Nonprofit · EIN 41-0975738
LAKE STREET COUNCIL
Tax-exempt · MINNEAPOLIS, MN 55407
Financials
| Year ended | Form | Revenue | Expenses | Net income | Total assets | Liabilities | Net assets |
|---|---|---|---|---|---|---|---|
| December 31, 2024 | 990 | $2,300,129 | $2,136,397 | $163,732 | $4,378,569 | $254,847 | $4,123,722 |
| December 31, 2023 | 990 | $1,592,333 | $2,493,384 | -$901,051 | $4,149,614 | $189,624 | $3,959,990 |
Financial details: 990 for the year ended December 31, 2024
Revenue
- Contributions, gifts and grants
- $2,227,025
- of which government grants
- $435,392
- Membership dues
- $6,520
- Program service revenue
- $0
- Investment income
- $95,220
- Net income from fundraising events
- -$22,116
- Other revenue
- -$22,116
Expenses
- Grants and similar amounts paid
- $558,735
- Compensation of officers, directors and key employees
- $120,500
- Other salaries and wages
- $772,108
- Salaries, compensation and benefits (total)
- $1,024,193
- Professional fundraising fees
- $0
- Legal fees
- $3,012
- Accounting fees
- $72,963
- Occupancy
- $27,487
- Travel
- $5,524
- Program services (functional)
- $1,450,853
- Management and general (functional)
- $453,415
- Fundraising (functional)
- $232,129
Balance sheet and other
- Total assets, start of year
- $4,149,614
- Total assets, end of year
- $4,378,569
- Total liabilities, end of year
- $254,847
- Net assets, end of year
- $4,123,722
- Net assets without donor restrictions
- $2,461,552
- Net assets with donor restrictions
- $1,662,170
- Gross receipts
- $2,330,574
- Employees
- 12
- Volunteers
- 30
- Year formed
- 1968
- 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 |
|---|---|---|---|---|
| Allison Sharkey | Executive Director Officer | 40 | $116,600 | $3,900 |
| Baba Letang | President Trustee or director, Officer | 2 | $0 | $0 |
| Vicki Karr | Vice President/Secratary Trustee or director, Officer | 2 | $0 | $0 |
| Ronnie Taylor | Treasurer Trustee or director, Officer | 2 | $0 | $0 |
| Hibo Abdi | Director Trustee or director | 1 | $0 | $0 |
| Ted Campbell | Director Trustee or director | 1 | $0 | $0 |
| Rich Esquivel | Director Trustee or director | 1 | $0 | $0 |
| Hodan Guled | Director Trustee or director | 1 | $0 | $0 |
| Staci Hesthaven | Director Trustee or director | 1 | $0 | $0 |
| Julie Ingebresten | Director Trustee or director | 1 | $0 | $0 |
| Enrique Blanco | Executive Comittee Trustee or director | 1 | $0 | $0 |
| Dipankar Mukherjee | Director Trustee or director | 1 | $0 | $0 |
| Miluska Novota | Director Trustee or director | 1 | $0 | $0 |
| Alison Pence | Director Trustee or director | 1 | $0 | $0 |
| Jackie Knight | Executive Comittee Trustee or director | 1 | $0 | $0 |
4 more people on this return
| Name | Title | Hours / week | Compensation |
|---|---|---|---|
| Ana Columba Reyes | Director Trustee or director | 1 | $0 |
| Justin Bryant | Director Trustee or director | 1 | $0 |
| Claudia Carrasco | Director Trustee or director | 1 | $0 |
| Brittany Howard | Director Trustee or director | 1 | $0 |
990 for the year ended December 31, 2023: 17 people
| Name | Title | Hours / week | Compensation | Other / benefits |
|---|---|---|---|---|
| Allison Sharkey | Executive Director Officer | 40 | $98,751 | $3,878 |
| Baba Letang | President Trustee or director, Officer | 2 | $0 | $0 |
| Vicki Karr | Vice President and Secrata Trustee or director, Officer | 2 | $0 | $0 |
| Ronnie Taylor | Treasurer Trustee or director, Officer | 2 | $0 | $0 |
| Hibo Abdi | Director Trustee or director | 1 | $0 | $0 |
| Ted Campbell | Director Trustee or director | 1 | $0 | $0 |
| Rich Esquivel | Director Trustee or director | 1 | $0 | $0 |
| Daniel Farias | Director Trustee or director | 1 | $0 | $0 |
| Hodan Guled | Director Trustee or director | 1 | $0 | $0 |
| Staci Hesthaven | Director Trustee or director | 1 | $0 | $0 |
| Julie Ingebresten | Director Trustee or director | 1 | $0 | $0 |
| Enrique Blanco | Executive Comittee Trustee or director | 1 | $0 | $0 |
| Dipankar Mukherjee | Director Trustee or director | 1 | $0 | $0 |
| Miluska Novota | Director Trustee or director | 1 | $0 | $0 |
| Alison Pence | Director Trustee or director | 1 | $0 | $0 |
| Jackie Knight | Executive Comittee Trustee or director | 1 | $0 | $0 |
| Ana Columba Reyes | Director Trustee or director | 1 | $0 | $0 |
Address and contacts
- Address (IRS master file)
- 2925 CHICAGO AVE STE 190, MINNEAPOLIS, MN 55407-1321
- Principal officer (990 for 2024)
- Allison Sharkey, 2925 Chicago Ave S 190, Minneapolis, MN 55407
- Signed the 990
- Allison Sharkey, Executive Director
- Phone
- (612) 822-0232
- Website
- www.Lakestreetcouncil.org
- Return prepared by
- Abdo LLP
Mission
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. The Lake Street Council fosters economic vitality and amplifies Lake Street's vibrancy to create a thriving and livable commercial corridor.
Program accomplishments
- Technical Assistance and Small Business Advising: The Lake Street Council provides small business advising in English, Spanish, and Somali. In 2024, our focus has moved to 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 improve their properties. We supported businesses through road construction.Expenses $821,413 · grants $337,455
- We Love Lake Street (WLLA) Recovery Fund: In late May 2020, civil unrest erupted in the Lake Street corridor. 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 of funds, 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 making decisions about funding priorities and guidelines. The oversight committee's subcommittees decided who received funding and in what amount. In 2024 this fund continued to invest in grants and forgivable loans to displaced businesses that were seeking to reopen, to 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.Expenses $270,909 · grants $216,280
- 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. We provided funding for 20 murals, four sculptures and standalone installations, and two vinyl art installations.Expenses $177,596 · grants $5,000
- Corridor Promotion: Attracted customers to the area through promotion of the Lake Street corridor.Expenses $175,935
- Fiscal Sponsorship: If a nonprofit organization has not yet received its 501(c)(3) status, it could operate under Lake Street Council as their fiscal sponsor who accepted donations and managed funds on its behalf allowing the program to begin work while awaiting tax-exempt approval.Expenses $5,000
- 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 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. Our core programs include community engagement through small business advising, visitor attraction, placemaking initiatives, and financial relief for small businesses and nonprofits.
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
- 41-0975738
- 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
- 2010
- Accounting year ends
- December
- Files
- Form 990 or 990-EZ
- Category (NTEE)
- Community improvement and capacity building (S20)
- Assets (IRS master file)
- $4,378,569
- Income (IRS master file)
- $2,330,574
Filing history
| Form | Year ended | Revenue | Expenses | Assets | Return |
|---|---|---|---|---|---|
| 990 | December 2024 | $2,300,129 | $2,136,397 | $4,378,569 | XML |
| 990 | December 2023 | $1,592,333 | $2,493,384 | $4,149,614 | XML |
| 990 | December 2022 | $1,331,547 | $2,434,864 | $5,311,066 | IRS |
| 990 | December 2021 | – | – | – | IRS |
| 990 | December 2020 | – | – | – | IRS |
| 990 | December 2018 | – | – | – | IRS |
| 990 | December 2017 | – | – | – | 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 41-0975738).
Questions about LAKE STREET COUNCIL
- What is the EIN of LAKE STREET COUNCIL?
- The employer identification number (EIN) of LAKE STREET COUNCIL is 41-0975738.
- Is LAKE STREET COUNCIL tax-exempt?
- Yes. The IRS lists it as tax-exempt under section 501(c)(3) since 2010.
- Are donations to LAKE STREET COUNCIL tax-deductible?
- Yes. It is listed in IRS Publication 78 (Public charity, 50% deduction limit).
- Which annual return does LAKE STREET COUNCIL 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 LAKE STREET COUNCIL 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 LAKE STREET COUNCIL 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 LAKE STREET COUNCIL?
- The 990 for the year ended December 31, 2024 names Allison Sharkey.
- Who are the officers and directors of LAKE STREET COUNCIL?
- The 990 for the year ended December 31, 2024 lists 19 people; 1 received compensation from the organization, the highest $116,600 (Allison Sharkey, Executive Director).
- How much revenue does LAKE STREET COUNCIL have?
- On its 990 for the year ended December 31, 2024 it reported revenue of $2,300,129, expenses of $2,136,397 and total assets of $4,378,569 at year end.
Other nonprofits in MINNEAPOLIS
- SERVEMINNESOTA EIN 41-2010058 · last filed 990 for 2025
- AMERICAN ACADEMY OF NEUROLOGY EIN 61-1532062 · last filed 990 for 2025
- COMMUNITY REINVESTMENT FUND INC EIN 41-1616861 · last filed 990 for 2025
- GROUNDBREAK COALITION EIN 99-3615471 · last filed 990 for 2025
- GREAT PLAINS INSTITUTE FOR SUSTAINABLE DEVELOPMENT EIN 41-1921126 · last filed 990 for 2025
- MINNEAPOLIS DOWNTOWN IMPROVEMENT DISTRICT EIN 26-4259628 · last filed 990 for 2024
- INSTITUTE FOR LOCAL SELF RELIANCE INC EIN 23-7394104 · last filed 990 for 2025
- MERCHANT ADVISORY GROUP EIN 37-1558379 · last filed 990 for 2024
All nonprofits in MINNEAPOLIS · Minnesota · Community improvement and capacity building