Northside Economic Opportunity Network
- Assets
- $18.7m
- Revenue
- $11.9m
- Investments
- $0.0
- Employees
- 16
- Location
- Minneapolis, MN
- Founding
- 12/2009
- Data as of
- 12/2023
- 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 12/2023, Northside Economic Opportunity Network employed 16 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 12/2023, Northside Economic Opportunity Network generated $11.9m in total revenue. This organization has experienced exceptional growth, as over the past 9 years, it has increased revenue by an average of 41.1% each year . All expenses for the organization totaled $2.8m during the year ending 12/2023. While expenses have increased by 25.4% 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 2022, Northside Economic Opportunity Network has awarded 15 individual grants totaling $529,950. 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
BUILD WEALTH FOR LOW-TO-MODERATE INCOME ENTREPRENUERS IN NORTH MINNEAPOLIS AND SURROUNDING COMMUNITIES
Describe the Organization's Program Activity:
Part 3 - Line 4a
IN 2023 NEON SERVED 1,427 CLIENTS, PROVIDED 6,157 HOURS OF TECHNICAL ASSISTANCE, APPROVED AND/OR DISBURSED $722,500 IN LOANS TO BUSINESSES. WE HELPED START 229 BUSINESSES, CREATED 217 JOBS, AND RETAINED 381 JOBS. WE CONDUCTED 11 THINKING ABOUT BUSINESS AND FOOD 101 WORKSHOPS. WE LAUNCHED THE FOOD INDUSTRY COHORT SERIES AND WE HELD 8 EVENTS. 90 PERCENT OF NEON CLIENTS ARE BIPOC AND 80 PERCENT ARE AFRICAN AMERICAN.
THE DESTINATION NORTHSIDE COALITION IS A GROUP OF ORGANIZATIONS COMMITTED TO THE LONG-TERM ECONOMIC PROSPERITY OF NORTH MINNEAPOLIS. THE DESTINATION NORTH COALITION SEEKS TO:- TRANSFORM NORTH MINNEAPOLIS INTO A MORE PROSPEROUS, HEALTHY AND THRIVING ENVIRONMENT THAT IS CENTERED ON SUSTAINING A GOOD QUALITY OF LIFE FOR OUR RESIDENTS.- STRENGTHEN NORTHSIDE BUSINESS CORRIDORS AS KEY DESTINATIONS FOR FAMILIES, INDIVIDUALS, STAKEHOLDERS AND VISITORS.- INCREASE NORTH MINNEAPOLIS' VISIBILITY AND VIABILITY AS A DESTINATION WHILE GROWING OUR ASSETS AND BUILDING CULTURAL WEALTH THROUGH GENERATIONS.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Name Not Listed Chair | 1 | $0 | |
Name Not Listed Vice Chair | 1 | $0 | |
Name Not Listed Secretary | 1 | $0 | |
Name Not Listed Treasurer | 1 | $0 | |
Name Not Listed Director | 1 | $0 | |
Name Not Listed Director | 1 | $0 |
Outside Vendors & Contractors
| Vendor Name (Service) | Service Year | Compensation |
|---|---|---|
Cliftonlarsonallen Llp Accounting | 12/30/23 | $147,447 |
J Murphy & Associates Rainmaker Lls Marketing | 12/30/23 | $132,773 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Federated campaigns | $75,000 |
| Membership dues | $0 |
| Fundraising events | $161,001 |
| Related organizations | $0 |
| Government grants | $209,860 |
| All other contributions, gifts, grants, and similar amounts not included above | $10,955,184 |
| Noncash contributions included in lines 1a–1f | $0 |
| Total Revenue from Contributions, Gifts, Grants & Similar | $11,401,045 |
| Total Program Service Revenue | $220,283 |
| Investment income | $346,874 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $0 |
| Net Gain/Loss on Asset Sales | $0 |
| Net Income from Fundraising Events | -$71,867 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $0 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $11,896,335 |
| Statement of Expenses | |
|---|---|
| Grants and other assistance to domestic organizations and domestic governments. | $416,176 |
| 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. | $208,096 |
| Compensation of current officers, directors, key employees. | $52,024 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $963,064 |
| Pension plan accruals and contributions | $0 |
| Other employee benefits | $114,958 |
| Payroll taxes | $84,100 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $20,000 |
| Fees for services: Accounting | $159,771 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $224,529 |
| Fees for services: Investment Management | $17,770 |
| Fees for services: Other | $194,819 |
| Advertising and promotion | $14,073 |
| Office expenses | $54,632 |
| Information technology | $72,406 |
| Royalties | $0 |
| Occupancy | $160,143 |
| Travel | $2,319 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $13,627 |
| Interest | $8,256 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $26,992 |
| Insurance | $10,651 |
| All other expenses | $6,103 |
| Total functional expenses | $2,772,485 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $1,378,904 |
| Savings and temporary cash investments | $9,555,182 |
| Pledges and grants receivable | $1,492,111 |
| Accounts receivable, net | $0 |
| 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 | $14,234 |
| Net Land, buildings, and equipment | $1,755,267 |
| Investments—publicly traded securities | $3,618,177 |
| Investments—other securities | $0 |
| Investments—program-related | $862,318 |
| Intangible assets | $0 |
| Other assets | $2,267 |
| Total assets | $18,678,460 |
| Accounts payable and accrued expenses | $315,810 |
| Grants payable | $0 |
| Deferred revenue | $1,019,441 |
| 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 | $2,299,462 |
| Unsecured mortgages and notes payable | $0 |
| Other liabilities | $2,267 |
| Total liabilities | $3,636,980 |
| Net assets without donor restrictions | $4,223,084 |
| Net assets with donor restrictions | $10,818,396 |
| 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 | $18,678,460 |
Grants Awarded
Over the last fiscal year, Northside Economic Opportunity Network has awarded $362,500 in support to 4 organizations.
| Grant Recipient | Amount |
|---|---|
GOOD HAIR LLC PURPOSE: COVID RELIEF FOR RENT $5,000 AND STIPEND FOR BLACK BUSINESS WEEK $2,000 | $7,000 |
HOUSTON WHITE PURPOSE: STIPEND FOR BLACK BUSINESS WEEK $2,000 AND GRANT TO SUPPORT IT'S MISSION $100,000 | $102,000 |
WILSONS IMAGE BARBERS & STYLISTS PURPOSE: SCHOLARSHIPS $200,000, BUSINESS AND GRANT TO SUPPORT THE PREDEVELOPMENT OF THE FIVE POINTS BUILDING $35,000 | $235,000 |
WOLFPACK PROMOTIONALS PURPOSE: ASSISTANCE FOR ACCOUNTING SERVICES | $18,500 |