Skip to content
Nonprofiteer
← INITIATIVE FOUNDATION

Form 990 for tax year 2024

Filed by INITIATIVE FOUNDATION.

Totals

Total revenue
$15,215,240
Total expenses
$15,713,243
Contributions and grants received
$10,289,793
Grants paid
$9,989,131
Program service revenue
$1,143,410
Investment income
$3,681,994
Other revenue
$100,043
Total assets, end of year
$114,684,187
Total liabilities, end of year
$8,768,053
Net assets or fund balances, end of year
$105,916,134
Program services expenses (Part IX)
$13,566,929
Management and general expenses
$1,440,811
Fundraising expenses
$705,503
Program service expenses (Part III)
$13,566,929

Program services were 86.3% of total expenses calculated — Part IX's program-services column over total expenses, both as filed.

Line items

Every line the filer filed in Parts VIII, IX and X, as filed and in filed order. Blank columns are left out, and the lines are not forced to add up to the totals above.

Revenue

Part VIII, the statement of revenue.

  • 1c · Fundraising events

    $92,532

  • 1e · Government grants (contributions)

    $4,428,207

  • 1f · All other contributions, gifts and grants

    $5,769,054

  • 1g · Noncash contributions included above

    $2,613

  • 2a · Program service revenue: REVOLVING LOAN INTEREST

    total $752,826 · related or exempt $752,826

  • 2b · Program service revenue: LOAN ADMIN FEE

    total $212,417 · related or exempt $212,417

  • 2c · Program service revenue: MANAGEMENT FEES

    total $93,802 · related or exempt $93,802

  • 2d · Program service revenue: EVENTS AND WORKSHOP REGISTRATIONS

    total $84,365 · related or exempt $84,365

  • 3 · Investment income

    total $2,373,226 · excluded $2,373,226

  • 6a · Gross rents

    real property $4,940

  • 6b · Less rental expenses

    real property $0

  • 6c · Rental income or loss

    real property $4,940

  • 6d · Net rental income or loss

    total $4,940 · related or exempt $4,940

  • 7a · Gross sales of assets other than inventory

    securities $13,078,884 · other assets $2,324

  • 7b · Less cost or other basis and sales expenses

    securities $11,763,145 · other assets $9,295

  • 7c · Gain or loss

    securities $1,315,739 · other assets -$6,971

  • 7d · Net gain or loss

    total $1,308,768 · excluded $1,308,768

  • 8a · Fundraising events: gross income

    $47,406

  • 8a · Fundraising events: contributions included on line 1c

    $92,532

  • 8b · Fundraising events: direct expenses

    $35,945

  • 8c · Net income from fundraising events

    total $11,461 · excluded $11,461

  • 11a · Other revenue: ADVERTISING

    total $51,599 · unrelated business $51,599

  • 11b · Other revenue: OTHER INCOME

    total $32,043 · related or exempt $32,043

  • 11e · Other revenue, total

    $83,642

Functional expenses

Part IX, the statement of functional expenses.

  • 1 · Grants to domestic organizations and governments

    total $9,692,381 · program services $9,692,381

  • 2 · Grants to domestic individuals

    total $296,750 · program services $296,750

  • 5 · Compensation of officers, directors and key employees

    total $519,049 · program services $35,569 · management and general $226,782 · fundraising $256,698

  • 7 · Other salaries and wages

    total $1,969,543 · program services $1,268,054 · management and general $565,503 · fundraising $135,986

  • 8 · Pension plan contributions

    total $107,254 · program services $56,184 · management and general $34,146 · fundraising $16,924

  • 9 · Other employee benefits

    total $404,776 · program services $214,342 · management and general $126,584 · fundraising $63,850

  • 10 · Payroll taxes

    total $178,900 · program services $93,715 · management and general $56,956 · fundraising $28,229

  • 11b · Fees: legal

    total $38,152 · program services $31,331 · management and general $6,821

  • 11c · Fees: accounting

    total $59,854 · program services $600 · management and general $59,254

  • 11d · Fees: lobbying

    total $2,500 · management and general $2,500

  • 11f · Fees: investment management

    total $110,864 · program services $110,864

  • 11g · Fees: other

    total $969,310 · program services $873,995 · management and general $3,830 · fundraising $91,485

  • 12 · Advertising and promotion

    total $39,342 · program services $21,983 · management and general $15,148 · fundraising $2,211

  • 13 · Office expenses

    total $90,997 · program services $39,283 · management and general $30,404 · fundraising $21,310

  • 14 · Information technology

    total $383,892 · program services $197,937 · management and general $143,001 · fundraising $42,954

  • 16 · Occupancy

    total $91,433 · program services $59,999 · management and general $20,908 · fundraising $10,526

  • 17 · Travel

    total $78,362 · program services $56,068 · management and general $14,015 · fundraising $8,279

  • 19 · Conferences, conventions and meetings

    total $29,015 · program services $20,051 · management and general $5,001 · fundraising $3,963

  • 20 · Interest

    total $17,253 · program services $17,253

  • 22 · Depreciation, depletion and amortization

    total $54,189 · program services $33,417 · management and general $13,816 · fundraising $6,956

  • 23 · Insurance

    total $19,639 · program services $10,564 · management and general $6,036 · fundraising $3,039

  • 24a · Other expenses: BAD DEBTS DEOBLIGATIONS

    total $183,519 · program services $177,760 · fundraising $5,759

  • 24b · Other expenses: IQ MAG/ANNUAL REPORT

    total $130,859 · program services $129,273 · management and general $1,586

  • 24c · Other expenses: RECRUITING/OTHER PERSON

    total $99,696 · program services $10,534 · management and general $89,051 · fundraising $111

  • 24d · Other expenses: PARTNER FUND/EVENT EXPE

    total $92,987 · program services $92,987

  • 24e · All other expenses

    total $52,727 · program services $26,035 · management and general $19,469 · fundraising $7,223

Balance sheet

Part X, book values.

  • 1 · Cash, non-interest-bearing

    beginning of year $9,890,703 · end of year $7,376,256

  • 2 · Savings and temporary cash investments

    beginning of year $508,100 · end of year $679,213

  • 3 · Pledges and grants receivable

    beginning of year $2,756,617 · end of year $2,002,114

  • 4 · Accounts receivable

    beginning of year $77,320 · end of year $129,320

  • 5 · Loans and receivables from officers and key people

    beginning of year $85,628 · end of year $75,717

  • 7 · Other notes and loans receivable

    beginning of year $10,494,986 · end of year $10,455,153

  • 9 · Prepaid expenses and deferred charges

    beginning of year $168,739 · end of year $212,248

  • 10a · Land, buildings and equipment: cost or other basis

    $2,861,948

  • 10b · Land, buildings and equipment: accumulated depreciation

    $1,259,225

  • 10c · Land, buildings and equipment, net

    beginning of year $1,655,203 · end of year $1,602,723

  • 11 · Investments: publicly traded securities

    beginning of year $64,351,437 · end of year $71,690,924

  • 12 · Investments: other securities

    beginning of year $18,524,426 · end of year $20,161,949

  • 15 · Other assets

    beginning of year $495,000 · end of year $298,570

  • 17 · Accounts payable and accrued expenses

    beginning of year $486,848 · end of year $556,242

  • 18 · Grants payable

    beginning of year $1,175,407 · end of year $262,966

  • 19 · Deferred revenue

    beginning of year $3,155,428 · end of year $1,960,901

  • 21 · Escrow or custodial account liability

    beginning of year $2,162,694 · end of year $2,797,877

  • 23 · Secured mortgages and notes payable

    beginning of year $426,380 · end of year $398,807

  • 24 · Unsecured notes and loans payable

    beginning of year $1,042,442 · end of year $1,321,441

  • 25 · Other liabilities

    beginning of year $0 · end of year $1,469,819

  • 27 · Net assets without donor restrictions

    beginning of year $54,486,706 · end of year $57,901,107

  • 28 · Net assets with donor restrictions

    beginning of year $46,072,254 · end of year $48,015,027

Mission and programs · 2024

Mission

TO EMPOWER PEOPLE TO BUILD THRIVING COMMUNITIES AND A VIBRANT REGION ACROSS CENTRAL MINNESOTA.

  • COMMUNITYCHILDCARE SOLUTIONS: THE CHILDCARE SOLUTIONS PROGRAM ENHANCES COMMUNITY AND WORKFORCE DEVELOPMENT THROUGH ACCESS TO AFFORDABLE, QUALITY CHILDCARE. IN 2024, $275,000 WAS ALLOCATED TO PARTNER ORGANIZATIONS TO FOSTER ECONOMIC GROWTH THROUGH EXPANDED CHILDCARE OPTIONS AND A SKILLED EARLY CHILDHOOD WORKFORCE. THE FOUNDATION FUNDED EFFORTS IN 10 CENTRAL MINNESOTA COMMUNITIES TO DEVELOP AND IMPLEMENT STRATEGIC PLANS ADDRESSING THE CHILDCARE SHORTAGE. THESE COMMUNITIES RECEIVED SPECIALIZED CHILDCARE CONSULTING AND TECHNICAL ASSISTANCE TO EXPLORE NEW PARTNERSHIPS AND CREATIVE SOLUTIONS WITH THE PUBLIC AND PRIVATE SECTORS. AS A RESULT, NEW CHILDCARE SUPPORT PROGRAMS WERE CREATED WITH EMPLOYERS, LOCAL UNITS OF GOVERNMENT, AND COMMUNITY ORGANIZATIONS. THESE EFFORTS RESULTED IN 10 CHILDCARE CENTERS OPENING MORE THAN 350 NEW SLOTS. ADDITIONALLY, 80 FAMILY CHILDCARE BUSINESSES WERE ESTABLISHED OR INCREASED THE NUMBER OF SLOTS, CREATING OVER 150 NEW CHILDCARE SLOTS IN THE REGION. FUNDING TO ATTRACT, TRAIN, AND MAINTAIN THE EARLY CARE WORKFORCE RESULTED IN SUPPORT FOR MORE THAN 700 EARLY CARE PROFESSIONALS. PRELIMINARY DESIGN BIDS TO CREATE OR EXPAND BUSINESSES, TRAINING AND SUPPORT TO ENHANCE BUSINESS PRACTICES, AS WELL AS OTHER DEVELOPMENTAL AND SAFETY TRAINING TO INCREASE QUALITY RATING SCORES AND EARLY POTENTIAL WERE FUNDED. THE THREE LOCAL REGIONAL COMMUNITY COLLEGES COLLABORATED ON EARLY CHILDHOOD WORKFORCE INITIATIVES, ENABLING STUDENTS TO OBTAIN SCHOLARSHIPS TO RECEIVE CREDENTIALS TO ENTER THE FIELD OR ADVANCE THEIR CAREERS.COMMUNITY RESILIENCY: OUR LONG-STANDING SUPPORT FOR ECONOMIC TRANSITION ASSOCIATED WITH THE DECOMMISSIONING OF THE SHERBURNE COUNTY COAL GENERATION STATION CONTINUES TO YIELD BENEFITS FOR BECKER AND OTHER SURROUNDING COMMUNITIES. OUR MOST RECENT PILOT PROJECT SUPPORTED AN ANALYSIS OF THE COST BENEFIT OF ENERGY INVESTMENTS AT ELK RIVER (SHERBURNE COUNTY) AND WALKER (CASS COUNTY) FOOD SHELVES. THIS ANALYSIS WILL HELP BOTH PARTNERS SECURE GRANTS FOR INSTALLATION SO THEY CAN QUICKLY RETIRE ANY DEBT AND GENERATE REVENUE. GRANTMAKING: OUR DISCRETIONARY GRANTMAKING DELIVERED OVER $365,000. WE SERVED AS THE STATE-WIDE ADMINISTRATIVE HUB FOR THE 2024 ROUND OF OTTO BREMER TRUST COMMUNITY RESPONSIVE FUND WHICH TOTALED $3 MILLION. WE AWARDED OVER $600,000 IN MINNESOTA MAIN STREET ECONOMIC REVITALIZATION GRANTS TO BUSINESSES WITHIN QUALIFIED COMMUNITIES. THE INVESTMENTS SERVED AS MATCHING FUNDS TO SPUR PRIVATE REINVESTMENT IN DOWNTOWNS.NONPROFIT DEVELOPMENT: THE NONPROFIT ACADEMY SUITE OF PROGRAMS, INCLUDING EXECUTIVE ROUNDTABLE, VIBRANT AND EQUITABLE COMMUNITIES COHORTS, FUNDRAISING SUMMITS, CONTINUOUS IMPROVEMENT, AND VARIOUS SINGLE-DAY TRAININGS AND LUNCHTIME LEARNING SESSIONS, SERVED 260 TOTAL ORGANIZATIONS AND MORE THAN 457 UNIQUE PARTICIPANTS ACROSS THE REGION. COHORT TRAININGS FOCUSED ON ORGANIZATIONS LED BY AND SERVING UNDERSERVED COMMUNITIES. IN 2024, THE NONPROFIT ACADEMY PROGRAM PROVIDED CONSULTING, TRAINING, AND SERVED AS A TRUSTED INTERMEDIARY TO AWARD ALMOST $1 MILLION IN GRANTS TO SUPPORT SPECIFIC REGIONAL NONPROFIT PROJECTS. NONPROFIT ACADEMY FURTHER REFINED THE FOUNDATION'S CONTINUOUS IMPROVEMENT PROGRAM, OPENING THE TRAINING TO LOCAL GOVERNMENT UNITS AND NONPROFIT ORGANIZATIONS.

    Expenses $4,462,559 · Grants $3,594,000 · Revenue $215,150

  • ECONOMYLENDING: THE INITIATIVE FOUNDATION DEPLOYED 39 ECONOMIC DEVELOPMENT AND SMALL BUSINESS LOANS TOTALING $5,679,497. THE LENDING PROGRAM PROVIDES CAPITAL TO UNDERSERVED ENTREPRENEURS AND UNDERINVESTED COMMUNITIES, FROM MICROLOANS UNDER $50,000 TO LARGE GAP LOANS WITH THE POTENTIAL TO EXCEED $500,000. THIS FLEXIBILITY ALLOWS THE FOUNDATION TO SERVE STARTUPS TO ESTABLISHED BUSINESSES. LENDING IS FOCUSED ON GIVING ENTREPRENEURS A FAIR OPPORTUNITY AT WEALTH-BUILDING AND CREATING HIGH-QUALITY JOBS AND LOCALLY OWNED BUSINESSES. THE FOUNDATION MAINTAINS A WHOLLY OWNED SUBSIDIARY, THE INITIATIVE FOUNDATION IMPACT FUND, FOCUSED ON CDFI ACTIVITIES. THE IMPACT FUND DEPLOYED 12 LOANS TOTALING $829,528 USING INITIATIVE FOUNDATION STAFF THROUGH A MANAGEMENT SERVICES AGREEMENT. INITIATORS FELLOWSHIP: THE INITIATORS FELLOWSHIP IS A ONE-OF-A-KIND RURAL SOCIAL ENTERPRISE PROGRAM SERVING 53 COUNTIES AND SIX NATIVE NATIONS IN GREATER MINNESOTA. IT IS DEPLOYED IN PARTNERSHIP WITH THE SOUTHWEST INITIATIVE FOUNDATION, WEST CENTRAL INITIATIVE, AND NORTHWEST MINNESOTA FOUNDATION. THE PROGRAM HAS GRANTED 27 FELLOWSHIPS SINCE INCEPTION WITH PARTICIPANTS BENEFITING FROM MORE THAN $1.5 MILLION IN DIRECT PROGRAM INVESTMENTS RANGING FROM STIPENDS TO PROFESSIONAL DEVELOPMENT TO MENTORSHIP. IT HAS LEVERAGED OVER $5 MILLION IN OUTSIDE INVESTMENTS. THE FELLOWSHIP HAS BENEFITED FROM OVER 700 VOLUNTEER MENTORING AND ADVISING HOURS. THESE GREATER MINNESOTA LEADERS ARE BUILDING ECONOMIES AND IMPROVING QUALITY OF LIFE IN THEIR TOWNS BY DEVELOPING PURPOSE-DRIVEN BUSINESSES AND NONPROFIT ORGANIZATIONS.ENTERPRISE ACADEMY AND SMALL BUSINESS SUPPORT: THE ENTERPRISE ACADEMY PROGRAM PROVIDESBUSINESS TRAINING, ONE-ON-ONE TECHNICAL ASSISTANCE, AND LENDING TOUNDERSERVED ENTREPRENEURS. WE HAVE SERVED OVER 5,700 ENTREPRENEURS SINCE 2018. THIS INCLUDES 284 GRADUATES FROM ENTERPRISE ACADEMY, A 12-WEEK INTENSIVE BUSINESS TRAINING PROGRAM. IN 2024, THE PROGRAM GRADUATED COHORTS IN THE REGIONS OF SAINT CLOUD, LONG PRAIRIE, AND THE MILLE LACS TRIBAL ECONOMY. THE PROGRAM IS ONE OF THE FEW IN GREATER MINNESOTA DEDICATED TO ACCELERATING THE SUCCESS OF UNDERSERVED ENTREPRENEURS WITH COMPREHENSIVE SUPPORT AND TRAINING. IN 2024, PROGRAMS PROVIDED OVER 3,600 HOURS OF FREE ONE-ON-ONE AND GROUP BUSINESS COACHING TO MORE THAN 440 ENTREPRENEURS.WORKFORCE DEVELOPMENT: ATTRACTION, DEVELOPMENT, AND RETENTION OF A SKILLED WORKFORCEAREA PRIMARY INTEREST TO EMPLOYERS THROUGHOUT OUR REGION. TO SUPPORT GROWTH AND THE DEVELOPMENT OF TECHNOLOGY, TOOLS AND PROGRAMS TO ATTRACT AND RETAIN SKILLED WORKERS, THE FOUNDATION PROVIDED FUNDING AND OTHER SUPPORTS FOR LOCAL INITIATIVES, LINKING FUNDERS, EDUCATIONAL INSTITUTIONS, AND EMPLOYERS.

    Expenses $4,290,802 · Grants $2,981,797 · Revenue $965,243

  • GENEROSITYPARTNER FUNDS: THE FOUNDATION'S 131 PARTNER FUNDS DELIVERED 351 GRANTS FOR OVER $1.4 MILLION IN AWARDS. THE AVERAGE GRANT IN 2024 WAS $4,079. TOTAL GRANTMAKING INCREASED IN 2024 COMPARED TO 2023 BOTH IN THE AGGREGATE AND AVERAGE GRANT AWARD. DONATIONS TO PARTNER FUNDS TOTALED $1,394,824 INCLUDING $605,200 TO ENDOWMENTS, $242,288 TO QUASI-ENDOWED FUNDS, $313,086 TO NON-ENDOWED FUNDS, AND $234,250 IN EVENTS REVENUE.

    Expenses $4,813,568 · Grants $3,413,335

  • IQ MAGAZINE: THE FOUNDATION PUBLISHED TWO EDITIONS OF IQ MAGAZINE IN 2024. THE MAGAZINE PROVIDES INCLUSIVE, SOLUTIONS-BASED EDITORIAL CONTENT AND PHOTOGRAPHY TO PROMOTE PROGRAMS, PARTNERSHIPS, OUTREACH EFFORTS, AND REGIONAL/STATEWIDE INITIATIVES THAT FOCUS ON ECONOMIC DEVELOPMENT, COMMUNITY DEVELOPMENT AND GENEROSITY. IQ MAGAZINE'S ROLE IN FILLING THE GROWING VOID AS TRADITIONAL NEWS OUTLETS SHRINK OR DISAPPEAR FROM THE MEDIA LANDSCAPE. IT IS THE LARGEST CIRCULATION PUBLICATION IN CENTRAL MINNESOTA.

As filed on the 2024 return. The filer continues this part on Schedule O, which is not shown here.

Listed in Part VII

  • Brian Voerding

    PRESIDENT

    Total calculated
    $193,885
    From this org
    $165,828
    From related orgs
    $0
    Other
    $28,057
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $165,828
    Bonus
    $0
    Other
    $0
    Deferred
    $0
    Nontaxable benefits
    $28,057
    Filer's total
    $193,885

  • Don Hickman

    VP FOR COMMUNITY & WORKFORCE (FORMER)

    Total calculated
    $175,907
    From this org
    $148,367
    From related orgs
    $0
    Other
    $27,540
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $148,367
    Bonus
    $0
    Other
    $0
    Deferred
    $0
    Nontaxable benefits
    $27,540
    Filer's total
    $175,907

  • Michele Miller

    CFO

    Total calculated
    $148,258
    From this org
    $117,848
    From related orgs
    $0
    Other
    $30,410
    Hours/week
    40

  • David Monroy

    TRUSTEE/CHAIR

    Total calculated
    $0
    Hours/week
    2

  • Kristi Westbrock

    TRUSTEE/VICE CHAIR

    Total calculated
    $0
    Hours/week
    1

  • Teri Hoggarth

    TRUSTEE/TREASURER

    Total calculated
    $0
    Hours/week
    1

  • Brett Anderson

    TRUSTEE

    Total calculated
    $0
    Hours/week
    1

  • Carrie Willis

    TRUSTEE

    Total calculated
    $0
    Hours/week
    1

  • Dan Weber

    TRUSTEE

    Total calculated
    $0
    Hours/week
    1

  • Jessica Bitz

    TRUSTEE

    Total calculated
    $0
    Hours/week
    1

  • Joe Mulford

    TRUSTEE

    Total calculated
    $0
    Hours/week
    1

  • Joe Nayquonabe Jr

    TRUSTEE

    Total calculated
    $0
    Hours/week
    1

  • Julie Nelson

    TRUSTEE

    Total calculated
    $0
    Hours/week
    1

  • Kim Ellingson

    TRUSTEE

    Total calculated
    $0
    Hours/week
    1

  • Mateo Mackbee

    TRUSTEE

    Total calculated
    $0
    Hours/week
    1

  • Robbyn Wacker

    TRUSTEE (FORMER)

    Total calculated
    $0
    Hours/week
    1

  • Santo Cruz

    TRUSTEE

    Total calculated
    $0
    Hours/week
    1

  • Tim Nelson

    TRUSTEE

    Total calculated
    $0
    Hours/week
    1

Compensation is as filed in Part VII: reportable pay from this organization and from related organizations, other compensation, and hours per week. The total, marked calculated, is our sum of the three dollar columns, with a blank column counted as $0; the form itself has no total. On a Form 990-EZ the columns are Part IV's instead, and on a Form 990-PF Part VIII's — compensation, contributions to benefit plans, and expense account — and the total sums those. A Schedule J breakdown is as filed: base pay, bonus, other, deferred compensation and nontaxable benefits from this organization, with any from related organizations beside each, and the filer's own total. It is shown with the Part VII listing of the same name on the same return. The form gives no key between the two, so that pairing is ours, and is marked matched by us.

Schedule J

Answered yes

  • 1a · Tax indemnification and gross-up payments
  • 1b · Written policy on the line-1a expenses
  • 2 · Substantiation required before reimbursing expenses
  • 3 · Compensation committee
  • 3 · Form 990 of other organizations
  • 3 · Compensation survey or study
  • 3 · Approval by the board or compensation committee
  • 4b · Supplemental nonqualified retirement plan

Answered no

  • 4a · Severance or change-of-control payment
  • 4c · Equity-based compensation arrangement
  • 5a · Pay contingent on this organization's revenues
  • 5b · Pay contingent on a related organization's revenues
  • 6a · Pay contingent on this organization's net earnings
  • 6b · Pay contingent on a related organization's net earnings
  • 7 · Other non-fixed payments
  • 8 · Paid under the initial-contract exception

The filer's explanations (Part III)

PART I, LINE 1A
FOR PERSONAL USE OF COMPANY VEHICLE.
PART I, LINE 1B
THERE ARE INTERNAL PROCEDURES TO ADDRESS TREATMENT OF THESE EXPENSES.

Part I's answers as filed. A line not listed was left unanswered; on lines 1a and 3 that means the box was not checked.

Grants on this return

The 10 largest by cash amount. The API serves every itemized grant.

Related organizations on this return

Schedule R Part II: tax-exempt organizations related to the filer by control. It does not record shared board members or money.

Provenance

Return type
form_990
Tax year
2024
Filed
14 October 2025
IRS schema version
2024v5.2
Source object
202542889349300229

Check it against the return as filed: the GivingTuesday Data Lake hosts a public copy of the original XML.

The source document this was parsed from is served over the API, which is where bulk and document access live.