Civic Intelligence

Two Harbors Development Fund Inc.

990 • Fiscal year 2024 • EIN 45-2892768

Jan 01, 2024 to Dec 31, 2024 • Filed on Oct 28, 2025

Organization Profilewww.twoharborsmn.gov
115 Waterfront DriveTwo Harbors, MN 55616

(218) 834-3300

Siviq Scores

Precomputed percentiles for this filing year versus similar nonprofits in the same peer cohort.

Liabilities / Assets

33rd percentile

0.00x

Tied with the lowest-debt nonprofits in its peer group.

2024 filings • 501(c)3 • $500k-$1M nonprofits • Source year 2024

Liabilities / Revenue

33rd percentile

0.00x

Tied with the lowest-debt nonprofits in its peer group.

2024 filings • 501(c)3 • $500k-$1M nonprofits • Source year 2024

Net Margin

96th percentile

74%

Higher net margin than 96% of similar nonprofits.

2024 filings • 501(c)3 • $500k-$1M nonprofits • Source year 2024

Top Officer Pay

55th percentile

$0

Higher top officer pay than 55% of similar nonprofits.

Top officer pay equals 0.0% of source-year revenue.

2024 filings • 501(c)3 • $500k-$1M nonprofits • Source year 2024

Asset Growth

46th percentile

2.7%

Faster asset growth than 46% of similar nonprofits.

2024 filings • 501(c)3 • $500k-$1M nonprofits • Annualized from 2023 to 2024

Revenue Growth

90th percentile

92%

Faster revenue growth than 90% of similar nonprofits.

2024 filings • 501(c)3 • $500k-$1M nonprofits • Annualized from 2023 to 2024

Balance Sheet
Liabilities / Assets33rd percentile

Assets

Up

$926,453

Up $24,011 (+2.7%) from 2023

Net Assets

Up

$926,453

Up $24,011 (+2.7%) from 2023

Liabilities

Flat

$0

Flat from 2023

Revenue And Expenses
Liabilities / Revenue33rd percentileNet Margin96th percentile

Revenue

Up

$32,424

Up $15,501 (+92%) from 2023

Expenses

Down

$8,413

Down $13,441 (-62%) from 2023

Net Income

Up

$24,011

Up $28,942 (+587%) from 2023

Historical Trend

Balance Sheet Trend

Asset Growth46th percentile

The highlighted filing sits inside the broader history for assets, liabilities, and net assets.

$1.0M$500K$0Assets 2011: $858,596Liabilities 2011: $270,098Net Assets 2011: $588,4982011Assets 2012: $870,617Liabilities 2012: $251,201Net Assets 2012: $619,4162012Assets 2013: $867,185Liabilities 2013: $230,339Net Assets 2013: $636,8462013Assets 2014: $860,006Liabilities 2014: $217,353Net Assets 2014: $642,6532014Assets 2015: $789,294Liabilities 2015: $215,448Net Assets 2015: $573,8462015Assets 2016: $798,998Liabilities 2016: $202,234Net Assets 2016: $596,7652016Assets 2017: $788,916Liabilities 2017: $193,220Net Assets 2017: $595,6962017Assets 2018: $789,602Liabilities 2018: $188,280Net Assets 2018: $601,3222018Assets 2019: $894,466Liabilities 2019: $182,772Net Assets 2019: $711,6942019Assets 2020: $895,431Liabilities 2020: $174,569Net Assets 2020: $720,8622020Assets 2021: $902,899Liabilities 2021: $146,918Net Assets 2021: $755,9812021Assets 2022: $907,373Liabilities 2022: $0Net Assets 2022: $907,3732022Assets 2023: $902,442Liabilities 2023: $0Net Assets 2023: $902,4422023Assets 2024: $926,453Liabilities 2024: $0Net Assets 2024: $926,4532024

Highlighted filing

2024

Assets$926,453
Liabilities$0
Net Assets$926,453
Open 2024 Filing

Operations Trend

Revenue Growth90th percentile

Revenue, expenses, and net income across loaded years, with this filing highlighted.

$300K$200K$100K$0-$100KRevenue 2011: $217,716Expenses 2011: $48,034Net Income 2011: $169,6822011Revenue 2012: $40,438Expenses 2012: $9,520Net Income 2012: $30,9182012Revenue 2013: $29,171Expenses 2013: $11,741Net Income 2013: $17,4302013Revenue 2014: $31,019Expenses 2014: $25,212Net Income 2014: $5,8072014Revenue 2015: $19,339Expenses 2015: $88,146Net Income 2015: -$68,8072015Revenue 2016: $25,159Expenses 2016: $2,241Net Income 2016: $22,9182016Revenue 2017: $23,083Expenses 2017: $24,151Net Income 2017: -$1,0682017Revenue 2018: $17,540Expenses 2018: $11,914Net Income 2018: $5,6262018Revenue 2019: $121,187Expenses 2019: $10,815Net Income 2019: $110,3722019Revenue 2020: $24,720Expenses 2020: $15,552Net Income 2020: $9,1682020Revenue 2021: $43,537Expenses 2021: $8,418Net Income 2021: $35,1192021Revenue 2022: $9,937Expenses 2022: $5,463Net Income 2022: $4,4742022Revenue 2023: $16,923Expenses 2023: $21,854Net Income 2023: -$4,9312023Revenue 2024: $32,424Expenses 2024: $8,413Net Income 2024: $24,0112024

Highlighted filing

2024

Revenue$32,424
Expenses$8,413
Net Income$24,011
Open 2024 Filing
Jump To
Filing Snapshot
Filing Period
Jan 1, 2024 to Dec 31, 2024
Signed
Oct 28, 2025
Return Version
2024v5.0
Gross Receipts
$32,424
Mission and Program Overview

Mission

To promote the economic development within and surrounding the city of two harbors by providing loans or other financial aid to businesses which are not able to obtain adequate financing through other means.

Balance Sheet Detail
LineBeginningEndChange
Assets
Cap Stk Tr Prin Current Funds$902,442$926,453▲ $24,011
Cash and Non-Interest-Bearing Accounts$369,102$474,587▲ $105,485
Other Notes and Loans Receivable, Net$533,340$451,866▼ $81,474
Total Assets$902,442$926,453▲ $24,011
Liabilities
Total Liabilities$0$0→ $0
Net Assets / Fund Balance
Total Net Assets Fund Balance$902,442$926,453▲ $24,011
Total Liabilities and Net Assets / Fund Balance$902,442$926,453▲ $24,011
Compensation and Service Providers
Top Officer Pay55th percentile

Board Members and Trustees

NameTitle
Darrin YoungPresident
Bob JohansenSecretary
Jennifer MillerTreasurer
Jon ChapekVice Preside
Revenue and Support

Revenue Composition

Contributions and Grants
$0
Program Service Revenue
$32,424
Investment Income
$0
Other Revenue
$0
Change in Net Assets
$24,011
Expenses and Functional Allocation

Major Expense Lines

Line ItemAmount
Other Expenses$8,413
Grants and Similar Amounts Paid$0
Professional Fundraising Fees$0
Salaries, Compensation, and Employee Benefits$0
Total Fundraising Expense$0

Functional Expense Allocation

Line ItemProgramManagementFundraisingTotal
Fees for Services Accounting$5,050--$5,050
Fees for Services Legal$3,243--$3,243
Fees for Services Other$120--$120
Total Functional Expenses$8,413$0$0$8,413
Fundraising, Events, and Gaming
Fundraising activities
No
Gaming activities
No
Professional fundraiser used
No

Fundraising and Gaming Totals

Line ItemAmount
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
No
Annual disclosure for covered persons
Yes
Backup withholding compliance
No
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
Yes
Audited financial statements prepared
No
Key decisions subject to board approval
No
Management duties delegated
No

Governance Explanations

Form 990, Page 6, Part VI, Line 7A

“Board is nominated and appointed by a majority vote of current members”

Form 990, Page 6, Part VI, Line 11B

“There is a brief review process of the 990 by the board and is signed by the president.”

Form 990, Page 6, Part VI, Line 12C

“The two harbors development fund has a conflict of interest policy, each member signs at the beginning of the year. Members are required to notify the board if there is any conflict of interest for any of the loan applicants received. If there is a conflict of interest, the board member is not allowed to be present while discussing the applicant in conflict.”

Form 990, Page 6, Part VI, Line 19

“Governing documents, conflicts of interest policies and financial statements are available upon request.”

Filing and Contact Details

Filer

Filer Name
Two Harbors Development Fund Inc
EIN
45-2892768
Phone
2188343300
Address
115 WATERFRONT DRIVE, TWO HARBORS, MN 55616

Signing Officer

Name
Darrin Young
Title
President
Phone
2188345631
Signed
2025-10-28

Organization Details

Principal Officer
Darrin Young
Formed
1986
Legal Domicile
Mn
Voting Board Members
4
Independent Board Members
4
Employees
0

Preparer

Firm
Kolquist Seitz & Goldman LLC
Address
130 W SUPERIOR ST STE 926, DULUTH, MN 55802-2056
Preparer
Jennifer Miller
Phone
2187278030
Supplemental Narrative

Additional Explanations

Form 990

“The city of two harbors does not wish to continue the agreement and has passed a resolution on august 22, 2022, waiving any rights it has to enforce the agreement and allowing thdf amend its articles of incorporation and bylaws to function as a separate entity without any involvement or control by the city and it is in the best interests of the thdf and the purposes for which it was formed to separate and terminate all relationships with the city of two harbors, contractual or otherwise, and the agreement is terminated upon mutual agreement of both thdf and the city, without penalty or requiring dissolution of thdf or distribution of its funds and thdf has therefore amended its articles of incorporation and bylaws, and all relations between the two entities are hereby dissolved effective at 12:00 a.m. On august 31, 2022,with neither entity having any obligations to the other after that time.”

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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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IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt0THE CITY OF TWO HARBORS DOES NOT WISH TO CONTINUE THE AGREEMENT AND HAS PASSED A RESOLUTION ON AUGUST 22, 2022, WAIVING ANY RIGHTS IT HAS TO ENFORCE THE AGREEMENT AND ALLOWING THDF AMEND ITS ARTICLES OF INCORPORATION AND BYLAWS TO FUNCTION AS A SEPARATE ENTITY WITHOUT ANY INVOLVEMENT OR CONTROL BY THE CITY AND IT IS IN THE BEST INTERESTS OF THE THDF AND THE PURPOSES FOR WHICH IT WAS FORMED TO SEPARATE AND TERMINATE ALL RELATIONSHIPS WITH THE CITY OF TWO HARBORS, CONTRACTUAL OR OTHERWISE, AND THE AGREEMENT IS TERMINATED UPON MUTUAL AGREEMENT OF BOTH THDF AND THE CITY, WITHOUT PENALTY OR REQUIRING DISSOLUTION OF THDF OR DISTRIBUTION OF ITS FUNDS AND THDF HAS THEREFORE AMENDED ITS ARTICLES OF INCORPORATION AND BYLAWS, AND ALL RELATIONS BETWEEN THE TWO ENTITIES ARE HEREBY DISSOLVED EFFECTIVE AT 12:00 A.M. ON AUGUST 31, 2022,WITH NEITHER ENTITY HAVING ANY OBLIGATIONS TO THE OTHER AFTER THAT TIME.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt1BOARD IS NOMINATED AND APPOINTED BY A MAJORITY VOTE OF CURRENT MEMBERS
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt2THERE IS A BRIEF REVIEW PROCESS OF THE 990 BY THE BOARD AND IS SIGNED BY THE PRESIDENT.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt3THE TWO HARBORS DEVELOPMENT FUND HAS A CONFLICT OF INTEREST POLICY, EACH MEMBER SIGNS AT THE BEGINNING OF THE YEAR. MEMBERS ARE REQUIRED TO NOTIFY THE BOARD IF THERE IS ANY CONFLICT OF INTEREST FOR ANY OF THE LOAN APPLICANTS RECEIVED. IF THERE IS A CONFLICT OF INTEREST, THE BOARD MEMBER IS NOT ALLOWED TO BE PRESENT WHILE DISCUSSING THE APPLICANT IN CONFLICT.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt4GOVERNING DOCUMENTS, CONFLICTS OF INTEREST POLICIES AND FINANCIAL STATEMENTS ARE AVAILABLE UPON REQUEST.
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc0FORM 990
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc1FORM 990, PAGE 6, PART VI, LINE 7A
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IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc3FORM 990, PAGE 6, PART VI, LINE 12C
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc4FORM 990, PAGE 6, PART VI, LINE 19
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ReturnHeader/BuildTS02025-03-06 01:10:19Z
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ReturnHeader/TaxYr02024

Document Assets

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Filings

Displayed year

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

Open filing
Assets
$926,453
Liabilities
$0
Net assets
$926,453
Revenue
$32,424
Expenses
$8,413
Net income
$24,011
Balance SheetOperations
YearAssetsLiabilitiesNet AssetsRevenueExpensesNet Income
2024Detailed filing. Detailed filing data is available for this year.$9.26$0.00$9.26$0.32$0.08$0.24
2023Detailed filing. Detailed filing data is available for this year.$9.02$0.00$9.02$0.17$0.22$0.05
2022Detailed filing. Detailed filing data is available for this year.$9.07$0.00$9.07$0.10$0.05$0.04
2021Detailed filing. Detailed filing data is available for this year.$9.03$1.47$7.56$0.44$0.08$0.35
2020Detailed filing. Detailed filing data is available for this year.$8.95$1.75$7.21$0.25$0.16$0.09
2019Summary only. Only limited summary data is available for this year.$8.94$1.83$7.12$1.21$0.11$1.10
2018Summary only. Only limited summary data is available for this year.$7.90$1.88$6.01$0.18$0.12$0.06
2017Summary only. Only limited summary data is available for this year.$7.89$1.93$5.96$0.23$0.24$0.01
2016Summary only. Only limited summary data is available for this year.$7.99$2.02$5.97$0.25$0.02$0.23
2015Summary only. Only limited summary data is available for this year.$7.89$2.15$5.74$0.19$0.88$0.69
2014Summary only. Only limited summary data is available for this year.$8.60$2.17$6.43$0.31$0.25$0.06
2013Summary only. Only limited summary data is available for this year.$8.67$2.30$6.37$0.29$0.12$0.17
2012Summary only. Only limited summary data is available for this year.$8.71$2.51$6.19$0.40$0.10$0.31
2011Summary only. Only limited summary data is available for this year.$8.59$2.70$5.88$2.18$0.48$1.70