2022-08-29T13:55:46-05:00 2021-12-31 411397419 Abdo LLP 5201 Eden Avenue Suite 250 Edina MN 55436 990 2021-01-01 510467167 Latino Economic Development Center LATI 6127245332 804 Margaret Street Saint Paul MN 55106 Henry Jimenez Executive Director 6127245336 2022-07-07 1 Henry Jimenez XXX-XX-XXXX Steven D Anseth CPA P00552219 9528359090 2022-07-07 3 AAL1 IAL1 2021 2022-09-23 18:48:47Z Henry Jimenez 804 Margaret Street Saint Paul MN 55106 19535116 0 X www.ledcmn.org X 2003 MN To transform our community by creating economic opportunities for Latinos throughout Minnesota. 10 10 33 53 0 0 11588164 18840539 23931 212645 123714 134823 295365 340637 12031174 19528644 7511444 11467019 0 0 1027453 1685711 0 0 113207 1913453 3753684 10452350 16906414 1578824 2622230 13979469 11641082 10353972 5393355 3625497 6247727 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 15315847 11467019 423023 Business Development: We continued providing services related to Covid-19 assistance, but a sensed normalcy in the horizon due to vaccinations and herd immunity. Consequently, we reorganized our model of operation in June, and hired three new Associates. From July to December 2021, the tam received 367 visits from clients, with a total of 987 hours of direct customer service. This prompted 960 hours of follow-up service. We provided services to 351 clients, 178 were clients who received direct technical assistance. Also from September to November, we assisted 77 businesses applying to DEED's SBRG emergency loan. The typical dollar value on each client's application was $10,000. We executed the following projects in furtherance of Latino business: 1. Latino Business Week Pop-Up - The Business Development Team worked in collaboration with Target and Chameleon Shoppes to support this event. LEDC managed to bring eleven of the twelve participants to the event, which took place in downtown Minneapolis. Our collaboration with Target and Chameleon will continue for two similar events in 2022.2. Plaza Del Sol - As remodeling process goes on, there is a collective plan to rent spaces to our business development clients. We are working on a lay out to make available the retail area to a variety of business. On December 4, Gorditas El Durango started operating at Plaza, and soon will be more business leasing spaces. Coming soon "Tamales Beniz", and potentially, two more food business.3. Mi Cocina - It rented space to eighteen businesses in 2021. Ten new businesses received technical assistance by our business development team. This assistance included business registration, product development and operation, marketing, and sales. Three of our most senior tenant businesses scaled their operation to restaurants sites and or an ice cream industrial production site.4. Business Development Classes - Ninety-two students enrolled for the business classes. There was an average attendance of forty to fifty students per class. In addition, we had twelve students enrolled in the English version of the business classes. 145967 32141 Education and Training: In 2021, our team trained 85 participants on Science, Math, and Reading Through Language Arts portions of the GED test. Of those 85 participants, 12 graduated after passing all 4 subject matter examinations. Furthermore, we had 27 participants attend our ServeSafe individual training courses throughout the year and 24 received their official certificate. 384541 229678 Lending Programs: In 2021, 28 loan applications have been approved, 21 loans were closed and disbursed totaling $756,000 and these funds were able to help retain or create a total of 125 jobs. In addition, LEDC's funds leveraged another $839,474 in other financing from equity, bank loans, and other community partners. 12 outstanding LEDC loans were repaid in full. In addition to the 12 loans listed above, three loans made at the height of the pandemic with funds through the State of Minnesota's special Small Business Emergency Loan (SBEL) Program were repaid in full as well.LEDC added three new sources of funds to the program: Wells Fargo's Open for Business Fund Program Grant ($500K), CDFI Rapid Response Program Grant ($1.1 MM), and CDFI Financial Assistance Grant ($225K). In 2021, LEDC was recertified by the U.S. Treasury Department as a CDFI Certified Lender. LEDC continues to serve as a certified lender under DEED's Emerging Entrepreneur Loan Program (ELP). 206511 Ag Development: In 2021, 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 specializing in organic and food safety certifications. In 2021, LEDC worked closely with Shared Ground Farmers' Cooperative to sell over $160,000 of Latino grown vegetables. We registered 5 new farm enterprises and provided 5 farm loans for BIPOC farmers for a total of $125,000. Working with partners in Michigan we helped bring $35,000 of Latino grown blueberries into the Twin Cities marketplace. LEDC continued 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). 206511 16052866 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 1 0 0 0 1 1 0 0 0 1 1591 0 1 33 1 0 0 0 0 0 0 0 0 0 0 0 0 X 10 10 0 0 0 0 1 1 0 1 1 0 0 1 1 1 1 1 1 1 0 0 MN X X Henry Jimenez 6127245332 804 Margaret Street Saint Paul MN 55106 Carlos Lamboglia Chair 1.00 X X 0 0 0 Christina Jennings Treasurer 1.00 X X 0 0 0 Uri Camarena Secretary 1.00 X X 0 0 0 Julian Ocampo Director 1.00 X 0 0 0 Ambar Hanson Director 1.00 X 0 0 0 Aileen Sanchez Kasper Director 1.00 X 0 0 0 Eduardo Mozqueda Director 1.00 X 0 0 0 John Uribe Director 1.00 X 0 0 0 Tony Vannicola Director 1.00 X 0 0 0 Oliver Perez Director 1.00 X 0 0 0 Henry Jimenez Executive Director 40.00 X 138318 0 25905 138318 0 25905 1 0 1 0 CliftonLarsonAllen LLP PO Box 776376 Chicago IL 606776376 Accounting 1732155 1 47065 16354671 2438803 36000 18840539 Other Income 900099 179318 179318 Program Fees 900099 33327 33327 212645 134823 134823 337374 0 337374 337374 337374 9735 47065 6472 3263 3263 19528644 684842 0 3263 11467019 11467019 164223 138217 17852 8154 1119406 950078 112763 56565 294107 236393 44492 13222 107975 75058 28461 4456 17940 16791 1149 1770164 1552104 218060 894015 784276 93797 15942 99534 81579 14913 3042 204938 196700 5486 2752 17840 11697 5284 859 17256 11631 2501 3124 112050 105289 6761 102437 98823 2407 1207 53624 38761 14863 Scholarship fund 112263 112263 Provisions for loan los 97337 97337 Bad debts 94757 48364 46393 Maintenance and repairs 52270 51794 317 159 107259 90955 12579 3725 16906414 16052866 740341 113207 7172552 4262832 920851 1544097 743135 726939 2899981 2858582 57610 80924 2922951 755243 2185340 2167708 13979469 11641082 871402 221629 3914392 2885 3812110 3642736 1756068 1526105 10353972 5393355 X 2102066 2723491 1523431 3524236 3625497 6247727 13979469 11641082 2622230 0 X X 0 1 X 1 1 1 X 2035086 726475 1181043 11588164 18840539 34371307 2035086 726475 1181043 11588164 18840539 34371307 99661 34271646 81096 160650 137999 123714 472197 975656 35346963 3098250 0.96960 0.95070 X RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED 209450 209450 2165872 280507 1885365 170236 156149 14087 357466 298660 58806 19927 19927 0 2167708 Security Deposits 25215 Due to the State of Minnesota 1438217 Scholarship Donation Payable 62673 1526105 LSF Golf Tournament 56800 47065 9735 6472 56800 47065 9735 6472 6472 3263 1 Rent/Mortgage/Utilities Assistance 5653 9423529 Amount of cash grant awarded Small Business Relief Grant 141 1500000 Amount of cash grant awarded Small Business - Working Capital Grant 18 63287 Amount of cash grant awarded Business Relief Grants 4 15750 Amount of cash grant awarded Business Relief Grants 125 291664 Amount of cash grant awarded Business Recovery Grant 46 55000 Amount of cash grant awarded Workwear for Farmers 15 18388 Amount of cash grant awarded Business Relief Grants 43 99401 Amount of cash grant awarded Part I, Line 2: Grant funds are monitored through the use of "Customers" within QuickBooks Online. Each grant is its own customer and therefore expenses are coded to a customer along with the revenue side. X X 0 0 0 0 0 0 0 0 0 Henry Jimenez Executive Director 138318 0 0 0 0 0 0 0 25905 0 164223 0 0 0 X Computers 30 36000 FMV 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 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. 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 0 695266 Latino Economic Development Center North Country Produce LLC 1516 E Lake St Suite 201 Minneapolis MN 55407 371756530 Commercial kitchen for program participants MN 77177 45671 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 59435 411214 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 D 203673 Cash less allowance East Side Enterprise Center LLC K 38096 Cash