2025-11-14T12:53:45-07:00 2024-12-31 990 2024-01-01 411520829 DULUTH 1200 FUND INC DULU 2187305054 411 West First Street Room 402 Duluth MN 55802 Laura Mullen President 2182217470 2025-11-14 1 2024 2025-03-06 01:10:19Z Laura Mullen 411 West First Street Room 402 Duluth MN 55802 1696428 0 X 1200fund.com X 1985 MN The purpose of the 1200 Fund is to provide low, or no interest loans and other financial assistance (grants) to eligible individuals and businesses located in or near the City of Duluth, MN, in order to create and/or retain jobs and confront economic deterioration within the Duluth area. 7 7 0 7 0 0 0 1550000 36908 54469 97138 91959 0 0 134046 1696428 219050 187917 0 0 0 0 0 0 0 199050 93189 418100 281106 -284054 1415322 2853742 4259009 11360 1305 2842382 4257704 The 1200 Fund's purpose is to provide low or no interest loans & other financial assistance (grants) to local Duluth area individuals and businesses to confront economic deterioration & loss of jobs. Financing, provided by a governmental funded revolving loan fund, is intended to provide assistance to individuals & businesses that aren't able to obtain affordable, adequate, or appropriate financing from other conventional sources. The primary requirement for assistance is the recipient provides for new job creation and/or retention of existing jobs. 0 0 281106 187917 1696428 There were 4 new 1200 Fund Advance loans that were approved and drawn down in 2024. The Advance loans have a provision for partial loan forgiveness based on the number of new jobs created and maintained for a specific period of time. (For the Advance loans with a partial loan forgiveness clause, quarterly job reporting is required in order to substantiate the amount of loan forgiveness that will be granted to the borrowers upon fulfillment of the loan agreements' job creation & maintenance requirements.) In 2024, there were no business entities that qualified for Advance loan forgiveness because of achieving their job creation and maintenance provisions of their loans; nor, did any of the Daycare related Advanced loans in 2024 meet the required number of childcare slots created and maintained for a specified amount of time, per their agreements. The Duluth Downtown and West End/Lincoln Park business and retail areas continue to suffer from the many business closings, from the effects of the COVID pandemic, with many empty and unoccupied office and retail spaces still remaining in 2024. In 2023, The 1200 Fund started the Mentorship Loan Program, which are low interest loans given to new businesses to assist them in their startup costs and to build credit, along with assistance from SCORE.org, known for their expert business knowledge & support for businesses. In 2024, the 1200 Fund gave 7 Mentorship loans. In 2024, 2 grants were given to a local non-profit foundation for 2 different child care grants, to promote growth of child care spots in the area, which is in great shortage; and 1 grant was given to a Business Club to promote their business district and to stimulate the growth & success of the area businesses. 0 0 0 281106 1 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 1 1 0 0 0 0 0 0 0 0 0 1 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 1 0 0 1 0 0 0 0 0 0 0 0 0 X 7 7 0 0 0 0 0 0 0 1 1 0 0 1 0 0 1 0 0 0 MN X City of Duluth MN Duluth City Auditor 2187305054 411 West First Street Finance Room 104 Duluth MN 55802 X Laura Mullen President/Director 0.50 0 X 0 0 0 Julie Pierce Vice President/Director 0.50 0 X 0 0 0 Emily Vikre Director 0.50 0 X 0 0 0 Fred Lewis Director 0.50 0 X 0 0 0 Jebeh Edmunds Director 0.50 0 X 0 0 0 Simone Giacomelli Director 0.50 0 X 0 0 0 Tara Swenson City Council Representative 0.50 0 X 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 1550000 0 0 1550000 Consumer Lending 522291 54469 54469 0 0 0 0 0 0 54469 91959 91959 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 1696428 146428 0 0 187917 187917 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 43346 43346 23528 23528 0 0 0 0 0 0 24738 24738 1577 1577 0 0 281106 281106 0 0 2019544 1730705 1400000 834198 1128304 2853742 4259009 11360 1305 11360 1305 X 2842382 4257704 0 0 0 0 2842382 4257704 2853742 4259009 1415322 0 0 0 0 0 X 1 X 0 1 0 X 13046 29719 1535563 36908 1604469 3219705 13046 29719 1535563 36908 1604469 3219705 3219705 0 31058 -4061 -10660 111215 91959 219511 3439216 0 0.93617 0.88610 X 1696428 0 0 0 0 0 1696428 0 0 0 1696428 281106 0 0 0 0 0 281106 0 0 0 281106 1 Northland Foundation 202 W Superior Street Suite 800 Duluth MN 55802 411554455 149137 Northland Child Care Activities Grant-Grant given to Northland Foundation to facilitate developing Child care grants & eligibility criteria and scoring, review, finalize training & peer Learning plans and engage projects in training & peer learning and connect projects with other resources. Analyze and prepare final reports of outcomes to the Duluth 1200 Fund. Northland Foundation 202 West Superior Street Suite 800 Duluth MN 55802 411554455 26780 Jump Into Child Care Project Activities- Northland Foundation acted as fiscal sponsor for Child Care pilot project, to expand interest in child care field to address the child care workforce shortage. 17 training sessions were held, engaging 151 people, assisting with required training to assist participants with opening a licensed family child care business, also with the use of job coaches. Western Area Business and Civic Club dba West Duluth Business Club CO Valley Youth Center 720 N Central Avenue Duluth MN 55807 416037916 12000 West Duluth Business Club Grant for West Duluth Event Banners and Lighting Upgrades and installation to promote local events to increase business in the area. 2 0 Schedule I, Part I, Line 2 Grants are monitored with review of accounting and proof of expenditures, narratives and monitoring of outcomes that are to meet the grants' purpose and requirements. Form 990, Part VI, Section A, Line 6 The Mayor of the City of Duluth appoints, and if necessary, removes the members of this corporation. All members of the corporation shall constitute the Board of Directors. The business affairs of the corporation are managed by the Board of Directors. Form 990, Part VI, Section B, Line 11b The form 990 is prepared in conjunction with the financial reporting for the City of Duluth, MN. After the return and supporting schedules are prepared, it is reviewed by the City's Auditor and the corporation's Administrator, and is signed by an officer of the corporation. Form 990, Part VI, Section B, Line 12a The Duluth 1200 fund has no written conflict of interest policy. At some time in the future we may consider adoption policies on these statements. Form 990, Part VI, Section B, Line 13 The Duluth 1200 Fund has no written whistleblower policies. At some time in the future we may consider adoption policies on these statements. Form 990, Part VI, Section B, Line 14 The 1200 Fund does not have its own written document retention and destruction policy and follows the City of Duluth's written document retention and destruction policy. Form 990, Part VI, Section B, Line 15 The corporation has no employees and are all volunteers. No amount of compensation is paid to any top management official, other officer, or any key employees of the corporation. Form 990, Part VI, Section C, Line 19 Governing Documents Disclosure Explanation: All of the organization's governing documents, policies, and financial statements are available upon request at Duluth City Hall, Room 402, 411 West First Street, Duluth MN 55802. The 2024 IRS Extension form 8868 was electronically filed and accepted by the IRS on March 10, 2025. The Duluth 1200 Fund's annual audit is performed with the City of Duluth's annual audit, and is a Custodial Fund of the City of Duluth. It is performed by the Minnesota Office of the State Auditor annually, and is not complete and received until the end of May/beginning of June each year. Thus, the Duluth 1200 Fund cannot file the IRS 990 form until its audit is complete. That is why an extension is filed each year, to enable the 1200 Fund to use the final, audited figures on the IRS 990 form.