Enterprise Minnesota

Nonprofit profile at a glance

EIN
411595930
IRS 990 coverage
2010–2024
Forms available
Form 990 2024, Form 990-T 2024
Location
Minneapolis, MN, USA
Phone
6123732900
Rating
83
Verdict
STRONG
Rating confidence
Moderate
Sector
Government and Public Administration

Official website

Reported finances

Revenue
$6,877,212
Expenses
$6,969,962
Assets
$4,134,367
Liabilities
$1,911,313

Source: IRS Form 990. Selected filing: tax year 2024. Amounts in USD.

Leadership & pay

17 people listed

Executive titles in this filing

  • ROBERT KILL (PRESIDENT AND CEO)

Highest reported compensation

  • ROBERT KILL (PRESIDENT AND CEO): $282,713 total reported compensation
  • PATRICIA VASATKA (VP OF FINANCE): $213,142 total reported compensation
  • LYNN SHELTON (VP OF MARKETING): $211,896 total reported compensation

Source: IRS Form 990. Selected filing: tax year 2024. Names and roles reflect this filing, not necessarily current officeholders.

Overview

Mission

To promote economic growth and job creation through applied research, technology transfer, and productive development.

What it reported doing in 2024

Enterprise Minnesota helps small and mid-sized manufacturers develop and implement strategies to grow business. Whether walking through the lean manufacturing process or training on the latest management strategies, we help manufacturing businesses compete and grow profitably. Our industry experts are located across Minnesota to help clients achieve their goals and become world-class manufacturers. Enterprise Minnesota is an affiliate of the national mep network part of the u.s. Department of commerce's national institute of standards and technology, (nist), and assists small and medium sized manufacturing companies by providing products and services designed to help them succeed. (continued on schedule o)(continued from part iii)enterprise Minnesota has successfully leveraged this federal support for more than 30 years and administrating the cooperative agreement that provides for the mep center in Minnesota. In the past three years alone, we accomplished the following: - 53 Minnesota companies received critical business assistance.- these companies realized a positive economic impact of $1.5 million to their bottom line in increased sales, reduced production costs, and improved employee utilization. - more than 6,900 jobs have been created or retained. In addition to our consulting services, enterprise Minnesota offered three great ways to keep up with the latest manufacturing news in Minnesota; enterprise magazine, e-trends newsletter, and the annual state of manufacturing poll, a statewide research project that includes hundreds of phone surveys and several focus groups with manufacturing executives across the state.

Operating model

Revenue model
Mixed. Its operating money came from several sources; no one source provided a clear majority.
Distribution model
Direct operator. The filing allocates 100% of reported program-service expenses outside its grant, affiliate-payment, and member-benefit lines. This expense classification does not rule out separately announced grant awards.

The verdict

STRONG - A large share of available resources goes toward mission work and the filed numbers largely add up. Expenses are high relative to revenue and total assets are small relative to annual expenses; liquid coverage is unknown.

Rating breakdown

  • Financial Efficiency: 79
  • Transparency & Controls: 89
  • Accountability: 94
  • Sustainability: 23
  • Growth: 100

Detailed rating inputs

Financial Efficiency

  • Mission deployment rate: 89.7%; rating input score 90
  • Program expense ratio: 87.8%; rating input score 88
  • Fundraising efficiency: Limited

Transparency & Controls

  • Consistency checks: 100%; rating input score 100; 63rd percentile among comparable filings
  • Pay-setting controls: 5 of 6 controls in place; rating input score 83
    • Compensation committee: Pass
    • Independent consultant: Pass
    • Other Form 990s reviewed: Missing
    • Written employment contract: Pass
    • Compensation survey or study: Pass
    • Board or committee approval: Pass
  • Foreign activity oversight: Limited
  • Grant itemization coverage: Limited
  • Major donor itemization: Yes; rating input score 100
  • Related-party transparency: Limited

Accountability

  • Independent voting board: 88.9%; rating input score 89; 20th percentile among comparable filings
  • Governance controls: 9 of 9 controls in place; rating input score 100
    • Conflict-of-interest policy: Pass
    • Whistleblower policy: Pass
    • Document-retention policy: Pass
    • CEO compensation review process: Pass
    • Other executive compensation review process: Pass
    • Form 990 shared with the board: Pass
    • Board meeting minutes documented: Pass
    • Audit committee oversight: Pass
    • Independent financial-statement audit: Pass

Sustainability

  • Operating margin: -1.3%; rating input score 28; 28th percentile among comparable filings
  • Total-asset coverage ratio: 0.59; rating input score 21; 21st percentile among comparable filings
  • Liabilities to assets ratio: 0.46; rating input score 23; 23rd percentile among comparable filings
  • Officer compensation ratio: 25.1%; rating input score 8; 8th percentile among comparable filings

Growth

  • Program expense growth: 4.2% per year; rating input score 100; 35th percentile among comparable filings
  • Revenue growth: 3.2% per year; rating input score 100; 28th percentile among comparable filings
  • Asset growth: 3.1% per year; rating input score 100; 24th percentile among comparable filings

Details

  • Where the money goes: 89.7% of revenue deployed · 87.8% of spending went to programs
  • Governance: 8 of 9 board members independent · 9 of 9 filing controls reported
  • Programs: 1 filed program accomplishment · $6.1M in reported program spending
  • Leadership: top reported pay $283K · 17 people listed · 5 of 6 pay-setting controls reported
  • Highest-paid contractors: 1 contractor listed · $176K reported
  • Consistency: 30 of 30 current checks pass
  • Schedules: 7 filed schedules · includes major donors and executive pay
  • Filing history: 15 filing years from 2010 to 2024
  • Contacts: How to reach this organization
  • Money network: 9 filed money-flow records
  • 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 — Sustainability: Operating margin scored 28/100.
  • High — Sustainability: Total-asset coverage ratio scored 21/100.
  • High — Sustainability: Officer compensation ratio scored 8/100.
  • High — Sustainability: Liabilities to assets ratio scored 23/100.