Bestprep
- Assets
- $2.2m
- Revenue
- $2.4m
- Investments
- $0.0
- Employees
- 34
- Location
- Brooklyn Park, MN
- Founding
- 02/1976
- Data as of
- 08/2023
- EIN
- 41-1265355
Organization Overview
Bestprep is located in Brooklyn Park, MN. The organization was established in 1976. According to its NTEE Classification (B99) the organization is classified as: Education N.E.C., under the broad grouping of Education and related organizations. As of 08/2023, Bestprep employed 34 individuals. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Bestprep 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 08/2023, Bestprep generated $2.4m in total revenue. This represents relatively stable growth, over the past 8 years the organization has increased revenue by an average of 3.0% each year. All expenses for the organization totaled $2.2m during the year ending 08/2023. While expenses have increased by 4.7% 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
2023
Describe the Organization's Mission:
Part 3 - Line 1
TO BEST PREPARE MINNESOTA STUDENTS WITH BUSINESS, CAREER AND FINANCIAL LITERACY SKILLS.
Describe the Organization's Program Activity:
Part 3 - Line 4a
EMENTORS EMPOWERS STUDENTS WITH THE KNOWLEDGE AND SKILLS NEEDED FOR SUCCESS IN SCHOOL, CAREER, AND LIFE THROUGH WEEKLY ONE-ON-ONE EMAIL EXCHANGES WITH VOLUNTEER BUSINESS MENTORS. THE PROGRAM EMPHASIZES MOTIVATION, WORKPLACE SKILLS AND CAREER EXPLORATION. THE PROGRAM ALSO OFFERS VERSIONS FOCUSED ON STEM AND FINANCIAL LITERACY AND A CUSTOMIZED VERSION FOR AVID CLASSES. 3,363 STUDENTS WERE MENTORED IN 2022-2023.
MINNESOTA BUSINESS VENTURE IGNITES STUDENTS' PASSION TO ACHIEVE SUCCESS AND DEVELOP CAREER ASPIRATIONS IN A WEEK-LONG BUSINESS AND CAREER DEVELOPMENT CAMP ON A COLLEGE CAMPUS. THE PROGRAM BRINGS TOGETHER HIGH SCHOOL STUDENTS FROM ACROSS THE STATE TO WORK WITH BUSINESS LEADERS AND LEARN ABOUT CAREER PATHS AND FINANCIAL LITERACY. IN 2023, 279 STUDENTS ATTENDED, INCLUDING 47% FROM LOW-INCOME HOUSEHOLDS AND 73% STUDENTS OF COLOR.
CLOUD COACH STRENGTHENS STUDENT MOTIVATION TO SUCCEED IN SCHOOL AND BEYOND THROUGH EMAIL MENTORING. CLOUD COACH PAIRS A SCHOOL'S ENTIRE NINTH GRADE CLASS WITH MENTORS FROM THE BUSINESS COMMUNITY. WITH THE MANTRA "THINK FORWARD/ACT NOW", CLOUD COACH ENCOURAGES STUDENTS TO CONSIDER FUTURE ASPIRATIONS AND IDENTIFY STEPS TO TAKE NOW TO ACHIEVE GOALS. IN 2022-2023, 2,026 FROM SEVEN SCHOOLS PARTICIPATED.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Ashley Erickson Board Member | Trustee | 0.5 | $0 |
Kristy Beckman Board Member | Trustee | 0.5 | $0 |
Brian Boardman Board Member | Trustee | 0.5 | $0 |
James Boucher Board Member | Trustee | 0.5 | $0 |
Kim Boylton Secretary | OfficerTrustee | 2 | $0 |
Chase Brakke Board Member | Trustee | 0.5 | $0 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Federated campaigns | $0 |
| Membership dues | $0 |
| Fundraising events | $382,125 |
| Related organizations | $0 |
| Government grants | $0 |
| All other contributions, gifts, grants, and similar amounts not included above | $2,135,137 |
| Noncash contributions included in lines 1a–1f | $563 |
| Total Revenue from Contributions, Gifts, Grants & Similar | $2,517,262 |
| Total Program Service Revenue | $29,066 |
| Investment income | $30,380 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $0 |
| Net Gain/Loss on Asset Sales | $0 |
| Net Income from Fundraising Events | -$142,353 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $0 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $2,434,355 |
| 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. | $467,064 |
| Compensation of current officers, directors, key employees. | $46,706 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $925,192 |
| Pension plan accruals and contributions | $0 |
| Other employee benefits | $94,262 |
| Payroll taxes | $99,370 |
| Fees for services: Management | $0 |
| 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 | $36,816 |
| Advertising and promotion | $22,041 |
| Office expenses | $40,998 |
| Information technology | $53,160 |
| Royalties | $0 |
| Occupancy | $58,810 |
| Travel | $28,718 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $17,661 |
| Interest | $485 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $10,827 |
| Insurance | $7,808 |
| All other expenses | $563 |
| Total functional expenses | $2,155,325 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $115,259 |
| Savings and temporary cash investments | $1,911,680 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $50,250 |
| 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 | $47,226 |
| Net Land, buildings, and equipment | $18,983 |
| Investments—publicly traded securities | $0 |
| Investments—other securities | $0 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $58,344 |
| Total assets | $2,201,742 |
| Accounts payable and accrued expenses | $165,558 |
| Grants payable | $0 |
| Deferred revenue | $48,000 |
| 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 | $0 |
| Unsecured mortgages and notes payable | $0 |
| Other liabilities | $72,037 |
| Total liabilities | $285,595 |
| Net assets without donor restrictions | $1,299,037 |
| Net assets with donor restrictions | $617,110 |
| 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 | $2,201,742 |