Lake Street Council

Analysis

Lake Street Council is a registered charity in United States, based in Minneapolis, MN. It received its IRS tax-exemption ruling in July 2010, 16 years ago. Its declared purposes cover community improvement and capacity building, which this site groups under community and economic development. The IRS classifies it as a publicly supported organisation (donations from the general public) under section 501(c)(3), and contributions to it are listed as tax-deductible.

In the financial year ending December 2023, Lake Street Council reported income of $1.6m and spending of $2.5m, spending 157% of what it took in. Across the 5 years on record, from December 2019 to December 2023, income grew from $393k to $1.6m (+305%), an average of +42% a year. The sharpest change came in the year to December 2020, when income rose by 3725%. Over the whole period it spent 84% of the income it received.

Among 19,475 United States charities whose main cause is community and economic development and that reported income, Lake Street Council sits at the 82nd percentile: it is larger than about 82% of them. Against every charity in United States with reported income it ranks in the 84th percentile, and in the 83rd percentile within MN. Charities of a similar size with the same main cause include Northside Institutions Neighborhood Alliance Inc ($1.6m), Foundation for the Mid South Inc ($1.6m) and Evansville Electrical Joint Apprent and Training Committee ($1.6m).

On its Form 990 for the period ending December 2023, revenue came from contributions and grants 96% of the total. Compensation of current officers, directors and key employees was $103k (4.1% of expenses). Other salaries and wages came to $714k. At year end it held assets of $4.1m against liabilities of $190k, net assets of $4.0m. It reported 11 employees.

Data notes from the register: Spending has exceeded income in each of the last three reported years, so the charity has been drawing on reserves or other funds.