Connectup Institute
- Assets
- $640.7k
- Revenue
- $479.1k
- Investments
- $0.0
- Employees
- 8
- Location
- Saint Paul, MN
- Founding
- Data as of
- 12/2023
- EIN
- 85-2918250
Organization Overview
Connectup Institute is located in Saint Paul, MN. According to its NTEE Classification (S41) the organization is classified as: Chambers of Commerce & Business Leagues, under the broad grouping of Community Improvement & Capacity Building and related organizations. As of 12/2023, Connectup Institute employed 8 individuals. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Connectup Institute 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, Connectup Institute generated $479.1k in total revenue. This represents a relatively dramatic decline in revenue. Over the past 2 years, the organization has seen revenues fall by an average of (14.2%) each year. All expenses for the organization totaled $455.6k during the year ending 12/2023. 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
2023
Describe the Organization's Mission:
Part 3 - Line 1
CONNECTUP! INSTITUTE IS A BLACK NATIVE-LED NONPROFIT SOCIAL ENTERPRISE BASED IN SAINT PAUL MN. OUR MISSION: WE CURATE CONNECTIONS AMONG ENTREPRENEURS INVESTORS AND THE BUSINESS ECOSYSTEM TO ADVANCE EQUITABLE ACCESS TO CAPITAL RESOURCES AND NETWORKS FOR UNDERINVESTED COMMUNITIES WITH AN EMPHASIS ON BLACK AND BROWN WOMEN AND THEIR LIVED EXPERIENCES. SIGNIFICANT PROGRAMS INCLUDE CONNECTUP! SUMMIT IS THE PREMIERE ENTREPRENEUR ECOSYSTEM EVENT IN MINNESOTA. THE CONNECTUP! SUMMIT OFFERS ACTION-ORIENTED CONTENT AND COLLABORATIVE NETWORKING SPACES TO BRIDGE THE 180 DEGREES OF SEPARATION BETWEEN ENTREPRENEURS FROM UNDERESTIMATED COMMUNITIES LOCAL VALUES-ALIGNED INVESTORS AND BUSINESS SUPPORT ORGANIZATIONS STATEWIDE. THE SUMMIT STRENGTHENS AN EQUITABLE ENTREPRENEUR ECOSYSTEM THAT HELPS ALL FOUNDERS GET TO THE NEXT LEVEL DRIVING POSITIVE SUSTAINABLE INVESTMENT AND SOCIAL IMPACT GROUNDED IN ECONOMIC JUSTICE; SEE SCHEDULE O FOR FURTHER INFORMATION
Describe the Organization's Program Activity:
Part 3 - Line 4a
TRAINING AND
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PDF Copies of 990 Filings
Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Y Elaine Rasmussen President | Officer | 40 | $82,500 |
Jon Rasmussen Chair Person | OfficerTrustee | 1 | $0 |
Alex Gameck Vice President | OfficerTrustee | 1 | $0 |
Leigh Lester Treasurer | OfficerTrustee | 1 | $0 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Federated campaigns | $0 |
| Membership dues | $0 |
| Fundraising events | $0 |
| Related organizations | $0 |
| Government grants | $0 |
| All other contributions, gifts, grants, and similar amounts not included above | $439,354 |
| Noncash contributions included in lines 1a–1f | $0 |
| Total Revenue from Contributions, Gifts, Grants & Similar | $439,354 |
| Total Program Service Revenue | $38,657 |
| 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 | $479,058 |
| 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. | $82,500 |
| Compensation of current officers, directors, key employees. | $15,000 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $117,917 |
| Pension plan accruals and contributions | $0 |
| Other employee benefits | $2,327 |
| Payroll taxes | $17,002 |
| Fees for services: Management | $65,443 |
| Fees for services: Legal | $1,050 |
| Fees for services: Accounting | $10,035 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $6,262 |
| Advertising and promotion | $0 |
| Office expenses | $41,470 |
| Information technology | $0 |
| Royalties | $0 |
| Occupancy | $30,731 |
| Travel | $15,728 |
| 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 | $0 |
| Insurance | $0 |
| All other expenses | $0 |
| Total functional expenses | $455,571 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $473,142 |
| Savings and temporary cash investments | $0 |
| Pledges and grants receivable | $150,000 |
| Accounts receivable, net | $17,593 |
| 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 | $640,735 |
| Accounts payable and accrued expenses | $2,850 |
| 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 | $200,000 |
| Other liabilities | $0 |
| Total liabilities | $202,850 |
| Net assets without donor restrictions | $136,785 |
| Net assets with donor restrictions | $301,100 |
| 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 | $640,735 |