Nextstage
- Assets
- $2.7m
- Revenue
- $4.4m
- Investments
- $0.0
- Employees
- 2
- Location
- Bloomington, MN
- Founding
- Data as of
- 12/2021
- EIN
- 85-0898705
Organization Overview
Nextstage is located in Bloomington, MN. According to its NTEE Classification (S30) the organization is classified as: Economic Development, under the broad grouping of Community Improvement & Capacity Building and related organizations. As of 12/2021, Nextstage employed 2 individuals. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Nextstage 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, Nextstage generated $4.4m in total revenue. This organization has experienced exceptional growth, as over the past 2 years, it has increased revenue by an average of 37.6% each year . All expenses for the organization totaled $3.8m during the year ending 12/2021. You can explore the organizations financials more deeply in the financial statements section below.
Since 2021, Nextstage has awarded 220 individual grants totaling $2,495,000. 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
2021
Describe the Organization's Mission:
Part 3 - Line 1
TO SUPPORT ENTREPRENEURS AT EVERY STAGE
Describe the Organization's Program Activity:
Part 3 - Line 4a
THE NEXTSTAGE FOR ENTREPRENEURS PROGRAM OFFERS TECHNICAL AND FINANCIAL ASSISTANCE TO ENTREPRENEURS - PARTICULARLY NON-TRADITIONAL AND DISADVANTAGED ENTREPRENEURS - DURING THE PRE-START PLANNING, START-UP, AND GROWTH PHASES. WE BELIEVE THAT ENTREPRENEURSHIP PRESENTS UNIQUE OPPORTUNITIES FOR INDIVIDUALS TO FIND PERSONAL SATISFACTION IN THEIR WORK, BUILD WEALTH AND EQUITY, AND TO IMPROVE THE COLLECTIVE ECONOMIC OUTLOOK OF THEIR COMMUNITIES. HOWEVER, THAT OPPORTUNITY ISN'T EQUAL. CERTAIN INDIVIDUALS - INCLUDING PERSONS OF COLOR AND LOWER INCOME INDIVIDUALS - FACE CONSISTENT BARRIERS TO ACCESSING TRADITIONAL CAPITAL MARKETS. NEXTSTAGE SEEKS TO ADDRESS THIS DISPARITY BY PROVIDING ACCESS TO CAPITAL AT RATES AND TERMS THAT ARE COMPETITIVE IN THE MARKETPLACE THROUGH AN UNDERWRITING PROCESS THAT STRONGLY WEIGHTS AN ENTREPRENEUR'S CREATIVITY, COMMITMENT, AND GROWTH, WITH REDUCED DEPENDENCE ON TRADITIONAL CREDIT STANDARDS OF COLLATERAL, EQUITY CONTRIBUTION AND CREDIT SCORE. IN 2021, NEXTSTAGE PROVIDED $558,000 OF DIRECT FINANCING TO 13 NEW AND GROWING SMALL BUSINESS BORROWERS- LEVERAGING NEARLY $5.8 MILLION OF OTHER FINANCING, INVESTMENT, AND EQUITY, AND CREATING AT LEAST 36 NEW JOBS.NEXTSTAGE SEEKS TO PAIR ITS LENDING ACTIVITIES WITH NO-COST, DIRECT TECHNICAL ASSISTANCE TO EMERGING ENTREPRENEURS. RATHER THAN PROVIDING STRUCTURED OR CURRICULUM-BASED TRAINING, AS IS COMMON AMONG ENTREPRENEUR SUPPORT PROGRAMS, NEXTSTAGE'S TECHNICAL ASSISTANCE IS TYPICALLY OFFERED ONE-ON-ONE, WITH A FOCUS ON IDENTIFYING SPECIFIC NEEDS AND SOLUTIONS TO ADDRESS THE SPECIFIC CHALLENGES OF EACH ENTREPRENEUR.IN 2021, NEXTSTAGE STAFF WORKED WITH MORE THAN 80 NEW AND EMERGING ENTREPRENEURS, PROVIDING MORE THAN 530 HOURS OF DIRECT TRAINING AND TECHNICAL ASSISTANCE.ADDITIONALLY, NEXTSTAGE PARTNERED WITH THE STATE OF MINNESOTA'S DEPT OF EMPLOYMENT AND ECONOMIC DEVELOPMENT IN 2021 TO ASSIST WITH THE DELIVERY OF THE MAINSTREET COVID RELIEF FUND. THRU THIS PROGRAM, NEXTSTAGE'S TEAM WAS ABLE TO DELIVER MORE THAN $3 MILLION OF EMERGENCY RELIEF GRANTS TO MORE THAN 300 SMALL BUSINESSES FACING SIGNIFICANT IMPACT AS A RESULT OF THE COVID PANDEMIC.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Lee Hall CEO | OfficerTrustee | 40 | $120,000 |
Derrek Beevas Board Chair | OfficerTrustee | 1 | $0 |
Clay Taylor Board Secretary | OfficerTrustee | 1 | $0 |
Andrew Swammi Board Treasurer | OfficerTrustee | 1 | $0 |
Kris Maritz Board Vice Chair | OfficerTrustee | 1 | $0 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Federated campaigns | $0 |
| Membership dues | $0 |
| Fundraising events | $0 |
| Related organizations | $0 |
| Government grants | $3,484,152 |
| All other contributions, gifts, grants, and similar amounts not included above | $170 |
| Noncash contributions included in lines 1a–1f | $0 |
| Total Revenue from Contributions, Gifts, Grants & Similar | $3,484,322 |
| Total Program Service Revenue | $945,971 |
| Investment income | $715 |
| 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 | $4,431,008 |
| Statement of Expenses | |
|---|---|
| Grants and other assistance to domestic organizations and domestic governments. | $2,495,000 |
| Grants and other assistance to domestic individuals. | $848,358 |
| Grants and other assistance to Foreign Orgs/Individuals | $0 |
| Benefits paid to or for members | $0 |
| Compensation of current officers, directors, key employees. | $123,637 |
| Compensation of current officers, directors, key employees. | $30,927 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $2,000 |
| Pension plan accruals and contributions | $0 |
| Other employee benefits | $0 |
| Payroll taxes | $9,709 |
| Fees for services: Management | $285 |
| Fees for services: Legal | $4,215 |
| Fees for services: Accounting | $21,525 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $142,490 |
| Advertising and promotion | $5,120 |
| Office expenses | $30,601 |
| Information technology | $50,804 |
| Royalties | $0 |
| Occupancy | $21,723 |
| Travel | $924 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $0 |
| Interest | $500 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $0 |
| Insurance | $2,354 |
| All other expenses | $72,490 |
| Total functional expenses | $3,831,735 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $1,429,440 |
| Savings and temporary cash investments | $700,394 |
| Pledges and grants receivable | $65,000 |
| Accounts receivable, net | $11,050 |
| 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 | $446,913 |
| Intangible assets | $0 |
| Other assets | $2,200 |
| Total assets | $2,654,997 |
| Accounts payable and accrued expenses | $15,341 |
| Grants payable | $20,000 |
| 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 | $65,000 |
| Other liabilities | $0 |
| Total liabilities | $100,341 |
| Net assets without donor restrictions | $2,554,656 |
| 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 | $2,654,997 |
Grants Awarded
Over the last fiscal year, Nextstage has awarded $2,495,000 in support to 220 organizations.
| Grant Recipient | Amount |
|---|---|
PRIORITY ENVELOPE INC PURPOSE: MN DEED MAIN STREET GRANT | $25,000 |
JAMAKA INC PURPOSE: MN DEED MAIN STREET GRANT | $20,000 |
A THIS LITTLE PIGGY CATERING INC PURPOSE: MN DEED MAIN STREET GRANT | $20,000 |
ADVANCED MASONRY RESTORATION INC PURPOSE: MN DEED MAIN STREET GRANT | $20,000 |
PARK AVENUE CENTER INC PURPOSE: MN DEED MAIN STREET GRANT | $20,000 |
FOODSBY INC PURPOSE: MN DEED MAIN STREET GRANT | $20,000 |
Peer Organizations
| Organization Name | Assets | Revenue |
|---|---|---|
Southern Minnesota Initiative Foundation Owatonna, MN | $74,043,196 | $20,001,758 |
Vocational Development Center Inc Council Bluffs, IA | $12,984,673 | $16,204,305 |
Southern Iowa Economic Development Association Ottumwa, IA | $4,848,905 | $15,262,424 |
Wisconsin Dells Visitor & Convention Bureau Wisconsin Dells, WI | $26,952,168 | $17,110,395 |
Wbd Inc Madison, WI | $14,868,892 | $9,399,155 |
Metropolitan Economic Development Association Minneapolis, MN | $45,113,584 | $12,064,856 |
Great Plains Institute For Sustainable Development Minneapolis, MN | $9,896,004 | $8,891,636 |
Minneapolis - St Paul Regional Economic Development Partnership Saint Paul, MN | $5,371,081 | $6,502,146 |
Madison Development Corporation Madison, WI | $34,294,523 | $5,181,232 |
Center For Economic Inclusion Saint Paul, MN | $9,315,769 | $9,776,985 |
Greater Madison Convention & Visitor Bureau Inc Madison, WI | $7,711,633 | $4,933,152 |
Nextstage Bloomington, MN | $2,654,997 | $4,431,008 |