Overview
What is Finnovation Institute?
Finnovation Institute is a nonprofit organization situated in Minneapolis, Minnesota. Their primary objective is to empower impact-driven entrepreneurs by offering educational programs and practical support. Their mission is to foster a dynamic and inclusive community of successful social businesses within the Twin Cities region, ultimately generating substantial social and economic impact. To achieve this, they provide curriculum, mentorship, coaching, and workspace, commencing in mid-September. Their efforts are funded through a three-year grant awarded in 2021, contributing to their ongoing mission.
Official website here: www.finn-lab.com
What are the reviews and ratings of this charity?
Charity Navigator Rating: 73%
Finnovation Institute has received a Two-Star out of Four Star rating from Charity Navigator, indicating a moderate level of accountability and financial health. The organization has a strong program expense ratio of 95.49%, which reflects a commitment to utilizing funds effectively for its mission. Additionally, it has ensured that there is no material diversion of assets, showcasing good financial practices.
The institute's governance structure has some strengths, such as having a majority of independent board members. However, it also faces significant weaknesses, including the lack of a whistleblower policy and missing document retention and destruction policies. These gaps in governance practices could pose risks to accountability and transparency.
While the organization has listed its website on tax forms and adheres to certain financial responsibilities, the absence of key policies and documents, such as tax forms on its website and a complete board size, may affect stakeholder confidence. Addressing these limitations could enhance its overall rating and public trust.
This AI summary has been generated from information found on Charity Navigator.
Is Finnovation Institute legitimate?
Finnovation Institute is a legitimate nonprofit organization registered as a 501(c)(3) entity. Finnovation Institute 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: $0
Professional Fundraising Fees: $0
Other Salaries and Wages: $0
For more financial information, click here
Official website here: www.finn-lab.com
What is the mission statement of Finnovation Institute?
The Finnovation Institute's mission is to provide educational programs and tangible support to impact-driven entrepreneurs, with the aim of fostering a vibrant and inclusive community of successful social businesses. This institute strives to generate meaningful social and economic impact, extending beyond its immediate region. The institute achieves this by selecting early-stage social entrepreneurs for its fellowship program, offering curriculum, mentorship, coaching, workspace, and a three-year grant. This comprehensive support system aims to nurture these entrepreneurs, enabling them to establish and grow their social businesses effectively.
Official website here: www.finn-lab.com
Who is the CEO of Finnovation Institute?
Connie Rutledge is the Ceo of Finnovation Institute. The CEO's salary of Finnovation Institute is $0 and their total compensation is $92,000.
Official website here: www.finn-lab.com
What is the revenue of Finnovation Institute?
Finnovation Institute's revenue in 2022 was $9,097.
Official website here: www.finn-lab.com
Who are the executives of Finnovation Institute and what are their salaries?
There 8 volunteers at Finnovation Institute.
Here are 4 key members and their salaries (Finnovation Institute's CEO's salary is $0 and their total compensation is $92,000):
- Compensation: $0
- Related: $92,000
- Other: $0
- Compensation: $0
- Related: $0
- Other: $0
- Compensation: $0
- Related: $0
- Other: $0
- Compensation: $0
- Related: $0
- Other: $0
Official website here: www.finn-lab.com
Where can I find the form 990 for Finnovation Institute?
Finnovation Institute's most recent form 990 was submitted in 2022 and can be accessed here.
Official website here: www.finn-lab.com
Learn more at the official website: www.finn-lab.com
Mission Statement of Finnovation Institute
Finnovation Institute, a nonprofit organization, is dedicated to offering educational programs and tangible support to impact-driven entrepreneurs. Its mission is to foster a vibrant and inclusive community of successful social businesses in the Twin Cities region. By providing these entrepreneurs with the necessary resources, Finnovation Institute aims to generate meaningful social and economic impact beyond the local area. The institute achieves this mission by offering educational programs, mentorship, coaching, and workspace. In 2021, Finnovation Institute was granted a three-year grant to fund this program, and nine early-stage social entrepreneurs began the fifth cohort of Finnovation Fellows in mid-September.
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Impact
August, 2024
Finnovation Institute is making a significant impact by providing educational programs and tangible support to impact-driven entrepreneurs in the Twin Cities region. The institute's work is helping to build a vibrant and inclusive community of successful social businesses, which in turn is generating meaningful social and economic impact locally and beyond. Through initiatives like the Finnovation Fellows program, which offers curriculum, mentorship, coaching, and workspace to early-stage social entrepreneurs, Finnovation Institute is actively supporting the growth and success of social businesses in the region. This strategic approach is not only fostering entrepreneurship but also contributing to positive change in the community.
This information is meant to be a general summary of Finnovation Institute. 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: $4,330
- Gross Receipts: $9,097
Assets and Liabilities:
- Total Assets: $1,451,826
- Total Liabilities: $2,001
- Net Assets: $1,449,825
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Organization Details
Founding Year
2020
Phone
(612) 502-2262Principal Officer
Connie Rutledge
Main Address
817 5TH AVENUE S SUITE 400, MINNEAPOLIS, MN, 55404
Website
www.finn-lab.comNTEE Category
Code: B90 - Education
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