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← INITIATIVE FOUNDATION IMPACT FUND

Form 990 for tax year 2024

Filed by INITIATIVE FOUNDATION IMPACT FUND.

Totals

Total revenue
$2,058,149
Total expenses
$253,782
Contributions and grants received
$2,013,681
Grants paid
$0
Program service revenue
$40,334
Investment income
$4,134
Other revenue
$0
Total assets, end of year
$2,851,898
Total liabilities, end of year
$584,889
Net assets or fund balances, end of year
$2,267,009
Program services expenses (Part IX)
$247,270
Management and general expenses
$6,512
Fundraising expenses
$0
Program service expenses (Part III)
$247,270

Program services were 97.4% 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)

    $13,681

  • 1f · All other contributions, gifts and grants

    $2,000,000

  • 2a · Program service revenue: REVOLVING LOAN INTERES

    total $26,368 · related or exempt $26,368

  • 2b · Program service revenue: LOAN ADMIN FEE

    total $13,966 · related or exempt $13,966

  • 3 · Investment income

    total $4,134 · excluded $4,134

Functional expenses

Part IX, the statement of functional expenses.

  • 11a · Fees: management

    total $93,802 · program services $90,050 · management and general $3,752

  • 11b · Fees: legal

    total $1,460 · program services $1,460

  • 11c · Fees: accounting

    total $3,600 · program services $3,600

  • 11g · Fees: other

    total $18,932 · program services $18,932

  • 13 · Office expenses

    total $54 · program services $54

  • 16 · Occupancy

    total $11,373 · program services $11,373

  • 17 · Travel

    total $2,760 · management and general $2,760

  • 24a · Other expenses: BAD DEBT EXPENSE

    total $121,801 · program services $121,801

Balance sheet

Part X, book values.

  • 1 · Cash, non-interest-bearing

    beginning of year $419,542 · end of year $324,217

  • 3 · Pledges and grants receivable

    end of year $300,000

  • 4 · Accounts receivable

    end of year $2,365

  • 5 · Loans and receivables from officers and key people

    end of year $321,575

  • 7 · Other notes and loans receivable

    beginning of year $45,806 · end of year $433,922

  • 15 · Other assets

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

  • 17 · Accounts payable and accrued expenses

    beginning of year $2,706

  • 19 · Deferred revenue

    end of year $286,319

  • 25 · Other liabilities

    beginning of year $0 · end of year $298,570

  • 27 · Net assets without donor restrictions

    beginning of year $462,642 · end of year $2,267,009

Mission and programs · 2024

Mission

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

  • THE INITIATIVE FOUNDATION IMPACT FUND (IMPACT FUND) IS A SUBSIDIARY LENDING INSTITUTION DESIGNED TO BECOME A CERTIFIED COMMUNITY DEVELOPMENT FINANCIAL INSTITUTION. IT MAINTAINS ITS OWN GOVERNING BOARD, APPOINTED BY THE BOARD OF TRUSTEES OF THE INITIATIVE FOUNDATION. THE IMPACT FUND IS DEDICATED TO DEPLOYING CAPITAL IN CDFI ELIGIBLE, UNDERSERVED, AND LOW-INCOME COMMUNITIES WITHIN THE INITIATIVE FOUNDATION'S GEOGRAPHIC SERVICE AREA. IN 2024 THE IMPACT FUND DEPLOYED 12 LOANS TOTALING $829,528 USING INITIATIVE FOUNDATION STAFF THROUGH A MANAGEMENT SERVICES AGREEMENT. THE INITIATIVE FOUNDATION IMPACT FUND IS APPLYING FOR CDFI CERTIFICATION IN 2025. THE LENDING PORTFOLIO IS FOCUSED ON GIVING UNDERSERVED ENTREPRENEURS A FAIR OPPORTUNITY AT WEALTH BUILDING AND PROVIDING ALTERNATIVE FINANCING TO FIT RELIGIOUS NEEDS.

    Expenses $247,270 · Revenue $40,334

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

Listed in Part VII

  • Nick Tietz

    TRUSTEE/TREASURER

    Total calculated
    $0
    Hours/week
    2

  • Brett Anderson

    TRUSTEE/BOARD CHAIR

    Total calculated
    $0
    Hours/week
    2

  • Baabiitaw Boyd

    TRUSTEE/VICE-CHAIR

    Total calculated
    $0
    Hours/week
    2

  • Shirwa Adan

    TRUSTEE

    Total calculated
    $0
    Hours/week
    2

  • Rob Aitkin

    TRUSTEE

    Total calculated
    $0
    Hours/week
    2

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.

Grants on this return

No itemized grants to organizations on this return.

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
21 October 2025
IRS schema version
2024v5.2
Source object
202513049349300146

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