2024-09-06T11:22:57-05:00 2023-12-31 411397419 Abdo LLP 5201 Eden Avenue Suite 250 Edina MN 55436 990 2023-01-01 510467167 Latino Economic Development Center LATI 6127245332 804 Margaret Street Saint Paul MN 55106 Uri Camarena Interim Executive Director 6127245336 2024-09-03 1 1 Steven D Anseth CPA P00552219 9528359090 2024-09-03 2023 2024-08-08 14:25:15Z Uri Camarena 804 Margaret Street Saint Paul MN 55106 7038301 0 X www.ledcmn.org X 2003 MN To transform our community by creating economic opportunities for Latinos throughout Minnesota. 15 15 22 65 0 0 4105183 6428992 120605 368710 148810 231569 351932 -38169 4726530 6991102 1158750 269500 0 0 1426044 1258017 0 0 116805 1906364 1988799 4491158 3516316 235372 3474786 11425396 15421358 4942297 5463473 6483099 9957885 X To 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. 0 0 1235266 269500 370788 LEDC's Business Development Program: Helps entrepreneurs prepare to launch or grow their businesses, 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, IT, HR issues, and industry-specific regulations. 189566 28173 LEDC's Agriculture Program: Provides agriculture-focused technical assistance, business development, and access to capital and markets that help Latino and other immigrant farmers start new farming or food production enterprises or grow their existing farm businesses. At LEDC, we understand that each client is unique, with their own set of skills, aspirations, and challenges. That's why we offer our services in both Spanish and English, building trust first, and providing a continuum of services tailored to their specific economic needs. We believe that everyone, regardless of their background, deserves the opportunity to turn their dreams into reality. 772620 201318 LEDC's Lending Program: Addresses the significant barriers faced by Latinos and other BIPOC entrepreneurs in accessing 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 2023, LEDC's lending team worked with clients to close 42 loans, deploying $3.7 million in capital, which is more than at any point in LEDC's history. More than 95% of these loans supported Latino entrepreneurs and Latino-owned businesses, and 48% of loans supported women-owned businesses. Our growing pipeline of prospective loans to Latino-owned businesses and other BIPOC-owned businesses, now totaling $1.5 million, will require that we continue to increase our capacity and capital to meet our clients where they are. 6076 6076 2203528 1 1 0 0 0 0 0 0 0 0 1 0 0 0 1 0 0 1 0 0 0 0 0 0 1 0 0 0 1 1 0 0 0 0 0 0 0 0 0 0 0 0 1 1 0 0 0 1 63 0 1 22 1 0 0 0 0 0 0 0 0 0 0 0 0 X 15 15 0 0 0 0 1 1 0 1 1 0 0 1 1 1 1 1 1 1 0 0 MN X X Uri Camarena 6127245332 804 Margaret Street Saint Paul MN 55106 Henry Jimenez Executive Director 40.00 X 218212 0 23287 Enrique Blanco Director of Operations 40.00 X 121139 0 740 Uri Camarena Director 1.00 X 0 0 0 Carlos Lamboglia Chair 1.00 X X 0 0 0 Ruben Hidalgo Treasurer 1.00 X X 0 0 0 Eduardo Mozqueda Secretary 1.00 X X 0 0 0 Tony Vannicola Director 1.00 X 0 0 0 Angela Knudson Director 1.00 X 0 0 0 Vanessa Butler Director 1.00 X 0 0 0 Jennifer Carlson Director 1.00 X 0 0 0 Linda Correa Bates Director 1.00 X 0 0 0 Ambar Cristina Hanson Director 1.00 X 0 0 0 Carlos Lopez Director 1.00 X 0 0 0 Oliver Perez Director 1.00 X 0 0 0 Alex Trevino Director 1.00 X 0 0 0 John Uribe Director 1.00 X 0 0 0 Jeremy Wermerskirchen Director 1.00 X 0 0 0 339351 0 24027 2 0 1 0 CliftonLarsonAllen LLP 220 S 6th Street Ste 300 Minneapolis MN 55402 Accounting Services 275322 1 55688 3284109 3089195 6428992 Program Rent 900099 289905 289905 Program Fees 900099 78805 78805 368710 231569 231569 9030 55688 47199 -38169 -38169 6991102 600279 0 -38169 X 269500 269500 363379 225024 110024 28331 630821 393149 188064 49608 185186 104273 68238 12675 78631 44462 28550 5619 17900 12815 5085 300023 55317 244706 398615 82091 316524 116576 14735 101782 59 161249 126571 34678 74134 38625 33180 2329 28657 21091 6534 1032 98823 98823 70606 42738 27868 62900 48118 14782 Provisions for loan los 469243 469243 Maintenance and repairs 52476 51028 1448 Bad debts 20210 20210 Scholarship fund 15004 15004 102383 85715 14520 2148 3516316 2203528 1195983 116805 3296675 5217240 1628349 2711595 894410 59817 3461930 5154080 81137 64346 2916283 702003 2062895 2214280 11425396 15421358 325285 277587 1833 1767 3514781 4437342 1100398 746777 4942297 5463473 X 4050334 4892347 2432765 5065538 6483099 9957885 11425396 15421358 3474786 0 X X 0 1 X 1 1 1 X 1181043 11588164 18840539 4105183 6428992 42143921 1181043 11588164 18840539 4105183 6428992 42143921 87078 42056843 137999 123714 472197 496810 521474 1752194 43896115 3297660 0.95810 0.96320 X RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED 209450 209450 2389660 403004 1986656 297246 279072 18174 19927 19927 0 2214280 Security Deposits 18165 Due to the State of Minnesota 713612 Scholarship Donation Payable 15000 746777 LSF Golf Tournament 44218 35188 9030 3087 10855 4452 13971 Taco Tour 20500 20500 3329 11505 64718 55688 9030 3087 10855 4452 3329 25476 47199 -38169 1 Business Relief Grants 25 269500 Part I, Line 2: Grant funds are monitored through the use of 'Customers' within QuickBooks Online. Each grant is given its own customer, therefore the grants are coded to the customer along with the reimbursement revenue. X X 0 0 0 0 0 0 0 0 0 Henry Jimenez Executive Director 218212 0 0 0 0 0 0 0 23287 0 241499 0 0 0 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. Form 990, Part IX, line 11g Consulting - Business: Program service expenses 13,234. Management and general expenses 58,545. Fundraising expenses 0. Total expenses 71,779. Consulting - Training: Program service expenses 841. Management and general expenses 3,719. Fundraising expenses 0. Total expenses 4,560. Consulting - General: Program service expenses 55,632. Management and general expenses 240,775. Fundraising expenses 0. Total expenses 296,407. Consulting - Comm Organizer: Program service expenses 2,129. Management and general expenses 9,416. Fundraising expenses 0. Total expenses 11,545. Loan Processing: Program service expenses 8,823. Management and general expenses 3,501. Fundraising expenses 0. Total expenses 12,324. Professional Fees - General: Program service expenses 1,432. Management and general expenses 568. Fundraising expenses 0. Total expenses 2,000. 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. Los Lagos LLC 1501 East Lake Street Lower Level Minneapolis MN 55407 900680336 Commercial rental real estate for Latinos MN 9481 Latino Economic Development Center North Country Produce LLC 1516 E Lake St Suite 201 Minneapolis MN 55407 371756530 Commercial kitchen for program participants MN 4080 3995 Latino Economic Development Center East Side Enterprise Center LLC 798 Margaret Street Saint Paul MN 55106 463309623 Commercial rental real estate MN Latino Economic Development Center Related 75256 411994 0 1 0.50000 0 0 0 1 0 0 0 0 0 0 1 0 0 0 0 0 0 0 0 East Side Enterprise Center LLC K 36405 Cash East Side Enterprise Center LLC D 191173 Cash less allowance