Northside Economic Opportunity Network

Nonprofit profile at a glance

EIN
800163521
IRS 990 coverage
2012–2024
Forms available
Form 990 2024
Location
Minneapolis, MN, USA
Phone
6123021505
Rating
73
Verdict
SUPPORTED
Rating confidence
Standard
Sector
Urban, Community Economic Development

Official website

Reported finances

Revenue
$5,856,372
Expenses
$3,037,277
Assets
$19,079,157
Liabilities
$929,064

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

Leadership & pay

18 people listed

Executive titles in this filing

  • WARREN MCLEAN (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 mission is to build wealth for the low to moderate-income entrepreneurs in north minneapolis and surrounding communities. Neon accomplishes its mission by collaborating with partner organizations to provide technical assistance and support: entrepreneur training and outreach, financial literacy, small business, and technical assistance and support.

What it reported doing in 2024

The destination northside coalition is a group of organizations committed to the long-term economic prosperity of north minneapolis. The destination north coalition seeks to:- transform north minneapolis into a more prosperous, healthy and thriving environment that is centered on sustaining a good quality of life for our residents.- strengthen northside business corridors as key destinations for families, individuals, stakeholders and visitors.- increase north minneapolis' visibility and viability as a destination while growing our assets and building cultural wealth through generations.

Operating model

Revenue model
Donor-supported. 77% of the money available for current operations came from contributions and gifts.
Distribution model
Direct operator. The filing allocates 96% 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

SUPPORTED - 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 fundraising costs are high for each dollar raised.

Rating breakdown

  • Financial Efficiency: 49
  • Transparency & Controls: 84
  • Accountability: 95
  • Sustainability: 78
  • Growth: 100

Detailed rating inputs

Financial Efficiency

  • Mission deployment rate: 39.9%; rating input score 40
  • Program expense ratio: 64.6%; rating input score 65
  • Fundraising efficiency: $12.08 raised per $1 spent on fundraising; rating input score 44; 44th percentile among comparable filings

Transparency & Controls

  • Consistency checks: 100%; rating input score 100; 63rd percentile among comparable filings
  • Pay-setting controls: 2 of 6 controls in place; rating input score 33
    • Compensation committee: Missing
    • Independent consultant: Missing
    • Other Form 990s reviewed: Pass
    • Written employment contract: Missing
    • Compensation survey or study: Missing
    • Board or committee approval: Pass
  • Foreign activity oversight: Limited
  • Grant itemization coverage: 100%; rating input score 100; 72nd percentile among comparable filings
  • Major donor itemization: Yes; rating input score 100
  • Related-party transparency: Yes; rating input score 100

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: 48.1%; rating input score 92; 92nd percentile among comparable filings
  • Total-asset coverage ratio: 6.28; rating input score 86; 86th percentile among comparable filings
  • Liabilities to assets ratio: 0.05; rating input score 70; 70th percentile among comparable filings
  • Officer compensation ratio: 18.4%; rating input score 14; 14th percentile among comparable filings

Growth

  • Program expense growth: 18.1% per year; rating input score 100; 83rd percentile among comparable filings
  • Revenue growth: 25% per year; rating input score 100; 92nd percentile among comparable filings
  • Asset growth: 32.9% per year; rating input score 100; 94th percentile among comparable filings

Details

  • Where the money goes: 39.9% of revenue deployed · 64.6% of spending went to programs
  • Governance: 15 of 15 board members independent · 8 of 9 filing controls reported
  • Programs: 2 filed program accomplishments · $2M in reported program spending
  • Leadership: top reported pay $263K · 18 people listed · 2 of 6 pay-setting controls reported
  • Highest-paid contractors: 5 contractors listed · $2.1M reported
  • Consistency: 36 of 36 current checks pass
  • Schedules: 8 filed schedules · includes major donors, grants, executive pay, and related organizations
  • Filing history: 12 filing years from 2012 to 2024
  • Contacts: How to reach this organization
  • Money network: 6 filed money-flow records
  • Related organizations: 5 filed related-organization links
  • 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.

Grant-readiness screening is separate from the live rating, not a measure of program quality. Review the source records before making a grant decision.

  • Moderate — Financial Efficiency: Mission deployment rate scored 40/100.
  • Moderate — Financial Efficiency: Fundraising efficiency scored 44/100.
  • Review — Accountability: Governance controls: Other executive compensation review process not reported.
  • High — Sustainability: Officer compensation ratio scored 14/100.
  • High — Grant Readiness: Federal audit findings: this organization reported findings in its latest federal Single Audit.