Civic Intelligence

Duluth 1200 Fund Inc

EIN 41-1520829 • 501(c)3 • Duluth, MN

Profile

The 1200 Fund's purpose is to provide low or no interest loans & other financial assistance (grants) to local Duluth area individuals and businesses to confront economic deterioration & loss of jobs. Financing, provided by a governmental funded revolving loan fund, is intended to provide assistance to individuals & businesses that aren't able to obtain affordable, adequate, or appropriate financing from other conventional sources. The primary requirement for assistance is the recipient provides for new job creation and/or retention of existing jobs.

411 West First Street Room 402Duluth, MN 55802

1200fund.com

Siviq Scores

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

Liabilities / Assets

20th percentile

0.00x

Higher debt load relative to assets than 20% of similar nonprofits.

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

Liabilities / Revenue

21st percentile

0.00x

Higher debt load relative to revenue than 21% of similar nonprofits.

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

Net Margin

97th percentile

83%

Higher net margin than 97% of similar nonprofits.

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

Top Officer Pay

Score unavailable

No value available

No filing with officer rows is available for this organization yet.

Asset Growth

90th percentile

49%

Faster asset growth than 90% of similar nonprofits.

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

Revenue Growth

99th percentile

1166%

Faster revenue growth than 99% of similar nonprofits.

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

Assets

Up

$4,259,009

Up $1,405,267 (+49%) from 2023

Liabilities

Down

$1,305

Down $10,055 (-89%) from 2023

Net Assets

Up

$4,257,704

Up $1,415,322 (+50%) from 2023

Revenue

Up

$1,696,428

Up $1,562,382 (+1166%) from 2023

Expenses

Down

$281,106

Down $136,994 (-33%) from 2023

Net Income

Up

$1,415,322

Up $1,699,376 (+598%) from 2023

Trend Graphs

Balance Sheet Trend

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

$6.0M$4.0M$2.0M$0Assets 2011: $3,393,921Liabilities 2011: $1,626Net Assets 2011: $3,392,2952011Assets 2012: $3,410,896Liabilities 2012: $31,314Net Assets 2012: $3,379,5822012Assets 2013: $3,347,064Liabilities 2013: $0Net Assets 2013: $3,347,0642013Assets 2014: $3,349,723Liabilities 2014: $0Net Assets 2014: $3,349,7232014Assets 2015: $3,329,063Liabilities 2015: $0Net Assets 2015: $3,329,0632015Assets 2016: $3,332,323Liabilities 2016: $34,683Net Assets 2016: $3,297,6402016Assets 2017: $2,996,750Liabilities 2017: $1,568Net Assets 2017: $2,995,1822017Assets 2018: $3,029,014Liabilities 2018: $920Net Assets 2018: $3,028,0942018Assets 2019: $3,078,773Liabilities 2019: $6,938Net Assets 2019: $3,071,8352019Assets 2020: $1,742,903Liabilities 2020: $4,316Net Assets 2020: $1,738,5872020Assets 2021: $1,711,403Liabilities 2021: $650Net Assets 2021: $1,710,7532021Assets 2022: $3,115,716Liabilities 2022: $3,357Net Assets 2022: $3,112,3592022Assets 2023: $2,853,742Liabilities 2023: $11,360Net Assets 2023: $2,842,3822023Assets 2024: $4,259,009Liabilities 2024: $1,305Net Assets 2024: $4,257,7042024

Highlighted filing

2024

Assets$4,259,009
Liabilities$1,305
Net Assets$4,257,704

Operations Trend

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

$2.0M$1.0M$0-$1.0M-$2.0MRevenue 2011: -$204,569Expenses 2011: $256,487Net Income 2011: -$461,0562011Revenue 2012: $20,575Expenses 2012: $33,288Net Income 2012: -$12,7132012Revenue 2013: $1,655Expenses 2013: $34,173Net Income 2013: -$32,5182013Revenue 2014: $36,994Expenses 2014: $34,335Net Income 2014: $2,6592014Revenue 2015: $16,486Expenses 2015: $37,146Net Income 2015: -$20,6602015Revenue 2016: $10,475Expenses 2016: $41,898Net Income 2016: -$31,4232016Revenue 2017: $3,451Expenses 2017: $305,909Net Income 2017: -$302,4582017Revenue 2018: $79,679Expenses 2018: $46,767Net Income 2018: $32,9122018Revenue 2019: $107,388Expenses 2019: $63,647Net Income 2019: $43,7412019Revenue 2020: $44,104Expenses 2020: $1,377,352Net Income 2020: -$1,333,2482020Revenue 2021: $25,658Expenses 2021: $53,492Net Income 2021: -$27,8342021Revenue 2022: $1,553,814Expenses 2022: $152,208Net Income 2022: $1,401,6062022Revenue 2023: $134,046Expenses 2023: $418,100Net Income 2023: -$284,0542023Revenue 2024: $1,696,428Expenses 2024: $281,106Net Income 2024: $1,415,3222024

Highlighted filing

2024

Revenue$1,696,428
Expenses$281,106
Net Income$1,415,322

Filings

Balance SheetOperations
YearAssetsLiabilitiesNet AssetsRevenueExpensesNet Income
2024Detailed filing. Detailed filing data is available for this year.$4.26$0.00$4.26$1.70$0.28$1.42
2023Detailed filing. Detailed filing data is available for this year.$2.85$0.01$2.84$0.13$0.42$0.28
2022Detailed filing. Detailed filing data is available for this year.$3.12$0.00$3.11$1.55$0.15$1.40
2021Detailed filing. Detailed filing data is available for this year.$1.71$0.00$1.71$0.03$0.05$0.03
2020Detailed filing. Detailed filing data is available for this year.$1.74$0.00$1.74$0.04$1.38$1.33
2019Summary only. Only limited summary data is available for this year.$3.08$0.01$3.07$0.11$0.06$0.04
2018Summary only. Only limited summary data is available for this year.$3.03$0.00$3.03$0.08$0.05$0.03
2017Summary only. Only limited summary data is available for this year.$3.00$0.00$3.00$0.00$0.31$0.30
2016Summary only. Only limited summary data is available for this year.$3.33$0.03$3.30$0.01$0.04$0.03
2015Summary only. Only limited summary data is available for this year.$3.33$0.00$3.33$0.02$0.04$0.02
2014Summary only. Only limited summary data is available for this year.$3.35$0.00$3.35$0.04$0.03$0.00
2013Summary only. Only limited summary data is available for this year.$3.35$0.00$3.35$0.00$0.03$0.03
2012Summary only. Only limited summary data is available for this year.$3.41$0.03$3.38$0.02$0.03$0.01
2011Summary only. Only limited summary data is available for this year.$3.39$0.00$3.39$0.20$0.26$0.46
Latest Filing Detail
Jump To
Filing Snapshot
Filing Period
Jan 1, 2024 to Dec 31, 2024
Signed
Nov 14, 2025
Return Version
2024v5.0
Gross Receipts
$1,696,428
Mission and Program Overview

Mission

The 1200 Fund's purpose is to provide low or no interest loans & other financial assistance (grants) to local Duluth area businesses to confront economic deterioration & loss of jobs. Financing, provided by a governmental funded revolving loan fund, is intended to provide assistance to businesses that aren't able to obtain affordable, adequate, or appropriate financing from other conventional sources. The primary requirement for assistance is the recipient provides for new job creation and/or retention of existing jobs.

The purpose of the 1200 Fund is to provide low, or no interest loans and other financial assistance (grants) to eligible individuals and 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.

Balance Sheet Detail
LineBeginningEndChange
Assets
Cap Stk Tr Prin Current Funds$2,842,382$4,257,704▲ $1,415,322
Cash and Non-Interest-Bearing Accounts$2,019,544$1,730,705▼ $288,839
Pledges and Grants Receivable-$1,400,000-
Other Notes and Loans Receivable, Net$834,198$1,128,304▲ $294,106
Pd in Cap Srpls Land Bldg Eqp Fund$0$0→ $0
Rtn Earn Endowment Incm Other Fnds$0$0→ $0
Total Assets$2,853,742$4,259,009▲ $1,405,267
Liabilities
Accounts Payable and Accrued Expenses$11,360$1,305▼ $10,055
Total Liabilities$11,360$1,305▼ $10,055
Net Assets / Fund Balance
Total Net Assets Fund Balance$2,842,382$4,257,704▲ $1,415,322
Total Liabilities and Net Assets / Fund Balance$2,853,742$4,259,009▲ $1,405,267
Compensation and Service Providers

Board Members and Trustees

NameTitle
Laura MullenPresident/Director
Julie PierceVice President/Director
Emily VikreDirector
Fred LewisDirector
Jebeh EdmundsDirector
Simone GiacomelliDirector
Tara SwensonCity Council Representative
Revenue and Support

Revenue Composition

Contributions and Grants
$1,550,000
Program Service Revenue
$54,469
Investment Income
$91,959
Other Revenue
$0
All Other Contributions
$0
Change in Net Assets
$1,415,322

Audited Revenue Reconciliation

Revenue per Audited Statements
$1,696,428
Revenue Not Reported on Financial Statements
$0
Revenue Not Reported on Form 990
$0
Other Revenue Adjustments
$0
Total Revenue per Audited Statements
$1,696,428
Total Revenue per Form 990
$1,696,428
Expenses and Functional Allocation

Major Expense Lines

Line ItemAmount
Grants and Similar Amounts Paid$187,917
Other Expenses$93,189
Professional Fundraising Fees$0
Salaries, Compensation, and Employee Benefits$0
Total Fundraising Expense$0

Functional Expense Allocation

Line ItemProgramManagementFundraisingTotal
Grants to Domestic Orgs$187,917--$187,917
Fees for Services Management$43,346--$43,346
Fees for Services Other$24,738--$24,738
Fees for Services Legal$23,528--$23,528
Conferences and Meetings$1,577--$1,577
Total Functional Expenses$281,106$0$0$281,106

Audited Expense Reconciliation

Line ItemAmount
Expenses per Audited Statements$281,106
Total Expenses per Audited Statements$281,106
Total Expenses per Form 990$281,106
Expenses Not Reported on Financial Statements$0
Expenses Not Reported on Form 990$0
Other Expense Adjustments$0
International Activity

Grant and Assistance Recipients

RecipientLocationCategoryPurposeAmount
Northland FoundationDuluth, MN-Northland Child Care Activities Grant-Grant given to Northland Foundation to facilitate developing Child care grants & eligibility criteria and scoring, review, finalize training & peer Learning plans and engage projects in training & peer learning and connect projects with other resources. Analyze and prepare final reports of outcomes to the Duluth 1200 Fund.$149,137
Northland FoundationDuluth, MN-Jump Into Child Care Project Activities- Northland Foundation acted as fiscal sponsor for Child Care pilot project, to expand interest in child care field to address the child care workforce shortage. 17 training sessions were held, engaging 151 people, assisting with required training to assist participants with opening a licensed family child care business, also with the use of job coaches.$26,780
Western Area Business and Civic ClubDuluth, MN-West Duluth Business Club Grant for West Duluth Event Banners and Lighting Upgrades and installation to promote local events to increase business in the area.$12,000
Fundraising, Events, and Gaming
Fundraising activities
No
Gaming activities
No
Professional fundraiser used
No

Fundraising and Gaming Totals

Line ItemAmount
Fundraising Direct Expenses$0
Fundraising Gross Income$0
Gaming Direct Expenses$0
Gaming Gross Income$0
Professional Fundraising Fees$0
Political and Lobbying Activity
Political campaign activity
No
Lobbying activity
No
Subject to proxy tax
No
Governance and Compliance

Governance Checklist

Compiled or reviewed by an accountant
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
No
Other officer compensation reviewed
No
Conflict-of-interest policy
No
Audited financial statements prepared
Yes
Key decisions subject to board approval
No
Management duties delegated
No

Governance Explanations

Form 990, Part VI, Section A, Line 6

The Mayor of the City of Duluth appoints, and if necessary, removes the members of this corporation. All members of the corporation shall constitute the Board of Directors. The business affairs of the corporation are managed by the Board of Directors.

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

The form 990 is prepared in conjunction with the financial reporting for the City of Duluth, MN. After the return and supporting schedules are prepared, it is reviewed by the City's Auditor and the corporation's Administrator, and is signed by an officer of the corporation.

Form 990, Part VI, Section B, Line 12A

The Duluth 1200 fund has no written conflict of interest policy. At some time in the future we may consider adoption policies on these statements.

Form 990, Part VI, Section B, Line 13

The Duluth 1200 Fund has no written whistleblower policies. At some time in the future we may consider adoption policies on these statements.

Form 990, Part VI, Section B, Line 14

The 1200 Fund does not have its own written document retention and destruction policy and follows the City of Duluth's written document retention and destruction policy.

Form 990, Part VI, Section B, Line 15

The corporation has no employees and are all volunteers. No amount of compensation is paid to any top management official, other officer, or any key employees of the corporation.

Form 990, Part VI, Section C, Line 19

Governing Documents Disclosure Explanation: All of the organization's governing documents, policies, and financial statements are available upon request at Duluth City Hall, Room 402, 411 West First Street, Duluth MN 55802.

Filing and Contact Details

Filer

Filer Name
Duluth 1200 Fund Inc
EIN
41-1520829
Phone
2187305054
Address
411 West First Street Room 402, Duluth, MN 55802

Signing Officer

Name
Laura Mullen
Title
President
Phone
2182217470
Signed
2025-11-14

Organization Details

Principal Officer
Laura Mullen
Formed
1985
Legal Domicile
Mn
Voting Board Members
7
Independent Board Members
7
Employees
0
Volunteers
7
Raw XML AppendixShowing 400 of 480 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/Desc0There 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. (For the Advance loans with a partial loan forgiveness clause, quarterly job reporting is required in order to substantiate the amount of loan forgiveness that will be granted to the borrowers upon fulfillment of the loan agreements' job creation & maintenance requirements.) In 2024, there were no business entities that qualified for Advance loan forgiveness because of achieving their job creation and maintenance provisions of their loans; nor, did any of the Daycare related Advanced loans in 2024 meet the required number of childcare slots created and maintained for a specified amount of time, per their agreements. The Duluth Downtown and West End/Lincoln Park business and retail areas continue to suffer from the many business closings, from the effects of the COVID pandemic, with many empty and unoccupied office and retail spaces still remaining in 2024. In 2023, The 1200 Fund started the Mentorship Loan Program, which are low interest loans given to new businesses to assist them in their startup costs and to build credit, along with assistance from SCORE.org, known for their expert business knowledge & support for businesses. In 2024, the 1200 Fund gave 7 Mentorship loans. In 2024, 2 grants were given to a local non-profit foundation for 2 different child care grants, to promote growth of child care spots in the area, which is in great shortage; and 1 grant was given to a Business Club to promote their business district and to stimulate the growth & success of the area businesses.
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IRS990/Form990PartVIISectionAGrp/PersonNm0Laura Mullen
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IRS990/Form990PartVIISectionAGrp/PersonNm3Fred Lewis
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IRS990/Form990PartVIISectionAGrp/TitleTxt5Director
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IRS990/MissionDesc0The 1200 Fund's purpose is to provide low or no interest loans & other financial assistance (grants) to local Duluth area individuals and businesses to confront economic deterioration & loss of jobs. Financing, provided by a governmental funded revolving loan fund, is intended to provide assistance to individuals & businesses that aren't able to obtain affordable, adequate, or appropriate financing from other conventional sources. The primary requirement for assistance is the recipient provides for new job creation and/or retention of existing jobs.
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IRS990/MoreThan5000KToOrgInd00
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IRS990/NetAssetsOrFundBalancesEOYAmt04257704
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IRS990/OthNotesLoansReceivableNetGrp/BOYAmt0834198
IRS990/OthNotesLoansReceivableNetGrp/EOYAmt01128304
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IRS990/PledgesAndGrantsReceivableGrp/EOYAmt01400000
IRS990/PoliticalCampaignActyInd00
IRS990/PrincipalOfficerNm0Laura Mullen
IRS990/PriorPeriodAdjustmentsAmt00
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IRS990/ProgramServiceRevenueGrp/BusinessCd0522291
IRS990/ProgramServiceRevenueGrp/Desc0Consumer Lending
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IRS990/PYInvestmentIncomeAmt097138
IRS990/PYOtherExpensesAmt0199050
IRS990/PYOtherRevenueAmt00
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IRS990/ReconcilationRevenueExpnssAmt01415322
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IRS990/ReportOtherLiabilitiesInd00
IRS990/ReportProgramRelatedInvstInd00
IRS990/RevenueAmt01696428
IRS990/RoyaltiesRevenueGrp/ExclusionAmt00
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IRS990ScheduleA/GiftsGrantsContriRcvd170Grp/CurrentTaxYearAmt01604469
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IRS990ScheduleA/GiftsGrantsContriRcvd170Grp/CurrentTaxYearMinus2YearsAmt01535563
IRS990ScheduleA/GiftsGrantsContriRcvd170Grp/CurrentTaxYearMinus3YearsAmt029719
IRS990ScheduleA/GiftsGrantsContriRcvd170Grp/CurrentTaxYearMinus4YearsAmt013046
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IRS990ScheduleA/GrossInvestmentIncome170Grp/TotalAmt00
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IRS990ScheduleA/PublicSupportCY170Pct00.93617
IRS990ScheduleA/PublicSupportPY170Pct00.88610
IRS990ScheduleA/PublicSupportTotal170Amt03219705
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IRS990ScheduleA/TotalCalendarYear170Grp/CurrentTaxYearMinus4YearsAmt013046
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IRS990ScheduleD/TotalRevenuePerForm990Amt01696428
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IRS990ScheduleI/GrantRecordsMaintainedInd01
IRS990ScheduleI/RecipientTable/CashGrantAmt0149137
IRS990ScheduleI/RecipientTable/CashGrantAmt126780
IRS990ScheduleI/RecipientTable/CashGrantAmt212000
IRS990ScheduleI/RecipientTable/PurposeOfGrantTxt0Northland Child Care Activities Grant-Grant given to Northland Foundation to facilitate developing Child care grants & eligibility criteria and scoring, review, finalize training & peer Learning plans and engage projects in training & peer learning and connect projects with other resources. Analyze and prepare final reports of outcomes to the Duluth 1200 Fund.
IRS990ScheduleI/RecipientTable/PurposeOfGrantTxt1Jump Into Child Care Project Activities- Northland Foundation acted as fiscal sponsor for Child Care pilot project, to expand interest in child care field to address the child care workforce shortage. 17 training sessions were held, engaging 151 people, assisting with required training to assist participants with opening a licensed family child care business, also with the use of job coaches.
IRS990ScheduleI/RecipientTable/PurposeOfGrantTxt2West Duluth Business Club Grant for West Duluth Event Banners and Lighting Upgrades and installation to promote local events to increase business in the area.
IRS990ScheduleI/RecipientTable/RecipientBusinessName/BusinessNameLine1Txt0Northland Foundation
IRS990ScheduleI/RecipientTable/RecipientBusinessName/BusinessNameLine1Txt1Northland Foundation
IRS990ScheduleI/RecipientTable/RecipientBusinessName/BusinessNameLine1Txt2Western Area Business and Civic Club
IRS990ScheduleI/RecipientTable/RecipientBusinessName/BusinessNameLine2Txt0dba West Duluth Business Club
IRS990ScheduleI/RecipientTable/RecipientEIN0411554455
IRS990ScheduleI/RecipientTable/RecipientEIN1411554455
IRS990ScheduleI/RecipientTable/RecipientEIN2416037916
IRS990ScheduleI/RecipientTable/USAddress/AddressLine1Txt0202 W Superior Street
IRS990ScheduleI/RecipientTable/USAddress/AddressLine1Txt1202 West Superior Street
IRS990ScheduleI/RecipientTable/USAddress/AddressLine1Txt2CO Valley Youth Center
IRS990ScheduleI/RecipientTable/USAddress/AddressLine2Txt0Suite 800
IRS990ScheduleI/RecipientTable/USAddress/AddressLine2Txt1Suite 800
IRS990ScheduleI/RecipientTable/USAddress/AddressLine2Txt2720 N Central Avenue
IRS990ScheduleI/RecipientTable/USAddress/CityNm0Duluth
IRS990ScheduleI/RecipientTable/USAddress/CityNm1Duluth
IRS990ScheduleI/RecipientTable/USAddress/CityNm2Duluth
IRS990ScheduleI/RecipientTable/USAddress/StateAbbreviationCd0MN
IRS990ScheduleI/RecipientTable/USAddress/StateAbbreviationCd1MN
IRS990ScheduleI/RecipientTable/USAddress/StateAbbreviationCd2MN
IRS990ScheduleI/RecipientTable/USAddress/ZIPCd055802
IRS990ScheduleI/RecipientTable/USAddress/ZIPCd155802
IRS990ScheduleI/RecipientTable/USAddress/ZIPCd255807
IRS990ScheduleI/SupplementalInformationDetail/ExplanationTxt0Grants are monitored with review of accounting and proof of expenditures, narratives and monitoring of outcomes that are to meet the grants' purpose and requirements.
IRS990ScheduleI/SupplementalInformationDetail/FormAndLineReferenceDesc0Schedule I, Part I, Line 2
IRS990ScheduleI/Total501c3OrgCnt02
IRS990ScheduleI/TotalOtherOrgCnt00
IRS990/ScheduleJRequiredInd00
IRS990/ScheduleORequiredInd01
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt0The Mayor of the City of Duluth appoints, and if necessary, removes the members of this corporation. All members of the corporation shall constitute the Board of Directors. The business affairs of the corporation are managed by the Board of Directors.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt1The form 990 is prepared in conjunction with the financial reporting for the City of Duluth, MN. After the return and supporting schedules are prepared, it is reviewed by the City's Auditor and the corporation's Administrator, and is signed by an officer of the corporation.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt2The Duluth 1200 fund has no written conflict of interest policy. At some time in the future we may consider adoption policies on these statements.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt3The Duluth 1200 Fund has no written whistleblower policies. At some time in the future we may consider adoption policies on these statements.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt4The 1200 Fund does not have its own written document retention and destruction policy and follows the City of Duluth's written document retention and destruction policy.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt5The corporation has no employees and are all volunteers. No amount of compensation is paid to any top management official, other officer, or any key employees of the corporation.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt6Governing Documents Disclosure Explanation: All of the organization's governing documents, policies, and financial statements are available upon request at Duluth City Hall, Room 402, 411 West First Street, Duluth MN 55802.
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc0Form 990, Part VI, Section A, Line 6
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc1Form 990, Part VI, Section B, Line 11b
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc2Form 990, Part VI, Section B, Line 12a
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc3Form 990, Part VI, Section B, Line 13
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc4Form 990, Part VI, Section B, Line 14
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc5Form 990, Part VI, Section B, Line 15

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