Minneapolis - St Paul Regional Economic Development Partnership
- Assets
- $6.4m
- Revenue
- $8.0m
- Investments
- $0.0
- Employees
- 27
- Location
- Saint Paul, MN
- Founding
- 06/2011
- Data as of
- 12/2023
- EIN
- 27-4026636
Organization Overview
Minneapolis - St Paul Regional Economic Development Partnership, operating under the name Greater Msp, is located in Saint Paul, MN. The organization was established in 2011. 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 12/2023, Greater Msp employed 27 individuals. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Greater Msp 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 12/2023, Greater Msp generated $8.0m in total revenue. This represents relatively stable growth, over the past 9 years the organization has increased revenue by an average of 4.6% each year. All expenses for the organization totaled $7.6m during the year ending 12/2023. While expenses have increased by 3.8% per year over the past 9 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
THE MISSION OF THE GREATER MSP PARTNERSHIP IS TO ACCELERATE REGIONAL COMPETITIVENESS AND INCLUSIVE ECONOMIC GROWTH THROUGH JOB CREATION, CAPITAL INVESTMENT AND EXECUTION OF STRATEGIC INITIATIVES. THE PARTNERSHIP WORKS TO STRENGTHEN OUR REGION'S GLOBAL SECTORS, PRIORITIZE TALENT, AND TELL OUR STORY.
Describe the Organization's Program Activity:
Part 3 - Line 4a
GREATER MSP PARTNERSHIP WAS CREATED A DECADE AGO TO BE A SHARED SPACE WHERE LEADERS AND ORGANIZATIONS OF ALL TYPES COULD COME TOGETHER AND BUILD THE ECONOMY FOR THE BENEFIT OF THE RESIDENTS OF THIS REGION. WE ARE REALIZING THIS VISION AS A CROSS-SECTOR, WORKING PARTNERSHIP THAT TOUCHES EVERY CORNER OF THE 15-COUNTY MINNEAPOLIS-SAINT PAUL METRO. THIS PARTNERSHIP INVOLVES MORE THAN 4,500 INDIVIDUALS FROM OVER 350 LEADING COMPANIES, CITIES, COUNTIES, FOUNDATIONS AND UNIVERSITIES, WORKING TOGETHER TO ACCELERATE GLOBAL COMPETITIVENESS AND INCLUSIVE ECONOMIC GROWTH IN MINNEAPOLIS-SAINT PAUL. OVER 120 OF THESE PARTICIPATING ORGANIZATIONS INVEST FINANCIALLY, WITH DOZENS MORE INVESTING THEIR TIME AND ALIGNING THEIR RESOURCES BEHIND EXECUTION OF THE REGIONAL STRATEGY. GREATER MSP IS A LARGE AND GROWING WORKING PARTNERSHIP OF COMMUNITY AND BUSINESS LEADERS AND ORGANIZATIONS FROM ACROSS THE REGION. TOGETHER, WE SHAPE AND EXECUTE A SHARED REGIONAL ECONOMIC DEVELOPMENT STRATEGY FOCUSED ON: JOB GROWTH, STARTUPS & INNOVATION, TALENT MIGRATION, RACIAL INCLUSION, SKILLS & WORKFORCE, REGIONAL IMAGE, AFFORDABILITY, TRANSPORTATION & MOBILITY, AND NEW CLIMATE ECONOMY. THIS STRATEGY SUPPORTS US AS WE EXECUTE ON OUR VISION FOR THE MINNEAPOLIS-SAINT PAUL REGION TO LEAD THE WORLD IN INCLUSIVE ECONOMIC GROWTH BY WELCOMING ALL, EMPOWERING TALENT AND IGNITING INNOVATION. GREATER MSP HAS BECOME A LARGE AND DIVERSE ECOSYSTEM OF ORGANIZATIONS BUILDING INNOVATIVE SOLUTIONS, SETTING AUDACIOUS LONG-TERM AMBITIONS AND BREAKING THROUGH LONGSTANDING BOUNDARIES BY HARNESSING THE POWER OF CROSS-SECTOR COLLABORATION. STAFF OF THE ORGANIZATION SUPPORT THE PARTNERSHIP IN EXECUTING THIS STRATEGY BY SUPPORTING PLATFORMS FOR BUSINESS INVESTMENT, MSP STORYTELLING, AND STRATEGIC INITIATIVES THAT ARE SUPPORTED BY A RESEARCH & INTELLIGENCE DEPARTMENT. THE GREATER MSP PARTNERSHIP HAS DEMONSTRATED THE CAPABILITY OF GENERATING SIGNIFICANT ECONOMIC OPPORTUNITY FOR PEOPLE IN THE REGION. GREATER MSP HAS BEEN BUILDING ON OUR ORIGINAL SCOPE TO ENSURE THAT EVERY MEMBER OF OUR COMMUNITY CAN ACCESS GOOD JOBS AND ECONOMIC OPPORTUNITY. THIS EMPHASIS ON INCLUSIVE GROWTH HAS POWERED AN EXPANSION IN GREATER MSP'S SCOPE, CAPACITY AND BREADTH OF PARTICIPANTS. A DECADE OF DATA POINT TO TWO CHIEF CHALLENGES FOR THE REGION: ADVANCING RACIAL EQUITY AND ACCELERATING THE GROWTH OF QUALITY JOBS. GREATER MSP RECOGNIZES THESE CHALLENGES AS INTERDEPENDENT AND IS COMMITTED TO INVESTING IN EQUITY AS A GROWTH SOLUTION. THE VISION, MISSION AND VALUES FOR THE GREATER MSP REGION AND PARTNERSHIP INCLUDE:REGIONAL VISIONTHE GREATER MSP REGION LEADS THE WORLD IN INCLUSIVE ECONOMIC GROWTH BY WELCOMING ALL, EMPOWERING TALENT AND IGNITING INNOVATION.PARTNERSHIP MISSIONTHE GREATER MSP PARTNERSHIP WILL ACCELERATE REGIONAL COMPETITIVENESS AND INCLUSIVE ECONOMIC GROWTH THROUGH JOB CREATION, CAPITAL INVESTMENT AND THE EXECUTION OF STRATEGIC INITIATIVES.PARTNERSHIP VALUESACCOUNTABILITY | ALIGNMENT | INCLUSION | INNOVATION | TRANSPARENCY
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Peter Frosch President & CEO | OfficerTrustee | 40 | $445,510 |
Tonya Allen Director | Trustee | 0.5 | $0 |
Chairman Keith Anderson Director (until 12/31/2023) | Trustee | 0.5 | $0 |
Christophe Beck Director | Trustee | 0.5 | $0 |
Andy Bessette Director (until 9/11/2023) | Trustee | 0.5 | $0 |
Doug Carnival Of Counsel | Trustee | 0.5 | $0 |
Outside Vendors & Contractors
| Vendor Name (Service) | Service Year | Compensation |
|---|---|---|
Minnesota Life Insurance Company Rent | 12/30/18 | $213,600 |
Healthpartners Insurance | 12/30/18 | $170,612 |
Salo Llc Consultant | 12/30/18 | $151,522 |
Korn Ferry International Recruiter | 12/30/18 | $129,964 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Federated campaigns | $0 |
| Membership dues | $0 |
| Fundraising events | $0 |
| Related organizations | $0 |
| Government grants | $488,631 |
| All other contributions, gifts, grants, and similar amounts not included above | $7,466,731 |
| Noncash contributions included in lines 1a–1f | $0 |
| Total Revenue from Contributions, Gifts, Grants & Similar | $7,955,362 |
| Total Program Service Revenue | $0 |
| Investment income | $53,575 |
| 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 | $8,008,937 |
| Statement of Expenses | |
|---|---|
| Grants and other assistance to domestic organizations and domestic governments. | $27,000 |
| 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. | $1,263,469 |
| Compensation of current officers, directors, key employees. | $195,177 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $2,495,594 |
| Pension plan accruals and contributions | $89,560 |
| Other employee benefits | $212,462 |
| Payroll taxes | $234,123 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $34,415 |
| Fees for services: Accounting | $78,664 |
| Fees for services: Lobbying | $51,338 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $194,476 |
| Advertising and promotion | $1,725,678 |
| Office expenses | $14,529 |
| Information technology | $157,472 |
| Royalties | $0 |
| Occupancy | $199,972 |
| Travel | $97,369 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $263,761 |
| Interest | $1,280 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $103,063 |
| Insurance | $23,972 |
| All other expenses | $0 |
| Total functional expenses | $7,635,137 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $1,282,620 |
| Savings and temporary cash investments | $2,866,211 |
| Pledges and grants receivable | $1,194,333 |
| Accounts receivable, net | $688 |
| 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 | $134,656 |
| Net Land, buildings, and equipment | $623,372 |
| Investments—publicly traded securities | $0 |
| Investments—other securities | $0 |
| Investments—program-related | $0 |
| Intangible assets | $925 |
| Other assets | $295,476 |
| Total assets | $6,398,281 |
| Accounts payable and accrued expenses | $1,083,786 |
| Grants payable | $0 |
| Deferred revenue | $226,100 |
| 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 | $306,928 |
| Total liabilities | $1,616,814 |
| Net assets without donor restrictions | $3,137,783 |
| Net assets with donor restrictions | $1,643,684 |
| 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 | $6,398,281 |
Grants Awarded
Over the last fiscal year, Minneapolis - St Paul Regional Economic Development Partnership has awarded $118,253 in support to 3 organizations.
| Grant Recipient | Amount |
|---|---|
GREAT NORTHERN WINTER FESTIVAL PURPOSE: SPONSORSHIP OF THE GREAT NORTHERN 2022 FESTIVAL | $16,500 |
PILLSBURY UNITED COMMUNITIES PURPOSE: SUBRECIPIENT- ARPA BUILD BACK BETTER REGIONAL CHALLENGE PHASE 1 TECHNICAL ASSISTANCE PROGRAM | $70,120 |
UNIVERSITY ENTERPRISE LABORATORIES INC PURPOSE: SUBRECIPIENT- ARPA BUILD BACK BETTER REGIONAL CHALLENGE PHASE 1 TECHNICAL ASSISTANCE PROGRAM | $31,633 |