Overview
What is Initiative Foundation?
The Initiative Foundation is a Minnesota-based nonprofit organization located in Little Falls. With a workforce of approximately 30 employees, it focuses on empowering people to build thriving communities and a vibrant region across Central Minnesota. The organization provides small business loans, totaling $3,935,975 in 2022, to diverse entrepreneurs and small businesses. This lending activity resulted in $44,527,000 in private financing from other institutions, contributing to the creation and retention of 198 jobs. In addition, the Initiative Foundation offers a fellowship program that supports rural changemakers through training, mentoring, and funding for beginning or early-stage social entrepreneurship. Since its inception, the program has granted 19 fellowships and helped participants leverage over $2.3 million in investments. The organization's enterprise academy and small business support program offers business training, one-on-one technical assistance, and direct lending to underrepresented entrepreneurs. It has served over 300 individuals since 2018, with 150 graduates and dozens more launching businesses. Moreover, the Initiative Foundation invests in workforce development efforts, providing funding and support for strategic planning initiatives and linking funders, educational institutions, and employers. It also engages with community banks, chambers of commerce, and volunteer business groups, and offers targeted economic development grants to increase loans and technical assistance opportunities in all communities.
Official website here: www.ifound.org
What are the reviews and ratings of this charity?
Charity Navigator Rating 94% - Four-Star out of Four Star rating
The Initiative Foundation has achieved a commendable Four-Star rating from Charity Navigator, reflecting its strong performance in accountability and financial management. With an Accountability & Finance Score of 96 and an impressive Program Expense Ratio of 87.71%, the organization demonstrates effective use of its resources to support its mission. Furthermore, the independent board members contribute to a high degree of organizational integrity, being 100% independent and well-versed in governance.
In addition to its financial strengths, the Initiative Foundation exhibits a strong culture and community engagement, earning a score of 91 in this area. The organization has implemented various policies, including conflict of interest and whistleblower protections, which enhance transparency and accountability. Their Investment in Leadership Development is also noteworthy, scoring a full 30 out of 30, indicating a commitment to fostering a strong leadership team.
While the organization has shown robust performance overall, its Leadership & Adaptability Score of 80 suggests there may be opportunities for further improvement in these areas. Nonetheless, the foundation's strong governance practices and commitment to equity strategies position it as a reliable nonprofit dedicated to its objectives and the communities it serves.
This AI summary has been generated from information found on Charity Navigator.
Is Initiative Foundation legitimate?
Initiative Foundation is a legitimate nonprofit organization registered as a 501(c)(3) entity. Initiative Foundation submitted a form 990, which is a tax form used by tax-exempt organizations in the U.S., indicating its operational transparency and adherence to regulatory requirements. Donations to this organization are tax deductible.
Heare are some key statistics you may want to consider:
Executive Compensation: $415,847
Professional Fundraising Fees: $0
Other Salaries and Wages: $1,749,583
For more financial information, click here
Official website here: www.ifound.org
What is the mission statement of Initiative Foundation?
The Initiative Foundation works to empower individuals in building thriving communities and a vibrant region across Central Minnesota. Their mission is geared towards enabling people to create prosperous locales. The organization's activities include offering small business loans, which have led to substantial private financing and the creation and retention of jobs. They also have a fellowship program, which supports rural changemakers in their social entrepreneurship ventures, granting them access to training, mentoring, and funding. The Enterprise Academy and Small Business Support program provides business training and one-on-one assistance to diverse and underserved entrepreneurs, accelerating their success. The foundation's commitment extends to workforce development initiatives, which focus on attracting and retaining a skilled workforce, ensuring economic growth and improvement in the region.
Official website here: www.ifound.org
Who is the CEO of Initiative Foundation?
Matt Varilek is the Trustee/Chair of Initiative Foundation.
Official website here: www.ifound.org
What is the revenue of Initiative Foundation?
Initiative Foundation's revenue in 2022 was $18,836,412.
Official website here: www.ifound.org
Who are the executives of Initiative Foundation and what are their salaries?
The average compensation at Initiative Foundation during 2022 was $72,181. There are 30 employees and 223 volunteers at Initiative Foundation.
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Official website here: www.ifound.org
Where can I find the form 990 for Initiative Foundation?
Initiative Foundation's most recent form 990 was submitted in 2022 and can be accessed here.
Official website here: www.ifound.org
Learn more at the official website: www.ifound.org
Mission Statement of Initiative Foundation
The Initiative Foundation, a central Minnesota-based organization, is dedicated to empowering people to build thriving communities and a vibrant region. Its mission is to enable individuals to create prosperous locales, fostering social and economic growth. Through various initiatives, the Foundation has been instrumental in uplifting communities and enhancing the lives of its residents.
One of the Foundation's primary focuses is providing economic opportunities. In 2022, they approved 42 small business loans, totaling $3,935,975, of which 17 microloans were granted to diverse entrepreneurs. These loans not only received significant investment from other lending institutions, amassing $44,527,000 in private financing, but also contributed to the creation of 94 jobs and the retention of 104 jobs. The Foundation maintains crucial relationships with various partners, such as economic development organizations, local and regional banks, credit unions, nonprofits, and small business development centers, to expand and strengthen their microlending network.
Moreover, the Initiative Foundation offers the Initiators Fellowship, a two-year program designed to serve rural changemakers. Since its inception, the program has granted 19 fellowships and provided participants with over $1.3 million in direct program investments. These investments have ranged from stipends and professional development to mentorship and have helped leveraged an additional $1 million in outside investments. The Initiators Fellowship is a leading program in the state, offering training, mentoring, and funding for beginning or early-stage social entrepreneurship. These emerging leaders are making a difference in their hometowns by creating purpose-driven, for-profit businesses and nonprofit organizations that have a positive social or environmental impact.
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Impact
October, 2024
The Initiative Foundation has a significant impact on Central Minnesota by empowering individuals and fostering community development. In 2022, it approved 42 small business loans totaling nearly $4 million, including 17 microloans for diverse entrepreneurs. This financial support not only bolstered local businesses but also catalyzed an impressive $44.5 million in private financing from other lending institutions, leading to the creation of 94 jobs and the retention of 104.
Through its Initiators Fellowship, the Foundation has cultivated leadership among rural changemakers, granting fellowships that have provided over $1.3 million in direct investments and facilitating more than $1 million in external funding. This two-year program enhances the skills of participants while supporting purpose-driven, for-profit businesses that contribute positively to their local economies and social landscapes.
The Enterprise Academy offers tailored business training and technical assistance to underrepresented entrepreneurs. Since its launch in 2018, it has served over 300 individuals, including 150 graduates from its intensive training programs, helping to launch new businesses and foster wealth creation.
With a commitment to workforce development, the Initiative Foundation engages in strategic planning initiatives and partnerships with educational institutions and employers, enhancing opportunities for skill development and economic growth throughout the region. This multi-faceted approach reinforces their mission of empowering communities, ultimately leading to a vibrant and thriving central Minnesota.
This information is meant to be a general summary of Initiative Foundation. Please take the time to review official sources before making any decisions based upon the content provided here.
Financials
This financial information is from Propublica.
Other financial information:
This information is from the most recently submitted tax form from this organization, which was in 2022.
- Investment Income: $2,402,917
- Program Service Revenue: $695,835
- Gross Receipts: $26,186,625
Assets and Liabilities:
- Total Assets: $98,819,361
- Total Liabilities: $7,408,270
- Net Assets: $91,411,091
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Programs
Programs are reported by nonprofits in their tax forms and are normally their tax-exempt activities.
REVOLVING LOAN INTEREST
Revenue
$595,686
LOAN ADMIN FEE
Revenue
$64,460
EVENTS AND WORKSHOP REGISTRATIONS
Revenue
$35,689
Organization Details
Founding Year
1986
Phone
(320) 632-9255Principal Officer
Matt Varilek
Main Address
405 FIRST STREET SE, LITTLE FALLS, MN, 56345
Website
www.ifound.orgNTEE Category
Code: S400 - Community improvement
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