Northern Shores Loan Fund Inc is located in Harbor Springs, MI. The organization was established in 2008. According to its NTEE Classification (S43) the organization is classified as: Small Business Development, under the broad grouping of Community Improvement & Capacity Building and related organizations. As of 12/2022, Northern Shores Loan Fund Inc employed 4 individuals. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Northern Shores Loan Fund Inc 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, Northern Shores Loan Fund Inc generated $125.7k in total revenue. This represents a relatively dramatic decline in revenue. Over the past 8 years, the organization has seen revenues fall by an average of (6.9%) each year. All expenses for the organization totaled $310.3k during the year ending 12/2022. 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
TO ASSIST PRIMARILY AMERICAN INDIAN COMMUNITIES AND OTHER UNDERSERVED MICHIGAN RESIDENTS WITH TRAINING, BUSINESS INCUBATION AND ACCESS TO CAPITAL.
Describe the Organization's Program Activity:
Part 3 - Line 4a
PROVIDED LOANS TO TARGET POPULATIONS IN NORTHERN MICHIGAN. THERE ARE 48 LOANS OUTSTANDING AS OF DECEMBER 31, 2022.
Name (title) | Role | Hours | Compensation |
---|---|---|---|
Patrick Schmidt Trustee | Trustee | 1 | $0 |
Harley Luplow Trustee | Trustee | 1 | $0 |
Laura Blumberg Chair | OfficerTrustee | 1 | $0 |
Pat Dyer-Deckrow Vice-Chair | OfficerTrustee | 1 | $0 |
Kent Bartell Treasurer | OfficerTrustee | 1 | $0 |
Steven Sochay Secretary | OfficerTrustee | 1 | $0 |
Statement of Revenue | |
---|---|
Federated campaigns | $0 |
Membership dues | $0 |
Fundraising events | $0 |
Related organizations | $0 |
Government grants | $98,537 |
All other contributions, gifts, grants, and similar amounts not included above | $5,805 |
Noncash contributions included in lines 1a–1f | $0 |
Total Revenue from Contributions, Gifts, Grants & Similar | $104,342 |
Total Program Service Revenue | $21,251 |
Investment income | $80 |
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 | $125,673 |
Statement of Expenses | |
---|---|
Grants and other assistance to domestic organizations and domestic governments. | $0 |
Grants and other assistance to domestic individuals. | $42,000 |
Grants and other assistance to Foreign Orgs/Individuals | $0 |
Benefits paid to or for members | $0 |
Compensation of current officers, directors, key employees. | $0 |
Compensation of current officers, directors, key employees. | $0 |
Compensation to disqualified persons | $0 |
Other salaries and wages | $119,647 |
Pension plan accruals and contributions | $0 |
Other employee benefits | $6,512 |
Payroll taxes | $8,633 |
Fees for services: Management | $0 |
Fees for services: Legal | $17,034 |
Fees for services: Accounting | $29,250 |
Fees for services: Lobbying | $0 |
Fees for services: Fundraising | $0 |
Fees for services: Investment Management | $0 |
Fees for services: Other | $675 |
Advertising and promotion | $1,465 |
Office expenses | $23,401 |
Information technology | $0 |
Royalties | $0 |
Occupancy | $9,996 |
Travel | $4,887 |
Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
Conferences, conventions, and meetings | $7,415 |
Interest | $0 |
Payments to affiliates | $0 |
Depreciation, depletion, and amortization | $80 |
Insurance | $933 |
All other expenses | $417 |
Total functional expenses | $310,265 |
Balance Sheet | |
---|---|
Cash—non-interest-bearing | $0 |
Savings and temporary cash investments | $669,465 |
Pledges and grants receivable | $0 |
Accounts receivable, net | $0 |
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 | $0 |
Net Land, buildings, and equipment | $0 |
Investments—publicly traded securities | $0 |
Investments—other securities | $0 |
Investments—program-related | $0 |
Intangible assets | $0 |
Other assets | $769,649 |
Total assets | $1,439,114 |
Accounts payable and accrued expenses | $17,010 |
Grants payable | $0 |
Deferred revenue | $50,000 |
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 | $0 |
Other liabilities | $7,944 |
Total liabilities | $74,954 |
Net assets without donor restrictions | $589,602 |
Net assets with donor restrictions | $774,558 |
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 | $1,439,114 |