Red Wing Ignite
- Assets
- $562.3k
- Revenue
- $1.1m
- Investments
- $0.0
- Employees
- 3
- Location
- Red Wing, MN
- Founding
- 08/2014
- Data as of
- 12/2022
- EIN
- 46-1469707
Organization Overview
Red Wing Ignite is located in Red Wing, MN. The organization was established in 2014. According to its NTEE Classification (P20) the organization is classified as: Human Service Organizations, under the broad grouping of Human Services and related organizations. As of 12/2022, Red Wing Ignite employed 3 individuals. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Red Wing Ignite 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, Red Wing Ignite generated $1.1m in total revenue. This organization has experienced exceptional growth, as over the past 8 years, it has increased revenue by an average of 29.0% each year . All expenses for the organization totaled $840.7k during the year ending 12/2022. While expenses have increased by 30.1% 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
RED WING IGNITE SUPPORTS ECONOMIC DEVELOPMENT AND TECHNOLOGICAL ADVANCEMENT IN THE ELEVEN COUNTIES OF SE MINNESOTA. WE PROVIDE RESOURCES, SUPPORT, EDUCATION AND NETWORKING OPPORTUNITIES TO STUDENTS, STARTUPS AND ENTREPRENEURS. OUR MISSION IS TO CREATE A THRIVING ECOSYSTEM THAT ENCOURAGES INNOVATION, JOB CREATION AND SUSTAINABLE GROWTH.
Describe the Organization's Program Activity:
Part 3 - Line 4a
ADVANCING ENTREPRENEURS, STRENGTHENING OUR BUSINESS ENVIRONMENT, PARTNERING WITH REGIONAL, STATE AND NATIONAL NETWORKS. CONNECTING STUDENTS TO TECHNICAL TRAINING. NATIONAL RECOGNITION AND AWARDS: DESIGNATED AS A US IGNITE SMART CITY AND A CENTER OF RURAL INNOVATION (CORI) COMMUNITY, SELECTED FOR TWO CONGRESSIONALLY DIRECTED SPENDING GRANTS THROUGH THE US DEPARTMENT OF EDUCATION. COMPLETED THE US ECONOMIC DEVELOPMENT ADMINISTRATION I6CHALLENGE GRANT. ONE OF EIGHT RURAL COMMUNITIES IN THE UNITED STATES TO BE AWARDED THE HIGHLY COMPETITIVE US EDA BUILD TO SCALE GRANT, FOR THE MAXIMUM AWARD OF $4M IN OCTOBER OF 2022.STATE RECOGNITION AND AWARDS: MN DEPARTMENT OF EMPLOYMENT AND ECONOMIC DEVELOPMENT (MN DEED) DESIGNATED AS THE REGIONAL HUB FOR SE MINNESOTA THROUGH THE LAUNCHMN PROGRAM. HELD TWO STATE GRANTS THROUGH MN DEED AND ONE STATE GRANT THROUGH MN DEPARTMENT OF LABOR AND INDUSTRY. 2022 PROGRAM IMPACT: 274 ENTREPRENEURS SERVED, 174 OF THEM NEW USERS OF OUR SERVICES | HOSTED 47 EDUCATIONAL WORKSHOPS AND NETWORKING EVENTS | DELIVERED 1,246 HOURS OF EDUCATIONAL PROGRAMMING TO 549 ATTENDEES | HOSTED REGIONAL PITCH COMPETITION WITH THE WINNER QUALIFYING FOR AUTOMATIC SEMIFINALIST STATUS AT THE MNCUPNEW PROGRAMMING IN 2022: PEER GROUPS IN RED WING AND CANNON FALLS, BUSINESS FOUNDATIONS SERIES, BUSINESS PLAN IN A DAY WORKSHOPS, UNDERSTANDING FINANCE WORKSHOP, ENTREPRENEURIAL MINDSET COHORT AND COACHING, E5 EVENTS: ENTREPRENEUR EVENINGS, EDUCATE, ENTERTAIN, ENGAGESTUDENT PROGRAMMING: YOUTH WOODWORKING - SERVED 24 STUDENTSYOUTH CODING LEAGUE - SERVED 5 SCHOOLS, 103 5-8TH GRADE STUDENTS AND 6 TEAMS TOOK HOME 7 PRIZE CATEGORIES IN THE NATIONAL COMPETITIONLEARN AND EARN PROGRAM - TECHNICAL TRAINING PROGRAM FOR 11TH AND 12TH GRADE STUDENTS WITH WORKSITE PLACEMENTS
BUSINESS TECHNICAL ASSISTANCE TO ENTREPRENEURSPROVIDED 105 ENTREPRENEURS WITH TECHNICAL BUSINESS ASSISTANCE WITH 450 HOURS OF 1:1 MENTORING AND SUPPORTAWARDED $67,400 IN TECHNICAL ASSISTANCE GRANT FUNDING
RWI CO-WORKING SPACEHOSTED A CO-WORKING SPACE TO WORK AND MEET. HOSTED 50+ EXTERNAL GROUPS THAT UTILIZED MEETING SPACE. WELCOMED 35+ COW-WORKING MEMBERS INCLUDING DROP-IN USERS. MANAGED ABOUT 8,000 SQ FEET OF OFFICES, CONFERENCE ROOMS AND AMENITIES.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Paul Kramp Board Chair | OfficerTrustee | 2 | $0 |
Tom Drazkowski Vice Chair | OfficerTrustee | 2 | $0 |
Matthew Lessard Treasurer | OfficerTrustee | 5 | $0 |
Beth Benike Secretary | OfficerTrustee | 1 | $0 |
Atiq Bhatti Director | Trustee | 1 | $0 |
Tawonda Burks Director | Trustee | 1 | $0 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Federated campaigns | $0 |
| Membership dues | $0 |
| Fundraising events | $0 |
| Related organizations | $0 |
| Government grants | $913,677 |
| All other contributions, gifts, grants, and similar amounts not included above | $187,611 |
| Noncash contributions included in lines 1a–1f | $0 |
| Total Revenue from Contributions, Gifts, Grants & Similar | $1,101,288 |
| Total Program Service Revenue | $40,030 |
| Investment income | $0 |
| 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 | $1,143,443 |
| 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. | $93,283 |
| Compensation of current officers, directors, key employees. | $0 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $92,665 |
| Pension plan accruals and contributions | $3,197 |
| Other employee benefits | $9,434 |
| Payroll taxes | $14,936 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $0 |
| Fees for services: Accounting | $10,813 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $486,498 |
| Advertising and promotion | $12,926 |
| Office expenses | $63,310 |
| Information technology | $8,256 |
| Royalties | $0 |
| Occupancy | $8,812 |
| Travel | $12,090 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $8,354 |
| Interest | $0 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $3,175 |
| Insurance | $5,116 |
| All other expenses | $0 |
| Total functional expenses | $840,738 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $114,030 |
| Savings and temporary cash investments | $0 |
| Pledges and grants receivable | $407,230 |
| Accounts receivable, net | $8,977 |
| 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 | $5,000 |
| Net Land, buildings, and equipment | $27,089 |
| Investments—publicly traded securities | $0 |
| Investments—other securities | $0 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $0 |
| Total assets | $562,326 |
| Accounts payable and accrued expenses | $45,480 |
| Grants payable | $0 |
| Deferred revenue | $0 |
| 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 | $3,034 |
| Total liabilities | $48,514 |
| Net assets without donor restrictions | $513,812 |
| 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 | $562,326 |