Northeast Entrepreneur Fund Inc
- Assets
- $70.8m
- Revenue
- $12.8m
- Investments
- $0.0
- Employees
- 49
- Location
- Duluth, MN
- Founding
- 09/1988
- Data as of
- 12/2023
- EIN
- 36-3566632
Organization Overview
Northeast Entrepreneur Fund Inc, operating under the name Entrepreneur Fund, is located in Duluth, MN. The organization was established in 1988. According to its NTEE Classification (T22) the organization is classified as: Private Independent Foundations, under the broad grouping of Philanthropy, Voluntarism & Grantmaking Foundations and related organizations. As of 12/2023, Entrepreneur Fund employed 49 individuals. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Entrepreneur Fund 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, Entrepreneur Fund generated $12.8m in total revenue. This organization has experienced exceptional growth, as over the past 9 years, it has increased revenue by an average of 23.0% each year . All expenses for the organization totaled $7.8m during the year ending 12/2023. While expenses have increased by 19.5% 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.
Since 2017, Entrepreneur Fund has awarded 97 individual grants totaling $1,051,858. If you would like to learn more about the grant giving history of this organization, scroll down to the grant profile section of this page.
Form
990
Mission & Program ActivityExcerpts From the 990 Filing
TAX YEAR
2023
Describe the Organization's Mission:
Part 3 - Line 1
TO ACTIVELY PARTNER WITH ENTREPRENEURS TO GROW BUSINESSES & CREATE THRIVING COMMUNITIES.
Describe the Organization's Program Activity:
Part 3 - Line 4a
THE NORTHEAST ENTREPRENEUR FUND (EF) PROVIDES SMALL BUSINESS SERVICES AND LOANS TO BUSINESS OWNERS AND ASPIRING ENTREPRENEURS IN ITS 29 COUNTY SERVICE AREA OF MINNESOTA AND WISCONSIN. IN 2023, TOTAL PROGRAM COSTS OF $5,737,647 WAS EXPENSED TO PROVIDE SERVICES TO 1,617 ENTREPRENEURS. 348 LOANS WERE DISBURSED TO THOSE CLIENTS TO START, STABILIZE OR EXPAND THEIR BUSINESSES. A TOTAL OF $21.5 MILLIONS IN LOANS WERE APPROVED. A MAJORITY OF THOSE WERE DISBURSED TO LOW-INCOME INDIVIDUALS OR IN LOW-INCOME COMMUNITIES. EF TARGETS AND SERVES UNDERSERVED AND DISADVANTAGED BUSINESS OWNERS AND COMMUNITIES WITH SPECIALIZED SERVICES FOR WOMEN-OWNED BUSINESS. THE ORGANIZATIONAL EXPENSES, NON-PROGRAM RELATED WERE A TOTAL OF $2,032,632 FOR FUNDRAISING, MANAGEMENT AND GENERAL COSTS TO SUPPORT THE MISSION AND FUTURE OF THE ORGANIZATION.
Get More from Intellispect for FreeCreate a free account to get more data, nonprofit salaries, advanced search and more.
Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Crystal Rohde Chair | OfficerTrustee | 1 | $0 |
Arik Forsman Vice-Chair | OfficerTrustee | 1 | $0 |
Andy Donahue Vice-Chair (termed April) | OfficerTrustee | 1 | $0 |
Tabatha Beier Secretary/treasurer | OfficerTrustee | 1 | $0 |
Elizabeth Chapman Director | Trustee | 1 | $0 |
Megan Erickson Kellin Director | Trustee | 1 | $0 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Federated campaigns | $0 |
| Membership dues | $0 |
| Fundraising events | $0 |
| Related organizations | $0 |
| Government grants | $7,181,062 |
| All other contributions, gifts, grants, and similar amounts not included above | $1,583,285 |
| Noncash contributions included in lines 1a–1f | $0 |
| Total Revenue from Contributions, Gifts, Grants & Similar | $8,764,347 |
| Total Program Service Revenue | $3,748,541 |
| Investment income | $267,077 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $0 |
| Net Gain/Loss on Asset Sales | -$31,079 |
| Net Income from Fundraising Events | $0 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $4,208 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $12,753,094 |
| Statement of Expenses | |
|---|---|
| Grants and other assistance to domestic organizations and domestic governments. | $618,944 |
| 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. | $410,220 |
| Compensation of current officers, directors, key employees. | $68,864 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $2,972,957 |
| Pension plan accruals and contributions | $149,387 |
| Other employee benefits | $358,407 |
| Payroll taxes | $263,177 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $34,534 |
| Fees for services: Accounting | $24,100 |
| Fees for services: Lobbying | $17,600 |
| Fees for services: Fundraising | $48,000 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $767,910 |
| Advertising and promotion | $191,371 |
| Office expenses | $104,503 |
| Information technology | $0 |
| Royalties | $0 |
| Occupancy | $126,130 |
| Travel | $196,599 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $0 |
| Interest | $872,174 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $51,540 |
| Insurance | $28,991 |
| All other expenses | $139,318 |
| Total functional expenses | $7,770,279 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $9,307,292 |
| Savings and temporary cash investments | $5,087,964 |
| Pledges and grants receivable | $1,350,415 |
| Accounts receivable, net | $2,000 |
| 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 | $94,292 |
| Net Land, buildings, and equipment | $0 |
| Investments—publicly traded securities | $0 |
| Investments—other securities | $0 |
| Investments—program-related | $54,437,140 |
| Intangible assets | $0 |
| Other assets | $542,237 |
| Total assets | $70,821,340 |
| Accounts payable and accrued expenses | $829,559 |
| Grants payable | $0 |
| Deferred revenue | $619,922 |
| 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 | $9,747,618 |
| Unsecured mortgages and notes payable | $30,403,804 |
| Other liabilities | $76,859 |
| Total liabilities | $41,677,762 |
| Net assets without donor restrictions | $26,763,176 |
| Net assets with donor restrictions | $2,380,402 |
| 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 | $70,821,340 |
Grants Awarded
Over the last fiscal year, Northeast Entrepreneur Fund Inc has awarded $486,314 in support to 34 organizations.
| Grant Recipient | Amount |
|---|---|
HEN AND OAK HEMP FARM PURPOSE: RURAL EQUITY GRANT | $10,000 |
BLU STUDIO WELLNESS PURPOSE: RURAL EQUITY GRANT | $10,000 |
STRENGTH FACTORY PURPOSE: RURAL EQUITY GRANT | $10,000 |
GOOD FLOWER FARM PURPOSE: RURAL EQUITY GRANT | $10,000 |
OHNSTAD THERAPY SERVICES PURPOSE: RURAL EQUITY GRANT | $10,000 |
DOLL'S DAY CARE PURPOSE: RURAL EQUITY GRANT | $10,000 |