2024-09-06T10:42:13-05:00 2023-12-31 411397419 Abdo LLP 5201 Eden Ave Ste 250 Edina MN 55436 990 2023-01-01 410975738 Lake Street Council LAKE 6128220232 2925 Chicago Ave S 190 Minneapolis MN 55407 Allison Sharkey Executive Director 6128220232 2024-09-04 1 1 Hannah M Hugen P02078276 9528359090 2024-08-14 2023 2024-08-08 14:25:15Z Allison Sharkey 2925 Chicago Ave S 190 Minneapolis MN 55407 1592333 0 X www.Lakestreetcouncil.org X 1968 MN Lake Street Council engages, serves, and advocates for the Lake Street business community in Minneapolis to ensure the vitality and prosperity of the commercial corridor. 16 16 11 16 0 0 1323151 1527034 0 0 385 60955 8011 4344 1331547 1592333 1211217 916156 0 0 807556 931378 0 0 203752 416091 645850 2434864 2493384 -1103317 -901051 5311066 4149614 220025 189624 5091041 3959990 X Lake Street Council engages, serves, and advocates for the Lake Street business community in Minneapolis to ensure the vitality and prosperity of the commercial corridor. 0 0 535768 29389 Community Engagement: Lake Street Council ("LSC") supports the Lake Street community in Minneapolis to ensure the vitality and prosperity of the commercial corridor and its 16 surrounding neighborhoods. We engage entrepreneurs, employees, residents, and institutional stakeholders in programs that promote equitable and accessible economic development. As the main business association for Lake Street, we regularly hear from business and property owners throughout the corridor about the concerns that matter to them, and our priorities shift to reflect the needs of the moment. We also work to ensure that the full diversity of voices on Lake Street are heard by decision makers. We seek out and nurture leaders in our business community, especially those who are immigrants and/or people of color, who can share their individual perspective and reflect parts of the community that may not otherwise be heard. Our core programs include community engagement through small business advising, visitor attraction, placemaking initiatives, and financial relief for small businesses and nonprofits impacted by social unrest. 341122 192388 Technical assistance and small business support: The Lake Street Council provides small business advising in English, Spanish, and Somali. In 2023, our focus has moved from immediate recovery to sustaining and growing community wealth and providing vital support to small businesses and entrepreneurs still struggling to succeed under challenging circumstances. We launched a workshop series focused on maintaining financial documentation, building credit, and planning for business expansion. We provided grants to businesses to improvements their properties. We supported businesses through road construction and working with partners started to increase the adaptation of energy efficiency practices at businesses. 498115 320999 We Love Lake Street (WLLA) Recovery Fund: In late May 2020, civil unrest erupted in the Lake Street corridor as the community reacted to the murder of George Floyd. More than 400 businesses were looted, damaged, or destroyed by fire in the aftermath. The events that unfolded during those weeks have had a deep and lasting impact on Lake Street. The broader community came together to support these impacted businesses, and the WLLS recovery fund raised more than $12 million dollars in a matter of weeks. The purpose of the WLLS recovery fund is to support the recovery of businesses and nonprofit organizations in the Lake Street corridor. To facilitate the distribution offunds, we created the WLLS recovery fund oversight committee (the "oversight committee"), which includes local leaders with a history of supporting Lake Street's diverse business community. The oversight committee was charged with determining funding allocations, making decisions about funding priorities and guidelines, and handling the application and review processes for business grants. The oversight committee and its subcommittees decided who received funding and in what amount.In 2023 this fund continued to invest in grants and forgivable loans to displaced businesses that were seeking to reopen, to immigrant entrepreneurs who owned demolished properties who were seeking predevelopment support to start the process of rebuilding, and to community nonprofits that sought to redevelop demolished property to provide affordable commercial space for local small businesses. 435166 373380 Visitor attraction and placemaking initiative: Through community activation events and millions of impressions online in the past year, we have uplifted individual businesses, highlighted our successes, and supported our partners. Our Lake Street Reimagined program continues to bring people out to discover and support Lake Street while creating opportunities for local artists and culture bearers. We provided funding for 20 murals, four sculptures and standalone installations, and two vinyl art installations. 435166 373380 1810171 1 1 0 1 0 0 0 0 0 0 0 0 0 0 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 0 0 0 0 0 0 1 36 0 1 11 1 0 0 0 0 0 0 0 0 0 0 0 0 X 16 16 0 0 0 0 1 0 0 1 1 0 0 1 1 1 1 1 1 1 1 0 MN X X Allison Sharkey 6128220232 2925 Chicago Ave S 190 Minneapolis MN 55407 Baba Letang President 2.00 X X 0 0 0 Vicki Karr Vice President and Secrata 2.00 X X 0 0 0 Ronnie Taylor Treasurer 2.00 X X 0 0 0 Hibo Abdi Director 1.00 X 0 0 0 Ted Campbell Director 1.00 X 0 0 0 Rich Esquivel Director 1.00 X 0 0 0 Daniel Farias Director 1.00 X 0 0 0 Hodan Guled Director 1.00 X 0 0 0 Staci Hesthaven Director 1.00 X 0 0 0 Julie Ingebresten Director 1.00 X 0 0 0 Enrique Blanco Executive Comittee 1.00 X 0 0 0 Dipankar Mukherjee Director 1.00 X 0 0 0 Miluska Novota Director 1.00 X 0 0 0 Alison Pence Director 1.00 X 0 0 0 Jackie Knight Executive Comittee 1.00 X 0 0 0 Ana Columba Reyes Director 1.00 X 0 0 0 Allison Sharkey Executive Director 40.00 X 98751 0 3878 98751 0 3878 0 0 0 0 0 17665 6500 379051 1123818 1527034 60955 60955 4344 6500 0 4344 4344 1592333 0 0 65299 X 785756 785756 130400 130400 102630 63652 18464 20514 714271 442847 128575 142849 21368 13368 3789 4211 34440 21546 6107 6787 58669 36375 10561 11733 71810 71810 25000 25000 281350 196013 80805 4532 90166 50701 39465 23585 1967 16760 4858 36907 36907 40814 8520 32294 1302 737 565 41027 29717 4810 6500 7205 7205 Meals and entertainment 16545 1340 15187 18 Bank Charges 4207 1232 1225 1750 Dues and subscriptions 3183 1000 2183 Telephone and internet 485 485 2264 2264 2493384 1810171 479461 203752 2326644 1639309 2734488 2301218 246010 202779 3924 6308 5311066 4149614 220025 189624 220025 189624 X 3430951 2486022 1660090 1473968 5091041 3959990 5311066 4149614 -901051 -230000 0 X X 0 1 X 1 0 X 381267 15041407 1481466 1323151 1527034 19754325 381267 15041407 1481466 1323151 1527034 19754325 1207148 18547177 255 1050 385 65299 66989 19821314 26545 0.93570 0.93350 X RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED 0 0 0 0 0 0 0 0 1 25000 25000 0 Part II-B, Line 1: Expenditures for services of Park Street Public LLC consulting related. 0 1592333 0 1592333 0 1592333 2493384 0 2493384 0 2493384 1 2709 East Lake LLC 418 County Road D East Saint Paul MN 55117 920292581 0 50000 General Support Antione Jenkins 400 2nd Street Southeast Apt 111 Minneapolis MN 55414 851584625 0 7500 General Support Blue Horn Properties LLC 1201 East Lake Street Suite 1E Minneapolis MN 55407 831650558 0 25000 General Support Circulo de Amigos Child Care Center 2830 Cedar Avanue South Minneapolis MN 55407 272100603 0 15000 General Support COPAL 3702 East Lake Street Minneapolis MN 55406 831380358 501(c)(3) 0 84500 General Support Copla LLC 4027 Blaisdell Ave S MInneapolis MN 55409 861645771 0 26000 General Support Dominic Nzara 3009 Nicollet Avenue Minneapolis MN 55408 061810620 0 10000 General Support EL GUANACO BAKERY III 849 E 7th S Saint Paul MN 55106 873489667 0 25000 General Support Evolution Enterprises LLC 2836 Lyndale Avenue South Minneapolis MN 55408 854240202 0 15000 General Support Grass Roots Real Estate 322 West Lake Street Unit 211 Minneapolis MN 55408 881620740 0 25000 General Support Hi-Gate Clinic 2911 26th Avenue South Minneapolis MN 55406 882198018 0 10000 General Support Jacob Dwyer 1442 Calvert Avenue Apt 8 Detroit MI 48206 821794221 0 11250 General Support Jared Hanks 728 E 16th St Apt 33 Minneapolis MN 55404 820704491 0 15000 General Support Kort Sign Design 1301 North Washington Avenue MInneapolis MN 55411 411639002 0 13600 General Support Lynlake Improvement Association Inc 2928 Lyndale Avenue South Minneapolis MN 55408 411494858 501(c)(3) 0 15000 General Support Madina Mall LLC 2323 11th Ave South Minneapolis MN 55404 881327253 0 15000 General Support Mercado Central LLC 1515 East Lake Street Minneapolis MN 55407 522294499 0 10000 General Support Midtown Greenway Coalition 2834 10th Ave South Minneapolis MN 55407 411825584 0 14000 General Support Neighborhood Development Center 663 University Avenue West Saint Paul MN 55104 411738791 501(c)(3) 0 24186 General Support Peyton Scott Russell 2346 North Vincent South Minneapolis MN 55411 900709760 0 25500 General Support Victor M Ariza 600 East Lake Street Minneapolis MN 55407 871165020 0 9280 General Support VY Management LLC 7900 Telegraph Road Minneapolis MN 55438 822141219 0 50000 General Support WeArtist Collective 2945 Garfield Avenue Minneapolis MN 55408 862983710 0 19200 General Support 3 30 Grants to individuals 8 130400 Part I, Line 2: During the grant application process, grantees are asked to submit information about the use of the grant (e.g. repair building damage or replace inventory, equiptment or furnishes.) Once the funds have been dispursed, grantees are asked to provide periodic reports on the use of funds (typically at six-month internval), including before and after photographic documentation. The organization uses such reports to monitor the appropriate use of grant funds and to ensure that the funds aren't otherwise derived. Form 990, Part VI, Section A, line 6 Membership shall consist of one class of membership. Criteria for membership shall include completing an application for membership and paying annual dues. Members are entitled to vote and have equal rights and preferences in matters not otherwise provided for by the board. The term of membership shall be one year. Form 990, Part VI, Section B, line 11b The Executive Director has reviewed form 990 for the tax year 2023, and presented an overview of it to members of the Board of Directors. Form 990, Part VI, Section B, line 12c If a perceived or potential conflict is identified, board members are asked to state their perceived or potential conflict in writing to the board, where guidance deemed appropriate is determined. Board members are also required to sign the conflict of interest policy. Form 990, Part VI, Section B, line 15 For the Executive Director, an annual evaluation has been conducted by the Executive Committee of the Board. The committee has consulted the Minnesota Council of Nonprofits' survey of nonprofit organization salaries & benefits. For other regular employees, the annual evaluation has been conducted by the Executive Director and the survey has also consulted. Form 990, Part VI, Section C, line 18 Documents are made available upon request and the 990 can be viewed on Guidestar.com Form 990, Part VI, Section C, line 19 LSC's governing documents, conflict of interest policy and financial statements are available to the public upon request. Form 990, Part IX, line 11g Contract Labor: Program service expenses 196,013. Management and general expenses 80,805. Fundraising expenses 4,532. Total expenses 281,350. Form 990, Part XII, Line 2C: The Board of Directors assumes responsibility for the oversight of the audit.