Towerside Innovation District
- Assets
- $1.0m
- Revenue
- $1.2m
- Investments
- $0.0
- Employees
- 0
- Location
- Minneapolis, MN
- Founding
- 08/2018
- Data as of
- 12/2021
- EIN
- 82-3639718
Organization Overview
Towerside Innovation District is located in Minneapolis, MN. The organization was established in 2018. According to its NTEE Classification (S11) the organization is classified as: Single Organization Support, under the broad grouping of Community Improvement & Capacity Building and related organizations. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Towerside Innovation District 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, Towerside Innovation District generated $1.2m in total revenue. This organization has experienced exceptional growth, as over the past 4 years, it has increased revenue by an average of 31.1% each year . All expenses for the organization totaled $187.3k during the year ending 12/2021. 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
MANAGEMENT AND FACILITATION OF MIX OF PROJECTS SPACES AND ACTIVITIES IN AND AROUND 4TH STREET SE, INCLUDING A COMPLETE GREEN STREET WITH PLACEMAKING ELEMENTS DEFINED BY COMMUNITY ENGAGEMENT AND RESEARCH INTO DISTRICT ENERGY FACILITIES.
Describe the Organization's Program Activity:
Part 3 - Line 4a
TOWERSIDE STORMWATER PARK PRIVATE SHARED SYSTEM FOR STORAGE, TREATMENT & RE-USE. GENERATED $1.6 M OF FUNDING BY MWMO & PRIVATE DEVELOPERS. IT WAS PART OF THE SIGNATURE GREENSPACE PHASE I: CONSTRUCTION 2016. COMPLETED IN 2021.
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PDF Copies of 990 Filings
Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Karl Reichert Treasurer | OfficerTrustee | 4 | $0 |
Sabina Saksena President | OfficerTrustee | 10 | $0 |
Richard Gilyard Vice Chair | OfficerTrustee | 10 | $0 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Federated campaigns | $0 |
| Membership dues | $0 |
| Fundraising events | $0 |
| Related organizations | $60,990 |
| Government grants | $100,000 |
| All other contributions, gifts, grants, and similar amounts not included above | $1,055,000 |
| Noncash contributions included in lines 1a–1f | $0 |
| Total Revenue from Contributions, Gifts, Grants & Similar | $1,215,990 |
| Total Program Service Revenue | $0 |
| Investment income | $0 |
| 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 | $0 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $1,215,990 |
| 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. | $0 |
| Compensation of current officers, directors, key employees. | $0 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $6,825 |
| Pension plan accruals and contributions | $0 |
| Other employee benefits | $0 |
| Payroll taxes | $0 |
| Fees for services: Management | $131,925 |
| Fees for services: Legal | $0 |
| Fees for services: Accounting | $0 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $0 |
| Advertising and promotion | $0 |
| Office expenses | $6 |
| Information technology | $0 |
| Royalties | $0 |
| Occupancy | $46,854 |
| Travel | $0 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $768 |
| Interest | $0 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $0 |
| Insurance | $939 |
| All other expenses | $0 |
| Total functional expenses | $187,317 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $1,028,734 |
| Savings and temporary cash investments | $0 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $0 |
| 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 | $0 |
| Net Land, buildings, and equipment | $0 |
| Investments—publicly traded securities | $0 |
| Investments—other securities | $0 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $0 |
| Total assets | $1,028,734 |
| Accounts payable and accrued expenses | $0 |
| Grants payable | $0 |
| Deferred revenue | $0 |
| 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 | $0 |
| Unsecured mortgages and notes payable | $0 |
| Other liabilities | $0 |
| Total liabilities | $0 |
| Net assets without donor restrictions | $28,734 |
| Net assets with donor restrictions | $1,000,000 |
| 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 | $1,028,734 |
Grants Recieved
Over the last fiscal year, we have identified 6 grants that Towerside Innovation District has recieved totaling $2,290,000.
| Awarding Organization | Amount |
|---|---|
Mcknight Foundation Minneapolis, MN PURPOSE: TO COMPLETE AN INNOVATIVE LOW-CARBON DISTRICT ENERGY SYSTEM | $1,000,000 |
Mcknight Foundation Minneapolis, MN PURPOSE: TO COMPLETE AN INNOVATIVE LOW-CARBON DISTRICT ENERGY SYSTEM | $1,000,000 |
Mcknight Foundation Minneapolis, MN PURPOSE: FOR GENERAL OPERATING SUPPORT, AND TO ADVANCE A DISTRICT ENERGY SYSTEM IN TOWERSIDE AND IMPLEMENT THE COMMUNITY'S VISION OF TOWERSIDE AS A MIXED-INCOME, TRANSIT-ORIENTED DEVELOPMENT INNOVATION DISTRICT | $100,000 |
Mcknight Foundation Minneapolis, MN PURPOSE: FOR GENERAL OPERATING SUPPORT, AND TO ADVANCE A DISTRICT ENERGY SYSTEM IN TOWERSIDE AND IMPLEMENT THE COMMUNITY'S VISION OF TOWERSIDE AS A MIXED-INCOME, TRANSIT-ORIENTED DEVELOPMENT INNOVATION DISTRICT | $100,000 |
Mcknight Foundation Minneapolis, MN PURPOSE: FOR GENERAL OPERATING SUPPORT, AND TO ADVANCE A DISTRICT ENERGY SYSTEM IN TOWERSIDE AND IMPLEMENT THE COMMUNITY'S VISION OF TOWERSIDE AS A MIXED-INCOME, TRANSIT-ORIENTED DEVELOPMENT INNOVATION DISTRICT | $45,000 |
Mcknight Foundation Minneapolis, MN PURPOSE: FOR GENERAL OPERATING SUPPORT, AND TO ADVANCE A DISTRICT ENERGY SYSTEM IN TOWERSIDE AND IMPLEMENT THE COMMUNITY'S VISION OF TOWERSIDE AS A MIXED-INCOME, TRANSIT-ORIENTED DEVELOPMENT INNOVATION DISTRICT | $45,000 |
Peer Organizations
| Organization Name | Assets | Revenue |
|---|---|---|
Milwaukee Development Corporation Milwaukee, WI | $4,444,230 | $23,219,043 |
Minnesota Continuing Legal Education St Paul, MN | $8,925,576 | $6,672,774 |
Cedar Valley Friends Of The Family Inc Waterloo, IA | $2,837,799 | $5,986,099 |
Dairy Lab Services Inc Dubuque, IA | $2,147,827 | $2,967,894 |
Northfield Healthy Community Initiative Northfield, MN | $2,436,956 | $3,116,991 |
Greater Green Bay Chamber Of Commerce Foundation Inc Green Bay, WI | $2,890,843 | $1,952,883 |
Souris Basin Planning Council Minot, ND | $2,307,834 | $2,465,204 |
Roth & Letch Family Charitable Foundation Dakota Dunes, SD | $32,020,107 | $0 |
Association Of Equipment Management Professionals Inc Middleton, WI | $87,248 | $1,345,748 |
Sheet Metal Local 10 Control Board Trust Fund Maplewood, MN | $2,121,090 | $1,230,944 |
Greater Downtown Council Duluth, MN | $634,553 | $895,714 |
Friends Of The Goss Opera House Inc Watertown, SD | $5,044,640 | $1,355,327 |