RED WING IGNITE

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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

2013

Legal Domicile

Principal Officer

MATTHEW LESSARD

Phone

6513272626

Tax Period

2023-01-01 to 2023-12-31

RED WING IGNITE, founded in 2013, is a community nonprofit in the Human Services sector that reported $1.1M in total revenue in fiscal year 2023. Expenses of $994K left a modest 12% surplus.

Mission

WE ADVANCE INNOVATION, TECHNOLOGY, AND ENTRERENEURS BY BRINGING TOGETHER LIKE-MINDED INDIVIDUALS TO CREATE A THRIVING COMMUNITY. WE PROVIDE RESOURCES, NETWORKS, AND NEEDED EXPERTISE FOR STUDENTS, STARTUPS, AND BUSINESSES TO SUCCEED.

Program Service Accomplishments

Program 1

Expenses: $882,274 Revenue: $47,090

WE SERVE ENTREPRENEURS WITH EDUCATION, RESOURCES AND CONNECTIONS TO DRIVE THEIR SUCCESS.2023 PROGRAM IMPACT:1,072 ENTREPRENEURS SERVED BY RED WING IGITE THROUGHOUT THE 11 COUNTY REGION OF SE...

WE SERVE ENTREPRENEURS WITH EDUCATION, RESOURCES AND CONNECTIONS TO DRIVE THEIR SUCCESS.2023 PROGRAM IMPACT:1,072 ENTREPRENEURS SERVED BY RED WING IGITE THROUGHOUT THE 11 COUNTY REGION OF SE MINNESOTA26% ENTREPRENEURS SERVED SELF IDENTIFY AS BIPOC OR FROM A TRIBAL COMMUITY (WELL ABOVE CENSUS PARITY)66 BUSINESSES LAUNCHED26 COLLABORATIVE PARTNER ORGANIZATIONS WORKED WITH ON GRANT ACTIVITIES113 BUSINESS SUPPORT WORKSHOPS 266 ENTREPRENEURS RECEIVED CUSTOMIZED ASSISTANCE 80% OF ENTREPRENEUR SUREVY RESPONSES INDICATE PARTICIPATION RESULTED IN INCREASED CAPACITY FOR BUSINESS ADVANCEMENT 20 BUSINESS MENTORS CONNECTED TO ENTREPRENEURS12 ENTREPRENEURS PARTICIPATED IN BUSINESS ACCELERATOR PROGRAMMING MAJOR NATIONAL AND STATE RECOGNITION AND AWARDS: 2023 MN DEED DESIGNATION AS ENTREPRENEURIAL HUB IN SE MINNESOTA FOR THE LAUNCHMN PROGRAM 2022 EDA BUILD TO SCALE AWARD $4M. ONE OF EIGHT RURAL COMMUNITIES IN THE UNITED STATES TO BE AWARDED MINNEINNO BLAZER AWARD GIVEN BY TWIN CITIES BUSINESS MAGAZINE AS THE "TOP COMMUNITY BUILDER" IN MINNESOTA MN DEED SMALL BUSINESS PARTNERSHIP GRANT AWARDEE $436K2019 EDA I6 CHALLENGE GRANT AWARDEE $1.7M2018 SELECTED TO BE A PART OF THE CENTER ON RURAL INNOVATION INAUGURAL COHORT2014 FIRST RURAL COMMUNITY SELECTED BY US IGNITE AS A SMART CITY

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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 $1,082,802

Program Service Revenue $43,139

Investment Income $0

Other Revenue $3,951

TOTAL REVENUE $1,129,892

Expense Breakdown

Grants Paid $0

Salaries & Benefits $526,899

Fundraising Expenses $6,400

Program Expenses $882,274

Other Expenses $466,955

TOTAL EXPENSES $993,854

Year-over-Year Comparison

	2023	2022	Change
Revenue	$1,129,892	$1,143,443	0.0%
Expenses	$993,854	$840,738	+0.2%
Net Income	$136,038	$302,705	-0.6%

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

$105,164

Total Directors

Key Employees

Highest Compensated

reported

Name	Title	Hours/Week	Role	Reportable Comp	Other Comp	Total
TOM DRAZKOWSKI	BOARD CHAIR	2.00	Officer Director	$0	$0	$0
PAUL KRAMP	VICE PRESIDENT	2.00	Officer Director	$0	$0	$0
BETH BENIKE	SECRETARY	1.00	Officer Director	$0	$0	$0
MATTHEW LESSARD	TREASURER	5.00	Officer Director	$0	$0	$0
TAWONDA BURKS	DIRECTOR	1.00	Director	$0	$0	$0
ATIQ BHATTI	DIRECTOR	1.00	Director	$0	$0	$0
BRIAN CARLSON	DIRECTOR	1.00	Director	$0	$0	$0
STACY NIMMO	EXECUTIVE DIRECTOR	50.00	Officer	$99,930	$5,234	$105,164

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	$1,129,892	$993,854	$698,557	$136,038
2022	$1,143,443	$840,738	$562,326	$302,705
2021	$567,525	$554,481	$108,970	$13,044
2020	$497,817	$505,017	$99,918	$-7,200
2019	$352,051	$288,181	$105,884	$63,870
2018	$208,053	$193,798	$38,797	$14,255