Seward Redesign Inc

Nonprofit profile at a glance

EIN
237290844
IRS 990 coverage
2010–2024
Forms available
Form 990 2024
Location
Minneapolis, MN, USA
Phone
6123388729
Rating
82
Verdict
STRONG
Rating confidence
Moderate
Sector
Arts, Cultural Organizations - Multipurpose

Reported finances

Revenue
$4,288,841
Expenses
$3,816,939
Assets
$34,554,998
Liabilities
$22,930,650

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

Leadership & pay

16 people listed

Executive titles in this filing

  • SHELDON MAINS (PRESIDENT)
  • ANDY HESTNESS (EXECUTIVE DIRECTOR)

Highest reported compensation

  • ANDY HESTNESS (EXECUTIVE DIRECTOR): $172,716 total reported compensation
  • TAYLOR SMRIKAROVA (REAL ESTATE DEVELOPMENT DIRECTOR): $129,049 total reported compensation
  • ABIGAIL ROMERO (REAL ESTATE PROJECT MANAGER): $115,351 total reported compensation

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

Overview

Mission

Redesign builds economic justice in collaboration with the community by developing and sustaining affordable housing and commercial real estate, investing in entrepreneurs, and creating living wage jobs.

What it reported doing in 2024

Business development and growthredesign serves more than 100 small and emerging businesses in our neighborhood each year through hands-on, tailored technical support. We work one-on-one with small businesses to provide hands-on needs assessments, resources (such as business plan writing, strategy development, marketing support, accounting, etc.), coaching, support with site search, leasing, purchasing negotiations, navigation through licensing and permitting processes, low-interest and profit-based financing, and more to accomplish their goals. In 2024, redesign visited 123 businesses and provided 936 hours of services to 56 small and emerging businesses. We supported 8 businesses with more than $17,000 in matching funds for improving the look of their storefronts, and launched a new series of small business support workshops based on community needs. Redesign's pool of lending capital enables us to support clients who often do not qualify for traditional loan products and frequently have limited options for accessing capital. Redesign manages multiple loan pools that make below-market loans to small businesses that create jobs within the community and promote the success of the commercial corridors. In 2024, redesign originated 4 loans totaling $125,000 from our pool of low-interest loan capital. Redesign also provides commercial brokerage services to local businesses to assist them in finding space to lease or properties to purchase in the community, including developing plans for the improvement of spaces and the financing for those improvements. In 2024, redesign supported 51 businesses in locating commercial space in our service area to house their business.

Operating model

Revenue model
Earned-program. 73% 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

STRONG - A large share of available resources goes toward mission work and most voting board members are independent. Few specific pay-setting methods are documented in the filing; unanswered boxes are not proof of absence and fundraising costs are high for each dollar raised.

Rating breakdown

  • Financial Efficiency: 85
  • Transparency & Controls: 65
  • Accountability: 100
  • Sustainability: 61
  • Growth: 100

Detailed rating inputs

Financial Efficiency

  • Mission deployment rate: 91.3%; rating input score 91
  • Program expense ratio: 89.6%; rating input score 90
  • Fundraising efficiency: $10.5 raised per $1 spent on fundraising; rating input score 39; 39th percentile among comparable filings

Transparency & Controls

  • Consistency checks: 100%; rating input score 100; 63rd 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 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: 11%; rating input score 64; 64th percentile among comparable filings
  • Total-asset coverage ratio: 9.05; rating input score 90; 90th percentile among comparable filings
  • Liabilities to assets ratio: 0.66; rating input score 14; 14th percentile among comparable filings
  • Officer compensation ratio: 10.9%; rating input score 27; 27th percentile among comparable filings

Growth

  • Program expense growth: 8.5% per year; rating input score 100; 58th percentile among comparable filings
  • Revenue growth: 10.4% per year; rating input score 100; 70th percentile among comparable filings
  • Asset growth: 11.8% per year; rating input score 100; 65th percentile among comparable filings

Details

  • Where the money goes: 91.3% of revenue deployed · 89.6% of spending went to programs
  • Governance: 13 of 13 board members independent · 8 of 8 filing controls reported
  • Programs: 4 filed program accomplishments · $3.4M in reported program spending
  • Leadership: top reported pay $173K · 16 people listed · 0 of 6 pay-setting controls reported
  • Highest-paid contractors: 3 contractors listed · $696K reported
  • Consistency: 28 of 28 current checks pass
  • Schedules: 6 filed schedules · includes major donors and executive pay
  • Filing history: 15 filing years from 2010 to 2024
  • Contacts: How to reach this organization
  • Money network: 3 filed money-flow records
  • Related organizations: 22 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.

  • High — Transparency & Controls: Pay-setting controls scored 0/100.
  • Moderate — Financial Efficiency: Fundraising efficiency scored 39/100.
  • High — Sustainability: Liabilities to assets ratio scored 14/100.
  • High — Sustainability: Officer compensation ratio scored 27/100.