Nonprofit · EIN 06-1665031
CITY OF LAKES COMMUNITY LAND TRUST
Tax-exempt · MINNEAPOLIS, MN 55405
Financials
| Year ended | Form | Revenue | Expenses | Net income | Total assets | Liabilities | Net assets |
|---|---|---|---|---|---|---|---|
| December 31, 2024 | 990 | $3,142,461 | $3,512,334 | -$369,873 | $31,414,217 | $14,670,112 | $16,744,105 |
| December 31, 2023 | 990 | $13,296,198 | $2,202,127 | $11,094,071 | $32,072,076 | $15,151,098 | $16,920,978 |
Financial details: 990 for the year ended December 31, 2024
Revenue
- Contributions, gifts and grants
- $5,519,431
- of which government grants
- $5,077,104
- Membership dues
- $6,825
- Program service revenue
- $446,557
- Investment income
- $440,880
- Net income from sales of inventory
- -$3,264,407
- Other revenue
- -$3,264,407
Expenses
- Grants and similar amounts paid
- $0
- Compensation of officers, directors and key employees
- $335,276
- Other salaries and wages
- $288,196
- Salaries, compensation and benefits (total)
- $709,105
- Professional fundraising fees
- $0
- Accounting fees
- $26,648
- Occupancy
- $47,354
- Travel
- $504
- Depreciation
- $35,410
- Program services (functional)
- $3,445,698
- Management and general (functional)
- $46,543
- Fundraising (functional)
- $20,093
Balance sheet and other
- Total assets, start of year
- $32,072,076
- Total assets, end of year
- $31,414,217
- Total liabilities, end of year
- $14,670,112
- Net assets, end of year
- $16,744,105
- Land, buildings and equipment
- $305,623
- Net assets without donor restrictions
- $16,481,118
- Net assets with donor restrictions
- $262,987
- Gross receipts
- $7,571,868
- Employees
- 9
- Volunteers
- 20
- Year formed
- 2002
- State of legal domicile
- MN
From the e-filed returns the IRS publishes as XML (latest three processing years; amended returns replace the original). PDF copies at the IRS.
Officers, directors and key employees
As listed on the 990 for the year ended December 31, 2024, highest compensation first.
| Name | Title | Hours / week | Compensation | Other / benefits |
|---|---|---|---|---|
| ANDREA REESE | EXECUTIVE DIRECTOR Officer | 37 | $104,369 | $20,281 |
| STACI HORWITZ | OPERATIONS DIRECTOR Officer | 36.5 | $90,692 | $16,369 |
| MOLLIE MOSMAN | FINANCE DIRECTOR Officer | 36.5 | $91,903 | $11,662 |
| CATRICE WILLIAMS | CHAIR Trustee or director, Officer | 0.5 | $0 | $0 |
| MARY CHRISTIANSON | VICE CHAIR Trustee or director, Officer | 0.5 | $0 | $0 |
| CHRISTINA A JENNINGS | TREASURER Trustee or director, Officer | 0.5 | $0 | $0 |
| LIBBY F MURPHY | SECRETARY Trustee or director, Officer | 0.5 | $0 | $0 |
| JASMINE BILLEY | MEMBER Trustee or director | 0.5 | $0 | $0 |
| RHEA BLUEARM | MEMBER Trustee or director | 0.5 | $0 | $0 |
| NATALY SANCHEZ | MEMBER Trustee or director | 0.5 | $0 | $0 |
| LUCIE SKJEFTE | MEMBER Trustee or director | 0.5 | $0 | $0 |
| MINKARA TEZET | MEMBER Trustee or director | 0.5 | $0 | $0 |
| BONITA TURNIPSEED | MEMBER Trustee or director | 0.5 | $0 | $0 |
| J RALPH PACE | MEMBER Trustee or director | 0.5 | $0 | $0 |
990 for the year ended December 31, 2023: 17 people
| Name | Title | Hours / week | Compensation | Other / benefits |
|---|---|---|---|---|
| STACI HORWITZ | OPERATIONS DIRECTOR Officer | 36.5 | $98,872 | $17,159 |
| MOLLIE MOSMAN | FINANCE DIRECTOR Officer | 36.5 | $97,106 | $13,181 |
| JEFF WASHBURNE | FORMER EXECUTIVE DIRECTOR Officer | 37 | $87,108 | $8,834 |
| ANDREA REESE | EXECUTIVE DIRECTOR Officer | 37 | $54,922 | $9,333 |
| ALICIA SMITH | CHAIR Trustee or director, Officer | 2 | $0 | $0 |
| LAO LU HANG | TREASURER Trustee or director, Officer | 2 | $0 | $0 |
| LIBBY MURPHY | SECRETARY Trustee or director, Officer | 2 | $0 | $0 |
| SHEILA BLAND | MEMBER Trustee or director | 1 | $0 | $0 |
| J RALPH PACE | MEMBER Trustee or director | 1 | $0 | $0 |
| NATALY SANCHEZ | MEMBER Trustee or director | 1 | $0 | $0 |
| MATTHEW C SARGENT | MEMBER Trustee or director | 1 | $0 | $0 |
| PEGGY MOORE | MEMBER Trustee or director | 1 | $0 | $0 |
| TAYLOR SMIRKARAVA | MEMBER Trustee or director | 1 | $0 | $0 |
| MINKARA TEZET | MEMBER Trustee or director | 1 | $0 | $0 |
| CHRISTINA JENNINGS | MEMBER Trustee or director | 1 | $0 | $0 |
| BONITA TURNIPSEED | MEMBER Trustee or director | 1 | $0 | $0 |
| CATRICE WILLIAMS | MEMBER Trustee or director | 1 | $0 | $0 |
Address and contacts
- Address (IRS master file)
- 1930 GLENWOOD AVE, MINNEAPOLIS, MN 55405-1248
- In care of
- % JEFFREY WASHBURNE
- Principal officer (990 for 2024)
- STACI HORWITZ, 1930 GLENWOOD AVENUE, MINNEAPOLIS, MN 55405
- Signed the 990
- STACI HORWITZ, INTERIM EXECUTIVE DIRECTOR
- Phone
- (612) 594-7150
- Website
- WWW.CLCLT.ORG
- Return prepared by
- MAHONEY ULBRICH CHRISTIANSEN & RUSS PA
Mission
CREATING COMMUNITY OWNERSHIP THAT PRESERVES AFFORDABILITY AND INCLUSIVITY IS THE MISSION OF THE CITY OF LAKES COMMUNITY LAND TRUST.
Program accomplishments
- IN 2024 THE CLCLT ASSISTED 48 NEW HOUSEHOLDS ACHIEVE CLCLT HOMEOWNERSHIP IN MINNEAPOLIS, BRINGING THE TOTAL NUMBER OF HOMES IN TRUST TO 415 VIA GROUND LEASE AND DEED RESTRICTIONS. CONSTRUCTION ON THE CLCLT'S TWO LARGEST PROJECTS, THE 628 (7-UNIT CONDOMINIUM COMPLEX) AND HARRISON TOWNHOMES (17-UNITS), WERE COMPLETED IN 2024. CLOSINGS ON INDIVIDUAL HARRISON TOWNHOMES STARTED IN APRIL 2024 AND THE 628 IN OCTOBER 2024. ADDITIONALLY, THE CLCLT ACQUIRED FIFTEEN NEW PROPERTIES THROUGH ITS HOMEBUYER INITIATED PROGRAM; FOUR HOMES THROUGH PARTNERSHIPS WITH OTHER NONPROFIT DEVELOPERS; ONE THROUGH THE SELLER-LEVERAGED PROGRAM; THREE THROUGH PROJECT: SUSTAINED LEGACY; THREE EXISTING CONTRACT FOR DEED HOLDERS REFINANCED INTO CONVENTIONAL MORTGAGE; AND THREE CONTRACT FOR DEEDS WERE CANCELLED. OF ALL HOUSEHOLDS SERVED IN 2024, 61% WERE FROM COMMUNITIES OF COLOR, AND THE AVERAGE AREA MEDIAN INCOME WAS 51.06%IN ADDITION TO THE 415 HOMES IN TRUST AT YEAR-END 2024, THE CLCLT ALSO OWNS AND MAINTAINS FOUR RENTAL PROPERTIES, THE CLCLT OFFICE BUILDING, AND SEVERAL ADDITIONAL PROPERTIES UNDER DEVELOPMENT IN MINNEAPOLIS. EACH OF THESE PROPERTIES WILL REMAIN PERPETUALLY AFFORDABLE WITH NO OR VERY LITTLE ADDITIONAL AFFORDABILITY INVESTMENT BEING NEEDED AGAIN. AS OF YEAR-END 2024 THE CLCLT HAD ALSO FACILITATED A TOTAL OF 132 RESALES. IT'S IMPORTANT TO NOTE THAT NO NEW PUBLIC INVESTMENTS WERE NEEDED TO CREATE AFFORDABILITY FOR THE 134 RESALES DUE TO THE LONG-TERM AFFORDABILITY MECHANISM BUILT INTO THE COMMUNITY LAND TRUST. THE RESALES REPRESENT 134 LOW- AND MODERATE-INCOME HOUSEHOLDS WHO WERE ASSISTED INTO HOMEOWNERSHIP WITHOUT THE CLCLT NEEDING TO RAISE ADDITIONAL FUNDS TO KEEP THE HOMES AFFORDABLE DESPITE RAPIDLY RISING HOME VALUES IN MINNEAPOLIS AND INCREASING INTEREST RATES NATIONALLY. ALTHOUGH CONSTRUCTION COSTS STABILIZED SLIGHTLY IN 2024, THE IMPACT CONTINUES TO BE FELT ON CONSTRUCTION PROJECTS. EVEN THOUGH PUBLIC FUNDERS HAVE BEGUN TO ADJUST THEIR PER UNIT AFFORDABILITY OR DEVELOPMENT GAP MAXIMUM SUBSIDY LEVELS, THE CLCLT REMAINS CAUTIOUS ABOUT TAKING ON DEVELOPMENT PROJECTS WITHOUT AMPLE GAP RESOURCES OR DEFINITIVE PERMANENT FINANCING SOURCES AVAILABLE TO ENSURE THE HOMES ARE PRICED AFFORDABLY AT COMPLETION.IN 2024 THE CLCLT SPONSORED OVER 28 CLCLT ORIENTATIONS. CONTINUING TO PROVIDE VIRTUAL ORIENTATIONS HAS ALLOWED THE CLCLT TO OFFER ORIENTATIONS WITHOUT LIMITING THE NUMBER OF ATTENDEES DUE TO SPACE RESTRICTIONS. ADDITIONALLY, THE CLCLT PARTICIPATED IN FOUR COMMUNITY EVENTS AND FACILITATED FOUR COMMUNITY CONVERSATIONS. THROUGH THESE OUTREACH OPPORTUNITIES, THE CLCLT ESTIMATES IT WAS ABLE TO INFORM OVER 1,000 COMMUNITY MEMBERS ABOUT COMMUNITY LAND TRUST HOMEOWNERSHIP AND THE CLCLT'S PATHS INTO HOMEOWNERSHIP. ADDITIONALLY, THE CLCLT CONTINUES TO MEET WITH HOMEBUYERS VIRTUALLY, PRESENT TO NEIGHBORHOODS AND SOCIAL/HUMAN SERVICE PROVIDERS, AND OTHER STAKEHOLDERS ABOUT HOMEBUYER OPPORTUNITIES IN THE COMMUNITY AND THROUGH THE CLCLT WAY OF HOMEOWNERSHIP. AT YEAR'S END, CLCLT WAS STAFFED BY 6.8 FTE. OTHER SIGNIFICANT EVENTS IN 2024: CLCLT'S LONG-TIME FINANCE DIRECTOR TRANSITIONED OUT OF THE ORGANIZATION IN NOVEMBER 2024.Expenses $3,371,653 · revenue -$2,926,061
- CITY OF LAKES COMMUNITY REALTY (CLCR), A MINNESOTA LIMITED LIABILTY NONPROFIT COMPANY, WAS FORMED TO FACILITATE LAND TRUST RESALES, PURCHASES, AND SELL RESIDENTIAL REAL ESTATE ON BEHALF OF CLCLT, AND TO REPRESENT REAL ESTATE TRANSACTIONS OF PARTNER ORGANIZATIONS PROVIDING AFFORDABLE HOME OWNERSHIP. THE ACTIVITIES ARE SUPPORTED PRIMARILY FROM COMMISSIONS ON REAL ESTATE SALES.Expenses $74,045 · revenue $108,211
What it must file and when
IRS records say it files Form 990 or 990-EZ. Based on its last return; a smaller organization may file the 990-N. Its accounting year ends in December, so each return is due on the 15th day of the 5th month after that.
| Tax year | Year ended | Due | IRS public records |
|---|---|---|---|
| 2025 | December 31, 2025 | May 15, 2026 | Not on file |
| 2024 | December 31, 2024 | May 15, 2025 | 990 on file |
| 2023 | December 31, 2023 | May 15, 2024 | 990 on file |
IRS record
- EIN
- 06-1665031
- Tax-exempt status
- 501(c)(3): Charitable, religious, educational or scientific organization
- Foundation status
- Publicly supported organization (170(b)(1)(A)(vi))
- Donations deductible (Pub 78)
- Public charity, 50% deduction limit
- Exempt since
- 2003
- Accounting year ends
- December
- Files
- Form 990 or 990-EZ
- Category (NTEE)
- Housing and shelter (L20)
- Assets (IRS master file)
- $31,414,217
- Income (IRS master file)
- $7,571,868
Filing history
| Form | Year ended | Revenue | Expenses | Assets | Return |
|---|---|---|---|---|---|
| 990 | December 2024 | $3,142,461 | $3,512,334 | $31,414,217 | XML |
| 990 | December 2023 | $13,296,198 | $2,202,127 | $32,072,076 | XML |
| 990 | December 2022 | $2,266,852 | $4,308,132 | $15,797,710 | IRS |
| 990 | December 2021 | – | – | – | IRS |
| 990 | December 2020 | – | – | – | IRS |
| 990 | December 2018 | – | – | – | IRS |
990-N: the IRS bulk file holds only the latest e-Postcard per organization; earlier years come from archived copies of that file since 2020 and can have gaps (the IRS e-Postcard search lists every one). 990, 990-EZ, 990-PF, 990-T: every e-filed return in the IRS e-file index since 2019; XML for the latest three processing years, amounts from the IRS Statistics of Income extracts before that. PDF copies and determination letters at the IRS (search EIN 06-1665031).
Questions about CITY OF LAKES COMMUNITY LAND TRUST
- What is the EIN of CITY OF LAKES COMMUNITY LAND TRUST?
- The employer identification number (EIN) of CITY OF LAKES COMMUNITY LAND TRUST is 06-1665031.
- Is CITY OF LAKES COMMUNITY LAND TRUST tax-exempt?
- Yes. The IRS lists it as tax-exempt under section 501(c)(3) since 2003.
- Are donations to CITY OF LAKES COMMUNITY LAND TRUST tax-deductible?
- Yes. It is listed in IRS Publication 78 (Public charity, 50% deduction limit).
- Which annual return does CITY OF LAKES COMMUNITY LAND TRUST file?
- Form 990 or 990-EZ. Based on its last return; a smaller organization may file the 990-N.
- When is the next return of CITY OF LAKES COMMUNITY LAND TRUST due?
- The return for tax year 2025 (the year ending December 31, 2025) is due May 15, 2026. Form 8868 extends it by six months; the 990-N cannot be extended.
- When did CITY OF LAKES COMMUNITY LAND TRUST last file with the IRS?
- The latest return in the IRS public files is the 990 for the year ended December 2024.
- Who is the principal officer of CITY OF LAKES COMMUNITY LAND TRUST?
- The 990 for the year ended December 31, 2024 names STACI HORWITZ.
- Who are the officers and directors of CITY OF LAKES COMMUNITY LAND TRUST?
- The 990 for the year ended December 31, 2024 lists 14 people; 3 received compensation from the organization, the highest $104,369 (ANDREA REESE, EXECUTIVE DIRECTOR).
- How much revenue does CITY OF LAKES COMMUNITY LAND TRUST have?
- On its 990 for the year ended December 31, 2024 it reported revenue of $3,142,461, expenses of $3,512,334 and total assets of $31,414,217 at year end.
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