Civic Intelligence

Latino Economic Development Center

990 • Fiscal year 2020 • EIN 51-0467167

Jan 01, 2020 to Dec 31, 2020 • Filed on Aug 13, 2021

Organization Profilewww.ledcmn.org

View Organization Page

804 Margaret StreetSaint Paul, MN 55106

(612) 724-5332

Siviq Scores

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

Liabilities / Assets

84th percentile

0.74x

Higher debt load relative to assets than 84% of similar nonprofits.

2020 filings • 501(c)3 • $10M-$25M nonprofits • Source year 2020

Liabilities / Revenue

76th percentile

0.86x

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

2020 filings • 501(c)3 • $10M-$25M nonprofits • Source year 2020

Net Margin

69th percentile

13%

Higher net margin than 69% of similar nonprofits.

2020 filings • 501(c)3 • $10M-$25M nonprofits • Source year 2020

Top Officer Pay

49th percentile

$170,365

Higher top officer pay than 49% of similar nonprofits.

Top officer pay equals 1.4% of source-year revenue.

2020 filings • 501(c)3 • $10M-$25M nonprofits • Source year 2020

Asset Growth

97th percentile

161%

Faster asset growth than 97% of similar nonprofits.

2020 filings • 501(c)3 • $10M-$25M nonprofits • Annualized from 2019 to 2020

Revenue Growth

98th percentile

465%

Faster revenue growth than 98% of similar nonprofits.

2020 filings • 501(c)3 • $10M-$25M nonprofits • Annualized from 2019 to 2020

Balance Sheet
Liabilities / Assets84th percentile

Assets

Up

$13,979,469

Up $8,619,619 (+161%) from 2019

Net Assets

Up

$3,625,497

Up $1,578,824 (+77%) from 2019

Liabilities

Up

$10,353,972

Up $7,040,795 (+213%) from 2019

Revenue And Expenses
Liabilities / Revenue76th percentileNet Margin69th percentile

Revenue

Up

$12,031,174

Up $9,902,311 (+465%) from 2019

Expenses

Up

$10,452,350

Up $8,513,480 (+439%) from 2019

Net Income

Up

$1,578,824

Up $1,388,831 (+731%) from 2019

Historical Trend

Balance Sheet Trend

Asset Growth97th 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

2020

Assets$13,979,469
Liabilities$10,353,972
Net Assets$3,625,497
Open 2020 Filing

Operations Trend

Revenue Growth98th 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

2020

Revenue$12,031,174
Expenses$10,452,350
Net Income$1,578,824
Open 2020 Filing
Jump To
Filing Snapshot
Filing Period
Jan 1, 2020 to Dec 31, 2020
Signed
Aug 13, 2021
Return Version
2020v4.1
Gross Receipts
$12,031,174
Mission and Program Overview

Mission

To transform our community by creating economic opportunity for latinos.

Balance Sheet Detail
LineBeginningEndChange
Assets
Cash and Non-Interest-Bearing Accounts$428,448$7,172,552▲ $6,744,104
Other Notes and Loans Receivable, Net$2,168,985$2,899,981▲ $730,996
Land, Buildings, and Equipment, Net$1,658,477$2,185,340▲ $526,863
Pledges and Grants Receivable$306,388$920,851▲ $614,463
Accounts Receivable$780,241$743,135▼ $37,106
Prepaid Expenses and Deferred Charges$17,311$57,610▲ $40,299
Total Assets$5,359,850$13,979,469▲ $8,619,619
Liabilities
Deferred Revenue-$3,914,392-
Mortgage Notes Payable Secured by Investment Property$2,798,706$3,812,110▲ $1,013,404
Other Liabilities$406,021$1,756,068▲ $1,350,047
Accounts Payable and Accrued Expenses$108,450$871,402▲ $762,952
Total Liabilities$3,313,177$10,353,972▲ $7,040,795
Net Assets / Fund Balance
Net Assets Without Donor Restrictions$1,596,954$2,102,066▲ $505,112
Net Assets With Donor Restrictions$449,719$1,523,431▲ $1,073,712
Total Net Assets Fund Balance$2,046,673$3,625,497▲ $1,578,824
Total Liabilities and Net Assets / Fund Balance$5,359,850$13,979,469▲ $8,619,619

Asset Categories

AssetBook ValueDepreciationBasis
Buildings$1,895,696$223,531$2,119,227
Equipment$41,788$279,099$320,887
Land$209,450-$209,450
Leasehold Improvements$38,406$131,830$170,236
Other Land Buildings$0$19,927$19,927
Compensation and Service Providers
Top Officer Pay49th percentile

Employees

NameTitleFull / Part TimeBaseOtherTotal
Henry JimenezExecutive DirectorFT$135,000$35,365$170,365

Board Members and Trustees

NameTitle
Christopher RomanoChair
Maria Mejia de BoyleVice Chair
Aileen Sanchez KasperDirector
Ambar HansonDirector
Carlos LambogliaDirector
Eduardo MozquedaDirector
John PachecoDirector
Miguel GarateDirector
Tony VannicolaDirector
Victoria BlancoDirector
Uri CamarenaSecretary
Christina JenningsTreasurer

Highest Paid Contractors

ContractorServicesLocationCompensation
CliftonLarsonAllen LLPAccountingPO Box 776376, Chicago, IL 60677-6376$216,379
Revenue and Support

Revenue Composition

Contributions and Grants
$11,588,164
Program Service Revenue
$23,931
Investment Income
$123,714
Other Revenue
$295,365
All Other Contributions
$3,192,082
Change in Net Assets
$1,578,824
Expenses and Functional Allocation

Major Expense Lines

Line ItemAmount
Grants and Similar Amounts Paid$7,511,444
Other Expenses$1,913,453
Salaries, Compensation, and Employee Benefits$1,027,453
Total Fundraising Expense$95,491
Professional Fundraising Fees$0

Functional Expense Allocation

Line ItemProgramManagementFundraisingTotal
Grants to Domestic Individuals$7,511,444--$7,511,444
Other Salaries and Wages$461,697$98,231$43,881$603,809
Fees for Services Other$424,034$164,644$10,715$599,393
Fees for Services Accounting$161,932$67,083-$229,015
Other Employee Benefits$113,716$51,078$11,684$176,478
Current Officers, Directors, Trustees, and Key Employees$127,217$30,931$12,217$170,365
Occupancy$151,171$6,865$3,067$161,103
Interest$96,549$429-$96,978
Office Expenses$71,241$18,724$5,226$95,191
Depreciation Depletion$87,442$1,899$848$90,189
Payroll Taxes$42,237$30,522$4,042$76,801
All Other Expenses$23,270$12,031$2,164$37,465
Other Expenses$20,327$8,683$709$29,719
Insurance$16,298$7,984-$24,282
Fees for Services Legal$12,541$3,780-$16,321
Conferences and Meetings$7,218$1,609$790$9,617
Travel$6,425$982$17$7,424
Total Functional Expenses$9,833,849$523,010$95,491$10,452,350
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
Debt and Bond Financing

Other Reported Liabilities

LiabilityAmount
Due to the State of Minnesota$1,656,897
Scholarship Donation Payable$83,691
Security Deposits$15,480
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 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 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
Henry Jimenez
Title
Executive Director
Phone
6127245336
Signed
2021-08-13
Discuss with paid preparer
Yes

Organization Details

Principal Officer
Henry Jimenez
Formed
2003
Legal Domicile
Mn
Voting Board Members
12
Independent Board Members
12
Employees
17
Volunteers
46

Preparer

Firm
Abdo Eick & Meyers 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 655 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/Form990PartVIISectionAGrp/PersonNm0Henry Jimenez
IRS990/Form990PartVIISectionAGrp/PersonNm1Christopher Romano
IRS990/Form990PartVIISectionAGrp/PersonNm2Maria Mejia de Boyle
IRS990/Form990PartVIISectionAGrp/PersonNm3Christina Jennings
IRS990/Form990PartVIISectionAGrp/PersonNm4Uri Camarena
IRS990/Form990PartVIISectionAGrp/PersonNm5Victoria Blanco
IRS990/Form990PartVIISectionAGrp/PersonNm6Miguel Garate
IRS990/Form990PartVIISectionAGrp/PersonNm7Ambar Hanson
IRS990/Form990PartVIISectionAGrp/PersonNm8Aileen Sanchez Kasper
IRS990/Form990PartVIISectionAGrp/PersonNm9Eduardo Mozqueda
IRS990/Form990PartVIISectionAGrp/PersonNm10John Pacheco
IRS990/Form990PartVIISectionAGrp/PersonNm11Tony Vannicola
IRS990/Form990PartVIISectionAGrp/PersonNm12Carlos Lamboglia
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IRS990/Form990PartVIISectionAGrp/TitleTxt0Executive Director
IRS990/Form990PartVIISectionAGrp/TitleTxt1Chair
IRS990/Form990PartVIISectionAGrp/TitleTxt2Vice Chair
IRS990/Form990PartVIISectionAGrp/TitleTxt3Treasurer
IRS990/Form990PartVIISectionAGrp/TitleTxt4Secretary
IRS990/Form990PartVIISectionAGrp/TitleTxt5Director
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IRS990/Form990PartVIISectionAGrp/TitleTxt8Director
IRS990/Form990PartVIISectionAGrp/TitleTxt9Director
IRS990/Form990PartVIISectionAGrp/TitleTxt10Director
IRS990/Form990PartVIISectionAGrp/TitleTxt11Director
IRS990/Form990PartVIISectionAGrp/TitleTxt12Director
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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/PrincipalOfficerNm0Henry Jimenez
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IRS990/ProgSrvcAccomActy2Grp/Desc0Education and Training: In 2020, our team grew from 7 to 48 members. We had 295 participants enrolled in GED, ESL, micro-entrepreneurship training and business coaching sessions; and held 42 training business sessions totaling 84 hours of service or 10,164 hours of accumulated individual training. Furthermore, we trained participants on Science, Math, and Reasoning Through Language Arts portions of the GED test. This service consisted of 54 weeks with over 1,000 hours of instruction and follow up. In connection with employment services, we served 11 participants and assisted them with filing unemployment benefits and or employment search and placement. Our team delivered housing assistance to Minnesotans affected by the economic downturn resulting from the public health emergency, Covid-19. We approved and paid 2,772 housing assistance requests to 1,206 Minnesotan households in 60 counties. The total value of housing assistance delivered was: $4,712,550. Lastly, during the height of the Covid-19 pandemic, we proudly delivered over 5,000 lbs. of fresh produce to Latino families afflicted by unemployment and lack of governmental resources.
IRS990/ProgSrvcAccomActy2Grp/ExpenseAmt0313812
IRS990/ProgSrvcAccomActy2Grp/RevenueAmt020791
IRS990/ProgSrvcAccomActy3Grp/Desc0Lending Programs: In 2020, 57 loan applications have been approved, 53 loans were closed, 4 loan modifications, and 5 loans were paid in full. The total amount disbursed by LEDC was over 1.4 million dollars. With the approval of the 57 loans, LEDC contributed to retain 214 full/time jobs and 181 part/time jobs. Of the 53 loans closed in 2020, 49 loans totaling $1,320,000 were Small Business Emergency Loans (SBEL) closed in the three-month period between late April and mid-July. This special program was the response from Minnesota Department of Employment and Economic Development (DEED) to the Governor's executive orders in March shutting down restaurants, salons, fitness centers and other businesses. LEDC added 2 new sources of funds to the program (Women Foundation $150K and Bremer Bank $200K). In 2020, LEDC was recertified by the U.S. Treasury Department as a Community Development Financial Institution (CDFI). LEDC continues to as a certified lender under DEED's Emerging Entrepreneur Loan Program (ELP).
IRS990/ProgSrvcAccomActy3Grp/ExpenseAmt0577425
IRS990/ProgSrvcAccomActy3Grp/RevenueAmt0148574
IRS990/ProgSrvcAccomActyOtherGrp/Desc0Ag Development: In 2020 the LEDC Agricultural Program led the way for Latino agricultural entrepreneurs in the Twin Cities and across greater Minnesota. LEDC continued to be a complete one-stop agricultural business program for all of our clients, providing technical assistance, business development, access to capital and markets, as well as specialize in Organic and food safety certifications. In 2020, LEDC worked closely with Shared Ground Farmers' Cooperative to sell over $140,000 of Latino grown vegetables. We registered 1 new Latino farm enterprise and provided 3 Latino farm loans for a total of $65,000. Working with partners in Michigan, we helped bring $20,000 of Latino grown blueberries into the Twin Cities marketplace. LEDC began a partnership with The Good Acre, Hmong American Partnership, Lakewind's Coop, and Mill City Farmers' Market to create the LEAFF Program (Local Emergency Assistance Farmer Fund). The fund raised over $400,000 to distribute to BIPOC farmers. The program bought produce from local BIPOC farmers and then distributed all of the product for free to communities in need. The program registered 47 farmers into the program. Each farmer was able to bring up to $7,500 of any produce they have. Produce was distributed for free to over 15 sites around St. Paul and Minneapolis. LEDC Ag team did over 1,200 hours of technical assistance to 53 farms in Minnesota and Western Wisconsin. In 2020, MDA staff contacted the Latino Economic Development Center (LEDC) to help disperse $340,000 in CARES ACT funding to BIPOC Agricultural Producers and Workers in Minnesota. The split was $210,000 to Agricultural Producers for grants of up to $5,000 and $130,000 to Agricultural Workers for grants of $1,000.
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Filings

Displayed year

2020 • Form 990Detailed filing. Detailed filing data is available for this year.

Open filing
Assets
$13,979,469
Liabilities
$10,353,972
Net assets
$3,625,497
Revenue
$12,031,174
Expenses
$10,452,350
Net income
$1,578,824
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
2020Detailed filing. Detailed filing data is available for this year.$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