Overview
What is Northeast Entrepreneur Fund Inc?
The Northeast Entrepreneur Fund Inc, also known as Entrepreneur Fund, is a Minnesota and Wisconsin-based nonprofit organization with a mission to support entrepreneurs and small business owners. With a service area encompassing 17 counties, the fund provides essential services to help start, stabilize, or expand businesses. In 2022, the organization spent a total of $5,711,590 on programs, serving 1,617 entrepreneurs. Among these, 327 clients received loans worth $24.5 million. A significant portion of these loans went to low-income individuals or communities. This nonprofit is dedicated to serving underserved and disadvantaged business owners and communities with specialized services, including those for women-owned businesses. The organization's operational expenses, excluding program costs, totaled $1,476,299 for fundraising, management, and general support. The Northeast Entrepreneur Fund's primary goal is to actively partner with entrepreneurs to create thriving businesses, diverse regional economies, and vibrant communities.
Official website here: www.entrepreneurfund.org
What are the reviews and ratings of this charity?
Charity Navigator Rating: 85% (Three-Star out of Four Star rating)
Northeast Entrepreneur Fund Inc has received a Three-Star rating from Charity Navigator, reflecting an overall score of 85%. This score is derived from the organization's Accountability & Finance metrics, indicating a strong focus on transparency and responsible financial practices. The nonprofit has demonstrated excellent governance with 100% independent board membership and thorough financial oversight.
Strengths highlighted in the evaluation include a high program expense ratio of 78.61%, suggesting that a significant portion of resources is dedicated to its mission-oriented programs. Additionally, the organization has robust policies in place regarding conflicts of interest, whistleblower protections, and document retention, further underscoring its commitment to accountability.
However, there are some areas for improvement, particularly the liabilities to assets ratio, which stands at 64.45%. This ratio indicates that the organization may have a relatively high level of liabilities compared to its assets, which could raise concerns about financial sustainability in the long-term. Overall, the Northeast Entrepreneur Fund Inc appears to maintain strong operational standards while navigating some financial challenges.
This AI summary has been generated from information found on Charity Navigator.
Is Northeast Entrepreneur Fund Inc legitimate?
Northeast Entrepreneur Fund Inc is a legitimate nonprofit organization registered as a 501(c)(3) entity. Northeast Entrepreneur Fund Inc 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: $392,300
Professional Fundraising Fees: $48,000
Other Salaries and Wages: $2,397,991
For more financial information, click here
Official website here: www.entrepreneurfund.org
What is the mission statement of Northeast Entrepreneur Fund Inc?
The Northeast Entrepreneur Fund Inc actively partners with entrepreneurs to foster the growth of businesses and create thriving communities. This mission extends to creating a diverse regional economy. The organization provides small business services and loans, disbursing a total of $24.5 million in loans in 2022 to help entrepreneurs start, stabilize, or expand their businesses. A significant portion of these loans went to low-income individuals and communities. The Fund also offers specialized services to underserved and disadvantaged business owners. In addition to loans, the organization incurs expenses for fundraising, management, and general costs to support its mission and sustain its future operations.
Official website here: www.entrepreneurfund.org
Who is the CEO of Northeast Entrepreneur Fund Inc?
Shawn Wellnitz is the Chief Executive Officer of Northeast Entrepreneur Fund Inc. The CEO's salary of Northeast Entrepreneur Fund Inc is $252,778 and their total compensation is $264,381.
Official website here: www.entrepreneurfund.org
What is the revenue of Northeast Entrepreneur Fund Inc?
Northeast Entrepreneur Fund Inc's revenue in 2022 was $13,045,758.
Official website here: www.entrepreneurfund.org
Who are the executives of Northeast Entrepreneur Fund Inc and what are their salaries?
The average compensation at Northeast Entrepreneur Fund Inc during 2022 was $71,546. There are 39 employees and 10 volunteers at Northeast Entrepreneur Fund Inc.
Here are 15 key members and their salaries (Northeast Entrepreneur Fund Inc's CEO's salary is $252,778 and their total compensation is $264,381):
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- Compensation: $252,778
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- Compensation: $103,492
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- Other: $18,508
Official website here: www.entrepreneurfund.org
Where can I find the form 990 for Northeast Entrepreneur Fund Inc?
Northeast Entrepreneur Fund Inc's most recent form 990 was submitted in 2022 and can be accessed here.
Official website here: www.entrepreneurfund.org
Learn more at the official website: www.entrepreneurfund.org
Mission Statement of Northeast Entrepreneur Fund Inc
The Northeast Entrepreneur Fund Inc is a dynamic organization dedicated to actively partnering with entrepreneurs to create thriving businesses and vibrant communities. By providing small business services and loans, this Minnesota and Wisconsin-based nonprofit empowers business owners and aspiring entrepreneurs to grow their ventures and contribute to a diverse regional economy.
In 2022, the Northeast Entrepreneur Fund invested $5,711,590 in services to support 1,617 entrepreneurs. Among these clients, 327 received loans totaling $24.5 million to start, stabilize, or expand their businesses. A significant portion of these loans were granted to low-income individuals and communities, aligning with the organization's commitment to serving underserved and disadvantaged populations.
The Northeast Entrepreneur Fund goes beyond financial assistance. It targets and serves underrepresented business owners with specialized services, including those who own women-led businesses. Through its efforts, the organization fosters economic growth and community development while strengthening the resilience of local enterprises.
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Impact
October, 2024
Northeast Entrepreneur Fund Inc significantly impacts the local economy and community development by actively partnering with entrepreneurs to foster business growth and create thriving communities. In 2022 alone, the Fund provided services to 1,617 entrepreneurs, disbursing 327 loans totaling $24.5 million to help individuals start, stabilize, or expand their businesses. A notable aspect of this work is its focus on underserved and disadvantaged business owners, particularly targeting low-income individuals and communities.
By offering specialized services for women-owned businesses and prioritizing support for those often overlooked in traditional financing avenues, the Northeast Entrepreneur Fund contributes to a more diverse and thriving regional economy. Through these efforts, it plays a crucial role in empowering entrepreneurs, promoting economic stability, and enhancing community improvement across its 17-county service area in Minnesota and Wisconsin. The investment of over $5.7 million in program costs highlights the organization's commitment to nurturing entrepreneurial initiatives that lead to sustainable growth and community enrichment.
This information is meant to be a general summary of Northeast Entrepreneur Fund Inc. 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: $7,410
- Program Service Revenue: $2,886,123
- Gross Receipts: $13,049,805
Assets and Liabilities:
- Total Assets: $67,902,279
- Total Liabilities: $43,765,331
- Net Assets: $24,136,948
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Programs
Programs are reported by nonprofits in their tax forms and are normally their tax-exempt activities.
INTEREST INCOME - LOANS
Revenue
$2,119,120
LOAN PROGRAM INCOME
Revenue
$603,082
DISCOUNT ACCRETION
Revenue
$131,957
LOAN SERVICE FEES
Revenue
$19,207
CONSULTING & TRAINING
Revenue
$12,757
Organization Details
Founding Year
1989
Phone
(218) 623-5747Principal Officer
Shawn Wellnitz
Main Address
202 WEST SUPERIOR STREET 311, DULUTH, MN, 55802
Website
www.entrepreneurfund.orgNTEE Category
Code: S43 - Community improvement
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