White Earth Investment Initiative
- Assets
- $11.7m
- Revenue
- $2.2m
- Investments
- $0.0
- Employees
- 5
- Location
- Ogema, MN
- Founding
- 01/2003
- Data as of
- 12/2022
- EIN
- 01-0732253
Organization Overview
White Earth Investment Initiative is located in Ogema, MN. The organization was established in 2003. According to its NTEE Classification (S30) the organization is classified as: Economic Development, under the broad grouping of Community Improvement & Capacity Building and related organizations. As of 12/2022, White Earth Investment Initiative employed 5 individuals. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. White Earth Investment Initiative 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 12/2022, White Earth Investment Initiative generated $2.2m in total revenue. This organization has experienced exceptional growth, as over the past 8 years, it has increased revenue by an average of 23.2% each year . All expenses for the organization totaled $769.6k during the year ending 12/2022. While expenses have increased by 15.7% 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
2022
Describe the Organization's Mission:
Part 3 - Line 1
TO ENGAGE IN COMMUNITY, ECONOMIC AND HOUSING DEVELOPMENT ON THE WHITE EARTH INDIAN RESERVATION, WITH THE AIM OF ALLEVIATING POVERTY AND ENHANCING THE STANDARD OF LIVING FOR RESIDENTS THERE.
Describe the Organization's Program Activity:
Part 3 - Line 4a
BUSINESS LOAN FUND THE WHITE EARTH INVESTMENT INITIATIVE ENGAGES IN COMMUNITY ECONOMIC DEVELOPMENT SERVICES, TARGETING RESIDENTS OF THE WHITE EARTH RESERVATION AND OTHER NATIVE AMERICANS STATEWIDE. IN 2022, 18 COMMERCIAL LOANS TOTALING $5,179,548 WERE PROVIDED FOR NATIVE COMMUNITY BUSINESSES AND FACILITIES. 317 JOBS WERE RETAINED WITH THESE FUNDS AND 40 NEW JOBS WERE CREATED.
OTHER RENTAL INCOME
DEVELOPMENT SERVICES WEII OFFERS HOMEBUYER EDUCATION, HOUSING COUNSELING AND TAXPAYER ASSISTANCE TO RESIDENTS OF THE WHITE EARTH RESERVATION AND SURROUNDING COMMUNITIES TO SUPPORT FINANCIAL LITERACY AND ACCESS TO AFFORDABLE FINANCIAL PRODUCTS AND SERVICES AND HOMEOWNERSHIP. IN 2022, 562 FEDERAL TAX RETURNS WERE FILED AND 459 MINNESOTA STATE RETURNS WERE FILED FREE OF CHARGE THROUGH THE TAX PREPARATION PROGRAM. THIS WAS AN INCREASE OVER 2021. IN 2022, 20 HOUSEHOLD RECEIVED CLASSROOM-INSTRUCTED HOMEBUYER EDUACTION AND 8 HOUSEHOLDS RECEIVED HOUSING COUNSELING, HELPING TO PREPARE THEM FOR ASSET-BUILDING THROUGH HOMEOWNERSHIP. ALL SERVICE OUTCOMES SHOWED INCREASE OVER 2021.
CONSUMER LOAN FUND 234 CONSUMER LOANS TOTALING $937,113 WERE CLOSED IN 2022. THE VAST MAJORITY WERE NATIVE AMERICAN CLIENTS LIVING WITHIN THE BOUNDARIES OF THE WHITE EARTH RESERVATION. COMMON USES OF FUNDS INCLUDED DEBT CONSOLIDATION OR PAYOFF OF HIGH RATE LOANS, CAR REPAIR OR PURCHASE, CHRISTMAS AND BACK-TO-SCHOOL LOANS. CONSUMERS MAY FACE BARRIERS TO MAINSTREAM CREDIT AND MAY HAVE TOO MUCH DEBT, HAVE DEBT THAT IS POORLY STRUCTURED OR MAY HAVE PROBLEMS MANAGING THEIR DEBT; FAVORABLE TERMS MAY INCLUDE LOWER-THAN STANDARD DOWN-PAYMENT, HIGHER LOAN-TO-VALUE RATIO, ETC. THEY ALSO ORIGINATED 1 MORTGAGE LOAN IN 2022 IN THE AMOUNT OF $125,000.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Julia Nelmark Chief Executive Officer | Officer | 5 | $0 |
Dean Johnson Secretary | Trustee | 0.5 | $3,200 |
Doug Fabre Director | Trustee | 0.5 | $3,000 |
Dan Stevens Director | Trustee | 0.5 | $2,400 |
Jessica Tolifson Director | Trustee | 0.5 | $3,000 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Federated campaigns | $0 |
| Membership dues | $0 |
| Fundraising events | $0 |
| Related organizations | $55,000 |
| Government grants | $1,779,655 |
| All other contributions, gifts, grants, and similar amounts not included above | $0 |
| Noncash contributions included in lines 1a–1f | $0 |
| Total Revenue from Contributions, Gifts, Grants & Similar | $1,834,655 |
| Total Program Service Revenue | $321,962 |
| Investment income | $1,686 |
| 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 | $2,160,272 |
| 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. | $14,400 |
| Compensation of current officers, directors, key employees. | $1,440 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $253,136 |
| Pension plan accruals and contributions | $9,340 |
| Other employee benefits | $36,992 |
| Payroll taxes | $18,550 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $0 |
| Fees for services: Accounting | $17,112 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $10,199 |
| Advertising and promotion | $14,890 |
| Office expenses | $12,318 |
| Information technology | $17,359 |
| Royalties | $0 |
| Occupancy | $44,795 |
| Travel | $12,008 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $2,002 |
| Interest | $42,213 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $17,552 |
| Insurance | $0 |
| All other expenses | $14,526 |
| Total functional expenses | $769,602 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $3,141,525 |
| Savings and temporary cash investments | $152,211 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $1,797 |
| Loans from Officers, Directors, or Controlling Persons | $0 |
| Loans from Disqualified Persons | $0 |
| Notes and loans receivable | $7,990,891 |
| Inventories for sale or use | $0 |
| Prepaid expenses and deferred charges | $875 |
| Net Land, buildings, and equipment | $320,189 |
| Investments—publicly traded securities | $0 |
| Investments—other securities | $0 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $55,939 |
| Total assets | $11,663,427 |
| Accounts payable and accrued expenses | $43,915 |
| Grants payable | $0 |
| Deferred revenue | $90,000 |
| 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 | $3,520,810 |
| Unsecured mortgages and notes payable | $0 |
| Other liabilities | $0 |
| Total liabilities | $3,654,725 |
| Net assets without donor restrictions | $8,008,702 |
| Net assets with donor restrictions | $0 |
| 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 | $11,663,427 |