Civic Intelligence

Latino Economic Development Center

EIN 51-0467167 • 501(c)3 • Saint Paul, MN

View Organization Page

Profile

To transform our community by creating economic opportunity for latinos.

804 Margaret StreetSaint Paul, MN 55106

www.ledc-mn.org

Siviq Scores

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

Liabilities / Assets

76th percentile

0.51x

Higher debt load relative to assets than 76% of similar nonprofits.

501(c)3 • $10M-$25M nonprofits • Source year 2024

Liabilities / Revenue

90th percentile

2.32x

Higher debt load relative to revenue than 90% of similar nonprofits.

501(c)3 • $10M-$25M nonprofits • Source year 2024

Net Margin

59th percentile

8.4%

Higher net margin than 59% of similar nonprofits.

501(c)3 • $10M-$25M nonprofits • Source year 2024

Top Officer Pay

29th percentile

$126,875

Higher top officer pay than 29% of similar nonprofits.

Top officer pay equals 2.9% of source-year revenue.

501(c)3 • $10M-$25M nonprofits • Source year 2024

Asset Growth

88th percentile

30%

Faster asset growth than 88% of similar nonprofits.

501(c)3 • $10M-$25M nonprofits • Annualized from 2023 to 2024

Revenue Growth

7th percentile

-38%

Faster revenue growth than 7% of similar nonprofits.

501(c)3 • $10M-$25M nonprofits • Annualized from 2023 to 2024

Balance Sheet
Liabilities / Assets76th percentile

Assets

Up

$19,999,593

Up $4,578,235 (+30%) from 2023

Liabilities

Up

$10,147,902

Up $4,684,429 (+86%) from 2023

Net Assets

Down

$9,851,691

Down $106,194 (-1.1%) from 2023

Operations
Liabilities / Revenue90th percentileNet Margin59th percentile

Revenue

Down

$4,365,246

Down $2,625,856 (-38%) from 2023

Expenses

Up

$3,997,678

Up $481,362 (+14%) from 2023

Net Income

Down

$367,568

Down $3,107,218 (-89%) from 2023

Trend Graphs

Balance Sheet Trend

Asset Growth88th percentile

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

$20M$15M$10M$5.0M$0Assets 2010: $487,060Liabilities 2010: $32,288Net Assets 2010: $454,7722010Assets 2011: $1,850,010Liabilities 2011: $840,465Net Assets 2011: $1,009,5452011Assets 2012: $1,787,424Liabilities 2012: $762,390Net Assets 2012: $1,025,0342012Assets 2013: $2,605,526Liabilities 2013: $1,469,403Net Assets 2013: $1,136,1232013Assets 2014: $3,146,177Liabilities 2014: $1,727,811Net Assets 2014: $1,418,3662014Assets 2015: $5,246,410Liabilities 2015: $3,475,608Net Assets 2015: $1,770,8022015Assets 2016: $5,823,536Liabilities 2016: $3,333,643Net Assets 2016: $2,489,8932016Assets 2017: $5,930,268Liabilities 2017: $3,573,527Net Assets 2017: $2,356,7412017Assets 2018: $5,409,522Liabilities 2018: $3,582,783Net Assets 2018: $1,826,7392018Assets 2019: $5,359,850Liabilities 2019: $3,313,177Net Assets 2019: $2,046,6732019Assets 2020: $13,979,469Liabilities 2020: $10,353,972Net Assets 2020: $3,625,4972020Assets 2021: $11,641,082Liabilities 2021: $5,393,355Net Assets 2021: $6,247,7272021Assets 2022: $11,425,396Liabilities 2022: $4,942,297Net Assets 2022: $6,483,0992022Assets 2023: $15,421,358Liabilities 2023: $5,463,473Net Assets 2023: $9,957,8852023Assets 2024: $19,999,593Liabilities 2024: $10,147,902Net Assets 2024: $9,851,6912024

Highlighted filing

2024

Assets$19,999,593
Liabilities$10,147,902
Net Assets$9,851,691
Open 2024 Filing

Operations Trend

Revenue Growth7th percentile

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

$20M$10M$0-$10MExpenses 2010: $806,6732010Expenses 2011: $1,215,9562011Expenses 2012: $1,275,4362012Revenue 2013: $1,568,788Expenses 2013: $1,457,699Net Income 2013: $111,0892013Revenue 2014: $2,348,165Expenses 2014: $2,058,607Net Income 2014: $289,5582014Revenue 2015: $2,501,035Expenses 2015: $2,149,795Net Income 2015: $351,2402015Revenue 2016: $3,058,755Expenses 2016: $2,333,772Net Income 2016: $724,9832016Revenue 2017: $2,612,135Expenses 2017: $2,649,942Net Income 2017: -$37,8072017Revenue 2018: $1,250,612Expenses 2018: $1,892,714Net Income 2018: -$642,1022018Revenue 2019: $2,128,863Expenses 2019: $1,938,870Net Income 2019: $189,9932019Revenue 2020: $12,031,174Expenses 2020: $10,452,350Net Income 2020: $1,578,8242020Revenue 2021: $19,528,644Expenses 2021: $16,906,414Net Income 2021: $2,622,2302021Revenue 2022: $4,726,530Expenses 2022: $4,491,158Net Income 2022: $235,3722022Revenue 2023: $6,991,102Expenses 2023: $3,516,316Net Income 2023: $3,474,7862023Revenue 2024: $4,365,246Expenses 2024: $3,997,678Net Income 2024: $367,5682024

Highlighted filing

2024

Revenue$4,365,246
Expenses$3,997,678
Net Income$367,568
Open 2024 Filing

Filings

Most recent year

2024 • Form 990Facts available. Structured filing facts are available, but richer extracted sections are limited.

Open filing
Assets
$19,999,593
Liabilities
$10,147,902
Net assets
$9,851,691
Revenue
$4,365,246
Expenses
$3,997,678
Net income
$367,568
Balance SheetOperations
YearAssetsLiabilitiesNet AssetsRevenueExpensesNet Income
2024Facts available. Structured filing facts are available, but richer extracted sections are limited.$20.0$10.1$9.85$4.37$4.00$0.37
2023XML pending. An XML filing is linked for this year, but detailed extraction is still pending.$15.4$5.46$9.96$6.99$3.52$3.47
2022XML pending. An XML filing is linked for this year, but detailed extraction is still pending.$11.4$4.94$6.48$4.73$4.49$0.24
2021Facts available. Structured filing facts are available, but richer extracted sections are limited.$11.6$5.39$6.25$19.5$16.9$2.62
2020XML pending. An XML filing is linked for this year, but detailed extraction is still pending.$14.0$10.4$3.63$12.0$10.5$1.58
2019XML pending. An XML filing is linked for this year, but detailed extraction is still pending.$5.36$3.31$2.05$2.13$1.94$0.19
2018XML pending. An XML filing is linked for this year, but detailed extraction is still pending.$5.41$3.58$1.83$1.25$1.89$0.64
2017Facts available. Structured filing facts are available, but richer extracted sections are limited.$5.93$3.57$2.36$2.61$2.65$0.04
2016XML pending. An XML filing is linked for this year, but detailed extraction is still pending.$5.82$3.33$2.49$3.06$2.33$0.72
2015XML pending. An XML filing is linked for this year, but detailed extraction is still pending.$5.25$3.48$1.77$2.50$2.15$0.35
2014Detailed filing. Detailed filing data is available for this year.$3.15$1.73$1.42$2.35$2.06$0.29
2013XML pending. An XML filing is linked for this year, but detailed extraction is still pending.$2.61$1.47$1.14$1.57$1.46$0.11
2012Facts available. Structured filing facts are available, but richer extracted sections are limited.$1.79$0.76$1.03$1.28
2011Facts available. Structured filing facts are available, but richer extracted sections are limited.$1.85$0.84$1.01$1.22
2010Facts available. Structured filing facts are available, but richer extracted sections are limited.$0.49$0.03$0.45$0.81
Latest Filing Detail
Jump To
Filing Snapshot
Filing Period
Jan 1, 2024 to Dec 31, 2024
Signed
Jun 17, 2025
Return Version
2024v5.1
Gross Receipts
$4,416,527
Mission and Program Overview

Mission

To transform our community by creating economic opportunity for latinos.

To transform our community by creating economic opportunities for Latinos throughout Minnesota.

Balance Sheet Detail
LineBeginningEndChange
Assets
Other Notes and Loans Receivable, Net$5,154,080$6,633,964▲ $1,479,884
Cash and Non-Interest-Bearing Accounts$5,217,240$6,308,267▲ $1,091,027
Land, Buildings, and Equipment, Net$2,214,280$2,900,113▲ $685,833
Pledges and Grants Receivable$2,711,595$2,015,696▼ $695,899
Investments in Publicly Traded Securities-$2,005,988-
Prepaid Expenses and Deferred Charges$64,346$68,479▲ $4,133
Accounts Receivable$59,817$67,086▲ $7,269
Total Assets$15,421,358$19,999,593▲ $4,578,235
Liabilities
Mortgage Notes Payable Secured by Investment Property$4,437,342$8,218,091▲ $3,780,749
Other Liabilities$746,777$1,301,805▲ $555,028
Accounts Payable and Accrued Expenses$277,587$626,806▲ $349,219
Deferred Revenue$1,767$1,200▼ $567
Total Liabilities$5,463,473$10,147,902▲ $4,684,429
Net Assets / Fund Balance
Net Assets Without Donor Restrictions$4,892,347$7,051,583▲ $2,159,236
Net Assets With Donor Restrictions$5,065,538$2,800,108▼ $2,265,430
Total Net Assets Fund Balance$9,957,885$9,851,691▼ $106,194
Total Liabilities and Net Assets / Fund Balance$15,421,358$19,999,593▲ $4,578,235

Asset Categories

AssetBook ValueDepreciationBasis
Buildings$2,652,361$464,393$3,116,754
Equipment$38,302$284,945$323,247
Land$209,450-$209,450
Compensation and Service Providers
Top Officer Pay29th percentile

Employees

NameTitleFull / Part TimeBaseOtherTotal
Jose Camarena-MichelInterim Executive DirectorFT$108,000$18,875$126,875
Alma FloresExecutive DirectorFT$45,015$2,691$47,706
Henry JimenezPast Executive DirectorFT$34,615$4,089$38,704

Board Members and Trustees

NameTitle
Carlos LopezBoard Chair
Alejandro TrevinoDirector
Ambar Cristina HansonDirector
Angela KnudsonDirector
Carlos LambogliaDirector
Eduardo MozquedaDirector
Jennifer CarlsonDirector
Jeremy WermerskirchenDirector
John UribeDirector
Linda Correa BatesDirector
Tony VannicolaDirector
Vanessa ButlerDirector
Uri CamarenaSecretary
Ruben HidalgoTreasurer

Highest Paid Contractors

ContractorServicesLocationCompensation
CliftonLarsonAllen LLPAccounting Services220 S 6th Street Ste 300, Minneapolis, MN 55402$319,527
Lunning WendeArchitect Services275 East 4th Street St 620, St Paul, MN 55101$175,271
Craftsman Technology Group LLCCustomer Relationship Management Solutio186 Lincoln St Ste 500, Boston, MA 02111$102,895
Revenue and Support

Revenue Composition

Contributions and Grants
$3,700,578
Program Service Revenue
$310,853
Investment Income
$396,421
Other Revenue
$-42,606
All Other Contributions
$915,432
Change in Net Assets
$367,568
Expenses and Functional Allocation

Major Expense Lines

Line ItemAmount
Other Expenses$2,261,122
Salaries, Compensation, and Employee Benefits$1,717,056
Total Fundraising Expense$75,055
Grants and Similar Amounts Paid$19,500
Professional Fundraising Fees$0

Functional Expense Allocation

Line ItemProgramManagementFundraisingTotal
Other Salaries and Wages$852,539$235,427$39,895$1,127,861
Fees for Services Accounting$104,159$279,634-$383,793
Fees for Services Other$104,234$262,249$2$366,485
Office Expenses$95,519$241,394$149$337,062
Other Employee Benefits$180,152$84,541$8,833$273,526
Current Officers, Directors, Trustees, and Key Employees$157,320$46,682$9,284$213,286
Insurance$148,185$17,453-$165,638
Interest$137,003$2,160-$139,163
Occupancy$95,461$29,457-$124,918
Payroll Taxes$74,625$24,106$3,652$102,383
Depreciation Depletion$47,149$25,658-$72,807
Travel$38,393$17,235$390$56,018
All Other Expenses$30,385$13,218$6,399$50,002
Other Expenses$29,381$826$5,782$35,989
Conferences and Meetings$15,247$12,277$664$28,188
Fees for Services Legal$12,062$9,644$5$21,711
Grants to Domestic Individuals$19,500--$19,500
Total Functional Expenses$2,605,047$1,317,576$75,055$3,997,678
Fundraising, Events, and Gaming
Fundraising activities
Yes
Gaming activities
No
Professional fundraiser used
No

Fundraising and Gaming Totals

Line ItemAmount
Fundraising Direct Expenses$51,281
Fundraising Gross Income$8,675
Professional Fundraising Fees$0

Fundraising Events

EventGross ReceiptsGross RevenueDirect ExpensesNet Income
Taco Tour$20,000-$17,667-
LSF Golf Tournament$40,625$8,675$13,009$-4,334
Total Events$60,625$8,675$51,280$-42,605
Political and Lobbying Activity
Political campaign activity
No
Lobbying activity
No
Subject to proxy tax
No
Debt and Bond Financing

Other Reported Liabilities

LiabilityAmount
Due to the State of Minnesota$1,280,290
Security Deposits$21,515
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
No
Conflict-of-interest policy
Yes
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

“Members of LEDC can receive technical assistance during the process of starting a new business or during the expansion of one already existing through advisement in the following areas: leasing contracts negotiation, business purchase or rent negotiation, business registration to the Secretary of State, accounting systems establishment, assistance regarding state permits and licenses, assistance during diagram elaboration, internet investigation of providers and distributors, searching for potential providers, and assistance with loan packages.”

Form 990, Part VI, Section A, line 7A

“There is only one class of voting rights. All members have one vote. The members elect the directors of the governing body.”

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

“The Finance Committee reviews the Form 990 and presents it to the entire Board of Directors, at which time a vote is taken to approve the Form 990.”

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

“Board members are required to sign and document annually their understanding and compliance with the written conflict of interest policy. At board meetings, potential for conflict of interest issues are discussed whenever applicable, if necessary.”

Form 990, Part VI, Section B, line 15A

“Executive Director salary is discussed and approved by the Board of Directors. The Board of Directors determines compensation based on the latest salary tables, market performance, and employee experience and merit.”

Form 990, Part VI, Section C, line 19

“The 990 is available for review on GuideStar.org additionally, governing documents, conflict on interest polices, and financial statements are available at the Organization's offices upon request.”

Filing and Contact Details

Filer

Filer Name
Latino Economic Development Center
EIN
51-0467167
Phone
6127245332
Address
804 Margaret Street, Saint Paul, MN 55106

Signing Officer

Name
Alma Flores
Title
Executive Director
Phone
6127245336
Signed
2025-06-17
Discuss with paid preparer
Yes

Organization Details

Principal Officer
Alma Flores
Formed
2003
Legal Domicile
Mn
Voting Board Members
14
Independent Board Members
14
Employees
24
Volunteers
23

Preparer

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

Additional Explanations

Form 990, Part XII, Line 2C:

“The Organization has a Finance Committee that reviews, approves and presents that audited financial statements to the entire Board of Directors for approval. There has been no changes in this process from the prior year.”

Raw XML AppendixShowing 400 of 636 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.

Path#Value
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IRS990/ContractorCompensationGrp/ContractorName/BusinessName/BusinessNameLine1Txt2Craftsman Technology Group LLC
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IRS990/Desc0LEDC's Lending Program, the only Latino-focused CDFI (Community Development Fund Institution) in Minnesota and the upper Midwest, addresses the significant barriers faced by small businesses in accessing affordable capital. LEDC provides flexible underwriting standards that don't require large personal assets for collateral, and expert navigation through the complexities of capital and small business development. In 2024, LEDC's Lending program worked with clients to approve 31 loans, disbursing $2.7 million in capital and leveraging $2.4 million in capital to help our clients grow their businesses. LEDC has more than 150 active lending clients in our organization's loan portfolio totaling nearly $8 million in capital deployed to support small business growth in Minnesota.
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IRS990/Form990PartVIISectionAGrp/OtherCompensationAmt144089
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IRS990/Form990PartVIISectionAGrp/OtherCompensationAmt162691
IRS990/Form990PartVIISectionAGrp/PersonNm0Carlos Lopez
IRS990/Form990PartVIISectionAGrp/PersonNm1Uri Camarena
IRS990/Form990PartVIISectionAGrp/PersonNm2Ruben Hidalgo
IRS990/Form990PartVIISectionAGrp/PersonNm3Angela Knudson
IRS990/Form990PartVIISectionAGrp/PersonNm4Eduardo Mozqueda
IRS990/Form990PartVIISectionAGrp/PersonNm5Tony Vannicola
IRS990/Form990PartVIISectionAGrp/PersonNm6Carlos Lamboglia
IRS990/Form990PartVIISectionAGrp/PersonNm7Vanessa Butler
IRS990/Form990PartVIISectionAGrp/PersonNm8Jennifer Carlson
IRS990/Form990PartVIISectionAGrp/PersonNm9Linda Correa Bates
IRS990/Form990PartVIISectionAGrp/PersonNm10Ambar Cristina Hanson
IRS990/Form990PartVIISectionAGrp/PersonNm11Alejandro Trevino
IRS990/Form990PartVIISectionAGrp/PersonNm12John Uribe
IRS990/Form990PartVIISectionAGrp/PersonNm13Jeremy Wermerskirchen
IRS990/Form990PartVIISectionAGrp/PersonNm14Henry Jimenez
IRS990/Form990PartVIISectionAGrp/PersonNm15Jose Camarena-Michel
IRS990/Form990PartVIISectionAGrp/PersonNm16Alma Flores
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IRS990/Form990PartVIISectionAGrp/ReportableCompFromOrgAmt130
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IRS990/Form990PartVIISectionAGrp/TitleTxt0Board Chair
IRS990/Form990PartVIISectionAGrp/TitleTxt1Secretary
IRS990/Form990PartVIISectionAGrp/TitleTxt2Treasurer
IRS990/Form990PartVIISectionAGrp/TitleTxt3Director
IRS990/Form990PartVIISectionAGrp/TitleTxt4Director
IRS990/Form990PartVIISectionAGrp/TitleTxt5Director
IRS990/Form990PartVIISectionAGrp/TitleTxt6Director
IRS990/Form990PartVIISectionAGrp/TitleTxt7Director
IRS990/Form990PartVIISectionAGrp/TitleTxt8Director
IRS990/Form990PartVIISectionAGrp/TitleTxt9Director
IRS990/Form990PartVIISectionAGrp/TitleTxt10Director
IRS990/Form990PartVIISectionAGrp/TitleTxt11Director
IRS990/Form990PartVIISectionAGrp/TitleTxt12Director
IRS990/Form990PartVIISectionAGrp/TitleTxt13Director
IRS990/Form990PartVIISectionAGrp/TitleTxt14Past Executive Director
IRS990/Form990PartVIISectionAGrp/TitleTxt15Interim Executive Director
IRS990/Form990PartVIISectionAGrp/TitleTxt16Executive Director
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IRS990/MissionDesc0To transform our community by creating economic opportunities for Latinos across the state of Minnesota. We provide a structure, support system and tool with which to promote sustainable communities.
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IRS990/PrincipalOfficerNm0Alma Flores
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IRS990/ProgSrvcAccomActy2Grp/Desc0LEDC's Business Development Program helps entrepreneurs prepare to launch or grow their business, including communications and marketing, budgeting, digital literacy, commercial insurance, taxation, and other areas of technical assistance. Our Business Development associates guide each member in creating their business plan and provide access to resources and education needed to meet their goals. Through direct support and referrals to specialized service providers, we support clients with their needs in finance, legal issues, technology, information technology (IT), human resources (HR) issues, and industry-specific regulations. Last year, LEDC's Business Development program supported more than 700 aspiring entrepreneurs and small business owners through business development workshops and one-on-one business consulting provided in Spanish and English.
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IRS990/ProgSrvcAccomActy3Grp/Desc0LEDC's Agriculture Program, an extension of our Business Development program with a technical focus on the agricultural sector, provides technical assistance, business development, and access to affordable capital and markets that help beginning and established farmers and entrepreneurs start new farming or food production enterprises or grow their existing farm businesses. Additional services include Organic and GAP certification and navigating the complex system of government agriculture programs. Throughout 2024, LEDC's Agriculture program provided technical assistance to 96 farmers and agriculture-focused businesses and supported businesses with closing three loans deploying a total of $580,000 of capital.
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