Northside Economic Opportunity Network
- Assets
- $8.5m
- Revenue
- $5.3m
- Investments
- $0.0
- Employees
- 9
- Location
- Minneapolis, MN
- Founding
- 12/2009
- Data as of
- 12/2021
- EIN
- 80-0163521
Organization Overview
Northside Economic Opportunity Network is located in Minneapolis, MN. The organization was established in 2009. According to its NTEE Classification (S31) the organization is classified as: Urban & Community Economic Development, under the broad grouping of Community Improvement & Capacity Building and related organizations. As of 12/2021, Northside Economic Opportunity Network employed 9 individuals. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Northside Economic Opportunity Network 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, Northside Economic Opportunity Network generated $5.3m in total revenue. This organization has experienced exceptional growth, as over the past 7 years, it has increased revenue by an average of 38.8% each year . All expenses for the organization totaled $1.9m during the year ending 12/2021. While expenses have increased by 26.9% per year over the past 7 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
2021
Describe the Organization's Mission:
Part 3 - Line 1
SEE SCHEDULE O.THE NORTHSIDE ECONOMIC OPPORTUNITY NETWORK (NEON) BUILDS WEALTH FOR LOW- TO MODERATE- INCOME ENTREPRENEURS IN NORTH MINNEAPOLIS AND SURROUNDING COMMUNITIES. NEON ACCOMPLISHES ITS MISSION BY COLLABORATING WITH PARTNER ORGANIZATIONS TO PROVIDE ONGOING TECHNICAL ASSISTANCE AND SUPPORT: ENTREPRENEUR TRAINING AND OUTREACH, FINANCIAL LITERACY, SMALL BUSINESS FINANCING, AND TECHNICAL ASSISTANCE AND SUPPORT.
Describe the Organization's Program Activity:
Part 3 - Line 4a
IN 2021 NEON SERVED 904 CLIENTS, PROVIDED 4,584 HOURS OF TECHNICAL ASSISTANCE TO CLIENTS, PROVIDED AND DISBURSED $1,059,500 IN GRANTS TO BUSINESSES, APPROVED AND/OR DISBURSED $1,911,000 IN LOANS TO BUSINESSES. WE CONDUCTED 22 THINKING ABOUT BUSINESS AND FOOD 101 WORKSHOPS. WE LAUNCHED A COMMUNITY CONVERSATION SERIES AND WE HELD 3 SESSIONS. 90 PERCENT OF NEON CLIENTS ARE BIPOC AND 80 PERCENT ARE AFRICAN AMERICAN.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Warren Mclean President | Officer | 40 | $115,162 |
Ting Ting Ni Vice Chair | OfficerTrustee | 1 | $0 |
Blake Berquist Treasurer | OfficerTrustee | 1 | $0 |
Debra Spears Secretary | OfficerTrustee | 1 | $0 |
Beth Dumke Chair | OfficerTrustee | 1 | $0 |
Kb Brown Director | Trustee | 1 | $0 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Federated campaigns | $90,250 |
| Membership dues | $0 |
| Fundraising events | $123,544 |
| Related organizations | $0 |
| Government grants | $97,166 |
| All other contributions, gifts, grants, and similar amounts not included above | $4,807,156 |
| Noncash contributions included in lines 1a–1f | $0 |
| Total Revenue from Contributions, Gifts, Grants & Similar | $5,118,116 |
| Total Program Service Revenue | $246,675 |
| 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 | -$39,818 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $0 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $5,326,140 |
| Statement of Expenses | |
|---|---|
| Grants and other assistance to domestic organizations and domestic governments. | $240,380 |
| 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. | $133,104 |
| Compensation of current officers, directors, key employees. | $16,637 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $594,826 |
| Pension plan accruals and contributions | $0 |
| Other employee benefits | $72,636 |
| Payroll taxes | $59,480 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $0 |
| Fees for services: Accounting | $90,873 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $321,379 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $101,343 |
| Advertising and promotion | $0 |
| Office expenses | $77,920 |
| Information technology | $247 |
| Royalties | $0 |
| Occupancy | $169,926 |
| Travel | $694 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $0 |
| Interest | $0 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $24,881 |
| Insurance | $0 |
| All other expenses | $0 |
| Total functional expenses | $1,910,031 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $6,049,194 |
| Savings and temporary cash investments | $0 |
| Pledges and grants receivable | $1,627,850 |
| Accounts receivable, net | $3,156 |
| Loans from Officers, Directors, or Controlling Persons | $0 |
| Loans from Disqualified Persons | $0 |
| Notes and loans receivable | $780,399 |
| Inventories for sale or use | $0 |
| Prepaid expenses and deferred charges | $10,499 |
| Net Land, buildings, and equipment | $63,107 |
| Investments—publicly traded securities | $0 |
| Investments—other securities | $0 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $0 |
| Total assets | $8,534,205 |
| Accounts payable and accrued expenses | $471,895 |
| 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 | $2,046,366 |
| Unsecured mortgages and notes payable | $0 |
| Other liabilities | $0 |
| Total liabilities | $2,518,261 |
| Net assets without donor restrictions | $2,781,028 |
| Net assets with donor restrictions | $3,234,916 |
| 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 | $8,534,205 |
Grants Recieved
Over the last fiscal year, we have identified 1 grants that Northside Economic Opportunity Network has recieved totaling $10,000.
| Awarding Organization | Amount |
|---|---|
Albright Foundation Edina, MN PURPOSE: CHARITABLE | $10,000 |
Peer Organizations
| Organization Name | Assets | Revenue |
|---|---|---|
Iec Hotel Corporation West Des Moines, IA | $103,529,195 | $16,531,928 |
Milwaukee Economic Development Corp Milwaukee, WI | $129,937,785 | $4,507,113 |
Black Hawk County Gaming Assoc Waterloo, IA | $18,246,475 | $5,898,126 |
Common Wealth Development Inc Madison, WI | $16,900,042 | $3,774,568 |
Milwaukee Urban Strategic Investment Corp Milwaukee, WI | $23,035,863 | $4,044,506 |
Watertown Development Company Watertown, SD | $26,777,594 | $1,539,881 |
Destination Medical Center Corporation Rochester, MN | $379,838 | $2,053,572 |
Northwest Side Community Development Corporation Milwaukee, WI | $11,140,702 | $4,254,876 |
Northside Economic Opportunity Network Minneapolis, MN | $8,534,205 | $5,326,140 |
Greater Fargo Moorhead Economic Development Corporation Fargo, ND | $1,995,409 | $1,379,514 |
Pottawattamie County Development Corporation Council Bluffs, IA | $7,450,789 | $1,451,387 |
Newbo City Market Cedar Rapids, IA | $2,228,131 | $819,874 |