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Nonprofiteer
← NORTHEAST ENTREPRENEUR FUND INC

Form 990 for tax year 2023

Filed by NORTHEAST ENTREPRENEUR FUND INC.

Totals

Total revenue
$12,753,094
Total expenses
$7,770,279
Contributions and grants received
$8,764,347
Grants paid
$618,944
Program service revenue
$3,748,541
Investment income
$235,998
Other revenue
$4,208
Total assets, end of year
$70,821,340
Total liabilities, end of year
$41,677,762
Net assets or fund balances, end of year
$29,143,578
Program services expenses (Part IX)
$5,737,647
Management and general expenses
$1,352,764
Fundraising expenses
$679,868
Program service expenses (Part III)
$5,737,647

Program services were 73.8% 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.

  • 1e · Government grants (contributions)

    $7,181,062

  • 1f · All other contributions, gifts and grants

    $1,583,285

  • 2a · Program service revenue: INTEREST INCOME - LOANS

    total $3,145,300 · related or exempt $3,145,300

  • 2b · Program service revenue: LOAN PROGRAM INCOME

    total $469,115 · related or exempt $469,115

  • 2c · Program service revenue: DISCOUNT ACCRETION

    total $106,714 · related or exempt $106,714

  • 2d · Program service revenue: CONSULTING & TRAINING

    total $21,346 · related or exempt $21,346

  • 2e · Program service revenue: LOAN SERVICE FEES

    total $6,066 · related or exempt $6,066

  • 3 · Investment income

    total $267,077 · excluded $267,077

  • 7a · Gross sales of assets other than inventory

    other assets $243,921

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

    other assets $275,000

  • 7c · Gain or loss

    other assets -$31,079

  • 7d · Net gain or loss

    total -$31,079 · excluded -$31,079

  • 10a · Gross sales of inventory

    $4,735

  • 10b · Cost of goods sold

    $527

  • 10c · Net income from sales of inventory

    total $4,208 · related or exempt $4,208

Functional expenses

Part IX, the statement of functional expenses.

  • 1 · Grants to domestic organizations and governments

    total $618,944 · program services $618,944

  • 5 · Compensation of officers, directors and key employees

    total $410,220 · program services $301,521 · management and general $68,864 · fundraising $39,835

  • 7 · Other salaries and wages

    total $2,972,957 · program services $2,102,968 · management and general $440,349 · fundraising $429,640

  • 8 · Pension plan contributions

    total $149,387 · program services $105,014 · management and general $21,503 · fundraising $22,870

  • 9 · Other employee benefits

    total $358,407 · program services $253,496 · management and general $52,717 · fundraising $52,194

  • 10 · Payroll taxes

    total $263,177 · program services $187,054 · management and general $39,374 · fundraising $36,749

  • 11b · Fees: legal

    total $34,534 · program services $34,188 · management and general $346

  • 11c · Fees: accounting

    total $24,100 · management and general $24,100

  • 11d · Fees: lobbying

    total $17,600 · fundraising $17,600

  • 11e · Fees: professional fundraising services

    total $48,000 · fundraising $48,000

  • 11g · Fees: other

    total $767,910 · program services $312,083 · management and general $453,327 · fundraising $2,500

  • 12 · Advertising and promotion

    total $191,371 · program services $191,371

  • 13 · Office expenses

    total $104,503 · program services $91,080 · management and general $10,537 · fundraising $2,886

  • 16 · Occupancy

    total $126,130 · program services $87,254 · management and general $26,263 · fundraising $12,613

  • 17 · Travel

    total $196,599 · program services $107,678 · management and general $88,921

  • 20 · Interest

    total $872,174 · program services $872,174

  • 22 · Depreciation, depletion and amortization

    total $51,540 · program services $51,540

  • 23 · Insurance

    total $28,991 · program services $20,584 · management and general $8,407

  • 24a · Other expenses: PROVISION FOR LOAN LOSS

    total $130,739 · program services $130,739

  • 24b · Other expenses: SOFTWARE

    total $124,794 · program services $88,602 · management and general $36,192

  • 24c · Other expenses: STAFF TRAINING & DEVELO

    total $70,618 · program services $26,781 · management and general $28,911 · fundraising $14,926

  • 24d · Other expenses: WORKSHOPS & EVENTS

    total $68,266 · program services $68,266

  • 24e · All other expenses

    total $139,318 · program services $86,310 · management and general $52,953 · fundraising $55

Balance sheet

Part X, book values.

  • 1 · Cash, non-interest-bearing

    beginning of year $18,411,200 · end of year $9,307,292

  • 2 · Savings and temporary cash investments

    beginning of year $4,326,557 · end of year $5,087,964

  • 3 · Pledges and grants receivable

    beginning of year $1,184,453 · end of year $1,350,415

  • 4 · Accounts receivable

    beginning of year $2,191 · end of year $2,000

  • 9 · Prepaid expenses and deferred charges

    beginning of year $111,052 · end of year $94,292

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

    $191,824

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

    $191,824

  • 10c · Land, buildings and equipment, net

    beginning of year $0 · end of year $0

  • 13 · Investments: program-related

    beginning of year $43,404,412 · end of year $54,437,140

  • 15 · Other assets

    beginning of year $462,414 · end of year $542,237

  • 17 · Accounts payable and accrued expenses

    beginning of year $930,571 · end of year $829,559

  • 19 · Deferred revenue

    beginning of year $10,000 · end of year $619,922

  • 23 · Secured mortgages and notes payable

    beginning of year $10,127,761 · end of year $9,747,618

  • 24 · Unsecured notes and loans payable

    beginning of year $32,472,689 · end of year $30,403,804

  • 25 · Other liabilities

    beginning of year $224,310 · end of year $76,859

  • 27 · Net assets without donor restrictions

    beginning of year $21,756,546 · end of year $26,763,176

  • 28 · Net assets with donor restrictions

    beginning of year $2,380,402 · end of year $2,380,402

Mission and programs · 2023

Mission

WE ACTIVELY PARTNER WITH ENTREPRENEURS TO CREATE GROWING BUSINESSES, THRIVING COMMUNITIES, AND A DIVERSE REGIONAL ECONOMY.

Activities or mission (Part I)

TO ACTIVELY PARTNER WITH ENTREPRENEURS TO GROW BUSINESSES & CREATE THRIVING COMMUNITIES.

  • THE NORTHEAST ENTREPRENEUR FUND (EF) PROVIDES SMALL BUSINESS SERVICES AND LOANS TO BUSINESS OWNERS AND ASPIRING ENTREPRENEURS IN ITS 29 COUNTY SERVICE AREA OF MINNESOTA AND WISCONSIN. IN 2023, TOTAL PROGRAM COSTS OF $5,737,647 WAS EXPENSED TO PROVIDE SERVICES TO 1,617 ENTREPRENEURS. 348 LOANS WERE DISBURSED TO THOSE CLIENTS TO START, STABILIZE OR EXPAND THEIR BUSINESSES. A TOTAL OF $21.5 MILLIONS IN LOANS WERE APPROVED. A MAJORITY OF THOSE WERE DISBURSED TO LOW-INCOME INDIVIDUALS OR IN LOW-INCOME COMMUNITIES. EF TARGETS AND SERVES UNDERSERVED AND DISADVANTAGED BUSINESS OWNERS AND COMMUNITIES WITH SPECIALIZED SERVICES FOR WOMEN-OWNED BUSINESS. THE ORGANIZATIONAL EXPENSES, NON-PROGRAM RELATED WERE A TOTAL OF $2,032,632 FOR FUNDRAISING, MANAGEMENT AND GENERAL COSTS TO SUPPORT THE MISSION AND FUTURE OF THE ORGANIZATION.

    Expenses $5,737,647 · Grants $618,944 · Revenue $3,752,749

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

Listed in Part VII

  • Crystal Rohde

    CHAIR

    Total calculated
    $0
    Hours/week
    1

  • Arik Forsman

    VICE-CHAIR

    Total calculated
    $0
    Hours/week
    1

  • Andy Donahue

    VICE-CHAIR (TERMED APRIL)

    Total calculated
    $0
    Hours/week
    1

  • Tabatha Beier

    SECRETARY/TREASURER

    Total calculated
    $0
    Hours/week
    1

  • Elizabeth Chapman

    DIRECTOR

    Total calculated
    $0
    Hours/week
    1

  • Megan Erickson Kellin

    DIRECTOR

    Total calculated
    $0
    Hours/week
    1

  • Dustin Goslin

    DIRECTOR

    Total calculated
    $0
    Hours/week
    1

  • Michael Holden

    DIRECTOR (TERMED APRIL)

    Total calculated
    $0
    Hours/week
    1

  • David Manion

    DIRECTOR

    Total calculated
    $0
    Hours/week
    1

  • Julie Padilla

    DIRECTOR

    Total calculated
    $0
    Hours/week
    1

  • Diane Weber

    DIRECTOR

    Total calculated
    $0
    Hours/week
    1

  • Shawn Wellnitz

    CHIEF EXECUTIVE OFFICER

    Total calculated
    $275,087
    From this org
    $263,586
    From related orgs
    $0
    Other
    $11,501
    Hours/week
    50

    Schedule J breakdown matched by us

    Base
    $241,797
    Bonus
    $21,578
    Other
    $211
    Deferred
    $11,501
    Nontaxable benefits
    $0
    Filer's total
    $275,087

  • Carla Tichy

    DIR. OF ACCOUNTING AND COMPLIANCE

    Total calculated
    $135,133
    From this org
    $111,886
    From related orgs
    $0
    Other
    $23,247
    Hours/week
    50

  • Michael Lattery

    DIRECTOR OF BUSINESS FINANCE

    Total calculated
    $182,130
    From this org
    $161,834
    From related orgs
    $0
    Other
    $20,296
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $153,737
    Bonus
    $7,925
    Other
    $172
    Deferred
    $7,865
    Nontaxable benefits
    $12,431
    Filer's total
    $182,130

  • Zachary Hoy

    CREDIT MANAGER

    Total calculated
    $121,212
    From this org
    $115,616
    From related orgs
    $0
    Other
    $5,596
    Hours/week
    40

  • Kurt Thompson

    CHIEF OPERATING OFFICER

    Total calculated
    $118,536
    From this org
    $107,753
    From related orgs
    $0
    Other
    $10,783
    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 · Independent compensation consultant
  • 3 · Compensation survey or study
  • 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

  • PALADIN PROPERTIES

    $195,814

    DULUTH 1200 FUND GRANT

  • HEN AND OAK HEMP FARM

    $10,000

    RURAL EQUITY GRANT

  • BLU STUDIO WELLNESS

    $10,000

    RURAL EQUITY GRANT

  • STRENGTH FACTORY

    $10,000

    RURAL EQUITY GRANT

  • GOOD FLOWER FARM

    $10,000

    RURAL EQUITY GRANT

  • OHNSTAD THERAPY SERVICES

    $10,000

    RURAL EQUITY GRANT

  • DOLL'S DAY CARE

    $10,000

    RURAL EQUITY GRANT

  • PENNY PRINT STUDIO

    $10,000

    RURAL EQUITY GRANT

  • STEPHANIE'S THIS AND THAT

    $10,000

    RURAL EQUITY GRANT

  • CUSTOM MARINE CANVAS AND SERVICES

    $10,000

    RURAL EQUITY GRANT

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

Provenance

Return type
form_990
Tax year
2023
Filed
26 September 2024
IRS schema version
2023v5.1
Source object
202422749349301522

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.