Friends of Global Market Inc

Nonprofit profile at a glance

EIN
832642593
IRS 990 coverage
2020–2025
Forms available
Form 990 2025, Form 990-N 2019
Location
Minneapolis, MN, USA
Phone
6127183023
Rating
72
Verdict
SUPPORTED
Rating confidence
Moderate
Sector
Economic Development

Official website

Reported finances

Revenue
$646,641
Expenses
$441,052
Assets
$279,976
Liabilities
$11,466

Source: IRS Form 990. Selected filing: tax year 2025. Amounts in USD.

Leadership & pay

6 people listed

People named in this filing

  • DANIEL FEHRENKAMP (CHAIR)
  • ANTHONY TAYLOR (BOARD MEMBER)
  • ALEXIS MCKINNIS (TREASURER)

Selected names, not a complete roster or a statement of current roles. Open leadership details for the complete filed list.

Source: IRS Form 990. Selected filing: tax year 2025. Names and roles reflect this filing, not necessarily current officeholders.

Overview

Mission

To support the midtown global market as a vital community resource that supports small business, cultural diversity, and free/low-cost programming.

What it reported doing in 2025

Midtown global market has over 32 locally-owned businesses, and has gained national attention as a vibrant, cultural market where communities gather in minneapolis, Minnesota. Midtown global market is a space where entrepreneurs can bring their business dreams into a reality.since the market has a community development mission and is not in existence to make a profit, one of the primary parts of our mission is to train and support the entrepreneurs and small businesses inside the market in many different ways, at no cost to them.friends of global market supports the mission of midtown global market by building the "friends" to the market and helping keep the market a place of resource for our small business owners and the community. We will help build the legacy of the midtown global market.

Operating model

Revenue model
Donor-supported. 76% of the money available for current operations came from contributions and gifts.
Distribution model
Hybrid. The nonprofit split its reported program spending across 57% for direct work, and 43% for grants.

The verdict

SUPPORTED - A large share of total spending goes to programs and the filed numbers largely add up. A relatively small share of available resources goes toward mission work and some filing-based governance responses are negative or unanswered.

Rating breakdown

  • Financial Efficiency: 68
  • Transparency & Controls: 89
  • Accountability: 76
  • Sustainability: 62
  • Growth: 0

Detailed rating inputs

Financial Efficiency

  • Mission deployment rate: 59.4%; rating input score 59
  • Program expense ratio: 87.1%; rating input score 87
  • Fundraising efficiency: $20.5 raised per $1 spent on fundraising; rating input score 56; 56th percentile among comparable filings

Transparency & Controls

  • Consistency checks: 92.3%; rating input score 92; 18th percentile among comparable filings
  • Pay-setting controls: Limited
  • Foreign activity oversight: Limited
  • Grant itemization coverage: 100%; rating input score 100; 78th percentile among comparable filings
  • Major donor itemization: Yes; rating input score 100
  • Related-party transparency: Limited

Accountability

  • Independent voting board: 100%; rating input score 100; 64th percentile among comparable filings
  • Governance controls: 3 of 7 controls in place; rating input score 43
    • Conflict-of-interest policy: Pass
    • Whistleblower policy: Fail
    • Document-retention policy: Fail
    • CEO compensation review process: NotApplicable
    • 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: 31.8%; rating input score 83; 83rd percentile among comparable filings
  • Total-asset coverage ratio: 0.63; rating input score 30; 30th percentile among comparable filings
  • Liabilities to assets ratio: 0.04; rating input score 45; 45th percentile among comparable filings
  • Officer compensation ratio: 0%; rating input score 78; 78th percentile among comparable filings

Growth

  • Program expense growth: -6.2% per year; rating input score 0; 6th percentile among comparable filings
  • Revenue growth: -18% per year; rating input score 0; 1st percentile among comparable filings
  • Asset growth: -24.1% per year; rating input score 0; 1st percentile among comparable filings

Details

  • Where the money goes: 59.4% of revenue deployed · 87.1% of spending went to programs
  • Governance: 6 of 6 board members independent · 3 of 7 filing controls reported
  • Programs: 1 filed program accomplishment · $384K in reported program spending
  • Leadership: top reported pay $0 · 6 people listed
  • Consistency: 23 of 24 current checks pass · 1 finding to review
  • Schedules: 6 filed schedules · includes major donors and grants
  • Filing history: 5 filing years from 2020 to 2025
  • Contacts: How to reach this organization
  • Money network: 1 filed money-flow record
  • Related organizations: 1 filed related-organization link
  • 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.

  • Review — Financial Efficiency: Mission deployment rate scored 59/100.
  • Moderate — Accountability: Governance controls: 3 of 6 not reported.
  • High — Growth: Program expense growth scored 0/100.
  • High — Growth: Revenue growth scored 0/100.
  • Review — Financial Efficiency: Fundraising efficiency scored 56/100.
  • Moderate — Sustainability: Total-asset coverage ratio scored 30/100.
  • High — Growth: Asset growth scored 0/100.
  • Moderate — Transparency & Controls: Schedule A contributions reconciliation did not reconcile in the filed values.
  • Moderate — Sustainability: Liabilities to assets ratio scored 45/100.