2024-11-11T15:10:08-06:00 2023-12-31 411656121 SCHLENNER WENNER & CO CPA'S PA 630 ROOSEVELT RD STE 201 ST CLOUD MN 56301 990 2023-01-01 933064878 INITIATIVE FOUNDATION IMPACT FUND INIT 3206312050 405 FIRST ST SE LITTLE FALLS MN 56345 MICHELE MILLER CFO 3206312050 2024-11-11 1 1 SHELLEY M GAETZ P00066049 3202510286 2024-11-11 2023 2024-10-15 13:58:12Z X MICHELE MILLER 405 FIRST ST SE LITTLE FALLS MN 56345 798 0 X WWW.IFOUND.ORG X 2023 MN TO EMPOWER PEOPLE TO BUILD THRIVING COMMUNITIES AND A VIBRANT REGION ACROSS CENTRAL MINNESOTA. 3 2 0 2 0 0 0 798 0 0 798 0 0 0 0 0 33156 33156 -32358 465348 2706 462642 TO EMPOWER PEOPLE TO BUILD THRIVING COMMUNITIES AND A VIBRANT REGION ACROSS CENTRAL MINNESOTA. 0 0 33156 798 THE INITIATIVE FOUNDATION IMPACT FUND APPROVED 3 LOANS AND FUNDED 1 LOAN TO MINORITY-OWNED BUSINESSES IN 2023. TO SUPPORT OUR SMALL BUSINESS CLIENTS, WE OFFER VARIOUS TECHNICAL ASSISTANCE PROGRAMS TO HELP WITH SALES TAX REPORTING, FINANCIAL RECORD-KEEPING, AND MARKETING. THE INITIATIVE FOUNDATION IMPACT FUND REMAINS COMMITTED TO PROVIDING FLEXIBLE AND LOW-INTEREST LOAN PRODUCTS TO UNDERSERVED POPULATIONS AND COMMUNITIES. 33156 1 0 0 0 0 0 0 0 0 0 0 0 0 0 0 1 0 1 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 1 0 0 0 1 0 0 1 0 0 0 0 0 0 0 0 0 0 0 0 0 X 3 2 0 0 1 0 0 0 0 1 1 0 0 1 1 1 1 1 1 1 1 0 MN X MICHELE MILLER 3206312050 405 FIRST ST SE LITTLE FALLS MN 56345 BRIAN VOERDING INITIATIVE FOUNDATION PRESIDENT 2.00 X X 0 132582 0 BRETT ANDERSON TRUSTEE/BOARD CHAIR 2.00 X X 0 0 0 DAVID MONROY TRUSTEE/VICE-CHAIR 2.00 X X 0 0 0 0 132582 0 0 0 0 0 0 REVOLVING LOAN INTERES 522100 442 442 LOAN ADMIN FEE 900099 356 356 798 798 798 0 0 23033 23033 6583 6583 25 25 628 628 165 165 1252 1252 BAD DEBT EXPENSE 1417 1417 STAFF MEETING EXPENSE 53 53 33156 33156 0 0 419542 45806 0 465348 2706 0 2706 X 462642 0 462642 0 465348 X -32358 495000 X 0 0 0 X 0 0 0 798 X 0 X PART X, LINE 2: THE FOUNDATION FOLLOWS FASB ASC TOPIC 740, UNCERTAINTY IN INCOME TAXES. THE FOUNDATION IS RECOGNIZED BY THE INTERNAL REVENUE SERVICE AS A NOT-FOR-PROFIT ORGANIZATION UNDER IRS CODE SECTION 501(C)(3). DUE TO THE NOT-FOR-PROFIT NATURE AND PROVISION OF THE FOUNDATION, ALL INCOME AND EXPENSES ATTRIBUTABLE TO THE MISSION OF THE FOUNDATION ARE TAX EXEMPT AND ACCORDINGLY NO PROVISION OR LIABILITY FOR INCOME TAXES HAVE BEEN MADE IN THE FINANCIAL STATEMENTS AND CONTRIBUTIONS TO THE FOUNDATION ARE TAX DEDUCTIBLE TO DONORS AS ALLOWED BY IRS REGULATIONS. HOWEVER, THE FOUNDATION IS REQUIRED TO PAY STATE AND FEDERAL INCOME TAXES ON UNRELATED BUSINESS INCOME. IF THE FOUNDATION WERE TO ENGAGE IN ANY ACTIVITIES THAT RESULTED IN UNRELATED BUSINESS INCOME, A TAX WOULD BE ASSESSED ON THAT ACTIVITY. THE FOUNDATION IS SUBJECT TO UNRELATED BUSINESS INCOME TAX WITH RESPECT TO ADVERTISING INCOME AND INVESTMENT IN PARTNERSHIPS. THE FOUNDATION IS OPEN AND SUBJECT TO EXAMINATION GENERALLY FOR THREE YEARS AFTER THE FILING DATE. FORM 990, PART VI, SECTION A, LINE 4 THIS IS THE YEAR THE ENTITY WAS FORMED. ENTITY ENTERED INTO A MANAGEMENT AGREEMENT WITH INITIATIVE FOUNDATION. FORM 990, PART VI, SECTION B, LINE 11B THE FORM 990 IS PROVIDED TO THE FULL BOARD ELECTRONICALLY AS PART OF MONTHLY BOARD MEETING MATERIALS. FORM 990, PART VI, SECTION B, LINE 12C BOARD MEETINGS BEGIN WITH A QUESTION ASKING MEMBERS TO DISCLOSE ANY POTENTIAL CONFLICTS OF INTEREST. BUSINESS FINANCE COMMITEEE AND GRANT TEAM MEMBERS ARE REQUIRED TO DISCLOSE POTENTIAL CONFLICTS OF INTEREST PRIOR TO DISCUSSING GRANT APPLICATIONS AND RECUSE THEMSELVES. FINANCE APPROVES ALL PAYMENTS AND CONSIDERS POTENTIAL FOR CONFLICTS OF INTEREST. ANNUALLY, ALL DONATION AND PAYMENT TRANSACTIONS ARE REVIEWED BY FINANCE. FORM 990, PART VI, SECTION B, LINE 15 A COMPENSATION STUDY WAS CONDUCTED BY AN EXTERNAL FIRM IN 2021. A REVIEW OF MARKET COMPENSATION FOR COMPARABLE FOUNDATIONS PLUS OTHER MINNESOTA INITIATIVE FOUNDATIONS IS CONDUCTED ANNUALLY. MARKET COMPENSATION STUDIES ARE REVIEWED FROM THE MINNESOTA COUNCIL ON FOUNDATIONS AND COUNCIL OF FOUNDATIONS. SHRM RESOURCES ARE ALSO USED ALONG WITH TEMP AGENCY COMPENSATION WAGE REFERENCES. FORM 990, PART VI, SECTION C, LINE 19 THE FOUNDATION'S FINANCIAL STATEMENTS ARE MADE AVAILABLE WITHIN THE ANNUAL REPORT OR UPON REQUEST. THE FOUNDATION'S GOVERNING DOCUMENTS AND CONFLICT OF INTEREST POLICY ARE NOT AVAILABLE TO THE PUBLIC. FORM 990, PART XI, LINE 9: INITIATIVE FOUNDATION INVESTMENT IN IMPACT FUND 495,000. INITIATIVE FOUNDATION 405 FIRST STREET LITTLE FALLS MN 56345 363451562 COMMUNITY FOUNDATION MN 501(C)(3) LINE 7 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 1 INITIATIVE FOUNDATION S 500000 INCOME STATEMENT