Northeast Entrepreneur Fund Inc
- Assets
- $61.6m
- Revenue
- $11.5m
- Investments
- $0.0
- Employees
- 38
- Location
- Duluth, MN
- Founding
- 09/1988
- Data as of
- 12/2021
- EIN
- 36-3566632
Organization Overview
Northeast Entrepreneur Fund Inc, operating under the name Entrepreneur Fund, is located in Duluth, MN. The organization was established in 1988. According to its NTEE Classification (T22) the organization is classified as: Private Independent Foundations, under the broad grouping of Philanthropy, Voluntarism & Grantmaking Foundations and related organizations. As of 12/2021, Entrepreneur Fund employed 38 individuals. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Entrepreneur Fund is a 501(c)(3) and as such, is described as a "Charitable or Religous organization or a private foundation" by the IRS.
For the year ending 12/2021, Entrepreneur Fund generated $11.5m in total revenue. This organization has experienced exceptional growth, as over the past 7 years, it has increased revenue by an average of 28.5% each year . All expenses for the organization totaled $6.1m during the year ending 12/2021. While expenses have increased by 21.6% per year over the past 7 years. They've been increasing with an increasing level of total revenue. You can explore the organizations financials more deeply in the financial statements section below.
Form
990
Mission & Program ActivityExcerpts From the 990 Filing
TAX YEAR
2021
Describe the Organization's Mission:
Part 3 - Line 1
TO ACTIVELY PARTNER WITH ENTREPRENEURS TO GROW BUSINESSES & CREATE THRIVING COMMUNITIES
Describe the Organization's Program Activity:
Part 3 - Line 4a
THE NORTHEAST ENTREPRENEUR FUND PROVIDES SMALL BUSINESS SERVICES AND LOANS TO BUSINESS OWNERS AND ASPIRING ENTREPRENEURS IN ITS 17 COUNTY SERVICE AREA OF MINNESOTA AND WISCONSIN. IN 2021, TOTAL PROGRAM COSTS OF $4,620,531 WAS EXPENSED TO PROVIDE SERVICES TO 2,021 CLIENTS. 711 LOANS WERE DISBURSED TO THOSE CLIENTS TO START, STABILIZE OR EXPAND THEIR BUSINESSES. MANY OF THOSE LOANS WERE PROVIDE TO BUSINESS WHO WERE HIT BY THE COVID PANDEMIC AND PROVIDED BY FEDERAL, STATE OR LOCAL ORGANIZATIONS AS NON-RECOURSE. A TOTAL OF $27,784,159 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 $1,502,278 FOR FUNDRAISING, MANAGEMENT AND GENERAL COSTS TO SUPPORT THE MISSION AND FUTURE OF THE ORGANIZATION.
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PDF Copies of 990 Filings
Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Shawn Wellnitz Chief Executive Officer | Officer | 50 | $179,751 |
Michael Lattery Director Of Business Finance | 50 | $133,976 | |
Carla Tichy Dir. Of Accounting And Compliance | Officer | 50 | $98,901 |
Robin Rosenbaum Secretary/treasurer | OfficerTrustee | 1 | $0 |
David Manion Chair | OfficerTrustee | 1 | $0 |
Chris Deadrick Vice-Chair (thru February) | OfficerTrustee | 1 | $0 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Federated campaigns | $0 |
| Membership dues | $0 |
| Fundraising events | $0 |
| Related organizations | $0 |
| Government grants | $6,217,009 |
| All other contributions, gifts, grants, and similar amounts not included above | $1,783,279 |
| Noncash contributions included in lines 1a–1f | $0 |
| Total Revenue from Contributions, Gifts, Grants & Similar | $8,000,288 |
| Total Program Service Revenue | $3,412,548 |
| Investment income | $38,574 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $0 |
| Net Gain/Loss on Asset Sales | $0 |
| Net Income from Fundraising Events | $0 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $2,795 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $11,454,205 |
| Statement of Expenses | |
|---|---|
| Grants and other assistance to domestic organizations and domestic governments. | $0 |
| Grants and other assistance to domestic individuals. | $0 |
| Grants and other assistance to Foreign Orgs/Individuals | $0 |
| Benefits paid to or for members | $0 |
| Compensation of current officers, directors, key employees. | $462,537 |
| Compensation of current officers, directors, key employees. | $92,507 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $1,919,372 |
| Pension plan accruals and contributions | $100,093 |
| Other employee benefits | $177,748 |
| Payroll taxes | $162,336 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $31,454 |
| Fees for services: Accounting | $20,250 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $638,029 |
| Advertising and promotion | $144,382 |
| Office expenses | $102,783 |
| Information technology | $0 |
| Royalties | $0 |
| Occupancy | $130,750 |
| Travel | $56,528 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $0 |
| Interest | $587,186 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $72,459 |
| Insurance | $17,940 |
| All other expenses | $137,140 |
| Total functional expenses | $6,122,809 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $7,435,893 |
| Savings and temporary cash investments | $16,364,529 |
| Pledges and grants receivable | $1,225,084 |
| Accounts receivable, net | $4,280 |
| Loans from Officers, Directors, or Controlling Persons | $0 |
| Loans from Disqualified Persons | $0 |
| Notes and loans receivable | $0 |
| Inventories for sale or use | $0 |
| Prepaid expenses and deferred charges | $101,870 |
| Net Land, buildings, and equipment | $0 |
| Investments—publicly traded securities | $0 |
| Investments—other securities | $0 |
| Investments—program-related | $36,135,998 |
| Intangible assets | $0 |
| Other assets | $310,356 |
| Total assets | $61,578,010 |
| Accounts payable and accrued expenses | $209,022 |
| Grants payable | $0 |
| Deferred revenue | $10,000 |
| Tax-exempt bond liabilities | $0 |
| Escrow or custodial account liability | $0 |
| Loans and other payables to any current Officer, Director, or Controlling Person | $0 |
| Secured mortgages and notes payable | $11,486,657 |
| Unsecured mortgages and notes payable | $31,438,251 |
| Other liabilities | $155,001 |
| Total liabilities | $43,298,931 |
| Net assets without donor restrictions | $15,898,736 |
| Net assets with donor restrictions | $2,380,343 |
| Capital stock or trust principal, or current funds | $0 |
| Paid-in or capital surplus, or land, building, or equipment fund | $0 |
| Retained earnings, endowment, accumulated income, or other funds | $0 |
| Total liabilities and net assets/fund balances | $61,578,010 |
Grants Awarded
Over the last fiscal year, Northeast Entrepreneur Fund Inc has awarded $24,522 in support to 2 organizations.
| Grant Recipient | Amount |
|---|---|
CUYUNA BREWERY PURPOSE: PASS THROUGH GRANT PROVIDED BY IRON RANGE RESOURCES FOR WATER/SEWER CONNECTION | $12,850 |
Hibbing, MN PURPOSE: PASS THROUGH GRANT FROM BLANDIN FOUNDATION FOR BROADBAND EXPANSION IN HIBBING | $11,672 |
Grants Recieved
Over the last fiscal year, we have identified 9 grants that Northeast Entrepreneur Fund Inc has recieved totaling $1,062,249.
| Awarding Organization | Amount |
|---|---|
Otto Bremer Trust St Paul, MN PURPOSE: CBFC EMERGENCY FUND | $750,000 |
Opportunity Finance Network Philadelphia, PA PURPOSE: OFNS SMALL BUSINESS GRANT PROGRAM FUNDED BY GOOGLE.ORG | $125,000 |
Wbd Inc Madison, WI PURPOSE: CREATE THE INVESTOR NETWORK INITIATIVE TO PROVIDE SUPPORT TO REGION'S ENTREPRENEUERS. | $100,000 |
Members Cooperative Credit Union Duluth, MN PURPOSE: ENVEST CAPITAL CAMPAIGN | $25,000 |
Local Initiatives Support Corporation New York, NY PURPOSE: SEE PART IV | $25,000 |
Greater Green Bay Community Foundation Inc Green Bay, WI PURPOSE: PUBLIC BENEFIT & COMMUNITY IMPROVEMENT PROGRAM SUPPORT | $15,000 |
Peer Organizations
| Organization Name | Assets | Revenue |
|---|---|---|
Goodman Family Operating Foundation Chaska, MN | $298,216,479 | $15,439,155 |
Robert And Adele Schiff Family Foundation Inc Milwaukee, WI | $226,331,394 | $18,541,997 |
Wca Foundation C/O The Minneapolis Foundation Minneapolis, MN | $0 | $1,050,329 |
Esther And Harold Mertz Foundation Sioux Falls, SD | $674,132,608 | $21,835,940 |
Larson Foundation Sioux Falls, SD | $23,259,212 | -$633,184 |
John T Vucurevich Foundation Rapid City, SD | $151,565,692 | $20,798,188 |
Fund For Wisconsin Scholars Inc Madison, WI | $273,321,225 | $22,010,196 |
Pohlad Family Foundation Minneapolis, MN | $102,001,164 | $18,381,775 |
Roy J Carver Charitable Tr Muscatine, IA | $235,043,756 | $22,231,044 |
F R Bigelow Foundation Trust 555 St Paul, MN | $202,026,485 | $23,166,449 |
Lewis W Hyer Trust 098310c Milwaukee, WI | $167,937,358 | $18,090,828 |
Charles E Lakin Foundation Inc Council Bluffs, IA | $146,415,136 | $18,758,116 |