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Nonprofiteer
← BUILD WEALTH MN INC

Form 990 for tax year 2024

Filed by BUILD WEALTH MN INC.

Totals

Total revenue
$8,314,688
Total expenses
$3,676,753
Contributions and grants received
$7,194,749
Grants paid
$286,000
Program service revenue
$538,137
Investment income
$751,185
Other revenue
-$169,383
Total assets, end of year
$22,543,867
Total liabilities, end of year
$5,466,691
Net assets or fund balances, end of year
$17,077,176
Program services expenses (Part IX)
$2,839,907
Management and general expenses
$642,441
Fundraising expenses
$194,405
Program service expenses (Part III)
$2,839,907

Program services were 77.2% 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

    $80,070

  • 1e · Government grants (contributions)

    $828,357

  • 1f · All other contributions, gifts and grants

    $6,286,322

  • 2a · Program service revenue: Training Income

    total $202,559 · related or exempt $202,559

  • 2b · Program service revenue: Lending Revenue

    total $164,430 · related or exempt $164,430

  • 2c · Program service revenue: Processing Income

    total $129,868 · related or exempt $129,868

  • 2d · Program service revenue: Program Service Income

    total $41,280 · related or exempt $41,280

  • 3 · Investment income

    total $380,544 · excluded $380,544

  • 7a · Gross sales of assets other than inventory

    other assets $4,222,183

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

    other assets $3,851,542

  • 7c · Gain or loss

    other assets $370,641

  • 7d · Net gain or loss

    total $370,641 · related or exempt $67,457 · excluded $303,184

  • 8a · Fundraising events: gross income

    $28,400

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

    $80,070

  • 8b · Fundraising events: direct expenses

    $241,710

  • 8c · Net income from fundraising events

    total -$213,310 · excluded -$213,310

  • 11a · Other revenue: Miscellaneous Revenue

    total $43,927 · related or exempt $43,927

  • 11e · Other revenue, total

    $43,927

Functional expenses

Part IX, the statement of functional expenses.

  • 1 · Grants to domestic organizations and governments

    total $90,000 · program services $90,000

  • 2 · Grants to domestic individuals

    total $196,000 · program services $196,000

  • 5 · Compensation of officers, directors and key employees

    total $497,614 · program services $357,916 · management and general $99,889 · fundraising $39,809

  • 7 · Other salaries and wages

    total $1,288,685 · program services $924,096 · management and general $258,827 · fundraising $105,762

  • 9 · Other employee benefits

    total $98,944 · program services $65,499 · management and general $25,884 · fundraising $7,561

  • 10 · Payroll taxes

    total $130,464 · program services $82,848 · management and general $36,826 · fundraising $10,790

  • 11b · Fees: legal

    total $10,785 · management and general $10,785

  • 11c · Fees: accounting

    total $13,266 · management and general $13,266

  • 11e · Fees: professional fundraising services

    total $20,212 · fundraising $20,212

  • 11g · Fees: other

    total $252,719 · program services $251,724 · management and general $995

  • 12 · Advertising and promotion

    total $372,585 · program services $372,585

  • 13 · Office expenses

    total $70,010 · program services $2,152 · management and general $67,858

  • 14 · Information technology

    total $18,786 · management and general $18,786

  • 16 · Occupancy

    total $136,220 · program services $109,113 · management and general $21,250 · fundraising $5,857

  • 17 · Travel

    total $16,382 · program services $13,930 · management and general $817 · fundraising $1,635

  • 20 · Interest

    total $30,027 · program services $30,027

  • 22 · Depreciation, depletion and amortization

    total $64,637 · program services $51,775 · management and general $10,083 · fundraising $2,779

  • 23 · Insurance

    total $19,930 · management and general $19,930

  • 24a · Other expenses: Provision for Loan Loss

    total $208,754 · program services $208,754

  • 24b · Other expenses: Dues, Memberships, and

    total $80,159 · program services $22,914 · management and general $57,245 · fundraising $0

  • 24c · Other expenses: Stipends/Donations

    total $8,663 · program services $8,663

  • 24d · Other expenses: Bank Registration Fees

    total $7,321 · program services $7,321

  • 24e · All other expenses

    total $44,590 · program services $44,590

Balance sheet

Part X, book values.

  • 1 · Cash, non-interest-bearing

    beginning of year $8,937,950 · end of year $8,128

  • 2 · Savings and temporary cash investments

    end of year $12,937,802

  • 3 · Pledges and grants receivable

    beginning of year $3,400,000 · end of year $2,242,397

  • 4 · Accounts receivable

    end of year $12,000

  • 7 · Other notes and loans receivable

    beginning of year $1,744,400 · end of year $4,133,358

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

    $519,641

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

    $354,686

  • 10c · Land, buildings and equipment, net

    beginning of year $240,213 · end of year $164,955

  • 14 · Intangible assets

    beginning of year $953,234

  • 15 · Other assets

    beginning of year $147,656 · end of year $3,045,227

  • 17 · Accounts payable and accrued expenses

    beginning of year $274,912 · end of year $131,225

  • 19 · Deferred revenue

    beginning of year $0 · end of year $2,510,769

  • 23 · Secured mortgages and notes payable

    beginning of year $2,600,000 · end of year $2,600,000

  • 25 · Other liabilities

    beginning of year $109,300 · end of year $224,697

  • 27 · Net assets without donor restrictions

    beginning of year $9,039,241 · end of year $15,052,176

  • 28 · Net assets with donor restrictions

    beginning of year $3,400,000 · end of year $2,025,000

Mission and programs · 2024

Mission

Build Wealth MN's (BWMN) mission is to empower underserved communities and populations in the Twin Cities metro area to achieve social and economic wealth through community, economic, and housing development.

  • Build Wealth Minnesota provides financial education, coaching/counseling, and affordable homeownership options.

    Expenses $2,839,907 · Grants $286,000 · Revenue $649,521

As filed on the 2024 return.

Listed in Part VII

  • Franklin Stovall

    Director

    Total calculated
    $0
    Hours/week
    1

  • Loretta Smith

    Director

    Total calculated
    $0
    Hours/week
    1

  • Rene Isuk

    Treasurer

    Total calculated
    $0
    Hours/week
    1

  • Rochelle Washington

    Secretary

    Total calculated
    $0
    Hours/week
    1

  • Monique Bulson-Bratton

    Chair

    Total calculated
    $0
    Hours/week
    1

  • David McGee

    Executive Director

    Total calculated
    $503,715
    From this org
    $497,614
    From related orgs
    $0
    Other
    $6,101
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $497,614
    Bonus
    $0
    Other
    $0
    Deferred
    $0
    Nontaxable benefits
    $6,101
    Filer's total
    $503,715

  • Regina McGee

    Program Services Director

    Total calculated
    $138,516
    From this org
    $138,516
    From related orgs
    $0
    Other
    $0
    Hours/week
    40

  • Jeffery Robinson

    Senior Program Director

    Total calculated
    $130,747
    From this org
    $130,747
    From related orgs
    $0
    Other
    $0
    Hours/week
    40

  • Kylie Hong

    Underwriting Manager

    Total calculated
    $126,706
    From this org
    $126,706
    From related orgs
    $0
    Other
    $0
    Hours/week
    40

  • DasJohn McGee

    SPOO

    Total calculated
    $113,437
    From this org
    $113,437
    From related orgs
    $0
    Other
    $0
    Hours/week
    40

  • Demitri McGee

    Youth Director

    Total calculated
    $112,610
    From this org
    $112,610
    From related orgs
    $0
    Other
    $0
    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 · 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

The filer's explanations (Part III)

Part I, Line 3
The Board of Directors approves the compensation for the Executive Director.

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

Taxable family on this return

Schedule R Parts I, III and IV, as filed. These record ownership and control, not shared board members or money moved.

Related partnerships

Part III: related organizations taxable as a partnership, with the filer's share.

  • Ground Floor LLC

    Related · Commercial Rental · MN · 100% owned · share of income $106,846 · share of assets $9,756,545

    Directly controlled by Build Wealth Minnesota

Provenance

Return type
form_990
Tax year
2024
Filed
30 March 2026
IRS schema version
2024v5.5
Source object
202600899349301055

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