BisonX

Nonprofit profile at a glance

EIN
921425437
IRS 990 coverage
2023–2023
Forms available
Form 990 2023
Location
Fargo, ND, USA
Rating
51
Verdict
MIXED
Rating confidence
Moderate
Sector
Rural Economic Development

Official website

Reported finances

Revenue
$499,889
Expenses
$513,220
Assets
$22,031
Liabilities
$35,362

Source: IRS Form 990. Selected filing: tax year 2023. Amounts in USD.

Leadership & pay

4 people listed

Executive titles in this filing

  • Nicholas J Edwards (Executive Director)

Highest reported compensation

  • Nicholas J Edwards (Executive Director): $208,504 total reported compensation

Source: IRS Form 990. Selected filing: tax year 2023. Names and roles reflect this filing, not necessarily current officeholders.

Overview

Mission

As a startup incubator and idea validation organization, we provide grant money that helps under-resourced entrepreneurs in our five-state region, helping them position themselves to confidently enter the startup ecosystem.

What it reported doing in 2023

This year we mentored, placed, and internally incubated early-stage companies providing grants and coaching to our region. Founders came to us with ideas and just under a dozen companies were mentored and/or taken through our studio cohort process. Of the founders in our underserved region, we deployed into founders who had the idea to increase the investment landscape for the region. Once of which was the launch of The Peoples First Company, a first of its kind investment firm to draw more non accredited investors in our region into real estate.

Operating model

Revenue model
Mixed. Its operating money came from several sources; no one source provided a clear majority.
Distribution model
Grant intermediary. The nonprofit sent 73% of its reported program spending out as grants.

The verdict

MIXED - The filed numbers largely add up and most voting board members are independent. A relatively small share of available resources goes toward mission work and a relatively small share of total spending goes to programs.

Rating breakdown

  • Financial Efficiency: 28
  • Transparency & Controls: 69
  • Accountability: 90
  • Sustainability: 19
  • Growth: NotEnoughData

Detailed rating inputs

Financial Efficiency

  • Mission deployment rate: 27.3%; rating input score 27
  • Program expense ratio: 26.6%; rating input score 27
  • Fundraising efficiency: $8.26 raised per $1 spent on fundraising; rating input score 34; 34th percentile among comparable filings

Transparency & Controls

  • Consistency checks: 100%; rating input score 100; 63rd percentile among comparable filings
  • Pay-setting controls: 0 of 6 controls in place; rating input score 0
    • Compensation committee: Missing
    • Independent consultant: Missing
    • Other Form 990s reviewed: Missing
    • Written employment contract: Missing
    • Compensation survey or study: Missing
    • Board or committee approval: Missing
  • Foreign activity oversight: Limited
  • Grant itemization coverage: Limited
  • Major donor itemization: Yes; rating input score 100
  • Related-party transparency: Limited

Accountability

  • Independent voting board: 100%; rating input score 100; 63rd percentile among comparable filings
  • Governance controls: 6 of 8 controls in place; rating input score 75
    • Conflict-of-interest policy: Pass
    • Whistleblower policy: Pass
    • Document-retention policy: Pass
    • CEO compensation review process: Pass
    • Other executive compensation review process: NotApplicable
    • Form 990 shared with the board: Pass
    • Board meeting minutes documented: Pass
    • Audit committee oversight: Missing
    • Independent financial-statement audit: Fail

Sustainability

  • Operating margin: -2.7%; rating input score 35; 35th percentile among comparable filings
  • Total-asset coverage ratio: 0.04; rating input score 4; 4th percentile among comparable filings
  • Liabilities to assets ratio: 1.61; rating input score 3; 3rd percentile among comparable filings
  • Officer compensation ratio: 40.6%; rating input score 6; 6th percentile among comparable filings

Growth

  • Program expense growth: Limited
  • Revenue growth: Limited
  • Asset growth: Limited

Details

  • Where the money goes: 27.3% of revenue deployed · 26.6% of spending went to programs
  • Governance: 3 of 3 board members independent · 6 of 8 filing controls reported
  • Programs: 3 filed program accomplishments · $136K in reported program spending
  • Leadership: top reported pay $209K · 4 people listed · 0 of 6 pay-setting controls reported
  • Consistency: 20 of 20 current checks pass
  • Schedules: 4 filed schedules · includes major donors and executive pay
  • Contacts: How to reach this organization
  • Money network: 1 filed money-flow record
  • Grant readiness: Federal tax and exclusion status, award history, and grant-maker relationships.
  • People: Everyone the filings name, and which of them the filings identify by more than a name.

Key Signals

Signals prioritize questions for review. They are not findings of misconduct.

  • High — Financial Efficiency: Mission deployment rate scored 27/100.
  • High — Financial Efficiency: Program expense ratio scored 27/100.
  • High — Transparency & Controls: Pay-setting controls scored 0/100.
  • Moderate — Financial Efficiency: Fundraising efficiency scored 34/100.
  • Moderate — Sustainability: Operating margin scored 35/100.
  • High — Sustainability: Total-asset coverage ratio scored 4/100.
  • Review — Accountability: Governance controls: Independent financial-statement audit not reported.
  • High — Sustainability: Liabilities to assets ratio scored 3/100.
  • High — Sustainability: Officer compensation ratio scored 6/100.