NORTHEAST ENTREPRENEUR FUND INC

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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

1989

Legal Domicile

Principal Officer

SHAWN WELLNITZ

Phone

2186235747

Tax Period

2024-01-01 to 2024-12-31

NORTHEAST ENTREPRENEUR FUND INC, founded in 1989, is a mid-sized nonprofit that reported $20.6M in total revenue in fiscal year 2024. Revenue surged 62% from the prior year, signaling strong growth momentum. The organization ran a surplus of $7.0M, a strong 34% operating margin.

Mission

THE MISSION OF ENTREPRENEUR FUND IS TO ADVANCE COMMUNITY ECONOMIC DEVELOPMENT IN RURAL AND UNDERSERVED COMMUNITIES. WE WORK TO ACHIEVE THIS BY ACTIVELY PARTNERING WITH ENTREPRENEURS TO STIMULATE THE GROWTH OF SUCCESSFUL BUSINESSES. OUR VISION IS TO HAVE VIBRANT COMMUNITIES AND A DIVERSE REGIONAL ECONOMY THAT IS CREATED AND SUSTAINED BY ENTREPRENEURS.

Program Service Accomplishments

Program 1

Expenses: $12,502,694 Revenue: $3,517,557

THE NORTHEAST ENTREPRENEUR FUND (EF) PROVIDES SMALL BUSINESS SERVICES AND LOANS TO BUSINESS OWNERS AND ASPIRING ENTREPRENEURS IN ITS 29 COUNTY SERVICE AREA OF MINNESOTA AND WISCONSIN. IN 2024, TOTAL PROGRAM COSTS OF $12,502,694 WERE EXPENSED TO PROVIDE SERVICES TO 1,856 ENTREPRENEURS. 164 LOANS WERE DISBURSED TO THOSE CLIENTS TO START,STABILIZE OR EXPAND THEIR BUSINESSES. A TOTAL OF $11.1 MILLION IN LOANS WERE APPROVED. A MAJORITY OF THOSE WERE DISBURSED TO LOW-INCOME INDIVIDUALS OR IN LOW-INCOME COMMUNITIES. EF TARGETS AND SERVES UNDERSERVED BUSINESS OWNERS AND RURAL COMMUNITIES. THE ORGANIZATIONAL EXPENSES, NON-PROGRAM RELATED WERE A TOTAL OF $300,796 FOR FUNDRAISING, $834,693 FOR MANAGEMENT AND GENERAL COSTS TO SUPPORT THE MISSION. PROGRAM REVENUE TOTALED $3,517,557.

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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 (2024)

Revenue Breakdown

Contributions & Grants $16,455,222

Program Service Revenue $3,517,557

Investment Income $621,949

Other Revenue $2,500

TOTAL REVENUE $20,597,228

Expense Breakdown

Grants Paid $552,718

Salaries & Benefits $4,210,259

Fundraising Expenses $300,795

Program Expenses $12,502,694

Other Expenses $8,830,330

TOTAL EXPENSES $13,593,307

Year-over-Year Comparison

	2024	2023	Change
Revenue	$20,597,228	$12,753,094	+0.6%
Expenses	$13,593,307	$7,770,279	+0.7%
Net Income	$7,003,921	$4,982,815	+0.4%

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

$570,456

Total Directors

Key Employees

Highest Compensated

reported

Name	Title	Hours/Week	Role	Reportable Comp	Other Comp	Total
JIM ZASTROW	TREASURER	2.50	Officer Director	$0	$0	$0
TABITHA BEIBER	TREASURER (THRU 8/31)	1.00	Officer Director	$0	$0	$0
CRYSTAL ROHDE	CHAIR	1.00	Officer Director	$0	$0	$0
ARIK FORSMAN	VICE-CHAIR	1.00	Officer Director	$0	$0	$0
ELIZABETH CHAPMAN	DIRECTOR	1.00	Director	$0	$0	$0
MEGAN ERICKSON KELLIN	DIRECTOR	1.00	Director	$0	$0	$0
DUSTIN GOSLIN	DIRECTOR (THRU 8/31)	1.00	Director	$0	$0	$0
DAVID MANION	DIRECTOR	1.00	Director	$0	$0	$0
JULIE PADILLA	DIRECTOR (THRU 8/31)	1.00	Director	$0	$0	$0
JAKE ROBINSON	DIRECTOR	1.00	Director	$0	$0	$0
DIANE WEBER	DIRECTOR	1.00	Director	$0	$0	$0
SHAWN WELLNITZ	CEO/PRESIDENT	40.00	Officer	$251,274	$12,266	$263,540
KURT THOMPSON	COO	40.00	Officer	$154,212	$20,642	$174,854
CARLA TICHY	DIR. OF ACCOUNTING AND COMPLIANCE	40.00	Officer	$109,668	$22,394	$132,062
MICHAEL LATTERY	DIR. OF BUSINESS FINANCE	40.00	Highest	$156,431	$21,424	$177,855
ROBERT SJOSTRAND JR	DIR. OF BUSINESS SERVICES	40.00	Highest	$108,048	$7,340	$115,388
ZACHARY HOY	CREDIT MANAGER	40.00	Highest	$114,634	$22,308	$136,942

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	$20,597,228	$13,593,307	$83,445,384	$7,003,921
2023	$12,753,094	$7,770,279	$70,821,340	$4,982,815
2022	$13,045,758	$7,187,889	$67,902,279	$5,857,869
2021	$11,454,205	$6,122,809	$61,578,010	$5,331,396
2020	$10,003,829	$4,820,484	$46,345,806	$5,183,345
2019	$4,855,453	$3,474,488	$27,924,129	$1,380,965
2018	$3,823,202	$3,003,814	$23,365,139	$819,388