Heartland Lakes Development Commission

Organization Overview

Heartland Lakes Development Commission is located in Park Rapids, MN. The organization was established in 2007. According to its NTEE Classification (S41) the organization is classified as: Chambers of Commerce & Business Leagues, under the broad grouping of Community Improvement & Capacity Building and related organizations. As of 12/2022, Heartland Lakes Development Commission employed 4 individuals. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Heartland Lakes Development Commission 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 12/2022, Heartland Lakes Development Commission generated $379.8k in total revenue. This represents a relatively dramatic decline in revenue. Over the past 3 years, the organization has seen revenues fall by an average of (42.9%) each year. All expenses for the organization totaled $351.4k during the year ending 12/2022. As we would expect to see with falling revenues, expenses have declined by (43.4%) per year over the past 3 years. You can explore the organizations financials more deeply in the financial statements section below.

Mission & Program ActivityExcerpts From the 990 Filing

TAX YEAR

2022

Describe the Organization's Mission:

Part 3 - Line 1

COUNTYWIDE ECONOMIC DEVELOPMENT

Describe the Organization's Program Activity:

Part 3 - Line 4a

HEARTLAND LAKES DEVELOPMENT COMMISSION RECEIVED FUNDING FROM DEPARTMENT OF EMPLOYMENT & ECONOMIC DEVELOPMENT (DEED) UNDER THE MAIN STREET ECONOMIC REVITALIZATION PROGRAM IN TWO SEPARATE FUNDING ROUNDS. THE PROGRAM IS INTENDED TO COMBAT THE NEGATIVE IMPACT OF THE PANDEMIC TO MAIN STREETS THAT RELY ON TRAVEL TOURISM, RETAIL, AND ACCOMMODATION. THE RESULT IS THAT MANY BUSINESSES DELAYED OR CANCELLED IMPROVEMENT OR EXPANSION PROJECTS.IN THE FIRST ROUND, HEARTLAND LAKES RECEIVED $200,000 TO BE GRANTED TO BUSINESSES LOCATED IN PARK RAPIDS. THE SECOND ROUND EXPANDED THE GEOGRAPHY TO INCLUDE THE BUSINESSES LOCATED IN AKELEY, NEVIS, DORSET, LAPORTE, AND LAKE GEORGE.THE PROGRAM PROVIDES GRANT FUNDING OF UP TO 30% OF ELIGIBLE PROJECT COSTS UP TO A MAXIMUM AWARD OF $30,000. ELIGIBLE PROJECTS INCLUDE COSTS ASSOCIATED WITH THE REPAIR OR RENOVATION OF REAL PROPERTY, NEW CONSTRUCTION, LANDSCAPING OR STREETSCAPING, DEMOLITION OR SITE PREPARATION, PREDESIGN OR DESIGN, ENGINEERING INFRASTRUCTURE, AND RELATED SITE AMENITIES.HEARTLAND LAKES DEVELOPMENT COMMISSION BEGAN AWARDING GRANTS IN FEBRUARY 2022. TO DATE, 14 BUSINESSES HAVE RECEIVED A TOTAL OF $221,671 IN GRANT FUNDS WHICH HAS LEVERAGED AN ADDITIONAL $738,900 IN LOCAL RESOURCES. FUNDING IS AVAILABLE THROUGH DECEMBER 31, 2024, WITH PRIORITY GIVEN TO BUSINESSES LOCATED OUTSIDE OF THE PARK RAPIDS CORRIDOR UNTIL JUNE 2023.THE RENOVATIONS TO 100 8TH STREET E WERE COMPLETED IN JANUARY AND THE NEW COOPERATIVE WORKING SPACE OPENED, PROVIDING A WIDE ARRAY OF SERVICES FOR ENTREPRENEURS, SMALL BUSINESSES, AND REMOTE WORKERS.


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Financial Statements

Statement of Revenue
Federated campaigns$0
Membership dues$0
Fundraising events$0
Related organizations$0
Government grants $304,294
All other contributions, gifts, grants, and similar amounts not included above$36,500
Noncash contributions included in lines 1a–1f $0
Total Revenue from Contributions, Gifts, Grants & Similar$340,794
Total Program Service Revenue$38,621
Investment income $8
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 $379,772

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