2024-11-12T16:22:36-07:00 2023-12-31 990 2023-01-01 411520829 DULUTH 1200 FUND INC DULU 2187305054 411 West First Street Room 402 Duluth MN 55802 Laura Mullen President 2182217470 2024-11-13 1 2023 2024-10-15 13:58:12Z Laura Mullen 411 West First Street Room 402 Duluth MN 55802 134046 0 X 1200fund.com X 1985 MN The purpose of the 1200 Fund is to provide low, or no interest loans and other financial assistance (grants) to eligible individuals and businesses located in or near the City of Duluth, MN, in order to create and/or retain jobs and confront economic deterioration within the Duluth area. 6 6 0 6 0 0 1500000 0 35563 36908 18251 97138 0 0 1553814 134046 16493 219050 0 0 0 0 0 0 0 135715 199050 152208 418100 1401606 -284054 3115716 2853742 3357 11360 3112359 2842382 The 1200 Fund's purpose is to provide low or no interest loans & other financial assistance (grants) to local Duluth area individuals and businesses to confront economic deterioration & loss of jobs. Financing, provided by a governmental funded revolving loan fund, is intended to provide assistance to individuals & businesses that aren't able to obtain affordable, adequate, or appropriate financing from other conventional sources. The primary requirement for assistance is the recipient provides for new job creation and/or retention of existing jobs. 0 0 418100 219050 134046 There were 6 new 1200 Fund Advance/Bridge loans that were approved and drawn down in 2023. Four loans contained a provision for partial loan forgiveness based on the number of new jobs created and maintained for a specific period of time and 2 loans were given to expand a business for a current 1200 Fund client. For the loans with a partial loan forgiveness clause, quarterly job reporting is required in order to substantiate the amount of loan forgiveness that will be granted to the borrowers upon fulfillment of the loan agreements' job creation & maintenance requirements. In 2023, there were 5 business entities that qualified for loan forgiveness because of achieving their job creation and maintenance provisions of their loans; or, they met the required number of childcare slots created and maintained, per their agreements. The Duluth Downtown business and retail area continues to suffer from the many business closings, from the effects of the COVID pandemic, with many empty and unoccupied office and retail spaces still remaining in 2023. In 2023, the 1200 Fund gave grants to several non-profits, whose mission & purposes are to assist entrepreneurs and businesses, to stimulate the growth & success of businesses, and for the creation of more daycare businesses, for which there is high demand for, but not enough daycare openings. In 2023, The 1200 Fund also started the Mentorship Loan Program, which are low interest loans given to new businesses to assist them in their startup costs and to build credit, along with assistance from SCORE.org, known for their expert business knowledge & support for businesses. Four Mentorship Loans were given in 2023. 0 0 0 418100 1 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 1 1 0 0 0 0 0 0 0 0 0 1 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 1 0 0 1 0 0 0 0 0 0 0 0 0 0 0 0 0 X 6 6 0 0 0 0 0 0 0 1 1 0 0 1 0 0 1 0 0 0 MN X City of Duluth MN Duluth City Auditor 2187305054 411 West First Street Room 402 Duluth MN 55802 X Laura Mullen President/Director 0.50 0 X 0 0 0 Julie Pierce Vice President/Director 0.25 0 X 0 0 0 Emily Vikre Director 0.10 0 X 0 0 0 Fred Lewis Director 0.10 0 X 0 0 0 Jebeh Edmunds Director 0.10 0 X 0 0 0 Simone Giacomelli Director 0.10 0 X 0 0 0 0 0 0 0 0 0 0 0 0 Consumer Lending 522291 36908 36908 0 0 0 0 0 0 36908 97138 97138 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 134046 134046 0 0 X 219050 219050 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 42083 42083 0 0 23711 23711 0 0 86 86 0 0 0 0 0 0 0 0 0 0 0 0 17574 17574 0 0 0 0 0 0 21 21 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 1040 1040 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 114535 114535 0 0 418100 418100 0 0 2525522 2019544 590194 834198 3115716 2853742 3357 11360 3357 11360 X 3112359 2842382 0 0 0 0 3112359 2842382 3115716 2853742 -284054 14077 0 0 0 0 X 1 X 0 0 0 X 24212 13046 29719 1535563 36908 1639448 24212 13046 29719 1535563 36908 1639448 1639448 83176 31058 -4061 -10660 111215 210728 1850176 0.88610 0.90644 X 148123 14077 0 0 0 14077 134046 0 0 0 134046 418100 0 0 0 0 0 418100 0 0 0 418100 Schedule D, Part XI, Line 2d Change in FMV Book Entry, unrealized investment income. 1 Northland Foundation 202 W Superior Street Suite 610 Duluth MN 55802 411554455 150863 Non-profit Northland Foundation received the grant funding to perform the Northland Jump Into Child Care Activity grant, to attract and create more child care in the Duluth area. The grant agreement included developing application and eligibility criteria, create an outreach plan, release and provide technical assistance to Day care provider applicants, make funding awards, finalize training & peer learning plans, connect projects with other resources, analyze pilot project reports, and prepare final reports to the Duluth 1200 Fund. Northeast Entrepreneur Fund 202 W Superior Street Suite 311 Duluth MN 55802 363566632 60000 The Northeast Entrepreneur Fund received the Downtown Duluth Revitalization Project grant, to assist businesses in need to help revitalize the Downtown Duluth Business district. The Entrepreneur Fund received $50,000 for grants to be given to eligible businesses ($2,500 each), and $10,000 to cover the Entrepreneur Fund's costs to perform tasks per the grant's guidelines, which entailed developing grant criteria & application forms, solicit grant applications, review & make recommendations for the grants and compliance with eligibility, submit recommendations, prepare grant agreements for eligible businesses, disburse grant funding, monitor grant compliance, and report to the 1200 Fund. Note: An $11,000 match was required from the organization Downtown Duluth. 4 0 Schedule I, Part I, Line 2 The non-profit organizations that were given grants for business development and childcare development were required to send the 1200 Fund reports, with the details of how the assistance was spent and the outcomes. Form 990, Part VI, Section A, Line 6 Form 990, Part VI, Section A, Line 6 - The Mayor of the City of Duluth appoints, and if necessary, removes the members of this corporation. All members of the corporation shall constitute the Board of Directors. The business affairs of the corporation are managed by the Board of Directors. Form 990, Part VI, Section B, Line 11b Form 990, Part VI, Section B, Line 11b - Form 990, Part VI, Section B, Line 11b - Part VI, Line 11b-Organization's Process to Review Form 990: The Form 990 is prepared in conjunction with the financial reporting for the City of Duluth, MN. After the return and supporting schedules are prepared, it is reviewed by the City's Auditor and the corporation's Administrator, and is signed by an officer of the corporation. Form 990, Part VI, Section B, Line 12a Form 990, Part VI, Section B, Line 12a - The Duluth 1200 Fund has no written conflict of interest. At some time in the future we may consider adoption policies on these statements. Form 990, Part VI, Section B, Line 13 Form 990, Part VI, Section B, Line 13 - The Duluth 1200 Fund has no written whistleblower policies. At some time in the future we may consider adoption policies on these statements. Form 990, Part VI, Section B, Line 14 Form 990, Part VI, Section B, Line 14 - The 1200 Fund does not have its own written document retention and destruction policy and follows the City of Duluth's written document retention and destruction policy. Form 990, Part VI, Section B, Line 15 Form 990, Part VI, Section B, Line 15 - The corporation has no employees and are all volunteers. No amount of compensation is paid to any top management official, other officer, or any key employees of the corporation. Form 990, Part VI, Section C, Line 19 Form 990, Part VI, Section C, Line 19 - Form 990, Part VI, Section C, Line 19: Governing Documents Disclosure Explanation- All of the organization's governing documents, policies, and financial statements are available upon request at Duluth City Hall, Room 402, 411 West First Street, Duluth, MN 55802. Form 990, Part IX, Line 24e In 2023, $114,535.21 was "written off" as uncollectible accounts for the 5 business entities that fulfilled their job creation/maintenance clauses or the daycare slot creation/maintenance clauses of their Duluth 1200 Fund Loan Agreements. Per each loan agreement, the amount of loan forgiveness was deducted from each of their outstanding loan balances. An extension was filed by the May 15 2024 due date, but it failed to go through. It resent after the due date at the end of May, 2024, but it was rejected by the IRS since it was then considered late. Our apologies for not catching that the original extension did not go through.