2023-11-07T14:32:49-06:00 2022-12-31 390758449 WIPFLI LLP 1502 LONDON ROAD SUITE 200 DULUTH MN 55812 990 2022-01-01 363566632 NORTHEAST ENTREPRENEUR FUND INC NORT 2186235747 202 WEST SUPERIOR STREET 311 DULUTH MN 55802 CRYSTAL ROHDE CHAIR 2186235747 2023-11-03 1 CRYSTAL ROHDE 999009999 1 MICHAEL J PETERSON CPA P01833529 2187224705 2023-11-03 2 AAL1 IAL1 2022 2023-04-26 12:10:37Z ENTREPRENEUR FUND SHAWN WELLNITZ 202 WEST SUPERIOR STREET 311 DULUTH MN 55802 13049805 0 X WWW.ENTREPRENEURFUND.ORG X 1989 MN TO ACTIVELY PARTNER WITH ENTREPRENEURS TO GROW BUSINESSES & CREATE THRIVING COMMUNITIES. 10 10 39 10 0 0 8000288 10144224 3412548 2886123 38574 7410 2795 8001 11454205 13045758 0 553000 0 0 2822086 3402905 0 48000 451291 3300723 3183984 6122809 7187889 5331396 5857869 61578010 67902279 43298931 43765331 18279079 24136948 X TO ACTIVELY PARTNER WITH ENTREPRENEURS TO CREATE GROWING BUSINESSES, THRIVING COMMUNITIES, AND A DIVERSE REGIONAL ECONOMY. 0 0 5711590 553000 2894124 THE NORTHEAST ENTREPRENEUR FUND (EF) PROVIDES SMALL BUSINESS SERVICES AND LOANS TO BUSINESS OWNERS AND ASPIRING ENTREPRENEURS IN ITS 17 COUNTY SERVICE AREA OF MINNESOTA AND WISCONSIN. IN 2022, TOTAL PROGRAM COSTS OF $5,711,590 WAS EXPENSED TO PROVIDE SERVICES TO 1,617 ENTREPRENEURS. 327 LOANS WERE DISBURSED TO THOSE CLIENTS TO START, STABILIZE OR EXPAND THEIR BUSINESSES. A TOTAL OF $24.5 MILLIONS IN LOANS WERE APPROVED. A MAJORITY OF THOSE WERE DISBURSED TO LOW-INCOME INDIVIDUALS OR IN LOW-INCOME COMMUNITIES. EF TARGETS AND SERVES UNDERSERVED AND DISADVANTAGED BUSINESS OWNERS AND COMMUNITIES WITH SPECIALIZED SERVICES FOR WOMEN-OWNED BUSINESS. THE ORGANIZATIONAL EXPENSES, NON-PROGRAM RELATED WERE A TOTAL OF $1,476,299 FOR FUNDRAISING, MANAGEMENT AND GENERAL COSTS TO SUPPORT THE MISSION AND FUTURE OF THE ORGANIZATION. 5711590 1 1 0 1 0 0 0 0 0 0 1 0 1 0 1 1 1 0 0 0 0 0 0 1 0 0 0 1 0 1 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 1 62 0 39 1 0 0 0 0 0 0 0 0 0 0 0 0 X 10 10 0 0 0 0 0 0 0 1 1 0 0 1 1 1 1 1 1 1 1 0 MN X CARLA TICHY 2187356021 551 HAT TRICK AVENUE EVELETH MN 55734 DAVID MANION CHAIR 1.00 X X 0 0 0 ANDY DONAHUE VICE-CHAIR 1.00 X X 0 0 0 TABATHA BEIER SECRETARY/TREASURER 1.00 X X 0 0 0 ROBIN ROSENBAUM SECRETARY/TREASURER (TERMED 2/22) 1.00 X X 0 0 0 ELIZABETH CHAPMAN DIRECTOR 1.00 X 0 0 0 MEGAN ERICKSON KELLIN DIRECTOR 1.00 X 0 0 0 ARIK FORSMAN DIRECTOR 1.00 X 0 0 0 DUSTIN GOSLIN DIRECTOR 1.00 X 0 0 0 MICHAEL HOLDEN DIRECTOR 1.00 X 0 0 0 CRYSTAL ROHDE DIRECTOR 1.00 X 0 0 0 DIANE WEBER DIRECTOR 1.00 X 0 0 0 SHAWN WELLNITZ CHIEF EXECUTIVE OFFICER 50.00 X 252778 0 11603 CARLA TICHY DIR. OF ACCOUNTING AND COMPLIANCE 50.00 X 105447 0 22472 MICHAEL LATTERY DIRECTOR OF BUSINESS FINANCE 40.00 X 146295 0 19254 ZACHARY HOY CREDIT MANAGER 40.00 X 103492 0 18508 608012 0 71837 4 0 1 0 0 6912769 3231455 5434 10144224 INTEREST INCOME - LOANS 522291 2119120 2119120 LOAN PROGRAM INCOME 522291 603082 603082 DISCOUNT ACCRETION 522291 131957 131957 LOAN SERVICE FEES 522291 19207 19207 CONSULTING & TRAINING 522291 12757 12757 2886123 7410 7410 12048 4047 8001 8001 13045758 2894124 0 7410 X 553000 553000 392300 294225 58845 39230 2397991 1798493 359698 239800 129965 97474 19495 12996 261862 196397 39279 26186 220787 165590 33118 22079 27457 14851 12606 20774 20774 18000 18000 48000 48000 727298 531219 171672 24407 91189 83725 7464 130871 38228 88403 4240 247800 192130 55670 127318 104401 10185 12732 108104 43021 65083 720360 720360 71923 71923 28718 21539 4308 2871 PROVISION FOR LOAN LOSS 665337 665337 SUPPLIES 66064 56814 9250 LENDING FEES 49765 49765 83006 13098 69158 750 7187889 5711590 1025008 451291 7435893 18411200 16364529 4326557 1225084 1184453 4280 2191 101870 111052 191824 191824 0 0 36135998 43404412 310356 462414 61578010 67902279 209022 930571 10000 10000 11486657 10127761 31438251 32472689 155001 224310 43298931 43765331 X 15898736 21756546 2380343 2380402 18279079 24136948 61578010 67902279 5857869 0 X 0 1 X 1 1 1 X 2164998 2463828 7185874 8000288 10144224 29959212 2164998 2463828 7185874 8000288 10144224 29959212 3188748 26770464 2735 3398 3121 38574 7410 55238 1182 1182 30015632 13179770 0.89190 0.92960 X RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED 0 0 0 0 0 0 0 0 1 18000 18000 0 PART II-B, LINE 1: THE ORGANIZATION PAYS THE COSTIN GROUP FOR MONTHLY CONSULTING, PUBLIC RELATIONS, REGULATORY, AND GOVERNMENT RELATIONS WORK. 2116 2116 0 189708 189708 0 0 LOANS RECEIVEABLE 42854412 C PROPERTY HELD FOR SALE 550000 C 43404412 OTHER LENDING RELATED LIABILITIES 94967 OPERATING LEASE LIABILITIES 129343 224310 X 13085902 40144 40144 13045758 0 13045758 7228033 40144 40144 7187889 0 7187889 PART X, LINE 2: THE ORGANIZATION ASSESSES WHETHER IT IS MORE LIKELY THAN NOT THAT A TAX POSITION WILL BE SUSTAINED UPON EXAMINATION OF THE TECHNICAL MERITS OR THE POSITION, ASSUMING THE TAXING AUTHORITY HAS FULL KNOWLEDGE OF ALL INFORMATION. IF THE TAX POSITION DOES NOT MEET THE MORE LIKELY THAN NOT RECOGNITION THRESHOLD, THE BENEFIT OF THE TAX POSITION IS NOT RECOGNIZED IN THE FINANCIAL STATEMENTS. THE ORGANIZATION RECORDED NO ASSETS OR LIABILITIES FOR UNCERTAIN TAX POSITIONS OR UNRECOGNIZED TAX BENEFITS. X 1 FUND CONSULTING LLC 1165 N CLARK ST STE 608 CHICAGO IL 60610 WRITING & SUBMITTING GRANTS; SUBMITTING REQUIRED REPORTS ON 0 1025000 48000 977000 1025000 48000 977000 MN 1 144 MUSIC FASHION AND MORE 28 W 1ST ST DULUTH MN 55802 471997656 7500 0 STRIDE A&E HOMES 405 S BLACKMAN AVE DULUTH MN 55811 202667361 7500 0 QUALITY JOBS ARROW EMBROIDERY OF GRAND RAPIDS 509 NW 5TH STREET GRAND RAPIDS MN 55744 474660575 10000 0 QUALITY JOBS BABY'S ON BROADWAY 47 BROADWAY EAST LITTLE FALLS MN 56345 463026492 10000 0 QUALITY JOBS BIRDDOG 421 JACKSON ST EVELETH MN 55734 862068994 10000 0 QUALITY JOBS BLOOM WILDER 5718 HIGHLAND ST DULUTH MN 55804 7500 0 STRIDE BOPHA SAR 121 S RUM RIVER DR STE I PRINCETON MN 55371 822057159 7500 0 STRIDE CASHMERE HAIR N BEAUTY SALON 1225 TOWER AVENUE SUPERIOR WI 54880 7500 0 STRIDE CENTER FOR AUTISM AWARENESS AND SUPPORT 2907 CLEARWATER RD STE 100 ST CLOUD MN 56301 842936851 10000 0 QUALITY JOBS CHACHOS TACOS 329 CANAL PARK DR DULUTH MN 55802 863313410 8250 0 STRIDE CHEESECAKE 741 UPHAM RD DULUTH MN 55811 883610147 5750 0 STRIDE CP LABARGE 1920 W SUPERIOR ST DULUTH MN 55806 881697100 7500 0 STRIDE DESIGN EYE Q 107B E SUPERIOR ST DULUTH MN 55802 463197194 7500 0 STRIDE DETAIL AND DASH 701 WINTER ST SUPERIOR WI 54880 844542732 10000 0 QUALITY JOBS DIANNAZ DREAMZ 515 MAIN ST TOWER MN 55790 871959305 8250 0 STRIDE DIGGITY DOWDLE 606 7TH ST NE LITTLE FALLS MN 56345 473594983 10000 0 QUALITY JOBS DISCOVERY HORSE 2748 COUNTY ROAD 122 FORT RIPLEY MN 56449 832069682 10000 0 QUALITY JOBS DULUTH CIDER 2307 W SUPERIORT ST DULUTH MN 55806 823900238 10000 0 QUALITY JOBS DULUTH RUNNING COMPANY 1026 E SUPERIOR ST DULUTH MN 55802 870799289 10000 0 QUALITY JOBS EFFIE COUNTRY SERVICE 101 SE MN HWY 38 EFFIE MN 56639 411887064 10000 0 QUALITY JOBS EL OASIS DEL NORTE 2401 W SUPERIOR ST DULUTH MN 55806 472749186 7500 0 STRIDE FALLOUT COMICS & GAMES LLC 206 S UNION ST MORA MN 55051 883703830 5750 0 STRIDE GREEN HOME SOLUTIONS 2801 W 3RD ST DULUTH MN 55806 833561324 10000 0 QUALITY JOBS GROWING FUTURES 225 E PATTISON ST ELY MN 55731 871642715 8250 0 STRIDE HEAVEN ON EARTH WELLNESS SPA 307 E CENTRAL ENTRANCE DULUTH MN 55811 853706480 7500 0 STRIDE HEBE OATH 2 ME 814 N 8TH AVE E 1 DULUTH MN 55805 7500 0 STRIDE IHANA 5094 MILLER TRUNK HIGHWAY STE 800 HERMANTOWN MN 55811 861287742 5750 0 STRIDE JAMROCK CULTURAL RESTAURANT 319 W 1ST ST DULUTH MN 55802 850832768 8250 0 STRIDE JBN 8937 SLATE ST MOUNTAIN IRON MN 55768 450488334 10000 0 QUALITY JOBS KNOX PROFESSIONAL CLEANING 610 BEAN AVE MORA MN 55051 833225697 10000 0 QUALITY JOBS KONDO'S OUTDOORS 205 N CENTRAL AVE ELY MN 55731 473466869 10000 0 QUALITY JOBS LAMPPA MANUFACTURING 9501 MINNESOTA HWY 135 TOWER WI 55790 411710015 10000 0 QUALITY JOBS LIFESTONE HEALTH CARE 319 7TH ST PROCTOR MN 55810 463637928 10000 0 QUALITY JOBS LOVE LLC 9780 MINNESOTA HWY 65 MCGRATH MN 56350 862995233 8250 0 STRIDE MAMA ROOTS 612 N 27TH AVE W DULUTH MN 55806 843140272 8250 0 STRIDE MARKS LAWN CARE 2530 6TH AVE E HIBBING MN 55746 853236534 10000 0 QUALITY JOBS MARSHALL HANDYMAN SERVICES 4107 W MICHIGAN ST DULUTH MN 55807 208743321 10000 0 QUALITY JOBS MEDCYCLE SOLUTIONS 330 10TH ST N SAUK RAPIDS MN 56379 473629732 10000 0 QUALITY JOBS MOMENTUM CENTER 1425 E ST GERMAIN ST ST CLOUD MN 56304 853734692 10000 0 QUALITY JOBS NASHWAUK MARKET 202 2ND ST NASHWAUK MN 55769 825108030 10000 0 QUALITY JOBS NELSON OIL 9670 E HWY 2 POPLAR WI 54880 465153581 10000 0 QUALITY JOBS NEW LONDON CAFE 4721 E SUPERIOR ST DULUTH MN 55804 871219440 8250 0 STRIDE NORTHERN GROUNDS 14295 CANADIAN BORDER RD ELY MN 55731 411962620 10000 0 QUALITY JOBS NORTHERN LAKES DENTAL OF GRAND RAPIDS 520 NW 5TH ST GRAND RAPIDS MN 55744 411000753 10000 0 QUALITY JOBS ONE STOP SHOP DULUTH 26 W 1ST ST DULUTH MN 55802 853059579 7500 0 STRIDE PROGRESSIVE PRIDE PROPERTIES 1426 E 10TH ST DULUTH MN 55805 874192426 7500 0 STRIDE RKG & G - RIVORD AUTO 317 TOWER AVE SUPERIOR WI 54880 821527020 10000 0 QUALITY JOBS ROBINSON PROPERTIES 1044 16TH AVE S ST CLOUD MN 56301 7500 0 STRIDE SHEET METAL SOLUTIONS 2231 W SUPERIOR ST DULUTH MN 55806 10000 0 QUALITY JOBS SPOKENGEAR 1130 11TH ST TWO HARBORS MN 55616 465538208 10000 0 QUALITY JOBS SPRIGGAN STONE 230 E SUPERIOR ST DULUTH MN 55802 863377695 7500 0 STRIDE SUPERIOR TREEHOUSES 83927 COUNTY HWY 61 WILLOW RIVER MN 55795 844224257 7500 0 STRIDE SUPERIOR WAFFLES 1412 TOWER AVE SUPERIOR WI 54880 854374581 8250 0 STRIDE THIRSTY PAGAN 1615 WINTER ST SUPERIOR WI 54880 844729030 10000 0 QUALITY JOBS TITANIUM PARTNERS 1330 E SUPERIOR ST DULUTH MN 55805 7500 0 STRIDE TONGUE AND GROOVE STORE 5718 MILLER TRUNK HIGHWAY DULUTH MN 55811 10000 0 QUALITY JOBS UFFDA & UBETCHA ANTIQUES 601 MAIN ST TOWER WI 55790 465116510 7500 0 QUALITY JOBS WYK 4735 LITTLE JUDD RD GILBERT MN 55741 920523490 7500 0 STRIDE ZEN HOUSE 4023 WOODLAND AVE DULUTH MN 55803 141952351 8250 0 STRIDE 0 65 PART I, LINE 2: GRANT RECIPIENTS FOR THE STRIDE PROGRAM ARE REQUIRED TO COMPLETE A STARTUP OR EXPANSION BUSINESS PLAN TO SUBMIT TO THE STRIDE ADVISORY COMMITTEE FOR REVIEW AND IF APPROVED, RECEIVE A GRANT. QUALITY JOB GRANT RECIPIENTS SUBMITTED THEIR BUSINESS PLAN FOR QUALITY JOBS IMPROVEMENTS TO INTERNAL STAFF COMMITTEE FOR REVIEW AND IF APPROVED RECEIVED THE GRANT . THESE GRANTS ARE PASS-THRU GRANTS OF FUNDS FROM OTTO BREMER FOUNDATION AND WELLS FARGO PROVIDED SPECIFICALLY FOR QUALITY JOB IMPACTS FOR GROWTH BUSINESSES AND STRATEGIC BUSINESS PLANS FOR THE UNDERSERVED. ENTREPRENEUR FUND IS REQUIRED TO REPORT TO THE FUNDERS THE OUTCOMES EXPECTED AND GOALS MET. X X X 0 0 0 0 0 0 0 0 0 SHAWN WELLNITZ CHIEF EXECUTIVE OFFICER 232067 0 20500 0 211 0 11603 0 0 0 264381 0 0 0 MICHAEL LATTERY DIRECTOR OF BUSINESS FINANCE 132523 0 13600 0 172 0 7315 0 11939 0 165549 0 0 0 FORM 990, PART VI, SECTION B, LINE 11B THE FORM 990 IS REVIEWED AND APPROVED BY THE EXECUTIVE COMMITTEE OF THE BOARD AND A COPY IS PROVIDED TO THE FULL BOARD OF DIRECTORS PRIOR TO FILING. FORM 990, PART VI, SECTION B, LINE 12C ALL STAFF, CONTRACTORS AND BOARD MEMBERS ARE REQUIRED TO SIGN A NEW CONFLICT OF INTEREST EVERY YEAR. A LIST OF ALL LOAN CLIENTS AND VENDORS IS ATTACHED TO THE CONFLICT OF INTEREST FORMS TO REVIEW AND INDICATE IF THERE IS A CONFLICT. IF THERE ARE CONFLICTS LISTED, THEY ARE REVIEWED AND ASKED NOT TO PARTICIPATE IN DECISION IF A TRANSACTION IS MADE. FORM 990, PART VI, SECTION B, LINE 15 THE BOARD EXECUTIVE COMMITTEE APPROVES ANNUALLY THE CEO SALARY WITH USE OF A 3RD PARTY TO PROVIDE COMPARABILITY DATA ALONGSIDE COMPARABLE SALARY RANGES FOR CEO'S FROM MINNESOTA DEPARTMENT OF LABOR, MINNESOTA COUNCIL OF NON-PROFIT COMPENSATION SALARY SURVEY RESULTS, AND INDUSTRY STANDARDS FOR THE CDFI COMPENSATION SALARIES. FOR KEY EMPLOYEES, ANNUALLY THE ACCOUNTING DEPARTMENT GATHERS COMPARATIVE DATA BY POSITIONS FROM THE MN DEPARTMENT OF LABOR, MINNESOTA COUNCIL OF NON-PROFIT COMPENSATION SALARY SURVEY, AND CDFI COMPENSATION SALARY SURVEY RESULTS FOR THE INDUSTRY AND SUMMARIZED BY POSITION AND USED BY THE LEADERSHIP TEAM TO FINALIZE SALARIES FOR APPROVAL DURING BUDGET PLANNING AND AS NECESSARY FOR ADVANCEMENT AND/OR INCREASES WITH FINAL APPROVAL BY THE CEO. FINANCE COMMITTEE APPROVES FINAL SALARY BUDGET OF ALL STAFF AND BENEFITS DURING BUDGET APPROVAL IN NOVEMBER EACH YEAR. FORM 990, PART VI, SECTION C, LINE 19 THE ORGANIZATION MAKES ITS GOVERNING DOCUMENTS, CONFLICT OF INTEREST POLICY, AND FINANCIAL STATEMENTS AVAILABLE TO THE PUBLIC UPON REQUEST. FORM 990, PART IX, LINE 11G CONSULTING & CONTRACTED SERVICES: PROGRAM SERVICE EXPENSES 531,219. MANAGEMENT AND GENERAL EXPENSES 171,672. FUNDRAISING EXPENSES 24,407. TOTAL EXPENSES 727,298.