2024-09-30T15:09:18-05:00 2023-12-31 390758449 WIPFLI LLP 1502 LONDON ROAD SUITE 200 DULUTH MN 55812 990 2023-01-01 363566632 NORTHEAST ENTREPRENEUR FUND INC NORT 2186235747 202 WEST SUPERIOR STREET 311 DULUTH MN 55802 CRYSTAL ROHDE CHAIR 2186235747 2024-09-26 1 1 MICHAEL J PETERSON CPA P01833529 2187224705 2024-09-26 2023 2024-10-15 13:58:12Z ENTREPRENEUR FUND SHAWN WELLNITZ 202 WEST SUPERIOR STREET 311 DULUTH MN 55802 13028621 0 X WWW.EFUND.ORG X 1989 MN TO ACTIVELY PARTNER WITH ENTREPRENEURS TO GROW BUSINESSES & CREATE THRIVING COMMUNITIES. 9 9 49 10 0 0 10144224 8764347 2886123 3748541 7410 235998 8001 4208 13045758 12753094 553000 618944 0 0 3402905 4154148 48000 48000 679868 3183984 2949187 7187889 7770279 5857869 4982815 67902279 70821340 43765331 41677762 24136948 29143578 X WE ACTIVELY PARTNER WITH ENTREPRENEURS TO CREATE GROWING BUSINESSES, THRIVING COMMUNITIES, AND A DIVERSE REGIONAL ECONOMY. 1 0 5737647 618944 3752749 THE NORTHEAST ENTREPRENEUR FUND (EF) PROVIDES SMALL BUSINESS SERVICES AND LOANS TO BUSINESS OWNERS AND ASPIRING ENTREPRENEURS IN ITS 29 COUNTY SERVICE AREA OF MINNESOTA AND WISCONSIN. IN 2023, TOTAL PROGRAM COSTS OF $5,737,647 WAS EXPENSED TO PROVIDE SERVICES TO 1,617 ENTREPRENEURS. 348 LOANS WERE DISBURSED TO THOSE CLIENTS TO START, STABILIZE OR EXPAND THEIR BUSINESSES. A TOTAL OF $21.5 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 $2,032,632 FOR FUNDRAISING, MANAGEMENT AND GENERAL COSTS TO SUPPORT THE MISSION AND FUTURE OF THE ORGANIZATION. 5737647 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 49 1 0 0 0 0 0 0 0 0 0 0 0 0 X 9 9 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 CRYSTAL ROHDE CHAIR 1.00 X X 0 0 0 ARIK FORSMAN VICE-CHAIR 1.00 X X 0 0 0 ANDY DONAHUE VICE-CHAIR (TERMED APRIL) 1.00 X X 0 0 0 TABATHA BEIER SECRETARY/TREASURER 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 DUSTIN GOSLIN DIRECTOR 1.00 X 0 0 0 MICHAEL HOLDEN DIRECTOR (TERMED APRIL) 1.00 X 0 0 0 DAVID MANION DIRECTOR 1.00 X 0 0 0 JULIE PADILLA DIRECTOR 1.00 X 0 0 0 DIANE WEBER DIRECTOR 1.00 X 0 0 0 SHAWN WELLNITZ CHIEF EXECUTIVE OFFICER 50.00 X 263586 0 11501 CARLA TICHY DIR. OF ACCOUNTING AND COMPLIANCE 50.00 X 111886 0 23247 MICHAEL LATTERY DIRECTOR OF BUSINESS FINANCE 40.00 X 161834 0 20296 ZACHARY HOY CREDIT MANAGER 40.00 X 115616 0 5596 KURT THOMPSON CHIEF OPERATING OFFICER 40.00 X 107753 0 10783 760675 0 71423 5 0 1 0 0 7181062 1583285 8764347 INTEREST INCOME - LOANS 522291 3145300 3145300 LOAN PROGRAM INCOME 522291 469115 469115 DISCOUNT ACCRETION 522291 106714 106714 CONSULTING & TRAINING 522291 21346 21346 LOAN SERVICE FEES 522291 6066 6066 3748541 267077 267077 243921 275000 -31079 -31079 -31079 4735 527 4208 4208 12753094 3752749 0 235998 618944 618944 410220 301521 68864 39835 2972957 2102968 440349 429640 149387 105014 21503 22870 358407 253496 52717 52194 263177 187054 39374 36749 34534 34188 346 24100 24100 17600 17600 48000 48000 767910 312083 453327 2500 191371 191371 104503 91080 10537 2886 126130 87254 26263 12613 196599 107678 88921 872174 872174 51540 51540 28991 20584 8407 PROVISION FOR LOAN LOSS 130739 130739 SOFTWARE 124794 88602 36192 STAFF TRAINING & DEVELO 70618 26781 28911 14926 WORKSHOPS & EVENTS 68266 68266 139318 86310 52953 55 7770279 5737647 1352764 679868 18411200 9307292 4326557 5087964 1184453 1350415 2191 2000 111052 94292 191824 191824 0 0 43404412 54437140 462414 542237 67902279 70821340 930571 829559 10000 619922 10127761 9747618 32472689 30403804 224310 76859 43765331 41677762 X 21756546 26763176 2380402 2380402 24136948 29143578 67902279 70821340 X 4982815 23815 X 0 1 X 1 1 1 X 2463828 7185874 8000288 10144224 8764347 36558561 2463828 7185874 8000288 10144224 8764347 36558561 3394656 33163905 3398 3121 38574 7410 267077 319580 1182 1182 36879323 15266849 0.89930 0.89190 X RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED 0 0 0 0 0 0 0 0 1 17600 17600 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 54162140 C PROPERTY HELD FOR SALE 275000 C 54437140 OTHER LENDING RELATED LIABILITIES 39792 OPERATING LEASE LIABILITIES 37067 76859 X 12795753 42659 42659 12753094 0 12753094 7812938 42659 42659 7770279 0 7770279 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 2510000 48000 2462000 2510000 48000 2462000 MN WI 1 HEN AND OAK HEMP FARM 7911 OAK ST DANBURY WI 54830 871582405 10000 0 RURAL EQUITY GRANT BLU STUDIO WELLNESS 40 S 2ND ST BAYFIELD WI 54814 10000 0 RURAL EQUITY GRANT STRENGTH FACTORY 625 HUGHITT AVE SUPERIOR WI 54880 812708088 10000 0 RURAL EQUITY GRANT GOOD FLOWER FARM 200 RITTENHOUSE AVE BAYFIELD WI 54814 473907861 10000 0 RURAL EQUITY GRANT OHNSTAD THERAPY SERVICES 445 STATE ROAD 70 GRANTSBURG WI 54840 460737372 10000 0 RURAL EQUITY GRANT DOLL'S DAY CARE 75941 ALDER ST ASHLAND WI 54806 811015423 10000 0 RURAL EQUITY GRANT PENNY PRINT STUDIO 36985 W BRESETTE HILL RD BAYFIELD WI 54814 874142504 10000 0 RURAL EQUITY GRANT STEPHANIE'S THIS AND THAT 177 DIVISION ST PARK FALLS WI 54552 881416280 10000 0 RURAL EQUITY GRANT CUSTOM MARINE CANVAS AND SERVICES 31090 NEVERS RD WASHBURN WI 54891 921659900 10000 0 RURAL EQUITY GRANT HOME EXPRESSIONS OF ASHLAND 116 MAIN ST W ASHLAND WI 54806 465178193 10000 0 RURAL EQUITY GRANT AGJMA 1054 DAKOTA AVE HAYWARD WI 54843 861619316 8300 0 RURAL EQUITY GRANT AJ & SONS CONSTRUCTION 15463 W HOLLY LAKE LN STONE LAKE WI 54876 853017140 8300 0 RURAL EQUITY GRANT APOSTLE ISLANDS RUSTIC MAKWA DEN 37735 BINESHII DR BAYFIELD WI 54814 922754292 10000 0 RURAL EQUITY GRANT COPPER CROW DISTILLERY 37395 STATE HIGHWAY 13 BAYFIELD WI 54814 813666921 8300 0 RURAL EQUITY GRANT COUNTRY BOY DETAILING 106 6TH AVE W WASHBURN WI 54891 832345594 8300 0 RURAL EQUITY GRANT CRADLE TO CRAYONS PRESCHOOL 819 ASH ST SPOONER WI 54801 814179737 10000 0 RURAL EQUITY GRANT GRANDMA'S DAY CARE CENTER 10557 MINNESOTA AVE HAYWARD WI 54843 454817247 8500 0 RURAL EQUITY GRANT YUKON 51 7936N US HWY 51 HURLEY WI 54534 811147460 8300 0 RURAL EQUITY GRANT 200 RITTENHOUSE AVENUE LLC 200 RITTENHOUSE AVE BAYFIELD WI 54814 881083299 10000 0 INVESTMENT GRANT FABRIC LIFE LLC 112 MAIN ST W ASHLAND WI 54806 873339492 10000 0 INVESTMENT GRANT SUPERIOR LIVING ARTS 84860 OLD SAN RD BAYFIELD WI 54814 823661473 10000 0 INVESTMENT GRANT FIVEHALLS LLC 422 3RD ST W STE 125 ASHLAND WI 54806 881472593 10000 0 INVESTMENT GRANT EDUTECHTREK LLC 602 PRENTICE AVE ASHLAND WI 54806 922339838 10000 0 INVESTMENT GRANT MAMA T'S SMOKIN EATS AND DRINKS 6428 TOWER AVE SUPERIOR WI 54880 882742117 10000 0 INVESTMENT GRANT KUTSINS BARBERSHOP LLC 2911 TOWER AVE SUITE 8 SUPERIOR WI 54880 871051963 10000 0 INVESTMENT GRANT LIGHTNING STORM GFX 65230 OLD ODANAH RD ASHLAND WI 54806 871051963 10000 0 INVESTMENT GRANT LIFEVIEW GLAUCOMA CENTER 2111 BEASER AVE ASHLAND WI 54806 842370856 5500 0 STRIDE GRANT HARVEST NATION 1632 LAKE VERMILION RESERVATION RD TOWER MN 55790 821894746 5500 0 STRIDE GRANT WEST DULUTH SEWING DESIGN 5711 GRAND AVE DULUTH MN 55807 5500 0 STRIDE GRANT LEIHA LLC 30 E 2ND ST DULUTH MN 55802 464821385 5500 0 STRIDE GRANT KUTSIN'S BARBERSHOP 2911 TOWER AVE SUITE 8 SUPERIOR WI 54880 871051963 5500 0 STRIDE GRANT MARGARITA'S LLC 4602 GRAND AVE DULUTH MN 55807 881496492 7500 0 STRIDE GRANT BALI ASIAN CUISINE 1927 W SUPERIOR ST DULUTH MN 55806 880744570 5500 0 STRIDE GRANT PALADIN PROPERTIES 317 N CENTRAL AVE DULUTH MN 55807 814007892 195814 0 DULUTH 1200 FUND GRANT 0 34 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. DULUTH 1200 FUND GRANT WAS A PASS THROUGH GRANT FROM THE CITY OF DULUTH FOR A SPECIFIC PROJECT. INVESTMENT GRANT IS A GRANT FROM STATE OF WISCONSIN TO PROVIDE GRANTS TO BUSINESS SERVED IN OUR EXPANSION AREA OF WI AS PASS THROUGH GRANTS. X X X 0 0 0 0 0 0 0 0 0 SHAWN WELLNITZ CHIEF EXECUTIVE OFFICER 241797 0 21578 0 211 0 11501 0 0 0 275087 0 0 0 MICHAEL LATTERY DIRECTOR OF BUSINESS FINANCE 153737 0 7925 0 172 0 7865 0 12431 0 182130 0 0 0 FORM 990, PART III, LINE 2 EXPANSION INTO 13 COUNTIES IN NORTHERN WISCONSIN. 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 XI, LINE 9: ADOPTION OF ASU 2013-16 23,815.