Duluth 1200 Fund Inc.

“Part VI, Lines 6, 7a and &b: 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.”

“Part VI, Lines 6, 7a and &b: 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.”

“Part VI, Lines 6, 7a and &b: 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.”

“Part VI, Line 11b-Organization's Process to Review Form 990: 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, before is it signed by an officer of the corporation.”

“Part VI, Lines 12, 13, & 14: The Duluth 1200 Fund has no writtten conflict of interest or whistleblower policies. At some time in the future we may consider adoption policies on these statements. 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.”

“Part VI, Lines 12, 13, & 14: The Duluth 1200 Fund has no writtten conflict of interest or whistleblower policies. At some time in the future we may consider adoption policies on these statements. 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.”

“Part VI, Lines 12, 13, & 14: The Duluth 1200 Fund has no writtten conflict of interest or whistleblower policies. At some time in the future we may consider adoption policies on these statements. 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.”

“Part VI, Lines 15a & 15b: Compensation Process for Top Management Officials, Other Officers, and Key Employees- 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.”

“Part VI, Line 19: Governing Documents Disclosure Explanation- All of the organizations governing documents, policies, and financial statements are available upon request at Duluth City Hall, Room 402, 411 West First Street, Duluth, MN 55802”

“Section III, Question 2: "Did the Organization undertake any significant program services during the year which were not listed on the 990 or 990-EZ?"- Yes. The 1200 Fund established a COVID relief grant program called "2020 Fast Grants" which gave out grants to 1200 Fund loan participants, and local Duluth businesses that applied, whom were adversely affected financially by the COVID19 pandemic. The grant requirements included an application, review and approval by the board, and a reporting aspect of documenting how the grant was spent.”

“Part III, Question 3: "Did the organization cease conducting, or make significant changes in how it conducts, any program services?"- Yes. The 1200 Fund temporarily changed the terms of the program's loans held by local businesses participating in the 1200 Fund program. The 1200 Fund board put in place a moratorium on loan payments and the accrual of interest on loans in March 2020, to address the financial hardships caused by the COVID19 pandemic on the businesses affected adversely, especially in hard hit business sectors, such as the hospitality industry. The moratorium on loan payments and interest accrual will end May 31, 2021.”