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CONNECTUP INSTITUTE

EIN 85-2918250 SAINT PAUL, MN

Largest nonprofits in Minnesota

Revenue 2024
$638,171
Expenses 2024
$529,780

Program services were 65.0% of total expenses calculated — Part IX's program-services column over total expenses, both as filed.

As filed

Subsection
03
NTEE code
S41
Classification
1200
Street
1908 UNIVERSITY AVE W

These codes are the IRS's own and are shown exactly as filed. What each one means is in the Business Master File documentation (opens in a new tab).

Mission and programs · 2024

Mission

The ConnectUP! Integrated Capital Fund ICF is a charitable fund that addresses the gap in access to $70M capital resources and networks to increase local BIPOC ownership of businesses in the Twin Cities Metro area. ICF provides early second-stage entrepreneurs with flexible and patient hybrid capital grants debt equity fractional executive FTE support and mindset coaching. ICF disrupts the traditional capitalist credit system which has failed Black and Brown entrepreneurs and is the ONLY woman-led fund driven by economic justice with wealth creation and restorative finance as its core values. -CEO Circles are small group learning sessions on a specific business topic facilitated by a culturally responsive subject matter expert. In each circle founders come together in working sessions to hack their most pressing business issues build fellowship and leverage collective wisdom. -The LevelUP! Digital Platform provides culturally grounded courses and toolkits

Activities or mission (Part I)

ConnectUP! Institute is a Black Native-led nonprofit social enterprise based in Saint Paul MN. Our mission: we curate connections among entrepreneurs investors and the business ecosystem to advance equitable access to capital resources and networks for underinvested communities with an emphasis on Black and Brown women and their lived experiences. Significant programs include ConnectUP! Summit is the premiere entrepreneur ecosystem event in Minnesota. The ConnectUP! Summit offers action-oriented content and collaborative networking spaces to bridge the 180 degrees of separation between entrepreneurs from underestimated communities local values-aligned investors and business support organizations statewide. The Summit strengthens an equitable entrepreneur ecosystem that helps all founders get to the next level driving positive sustainable investment and social impact grounded in economic justice; See Schedule O for further information

  • Capital Readiness provides training and and coaches to prepare entrepreneurs to be ready to access capital in the marketplace. Training includes business operations accounting and financial operations and marketing.

    Expenses $85,580 · Grants $80,171 · Revenue $5,410

  • Integrated Capital Fund provides access to capital to qualified candidates through loans and equity infusions.

    Expenses $123,048 · Grants $83,537 · Revenue $20,737

  • Lunar-works with startup businesses to train and ready them for the next steps in their organizational and financial development; providing them with next steps to access capital to expand their businesses.

    Expenses $90,243 · Grants $79,646 · Revenue $10,597

  • Connectup Institute provides financial and management training services as well as an annual meeting to connect entrepreneurs to investors and lending institutions.

    Expenses $45,627 · Grants $363,583 · Revenue $9,224

As filed on the 2024 return.

Officers and directors · 2024

As listed in Part VII of the 2024 return, in the order the filer printed them. Each return names its own; this is not a roster the organization keeps with us.

  • Y Elaine Rasmussen

    President

    Total calculated
    $81,302
    From this org
    $66,536
    From related orgs
    $0
    Other
    $14,766
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $66,536
    Bonus
    $0
    Other
    $0
    Deferred
    $0
    Nontaxable benefits
    $14,766
    Filer's total
    $81,302

  • Leigh Lester

    Co-Chair Person

    Total calculated
    $0
    Hours/week
    1

  • Denise Butler

    Co-Chair Person

    Total calculated
    $0
    Hours/week
    1

  • Victor Jones

    Vice Chair

    Total calculated
    $0
    Hours/week
    1

  • Felicia DeSmith

    Treasurer

    Total calculated
    $0
    Hours/week
    1

  • Rebecca Blumenshine

    Director

    Total calculated
    $0
    Hours/week
    1

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. Earlier years are each on their own filing page.

Filings

  • 2024
    Revenue
    $638,171
    Expenses
    $529,780
    Contributions
    $545,964
    Grants paid
    $0
  • 2023
    Revenue
    $479,058
    Expenses
    $455,571
    Contributions
    $439,354
    Grants paid
    $0
  • 2022
    Revenue
    $650,425
    Expenses
    $394,881
    Contributions
    $566,205
    Grants paid
    $0

The four totals the IRS asks for on Part I of the Form 990, as filed. A dash means the figure was not present on the return — not that it was zero.

Form 990-N e-Postcard, tax year 2021

Tax period
1 January 2021 to 31 December 2021
Principal officer
Elaine Rasmussen
Mailing address
1908 University WestSaint Paul MN 55104
Website
connectupmn.com

As filed, from the IRS e-Postcard file of 2 November 2026. The IRS publishes only each organization's most recent postcard, so earlier years are not shown. A 990-N carries no financial detail. The postcard also gives the principal officer's address, which is not shown here.

Grants made

No itemized grants to organizations. Schedule I is filed only by organizations that granted more than $5,000 to a recipient, so most filers have none.

Grants received

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

Other IRS files

Auto-Revocation List

Not listed. The IRS publishes this list for organizations whose exemption was automatically revoked for failing to file for three consecutive years.

Publication 78

Listed as of 13 October 2026, under deductibility PC.

These are two separate IRS files on two separate schedules, shown as published and not reconciled with each other. Neither is a statement about whether a contribution is deductible today: 19,245 organizations appear in Publication 78 while the IRS's own revocation file lists them as currently revoked, more than half of those revoked before 2019. Absence from Publication 78 is evidence of nothing, and presence is not evidence either. Verify current status with the IRS before relying on it.

What this page reflects

The registration facts above come from the IRS Business Master File published 13 October 2026 and read 1 November 2026, for every organization at once. Returns through tax year 2024, the newest we have parsed for this organization.