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Nonprofit · EIN 41-1520829

DULUTH 1200 FUND INC

Tax-exempt · DULUTH, MN 55802

Financials

$134K$418K2023$1.7M$281K2024
Revenue Expenses · by fiscal year end
Financials of DULUTH 1200 FUND INC by year, from its e-filed returns
Year endedFormRevenueExpensesNet incomeTotal assetsLiabilitiesNet assets
December 31, 2024990$1,696,428$281,106$1,415,322$4,259,009$1,305$4,257,704
December 31, 2023990$134,046$418,100-$284,054$2,853,742$11,360$2,842,382
Financial details: 990 for the year ended December 31, 2024

Revenue

Contributions, gifts and grants
$1,550,000
of which government grants
$1,550,000
Program service revenue
$54,469
Investment income
$91,959
Other revenue
$0

Expenses

Grants and similar amounts paid
$187,917
Compensation of officers, directors and key employees
$0
Salaries, compensation and benefits (total)
$0
Professional fundraising fees
$0
Legal fees
$23,528
Program services (functional)
$281,106

Balance sheet and other

Total assets, start of year
$2,853,742
Total assets, end of year
$4,259,009
Total liabilities, end of year
$1,305
Net assets, end of year
$4,257,704
Gross receipts
$1,696,428
Employees
0
Volunteers
7
Year formed
1985
State of legal domicile
MN

From the e-filed returns the IRS publishes as XML (latest three processing years; amended returns replace the original). PDF copies at the IRS.

Officers, directors and key employees

As listed on the 990 for the year ended December 31, 2024, highest compensation first.

NameTitleHours / weekCompensation
Laura MullenPresident/Director
Trustee or director
0.5$0
Julie PierceVice President/Director
Trustee or director
0.5$0
Emily VikreDirector
Trustee or director
0.5$0
Fred LewisDirector
Trustee or director
0.5$0
Jebeh EdmundsDirector
Trustee or director
0.5$0
Simone GiacomelliDirector
Trustee or director
0.5$0
Tara SwensonCity Council Representative
Trustee or director
0.5$0
990 for the year ended December 31, 2023: 6 people
NameTitleHours / weekCompensation
Laura MullenPresident/Director
Trustee or director
0.5$0
Julie PierceVice President/Director
Trustee or director
0.25$0
Emily VikreDirector
Trustee or director
0.1$0
Fred LewisDirector
Trustee or director
0.1$0
Jebeh EdmundsDirector
Trustee or director
0.1$0
Simone GiacomelliDirector
Trustee or director
0.1$0

Address and contacts

Address (IRS master file)
411 W 1ST ST RM 402, DULUTH, MN 55802-2654
Principal officer (990 for 2024)
Laura Mullen, 411 West First Street Room 402, Duluth, MN 55802
Signed the 990
Laura Mullen, President
Phone
(218) 730-5054

Mission

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.

990 for the year ended December 31, 2024

Program accomplishments

  • 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.
    Expenses $281,106 · grants $187,917 · revenue $1,696,428

What it must file and when

IRS records say it files Form 990 or 990-EZ. Based on its last return; a smaller organization may file the 990-N. Its accounting year ends in December, so each return is due on the 15th day of the 5th month after that.

Tax yearYear endedDueIRS public records
2025December 31, 2025May 15, 2026Not on file
2024December 31, 2024May 15, 2025990 on file
2023December 31, 2023May 15, 2024990 on file

IRS record

EIN
41-1520829
Tax-exempt status
501(c)(3): Charitable, religious, educational or scientific organization
Foundation status
Publicly supported organization (170(b)(1)(A)(vi))
Donations deductible (Pub 78)
Public charity, 50% deduction limit
Exempt since
1985
Accounting year ends
December
Files
Form 990 or 990-EZ
Assets (IRS master file)
$4,259,009
Income (IRS master file)
$1,696,428

Filing history

FormYear endedRevenueExpensesAssetsReturn
990December 2024$1,696,428$281,106$4,259,009XML
990December 2023$134,046$418,100$2,853,742XML
990December 2022$1,553,814$152,208$3,115,716IRS
990December 2021–––IRS
990December 2020–––IRS

990-N: the IRS bulk file holds only the latest e-Postcard per organization; earlier years come from archived copies of that file since 2020 and can have gaps (the IRS e-Postcard search lists every one). 990, 990-EZ, 990-PF, 990-T: every e-filed return in the IRS e-file index since 2019; XML for the latest three processing years, amounts from the IRS Statistics of Income extracts before that. PDF copies and determination letters at the IRS (search EIN 41-1520829).

Questions about DULUTH 1200 FUND INC

What is the EIN of DULUTH 1200 FUND INC?
The employer identification number (EIN) of DULUTH 1200 FUND INC is 41-1520829.
Is DULUTH 1200 FUND INC tax-exempt?
Yes. The IRS lists it as tax-exempt under section 501(c)(3) since 1985.
Are donations to DULUTH 1200 FUND INC tax-deductible?
Yes. It is listed in IRS Publication 78 (Public charity, 50% deduction limit).
Which annual return does DULUTH 1200 FUND INC file?
Form 990 or 990-EZ. Based on its last return; a smaller organization may file the 990-N.
When is the next return of DULUTH 1200 FUND INC due?
The return for tax year 2025 (the year ending December 31, 2025) is due May 15, 2026. Form 8868 extends it by six months; the 990-N cannot be extended.
When did DULUTH 1200 FUND INC last file with the IRS?
The latest return in the IRS public files is the 990 for the year ended December 2024.
Who is the principal officer of DULUTH 1200 FUND INC?
The 990 for the year ended December 31, 2024 names Laura Mullen.
Who are the officers and directors of DULUTH 1200 FUND INC?
The 990 for the year ended December 31, 2024 lists 7 people; 0 received compensation from the organization.
How much revenue does DULUTH 1200 FUND INC have?
On its 990 for the year ended December 31, 2024 it reported revenue of $1,696,428, expenses of $281,106 and total assets of $4,259,009 at year end.

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