Lake Street Council is located in Minneapolis, MN. The organization was established in 2010. According to its NTEE Classification (S20) the organization is classified as: Community & Neighborhood Development, under the broad grouping of Community Improvement & Capacity Building and related organizations. As of 12/2021, Lake Street Council employed 10 individuals. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Lake Street Council 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, Lake Street Council generated $1.5m in total revenue. This organization has experienced exceptional growth, as over the past 7 years, it has increased revenue by an average of 22.3% each year . All expenses for the organization totaled $3.8m during the year ending 12/2021. You can explore the organizations financials more deeply in the financial statements section below.
Since 2020, Lake Street Council has awarded 420 individual grants totaling $7,613,779. If you would like to learn more about the grant giving history of this organization, scroll down to the grant profile section of this page.
Form
990
Mission & Program ActivityExcerpts From the 990 Filing
TAX YEAR
2021
Describe the Organization's Mission:
Part 3 - Line 1
LAKE STREET COUNCIL ENGAGES, SERVES, AND ADVOCATES FOR THE LAKE STREET BUSINESS COMMUNITY IN MINNEAPOLIS TO ENSURE THE VITALITY AND PROSPERITY OF THE COMMERCIAL CORRIDOR.
Describe the Organization's Program Activity:
Part 3 - Line 4a
COMMUNITY ENGAGEMENT - LAKE STREET COUNCIL ("LSC") SUPPORTS THE LAKE STREET COMMUNITY IN MINNEAPOLIS TO ENSURE THE VITALITY AND PROSPERITY OF THE COMMERCIAL CORRIDOR AND ITS 16 SURROUNDING NEIGHBORHOODS. WE ENGAGE ENTREPRENEURS, EMPLOYEES, RESIDENTS, AND INSTITUTIONAL STAKEHOLDERS IN PROGRAMS THAT PROMOTE EQUITABLE AND ACCESSIBLE ECONOMIC DEVELOPMENT. AS THE MAIN BUSINESS ASSOCIATION FOR LAKE STREET, WE REGULARLY HEAR FROM BUSINESS AND PROPERTY OWNERS THROUGHOUT THE CORRIDOR ABOUT THE CONCERNS THAT MATTER TO THEM, AND OUR PRIORITIES SHIFT TO REFLECT THE NEEDS OF THE MOMENT. WE ALSO WORK TO ENSURE THAT THE FULL DIVERSITY OF VOICES ON LAKE STREET ARE HEARD BY DECISION MAKERS. WE SEEK OUT AND NURTURE LEADERS IN OUR BUSINESS COMMUNITY, ESPECIALLY THOSE WHO ARE IMMIGRANTS AND/OR PEOPLE OF COLOR, WHO CAN SHARE THEIR INDIVIDUAL PERSPECTIVE AND REFLECT PARTS OF THE COMMUNITY THAT MAY NOT OTHERWISE BE HEARD. OUR CORE PROGRAMS INCLUDE COMMUNITY ENGAGEMENT THROUGH SMALL BUSINESS ADVISING, VISITOR ATTRACTION, PLACEMAKING INITIATIVES, AND FINANCIAL RELIEF FOR SMALL BUSINESSES AND NONPROFITS IMPACTED BY THE COVID-19 PANDEMIC AND WIDESPREAD SOCIAL UNREST.
TECHNICAL ASSISTANCE - THE LAKE STREET COUNCIL PROVIDES SMALL BUSINESS ADVISING IN ENGLISH, SPANISH, AND SOMALI. A FOCUS IN 2021 WAS IN HELPING MINORITY BUSINESS OWNERS LEARN ABOUT AND UNDERSTAND HOW TO APPLY FOR GOVERNMENT COVID RELIEF GRANTS.
WE LOVE LAKE STREET (WLLA) RECOVERY FUND - IN LATE MAY 2020, CIVIL UNREST ERUPTED IN THE LAKE STREET CORRIDOR AS THE COMMUNITY REACTED TO THE MURDER OF GEORGE FLOYD. MORE THAN 400 BUSINESSES WERE LOOTED, DAMAGED, OR DESTROYED BY FIRE IN THE AFTERMATH. THE EVENTS THAT UNFOLDED DURING THOSE WEEKS HAVE HAD A DEEP AND LASTING IMPACT ON LAKE STREET. THE BROADER COMMUNITY CAME TOGETHER TO SUPPORT THESE IMPACTED BUSINESSES, AND THE WLLS RECOVERY FUND RAISED MORE THAN $12 MILLION DOLLARS IN A MATTER OF WEEKS.LAKE STREET BUSINESSES EXPERIENCED HUNDREDS OF MILLIONS OF DOLLARS IN COLLECTIVE DAMAGE AS A RESULT OF THE CIVIL UNREST. MANY OF THE IMPACTED BUSINESSES ARE OWNED BY LOW-INCOME ENTREPRENEURS; BLACK, INDIGENOUS, AND PEOPLE OF COLOR (BIPOC) FAMILIES; IMMIGRANT BUSINESS OWNERS; AND OTHERS WHO HAVE OVERCOME TREMENDOUS DIFFICULTIES TO SUPPORT THEIR FAMILIES AND COMMUNITIES. LSC'S MISSION IS TO HELP THESE BUSINESS OWNERS AND MEMBERS OF OUR COMMUNITY REBUILD AND REOPEN. THE PURPOSE OF THE WLLS RECOVERY FUND IS TO SUPPORT THE RECOVERY OF BUSINESSES AND NONPROFIT ORGANIZATIONS IN THE LAKE STREET CORRIDOR. TO FACILITATE THE DISTRIBUTION OF FUNDS, WE CREATED THE WLLS RECOVERY FUND OVERSIGHT COMMITTEE (THE "OVERSIGHT COMMITTEE"), WHICH INCLUDES LOCAL LEADERS WITH A HISTORY OF SUPPORTING LAKE STREET'S DIVERSE BUSINESS COMMUNITY. THE OVERSIGHT COMMITTEE WAS CHARGED WITH DETERMINING FUNDING ALLOCATIONS; MADE DECISIONS ABOUT FUNDING PRIORITIES AND GUIDELINES; AND HANDLED THE APPLICATION AND REVIEW PROCESSES FOR BUSINESS GRANTS. THE OVERSIGHT COMMITTEE AND ITS SUBCOMMITTEES DECIDED WHO RECEIVED FUNDING AND IN WHAT AMOUNT.IN 2021 WLLS FUNDS WERE INVESTED IN GRANTS AND FORGIVABLE LOANS TO DISPLACED BUSINESSES THAT WERE SEEKING TO REOPEN, TO IMMIGRANT ENTREPRENEURS WHO OWNED DEMOLISHED PROPERTIES WHO WERE SEEKING PREDEVELOPMENT SUPPORT TO START THE PROCESS OF REBUILDING, AND TO COMMUNITY NONPROFITS THAT SOUGHT TO REDEVELOP DEMOLISHED PROPERTY TO PROVIDE AFFORDABLE COMMERCIAL SPACE FOR LOCAL SMALL BUSINESSES. LSC ALSO INVESTED WLLS FUNDS IN 2021 IN SUPPORTING LOCAL ARTISTS TO PRODUCE MURALS AND OTHER PUBLICLY VISIBLE ARTWORKS AS WELL AS EVENTS TO BRING THE COMMUNITY TOGETHER ON LAKE STREET.
HEALTHY LAKE STREET AND OTHER PROGRAM SERVICES
Name (title) | Role | Hours | Compensation |
---|---|---|---|
Allison Sharkey Executive Director | Officer | 40 | $87,250 |
Baba Letang Vice President And Secratary | OfficerTrustee | 2 | $0 |
Jackie Knight President | OfficerTrustee | 2 | $0 |
Ronnie Taylor Treasurer | OfficerTrustee | 2 | $0 |
Vicki Karr Executive Comittee | OfficerTrustee | 1 | $0 |
Alison Pence Director | Trustee | 1 | $0 |
Statement of Revenue | |
---|---|
Federated campaigns | $0 |
Membership dues | $900 |
Fundraising events | $23,350 |
Related organizations | $0 |
Government grants | $137,190 |
All other contributions, gifts, grants, and similar amounts not included above | $1,320,026 |
Noncash contributions included in lines 1a–1f | $0 |
Total Revenue from Contributions, Gifts, Grants & Similar | $1,481,466 |
Total Program Service Revenue | $0 |
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 | $7,404 |
Net Income from Gaming Activities | $0 |
Net Income from Sales of Inventory | $0 |
Miscellaneous Revenue | $0 |
Total Revenue | $1,498,492 |
Statement of Expenses | |
---|---|
Grants and other assistance to domestic organizations and domestic governments. | $2,254,518 |
Grants and other assistance to domestic individuals. | $198,250 |
Grants and other assistance to Foreign Orgs/Individuals | $0 |
Benefits paid to or for members | $0 |
Compensation of current officers, directors, key employees. | $89,867 |
Compensation of current officers, directors, key employees. | $15,405 |
Compensation to disqualified persons | $0 |
Other salaries and wages | $473,303 |
Pension plan accruals and contributions | $0 |
Other employee benefits | $51,479 |
Payroll taxes | $41,547 |
Fees for services: Management | $0 |
Fees for services: Legal | $4,827 |
Fees for services: Accounting | $39,500 |
Fees for services: Lobbying | $0 |
Fees for services: Fundraising | $0 |
Fees for services: Investment Management | $0 |
Fees for services: Other | $418,072 |
Advertising and promotion | $37,656 |
Office expenses | $39,246 |
Information technology | $31,680 |
Royalties | $0 |
Occupancy | $17,623 |
Travel | $332 |
Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
Conferences, conventions, and meetings | $4,630 |
Interest | $0 |
Payments to affiliates | $0 |
Depreciation, depletion, and amortization | $0 |
Insurance | $1,067 |
All other expenses | $1,866 |
Total functional expenses | $3,758,693 |
Balance Sheet | |
---|---|
Cash—non-interest-bearing | $2,457,783 |
Savings and temporary cash investments | $3,724,590 |
Pledges and grants receivable | $0 |
Accounts receivable, net | $159,310 |
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 | $0 |
Total assets | $6,341,683 |
Accounts payable and accrued expenses | $147,325 |
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 | $0 |
Total liabilities | $147,325 |
Net assets without donor restrictions | $3,446,390 |
Net assets with donor restrictions | $2,747,968 |
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 | $6,341,683 |
Over the last fiscal year, Lake Street Council has awarded $1,722,399 in support to 82 organizations.
Grant Recipient | Amount |
---|---|
GLOBAL VISION LLC PURPOSE: General Support | $84,000 |
Saint Paul, MN PURPOSE: General Support | $66,286 |
Minneapolis, MN PURPOSE: General Support | $65,000 |
Minneapolis, MN PURPOSE: General Support | $55,000 |
Minneapolis, MN PURPOSE: General Support | $55,000 |
BLACK MOUNTAIN HOLDINGS LLC PURPOSE: General Support | $50,000 |
Over the last fiscal year, we have identified 1 grants that Lake Street Council has recieved totaling $25,000.
Awarding Organization | Amount |
---|---|
Deluxe Corporation Foundation Cleveland, OH PURPOSE: GENERAL OPERATING SUPPORT | $25,000 |
Organization Name | Assets | Revenue |
---|---|---|
Community Action Of Eastern Iowa Davenport, IA | $4,145,446 | $19,807,458 |
Mahube-Otwa Community Action Partnership Inc Detroit Lakes, MN | $6,691,451 | $20,228,935 |
Upper Des Moines Opportunity Inc Graettinger, IA | $5,376,639 | $17,208,548 |
Community Action Agency Of Siouxland Sioux City, IA | $5,735,581 | $15,017,682 |
Mid-Iowa Community Action -Mica- Incorporated Marshalltown, IA | $3,849,705 | $14,587,976 |
Three Rivers Community Action Inc Zumbrota, MN | $34,597,275 | $14,786,149 |
West Central Wisconsin Community Action Agency Inc Glenwood City, WI | $21,268,900 | $13,007,959 |
Community Action Coaltion For South Central Wisconsin Inc Madison, WI | $4,809,920 | $12,236,312 |
West Central Minnesota Communities Action Inc Elbow Lake, MN | $6,410,822 | $11,174,117 |
Beacon Interfaith Housing Collaborative Saint Paul, MN | $38,850,974 | $10,667,246 |
Childserve Community Options Inc Johnston, IA | $2,057,993 | $11,623,811 |
Lakes And Pines Community Action Council Inc Mora, MN | $3,434,723 | $9,795,071 |