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Red Wing Ignite

Learn about this cause: What are the reviews? Is it Legit? Do I like the mission? What is the CEO's salary?

EIN: 461469707 ✦ Red wing, MN ✦ Designated as a 501(c)(3)

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Overview

What is Red Wing Ignite?

Red Wing Ignite is a nonprofit organization situated in Red Wing, Minnesota. Its primary focus is on fostering entrepreneurship and promoting a conducive business environment, in collaboration with regional, state, and national networks. The organization also connects students to technical training programs. Red Wing Ignite has gained recognition, receiving designations as a US Ignite Smart City and a Center of Rural Innovation (CORI) community, as well as two Congressionally Directed Spending Grants through the US Department of Education. In 2022, they served 274 entrepreneurs, hosted educational workshops, and delivered educational programming to over 500 attendees. Their mission includes providing resources, support, education, and networking opportunities to students, startups, and entrepreneurs, with a goal of creating a thriving ecosystem that encourages innovation, job creation, and sustainable growth. In addition, they offer youth programs such as coding leagues and technical training for high school students.


Official website here: www.redwingignite.org

What are the reviews and ratings of this charity?

Charity Navigator Rating: 96% (Four-Star out of Four Stars)

Red Wing Ignite has achieved a notable Four-Star rating from Charity Navigator, reflecting its strong commitment to accountability and finance. The charity's overall score is derived from a single beacon score, which indicates exceptional financial health and transparency. The assessment highlights that 100% of its board members are independent, underscoring a robust governance structure.

The organization exhibits impressive fiscal responsibility, with a program expense ratio of 91.53%, meaning that a significant majority of its resources are directed towards its programs. Additionally, it has demonstrated strong oversight with effective policies in place, including a conflict of interest policy and a whistleblower policy, both of which are crucial for maintaining trust and integrity.

While the data shows no material diversion of assets and a commendable liabilities to assets ratio of 8.61%, the focus on financial accountability does not delve into qualitative impacts or the specific outcomes of its programs. Overall, Red Wing Ignite's financial practices and governance are exemplary, contributing to a positive reputation in the nonprofit sector.


This AI summary has been generated from information found on Charity Navigator.

Is Red Wing Ignite legitimate?

Red Wing Ignite is a legitimate nonprofit organization registered as a 501(c)(3) entity. Red Wing Ignite 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: $93,283
Professional Fundraising Fees: $0
Other Salaries and Wages: $92,665

For more financial information, click here


Official website here: www.redwingignite.org

What is the mission statement of Red Wing Ignite?

Red Wing Ignite's mission is to promote economic development and technological advancement in a given region. They achieve this by providing resources, support, education, and networking opportunities to students, startups, and entrepreneurs. The organization aims to create a thriving ecosystem that encourages innovation, job creation, and sustainable growth. To further their mission, Red Wing Ignite brings together like-minded individuals and offers resources, networks, and necessary expertise to help students, startups, and businesses succeed. They have received recognition and awards for their efforts, including designations as a US Ignite Smart City and a Center of Rural Innovation (CORI) community. In 2022, they served 274 entrepreneurs, hosted numerous educational workshops and events, and launched new programming for students.


Official website here: www.redwingignite.org

Who is the CEO of Red Wing Ignite?

Matthew Lessard is the Board Chair of Red Wing Ignite.


Official website here: www.redwingignite.org

What is the revenue of Red Wing Ignite?

Red Wing Ignite's revenue in 2022 was $1,143,443.


Official website here: www.redwingignite.org

Who are the executives of Red Wing Ignite and what are their salaries?

The average compensation at Red Wing Ignite during 2022 was $61,983. There are 3 employees and 20 volunteers at Red Wing Ignite.


Here are 7 key members and their salaries:


Paul Kramp (Board Chair)
  • Compensation: $0
  • Related: $0
  • Other: $0
Tom Drazkowski (Vice Chair)
  • Compensation: $0
  • Related: $0
  • Other: $0
Matthew Lessard (Treasurer)
  • Compensation: $0
  • Related: $0
  • Other: $0
Beth Benike (Secretary)
  • Compensation: $0
  • Related: $0
  • Other: $0
Atiq Bhatti (Director)
  • Compensation: $0
  • Related: $0
  • Other: $0
Tawonda Burks (Director)
  • Compensation: $0
  • Related: $0
  • Other: $0
Stacy Nimmo (Executive Director)
  • Compensation: $87,708
  • Related: $0
  • Other: $5,575


Official website here: www.redwingignite.org

Where can I find the form 990 for Red Wing Ignite?

Red Wing Ignite's most recent form 990 was submitted in 2022 and can be accessed here.


Official website here: www.redwingignite.org

Learn more at the official website: www.redwingignite.org

Mission Statement of Red Wing Ignite

Red Wing Ignite, a nonprofit organization, is committed to fostering economic development and technological advancement in the eleven counties of southeastern Minnesota. Their mission is to serve students, startups, and entrepreneurs by providing resources, support, education, and networking opportunities. By bringing together like-minded individuals, Red Wing Ignite aims to create a thriving community that encourages innovation, job creation, and sustainable growth. Their objective is to advance innovation, technology, and entrepreneurs, offering resources, networks, and necessary expertise to help these entities succeed.

Red Wing Ignite's mission is not merely limited to verbal commitments. They have demonstrated their dedication through various achievements and recognitions. Designated as a US Ignite Smart City and a Center of Rural Innovation (CORI) community, Red Wing Ignite has also secured two Congressionally directed spending grants through the US Department of Education. They have completed the US Economic Development Administration I6Challenge grant and were one of eight rural communities in the United States to be awarded the highly competitive US EDA Build to Scale grant, securing the maximum award of $4 million in October 2022. These achievements underscore Red Wing Ignite's commitment to supporting entrepreneurs and strengthening the business environment.

In addition to these achievements, Red Wing Ignite has made significant strides in serving entrepreneurs and delivering educational programming. They have served 274 entrepreneurs, hosted 47 educational workshops and networking events, and delivered 1,246 hours of educational programming to 549 attendees in 2022 alone. Their new programming in 2022 includes peer groups, business foundations series, business plan workshops, and entrepreneurial mindset cohorts and coaching. They have also launched E5 events, aimed at educating, entertaining, and engaging, and have developed student programming such as youth woodworking, youth coding leagues, and the Learn and Earn program for 11th and 12th grade students with worksite placements. These initiatives reflect Red Wing Ignite's comprehensive approach to supporting entrepreneurs and fostering a thriving ecosystem.

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Impact




July, 2024

Red Wing Ignite's impact is significant in fostering economic development, technological advancement, and innovation in the eleven counties of Southeast Minnesota. By providing resources, support, education, and networking opportunities to students, startups, and entrepreneurs, Red Wing Ignite plays a pivotal role in creating a thriving ecosystem that encourages job creation and sustainable growth. The organization's efforts have been nationally recognized, including designations as a US Ignite Smart City and a Center of Rural Innovation (CORI). Additionally, Red Wing Ignite has received grants from the US Department of Education and the US Economic Development Administration, further highlighting its success and impact. In 2022 alone, the organization served 274 entrepreneurs, hosted numerous educational workshops and networking events, and provided extensive educational programming to attendees. Red Wing Ignite's dedication to advancing innovation, technology, and entrepreneurship is evident through its various initiatives and programs, such as peer groups, business foundations series, and student programming like the Youth Woodworking and Youth Coding League. Overall, Red Wing Ignite's commitment to supporting entrepreneurs and businesses is driving positive change in the Red Wing community and beyond.




This information is meant to be a general summary of Red Wing Ignite. 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.

Revenue
$1,143,443 (2022)
2013201420152016201720182019202020212022$0$300k$600k$900k$1.2M
Expenses
$840,738 (2022)
2013201420152016201720182019202020212022$0$250k$500k$750k$1M
Efficiency
20132014201520162017201820192020202120220%8%16%24%39%

Other financial information:

This information is from the most recently submitted tax form from this organization, which was in 2022.

  • Program Service Revenue: $40,030
  • Gross Receipts: $1,143,443

Assets and Liabilities:

  • Total Assets: $562,326
  • Total Liabilities: $48,514
  • Net Assets: $513,812

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Programs

Programs are reported by nonprofits in their tax forms and are normally their tax-exempt activities.

PROGRAM OFFICE SPACE

Revenue

$24,253

SBDC INCOME

Revenue

$15,777

Organization Details

Founding Year

2013

Principal Officer

Matthew Lessard

Main Address

419 BUSH STREET, RED WING, MN, 55066

NTEE Category

Code: P20 - Human services

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