Northern Shores Loan Fund Inc
- Assets
- $1.6m
- Revenue
- $743.1k
- Investments
- $0.0
- Employees
- 4
- Location
- Harbor Springs, MI
- Founding
- 09/2008
- Data as of
- 12/2021
- EIN
- 37-1548658
Organization Overview
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 12/2021, 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 12/2021, Northern Shores Loan Fund Inc generated $743.1k in total revenue. This organization has experienced exceptional growth, as over the past 7 years, it has increased revenue by an average of 18.8% each year . All expenses for the organization totaled $198.5k during the year ending 12/2021. 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
2021
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 47 LOANS OUTSTANDING AS OF DECEMBER 31, 2021.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Cindy Hendrickson Executive Director | Officer | 40 | $60,316 |
Kent Bartell Treasurer | OfficerTrustee | 1 | $0 |
Laura Blumberg Chair | OfficerTrustee | 1 | $0 |
Pat Dyer-Deckrow Vice-Chair | OfficerTrustee | 1 | $0 |
Steven Sochay Secretary | OfficerTrustee | 1 | $0 |
Patrick Schmidt Trustee | Trustee | 1 | $0 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Federated campaigns | $0 |
| Membership dues | $0 |
| Fundraising events | $0 |
| Related organizations | $0 |
| Government grants | $450,000 |
| All other contributions, gifts, grants, and similar amounts not included above | $270,626 |
| Noncash contributions included in lines 1a–1f | $0 |
| Total Revenue from Contributions, Gifts, Grants & Similar | $720,626 |
| Total Program Service Revenue | $22,412 |
| Investment income | $14 |
| 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 | $743,057 |
| Statement of Expenses | |
|---|---|
| Grants and other assistance to domestic organizations and domestic governments. | $0 |
| Grants and other assistance to domestic individuals. | $20,000 |
| 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 | $87,978 |
| Pension plan accruals and contributions | $0 |
| Other employee benefits | $0 |
| Payroll taxes | $7,536 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $80 |
| Fees for services: Accounting | $19,862 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $6,005 |
| Advertising and promotion | $25 |
| Office expenses | $15,813 |
| Information technology | $0 |
| Royalties | $0 |
| Occupancy | $8,888 |
| Travel | $5,547 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $126 |
| Interest | $0 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $2,258 |
| Insurance | $964 |
| All other expenses | $0 |
| Total functional expenses | $198,473 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $0 |
| Savings and temporary cash investments | $659,853 |
| 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 | $500 |
| Net Land, buildings, and equipment | $107 |
| Investments—publicly traded securities | $0 |
| Investments—other securities | $0 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $893,453 |
| Total assets | $1,553,913 |
| Accounts payable and accrued expenses | $1,150 |
| 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 | $0 |
| Unsecured mortgages and notes payable | $0 |
| Other liabilities | $4,011 |
| Total liabilities | $5,161 |
| Net assets without donor restrictions | $525,597 |
| Net assets with donor restrictions | $1,023,155 |
| 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 | $1,553,913 |
Grants Recieved
Over the last fiscal year, we have identified 1 grants that Northern Shores Loan Fund Inc has recieved totaling $20,000.
| Awarding Organization | Amount |
|---|---|
First Peoples Fund Rapid City, SD PURPOSE: Grant focused on travel to attend NAPD and Train-the-Trainer for 3 people, market study, and loan capital. | $20,000 |
Peer Organizations
| Organization Name | Assets | Revenue |
|---|---|---|
Community Action Prgm Corp Of Washington-Morgan Counties Ohio Marietta, OH | $5,593,568 | $15,680,729 |
Wisconsin Womens Business Initiative Corporation Milwaukee, WI | $42,014,379 | $10,583,804 |
Dayton-Miami Valley Entrepreneurs Center Dayton, OH | $1,732,141 | $5,542,266 |
Small Business Aid Inc Shipshewana, IN | $1,429,380 | $3,351,237 |
Detroit Development Fund Detroit, MI | $19,500,518 | $2,941,920 |
Premier Capital Corporation Indianapolis, IN | $2,695,127 | $1,528,792 |
Startingblock Madison Inc Madison, WI | $3,788,993 | $962,585 |
Ohio Statewide Development Corporation Columbus, OH | $1,928,627 | $999,786 |
Ohio Minority Supplier Development Council Columbus, OH | $591,871 | $1,151,155 |
Growth Alliance For Greater Evansville Inc Evansville, IN | $3,067,417 | $736,027 |
Regional Development Company Valparaiso, IN | $1,015,697 | $931,106 |
Barberton Community Development Corporation Barberton, OH | $8,083,249 | $1,334,206 |