Lake Street Council
Lake Street Council is a 501(c)(3) nonprofit organization based in Minneapolis, Minnesota, founded in 1968. The organization engages, serves, and advocates for small businesses and communities along the Lake Street commercial corridor. Lake Street Council operates with 12 employees and functions as a community development and economic vitality organization focused on the diverse Lake Street area.
Financial Overview
From 2024 IRS Form 990-PF · View filing
Total Assets
$4.4M
+5.5% YoY
Annual Giving
$417K
Grant Count
26
Avg Grant Size
$16K
Mission & Focus Areas
Mission: The Lake Street Council fosters economic vitality and amplifies Lake Street's vibrancy to create a thriving and livable commercial corridor.
Vision: Lake Street as a vibrant, inclusive corridor with a mosaic of flourishing businesses and nonprofits, a diversity of cultures, and a spirit of innovation—a place where businesses, visitors, and residents feel a deep sense of belonging, ownership, and pride.
The organization operates across four primary focus areas:
Technical Assistance and Small Business Advising Provides small business advising in English, Spanish, and Somali. In 2024, the organization launched a workshop series focused on maintaining financial documentation, building credit, and planning for business expansion. The Council provides grants to businesses for property improvements and supports businesses through infrastructure challenges such as road construction.
Visitor Attraction and Placemaking Initiative Executes community activation events and digital marketing to uplift individual businesses and support partners. The Lake Street Reimagined program brings people to discover and support Lake Street while creating opportunities for local artists. In 2024, the organization provided funding for 20 murals, four sculptures and standalone installations, and two vinyl art installations.
Corridor Branding and Marketing Through the Visit Lake Street initiative, the Council promotes the commercial corridor as a vibrant destination for visitors and residents.
Advocacy & Policy Convenes stakeholders and advocates for the interests of Lake Street businesses and communities.
Grantmaking
Lake Street Council distributes grants to support business recovery and community development. The organization provided grants to businesses for property improvements in 2024. The Council also funded public art installations including murals, sculptures, and vinyl art as part of its placemaking initiatives.
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Geographic Focus
Where this funder awards grants
Lake Street Council focuses exclusively on the Lake Street commercial corridor in Minneapolis, Minnesota.
Grant Distribution by State
States
Cities
Financial History
Multi-year comparison from IRS filings
2024 Financial Summary:
- Total Revenue: $2,300,129
- Total Expenses: $2,136,397
- Net Income: $163,732
- Total Assets: $4,378,569
- Total Liabilities: $255,000
The organization maintains a strong financial position with assets exceeding $4.3 million and consistent revenue streams supporting its operations and grantmaking activities.
| Metric | 2024 | 2023 | 2022 |
|---|---|---|---|
| Total Assets | $4,378,569 | $4,149,614 | $5,311,066 |
| Revenue | $2,300,129 | $1,592,333 | $1,331,547 |
| Expenses | $2,136,397 | $2,493,384 | $2,434,864 |
| Qualifying Distributions | — | — | — |
| Net Investment Income | $95,220 | $60,955 | $385 |
| Distributable Amount | — | — | — |
Giving Over Time
Total grant dollars and number of grants per year
Grant Insights
How this funder distributes its grants
Top Recipients
Top 10 recipients in 2024
Grant Size Distribution
161 grants across all recorded years
Giving History
Grant recipients and amounts by year
Among its reported 2024 grants, the largest include Lul Bros Properties ($50,000), Southside Community Health Services Inc ($50,000), Kushite Art Gallery LLC ($27,500).
| Recipient | Purpose | Amount |
|---|---|---|
| CAPI USA Minneapolis, MN | General support | $10,000 |
| Colonial Market 2 LLC Eden Prairie, MN | General support | $6,000 |
| Dem Properties Minneapolis, MN | General support | $25,000 |
| Said Hassan Minneapolis, MN | General support | $10,000 |
| East Philips Neighborhood Institute Minneapolis, MN | General support | $10,000 |
| Grass Roots LLC Minneapolis, MN | General support | $25,000 |
| Greater Minneapolis Council of Churches (GMCC) Minneapolis, MN | General support | $11,080 |
| In the Heart of the Beast Puppet and Mask Theater Minneapolis, MN | General support | $6,500 |
| Ingebretsens Gift Shops Inc Minneapolis, MN | General support | $6,040 |
| Car-X Auto Service Minneapolis, MN | General support | $9,500 |
Leadership & Key People
Leadership team and compensation from IRS filings
Allison Sharkey - Executive Director
Baba Letang - Board President
Claudia Carrasco - Board Member
Compensation Overview
From 2024 IRS filing
From 2024 filing
| Name | Title | Hours | Compensation |
|---|---|---|---|
| Baba Letang | President | 2 | — |
| Vicki Karr | Vice President/Secratary | 2 | — |
| Ronnie Taylor | Treasurer | 2 | — |
| Hibo Abdi | Director | 1 | — |
| Ted Campbell | Director | 1 | — |
| Rich Esquivel | Director | 1 | — |
| Hodan Guled | Director | 1 | — |
| Staci Hesthaven | Director | 1 | — |
| Julie Ingebresten | Director | 1 | — |
| Enrique Blanco | Executive Comittee | 1 | — |
| Dipankar Mukherjee | Director | 1 | — |
| Miluska Novota | Director | 1 | — |
| Alison Pence | Director | 1 | — |
| Jackie Knight | Executive Comittee | 1 | — |
| Ana Columba Reyes | Director | 1 | — |
| Justin Bryant | Director | 1 | — |
| Claudia Carrasco | Director | 1 | — |
| Brittany Howard | Director | 1 | — |
| Allison Sharkey | Executive Director | 40 | $116,600 |
Recent News & Activity
Recent developments and announcements
The Lake Street Council has been active in recovery and revitalization efforts. The organization announced the Lake Street Lift initiative, an $8 million program in partnership with the Graves Foundation. The Lake Street Lift invests in community-focused public safety services alongside business recovery and community development work.
5.5 Million in Grants to 300+ Businesses - Lake Street CouncilThe organization distributed recovery grants to over 300 businesses totaling $5.5 million, supporting businesses impacted by challenges in the corridor. In 2024, the Council expanded its placemaking efforts with significant investment in public art, including funding for 20 murals and multiple sculptures and installations across the corridor.
5.5 Million in Grants to 300+ Businesses - Lake Street CouncilSubject Areas
Focus areas based on grantmaking activity
Frequently Asked Questions
What does Lake Street Council fund?
**Mission:** The Lake Street Council fosters economic vitality and amplifies Lake Street's vibrancy to create a thriving and livable commercial corridor. **Vision:** Lake Street as a vibrant, inclusive corridor with a mosaic of flourishing businesses and nonprofits, a diversity of cultures, and a spirit of innovation—a place where businesses, visitors, and residents feel a deep sense of belonging, ownership, and pride. The organization operates across four primary focus areas: **Technical Assis…
How do I apply for a grant from Lake Street Council?
Lake Street Council distributes grants to support business recovery and community development. The organization provided grants to businesses for property improvements in 2024. The Council also funded public art installations including murals, sculptures, and vinyl art as part of its placemaking initiatives.
Where does Lake Street Council make grants?
Lake Street Council focuses exclusively on the Lake Street commercial corridor in Minneapolis, Minnesota.
What size grants does Lake Street Council award?
In 2024, Lake Street Council awarded 26 grants totaling $417K — an average of about $16K per grant, based on its IRS Form 990 filings.
What is Lake Street Council's EIN?
Lake Street Council's EIN (Employer Identification Number) is 41-0975738. IRS Form 990 filing data is available on this page for 2020–2024.
Explore Open Grants
Browse active grant opportunities in Lake Street Council's focus areas in our free grants database
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Data last updated June 2026. Sourced from IRS Form 990-PF filings. Research dossier generated April 2026.
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