Latino Economic Development Center
- Assets
- $11.6m
- Revenue
- $19.5m
- Investments
- $0.0
- Employees
- 33
- Location
- Saint Paul, MN
- Founding
- 12/2003
- Data as of
- 12/2021
- 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 12/2021, Latino Economic Development Center employed 33 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 12/2021, Latino Economic Development Center generated $19.5m in total revenue. This organization has experienced exceptional growth, as over the past 7 years, it has increased revenue by an average of 34.1% each year . All expenses for the organization totaled $16.9m during the year ending 12/2021. While expenses have increased by 34.3% per year over the past 7 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
2021
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
BUSINESS DEVELOPMENT: WE CONTINUED PROVIDING SERVICES RELATED TO COVID-19 ASSISTANCE, BUT A SENSED NORMALCY IN THE HORIZON DUE TO VACCINATIONS AND HERD IMMUNITY. CONSEQUENTLY, WE REORGANIZED OUR MODEL OF OPERATION IN JUNE, AND HIRED THREE NEW ASSOCIATES. FROM JULY TO DECEMBER 2021, THE TAM RECEIVED 367 VISITS FROM CLIENTS, WITH A TOTAL OF 987 HOURS OF DIRECT CUSTOMER SERVICE. THIS PROMPTED 960 HOURS OF FOLLOW-UP SERVICE. WE PROVIDED SERVICES TO 351 CLIENTS, 178 WERE CLIENTS WHO RECEIVED DIRECT TECHNICAL ASSISTANCE. ALSO FROM SEPTEMBER TO NOVEMBER, WE ASSISTED 77 BUSINESSES APPLYING TO DEED'S SBRG EMERGENCY LOAN. THE TYPICAL DOLLAR VALUE ON EACH CLIENT'S APPLICATION WAS $10,000. WE EXECUTED THE FOLLOWING PROJECTS IN FURTHERANCE OF LATINO BUSINESS: 1. LATINO BUSINESS WEEK POP-UP - THE BUSINESS DEVELOPMENT TEAM WORKED IN COLLABORATION WITH TARGET AND CHAMELEON SHOPPES TO SUPPORT THIS EVENT. LEDC MANAGED TO BRING ELEVEN OF THE TWELVE PARTICIPANTS TO THE EVENT, WHICH TOOK PLACE IN DOWNTOWN MINNEAPOLIS. OUR COLLABORATION WITH TARGET AND CHAMELEON WILL CONTINUE FOR TWO SIMILAR EVENTS IN 2022.2. PLAZA DEL SOL - AS REMODELING PROCESS GOES ON, THERE IS A COLLECTIVE PLAN TO RENT SPACES TO OUR BUSINESS DEVELOPMENT CLIENTS. WE ARE WORKING ON A LAY OUT TO MAKE AVAILABLE THE RETAIL AREA TO A VARIETY OF BUSINESS. ON DECEMBER 4, GORDITAS EL DURANGO STARTED OPERATING AT PLAZA, AND SOON WILL BE MORE BUSINESS LEASING SPACES. COMING SOON "TAMALES BENIZ", AND POTENTIALLY, TWO MORE FOOD BUSINESS.3. MI COCINA - IT RENTED SPACE TO EIGHTEEN BUSINESSES IN 2021. TEN NEW BUSINESSES RECEIVED TECHNICAL ASSISTANCE BY OUR BUSINESS DEVELOPMENT TEAM. THIS ASSISTANCE INCLUDED BUSINESS REGISTRATION, PRODUCT DEVELOPMENT AND OPERATION, MARKETING, AND SALES. THREE OF OUR MOST SENIOR TENANT BUSINESSES SCALED THEIR OPERATION TO RESTAURANTS SITES AND OR AN ICE CREAM INDUSTRIAL PRODUCTION SITE.4. BUSINESS DEVELOPMENT CLASSES - NINETY-TWO STUDENTS ENROLLED FOR THE BUSINESS CLASSES. THERE WAS AN AVERAGE ATTENDANCE OF FORTY TO FIFTY STUDENTS PER CLASS. IN ADDITION, WE HAD TWELVE STUDENTS ENROLLED IN THE ENGLISH VERSION OF THE BUSINESS CLASSES.
EDUCATION AND TRAINING: IN 2021, OUR TEAM TRAINED 85 PARTICIPANTS ON SCIENCE, MATH, AND READING THROUGH LANGUAGE ARTS PORTIONS OF THE GED TEST. OF THOSE 85 PARTICIPANTS, 12 GRADUATED AFTER PASSING ALL 4 SUBJECT MATTER EXAMINATIONS. FURTHERMORE, WE HAD 27 PARTICIPANTS ATTEND OUR SERVESAFE INDIVIDUAL TRAINING COURSES THROUGHOUT THE YEAR AND 24 RECEIVED THEIR OFFICIAL CERTIFICATE.
LENDING PROGRAMS: IN 2021, 28 LOAN APPLICATIONS HAVE BEEN APPROVED, 21 LOANS WERE CLOSED AND DISBURSED TOTALING $756,000 AND THESE FUNDS WERE ABLE TO HELP RETAIN OR CREATE A TOTAL OF 125 JOBS. IN ADDITION, LEDC'S FUNDS LEVERAGED ANOTHER $839,474 IN OTHER FINANCING FROM EQUITY, BANK LOANS, AND OTHER COMMUNITY PARTNERS. 12 OUTSTANDING LEDC LOANS WERE REPAID IN FULL. IN ADDITION TO THE 12 LOANS LISTED ABOVE, THREE LOANS MADE AT THE HEIGHT OF THE PANDEMIC WITH FUNDS THROUGH THE STATE OF MINNESOTA'S SPECIAL SMALL BUSINESS EMERGENCY LOAN (SBEL) PROGRAM WERE REPAID IN FULL AS WELL.LEDC ADDED THREE NEW SOURCES OF FUNDS TO THE PROGRAM: WELLS FARGO'S OPEN FOR BUSINESS FUND PROGRAM GRANT ($500K), CDFI RAPID RESPONSE PROGRAM GRANT ($1.1 MM), AND CDFI FINANCIAL ASSISTANCE GRANT ($225K). IN 2021, LEDC WAS RECERTIFIED BY THE U.S. TREASURY DEPARTMENT AS A CDFI CERTIFIED LENDER. LEDC CONTINUES TO SERVE AS A CERTIFIED LENDER UNDER DEED'S EMERGING ENTREPRENEUR LOAN PROGRAM (ELP).
AG DEVELOPMENT: IN 2021, THE LEDC AGRICULTURAL PROGRAM LED THE WAY FOR LATINO AGRICULTURAL ENTREPRENEURS IN THE TWIN CITIES AND ACROSS GREATER MINNESOTA. LEDC CONTINUED TO BE A COMPLETE ONE-STOP AGRICULTURAL BUSINESS PROGRAM FOR ALL OF OUR CLIENTS, PROVIDING TECHNICAL ASSISTANCE, BUSINESS DEVELOPMENT, ACCESS TO CAPITAL AND MARKETS, AS WELL AS SPECIALIZING IN ORGANIC AND FOOD SAFETY CERTIFICATIONS. IN 2021, LEDC WORKED CLOSELY WITH SHARED GROUND FARMERS' COOPERATIVE TO SELL OVER $160,000 OF LATINO GROWN VEGETABLES. WE REGISTERED 5 NEW FARM ENTERPRISES AND PROVIDED 5 FARM LOANS FOR BIPOC FARMERS FOR A TOTAL OF $125,000. WORKING WITH PARTNERS IN MICHIGAN WE HELPED BRING $35,000 OF LATINO GROWN BLUEBERRIES INTO THE TWIN CITIES MARKETPLACE. LEDC CONTINUED A PARTNERSHIP WITH THE GOOD ACRE, HMONG AMERICAN PARTNERSHIP, LAKEWIND'S COOP, AND MILL CITY FARMERS' MARKET TO CREATE THE LEAFF PROGRAM (LOCAL EMERGENCY ASSISTANCE FARMER FUND).
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Henry Jimenez Executive Director | Officer | 40 | $138,318 |
Carlos Lamboglia Chair | OfficerTrustee | 1 | $0 |
Uri Camarena Secretary | OfficerTrustee | 1 | $0 |
Christina Jennings Treasurer | OfficerTrustee | 1 | $0 |
Julian Ocampo Director | Trustee | 1 | $0 |
Aileen Sanchez Kasper Director | Trustee | 1 | $0 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Federated campaigns | $0 |
| Membership dues | $0 |
| Fundraising events | $47,065 |
| Related organizations | $0 |
| Government grants | $16,354,671 |
| All other contributions, gifts, grants, and similar amounts not included above | $2,438,803 |
| Noncash contributions included in lines 1a–1f | $36,000 |
| Total Revenue from Contributions, Gifts, Grants & Similar | $18,840,539 |
| Total Program Service Revenue | $212,645 |
| Investment income | $134,823 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $337,374 |
| Net Gain/Loss on Asset Sales | $0 |
| Net Income from Fundraising Events | $3,263 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $0 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $19,528,644 |
| Statement of Expenses | |
|---|---|
| Grants and other assistance to domestic organizations and domestic governments. | $0 |
| Grants and other assistance to domestic individuals. | $11,467,019 |
| Grants and other assistance to Foreign Orgs/Individuals | $0 |
| Benefits paid to or for members | $0 |
| Compensation of current officers, directors, key employees. | $164,223 |
| Compensation of current officers, directors, key employees. | $17,852 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $1,119,406 |
| Pension plan accruals and contributions | $0 |
| Other employee benefits | $294,107 |
| Payroll taxes | $107,975 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $17,940 |
| Fees for services: Accounting | $1,770,164 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $894,015 |
| Advertising and promotion | $0 |
| Office expenses | $99,534 |
| Information technology | $0 |
| Royalties | $0 |
| Occupancy | $204,938 |
| Travel | $17,840 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $17,256 |
| Interest | $112,050 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $102,437 |
| Insurance | $53,624 |
| All other expenses | $107,259 |
| Total functional expenses | $16,906,414 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $4,262,832 |
| Savings and temporary cash investments | $0 |
| Pledges and grants receivable | $1,544,097 |
| Accounts receivable, net | $726,939 |
| Loans from Officers, Directors, or Controlling Persons | $0 |
| Loans from Disqualified Persons | $0 |
| Notes and loans receivable | $2,858,582 |
| Inventories for sale or use | $0 |
| Prepaid expenses and deferred charges | $80,924 |
| Net Land, buildings, and equipment | $2,167,708 |
| Investments—publicly traded securities | $0 |
| Investments—other securities | $0 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $0 |
| Total assets | $11,641,082 |
| Accounts payable and accrued expenses | $221,629 |
| Grants payable | $0 |
| Deferred revenue | $2,885 |
| 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 | $3,642,736 |
| Unsecured mortgages and notes payable | $0 |
| Other liabilities | $1,526,105 |
| Total liabilities | $5,393,355 |
| Net assets without donor restrictions | $2,723,491 |
| Net assets with donor restrictions | $3,524,236 |
| 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 | $11,641,082 |
Grants Recieved
Over the last fiscal year, we have identified 8 grants that Latino Economic Development Center has recieved totaling $906,250.
| Awarding Organization | Amount |
|---|---|
Bush Foundation St Paul, MN PURPOSE: THE LATINO ECONOMIC DEVELOPMENT CENTER LEADS A COLLABORATIVE THAT INCLUDES A BROAD RANGE OF IMMIGRANT BUSINESS OWNERS WHO ARE SERVED BY THE AFRICAN ECONOMIC DEVELOPMENT SOLUTIONS, COUNCIL ON AMERICAN-ISLAMIC RELATIONS - MN CHAPTER, AND AFRICAN DEVELOPMENT CENTER. THIS GRANT BUILDS ON A PREVIOUS COMMUNITY INNOVATION GRANT EFFORT THAT SUPPORTS THE COLLABORATIVE'S LONG-TERM STRATEGY TO TRANSFORM PAST DISINVESTMENT IN THE IMMIGRANT COMMUNITY. COLLABORATORS WILL PROVIDE IMMEDIATE ACCESS TO FINANCIAL RESOURCES TO IMPACTED IMMIGRANT BUSINESS OWNERS AND RURAL AREAS. | $300,000 |
Otto Bremer Trust St Paul, MN PURPOSE: CBFC EMERGENCY FUND | $250,000 |
Saint Paul & Minnesota Foundation Saint Paul, MN PURPOSE: MULTIPLE GRANTS FOR MULTIPLE PURPOSES | $181,000 |
Minneapolis Foundation Minneapolis, MN PURPOSE: DONOR-RECOMMENDED, COMMUNITY & ECONOMIC DEVELOPMENT | $90,500 |
The Mortenson Family Foundation Minneapolis, MN PURPOSE: AN ASSOCIATION OF LATINO ENTREPRENEURS AND LEADERS IN THE STATE OF MINNESOTA. OUR MEMBERS HAVE DRIVEN PASSION, AND KNOW-HOW THAT CREATES THIS BURGEONING LATINO BUSINESS COMMUNITY WHICH IS THE NUCLEUS OF GOOD QUALITY LIFE. | $32,750 |
F R Bigelow Foundation Trust 555 St Paul, MN PURPOSE: SMALL BUSINESS INVESTMENT IN THE EAST METRO | $30,000 |
Peer Organizations
| Organization Name | Assets | Revenue |
|---|---|---|
Cedar Falls Lutheran Home Cedar Falls, IA | $37,181,426 | $19,916,708 |
Latino Economic Development Center Saint Paul, MN | $11,641,082 | $19,528,644 |
Madonna Towers Of Rochester Inc Minneapolis, MN | $26,340,928 | $16,247,801 |
Hearth Connection Saint Paul, MN | $2,283,440 | $14,314,767 |
Aptiv Incorporated La Crosse, WI | $4,803,038 | $12,027,224 |
Wayside House Inc St Louis Park, MN | $4,548,768 | $9,185,572 |
Good Shepherd Lutheran Home Rushford, MN | $5,235,289 | $7,321,984 |
Central Iowa Shelter & Services Des Moines, IA | $16,046,844 | $7,232,062 |
Partnership Resources Inc Minneapolis, MN | $2,279,751 | $4,670,067 |
Eastwood Of Ames Inc Spencer, IA | $21,177,734 | $3,310,260 |
Willis Dady Emergency Shelter Inc Cedar Rapids, IA | $7,658,344 | $4,943,373 |
Titonka Community Rest Home Inc Titonka, IA | $1,173,392 | $2,166,094 |