Northspan Group Inc

Nonprofit profile at a glance

EIN
363386158
IRS 990 coverage
2018–2024
Forms available
Form 990 2024
Location
Duluth, MN, USA
Phone
2184817737
Rating
66
Verdict
SUPPORTED
Rating confidence
Moderate

Official website

Reported finances

Revenue
$1,847,657
Expenses
$1,790,624
Assets
$382,162
Liabilities
$255,867

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

Leadership & pay

14 people listed

Highest reported compensation

  • ELISSA HANSEN (PRESIDENTCEO): $126,225 total reported compensation

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

Overview

Mission

See statement on schedule o

What it reported doing in 2024

Capital (formerly business) - naics code 523930 northspans business development services nest within a network of public and private partners to provide critical gap services, and we work with companies of all sizes to grow the economy in the communities we serve. We structure and facilitate financing for projects and provide expertise in packaging loan and grant applications. We partner with communities and financial institutions to provide loan program support services, and we also partner with community banks to provide small business administration (sba)7a loan guaranty program services. Northspan also provides accredited business valuation and succession planning services to assist businesses through all stages of growth and transition.

Operating model

Revenue model
Earned-program. 99% of the money available for current operations came from fees and other program revenue.
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

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 a relatively small share of total spending goes to programs.

Rating breakdown

  • Financial Efficiency: 34
  • Transparency & Controls: 100
  • Accountability: 79
  • Sustainability: 31
  • Growth: 100

Detailed rating inputs

Financial Efficiency

  • Mission deployment rate: 38.2%; rating input score 38
  • Program expense ratio: 39.4%; rating input score 39
  • Fundraising efficiency: Limited

Transparency & Controls

  • Consistency checks: 100%; rating input score 100; 63rd percentile among comparable filings
  • Pay-setting controls: Limited
  • Foreign activity oversight: Limited
  • Grant itemization coverage: Limited
  • Major donor itemization: Limited
  • Related-party transparency: Limited

Accountability

  • Independent voting board: 100%; rating input score 100; 63rd percentile among comparable filings
  • Governance controls: 4 of 8 controls in place; rating input score 50
    • Conflict-of-interest policy: Pass
    • Whistleblower policy: Fail
    • Document-retention policy: Pass
    • CEO compensation review process: NotApplicable
    • Other executive compensation review process: Fail
    • Form 990 shared with the board: Pass
    • Board meeting minutes documented: Pass
    • Audit committee oversight: Missing
    • Independent financial-statement audit: Fail

Sustainability

  • Operating margin: 3.1%; rating input score 45; 45th percentile among comparable filings
  • Total-asset coverage ratio: 0.21; rating input score 10; 10th percentile among comparable filings
  • Liabilities to assets ratio: 0.67; rating input score 11; 11th percentile among comparable filings
  • Officer compensation ratio: 7%; rating input score 47; 47th percentile among comparable filings

Growth

  • Program expense growth: 10% per year; rating input score 100; 63rd percentile among comparable filings
  • Revenue growth: 14.6% per year; rating input score 100; 78th percentile among comparable filings
  • Asset growth: 3.6% per year; rating input score 100; 32nd percentile among comparable filings

Details

  • Where the money goes: 38.2% of revenue deployed · 39.4% of spending went to programs
  • Governance: 14 of 14 board members independent · 4 of 8 filing controls reported
  • Programs: 3 filed program accomplishments · $705K in reported program spending
  • Leadership: top reported pay $126K · 14 people listed
  • Consistency: 27 of 27 current checks pass
  • Schedules: 2 filed schedules
  • Filing history: 7 filing years from 2018 to 2024
  • Contacts: How to reach this organization
  • Money network: 1 filed money-flow record
  • Related organizations: Filed and resolved organization relationships.
  • 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.

  • Moderate — Financial Efficiency: Mission deployment rate scored 38/100.
  • Moderate — Financial Efficiency: Program expense ratio scored 39/100.
  • Review — Accountability: Governance controls: 3 of 7 not reported.
  • High — Sustainability: Total-asset coverage ratio scored 10/100.
  • Moderate — Sustainability: Operating margin scored 45/100.
  • High — Sustainability: Liabilities to assets ratio scored 11/100.
  • Moderate — Sustainability: Officer compensation ratio scored 47/100.