Nonprofit · EIN 45-2892768
TWO HARBORS DEVELOPMENT FUND INC
Tax-exempt (reinstated) · TWO HARBORS, MN 55616
Financials
| Year ended | Form | Revenue | Expenses | Net income | Total assets | Liabilities | Net assets |
|---|---|---|---|---|---|---|---|
| December 31, 2024 | 990 | $32,424 | $8,413 | $24,011 | $926,453 | $0 | $926,453 |
| December 31, 2023 | 990 | $16,923 | $21,854 | -$4,931 | $902,442 | $0 | $902,442 |
Financial details: 990 for the year ended December 31, 2024
Revenue
- Contributions, gifts and grants
- $0
- Program service revenue
- $32,424
- Investment income
- $0
- Other revenue
- $0
Expenses
- Grants and similar amounts paid
- $0
- Salaries, compensation and benefits (total)
- $0
- Professional fundraising fees
- $0
- Legal fees
- $3,243
- Accounting fees
- $5,050
- Program services (functional)
- $8,413
Balance sheet and other
- Total assets, start of year
- $902,442
- Total assets, end of year
- $926,453
- Total liabilities, end of year
- $0
- Net assets, end of year
- $926,453
- Gross receipts
- $32,424
- Employees
- 0
- Year formed
- 1986
- 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.
| Name | Title | Hours / week | Compensation |
|---|---|---|---|
| JON CHAPEK | VICE PRESIDE Trustee or director, Officer | – | $0 |
| BOB JOHANSEN | SECRETARY Trustee or director, Officer | – | $0 |
| JENNIFER MILLER | TREASURER Trustee or director, Officer | – | $0 |
| DARRIN YOUNG | PRESIDENT Trustee or director, Officer | – | $0 |
990 for the year ended December 31, 2023: 4 people
| Name | Title | Hours / week | Compensation |
|---|---|---|---|
| JON CHAPEK | VICE PRESIDE Trustee or director, Officer | – | $0 |
| BOB JOHANSEN | SECRETARY Trustee or director, Officer | – | $0 |
| JENNIFER MILLER | TREASURER Trustee or director, Officer | – | $0 |
| DARRIN YOUNG | PRESIDENT Trustee or director, Officer | – | $0 |
Address and contacts
- Address (IRS master file)
- 115 WATERFRONT DR, TWO HARBORS, MN 55616-1525
- In care of
- % RICK SUNDSTROM
- Principal officer (990 for 2024)
- DARRIN YOUNG
- Signed the 990
- DARRIN YOUNG, PRESIDENT
- Phone
- (218) 834-3300
- Return prepared by
- KOLQUIST SEITZ & GOLDMAN LLC
Mission
TO PROMOTE THE ECONOMIC DEVELOPMENT WITHIN AND SURROUNDING THE CITY OF TWO HARBORS BY PROVIDING LOANS OR OTHER FINANCIAL AID TO BUSINESSES WHICH ARE NOT ABLE TO OBTAIN ADEQUATE FINANCING THROUGH OTHER MEANS.
Program accomplishments
- LEGAL AND PROFESSIONAL FEES AND MISCELLANEOUS EXPENSES RELATED TO COLLECTING INTEREST INCOME ON LOANS PROVIDED TO BUSINESSES IN CONJUNCTION WITH PROMOTING THE ECONOMIC DEVELOPMENT WITHIN AND SURROUNDING THE CITY OF TWO HARBORS.Expenses $8,413
What it must file and when
IRS records say it files Form 990-N (e-Postcard). Gross receipts normally $50,000 or less. Its accounting year ends in December, so each return is due on the 15th day of the 5th month after that.
| Tax year | Year ended | Due | IRS public records |
|---|---|---|---|
| 2025 | December 31, 2025 | May 15, 2026 | Not on file |
| 2024 | December 31, 2024 | May 15, 2025 | 990 on file |
| 2023 | December 31, 2023 | May 15, 2024 | 990 on file |
IRS record
- EIN
- 45-2892768
- Tax-exempt status
- 501(c)(3): Charitable, religious, educational or scientific organization
- Foundation status
- Supporting organization, Type I
- Donations deductible (Pub 78)
- Supporting organization, 50% limit
- Exempt since
- 2016
- Accounting year ends
- December
- Files
- Form 990-N (e-Postcard)
- Category (NTEE)
- Public and societal benefit (W20)
- Assets (IRS master file)
- $926,453
- Income (IRS master file)
- $32,424
Revocation and reinstatement
- Exemption revoked
- May 15, 2014
- Posted by the IRS
- August 11, 2014
- Reinstated
- Effective May 15, 2014
From the IRS automatic revocation list: organizations that did not file a required return or e-Postcard for three consecutive years.
Filing history
| Form | Year ended | Revenue | Expenses | Assets | Return |
|---|---|---|---|---|---|
| 990 | December 2024 | $32,424 | $8,413 | $926,453 | XML |
| 990 | December 2023 | $16,923 | $21,854 | $902,442 | XML |
| 990 | December 2022 | $9,937 | $5,463 | $907,373 | IRS |
| 990 | December 2021 | – | – | – | IRS |
| 990 | December 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 45-2892768).
Questions about TWO HARBORS DEVELOPMENT FUND INC
- What is the EIN of TWO HARBORS DEVELOPMENT FUND INC?
- The employer identification number (EIN) of TWO HARBORS DEVELOPMENT FUND INC is 45-2892768.
- Is TWO HARBORS DEVELOPMENT FUND INC tax-exempt?
- Yes. The IRS revoked its exemption on May 15, 2014 and reinstated it effective May 15, 2014.
- Are donations to TWO HARBORS DEVELOPMENT FUND INC tax-deductible?
- Yes. It is listed in IRS Publication 78 (Supporting organization, 50% limit).
- Which annual return does TWO HARBORS DEVELOPMENT FUND INC file?
- Form 990-N (e-Postcard). Gross receipts normally $50,000 or less.
- When is the next return of TWO HARBORS DEVELOPMENT 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 TWO HARBORS DEVELOPMENT 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 TWO HARBORS DEVELOPMENT FUND INC?
- The 990 for the year ended December 31, 2024 names DARRIN YOUNG.
- Who are the officers and directors of TWO HARBORS DEVELOPMENT FUND INC?
- The 990 for the year ended December 31, 2024 lists 4 people; 0 received compensation from the organization.
- How much revenue does TWO HARBORS DEVELOPMENT FUND INC have?
- On its 990 for the year ended December 31, 2024 it reported revenue of $32,424, expenses of $8,413 and total assets of $926,453 at year end.
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All nonprofits in TWO HARBORS · Minnesota · Public and societal benefit