Neon Real Estate Holding Company

Nonprofit profile at a glance

EIN
994854546
IRS 990 coverage
2024–2024
Forms available
Form 990 2024
Location
Minneapolis, MN, USA
Phone
6123021505
Rating
56
Verdict
MIXED
Rating confidence
Moderate
Sector
Support N.E.C.

Reported finances

Revenue
$399,999
Expenses
$4,654
Assets
$11,783,556
Liabilities
$12,034,004

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

Leadership & pay

8 people listed

Executive titles in this filing

  • WARREN MCLEAN (PRESIDENT)
  • JAMES PIERCE (VICE PRESIDENT)

Highest reported compensation

  • WARREN MCLEAN (PRESIDENT): $262,756 total reported compensation
  • STEPHEN OBAYUWANA (SENIOR VP & COO): $160,504 total reported compensation
  • ANN FIX (VP BUSINESS DEVELOPMENT): $135,932 total reported compensation

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

Overview

Mission

Neon real estate holding company is organized and shall operate exclusively for charitable, religious, or educational purposes, and in connection therewith exclusively for the benefit of, to support the functions of, and to assist in carrying out the purposes of northside economic opportunity network.

What it reported doing in 2024

The organization broke ground for the construction of the neon collective kitchens building, a food business incubator and commercial kitchen facility. The organization was established to construct, hold and manage the new building.

Operating model

Revenue model
Donor-supported. 100% of the money available for current operations came from contributions and gifts.
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.
  • Includes noncash contributions: Reported contributions include donated property or goods.

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 few specific pay-setting methods are documented in the filing; unanswered boxes are not proof of absence.

Rating breakdown

  • Financial Efficiency: 34
  • Transparency & Controls: 65
  • Accountability: 95
  • Sustainability: 77
  • Growth: NotEnoughData

Detailed rating inputs

Financial Efficiency

  • Mission deployment rate: 1.2%; rating input score 1
  • Program expense ratio: 100%; rating input score 100
  • Fundraising efficiency: Limited

Transparency & Controls

  • Consistency checks: 100%; rating input score 100; 64th 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: 8 of 9 controls in place; rating input score 89
    • Conflict-of-interest policy: Pass
    • Whistleblower policy: Pass
    • Document-retention policy: Pass
    • CEO compensation review process: Pass
    • Other executive compensation review process: Fail
    • Form 990 shared with the board: Pass
    • Board meeting minutes documented: Pass
    • Audit committee oversight: Pass
    • Independent financial-statement audit: Pass

Sustainability

  • Operating margin: 98.8%; rating input score 100; 100th percentile among comparable filings
  • Total-asset coverage ratio: 2,531.92; rating input score 100; 100th percentile among comparable filings
  • Liabilities to assets ratio: 1.02; rating input score 5; 5th percentile among comparable filings
  • Officer compensation ratio: 1,812.7%; rating input score 0; 0th percentile among comparable filings

Growth

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

Details

  • Where the money goes: 1.2% of revenue deployed · 100% of spending went to programs
  • Governance: 5 of 5 board members independent · 8 of 9 filing controls reported
  • Programs: 1 filed program accomplishment · $5K in reported program spending
  • Leadership: top reported pay $263K · 8 people listed · 0 of 6 pay-setting controls reported
  • Highest-paid contractors: 1 contractor listed · $750K reported
  • Consistency: 14 of 14 current checks pass
  • Schedules: 7 filed schedules · includes major donors and executive pay
  • Contacts: How to reach this organization
  • 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.

  • High — Financial Efficiency: Mission deployment rate scored 1/100.
  • High — Transparency & Controls: Pay-setting controls scored 0/100.
  • Review — Accountability: Governance controls: Other executive compensation review process not reported.
  • High — Sustainability: Officer compensation ratio scored 0/100.
  • High — Sustainability: Liabilities to assets ratio scored 5/100.