Source Mn Inc
- Assets
- $3.0m
- Revenue
- $3.1m
- Investments
- $0.0
- Employees
- 23
- Location
- Minneapolis, MN
- Founding
- 06/1988
- Data as of
- 08/2023
- EIN
- 41-1588666
Organization Overview
Source Mn Inc is located in Minneapolis, MN. The organization was established in 1988. According to its NTEE Classification (X20) the organization is classified as: Christianity, under the broad grouping of Religion-Related and related organizations. As of 08/2023, Source MN Inc employed 23 individuals. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Source MN Inc 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 08/2023, Source MN Inc generated $3.1m in total revenue. This organization has experienced exceptional growth, as over the past 8 years, it has increased revenue by an average of 21.1% each year . All expenses for the organization totaled $3.0m during the year ending 08/2023. While expenses have increased by 22.6% per year over the past 8 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
2023
Describe the Organization's Mission:
Part 3 - Line 1
TO BRING HOPE AND OPPORTUNITY TO THE CITY.
Describe the Organization's Program Activity:
Part 3 - Line 4a
THROUGH URBAN OUTREACH AND ANTI-TRAFFICKING EFFORTS, SOURCE EMPOWERS THE AT-RISK AND UNREACHED TO MAKE A BREAK FROM THE PAST AND BUILD FOUNDATIONS FOR THE FUTURE.
THROUGH URBAN OUTREACH AND ANTI-TRAFFICKING EFFORTS, SOURCE EMPOWERS THE AT-RISK AND UNREACHED TO MAKE A BREAK FROM THE PAST AND BUILD FOUNDATIONS FOR THE FUTURE.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Greg Hjelle Chair | OfficerTrustee | 1 | $0 |
David Anderle Treasurer | OfficerTrustee | 1 | $0 |
Jessica Wohler Member At Large | Trustee | 20 | $35,600 |
Chris Thomas Member At Large | Trustee | 1 | $0 |
Kim Nelson Secretary | OfficerTrustee | 1 | $0 |
Peter Wohler President | Officer | 40 | $58,400 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Federated campaigns | $0 |
| Membership dues | $0 |
| Fundraising events | $70,722 |
| Related organizations | $0 |
| Government grants | $136,769 |
| All other contributions, gifts, grants, and similar amounts not included above | $3,015,435 |
| Noncash contributions included in lines 1a–1f | $2,090,466 |
| Total Revenue from Contributions, Gifts, Grants & Similar | $3,222,926 |
| Total Program Service Revenue | $0 |
| Investment income | $9,860 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | -$107,423 |
| Net Gain/Loss on Asset Sales | $0 |
| Net Income from Fundraising Events | -$2,157 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $0 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $3,130,830 |
| Statement of Expenses | |
|---|---|
| Grants and other assistance to domestic organizations and domestic governments. | $0 |
| Grants and other assistance to domestic individuals. | $2,085,149 |
| Grants and other assistance to Foreign Orgs/Individuals | $0 |
| Benefits paid to or for members | $0 |
| Compensation of current officers, directors, key employees. | $94,000 |
| Compensation of current officers, directors, key employees. | $32,625 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $344,896 |
| Pension plan accruals and contributions | $0 |
| Other employee benefits | $38,684 |
| Payroll taxes | $32,686 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $9,092 |
| Fees for services: Accounting | $20,185 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $14,880 |
| Advertising and promotion | $0 |
| Office expenses | $55,992 |
| Information technology | $7,046 |
| Royalties | $0 |
| Occupancy | $5,109 |
| Travel | $18,936 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $0 |
| Interest | $0 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $4,033 |
| Insurance | $8,689 |
| All other expenses | $1,003 |
| Total functional expenses | $3,016,305 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $94,236 |
| Savings and temporary cash investments | $173,040 |
| Pledges and grants receivable | $40,000 |
| Accounts receivable, net | $19,539 |
| 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 | $21,975 |
| Net Land, buildings, and equipment | $1,456,637 |
| Investments—publicly traded securities | $1,212,976 |
| Investments—other securities | $0 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $0 |
| Total assets | $3,018,403 |
| Accounts payable and accrued expenses | $77,111 |
| Grants payable | $0 |
| Deferred revenue | $5,775 |
| Tax-exempt bond liabilities | $0 |
| Escrow or custodial account liability | $0 |
| Loans and other payables to any current Officer, Director, or Controlling Person | $444,263 |
| Secured mortgages and notes payable | $0 |
| Unsecured mortgages and notes payable | $0 |
| Other liabilities | $0 |
| Total liabilities | $527,149 |
| Net assets without donor restrictions | $2,344,309 |
| Net assets with donor restrictions | $146,945 |
| 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 | $3,018,403 |