Red Wing Ignite

Nonprofit profile at a glance

EIN
461469707
IRS 990 coverage
2018–2024
Forms available
Form 990 2024, Form 990-EZ 2017
Location
Red Wing, MN, USA
Phone
6513272626
Rating
86
Verdict
STRONG
Rating confidence
Moderate
Sector
Human Service Organizations

Official website

Reported finances

Revenue
$1,292,753
Expenses
$1,282,815
Assets
$709,194
Liabilities
$48,026

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

Leadership & pay

8 people listed

Executive titles in this filing

  • PAUL KRAMP (VICE PRESIDENT)
  • STACY NIMMO (EXECUTIVE DIRECTOR)

Highest reported compensation

  • STACY NIMMO (EXECUTIVE DIRECTOR): $107,371 total reported compensation

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

Overview

Mission

We advance innovation, technology, and entrereneurs by bringing together like-minded individuals to create a thriving community. We provide resources, networks, and needed expertise for students, startups, and businesses to succeed.

What it reported doing in 2024

We serve entrepreneurs with education, resources and connections to drive their success.2024 program impact:1,074 entrepreneurs served by red wing ignite throughout the 11 county region of se minnesota21% entrepreneurs served self identify as bipoc or from a tribal community (well above census parity)36 businesses launched31 collaborative partner organizations worked with on grant activities98 business support workshops 195 entrepreneurs received customized assistance 96% of entrepreneur survey responses indicate participation resulted in increased capacity for business advancement 46 business mentors connected to entrepreneurs24 entrepreneurs participated in business accelerator programming major national and state recognition and awards: 2023 mn deed designation as entrepreneurial hub in se Minnesota for the launchmn program 2022 eda build to scale award $4m. One of eight rural communities in the united states to be awarded minneinno blazer award given by twin cities business magazine as the "top community builder" in Minnesota mn deed small business partnership grant awardee $436k2019 eda i6 challenge grant awardee $1.7m2018 selected to be a part of the center on rural innovation inaugural cohort2014 first rural community selected by us ignite as a smart city

Operating model

Revenue model
Grant-funded. 90% of the money available for current operations came from government grants.
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.
  • Includes noncash contributions: Reported contributions include donated property or goods.

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: 77
  • Transparency & Controls: 94
  • Accountability: 100
  • Sustainability: 36
  • Growth: 100

Detailed rating inputs

Financial Efficiency

  • Mission deployment rate: 75.6%; rating input score 76
  • Program expense ratio: 76.1%; rating input score 76
  • Fundraising efficiency: $141.07 raised per $1 spent on fundraising; rating input score 89; 89th percentile among comparable filings

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: 100%; rating input score 100; 76th 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; 63rd percentile among comparable filings
  • Governance controls: 8 of 8 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: NotApplicable
    • Form 990 shared with the board: Pass
    • Board meeting minutes documented: Pass
    • Audit committee oversight: Pass
    • Independent financial-statement audit: Pass

Sustainability

  • Operating margin: 0.8%; rating input score 38; 38th percentile among comparable filings
  • Total-asset coverage ratio: 0.55; rating input score 26; 26th percentile among comparable filings
  • Liabilities to assets ratio: 0.07; rating input score 48; 48th percentile among comparable filings
  • Officer compensation ratio: 8.4%; rating input score 42; 42nd percentile among comparable filings

Growth

  • Program expense growth: 25.1% per year; rating input score 100; 87th percentile among comparable filings
  • Revenue growth: 23.5% per year; rating input score 100; 88th percentile among comparable filings
  • Asset growth: 28.5% per year; rating input score 100; 90th percentile among comparable filings

Details

  • Where the money goes: 75.6% of revenue deployed · 76.1% of spending went to programs
  • Governance: 7 of 7 board members independent · 8 of 8 filing controls reported
  • Programs: 1 filed program accomplishment · $976K in reported program spending
  • Leadership: top reported pay $107K · 8 people listed
  • Consistency: 32 of 32 current checks pass
  • Schedules: 5 filed schedules · includes major donors and grants
  • 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.
  • Staff and benefit plans: Retirement and health plans the organization files with the Department of Labor, and the people in them.

Key Signals

Signals prioritize questions for review. They are not findings of misconduct.

  • Moderate — Sustainability: Operating margin scored 38/100.
  • High — Sustainability: Total-asset coverage ratio scored 26/100.
  • Moderate — Sustainability: Officer compensation ratio scored 42/100.
  • Moderate — Sustainability: Liabilities to assets ratio scored 48/100.