SOUTHERN MINNESOTA INITIATIVE FOUNDATION (EIN 363454285) - 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

TIMOTHY PENNY

Phone

5074553215

Tax Period

2023-07-01 to 2024-06-30

SOUTHERN MINNESOTA INITIATIVE FOUNDATION, founded in 1986, is a community nonprofit in the Community Improvement sector that reported $8.4M in total revenue in fiscal year 2023. Revenue surged 42% from the prior year, signaling strong growth momentum. The organization ran a surplus of $1.5M, a strong 17% operating margin.

Mission

INVESTS FOR ECONOMIC GROWTH IN THE 20 COUNTIES OF SOUTH CENTRAL AND SOUTHEASTERN 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 $6,130,483

Program Service Revenue $199,701

Investment Income $2,030,453

Other Revenue $67

TOTAL REVENUE $8,360,704

Expense Breakdown

Grants Paid $3,163,893

Salaries & Benefits $1,793,547

Fundraising Expenses $278,013

Program Expenses $5,953,128

Other Expenses $1,948,741

TOTAL EXPENSES $6,906,181

Year-over-Year Comparison

	2023	2022	Change
Revenue	$8,360,704	$5,876,900	+0.4%
Expenses	$6,906,181	$6,487,380	+0.1%
Net Income	$1,454,523	$-610,480	-3.4%

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

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

$354,755

Total Directors

Key Employees

Highest Compensated

reported

Name	Title	Hours/Week	Role	Reportable Comp	Other Comp	Total
TIMOTHY PENNY	PRESIDENT/CEO	40.00	Officer	$164,038	$42,110	$206,148
BRIAN CONZEMIUS	VICE PRESIDENT/CFO	40.00	Officer	$131,445	$17,162	$148,607
PAMELA BISHOP	VP OF ECONOMIC DEVELOPMENT	40.00	Highest	$108,156	$43,403	$151,559
RAE JEAN HANSEN	VP OF EARLY CHILDHOOD	40.00	Highest	$115,107	$7,085	$122,192
JAKE ANDERSON	TREASURER	2.00	Officer Director	$0	$0	$0
CHRIS SCHAD	SECRETERY	2.00	Officer Director	$0	$0	$0
SHAWN VOGT SWEEN	CHAIR	2.00	Officer Director	$0	$0	$0
ERIN MEIER	VICE CHAIR	2.00	Officer Director	$0	$0	$0
ERIN BAILEY	MEMBER AT LARGE	2.00	Officer Director	$0	$0	$0
BOB MANN	MEMBER AT LARGE	2.00	Officer Director	$0	$0	$0
IAN BENTS	MEMBER AT LARGE	2.00	Director	$0	$0	$0
MATT COY	MEMBER AT LARGE	2.00	Director	$0	$0	$0
BRAD HOINESS	MEMBER AT LARGE	2.00	Director	$0	$0	$0
IBRAHIM HUSSEIN	MEMBER AT LARGE	2.00	Director	$0	$0	$0
HEATHER MILLARD	MEMBER AT LARGE	2.00	Director	$0	$0	$0
ANGEL URIBE	MEMBER AT LARGE	2.00	Director	$0	$0	$0
XAVIER FRIGOLA	DIRECTOR	2.00	Director	$0	$0	$0
MATT GOLDADE	DIRECTOR	2.00	Director	$0	$0	$0
JAMILA IBRAHIM	DIRECTOR	2.00	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	No data	No data	No data	No data
2024	$8,360,704	$6,906,181	$75,903,981	$1,454,523
2023	$5,876,900	$6,487,380	$69,745,601	$-610,480
2022	$22,164,085	$16,755,144	$67,371,961	$5,408,941
2021	$20,001,758	$15,336,325	$74,043,196	$4,665,433
2020	$2,947,582	$5,158,273	$60,294,730	$-2,210,691
2019	$9,450,833	$5,283,087	$56,553,709	$4,167,746
2018	$8,587,215	$4,583,965	$56,088,355	$4,003,250

SOUTHERN MINNESOTA INITIATIVE FOUNDATION