2025-10-02T09:03:12-05:00 2024-12-31 410746749 CLIFTONLARSONALLEN LLP 4150 2ND STREET SOUTH SUITE 400 ST CLOUD MN 56301 990 2024-01-01 363566632 NORTHEAST ENTREPRENEUR FUND INC NORT 2186235747 202 WEST SUPERIOR STREET 311 DULUTH MN 55802 CRYSTAL ROHDE CHAIR 2186235747 2025-09-26 1 1 JASON NEUMANN CPA P01690179 3202035500 2025-09-23 2024 2025-03-06 01:10:19Z ENTREPRENEUR FUND SHAWN WELLNITZ 202 WEST SUPERIOR STREET 311 DULUTH MN 55802 20597228 0 X WWW.EFUND.ORG X 1989 MN TO ADVANCE COMMUNITY ECONOMIC DEVELOPMENT IN RURAL AND UNDERSERVED COMMUNITIES. 9 9 49 19 0 0 8764347 16455222 3748541 3517557 235998 621949 4208 2500 12753094 20597228 618944 552718 0 0 4154148 4210259 48000 0 300795 2949187 8830330 7770279 13593307 4982815 7003921 70821340 83445384 41677762 47297885 29143578 36147499 X THE MISSION OF ENTREPRENEUR FUND IS TO ADVANCE COMMUNITY ECONOMIC DEVELOPMENT IN RURAL AND UNDERSERVED COMMUNITIES. WE WORK TO ACHIEVE THIS BY ACTIVELY PARTNERING WITH ENTREPRENEURS TO STIMULATE THE GROWTH OF SUCCESSFUL BUSINESSES. OUR VISION IS TO HAVE VIBRANT COMMUNITIES AND A DIVERSE REGIONAL ECONOMY THAT IS CREATED AND SUSTAINED BY ENTREPRENEURS. 0 0 12502694 552718 3517557 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 2024, TOTAL PROGRAM COSTS OF $12,502,694 WERE EXPENSED TO PROVIDE SERVICES TO 1,856 ENTREPRENEURS. 164 LOANS WERE DISBURSED TO THOSE CLIENTS TO START,STABILIZE OR EXPAND THEIR BUSINESSES. A TOTAL OF $11.1 MILLION IN LOANS WERE APPROVED. A MAJORITY OF THOSE WERE DISBURSED TO LOW-INCOME INDIVIDUALS OR IN LOW-INCOME COMMUNITIES. EF TARGETS AND SERVES UNDERSERVED BUSINESS OWNERS AND RURAL COMMUNITIES. THE ORGANIZATIONAL EXPENSES, NON-PROGRAM RELATED WERE A TOTAL OF $300,796 FOR FUNDRAISING, $834,693 FOR MANAGEMENT AND GENERAL COSTS TO SUPPORT THE MISSION. PROGRAM REVENUE TOTALED $3,517,557. 12502694 1 1 0 0 0 0 0 0 0 0 1 0 1 0 1 1 1 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 1 49 0 1 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 0 0 0 1 1 1 1 1 1 1 1 0 MN X CARLA TICHY 2184100157 202 WEST SUPERIOR STREET STE 311 DULUTH MN 55802 JIM ZASTROW TREASURER 2.50 X X 0 0 0 TABITHA BEIBER TREASURER (THRU 8/31) 1.00 X X 0 0 0 CRYSTAL ROHDE CHAIR 1.00 X X 0 0 0 ARIK FORSMAN VICE-CHAIR 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 (THRU 8/31) 1.00 X 0 0 0 DAVID MANION DIRECTOR 1.00 X 0 0 0 JULIE PADILLA DIRECTOR (THRU 8/31) 1.00 X 0 0 0 JAKE ROBINSON DIRECTOR 1.00 X 0 0 0 DIANE WEBER DIRECTOR 1.00 X 0 0 0 SHAWN WELLNITZ CEO/PRESIDENT 40.00 X 251274 0 12266 KURT THOMPSON COO 40.00 X 154212 0 20642 CARLA TICHY DIR. OF ACCOUNTING AND COMPLIANCE 40.00 X 109668 0 22394 MICHAEL LATTERY DIR. OF BUSINESS FINANCE 40.00 X 156431 0 21424 ROBERT SJOSTRAND JR DIR. OF BUSINESS SERVICES 40.00 X 108048 0 7340 ZACHARY HOY CREDIT MANAGER 40.00 X 114634 0 22308 894267 0 106374 6 0 1 0 0 7129167 9326055 16455222 INTEREST INCOME - LOANS 522291 3213584 3213584 LOAN PROGRAM INCOME 522291 250210 250210 CONSULTING & TRAINING 522291 19509 19509 LOAN SERVICE FEE 522291 17234 17234 DISCOUNT ACCRETION 522291 17020 17020 3517557 621949 621949 2500 0 2500 2500 20597228 3517557 0 624449 552718 552718 564143 505529 30407 28207 2886188 2586253 155626 144309 127457 114211 6873 6373 365832 327814 19726 18292 266639 238930 14377 13332 48638 29441 19197 25500 15435 10065 445124 271437 91375 82312 246941 231232 15709 165202 135280 29922 134331 96366 31727 6238 130343 68507 60929 907 912329 912329 8255 8255 32967 32967 PROVISION FOR LOAN LOSS 6134271 6134271 SOFTWARE 232497 134425 98072 STAFF TRAINING 136178 30330 105773 75 LENDING FEES 86183 86183 91571 23748 67073 750 13593307 12502694 789818 300795 9307292 11587609 5087964 18665736 1350415 1627007 2000 327930 94292 91821 191824 191824 0 0 54437140 50796007 542237 349274 70821340 83445384 829559 2730205 619922 3509546 9747618 11274353 30403804 29726248 76859 57533 41677762 47297885 X 26763176 33767097 2380402 2380402 29143578 36147499 70821340 83445384 7003921 0 X X 0 1 X 1 1 1 X 7185874 8000288 10144224 8764347 16455222 50549955 7185874 8000288 10144224 8764347 16455222 50549955 14581838 35968117 3121 38574 7410 267077 621949 938131 51488086 7241727 0.69860 0.89930 X RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED 2116 2116 0 189708 189708 0 0 LOANS RECEIVABLE 50521007 C PROPERTY HELD FOR SALE 275000 C 50796007 DISCOUNT ON RETAINED EARNINGS 56964 SERVICING ASSETS -25936 OPERATING LEASE LIABILITY DULUTH 26505 57533 X 20615940 18712 18712 20597228 0 20597228 13612019 18712 18712 13593307 0 13593307 PART X, LINE 2: THE ORGANIZATION IS EXEMPT FROM FEDERAL INCOME TAXES UNDER SECTION 501(C)(3) OF THE INTERNAL REVENUE CODE. HOWEVER, INCOME FROM CERTAIN ACTIVITIES NOT DIRECTLY RELATED TO THE ORGANIZATION'S TAX-EXEMPT PURPOSE IS SUBJECT TO TAXATION ON UNRELATED BUSINESS INCOME. THE ORGANIZATION IS ALSO EXEMPT FROM MINNESOTA INCOME TAXES. 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. 1 CASHMERE HAIR N BEAUTY SPA 2209 28TH ST NW WINTER HAVEN FL 33881 873803981 14000 0 N/A N/A INVESTMENT GRANT LAKEWOODS TRANSPORTATION LLC 2934 168TH LN NW ANDOVER MN 55304 834359958 14000 0 N/A N/A INVESTMENT GRANT TAQUERIA LA MONARCA LLC 311 MAIN STREET EAST ASHLAND WI 54806 900886963 14000 0 N/A N/A INVESTMENT GRANT THE FRYBREAD SHACK KINNICK KINNIC ROUTE MOQUAH WI 54806 934126707 13500 0 N/A N/A INVESTMENT GRANT FARMBOYZ MERCANTILE LLC W106 MAIN ST STONE LAKE WI 548768700 844342406 13052 0 N/A N/A INVESTMENT GRANT MAYSQUARE 26 S HENRY ST MADISON WI 53703 862910449 12220 0 N/A N/A INVESTMENT GRANT 46 NORTH ENVIRONMENTAL LLC 72825 COUNTY HIGHWAY B OULU WI 54847 814524644 12200 0 N/A N/A INVESTMENT GRANT DU NORD MEAT COMPANY 338 EAST LAKE COWDRY LANE NW ALEXANDRIA MN 56308 991186156 12200 0 N/A N/A INVESTMENT GRANT HUDSON SQUARE LLC 80 70TH STREET UNIT 601 GUTT NJ 07093 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GRANT SNOW RIVER COOPERATIVE 809 N CENTRAL AVE CRANDON WI 54520 845175924 10000 0 N/A N/A INVESTMENT GRANT SONDER LLC DBA CAFE SONDER 305 E CHICAGO AVE MINOCQUA WI 54548 852942943 10000 0 N/A N/A INVESTMENT GRANT ST CROIX WORKS 11230 US BUSINESS HWY 53 SOLON SPRINGS WI 54873 394881915 10000 0 N/A N/A INVESTMENT GRANT T&R DINKY DINER 130 N BROWN ST RHINELANDER WI 54501 882652712 10000 0 N/A N/A INVESTMENT GRANT THE VINCENT CREATIONS 3135 HOMESTEAD ROAD FLORENCE MI 54121 830906287 10000 0 N/A N/A INVESTMENT GRANT WHIRLY BOARD LLC WHIRLY BOARD LLC HAZELHURST WI 545319610 465514178 10000 0 N/A N/A INVESTMENT GRANT WHITE BUFFALO RESORT 418 WHITE BUFFALO TRAIL MOUNTAIN HOME AZ 72653 522499367 10000 0 N/A N/A INVESTMENT GRANT BLACK EAGLE ENTERPRISES INC 4079 E CTY RD B SUPERIOR WI 54880 872994026 9260 0 N/A N/A INVESTMENT GRANT COURTNEY & LEIGH LTD 10 N 21ST ST SUPERIOR WI 54880 411724701 8076 0 N/A N/A INVESTMENT GRANT CHILDS FRAME COMPANY LLC 6 N BROWN ST RHINELANDER WI 54501 871054597 7970 0 N/A N/A INVESTMENT GRANT BACK COUNTRY PROPERTY SERVICES 8965 MOBILE DR WOODRUFF WI 54568 812537981 7500 0 N/A N/A INVESTMENT GRANT RKG & G INC 317 TOWER AVE SUPERIOR WI 548801046 821527020 7384 0 N/A N/A INVESTMENT GRANT THE LOCAL BAR & GRILLE LLC 3000 GOLF COURSE RD ASHLAND WI 54806 872663505 7200 0 N/A N/A INVESTMENT GRANT BELLA YOUNG AESTHETICS LLC 702 N FRONT ST SPOONER WI 54801 920738791 5326 0 N/A N/A INVESTMENT GRANT ADVENTUREUS 101 W BAYFIELD ST WASHBURN WI 54806 872424706 5221 0 N/A N/A INVESTMENT GRANT WABEGON BAR & GRILL 14030 MN-23 SUPERIOR WI 54880 473644212 5204 0 N/A N/A INVESTMENT GRANT HAYWARD MERCANTILE CO LLC 10541 MAIN STREET HAYWARD WI 54843 261615320 5200 0 N/A N/A INVESTMENT GRANT SISU BUILDERS LLC 4506 VALLEY BROOK ROAD SUPERIOR WI 54880 453572252 5200 0 N/A N/A INVESTMENT GRANT SNYPER PRECISION RODS LLC 26610 SICKICH RD MASON WI 54856 932076436 5200 0 N/A N/A INVESTMENT GRANT SWINGCLEAR LLC 906 VAUGHN AVE ASHLAND WI 54806 872595188 5180 0 N/A N/A INVESTMENT GRANT HAMMOND LANDSCAPING & EXCAVATING LLC 9221 E EVERGREEN AVENUE SOLON SPRINGS WI 54873 814709685 5166 0 N/A N/A INVESTMENT GRANT LAKE EFFECT ENTERPRISE LLC 1937 ANN ST MUSKEGON MI 49445 880903416 5160 0 N/A N/A INVESTMENT GRANT PRIEMO CONSTRUCTION LLC 11566 S 1ST ST W SOLON SPRINGS WI 54873 863389925 5160 0 N/A N/A INVESTMENT GRANT JCC OF SUPERIOR LLC 1423 N 8TH STREET SUPERIOR WI 54880 813301371 5155 0 N/A N/A INVESTMENT GRANT 0 52 PART I, LINE 2: THROUGH THE CLIENT BUSINESS GRANT APPLICATION PROCESS, THE ENTREPRENEUR FUND COLLECTS DETAILS FROM THE GRANTEE RELATED TO THEIR PROPOSED USE OF THE FUNDS, WHICH MUST BE FOR A BUSINESS PURPOSE. ALL BUSINESS GRANT RECIPIENTS ARE OWNED, LOCATED, AND OPERATED WITHIN THE UNITED STATES. IF NEEDED, FOLLOW UP WOULD BE CONDUCTED TO REVIEW TO USE OF GRANT FUNDS, WHICH IS ALSO A REQUIREMENT OF THE AGREEMENT WITH THE BUSINESSES. X X X 0 0 0 0 0 0 0 1 0 SHAWN WELLNITZ CEO/PRESIDENT 228833 0 22441 0 0 0 11220 0 1046 0 263540 0 0 0 MICHAEL LATTERY DIR. OF BUSINESS FINANCE 156431 0 0 0 0 0 8000 0 13424 0 177855 0 0 0 KURT THOMPSON COO 150212 0 4000 0 0 0 6650 0 13992 0 174854 0 0 0 PART I, LINE 3 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. PART I, LINE 7 DURING THE BUDGETING PROCESS,BONUSES MAY BE INCLUDED. THE BOARD APPROVES BONUS FOR CEO. DO NOT HAVE EMPLOYMENT CONTRACTS. CEO APPROVES OTHER BONUSES, FINANCE COMMITTEE REVIEWS DURING BUDGET REVIEW. BOARD HAS FINAL APPROVAL. FORM 990, PART VI, SECTION A, LINE 8B FINANCE COMMITTEE - JIM ZASTROW , DAVID MANION, DIANE WEBER, ELIZABETH CHAPMAN EXECUTIVE COMMITTEE - CRYSTAL ROHDE, ARIK FORESMAN, JIM ZASTROW, DAVE MANION LOAN COMMITTEE - CRYSTAL ROHDE, JIM ZASTROW, DAVID MANION, DIANE WEBER, ELIZABETH CHAPMAN, MEGAN ERICKSON KELLIN EACH COMMITTEE IS REQUIRED TO REPORT TO THE BOARD FOR FINAL APPROVAL. FORM 990, PART VI, SECTION B, LINE 11B A DRAFT OF ENTREPRENEUR FUND'S ANNUAL FORM 990 INFORMATION RETURN SHALL BE REVIEWED AND APPROVED BY THE FINANCE COMMITTEE, PRIOR TO BEING FILED WITH THE INTERNAL REVENUE SERVICE. THIS REVIEW AND APPROVAL SHALL BE DOCUMENTED WITH THE SIGNATURE OF THE BOARD CHAIR OR TREASURER. 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 BY THE CEO AND ASKED NOT TO PARTICIPATE IN DECISION IF A TRANSACTION IS MADE. THESE PROCEDURESD ARE DOCUMENTED WITHIN THE BOARD MINUTES. FORM 990, PART VI, SECTION B, LINE 15 THE CEO COMPENSATION PROCESS INCLUDED A PERFORMANCE ASSESSMENT COMPLETED BY THE EXECUTIVE COMMITTEE AS WELL AS A SELF-EVALUATION FOR THE CEO. A COMPENSATION REVIEW AND MARKET BENCHMARKING ANALYSIS WAS PERFORMED USING THE OFN COMPENSATION SALARY SURVEY REPORT RESULTS FOR THE CDFI INDUSTRY AND SUMMARIZED BY. THE 2023 REPORT COMPREHENSIVELY ANALYZES COMPENSATION DATA FROM 154 CDFIS ACROSS THE UNITED STATES. ALSO, A PEER GROUP COMPARISON UTILIZING THE MOST CURRENT 990S FROM SEVEN PEER CDFIS. THE EXECUTIVE COMMITTEE MAKES A RECOMMENDATION TO THE FULL BOARD FOR APPROVAL REGARDING THE CEO'S BONUS AND BASE SALARY. FOR KEY EMPLOYEES, COMPARATIVE COMPENSATION FROM LOCAL AND STATE DATABASES AND OFN COMPENSATION SALARY SURVEY RESULTS FOR THE CDFI INDUSTRY ARE GATHERED AND REVIEWED BY LEADERSHIP AND SALARIES ARE PRESENTED TO CEO FOR APPROVAL. STAFF FINANCE TEAM RECOMMENDS TO THE BOARD FINANCE COMMITTEE FINAL SALARIES IN THE BUDGET AND PRESENTS TO THE FULL BOARD OF DIRECTORS FOR FINAL APPROVAL OF THE BUDGET. 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 XII, LINE 2C: THE PROCESS FOR OVERSIGHT AND SELECTION OF AN INDEPENDENT ACCOUNTANT HAS NOT CHANGED FROM THE PRIOR YEAR.