AREA PARTNERSHIP FOR ECONOMIC EXPA… - Form 990 Financial Data

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Financial Vulnerability Assessment (Tuckman-Chang)

4 risk indicators measuring financial stability and operational resilience

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Financial Trends

Organization Details

Formation Year

2003

Legal Domicile

Principal Officer

RACHEL JOHNSON

Phone

2187403667

Tax Period

2025-01-01 to 2025-12-31

AREA PARTNERSHIP FOR ECONOMIC EXPANSION, founded in 2003, is a small nonprofit in the Community Improvement sector that reported $777K in total revenue in fiscal year 2025. Expenses of $668K left a modest 14% surplus.

Mission

PROMOTE AND DEVELOP ECONOMIC EXPANSION IN DULUTH AND NORTHEASTERN MN AND NORTHWESTERN WISCONSIN. THE ORGANIZATION LEADS REGIONAL RESEARCH EFFORTS RELATED TO HUMAN RESOURCES, AND EMERGING INDUSTRIES TO INFORM BUSINESS DEVELOPMENT AND BUSINESS RECRUITING ACTIVITIES.

Program Service Accomplishments

Program 1

Expenses: $611,327

ORGANIZATIONS PRIMARY PURPOSE IS ECONOMIC DEVELOPMENT IN NORTHEASTERN MN AND NW WI. ORGANIZATION PROVIDES STRATEGIC PLANNING AND BUSINESS CONSULTING TO EXISTING BUSINESSES AND RECRUITS NEW BUSINESS.

Program 2

THE ORGANIZATION LEADS REGIONAL RESEARCH EFFORTS RELATED TO HUMAN RESOURCES, NATURAL RESOURCES AND EMERGING INDUSTRIES TO INFORM BUSINESS DEVELOPMENT AND BUSINESS RECRUITING ACTIVITIES.

Program 3

Expenses: $56,687

THE ORGANIZATION PROVIDES REGIONAL ECONOMIC DEVELOPMENT PARTNERS WITH ADMINISTRATIVE SUPPORT AND MARKETING SERVICES.

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Trantor Score

Financial Health Score (300–850) · Liquidity · Solvency · Sustainability · Efficiency

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Liquidity (40%) • Solvency (30%) • Sustainability (20%) • Efficiency (10%)

Financial Overview (2025)

Revenue Breakdown

Contributions & Grants $753,250

Program Service Revenue $1,430

Investment Income $21,909

Other Revenue $332

TOTAL REVENUE $776,921

Expense Breakdown

Grants Paid $0

Salaries & Benefits $424,880

Fundraising Expenses $0

Program Expenses $668,014

Other Expenses $243,134

TOTAL EXPENSES $668,014

Year-over-Year Comparison

	2025	2024	Change
Revenue	$776,921	$773,984	+0.0%
Expenses	$668,014	$745,482	-0.1%
Net Income	$108,907	$28,502	+2.8%

Key Indicators

✗ Grants to Organizations ✗ Grants to Individuals ✗ Lobbying ✗ Political Activity ✗ Foreign Activities ✗ Donor Advised Fund ✗ Schedule B Required

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Financial Health Indicators

Comprehensive financial analysis: Altman Z-Score, liquidity, solvency, sustainability, efficiency, and growth metrics

Financial Distress Indicator

Liquidity & Cash Position

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Altman Z-Score • Liquidity Ratios • Solvency Analysis • Growth Indicators • Efficiency Metrics

Governance

Voting Members

Independent Members

Employees

Volunteers

N/A

Governance Policies

✗ Conflict of Interest Policy

✗ Whistleblower Policy

✗ Document Retention Policy

Special Practices & Reported Activities

✗ Operated a School

✗ Operated a Hospital

✗ Provided First Class Travel

✗ Reported Conflict of Interest

✗ Reported Asset Diversion

✗ Excess Benefit Transaction

✗ Made Political Expenditures

✗ Engaged in Lobbying

✗ Operated Donor Advised Fund

✗ Maintained Art Collections

✗ Filed Form 720

Compensation of Officers, Directors & Key Employees

Total Officers

$213,262

Total Directors

Key Employees

Highest Compensated

reported

Name	Title	Hours/Week	Role	Reportable Comp	Other Comp	Total
RACHEL JOHNSON	CEO/PRESIDEN	40.00	Officer	$202,762	$10,500	$213,262
KEKVIN BEARDSLEY	AT LARGE MEM	1.00	Director	$0	$0	$0
MIKE BOESELAGER	AT LARGE MEM	1.00	Director	$0	$0	$0
PAT DEGROOD	AT LARGE MEM	1.00	Director	$0	$0	$0
PAUL EBERTH	VICE CHAIR	1.00	Officer Director	$0	$0	$0
ANDY EDMUNDS	TREASURER	1.00	Officer Director	$0	$0	$0
FRANK FREDERICKSON	PAST CHAIR	1.00	Officer Director	$0	$0	$0
KEN JOHNSON	CHAIR	1.00	Officer Director	$0	$0	$0
JENA MERTZ	AT LARGE MEM	1.00	Director	$0	$0	$0
CHANCELLOR CHARLES NIES	AT LARGE MEM	1.00	Director	$0	$0	$0
JULIE SINGEWALD	AT LARGE MEM	1.00	Director	$0	$0	$0
DANTE TOMASSONI	AT LARGE MEM	1.00	Director	$0	$0	$0

Note: Compensation data is self-reported by the organization on their Form 990. "Reportable Comp" includes salary, bonuses, and other reportable compensation from the organization and related organizations. "Other Comp" includes benefits, deferred compensation, and non-taxable benefits.

Historical Data

Year	Revenue	Expenses	Assets	Net Income
2025	$776,921	$668,014	$891,282	$108,907
2024	No data	No data	No data	No data
2023	$833,326	$733,116	$694,336	$100,210
2022	$822,306	$826,988	$463,783	$-4,682
2021	$893,820	$846,239	$746,724	$47,581
2020	$824,200	$779,475	$660,565	$44,725
2019	$858,003	$860,009	$522,678	$-2,006
2018	$844,255	$845,256	$568,357	$-1,001

AREA PARTNERSHIP FOR ECONOMIC EXPANSION