Overview
What is Duluth 1200 Fund Inc?
Duluth 1200 Fund Inc is a nonprofit organization based in Duluth, Minnesota, dedicated to revitalizing the local economy by offering low-interest or no-interest loans and grants to eligible individuals and businesses. Their mission is to combat economic downturn and job loss in the area, providing financial assistance to those struggling to secure funding from conventional sources. In 2022, the organization approved and disbursed three loans, contingent on the creation and maintenance of new jobs or daycare slots for a specific period. A business qualified for loan forgiveness by meeting these conditions, and small "Pop-Up Shop" grants were provided to local entrepreneurs to utilize vacant retail spaces during the summer tourist season. Additionally, the fund offered childcare stipend grants to individuals who completed a training course, addressing the shortage of daycare options in the area.
Official website here: www.1200fund.com
What are the reviews and ratings of this charity?
Charity Navigator Rating: 88%, Three-Star out of Four Star rating
Duluth 1200 Fund Inc has received an overall score of 88%, reflecting strong performance in Accountability and Finance, which is its sole beacon score. The organization demonstrates a solid financial structure, evidenced by a perfect program expense ratio of 100%. Additionally, it maintains a low liabilities to assets ratio of 0.10%, indicating good financial health.
The organization's governance is bolstered by a fully independent board, scoring 100% in this area. However, there are some concerns regarding missing policies, such as a conflict of interest policy and a whistleblower policy, which could affect transparency and accountability. Despite these areas for improvement, the organization has received high marks for its audit processes and documentation practices.
Overall, Duluth 1200 Fund Inc displays strengths in financial management and governance, though it would benefit from implementing additional policies to enhance its accountability framework.
This AI summary has been generated from information found on Charity Navigator.
Is Duluth 1200 Fund Inc legitimate?
Duluth 1200 Fund Inc is a legitimate nonprofit organization registered as a 501(c)(3) entity. Duluth 1200 Fund Inc submitted a form 990, which is a tax form used by tax-exempt organizations in the U.S., indicating its operational transparency and adherence to regulatory requirements. Donations to this organization are tax deductible.
Heare are some key statistics you may want to consider:
Executive Compensation: $0
Professional Fundraising Fees: $0
Other Salaries and Wages: $0
For more financial information, click here
Official website here: www.1200fund.com
What is the mission statement of Duluth 1200 Fund Inc?
The mission of Duluth 1200 Fund Inc. is centered around providing financial assistance, in the form of low or no interest loans and grants, to eligible individuals and businesses within a specific area. This aid is intended to address economic deterioration and job loss, serving as a crucial resource for those unable to secure financing from conventional sources. The primary condition for assistance is the creation or retention of jobs within the specified region. The fund's goal is to contribute to the economic growth and stability of the community, thereby fostering job opportunities and promoting local development.
Official website here: www.1200fund.com
Who is the CEO of Duluth 1200 Fund Inc?
Laura Mullen is the President/Director of Duluth 1200 Fund Inc.
Official website here: www.1200fund.com
What is the revenue of Duluth 1200 Fund Inc?
Duluth 1200 Fund Inc's revenue in 2022 was $1,553,814.
Official website here: www.1200fund.com
Who are the executives of Duluth 1200 Fund Inc and what are their salaries?
There 6 volunteers at Duluth 1200 Fund Inc.
Here are 6 key members and their salaries:
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Official website here: www.1200fund.com
Where can I find the form 990 for Duluth 1200 Fund Inc?
Duluth 1200 Fund Inc's most recent form 990 was submitted in 2022 and can be accessed here.
Official website here: www.1200fund.com
Learn more at the official website: www.1200fund.com
Mission Statement of Duluth 1200 Fund Inc
The Duluth 1200 Fund Inc is an organization dedicated to addressing economic deterioration and job loss within its local community. Its primary mission is to offer low or no-interest loans, alongside financial assistance in the form of grants, to eligible individuals and businesses situated in or around the City of Duluth, Minnesota. The primary purpose of these financial aids is to aid those who are unable to secure appropriate financing from conventional sources. By providing this assistance, the 1200 Fund aims to facilitate the creation of new jobs and the retention of existing ones, thereby contributing to the economic growth and revitalization of the area. The funding for these loans is sourced from a government-funded revolving loan fund, which ensures a continuous cycle of support for the community.
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Impact
July, 2024
The Duluth 1200 Fund Inc has had a significant impact on the local community in Duluth, MN by providing low or no interest loans and financial assistance to eligible individuals and businesses. This has helped create and retain jobs, confront economic deterioration, and address specific challenges such as the shortage of daycare facilities in the area.
In 2022, the organization approved and disbursed new loans, with provisions for job creation and maintenance requirements. One business entity was able to qualify for loan forgiveness by meeting these provisions, demonstrating the direct impact of the Fund on job creation in the community.
Furthermore, in response to the economic challenges faced by the Duluth Downtown area due to the effects of the COVID-19 pandemic, the Duluth 1200 Fund provided small "Pop-Up Shop" grants to local entrepreneurs. These grants enabled individuals to utilize empty storefronts and offices for their businesses during the summer tourist season, fostering economic activity and growth in the area.
Additionally, the Fund addressed the shortage of daycare facilities by offering child-care stipend grants to individuals who completed daycare training courses. This initiative not only helped attract individuals to the childcare industry but also supported businesses in hiring employees with young children.
Overall, the Duluth 1200 Fund Inc's focus on job creation, economic revitalization, and community development has made a tangible impact on the Duluth area, contributing to the improvement of the local economy and quality of life for residents.
This information is meant to be a general summary of Duluth 1200 Fund Inc. Please take the time to review official sources before making any decisions based upon the content provided here.
Financials
This financial information is from Propublica.
Other financial information:
This information is from the most recently submitted tax form from this organization, which was in 2022.
- Investment Income: $18,251
- Program Service Revenue: $35,563
- Gross Receipts: $1,553,814
Assets and Liabilities:
- Total Assets: $3,115,716
- Total Liabilities: $3,357
- Net Assets: $3,112,359
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Programs
Programs are reported by nonprofits in their tax forms and are normally their tax-exempt activities.
Consumer Lending
Revenue
$35,563
Organization Details
Founding Year
1985
Phone
(218) 730-5054Principal Officer
Laura Mullen
Main Address
411 West First Street Room 402, Duluth, MN, 55802
Website
www.1200fund.comNTEE Category
Code: S30 - Community improvement
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