Civic Intelligence

Latino Economic Development Center

990 • Fiscal year 2016 • EIN 51-0467167

Jan 01, 2016 to Dec 31, 2016 • Filed on Nov 14, 2017

Organization Profilewww.ledc-mn.org

View Organization Page

1501 E Lake Street Lower LevelMinneapolis, MN 55407

(612) 724-5336

Siviq Scores

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

Liabilities / Assets

78th percentile

0.57x

Higher debt load relative to assets than 78% of similar nonprofits.

2016 filings • 501(c)3 • $5M-$10M nonprofits • Source year 2016

Liabilities / Revenue

82nd percentile

1.09x

Higher debt load relative to revenue than 82% of similar nonprofits.

2016 filings • 501(c)3 • $5M-$10M nonprofits • Source year 2016

Net Margin

83rd percentile

24%

Higher net margin than 83% of similar nonprofits.

2016 filings • 501(c)3 • $5M-$10M nonprofits • Source year 2016

Top Officer Pay

58th percentile

$138,121

Higher top officer pay than 58% of similar nonprofits.

Top officer pay equals 4.5% of source-year revenue.

2016 filings • 501(c)3 • $5M-$10M nonprofits • Source year 2016

Asset Growth

75th percentile

11%

Faster asset growth than 75% of similar nonprofits.

2016 filings • 501(c)3 • $5M-$10M nonprofits • Annualized from 2015 to 2016

Revenue Growth

81st percentile

22%

Faster revenue growth than 81% of similar nonprofits.

2016 filings • 501(c)3 • $5M-$10M nonprofits • Annualized from 2015 to 2016

Balance Sheet
Liabilities / Assets78th percentile

Assets

Up

$5,823,536

Up $577,126 (+11%) from 2015

Net Assets

Up

$2,489,893

Up $719,091 (+41%) from 2015

Liabilities

Down

$3,333,643

Down $141,965 (-4.1%) from 2015

Revenue And Expenses
Liabilities / Revenue82nd percentileNet Margin83rd percentile

Revenue

Up

$3,058,755

Up $557,720 (+22%) from 2015

Expenses

Up

$2,333,772

Up $183,977 (+8.6%) from 2015

Net Income

Up

$724,983

Up $373,743 (+106%) from 2015

Historical Trend

Balance Sheet Trend

Asset Growth75th percentile

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

$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

2016

Assets$5,823,536
Liabilities$3,333,643
Net Assets$2,489,893
Open 2016 Filing

Operations Trend

Revenue Growth81st percentile

Revenue, expenses, and net income across loaded years, with this 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

2016

Revenue$3,058,755
Expenses$2,333,772
Net Income$724,983
Open 2016 Filing
Jump To
Filing Snapshot
Filing Period
Jan 1, 2016 to Dec 31, 2016
Signed
Nov 14, 2017
Return Version
2016v3.0
Gross Receipts
$3,058,755
Mission and Program Overview

Mission

To transform our community by creating economic opportunity for latinos.

Balance Sheet Detail
LineBeginningEndChange
Assets
Land, Buildings, and Equipment, Net$2,350,303$2,248,849▼ $101,454
Pledges and Grants Receivable$480,131$1,246,795▲ $766,664
Other Notes and Loans Receivable, Net$1,196,466$1,196,511▲ $45
Cash and Non-Interest-Bearing Accounts$889,854$873,452▼ $16,402
Investments Program Related$250,664$234,315▼ $16,349
Prepaid Expenses and Deferred Charges$17,587$18,864▲ $1,277
Accounts Receivable$61,405$4,750▼ $56,655
Total Assets$5,246,410$5,823,536▲ $577,126
Liabilities
Mortgage Notes Payable Secured by Investment Property$2,886,048$2,831,600▼ $54,448
Other Liabilities$268,216$256,316▼ $11,900
Accounts Payable and Accrued Expenses$119,312$239,827▲ $120,515
Deferred Revenue$202,032$5,900▼ $196,132
Total Liabilities$3,475,608$3,333,643▼ $141,965
Net Assets / Fund Balance
Temporarily Rstr Net Assets$1,434,210$2,962,107▲ $1,527,897
Unrestricted Net Assets$336,592$-472,214▼ $808,806
Total Net Assets Fund Balance$1,770,802$2,489,893▲ $719,091
Total Liabilities and Net Assets / Fund Balance$5,246,410$5,823,536▲ $577,126

Asset Categories

AssetBook ValueDepreciationBasis
Buildings$1,674,143$135,785$1,809,928
Land$313,608-$313,608
Equipment$78,232$188,628$266,860
Leasehold Improvements$182,866$52,904$235,770
Compensation and Service Providers
Top Officer Pay58th percentile

Employees

NameTitleFull / Part TimeBaseOtherTotal
Ramon LeonPresident and CEOFT$116,081$22,040$138,121
Mario HernandezVice President and COOFT$70,008$4,009$74,017

Board Members and Trustees

NameTitle
Juan CervantesCo-chair
Rose LindsayCo-chair
Maria BoyleVice Chair
Andre GoodletDirector
Iris RamosDirector
Lorenzo ArizaDirector
Norma GarcesDirector
Susana De LeonDirector
Thomas PantalionDirector
Umi CamarenaSecretary
Christopher RomanoTreasurer
Revenue and Support

Revenue Composition

Contributions and Grants
$2,555,553
Program Service Revenue
$503,202
Investment Income
$0
Other Revenue
$0
All Other Contributions
$954,085
Change in Net Assets
$724,983
Expenses and Functional Allocation

Major Expense Lines

Line ItemAmount
Other Expenses$1,535,306
Salaries, Compensation, and Employee Benefits$798,466
Total Fundraising Expense$71,561
Grants and Similar Amounts Paid$0
Professional Fundraising Fees$0

Functional Expense Allocation

Line ItemProgramManagementFundraisingTotal
Fees for Services Other$548,057$26,809$22,855$597,721
Other Salaries and Wages$383,583$13,433$7,160$404,176
Occupancy$128,112$89,705-$217,817
Current Officers, Directors, Trustees, and Key Employees$23,389$155,326$33,423$212,138
Other Employee Benefits$103,080$17,768$4,673$125,521
Interest$112,211--$112,211
Fees for Services Accounting$12,244$96,223-$108,467
Depreciation Depletion$82,910$20,536-$103,446
Office Expenses$17,448$36,651-$54,099
Payroll Taxes$35,706$13,282$3,182$52,170
Travel$42,425$6,063-$48,488
Fees for Services Legal$5,224$25,910-$31,134
Insurance$19,863$7,182-$27,045
Conferences and Meetings$15,588$6,147-$21,735
Other Expenses$19,833$829-$19,833
All Other Expenses$-17,871$26,104-$8,233
Pension Plan Contributions$3,078$1,115$268$4,461
Fees for Services Management$3,500--$3,500
Total Functional Expenses$1,719,128$543,083$71,561$2,333,772
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
Insider Transactions and Loans

Interested-Person Transactions

Interested PartyRelationshipDescriptionShared RevenueAmount
-Owned by a Family Member of the Executive Director at LedcBookkeeping services and other consulting services for LEDC are provided by Small Business Support Services, which is owned by a family member of the Executive Director of LEDC.No$48,080
-Owned by Board Member (business Member of Ledc)janitorial and custodial servicesNo$6,867
Debt and Bond Financing

Other Reported Liabilities

LiabilityAmount
due to the state of Minnesota$193,250
Scholarship Donation Payable$43,691
Security Deposits$19,375
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 family members
Yes
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
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 members 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 C, line 19

“The 990 is available for review on guidestar.com. Additionally, governing documents, conflict on interest policies, 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
6127245336
Address
1501 E Lake Street Lower Level, MINNEAPOLIS, MN 55407

Signing Officer

Name
Ramon Leon
Title
President
Phone
6127245336
Signed
2017-11-14
Discuss with paid preparer
Yes

Organization Details

Principal Officer
Ramon Leon
Formed
2003
Legal Domicile
Mn
Voting Board Members
12
Independent Board Members
12
Employees
15
Volunteers
16

Preparer

Firm
MahoneyUlbrichChristiansen & Russ PA
Address
10 River Park Plaza Suite 800, Saint Paul, MN 55107
Preparer
Lance J Brock
Phone
6512276695
Supplemental Narrative

Additional Explanations

Form 990, Part IX, line 11G

“consultant: Program service expenses 548,057. Management and general expenses 26,809. Fundraising expenses 22,855. Total expenses 597,721.”

Form 990, Part XI, line 9:

“Equity in investment income -5,892.”

Form 990, Part XII Line 2C

“The organization has a finance committee that reviews, approves and presents the audited financial statements to the entire board of directors for approval. There have been no changes in this process from prior years.”

Financial Statement Notes

Part X, Line 2:

“LEDC is exempt from income taxes under Internal Revenue Code Section 501(c)(3) and applicable Minnesota Statutes, except to the extent it has taxable income from businesses that are not related to its exempt purpose. Management believes LEDC did not have any unrelated business income. Los Lagos, LLC and Northcountry Produce, LLC are single member LLC's. Single member LLC's are disregarded for income tax reporting, accordingly, their activity is included in LEDC's income tax return. The Company is not currently under examination by any taxing jurisdiction. Federal and state tax authorities generally have the right to examine returns for a period of three years after they are filed.”

Raw XML AppendixShowing 400 of 598 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/ActivityOrMissionDesc0TO TRANSFORM OUR COMMUNITY BY CREATING ECONOMIC OPPORTUNITY FOR LATINOS.
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IRS990/Desc0BUSINESS DEVELOPMENT - Through its monthly business orientation sessions, LEDC provided information to entrepreneurs on the basics of starting a business feasibility steps, how LEDC can assist in the process, and the benefits of becoming a member of LEDC. Through LEDC micro-entrepreneur trainings, there is a session that provides information on how to prepare for a business loan either through LEDC, a traditional lender (i.e. a bank), or a non-traditional lender (i.e another community development non-profit organization). Over 475 hours of technical assistance were provided to start-up and existing businesses. LEDC continued providing services to small businesses in rural communities and continued to promote agricultural cooperative business development among immigrant vegetable growers, providing services to both individual Latino farmers, farmers in cooperatives, and prospective farmers. LEDC reached over 50 individuals interested in farming. LEDC also worked to support a multicultural agricultural marketing cooperative which included Latino and non-Latino farmers working together to pool resources and land accounts they could not achieve on their own. LEDC expanded its reach into Southern Minnesota, with clients as far away as New Ulm and Rochester, opening its new office in Austin. LEDC provided technical assistance to 5 businesses and 3 start ups and started processing 4 loans. Thanks to our work developing rural ares, LEDC was invited to present as part of the White House Rural Council.
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IRS990/Form990PartVIISectionAGrp/TitleTxt3Director
IRS990/Form990PartVIISectionAGrp/TitleTxt4Secretary
IRS990/Form990PartVIISectionAGrp/TitleTxt5Director
IRS990/Form990PartVIISectionAGrp/TitleTxt6Director
IRS990/Form990PartVIISectionAGrp/TitleTxt7Director
IRS990/Form990PartVIISectionAGrp/TitleTxt8Treasurer
IRS990/Form990PartVIISectionAGrp/TitleTxt9Co-chair
IRS990/Form990PartVIISectionAGrp/TitleTxt10Director
IRS990/Form990PartVIISectionAGrp/TitleTxt11President and CEO
IRS990/Form990PartVIISectionAGrp/TitleTxt12VICE PRESIDENT AND COO
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IRS990/MissionDesc0TO TRANSFORM OUR COMMUNITY BY CREATING ECONOMIC OPPORTUNITY FOR LATINOS.
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IRS990/OtherExpensesGrp/Desc0PROGRAM SUPPLIES AND EQ
IRS990/OtherExpensesGrp/Desc1Scholarship Transfer
IRS990/OtherExpensesGrp/Desc2Maintenance and repairs
IRS990/OtherExpensesGrp/Desc3Bad Debt
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IRS990/OtherExpensesGrp/ProgramServicesAmt319833
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IRS990/PayrollTaxesGrp/TotalAmt052170
IRS990/PensionPlanContributionsGrp/FundraisingAmt0268
IRS990/PensionPlanContributionsGrp/ManagementAndGeneralAmt01115
IRS990/PensionPlanContributionsGrp/ProgramServicesAmt03078
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IRS990/PrincipalOfficerNm0RAMON LEON
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IRS990/ProgramServiceRevenueGrp/BusinessCd1900099
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IRS990/ProgramServiceRevenueGrp/BusinessCd4900099
IRS990/ProgramServiceRevenueGrp/Desc0RENTAL INCOME
IRS990/ProgramServiceRevenueGrp/Desc1interest on loans
IRS990/ProgramServiceRevenueGrp/Desc2OTHER INCOME
IRS990/ProgramServiceRevenueGrp/Desc3PROGRAM FEES
IRS990/ProgramServiceRevenueGrp/Desc4MEMBERSHIP DUES
IRS990/ProgramServiceRevenueGrp/RelatedOrExemptFuncIncomeAmt0363171
IRS990/ProgramServiceRevenueGrp/RelatedOrExemptFuncIncomeAmt182034
IRS990/ProgramServiceRevenueGrp/RelatedOrExemptFuncIncomeAmt230480
IRS990/ProgramServiceRevenueGrp/RelatedOrExemptFuncIncomeAmt325767
IRS990/ProgramServiceRevenueGrp/RelatedOrExemptFuncIncomeAmt41750
IRS990/ProgramServiceRevenueGrp/TotalRevenueColumnAmt0363171
IRS990/ProgramServiceRevenueGrp/TotalRevenueColumnAmt182034
IRS990/ProgramServiceRevenueGrp/TotalRevenueColumnAmt230480
IRS990/ProgramServiceRevenueGrp/TotalRevenueColumnAmt325767
IRS990/ProgramServiceRevenueGrp/TotalRevenueColumnAmt41750
IRS990/ProgSrvcAccomActy2Grp/Desc0EDUCATION AND TRAINING - Latino Academy TTOIC, a workforce training program of LEDC, empowers individuals by combining adult basic education and job readiness. The work areas of the curriculum are: business training, workforce development, GED preparation, and certifications. The Latino Academy TTOIC served 353 clients, helped 49 job seekers find a new job, educated 40 full time GED students, and had it's first three GED graduates, with more in process.ledc, through its latino scholarship fund, awarded eleven scholarships in 2016.
IRS990/ProgSrvcAccomActy2Grp/ExpenseAmt0177851
IRS990/ProgSrvcAccomActy2Grp/RevenueAmt025767
IRS990/ProgSrvcAccomActy3Grp/Desc0LENDING PROGRAMS - ThirtEEN loans were packaged and approved, totaling $300,000; funds for these loans came from LEDC's loan pool; nine loans were reapid, totaling $55,000, an additional amount was leveraged with these funds from local banks and community lenders. LEDC continued a program in partnership with Mission Asset Fund of California called "Lending Circles." Lending Circles are zero-fee, zero-interest credit-building social loans. Borrowers become lenders and lenders become borrowers; a collective monthly savings became a loan for a participant. Every month the savings are reported as a loan payment to the credit bureau.
IRS990/ProgSrvcAccomActy3Grp/ExpenseAmt096333
IRS990/ProgSrvcAccomActy3Grp/RevenueAmt082034
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IRS990/PYOtherExpensesAmt01343175
IRS990/PYOtherRevenueAmt00
IRS990/PYProgramServiceRevenueAmt0363988
IRS990/PYRevenuesLessExpensesAmt0351240
IRS990/PYSalariesCompEmpBnftPaidAmt0806620
IRS990/PYTotalExpensesAmt02149795
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IRS990/ReportProgramRelatedInvstInd00
IRS990/RevenueAmt0395401
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IRS990ScheduleA/TotalSupportAmt09452735
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IRS990ScheduleB/ContributorInformationGrp/ContributorUSAddress/State0RESTRICTED
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Document Assets

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Filings

Displayed year

2016 • Form 990Detailed filing. Detailed filing data is available for this year.

Open filing
Assets
$5,823,536
Liabilities
$3,333,643
Net assets
$2,489,893
Revenue
$3,058,755
Expenses
$2,333,772
Net income
$724,983
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
2016Detailed filing. Detailed filing data is available for this year.$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