Overview
What is Northside Economic Opportunity Network?
The Northside Economic Opportunity Network (NEON) is a nonprofit organization situated in Minneapolis, Minnesota. Its primary mission is to foster financial growth among low- to moderate-income entrepreneurs residing in north Minneapolis and surrounding areas. NEON achieves this goal by partnering with various organizations, offering continuous support through entrepreneurial training and outreach, financial literacy programs, small business assistance, and technical guidance. In 2022, NEON served numerous clients, provided 5,547 hours of technical assistance, distributed $920,000 in grants to businesses, and approved or disbursed $1,650,000 in loans to entrepreneurs. NEON's outreach extends to workshops, such as "Thinking About Business" and "Food 101," and the launch of the "Food Industry Cohort" series, with over 90% of its clients being individuals of color, primarily African American. With a team of 12 dedicated employees, NEON is committed to bolstering entrepreneurial success within its community.
Official website here: www.neon-mn.org
What are the reviews and ratings of this charity?
Charity Navigator Rating: 94%
The Northside Economic Opportunity Network has received a commendable Four-Star out of Four Star rating from Charity Navigator, indicating a strong commitment to accountability and financial transparency. With an impressive overall score of 94%, the organization demonstrates effective governance and a high level of independent oversight, as evidenced by its fully independent board of directors and robust audit practices.
Strengths noted include a significant program expense ratio of 74.81%, showing that a substantial portion of funding is directed towards its mission-related activities. The organization also excels in fundraising efficiency, with a low cost of fundraising at $0.08 per dollar raised, which enhances its operational effectiveness. Additionally, various policies, such as those regarding conflicts of interest and whistleblower protections, are in place, highlighting a strong ethical framework.
Despite its strengths, the organization has a liabilities to assets ratio of 39.01%, which could indicate potential financial risk if not managed properly. However, it maintains a healthy working capital ratio of 2.54 years, suggesting it is well-positioned to meet its financial obligations. Overall, the Northside Economic Opportunity Network shows a strong operational foundation with effective financial management practices.
This AI summary has been generated from information found on Charity Navigator.
What do the Facebook reviews say about Northside Economic Opportunity Network?
96% of 20 reviewers on Facebook recommend the Northside Economic Opportunity Network. Here is a summary of their reviews:
Many individuals express strong support for NEON, particularly emphasizing its role in helping aspiring entrepreneurs and business owners. The organization is recognized for its commitment to fostering business development and providing essential resources that aid in the growth of small enterprises.
Overall, supporters feel that NEON effectively delivers on its mission, creating a positive impact in the community by empowering individuals to achieve their business goals. The recommendations reflect a strong belief in the value of the services offered, positioning NEON as a vital ally for those looking to navigate the business landscape.
This AI summary has been generated from reviews found on Facebook.
Is Northside Economic Opportunity Network legitimate?
Northside Economic Opportunity Network is a legitimate nonprofit organization registered as a 501(c)(3) entity. Northside Economic Opportunity Network 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: $194,919
Professional Fundraising Fees: $188,459
Other Salaries and Wages: $771,733
For more financial information, click here
Official website here: www.neon-mn.org
What is the mission statement of Northside Economic Opportunity Network?
The Northside Economic Opportunity Network (NEON) is committed to fostering economic growth for low- to moderate-income entrepreneurs. They achieve this mission by partnering with various organizations to offer continuous support, including entrepreneurial training, financial literacy programs, small business assistance, and technical guidance. NEON's goal is to empower these entrepreneurs to build wealth and sustainability in their ventures, contributing to the overall economic development of their communities.
Official website here: www.neon-mn.org
Who is the CEO of Northside Economic Opportunity Network?
Warren Mclean is the Treasurer of Northside Economic Opportunity Network.
Official website here: www.neon-mn.org
What is the revenue of Northside Economic Opportunity Network?
Northside Economic Opportunity Network's revenue in 2022 was $3,342,830.
Official website here: www.neon-mn.org
Who are the executives of Northside Economic Opportunity Network and what are their salaries?
The average compensation at Northside Economic Opportunity Network during 2022 was $80,554. There are 12 employees and 35 volunteers at Northside Economic Opportunity Network.
Here are 14 key members and their salaries:
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- Compensation: $151,405
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- Other: $43,514
Official website here: www.neon-mn.org
Where can I find the form 990 for Northside Economic Opportunity Network?
Northside Economic Opportunity Network's most recent form 990 was submitted in 2022 and can be accessed here.
Official website here: www.neon-mn.org
Learn more at the official website: www.neon-mn.org
Mission Statement of Northside Economic Opportunity Network
The Northside Economic Opportunity Network (NEON) is committed to fostering prosperity for low- to moderate-income entrepreneurs residing in north Minneapolis and neighboring communities. To achieve this mission, NEON collaborates with various partner organizations, offering a range of ongoing support services. These services include entrepreneurial training and outreach, financial literacy education, small business assistance, and technical guidance. By providing these resources, NEON aims to empower and equip these entrepreneurs with the necessary tools to build and sustain their businesses, thereby contributing to their financial stability and community growth.
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Impact
July, 2024
NEON's impact is demonstrated through its efforts to build wealth for low- to moderate-income entrepreneurs in north Minneapolis and surrounding communities. In 2022 alone, NEON served clients by providing 5,547 hours of technical assistance, disbursed $920,000 in grants to businesses, and approved and/or disbursed $1,650,000 in loans. Additionally, NEON conducted various workshops and events, such as the Food Industry Cohort series and the Thinking About Business and Food 101 workshops. Notably, 90% of NEON's clients are BIPOC, with 80% being African American. These initiatives directly contribute to community improvement and economic empowerment for individuals in the region.
This information is meant to be a general summary of Northside Economic Opportunity Network. 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: $26,137
- Program Service Revenue: $223,010
- Gross Receipts: $3,479,710
Assets and Liabilities:
- Total Assets: $9,703,973
- Total Liabilities: $3,786,343
- Net Assets: $5,917,630
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Programs
Programs are reported by nonprofits in their tax forms and are normally their tax-exempt activities.
Rent/office sharing
Revenue
$113,221
Administrative fees
Revenue
$73,689
Technical assistance
Revenue
$36,100
Organization Details
Founding Year
2009
Phone
(612) 302-1505Principal Officer
Warren Mclean
Main Address
1007 West Brodway Avenue 100, Minneapolis, MN, 55411
Website
www.neon-mn.orgNTEE Category
Code: S31 - Community improvement
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