Midlands Latino Community Development Corporation
- Assets
- $755.4k
- Revenue
- $483.6k
- Investments
- $0.0
- Employees
- 4
- Location
- Omaha, NE
- Founding
- 05/2007
- Data as of
- 12/2023
- EIN
- 14-1973678
Organization Overview
Midlands Latino Community Development Corporation, operating under the name La Fuente Business Center, is located in Omaha, NE. The organization was established in 2007. According to its NTEE Classification (S31) the organization is classified as: Urban & Community Economic Development, under the broad grouping of Community Improvement & Capacity Building and related organizations. As of 12/2023, LA Fuente Business Center employed 4 individuals. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. LA Fuente Business Center is a 501(c)(3) and as such, is described as a "Charitable or Religous organization or a private foundation" by the IRS.
For the year ending 12/2023, LA Fuente Business Center generated $483.6k in total revenue. This organization has experienced exceptional growth, as over the past 9 years, it has increased revenue by an average of 13.7% each year . All expenses for the organization totaled $528.4k during the year ending 12/2023. While expenses have increased by 17.2% per year over the past 9 years. They've been increasing with an increasing level of total revenue. You can explore the organizations financials more deeply in the financial statements section below.
Form
990
Mission & Program ActivityExcerpts From the 990 Filing
TAX YEAR
2023
Describe the Organization's Mission:
Part 3 - Line 1
MLCDC PROVIDES LOW INCOME COMMUNITIES WITH OPPORTUNITIES TO GENERATE ECONOMIC GROWTH BY PROVIDING FINANCING PRODUCTS, DEVELOPMENT SERVICES, AND COMMUNITY DEVELOPMENT THAT ADVANCES THEIR ABILITY TO DEVELOP A SUSTAINABLE FUTURE IN THE MIDLANDS.
Describe the Organization's Program Activity:
Part 3 - Line 4a
FINANCIAL STABILITY MLCDC PROVIDED FINANCIAL EDUCATION TRAINING IN SPANISH, ENGLISH, ANDARABIC VIRTUALLY AND IN PERSON. DURING 2023, WE PROVIDED SERVICES TO225 INDIVIDUALS LOCATED IN THE GREATER OMAHA AREA AND EAST NEBRASKA AND 35 INDIVIDUALS IN COUNCIL BLUFFS. THESE CLASSES PROMPTED 210 HOURS OF FOLLOW-UP SERVICES THROUGH FINANCIAL COACHING. WE WORKED WITH THE MEXICAN CONSULATE IN OMAHA, NEBRASKA WHERE MLCDC PROVIDED WEEKLY PRESENTATIONS TO INDIVIDUALS ABOUT PERSONAL FINANCES.
ENTREPRENEURSHIPMLCDC PROVIDED BUSINESS PLANNING AND BUSINESS ADMINISTRATION TRAINING.180 STUDENTS ENROLLED FOR THE BUSINESS PLAN CLASS. 80 CLIENTS ENROLLEDIN THE BUSINESS ADMINISTRATION CLASSES. 80 PERCENT OF OUR CLIENTS AREWOMEN AND WE HELPED TO REGISTER 54 NEW LIMITED LIABILITY COMPANIESWHILE PROVIDING 910 HOURS OF TECHNICAL ASSISTANCE THAT INCLUDE: PRODUCTDEVELOPMENT, SALES TAX, EIN REGISTRATION, FINANCIAL PROJECTIONS,OPERATIONS, MARKETING, AND SALES. MLCDC CONTINUES TO PROVIDE TECHNICALASSISTANCE TO 180 BIPOC BUSINESSES THAT HELPED TO REGISTER THEIRBUSINESSES SINCE 2019.
LENDINGLENDING PROGRAMS: IN 2023, 1 LOAN APPLICATION WAS APPROVED. THIS LOANAPPLICATION WAS FOR A NEW GROCERY STORE THAT CREATED 2 NEW JOBS INTHE GREATER OMAHA AREA. WE CONTINUE TO PROVIDE SERVICES TO 5 LOANS THATRETAINED 23 JOBS SINCE 2021. MLCDC CONTINUE PROVIDING LOANS THROUGH THE SUPPORT OF CED GRANT AND LOCAL FOUNDATIONS TO PROVIDE LOANS TO CREATE JOBS IN THE GREATER OMAHA AREA. MLCDC IS WORKING WITH NALCAB TO APPLY FOR THE CDFI CERTIFICATION IN 2024.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Matt Lindell President | OfficerTrustee | 1 | $0 |
Amy Carolus Treasurer | OfficerTrustee | 1 | $0 |
Sarah Mohon Secretary | OfficerTrustee | 1 | $0 |
Corey Steen Director | Trustee | 1 | $0 |
Carol Russell Director | Trustee | 1 | $0 |
Michelle Johnson Director | Trustee | 1 | $0 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Federated campaigns | $0 |
| Membership dues | $0 |
| Fundraising events | $0 |
| Related organizations | $0 |
| Government grants | $0 |
| All other contributions, gifts, grants, and similar amounts not included above | $462,834 |
| Noncash contributions included in lines 1a–1f | $0 |
| Total Revenue from Contributions, Gifts, Grants & Similar | $462,834 |
| Total Program Service Revenue | $20,718 |
| Investment income | $0 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $0 |
| Net Gain/Loss on Asset Sales | $0 |
| Net Income from Fundraising Events | $0 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $0 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $483,552 |
| Statement of Expenses | |
|---|---|
| Grants and other assistance to domestic organizations and domestic governments. | $0 |
| Grants and other assistance to domestic individuals. | $0 |
| Grants and other assistance to Foreign Orgs/Individuals | $0 |
| Benefits paid to or for members | $0 |
| Compensation of current officers, directors, key employees. | $112,800 |
| Compensation of current officers, directors, key employees. | $20,304 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $132,015 |
| Pension plan accruals and contributions | $0 |
| Other employee benefits | $0 |
| Payroll taxes | $18,841 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $0 |
| Fees for services: Accounting | $19,061 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $75,276 |
| Advertising and promotion | $14,828 |
| Office expenses | $0 |
| Information technology | $21,694 |
| Royalties | $0 |
| Occupancy | $42,072 |
| Travel | $4,084 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $2,921 |
| Interest | $1,999 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $4,514 |
| Insurance | $1,523 |
| All other expenses | $8,338 |
| Total functional expenses | $528,428 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $510,687 |
| Savings and temporary cash investments | $0 |
| Pledges and grants receivable | $20,143 |
| Accounts receivable, net | $0 |
| Loans from Officers, Directors, or Controlling Persons | $0 |
| Loans from Disqualified Persons | $0 |
| Notes and loans receivable | $96,598 |
| Inventories for sale or use | $0 |
| Prepaid expenses and deferred charges | $850 |
| Net Land, buildings, and equipment | $31,107 |
| Investments—publicly traded securities | $0 |
| Investments—other securities | $0 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $95,999 |
| Total assets | $755,384 |
| Accounts payable and accrued expenses | $44,876 |
| Grants payable | $0 |
| Deferred revenue | $0 |
| Tax-exempt bond liabilities | $0 |
| Escrow or custodial account liability | $0 |
| Loans and other payables to any current Officer, Director, or Controlling Person | $0 |
| Secured mortgages and notes payable | $50,000 |
| Unsecured mortgages and notes payable | $0 |
| Other liabilities | $95,011 |
| Total liabilities | $189,887 |
| Net assets without donor restrictions | $324,612 |
| Net assets with donor restrictions | $240,885 |
| Capital stock or trust principal, or current funds | $0 |
| Paid-in or capital surplus, or land, building, or equipment fund | $0 |
| Retained earnings, endowment, accumulated income, or other funds | $0 |
| Total liabilities and net assets/fund balances | $755,384 |