Latino Economic Development Center
- Assets
- $15.4m
- Revenue
- $7.0m
- Investments
- $0.0
- Employees
- 22
- Location
- Saint Paul, MN
- Founding
- 12/2003
- Data as of
- 12/2023
- EIN
- 51-0467167
Organization Overview
Latino Economic Development Center is located in Saint Paul, MN. The organization was established in 2003. According to its NTEE Classification (L99) the organization is classified as: Housing & Shelter N.E.C., under the broad grouping of Housing & Shelter and related organizations. As of 12/2023, Latino Economic Development Center employed 22 individuals. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Latino Economic Development Center 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 12/2023, Latino Economic Development Center generated $7.0m in total revenue. This organization has experienced exceptional growth, as over the past 9 years, it has increased revenue by an average of 12.1% each year . All expenses for the organization totaled $3.5m during the year ending 12/2023. While expenses have increased by 5.6% per year over the past 9 years. They've been increasing with an increasing level of total revenue. 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
2023
Describe the Organization's Mission:
Part 3 - Line 1
TO TRANSFORM OUR COMMUNITY BY CREATING ECONOMIC OPPORTUNITIES FOR LATINOS THROUGHOUT MINNESOTA.
Describe the Organization's Program Activity:
Part 3 - Line 4a
LEDC'S BUSINESS DEVELOPMENT PROGRAM: HELPS ENTREPRENEURS PREPARE TO LAUNCH OR GROW THEIR BUSINESSES, INCLUDING COMMUNICATIONS AND MARKETING, BUDGETING, DIGITAL LITERACY, COMMERCIAL INSURANCE, TAXATION, AND OTHER AREAS OF TECHNICAL ASSISTANCE. OUR BUSINESS DEVELOPMENT ASSOCIATES GUIDE EACH MEMBER IN CREATING THEIR BUSINESS PLAN AND PROVIDE ACCESS TO RESOURCES AND EDUCATION NEEDED TO MEET THEIR GOALS. THROUGH DIRECT SUPPORT AND REFERRALS TO SPECIALIZED SERVICE PROVIDERS, WE SUPPORT CLIENTS WITH THEIR NEEDS IN FINANCE, LEGAL ISSUES, TECHNOLOGY, IT, HR ISSUES, AND INDUSTRY-SPECIFIC REGULATIONS.
LEDC'S AGRICULTURE PROGRAM: PROVIDES AGRICULTURE-FOCUSED TECHNICAL ASSISTANCE, BUSINESS DEVELOPMENT, AND ACCESS TO CAPITAL AND MARKETS THAT HELP LATINO AND OTHER IMMIGRANT FARMERS START NEW FARMING OR FOOD PRODUCTION ENTERPRISES OR GROW THEIR EXISTING FARM BUSINESSES. AT LEDC, WE UNDERSTAND THAT EACH CLIENT IS UNIQUE, WITH THEIR OWN SET OF SKILLS, ASPIRATIONS, AND CHALLENGES. THAT'S WHY WE OFFER OUR SERVICES IN BOTH SPANISH AND ENGLISH, BUILDING TRUST FIRST, AND PROVIDING A CONTINUUM OF SERVICES TAILORED TO THEIR SPECIFIC ECONOMIC NEEDS. WE BELIEVE THAT EVERYONE, REGARDLESS OF THEIR BACKGROUND, DESERVES THE OPPORTUNITY TO TURN THEIR DREAMS INTO REALITY.
LEDC'S LENDING PROGRAM: ADDRESSES THE SIGNIFICANT BARRIERS FACED BY LATINOS AND OTHER BIPOC ENTREPRENEURS IN ACCESSING CAPITAL. LEDC PROVIDES FLEXIBLE UNDERWRITING STANDARDS THAT DON'T REQUIRE LARGE PERSONAL ASSETS FOR COLLATERAL AND EXPERT NAVIGATION THROUGH THE COMPLEXITIES OF CAPITAL AND SMALL BUSINESS DEVELOPMENT. IN 2023, LEDC'S LENDING TEAM WORKED WITH CLIENTS TO CLOSE 42 LOANS, DEPLOYING $3.7 MILLION IN CAPITAL, WHICH IS MORE THAN AT ANY POINT IN LEDC'S HISTORY. MORE THAN 95% OF THESE LOANS SUPPORTED LATINO ENTREPRENEURS AND LATINO-OWNED BUSINESSES, AND 48% OF LOANS SUPPORTED WOMEN-OWNED BUSINESSES. OUR GROWING PIPELINE OF PROSPECTIVE LOANS TO LATINO-OWNED BUSINESSES AND OTHER BIPOC-OWNED BUSINESSES, NOW TOTALING $1.5 MILLION, WILL REQUIRE THAT WE CONTINUE TO INCREASE OUR CAPACITY AND CAPITAL TO MEET OUR CLIENTS WHERE THEY ARE.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Henry Jimenez Executive Director | Officer | 40 | $218,212 |
Enrique Blanco Director Of Operations | 40 | $121,139 | |
Uri Camarena Director | Trustee | 1 | $0 |
Carlos Lamboglia Chair | OfficerTrustee | 1 | $0 |
Ruben Hidalgo Treasurer | OfficerTrustee | 1 | $0 |
Eduardo Mozqueda Secretary | OfficerTrustee | 1 | $0 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Federated campaigns | $0 |
| Membership dues | $0 |
| Fundraising events | $55,688 |
| Related organizations | $0 |
| Government grants | $3,284,109 |
| All other contributions, gifts, grants, and similar amounts not included above | $3,089,195 |
| Noncash contributions included in lines 1a–1f | $0 |
| Total Revenue from Contributions, Gifts, Grants & Similar | $6,428,992 |
| Total Program Service Revenue | $368,710 |
| Investment income | $231,569 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $0 |
| Net Gain/Loss on Asset Sales | $0 |
| Net Income from Fundraising Events | -$38,169 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $0 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $6,991,102 |
| Statement of Expenses | |
|---|---|
| Grants and other assistance to domestic organizations and domestic governments. | $0 |
| Grants and other assistance to domestic individuals. | $269,500 |
| Grants and other assistance to Foreign Orgs/Individuals | $0 |
| Benefits paid to or for members | $0 |
| Compensation of current officers, directors, key employees. | $363,379 |
| Compensation of current officers, directors, key employees. | $110,024 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $630,821 |
| Pension plan accruals and contributions | $0 |
| Other employee benefits | $185,186 |
| Payroll taxes | $78,631 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $17,900 |
| Fees for services: Accounting | $300,023 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $398,615 |
| Advertising and promotion | $0 |
| Office expenses | $116,576 |
| Information technology | $0 |
| Royalties | $0 |
| Occupancy | $161,249 |
| Travel | $74,134 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $28,657 |
| Interest | $98,823 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $70,606 |
| Insurance | $62,900 |
| All other expenses | $102,383 |
| Total functional expenses | $3,516,316 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $5,217,240 |
| Savings and temporary cash investments | $0 |
| Pledges and grants receivable | $2,711,595 |
| Accounts receivable, net | $59,817 |
| Loans from Officers, Directors, or Controlling Persons | $0 |
| Loans from Disqualified Persons | $0 |
| Notes and loans receivable | $5,154,080 |
| Inventories for sale or use | $0 |
| Prepaid expenses and deferred charges | $64,346 |
| Net Land, buildings, and equipment | $2,214,280 |
| Investments—publicly traded securities | $0 |
| Investments—other securities | $0 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $0 |
| Total assets | $15,421,358 |
| Accounts payable and accrued expenses | $277,587 |
| Grants payable | $0 |
| Deferred revenue | $1,767 |
| 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 | $4,437,342 |
| Unsecured mortgages and notes payable | $0 |
| Other liabilities | $746,777 |
| Total liabilities | $5,463,473 |
| Net assets without donor restrictions | $4,892,347 |
| Net assets with donor restrictions | $5,065,538 |
| 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 | $15,421,358 |