Towerside Innovation District
- Assets
- $1.1m
- Revenue
- $78.6k
- Investments
- $0.0
- Employees
- 0
- Location
- Minneapolis, MN
- Founding
- 08/2018
- Data as of
- 12/2022
- EIN
- 82-3639718
Organization Overview
Towerside Innovation District is located in Minneapolis, MN. The organization was established in 2018. According to its NTEE Classification (S11) the organization is classified as: Single Organization Support, under the broad grouping of Community Improvement & Capacity Building and related organizations. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Towerside Innovation District 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, Towerside Innovation District generated $78.6k in total revenue. This represents a relatively dramatic decline in revenue. Over the past 5 years, the organization has seen revenues fall by an average of (28.2%) each year. All expenses for the organization totaled $63.9k during the year ending 12/2022. As we would expect to see with falling revenues, expenses have declined by (30.8%) per year over the past 5 years. 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
TOWERSIDE WORKS TOGETHER WITH OTHER MISSION-DRIVEN, COMMUNITY-BASED, EDUCATIONAL, ENVIRONMENTAL AND GOVERNMENTAL ORGANIZATIONS IN THE CREATION AND CONTINUANCE OF A SUSTAINABLE COMMUNITY OF DISCOVERY AND INNOVATION IN THE TOWERSIDE DISTRICT OF MINNEAPOLIS AND SAINT PAUL.
Describe the Organization's Program Activity:
Part 3 - Line 4a
1. COMING OUT OF THE PANDEMIC, GEORGE FLOYD'S MURDER, THE CLIMATE IMPERATIVE, AND THE CHANGED CONTEXT WE ALL NOW LIVE IN, THE ORGANIZATION IN CONJUNCTION WITH COMMUNITY PARTNERS AND THE BOARD, DEVELOPED THE TOWERSIDE 2.0 VISION FOCUSED ON DOUBLING DOWN ON EQUITABLE AND CLIMATE PROTECTING DISTRICT SYSTEMS AS WELL AS TRANSFORMING LIVABILITY AND WORKFORCE DEVELOPMENT IN CLEAN/GREEN TECH AREAS. 2. TOWERSIDE ALSO WENT THROUGH A MANAGEMENT CHANGE AT THE BOARD LEVEL BRINGING IN A NEW BOARD CHAIR, TREASURER, AND NEW BOARD MEMBERS. IT ALSO TOOK STEPS TO REINVIGORATE ITS ENGAGEMENT WITH THE COMMUNITY, BOARD AND THE COMMUNITY STAKEHOLDERS 3.WE ALSO BEGAN REINVIGORATING KEY PROJECTS INCLUDING FUNDRAISING, DISTRICT PARKING STUDY, DISTRICT ENERGY SYSTEM, THE MALCOLM YARDS PROJECT, AS WELL AS THE CREATION OF AN OPERATING BOARD FOR THE 4TH STREET MAINTENANCE PROJECT WHICH INCLUDED THE PROPERTY MANAGERS, LAND/PROPERTY OWNERS AND TOWERSIDE.
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 |
|---|---|---|---|
Sabina Saksena President/chair (2nd Half Of 2022) | OfficerTrustee | 10 | $0 |
Diane Rucker President/chair (1st Half Of 2022) | OfficerTrustee | 10 | $0 |
Karl Reichert Treasurer (2nd Half Of 2022) | OfficerTrustee | 4 | $0 |
Vince Netz Treasurer (1st Half Of 2022) | OfficerTrustee | 4 | $0 |
Nina Axelson Board Member | Trustee | 1 | $0 |
Mike Berthelsen Board Member | Trustee | 1 | $0 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Federated campaigns | $0 |
| Membership dues | $0 |
| Fundraising events | $0 |
| Related organizations | $0 |
| Government grants | $6,139 |
| All other contributions, gifts, grants, and similar amounts not included above | $59,326 |
| Noncash contributions included in lines 1a–1f | $0 |
| Total Revenue from Contributions, Gifts, Grants & Similar | $65,465 |
| Total Program Service Revenue | $13,000 |
| Investment income | $165 |
| 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 | $78,630 |
| 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. | $0 |
| Compensation of current officers, directors, key employees. | $0 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $0 |
| Pension plan accruals and contributions | $0 |
| Other employee benefits | $0 |
| Payroll taxes | $0 |
| Fees for services: Management | $60,027 |
| Fees for services: Legal | $0 |
| Fees for services: Accounting | $800 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $0 |
| Advertising and promotion | $0 |
| Office expenses | $1,196 |
| Information technology | $0 |
| Royalties | $0 |
| Occupancy | $0 |
| Travel | $0 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $802 |
| Interest | $0 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $0 |
| Insurance | $1,085 |
| All other expenses | $0 |
| Total functional expenses | $63,910 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $86,046 |
| Savings and temporary cash investments | $1,000,000 |
| Pledges and grants receivable | $14,326 |
| Accounts receivable, net | $13,000 |
| 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 | $0 |
| Net Land, buildings, and equipment | $0 |
| Investments—publicly traded securities | $0 |
| Investments—other securities | $0 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $0 |
| Total assets | $1,113,372 |
| Accounts payable and accrued expenses | $16,001 |
| 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 | $1,000,000 |
| Total liabilities | $1,016,001 |
| Net assets without donor restrictions | $72,429 |
| Net assets with donor restrictions | $24,942 |
| 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 | $1,113,372 |