Skip to content
Nonprofiteer
← NORTHSIDE ECONOMIC OPPORTUNITY NETWORK

Form 990 for tax year 2023

Filed by NORTHSIDE ECONOMIC OPPORTUNITY NETWORK.

Totals

Total revenue
$11,896,335
Total expenses
$2,772,485
Contributions and grants received
$11,401,045
Grants paid
$416,176
Program service revenue
$220,283
Investment income
$346,874
Other revenue
-$71,867
Total assets, end of year
$18,678,460
Total liabilities, end of year
$3,636,980
Net assets or fund balances, end of year
$15,041,480
Program services expenses (Part IX)
$1,905,422
Management and general expenses
$456,855
Fundraising expenses
$410,208
Program service expenses (Part III)
$1,905,422

Program services were 68.7% 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.

  • 1a · Federated campaigns

    $75,000

  • 1c · Fundraising events

    $161,001

  • 1e · Government grants (contributions)

    $209,860

  • 1f · All other contributions, gifts and grants

    $10,955,184

  • 2a · Program service revenue: RENT/OFFICE SHARING

    total $196,383 · related or exempt $196,383

  • 2b · Program service revenue: TECHNICAL ASSISTANCE

    total $19,000 · related or exempt $19,000

  • 2c · Program service revenue: ADMINISTRATIVE FEES

    total $4,900 · related or exempt $4,900

  • 3 · Investment income

    total $346,874 · related or exempt $20,479 · excluded $326,395

  • 8a · Fundraising events: gross income

    $6,577

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

    $161,001

  • 8b · Fundraising events: direct expenses

    $78,444

  • 8c · Net income from fundraising events

    total -$71,867 · excluded -$71,867

Functional expenses

Part IX, the statement of functional expenses.

  • 1 · Grants to domestic organizations and governments

    total $416,176 · program services $416,176

  • 5 · Compensation of officers, directors and key employees

    total $208,096 · program services $62,429 · management and general $52,024 · fundraising $93,643

  • 7 · Other salaries and wages

    total $963,064 · program services $796,471 · management and general $123,871 · fundraising $42,722

  • 9 · Other employee benefits

    total $114,958 · program services $97,575 · management and general $13,103 · fundraising $4,280

  • 10 · Payroll taxes

    total $84,100 · program services $64,792 · management and general $9,958 · fundraising $9,350

  • 11b · Fees: legal

    total $20,000 · management and general $20,000

  • 11c · Fees: accounting

    total $159,771 · management and general $159,771

  • 11e · Fees: professional fundraising services

    total $224,529 · fundraising $224,529

  • 11f · Fees: investment management

    total $17,770 · management and general $17,770

  • 11g · Fees: other

    total $194,819 · program services $164,063 · management and general $14,430 · fundraising $16,326

  • 12 · Advertising and promotion

    total $14,073 · program services $4,200 · management and general $1,738 · fundraising $8,135

  • 13 · Office expenses

    total $54,632 · program services $39,465 · management and general $12,988 · fundraising $2,179

  • 14 · Information technology

    total $72,406 · program services $52,305 · management and general $17,213 · fundraising $2,888

  • 16 · Occupancy

    total $160,143 · program services $146,770 · management and general $7,642 · fundraising $5,731

  • 17 · Travel

    total $2,319 · program services $24 · management and general $2,295

  • 19 · Conferences, conventions and meetings

    total $13,627 · program services $12,107 · management and general $1,520

  • 20 · Interest

    total $8,256 · program services $8,256

  • 22 · Depreciation, depletion and amortization

    total $26,992 · program services $26,992

  • 23 · Insurance

    total $10,651 · program services $7,694 · management and general $2,532 · fundraising $425

  • 24a · Other expenses: LOAN PROVISION EXPENSE

    total $6,103 · program services $6,103

Balance sheet

Part X, book values.

  • 1 · Cash, non-interest-bearing

    beginning of year $6,608,963 · end of year $1,378,904

  • 2 · Savings and temporary cash investments

    end of year $9,555,182

  • 3 · Pledges and grants receivable

    beginning of year $1,141,585 · end of year $1,492,111

  • 9 · Prepaid expenses and deferred charges

    beginning of year $8,893 · end of year $14,234

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

    $1,926,808

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

    $171,541

  • 10c · Land, buildings and equipment, net

    beginning of year $1,013,270 · end of year $1,755,267

  • 11 · Investments: publicly traded securities

    end of year $3,618,177

  • 13 · Investments: program-related

    beginning of year $920,284 · end of year $862,318

  • 15 · Other assets

    beginning of year $10,978 · end of year $2,267

  • 17 · Accounts payable and accrued expenses

    beginning of year $128,435 · end of year $315,810

  • 19 · Deferred revenue

    beginning of year $1,000,000 · end of year $1,019,441

  • 23 · Secured mortgages and notes payable

    beginning of year $2,646,930 · end of year $2,299,462

  • 25 · Other liabilities

    beginning of year $10,978 · end of year $2,267

  • 27 · Net assets without donor restrictions

    beginning of year $3,591,150 · end of year $4,223,084

  • 28 · Net assets with donor restrictions

    beginning of year $2,326,480 · end of year $10,818,396

Mission and programs · 2023

Mission

NEON MISSION IS TO BUILD WEALTH FOR THE LOW TO MODERATE-INCOME ENTREPRENEURS IN NORTH MINNEAPOLIS AND SURROUNDING COMMUNITIES. NEON ACCOMPLISHES ITS MISSION BY COLLABORATING WITH PARTNER ORGANIZATIONS TO PROVIDE TECHNICAL ASSISTANCE AND SUPPORT: ENTREPRENEUR TRAINING AND OUTREACH, FINANCIAL LITERACY, SMALL BUSINESS, AND TECHNICAL ASSISTANCE AND SUPPORT.

Activities or mission (Part I)

BUILD WEALTH FOR LOW-TO-MODERATE INCOME ENTREPRENUERS IN NORTH MINNEAPOLIS AND SURROUNDING COMMUNITIES

  • IN 2023 NEON SERVED 1,427 CLIENTS, PROVIDED 6,157 HOURS OF TECHNICAL ASSISTANCE, APPROVED AND/OR DISBURSED $722,500 IN LOANS TO BUSINESSES. WE HELPED START 229 BUSINESSES, CREATED 217 JOBS, AND RETAINED 381 JOBS. WE CONDUCTED 11 THINKING ABOUT BUSINESS AND FOOD 101 WORKSHOPS. WE LAUNCHED THE FOOD INDUSTRY COHORT SERIES AND WE HELD 8 EVENTS. 90 PERCENT OF NEON CLIENTS ARE BIPOC AND 80 PERCENT ARE AFRICAN AMERICAN.

    Expenses $1,834,919 · Grants $416,176 · Revenue $240,762

  • THE DESTINATION NORTHSIDE COALITION IS A GROUP OF ORGANIZATIONS COMMITTED TO THE LONG-TERM ECONOMIC PROSPERITY OF NORTH MINNEAPOLIS. THE DESTINATION NORTH COALITION SEEKS TO:- TRANSFORM NORTH MINNEAPOLIS INTO A MORE PROSPEROUS, HEALTHY AND THRIVING ENVIRONMENT THAT IS CENTERED ON SUSTAINING A GOOD QUALITY OF LIFE FOR OUR RESIDENTS.- STRENGTHEN NORTHSIDE BUSINESS CORRIDORS AS KEY DESTINATIONS FOR FAMILIES, INDIVIDUALS, STAKEHOLDERS AND VISITORS.- INCREASE NORTH MINNEAPOLIS' VISIBILITY AND VIABILITY AS A DESTINATION WHILE GROWING OUR ASSETS AND BUILDING CULTURAL WEALTH THROUGH GENERATIONS.

    Expenses $70,503

As filed on the 2023 return. The filer continues this part on Schedule O, which is not shown here.

Listed in Part VII

  • Beth Dumke

    CHAIR

    Total calculated
    $0
    Hours/week
    1

  • Ting Ting Ni

    VICE CHAIR

    Total calculated
    $0
    Hours/week
    1

  • Melanie Gatewood

    SECRETARY

    Total calculated
    $0
    Hours/week
    1

  • Blake Berquist

    TREASURER

    Total calculated
    $0
    Hours/week
    1

  • Margaret Murphy

    DIRECTOR

    Total calculated
    $0
    Hours/week
    1

  • Stella Situma

    DIRECTOR

    Total calculated
    $0
    Hours/week
    1

  • Shannon Olson

    DIRECTOR

    Total calculated
    $0
    Hours/week
    1

  • Kb Brown

    DIRECTOR

    Total calculated
    $0
    Hours/week
    1

  • Russell Knighton

    DIRECTOR

    Total calculated
    $0
    Hours/week
    1

  • Tyler Burkhardt

    DIRECTOR

    Total calculated
    $0
    Hours/week
    1

  • Anissa Keyes

    DIRECTOR

    Total calculated
    $0
    Hours/week
    1

  • Debra Spears

    DIRECTOR

    Total calculated
    $0
    Hours/week
    1

  • Trent Bowman

    DIRECTOR

    Total calculated
    $0
    Hours/week
    1

  • David Streier

    DIRECTOR

    Total calculated
    $0
    Hours/week
    1

  • Warren McLean

    PRESIDENT

    Total calculated
    $208,096
    From this org
    $187,356
    From related orgs
    $0
    Other
    $20,740
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $157,356
    Bonus
    $30,000
    Other
    $0
    Deferred
    $7,495
    Nontaxable benefits
    $13,245
    Filer's total
    $208,096

  • Stephen Obayuwana

    SENIOR VP & COO

    Total calculated
    $142,664
    From this org
    $124,500
    From related orgs
    $0
    Other
    $18,164
    Hours/week
    40

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

  • 3 · Form 990 of other organizations
  • 3 · Approval by the board or compensation committee

Answered no

  • 4a · Severance or change-of-control payment
  • 4b · Supplemental nonqualified retirement plan
  • 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

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

  • WILSONS IMAGE BARBERS & STYLISTS

    $235,000

    SCHOLARSHIPS $200,000, BUSINESS AND GRANT TO SUPPORT THE PREDEVELOPMENT OF THE FIVE POINTS BUILDING $35,000

  • HOUSTON WHITE

    $102,000

    STIPEND FOR BLACK BUSINESS WEEK $2,000 AND GRANT TO SUPPORT IT'S MISSION $100,000

  • WOLFPACK PROMOTIONALS

    $18,500

    ASSISTANCE FOR ACCOUNTING SERVICES

  • GOOD HAIR LLC

    $7,000

    COVID RELIEF FOR RENT $5,000 AND STIPEND FOR BLACK BUSINESS WEEK $2,000

Provenance

Return type
form_990
Tax year
2023
Filed
30 September 2024
IRS schema version
2023v5.1
Source object
202442849349302034

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.