Duluth 1200 Fund Inc
Public records show a registered, tax-exempt organization in good standing.
What it says it does
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.
- Income
- $1.7 million
- Spending
- $281,106
- Spent on programs
- 100%
- Reserves
- Over 10 years of spending
- Largest source of income
- government grants, 91%
- Employees
- 0
- Volunteers
- 7
Source: Form 990 for the year ending December 31, 2024, filed with the Internal Revenue Service. Rating method 2026.2. How we rate
Financial health
Strong: 100 out of 100.
Reserves
35 of 35Spendable reserves would cover more than ten years of spending.
Debt
20 of 20It owes 0% of what it owns.
Living within its means
15 of 15Income exceeded spending by 83% of income.
Income trend
15 of 15Income rose 1166% on the year before.
Spending floor
15 of 15100% of spending went to programs and raising each dollar of donations cost 0 cents.
Source: Form 990 for the year ending December 31, 2024, filed with the Internal Revenue Service. Rating method 2026.2. How we rate
Governance
Fair: 69 out of 100.
Independent board
25 of 257 of 7 voting board members are independent.
Conflict of interest policy
0 of 15Reports no written conflict of interest policy.
Whistleblower policy
0 of 8Reports no written whistleblower policy.
Record keeping policy
7 of 7Has a written policy on keeping and destroying records.
Board minutes
5 of 5Keeps minutes of board meetings.
Board sees the tax return
10 of 10Gave the board a copy of this return before filing it.
Independent check of accounts
9 of 15Its accounts were reviewed or compiled by an independent accountant, but not audited.
No reported misuse
10 of 10Reports no diversion of assets, excess benefits or loans to insiders.
Source: Form 990 for the year ending December 31, 2024, filed with the Internal Revenue Service. Rating method 2026.2. How we rate
Impact evidence
Describes programs. Its tax return describes what it does but we have found no measurable results in it.
Programs described in its return (1)
- $281,106 spent. 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.
Source: Form 990 for the year ending December 31, 2024, filed with the Internal Revenue Service. Rating method 2026.2. How we rate
Legitimacy checks
Is it registered with the IRS? Passed.
Listed in the IRS master file of tax-exempt organizations as a 501(c)(3) charitable organization.
Source: Exempt Organizations Business Master File, Internal Revenue Service, file dated October 13, 2026.
Has the IRS revoked its tax-exempt status? Passed.
Not on the IRS automatic revocation list.
Source: Automatic revocation of exemption list, Internal Revenue Service, file dated October 13, 2026.
Are donations tax-deductible? Passed.
On the IRS list of organizations eligible to receive tax-deductible contributions.
Source: Publication 78 data: organizations eligible for tax-deductible contributions, Internal Revenue Service, file dated October 13, 2026.
Is it keeping up with its IRS filings? Passed.
Most recent return on file covers the year ending December 2024.
Source: Exempt Organizations Business Master File, Internal Revenue Service, file dated October 13, 2026.
How long has it been tax-exempt? Passed.
Recognized by the IRS since July 1985.
Source: Exempt Organizations Business Master File, Internal Revenue Service, file dated October 13, 2026.
Is it in good standing with state regulators? Passed.
Not on California's list of charities barred from soliciting. Other states are not yet checked.
Source: May Not Operate or Solicit for Charitable Purposes list, California Attorney General, Registry of Charities and Fundraisers, file dated October 21, 2026.
Ratings and checks are our reading of public records, using the published method. They are not a statement about anyone's honesty. If you work for this organization, you can send corrections or results, confirm you want gifts through Veridonate, or ask to be removed from giving.