North Central Minority Supplier Dev
- Assets
- $671.2k
- Revenue
- $853.6k
- Investments
- $0.0
- Employees
- 0
- Location
- Minneapolis, MN
- Founding
- 01/1974
- Data as of
- 12/2021
- EIN
- 36-3550790
Organization Overview
North Central Minority Supplier Dev is located in Minneapolis, MN. The organization was established in 1974. According to its NTEE Classification (S03) the organization is classified as: Professional Societies & Associations, under the broad grouping of Community Improvement & Capacity Building and related organizations. This organization is a subordinate organization within an affiliated group for tax-exemption purposes. North Central Minority Supplier Dev 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, North Central Minority Supplier Dev generated $853.6k in total revenue. The organization has seen a slow decline revenue. Over the past 7 years, revenues have fallen by an average of (0.4%) each year. All expenses for the organization totaled $726.9k during the year ending 12/2021. As we would expect to see with falling revenues, expenses have declined by (2.6%) per year over the past 7 years. 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 PROVIDE MINORITY BUSINESSES WITH THE OPPERTUNITY FOR BUSINESSES WITH CORPORATE PARTNERS AND TO EXPAND THERE BUSINESS.
Describe the Organization's Program Activity:
Part 3 - Line 4a
BUISNESS OPPERTUNITY EXCHANGE - THIS PROGRAM PROIVDES CORPORTATE MEMBERS, GOVERMENT ENTITES, AND MINORITY BUSINESS ENTERPRISES (MDE'S) WITH WORKSHOPS, PANEL DICUSSIONS, AND NETWORKING OPPORTUNITIES.
INDUSTRIAL VERTICALS -
ANNUAL MEETING AND RECPTION - THIS PROGRAM IS DESIGNED TO BE INFORMATIVE AND PROVIDE NETWORKING OPPORTUNITIES TO STREGTHEN COLLABORATIONS BETWEEN CORPORATIONS AND MINORITY BUSINESSS ENTERPRISES. (2021 MEETING NUMBERS)
OTHER PROGRAM SERVICES INCLUDE OTHER EVENTS TO SUPPORT THE BUSINESS DEVELOPENT OF CORPORTAE MEMEBERS.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Heather Olson President/ CEO | Trustee | 40 | $115,686 |
Open Position Treasurer | OfficerTrustee | 1 | $0 |
Natalie Mcgrady Secretary | OfficerTrustee | 1 | $0 |
Lorenzo Bell Second Vice Chair | OfficerTrustee | 1 | $0 |
John Taylor Chair | OfficerTrustee | 1 | $0 |
Veronica Johnson First Vice Chair | OfficerTrustee | 1 | $0 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Federated campaigns | $0 |
| Membership dues | $525,996 |
| Fundraising events | $0 |
| Related organizations | $0 |
| Government grants | $18,000 |
| All other contributions, gifts, grants, and similar amounts not included above | $1,300 |
| Noncash contributions included in lines 1a–1f | $0 |
| Total Revenue from Contributions, Gifts, Grants & Similar | $545,296 |
| Total Program Service Revenue | $305,935 |
| Investment income | $58 |
| 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 | $853,566 |
| 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. | $120,000 |
| Compensation of current officers, directors, key employees. | $25,200 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $160,125 |
| Pension plan accruals and contributions | $4,373 |
| Other employee benefits | $41,394 |
| Payroll taxes | $24,094 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $2,909 |
| Fees for services: Accounting | $32,597 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $114,582 |
| Advertising and promotion | $15,000 |
| Office expenses | $2,311 |
| Information technology | $0 |
| Royalties | $0 |
| Occupancy | $48,853 |
| Travel | $535 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $95,708 |
| Interest | $0 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $2,262 |
| Insurance | $2,552 |
| All other expenses | $1,122 |
| Total functional expenses | $726,850 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $560,025 |
| Savings and temporary cash investments | $20,829 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $67,960 |
| 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 | $12,881 |
| Net Land, buildings, and equipment | $5,365 |
| Investments—publicly traded securities | $0 |
| Investments—other securities | $0 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $4,100 |
| Total assets | $671,160 |
| Accounts payable and accrued expenses | $49,854 |
| Grants payable | $0 |
| Deferred revenue | $107,750 |
| 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 | $872 |
| Total liabilities | $158,476 |
| Net assets without donor restrictions | $474,684 |
| Net assets with donor restrictions | $38,000 |
| 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 | $671,160 |
Grants Recieved
Over the last fiscal year, we have identified 1 grants that North Central Minority Supplier Dev has recieved totaling $15,000.
| Awarding Organization | Amount |
|---|---|
The Northwest Minnesota Foundation Bemidji, MN PURPOSE: NW MINNESOTA INITIATIVE PROJECT | $15,000 |