2020-10-07T15:53:35-05:00 2019-12-31 411397419 Abdo Eick & Meyers LLP 5201 Eden Avenue Suite 250 Edina MN 55436 990 2019-01-01 510467167 Latino Economic Development Center LATI 6127245332 804 Margaret Street Saint Paul MN 55106 Henry Jimenez Executive Director 6127245336 2020-10-07 1 Steven D Anseth CPA P00552219 9528359090 2020-10-05 64.88.174.3 2020-10-07 14:46:34 CD P 6879FA90983B70ADDDB937C09D2C9BB5FC8FDFFF CB277B1F468BA9DF646D412E3449A8BD0EE2D41D 2019 2021-01-29 14:40:06Z Henry Jimenez 804 Margaret Street Saint Paul MN 55106 2861674 0 X www.ledcmn.org X 2003 MN To transform our community by creating economic opportunity for Latinos. 13 13 9 18 0 0 724565 1150591 525717 94254 0 605475 330 278543 1250612 2128863 0 0 0 0 453017 578686 0 0 63296 1439697 1360184 1892714 1938870 -642102 189993 5409522 5359850 3582783 3313177 1826739 2046673 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. 1 0 482845 823120 Business 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 1,000 hours of technical assistance were provided to start-up and existing businesses in twin cities area and more than 200 hours in greater Minnesota. LEDC provides a wide range of services for new and expanding businesses through one-on-one coaching. Areas of coaching include business planning, financial matters, cash flow needs, financial statements interpretation and marketing. Technical assistance is offered to clients when they are ready to start the process of becoming business owners. 154109 135 Education and Training: In 2019, 94 people participated in 41 micro-entrepreneurship training sessions, totaling 82 hours of training and 3,952 hours of accumulated individual training. Aspiring entrepreneurs received additional support from our business development team, which consisted in 260 hours of technical assistance, 195 hours of assessment support, and 233 hours of follow up through outreach. In total, our clients received 4,640 hours of business development support.Our academy also provided GED and English classes. Outcomes for these programs are as follows: We served 31 students in our GED program. We provided 96 sessions, totaling 768 hours of group training, and 11,904 hours of cumulative training.Lastly, we served 5 students in our ESL program. We provided 20 training sessions, totaling 40 hours of group training and 200 hours of cumulative training. 200752 155304 Lending Programs: For 2019, 14 loan packages were approved and closed, totaling $659,791.00 disbursed by LEDC. The funds for these loans came from LEDC's loan pool. Fifteen loans were paid in full. Through partnerships, additional funds were leveraged from state programs, local banks and community lenders. Over 90K came from DEED/ELP as matching funds. 27 thousand disbursed by RFA in loans for farmers. Over 2 million dollar leveraged. 2019 CDFI Certified Lender. From its creation until 12/31/19, LEDC has disbursed over 5 million dollars to support Latino owned businesses. 426354 Ag Development: LEDC continued to promote agricultural farm business development among immigrant vegetable growers and livestock small producers, providing services to individual Latino farmers, farmers in cooperatives, and prospective farmers. Over 1,500 hours of technical assistance were provided to 26 farmers and 5 stockmen. LEDC also worked to support a multi-cultural agricultural marketing cooperative which included (7) Latino and (1) non-Latino farmers working together to pool resources and land accounts they could not achieve on their own. LEDC was a key player in creating a link between Latino blueberry growers in Michigan with a Latino-owned farmers' cooperative in Minnesota. This led to $85,000 of blueberry sales for Michigan farmers in Minnesota markets. LEDC played a key sponsorship and advisory role in the Emerging Farmers Conference, the nation's premiere farmer's conference geared towards BIPOC and Immigrant farmers. More than 200 farmers attended the Conference over two days. LEDC processed loans for eight farmers and continued to create close relationships with Minnesota's Rural Finance Authority and Farm Service Agency. 426354 1264060 1 1 0 0 0 0 0 0 0 0 1 0 0 0 1 1 0 1 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 1 1 0 0 0 1 27 0 1 9 1 0 0 0 0 0 0 0 0 0 0 0 0 X 13 13 0 0 0 0 1 1 0 1 1 0 0 1 1 1 1 1 1 0 0 0 MN X X Henry Jimenez 6127245332 804 Margaret Street Saint Paul MN 55106 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 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 Andre Goodlet Director 1.00 X 0 0 0 Sonia Ortega Director 1.00 X 0 0 0 Henry Jimenez Executive Director 40.00 X 122500 0 18542 122500 0 18542 1 0 0 0 CliftonLarsonAllen LLP PO Box 776376 Chicago IL 606776376 Accounting 121040 1 11000 599336 540255 1150591 Other Income 900099 71524 71524 Program Fees 900099 21380 21380 Membership Dues 900099 1350 1350 94254 137999 137999 278830 0 278830 278830 278830 1200000 732524 467476 467476 467476 0 11000 287 -287 -287 2128863 978559 0 -287 X 141042 71743 59801 9498 292969 147354 126076 19539 1460 779 578 103 100358 53570 39741 7047 42857 16326 24352 2179 8313 8313 13099 4438 8661 169045 105136 63909 387404 231863 136217 19324 57376 36274 19972 1130 2850 2850 173367 155245 16393 1729 40319 27914 11543 862 6663 2828 3724 111 104204 104204 99749 95792 3579 378 23071 20428 2643 Bad debts 137712 79458 58254 Maintenance and repairs 54574 50765 3448 361 Program supplies and eq 34159 24740 9419 Publications 29875 18305 10535 1035 18404 5735 12669 1938870 1264060 611514 63296 918508 428448 197590 306388 9349 780241 2180345 2168985 16537 17311 2224258 565781 2046500 1658477 40693 5409522 5359850 76849 108450 3156581 2798706 349353 406021 3582783 3313177 X -82245 1596954 1908984 449719 1826739 2046673 5409522 5359850 189993 30452 -511 0 X X 0 1 X 1 0 X 2140717 2557303 2035086 726475 1181043 8640624 2140717 2557303 2035086 726475 1181043 8640624 1016115 7624509 42436 82034 81096 160650 137999 504215 9144839 2861674 0.83370 0.89080 X RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED 209450 209450 1527287 178242 1349045 170236 107511 62725 297358 260101 37257 19927 19927 0 1658477 Security Deposits 16010 Due to the State of Minnesota 306320 Scholarship Donation Payable 83691 406021 X Part X, Line 2: The Organization is exempt from income taxes under Section 501(c)(3) of the Internal Revenue Code and Minnesota Statute 290.05. Accordingly, no provision for income taxes is included in these financial statements. Because the Organization is a public charity, contributions to it may be deductible for tax purposes. Los Lagos, LLC and North Country Produce, LLC and are single member LLC's. Single member LLC's are disregarded for income tax reporting. Accordingly, their activity is included in LEDC's informational return. East Side Enterprise Center, LLC is not a taxpaying entity. All tax effects of the LLC are passed through to the members to be reported on their separate income tax returns. As of December 31, 2019 and 2018, the Organization has not identified any tax positions that qualify for either recognition or disclosure in the financial statements. No income tax jurisdictions have commenced any examinations of the Organization as of December 31, 2019. Form 990, Part III, line 2 Ag Development: LEDC continued to promote agricultural farm business development among immigrant vegetable growers and livestock small producers, providing services to individual Latino farmers, farmers in cooperatives, and prospective farmers. Over 1,500 hours of technical assistance were provided to 26 farmers and 5 stockmen. LEDC also worked to support a multi-cultural agricultural marketing cooperative which included (7) Latino and (1) non-Latino farmers working together to pool resources and land accounts they could not achieve on their own. LEDC was a key player in creating a link between Latino blueberry growers in Michigan with a Latino-owned farmers' cooperative in Minnesota. This led to $85,000 of blueberry sales for Michigan farmers in Minnesota markets. LEDC played a key sponsorship and advisory role in the Emerging Farmers Conference, the nation's premiere farmer's conference geared towards BIPOC and Immigrant farmers. More than 200 farmers attended the Conference over two days. LEDC processed loans for eight farmers and continued to create close relationships with Minnesota's Rural Finance Authority and Farm Service Agency. 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.org additionally, governing documents, conflict on interest polices, and finacial statements are available at the Organization's offices upon request. Form 990, Part IX, line 11g Consulting - Business: Program service expenses 27,486. Management and general expenses 16,708. Fundraising expenses 0. Total expenses 44,194. Consulting - Training: Program service expenses 32,664. Management and general expenses 19,856. Fundraising expenses 0. Total expenses 52,520. Consulting - General: Program service expenses 160,846. Management and general expenses 78,446. Fundraising expenses 1,040. Total expenses 240,332. Computer Support Fees: Program service expenses 7,847. Management and general expenses 15,314. Fundraising expenses 0. Total expenses 23,161. Payroll Processing Fees : Program service expenses 2,172. Management and general expenses 4,239. Fundraising expenses 0. Total expenses 6,411. Professional Fees - General: Program service expenses 848. Management and general expenses 1,654. Fundraising expenses 0. Total expenses 2,502. Technical Assistance Fees: Program service expenses 0. Management and general expenses 0. Fundraising expenses 18,284. Total expenses 18,284. 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 506023 695558 N/A North Country Produce LLC 1516 E Lake St Suite 201 Minneapolis MN 55407 371756530 Commercial kitchen for program participants MN 86690 108974 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 58993 427434 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 199171 Cash less allowance East Side Enterprise Center LLC K 43976 Cash