Heartland Lakes Development Commission
- Assets
- $507.4k
- Revenue
- $379.8k
- Investments
- $0.0
- Employees
- 4
- Location
- Park Rapids, MN
- Founding
- 05/2007
- Data as of
- 12/2022
- EIN
- 20-4208381
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.
Form
990
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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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Mary Thompson Executive Director | Officer | 30 | $68,936 |
Eric Wolff Director | Trustee | 0 | $0 |
Christine Fox Director | Trustee | 0 | $0 |
Angelica Weasner Ex Officio Member | Trustee | 1 | $0 |
Derek Ricke Ex Officio Member | Trustee | 1 | $0 |
Liz Stone Director | Trustee | 0 | $0 |
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 |
| Statement of Expenses | |
|---|---|
| Grants and other assistance to domestic organizations and domestic governments. | $104,290 |
| 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. | $68,936 |
| Compensation of current officers, directors, key employees. | $68,936 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $55,095 |
| Pension plan accruals and contributions | $0 |
| Other employee benefits | $21,895 |
| Payroll taxes | $10,047 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $0 |
| Fees for services: Accounting | $500 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $8,294 |
| Advertising and promotion | $4,393 |
| Office expenses | $10,069 |
| Information technology | $16,514 |
| Royalties | $0 |
| Occupancy | $11,202 |
| Travel | $4,701 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $0 |
| Interest | $0 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $19,959 |
| Insurance | $2,267 |
| All other expenses | $1,288 |
| Total functional expenses | $351,438 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $253,757 |
| Savings and temporary cash investments | $0 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $30,523 |
| Loans from Officers, Directors, or Controlling Persons | $0 |
| Loans from Disqualified Persons | $0 |
| Notes and loans receivable | $0 |
| Inventories for sale or use | $0 |
| Prepaid expenses and deferred charges | $295 |
| Net Land, buildings, and equipment | $222,014 |
| Investments—publicly traded securities | $0 |
| Investments—other securities | $0 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $833 |
| Total assets | $507,422 |
| Accounts payable and accrued expenses | $10,254 |
| Grants payable | $0 |
| Deferred revenue | $76,103 |
| 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 | $0 |
| Unsecured mortgages and notes payable | $18,600 |
| Other liabilities | $5,313 |
| Total liabilities | $110,270 |
| Net assets without donor restrictions | $397,152 |
| Net assets with donor restrictions | $0 |
| 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 | $507,422 |