INITIATIVE FOUNDATION (EIN 363451562) - Form 990 Financial Analysis & Trantor Score

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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

1986

Legal Domicile

Principal Officer

BRIAN VOERDING

Phone

3206329255

Tax Period

2023-01-01 to 2023-12-31

INITIATIVE FOUNDATION, founded in 1986, is a mid-sized nonprofit in the Community Improvement sector that reported $10.0M in total revenue in fiscal year 2023. Revenue fell 47% from the prior year — a significant decline worth monitoring. Expenses of $9.4M left a modest 7% surplus.

Mission

TO EMPOWER PEOPLE TO BUILD THRIVING COMMUNITIES AND A VIBRANT REGION ACROSS CENTRAL MINNESOTA.

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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 (2023)

Revenue Breakdown

Contributions & Grants $7,171,446

Program Service Revenue $804,000

Investment Income $1,931,465

Other Revenue $124,992

TOTAL REVENUE $10,031,903

Expense Breakdown

Grants Paid $4,292,882

Salaries & Benefits $2,880,051

Fundraising Expenses $534,395

Program Expenses $7,187,731

Other Expenses $2,189,243

TOTAL EXPENSES $9,362,176

Year-over-Year Comparison

	2023	2022	Change
Revenue	$10,031,903	$18,836,412	-0.5%
Expenses	$9,362,176	$16,266,746	-0.4%
Net Income	$669,727	$2,569,666	-0.7%

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

226

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

$263,774

Total Directors

Key Employees

Highest Compensated

reported

Name	Title	Hours/Week	Role	Reportable Comp	Other Comp	Total
KIM ELLINGSON	TRUSTEE/CHAIR	2.00	Officer Director	$0	$0	$0
DAVID MONROY	TRUSTEE/VICE-CHAIR	2.00	Officer Director	$0	$0	$0
BRETT ANDERSON	TRUSTEE	1.00	Director	$0	$0	$0
CARRIE WILLIS	TRUSTEE	1.00	Director	$0	$0	$0
JESSICA BITZ	TRUSTEE	1.00	Director	$0	$0	$0
JOE NAYQUONABE JR	TRUSTEE	1.00	Director	$0	$0	$0
JULIE NELSON	TRUSTEE	1.00	Director	$0	$0	$0
TIM NELSON	TRUSTEE	1.00	Director	$0	$0	$0
KRISTI WESTBROCK	TRUSTEE	1.00	Director	$0	$0	$0
MATEO MACKBEE	TRUSTEE	1.00	Director	$0	$0	$0
ROBBYN WACKER	TRUSTEE	1.00	Director	$0	$0	$0
SANTO CRUZ	TRUSTEE	1.00	Director	$0	$0	$0
TERI HOGGARTH	TRUSTEE	1.00	Director	$0	$0	$0
DAN WEBER	TRUSTEE	1.00	Director	$0	$0	$0
JOE MULFORD	TRUSTEE	1.00	Director	$0	$0	$0
BRIAN VOERDING	PRESIDENT	40.00	Officer	$109,471	$23,567	$133,038
MICHELE MILLER	CFO	40.00	Officer	$102,859	$27,877	$130,736
DON HICKMAN	VICE PRESIDENT FOR COMMUNI	40.00	Highest	$145,945	$23,567	$169,512
LYNN BUSHINGER	COO/CFO/TREASURER (FORMER)	40.00		$205,443	$48,149	$253,592
MATT VARILEK	PRESIDENT (FORMER)	40.00		$134,549	$18,049	$152,598

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
2024	No data	No data	No data	No data
2023	$10,031,903	$9,362,176	$109,008,159	$669,727
2022	$18,836,412	$16,266,746	$98,819,361	$2,569,666
2021	$30,841,983	$9,396,701	$108,344,856	$21,445,282
2020	$21,753,358	$15,318,248	$95,633,483	$6,435,110
2019	$10,291,225	$5,230,555	$81,789,533	$5,060,670
2018	$9,272,619	$5,924,226	$71,595,102	$3,348,393

INITIATIVE FOUNDATION