2021-08-20T11:32:13-05:00 2020-12-31 411397419 Abdo Eick & Meyers LLP 5201 Eden Avenue Suite 250 Edina MN 55436 990 2020-01-01 510467167 Latino Economic Development Center LATI 6127245332 804 Margaret Street Saint Paul MN 55106 Henry Jimenez Executive Director 6127245336 2021-08-13 1 Henry Jimenez 999009999 Steven D Anseth CPA P00552219 9528359090 2021-08-13 2 AAL1 IAL1 2020 2022-09-23 18:48:47Z Henry Jimenez 804 Margaret Street Saint Paul MN 55106 12031174 0 X www.ledcmn.org X 2003 MN To transform our community by creating economic opportunity for Latinos. 12 12 17 46 0 0 1150591 11588164 94254 23931 605475 123714 278543 295365 2128863 12031174 0 7511444 0 0 578686 1027453 0 0 95491 1360184 1913453 1938870 10452350 189993 1578824 5359850 13979469 3313177 10353972 2046673 3625497 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 8305568 7166444 273645 Business Development: 2020 was a unique and challenging year due to Covid-19 pandemic and social unrest in the Twin Cities during the summer. Restaurants, beauty salons, barber shops, fitness centers and other service providers felt the impact of these events. The Business Development team made an extraordinary effort to assist businesses throughout the state with grants and low interest loans from several programs such as DEED Small Business Emergency Loan, Small Business Relief Grant, Cultural Malls, SBA PPP, Ramsey and Hennepin counties grant programs, Twin Cities United Way grant program, etc. We were able to invest more than 2,500 hours collecting, examining, processing applications and documentation to approve, disburse grants and loans to more than 500 businesses, totaling $5,000,0000. Additionally, we provided more 1,100 hours of technical assistance to start-ups, worked and guided business owners to apply for different grant opportunities. The Business Development team also assisted more than 100 businesses with small grants, ranging from $1,000 - $5,000 on the Lake Street corridor and St. Paul. 313812 20791 Education 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. 577425 148574 Lending 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). 637044 345000 Ag 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. 637044 345000 9833849 1 1 0 0 0 0 0 0 0 0 1 0 0 0 1 0 0 1 0 0 0 0 0 0 0 0 0 0 1 1 0 0 0 0 0 0 0 0 0 0 0 0 1 1 0 0 0 1 964 0 1 17 1 0 0 0 0 0 0 0 0 0 0 0 0 X 12 12 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 Henry Jimenez Executive Director 40.00 X 145000 0 25365 Christopher Romano Chair 1.00 X X 0 0 0 Maria Mejia de Boyle Vice 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 Victoria Blanco Director 1.00 X 0 0 0 Miguel Garate 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 Pacheco Director 1.00 X 0 0 0 Tony Vannicola Director 1.00 X 0 0 0 Carlos Lamboglia Director 1.00 X 0 0 0 145000 0 25365 1 0 1 0 CliftonLarsonAllen LLP PO Box 776376 Chicago IL 606776376 Accounting 216379 1 8396082 3192082 11588164 Other Income 900099 13921 13921 Program Fees 900099 9710 9710 Membership Dues 900099 300 300 23931 123714 123714 295365 0 295365 295365 295365 12031174 443010 0 0 7511444 7511444 170365 127217 30931 12217 603809 461697 98231 43881 176478 113716 51078 11684 76801 42237 30522 4042 16321 12541 3780 229015 161932 67083 599393 424034 164644 10715 95191 71241 18724 5226 161103 151171 6865 3067 7424 6425 982 17 9617 7218 1609 790 96978 96549 429 90189 87442 1899 848 24282 16298 7984 Provisions for loan los 380863 380863 Bad debts 103411 86511 16900 Maintenance and repairs 32482 31716 635 131 Program supplies and eq 29719 20327 8683 709 37465 23270 12031 2164 10452350 9833849 523010 95491 428448 7172552 306388 920851 780241 743135 2168985 2899981 17311 57610 2839727 654387 1658477 2185340 5359850 13979469 108450 871402 3914392 2798706 3812110 406021 1756068 3313177 10353972 X 1596954 2102066 449719 1523431 2046673 3625497 5359850 13979469 1578824 0 X X 0 1 X 1 0 X 2557303 2035086 726475 1181043 11588164 18088071 2557303 2035086 726475 1181043 11588164 18088071 334658 17753413 82034 81096 160650 137999 123714 585493 18673564 2861674 0.95070 0.83370 X RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED 209450 209450 2119227 223531 1895696 170236 131830 38406 320887 279099 41788 19927 19927 0 2185340 Security Deposits 15480 Due to the State of Minnesota 1656897 Scholarship Donation Payable 83691 1756068 1 Agricultural Relief Grant 182 345000 Amount of cash grant awarded Rent/Mortgage/Utilities Assistance 506 3160895 Amount of cash grant awarded Small Business Relief Grant 289 2890000 Amount of cash grant awarded Cultural Mall 2 436713 Amount of cash grant awarded Business Relief Grants 26 292500 Amount of cash grant awarded Emergency Grants 146 200000 Amount of cash grant awarded Business Relief Grants 59 93336 Amount of cash grant awarded Business Recovery Grant 31 93000 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 135000 0 10000 0 0 0 0 0 25365 0 170365 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 2 695414 N/A North Country Produce LLC 1516 E Lake St Suite 201 Minneapolis MN 55407 371756530 Commercial kitchen for program participants MN 67423 75925 N/A East Side Enterprise Center LLC 798 Margaret Street Saint Paul MN 55106 463309623 Commercial rental real estate MN Latino Economic Development Center Related 57237 419634 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 209173 Cash less allowance East Side Enterprise Center LLC K 35779 Cash