Lake Street Council logo

Lake Street Council

MINNEAPOLIS, MN EIN: 41-0975738 Website

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

Research compiled by Grantable AI from public sources. Last updated April 2026.

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

1states

States

Cities

BloomingtonBrooklyn ParkEden PrairieGolden ValleyMINNEAPOLISMinneaolisMinneapolisMontroseNew HopeOakdalePlymouthSAINT PAULSTPAULSt CloudSt PaulStPaul

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.

Revenue
Expenses
Qualifying Distributions
Net Investment Income
$0$4M$8M$12M$17M20202021202220232024
Metric202420232022
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

$0$1M$3M$4M$6M338 grants202082 grants202135 grants20220 grants202326 grants2024

Grant Insights

How this funder distributes its grants

Top Recipients

Top 10 recipients in 2024

Lul Bros Properties$50KSouthside Community Heal…$50KKushite Art Gallery LLC$28KDem Properties$25KGrass Roots LLC$25KDon Pedro LLC$25KOdigo Properties LLC$25KSolcana Fitness LLC$22KTaco Taxi Inc$14KJungle Theatre$13K

Grant Size Distribution

161 grants across all recorded years

146<$50K12$50–100K3$100–250K$250–500K$500K–1M$1–5M$5M+

Giving History

Grant recipients and amounts by year

No grants recorded for .

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

Allison SharkeyExecutive Director$117K

From 2024 filing

NameTitleHoursCompensation
Baba LetangPresident2
Vicki KarrVice President/Secratary2
Ronnie TaylorTreasurer2
Hibo AbdiDirector1
Ted CampbellDirector1
Rich EsquivelDirector1
Hodan GuledDirector1
Staci HesthavenDirector1
Julie IngebrestenDirector1
Enrique BlancoExecutive Comittee1
Dipankar MukherjeeDirector1
Miluska NovotaDirector1
Alison PenceDirector1
Jackie KnightExecutive Comittee1
Ana Columba ReyesDirector1
Justin BryantDirector1
Claudia CarrascoDirector1
Brittany HowardDirector1
Allison SharkeyExecutive Director40$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 Council
2024

The 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 Council

Subject Areas

Focus areas based on grantmaking activity

Related Funders

Similar funders by location and focus area

Data last updated April 2026. Sourced from IRS Form 990-PF filings. Research dossier generated April 2026.

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