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Nonprofiteer
← NORTHSIDE ECONOMIC OPPORTUNITY NETWORK

Form 990 for tax year 2022

Filed by NORTHSIDE ECONOMIC OPPORTUNITY NETWORK.

Totals

Total revenue
$3,342,830
Total expenses
$3,441,144
Contributions and grants received
$3,218,354
Grants paid
$214,264
Program service revenue
$223,010
Investment income
$26,137
Other revenue
-$124,671
Total assets, end of year
$9,703,973
Total liabilities, end of year
$3,786,343
Net assets or fund balances, end of year
$5,917,630
Program services expenses (Part IX)
$2,821,148
Management and general expenses
$310,206
Fundraising expenses
$309,790
Program service expenses (Part III)
$2,821,148

Program services were 82.0% 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

    $176,150

  • 1e · Government grants (contributions)

    $284,440

  • 1f · All other contributions, gifts and grants

    $2,682,764

  • 2a · Program service revenue: Rent/office sharing

    total $113,221 · related or exempt $113,221

  • 2b · Program service revenue: Administrative fees

    total $73,689 · related or exempt $73,689

  • 2c · Program service revenue: Technical assistance

    total $36,100 · related or exempt $36,100

  • 3 · Investment income

    total $26,137 · excluded $26,137

  • 8a · Fundraising events: gross income

    $12,209

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

    $176,150

  • 8b · Fundraising events: direct expenses

    $136,880

  • 8c · Net income from fundraising events

    total -$124,671 · excluded -$124,671

Functional expenses

Part IX, the statement of functional expenses.

  • 1 · Grants to domestic organizations and governments

    total $188,264 · program services $188,264

  • 2 · Grants to domestic individuals

    total $26,000 · program services $26,000

  • 5 · Compensation of officers, directors and key employees

    total $194,919 · program services $149,142 · management and general $26,869 · fundraising $18,908

  • 7 · Other salaries and wages

    total $771,733 · program services $592,048 · management and general $106,232 · fundraising $73,453

  • 9 · Other employee benefits

    total $55,303 · program services $41,925 · management and general $7,662 · fundraising $5,716

  • 10 · Payroll taxes

    total $74,438 · program services $57,667 · management and general $9,191 · fundraising $7,580

  • 11b · Fees: legal

    total $29,962 · program services $29,496 · management and general $263 · fundraising $203

  • 11c · Fees: accounting

    total $103,254 · management and general $103,254

  • 11e · Fees: professional fundraising services

    total $188,459 · fundraising $188,459

  • 11g · Fees: other

    total $119,712 · program services $100,967 · management and general $8,547 · fundraising $10,198

  • 12 · Advertising and promotion

    total $8,905 · program services $3,156 · management and general $5,749

  • 13 · Office expenses

    total $42,576 · program services $32,846 · management and general $9,231 · fundraising $499

  • 14 · Information technology

    total $62,721 · program services $52,381 · management and general $8,063 · fundraising $2,277

  • 16 · Occupancy

    total $97,356 · program services $94,518 · management and general $2,765 · fundraising $73

  • 17 · Travel

    total $9,167 · program services $1,348 · management and general $7,819

  • 19 · Conferences, conventions and meetings

    total $10,254 · program services $7,894 · management and general $2,360

  • 20 · Interest

    total $4,246 · program services $3,243 · management and general $1,003

  • 22 · Depreciation, depletion and amortization

    total $104,863 · program services $91,331 · management and general $11,198 · fundraising $2,334

  • 23 · Insurance

    total $2,176 · program services $2,086 · fundraising $90

  • 24a · Other expenses: Loan provision expenses

    total $1,346,836 · program services $1,346,836

Balance sheet

Part X, book values.

  • 1 · Cash, non-interest-bearing

    beginning of year $6,049,194 · end of year $6,608,963

  • 3 · Pledges and grants receivable

    beginning of year $1,627,850 · end of year $1,141,585

  • 4 · Accounts receivable

    beginning of year $3,156

  • 7 · Other notes and loans receivable

    beginning of year $780,399 · end of year $920,284

  • 9 · Prepaid expenses and deferred charges

    beginning of year $10,499 · end of year $8,893

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

    $1,157,819

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

    $144,549

  • 10c · Land, buildings and equipment, net

    beginning of year $63,107 · end of year $1,013,270

  • 15 · Other assets

    beginning of year $0 · end of year $10,978

  • 17 · Accounts payable and accrued expenses

    beginning of year $471,895 · end of year $128,435

  • 19 · Deferred revenue

    end of year $1,000,000

  • 23 · Secured mortgages and notes payable

    beginning of year $2,046,366 · end of year $2,646,930

  • 25 · Other liabilities

    beginning of year $0 · end of year $10,978

  • 27 · Net assets without donor restrictions

    beginning of year $2,781,028 · end of year $3,591,150

  • 28 · Net assets with donor restrictions

    beginning of year $3,234,916 · end of year $2,326,480

Mission and programs · 2022

Mission

The Northside Economic Opportunity Network (NEON) builds wealth for low- to moderate- income entreprenuers in north Minneapolis and surrounding communities. NEON accomplishes its mission by collaborating with partner organizations to provide ongoing technical assistance and support: entreprenuer training and outreach, financial literacy, small business, and technical assistance and support.

  • In 2022 NEON served clients, provided 5,547 hours of technical assistance to clients, provided and disbursed $920,000 in grants to businesses, approved and/or disbursed $1,650,000 in loans to businesses. 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 $2,788,732 · Grants $214,264 · Revenue $223,010

  • The Destination Northside Coalition is a group of organizations committed to the long-term economic prosperity of North Minneapolis.The Destination Northside 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 $32,416

As filed on the 2022 return. The filer continues this part on Schedule O, which is not shown here.

Listed in Part VII

  • Blake Berquist

    Treasurer

    Total calculated
    $0
    Hours/week
    1

  • Melanie Gatewood

    Director

    Total calculated
    $0
    Hours/week
    1

  • Trent Bowman

    Director

    Total calculated
    $0
    Hours/week
    1

  • Beth Dumke

    Board Chair

    Total calculated
    $0
    Hours/week
    1

  • Spencer Cronin

    Director

    Total calculated
    $0
    Hours/week
    1

  • Debra Spears

    Secretary

    Total calculated
    $0
    Hours/week
    1

  • Stella Thomas

    Director

    Total calculated
    $0
    Hours/week
    1

  • KB Brown

    Director

    Total calculated
    $0
    Hours/week
    1

  • Ting Ting Ni

    Vice Chair

    Total calculated
    $0
    Hours/week
    1

  • Lucas Wiborg

    Director

    Total calculated
    $0
    Hours/week
    1

  • Margaret Murphy

    Director

    Total calculated
    $0
    Hours/week
    1

  • Meron Demissie

    Director

    Total calculated
    $0
    Hours/week
    1

  • Shannon Olson

    Director

    Total calculated
    $0
    Hours/week
    1

  • Warren McLean

    President

    Total calculated
    $194,919
    From this org
    $151,405
    From related orgs
    $0
    Other
    $43,514
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $151,405
    Bonus
    $0
    Other
    $0
    Deferred
    $7,094
    Nontaxable benefits
    $36,420
    Filer's total
    $194,919

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

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

  • Dauren LLC

    $25,000

    Grant to assist entrepreneur.

  • HEAL Mpls

    $25,000

    Grant to assist entrepreneur.

  • Voices of Effective Change Inc

    $20,000

    Grant to assist entrepreneur.

  • The Zen Bin

    $18,000

    Grant to assist entrepreneur.

  • Glamorous Life LLC Museum of Self

    $15,000

    Grant to assist entrepreneur.

  • TLC Millimeter Wave Products

    $14,107

    Grant to assist entrepreneur.

  • Better Greens LLC

    $11,000

    Grant to assist entrepreneur.

  • Pastry Board Foods

    $11,000

    Grant to assist entrepreneur.

  • Guardian School Security Systems SBC

    $10,843

    Grant to assist entrepreneur.

  • Village Cafe & Resource Center - The Bougie Waffle

    $10,000

    Grant to assist entrepreneur.

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

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.

Disregarded entities

Part I: entities that legally are the filer and file no return of their own.

Provenance

Return type
form_990
Tax year
2022
Filed
7 June 2023
IRS schema version
2022v5.0
Source object
202331929349301653

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

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