 2024: $2,136,397Net Income 2024: $163,7322024

Highlighted filing

2024

Revenue$2,300,129
Expenses$2,136,397
Net Income$163,732
Open 2024 Filing

Filings

Most recent year

2024 • Form 990Detailed filing. Detailed filing data is available for this year.

Open filing
Assets
$4,378,569
Liabilities
$254,847
Net assets
$4,123,722
Revenue
$2,300,129
Expenses
$2,136,397
Net income
$163,732
Balance SheetOperations
YearAssetsLiabilitiesNet AssetsRevenueExpensesNet Income
2024Detailed filing. Detailed filing data is available for this year.$4.38$0.25$4.12$2.30$2.14$0.16
2023Detailed filing. Detailed filing data is available for this year.$4.15$0.19$3.96$1.59$2.49$0.90
2022Detailed filing. Detailed filing data is available for this year.$5.31$0.22$5.09$1.33$2.43$1.10
2021Detailed filing. Detailed filing data is available for this year.$6.34$0.15$6.19$1.50$3.76$2.26
2020Detailed filing. Detailed filing data is available for this year.$8.65$0.19$8.45$15.0$7.74$7.30
2019Detailed filing. Detailed filing data is available for this year.$0.42$0.00$0.42$0.39$0.34$0.05
2018Detailed filing. Detailed filing data is available for this year.$0.36$0.00$0.36$0.61$0.49$0.13
2017Detailed filing. Detailed filing data is available for this year.$0.24$0.00$0.24$0.56$0.50$0.06
2016Detailed filing. Detailed filing data is available for this year.$0.18$0.00$0.18$0.36$0.31$0.05
2015Summary only. Only limited summary data is available for this year.$0.13$0.00$0.13$0.37$0.34$0.03
2014Summary only. Only limited summary data is available for this year.$0.10$0.00$0.10$0.30$0.29$0.01
2013Summary only. Only limited summary data is available for this year.$0.08$0.00$0.08$0.28$0.23$0.05
2012Summary only. Only limited summary data is available for this year.$0.03$0.00$0.02$0.30$0.34$0.04
2011Facts available. Structured filing facts are available, but richer extracted sections are limited.$0.07$0.00$0.06$0.24
2010Facts available. Structured filing facts are available, but richer extracted sections are limited.$0.11$0.00$0.10$0.22
Latest Filing Detail
Jump To
Filing Snapshot
Filing Period
Jan 1, 2024 to Dec 31, 2024
Signed
Jul 21, 2025
Return Version
2024v5.2
Gross Receipts
$2,330,574
Mission and Program Overview

Mission

Advance the civic and economic vitality of the lake street area by implementing and building a cohesive strategy to create vital lake street businesses and residential communities.

Lake Street Council engages, serves, and advocates for the Lake Street business community in Minneapolis to ensure the vitality and prosperity of the commercial corridor. The Lake Street Council fosters economic vitality and amplifies Lake Street's vibrancy to create a thriving and livable commercial corridor.

Balance Sheet Detail
LineBeginningEndChange
Assets
Savings and Temporary Cash Investments$2,301,218$2,586,240▲ $285,022
Cash and Non-Interest-Bearing Accounts$1,639,309$1,617,900▼ $21,409
Accounts Receivable$202,779$78,600▼ $124,179
Prepaid Expenses and Deferred Charges$6,308$20,791▲ $14,483
Total Assets$4,149,614$4,378,569▲ $228,955
Other Assets Total$0$75,038▲ $75,038
Liabilities
Accounts Payable and Accrued Expenses$189,624$131,686▼ $57,938
Other Liabilities$0$77,297▲ $77,297
Grants Payable-$45,864-
Total Liabilities$189,624$254,847▲ $65,223
Net Assets / Fund Balance
Net Assets Without Donor Restrictions$2,486,022$2,461,552▼ $24,470
Net Assets With Donor Restrictions$1,473,968$1,662,170▲ $188,202
Total Net Assets Fund Balance$3,959,990$4,123,722▲ $163,732
Total Liabilities and Net Assets / Fund Balance$4,149,614$4,378,569▲ $228,955
Compensation and Service Providers
Top Officer Pay74th percentile

Employees

NameTitleFull / Part TimeBaseOtherTotal
Allison SharkeyExecutive DirectorFT$116,600$3,900$120,500

Board Members and Trustees

NameTitle
Baba LetangPresident
Vicki KarrVice President/Secratary
Alison PenceDirector
Ana Columba ReyesDirector
Brittany HowardDirector
Claudia CarrascoDirector
Dipankar MukherjeeDirector
Hibo AbdiDirector
Hodan GuledDirector
Julie IngebrestenDirector
Justin BryantDirector
Miluska NovotaDirector
Rich EsquivelDirector
Staci HesthavenDirector
Ted CampbellDirector
Enrique BlancoExecutive Comittee
Jackie KnightExecutive Comittee
Ronnie TaylorTreasurer
Revenue and Support

Revenue Composition

Contributions and Grants
$2,227,025
Program Service Revenue
$0
Investment Income
$95,220
Other Revenue
$-22,116
All Other Contributions
$1,753,113
Change in Net Assets
$163,732

Audited Revenue Reconciliation

Revenue per Audited Statements
$2,300,129
Revenue Not Reported on Financial Statements
$0
Revenue Not Reported on Form 990
$0
Total Revenue per Audited Statements
$2,300,129
Total Revenue per Form 990
$2,300,129
Expenses and Functional Allocation

Major Expense Lines

Line ItemAmount
Salaries, Compensation, and Employee Benefits$1,024,193
Grants and Similar Amounts Paid$558,735
Other Expenses$553,469
Total Fundraising Expense$232,129
Professional Fundraising Fees$0

Functional Expense Allocation

Line ItemProgramManagementFundraisingTotal
Other Salaries and Wages$511,169$77,835$183,104$772,108
Grants to Domestic Orgs$558,735--$558,735
Fees for Services Other$143,719$56,417$3,040$203,176
Current Officers, Directors, Trustees, and Key Employees$77,194$15,654$27,652$120,500
Fees for Services Accounting-$72,963-$72,963
Payroll Taxes$42,730$9,275$15,306$67,311
Advertising$46,608$8,403-$55,011
Information Technology-$49,185$5$49,190
Other Employee Benefits-$44,617-$44,617
Conferences and Meetings$31,000--$31,000
Occupancy-$27,487-$27,487
Pension Plan Contributions-$19,657-$19,657
Other Expenses$10,049$13,629$25$10,049
Office Expenses$27$9,628$10$9,665
Insurance-$8,340-$8,340
All Other Expenses-$7,835-$7,835
Travel$2,441$3,044$39$5,524
Fees for Services Legal-$3,012-$3,012
Fees for Services Lobbying-$14-$14
Total Functional Expenses$1,450,853$453,415$232,129$2,136,397

Audited Expense Reconciliation

Line ItemAmount
Expenses per Audited Statements$2,136,397
Total Expenses per Audited Statements$2,136,397
Total Expenses per Form 990$2,136,397
Expenses Not Reported on Financial Statements$0
Expenses Not Reported on Form 990$0
International Activity

Grant and Assistance Recipients

RecipientLocationCategoryPurposeAmount
Lul Bros PropertiesMinneapolis, MN-General support$50,000
Southside Community Health Services IncMinneapolis, MN-General support$50,000
Kushite Art Gallery LLCMinneapolis, MN-General support$27,500
Dem PropertiesMinneapolis, MN501(c)(3)General support$25,000
Don Pedro LLCMinneapolis, MN-General support$25,000
Grass Roots LLCMinneapolis, MN501(c)(3)General support$25,000
Odigo Properties LLCMinneapolis, MN-General support$24,500
Solcana Fitness LLCMinneapolis, MN-General support$22,000
Taco Taxi IncMinneapolis, MN-General support$14,350
Jungle TheatreMinneapolis, MN-General support$13,000
New York Plaza LLCMinneapolis, MN-General support$12,500
Greater Minneapolis Council of Churches (GMCC)Minneapolis, MN501(c)(3)General support$11,080
Umbra Arts LLCMinneapolis, MN-General support$10,648
Capi USAMinneapolis, MN501(c)(3)General support$10,000
East Philips Neighborhood InstituteMinneapolis, MN501(c)(3)General support$10,000
Lake Auto CenterMinneapolis, MN-General support$10,000
Ocampo Plaza LLCMinneapolis, MN-General support$10,000
Queermunity Collaborative LLCMinneapolis, MN-General support$10,000
Said HassanMinneapolis, MN501(c)(3)General support$10,000
Car-X Auto ServiceMinneapolis, MN-General support$9,500
TruCare Clinic LLCMinneapolis, MN-General support$7,080
In the Heart of the Beast Puppet and Mask TheaterMinneapolis, MN-General support$6,500
Ingebretsens Gift Shops IncMinneapolis, MN-General support$6,040
Colonial Market 2 LLCEden Prairie, MN501(c)(3)General support$6,000
PrimeMed PLLCMinneapolis, MN-General support$5,743
St Paul's Evangelical Lutheran ChurchMinneapolis, MN-General support$5,500
Fundraising, Events, and Gaming
Fundraising activities
Yes
Gaming activities
No
Professional fundraiser used
No

Fundraising and Gaming Totals

Line ItemAmount
Fundraising Direct Expenses$30,445
Fundraising Gross Income$8,329
Professional Fundraising Fees$0

Fundraising Events

EventGross ReceiptsGross RevenueDirect ExpensesNet Income
Annual Meeting$40,329$8,329$4,003$4,326
Total Events$40,329$8,329$30,445$-22,116
Political and Lobbying Activity
Political campaign activity
No
Lobbying activity
Yes
Subject to proxy tax
No
Debt and Bond Financing

Other Reported Liabilities

LiabilityAmount
Lease liability$77,297
Governance and Compliance

Governance Checklist

Compiled or reviewed by an accountant
No
Annual disclosure for covered persons
Yes
Audit committee
Yes
Backup withholding compliance
Yes
Business relationship with 35% controlled entity
No
Business relationship with family members
No
Business relationship with organization members
No
Material changes to governing documents
No
Compensation from other sources disclosed
No
CEO compensation reviewed
Yes
Other officer compensation reviewed
Yes
Conflict-of-interest policy
Yes
Audited financial statements prepared
No
Key decisions subject to board approval
No
Management duties delegated
No

Governance Explanations

Form 990, Part VI, Section A, line 6

“Membership shall consist of one class of membership. Criteria for membership shall include completing an application for membership and paying annual dues. Members are entitled to vote and have equal rights and preferences in matters not otherwise provided for by the board. The term of membership shall be one year.”

Form 990, Part VI, Section B, line 11B

“The Executive Director has reviewed form 990 for the tax year 2024, and presented an overview of it to members of the Board of Directors.”

Form 990, Part VI, Section B, line 12C

“If a perceived or potential conflict is identified, board members are asked to state their perceived or potential conflict in writing to the board, where guidance deemed appropriate is determined. Board members are also required to sign the conflict of interest policy.”

Form 990, Part VI, Section B, line 15

“For the Executive Director, an annual evaluation has been conducted by the Executive Committee of the Board. The committee has consulted the Minnesota Council of Nonprofits' survey of nonprofit organization salaries & benefits. For other regular employees, the annual evaluation has been conducted by the Executive Director and the survey has also consulted.”

Form 990, Part VI, Section C, line 18

“Documents are made available upon request and the 990 can be viewed on Guidestar.com”

Form 990, Part VI, Section C, line 19

“LSC's governing documents, conflict of interest policy and financial statements are available to the public upon request.”

Filing and Contact Details

Filer

Filer Name
Lake Street Council
EIN
41-0975738
Phone
6128220232
Address
2925 Chicago Ave S 190, Minneapolis, MN 55407

Signing Officer

Name
Allison Sharkey
Title
Executive Director
Phone
6128220232
Signed
2025-07-21
Discuss with paid preparer
Yes

Organization Details

Principal Officer
Allison Sharkey
Formed
1968
Legal Domicile
Mn
Voting Board Members
18
Independent Board Members
18
Employees
12
Volunteers
30

Preparer

Firm
Abdo LLP
Address
5201 Eden Ave Ste 250, Edina, MN 55436
Preparer
Steven D Anseth CPA
Phone
9528359090
Supplemental Narrative

Additional Explanations

Form 990, Part XII, Line 2C:

“The process has not changed from prior year.”

Raw XML AppendixShowing 400 of 799 raw XML fields

This appendix keeps the raw XML leaves available for debugging and edge-case review. The human report above is the primary experience.

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IRS990/ActivityOrMissionDesc0Lake Street Council engages, serves, and advocates for the Lake Street business community in Minneapolis to ensure the vitality and prosperity of the commercial corridor. The Lake Street Council fosters economic vitality and amplifies Lake Street's vibrancy to create a thriving and livable commercial corridor.
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IRS990/Form990PartVIISectionAGrp/PersonNm0Baba Letang
IRS990/Form990PartVIISectionAGrp/PersonNm1Vicki Karr
IRS990/Form990PartVIISectionAGrp/PersonNm2Ronnie Taylor
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IRS990/Form990PartVIISectionAGrp/PersonNm4Ted Campbell
IRS990/Form990PartVIISectionAGrp/PersonNm5Rich Esquivel
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IRS990/Form990PartVIISectionAGrp/PersonNm8Julie Ingebresten
IRS990/Form990PartVIISectionAGrp/PersonNm9Enrique Blanco
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IRS990/Form990PartVIISectionAGrp/PersonNm12Alison Pence
IRS990/Form990PartVIISectionAGrp/PersonNm13Jackie Knight
IRS990/Form990PartVIISectionAGrp/PersonNm14Ana Columba Reyes
IRS990/Form990PartVIISectionAGrp/PersonNm15Justin Bryant
IRS990/Form990PartVIISectionAGrp/PersonNm16Claudia Carrasco
IRS990/Form990PartVIISectionAGrp/PersonNm17Brittany Howard
IRS990/Form990PartVIISectionAGrp/PersonNm18Allison Sharkey
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IRS990/Form990PartVIISectionAGrp/TitleTxt0President
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IRS990/MissionDesc0Lake Street Council engages, serves, and advocates for the Lake Street business community in Minneapolis to ensure the vitality and prosperity of the commercial corridor. The Lake Street Council fosters economic vitality and amplifies Lake Street's vibrancy to create a thriving and livable commercial corridor.
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IRS990/ProgSrvcAccomActy2Grp/Desc0We Love Lake Street (WLLA) Recovery Fund: In late May 2020, civil unrest erupted in the Lake Street corridor. More than 400 businesses were looted, damaged, or destroyed by fire in the aftermath. The events that unfolded during those weeks have had a deep and lasting impact on Lake Street. The broader community came together to support these impacted businesses, and the WLLS recovery fund raised more than $12 million dollars in a matter of weeks. The purpose of the WLLS recovery fund is to support the recovery of businesses and nonprofit organizations in the Lake Street corridor. To facilitate the distribution of funds, we created the WLLS recovery fund oversight committee (the "oversight committee"), which includes local leaders with a history of supporting Lake Street's diverse business community. The oversight committee was charged with making decisions about funding priorities and guidelines. The oversight committee's subcommittees decided who received funding and in what amount. In 2024 this fund continued to invest in grants and forgivable loans to displaced businesses that were seeking to reopen, to entrepreneurs who owned demolished properties who were seeking predevelopment support to start the process of rebuilding, and to community nonprofits that sought to redevelop demolished property to provide affordable commercial space for local small businesses.
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IRS990/ProgSrvcAccomActy3Grp/Desc0Visitor Attraction and Placemaking Initiative: Through community activation events and millions of impressions online in the past year, we have uplifted individual businesses, highlighted our successes, and supported our partners. Our Lake Street Reimagined program continues to bring people out to discover and support Lake Street while creating opportunities for local artists. We provided funding for 20 murals, four sculptures and standalone installations, and two vinyl art installations.
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IRS990/ProgSrvcAccomActyOtherGrp/Desc0Corridor Promotion: Attracted customers to the area through promotion of the Lake Street corridor.
IRS990/ProgSrvcAccomActyOtherGrp/Desc1Fiscal Sponsorship: If a nonprofit organization has not yet received its 501(c)(3) status, it could operate under Lake Street Council as their fiscal sponsor who accepted donations and managed funds on its behalf allowing the program to begin work while awaiting tax-exempt approval.
IRS990/ProgSrvcAccomActyOtherGrp/Desc2Community Engagement: Lake Street Council ("LSC") supports the Lake Street community in Minneapolis to ensure the vitality and prosperity of the commercial corridor and its 16 surrounding neighborhoods. We engage entrepreneurs, employees, residents, and institutional stakeholders in programs that promote economic development. As the main business association for Lake Street, we regularly hear from business and property owners throughout the corridor about the concerns that matter to them, and our priorities shift to reflect the needs of the moment. Our core programs include community engagement through small business advising, visitor attraction, placemaking initiatives, and financial relief for small businesses and nonprofits.
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