TOWERSIDE INNOVATION DISTRICT

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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

2018

Legal Domicile

Principal Officer

SABINA SAKSENA

Phone

6094337455

Tax Period

2023-01-01 to 2023-12-31

TOWERSIDE INNOVATION DISTRICT, founded in 2018, is a micro nonprofit in the Community Improvement sector that reported $58K in total revenue in fiscal year 2023. Revenue fell 27% from the prior year — a significant decline worth monitoring. Expenses of $100K exceeded revenue, resulting in a 73% operating deficit.

Mission

TOWERSIDE WORKS TOGETHER WITH OTHER MISSION-DRIVEN, COMMUNITY-BASED, EDUCATIONAL, ENVIRONMENTAL AND GOVERNMENTAL ORGANIZATIONS IN THE CREATION AND CONTINUANCE OF A SUSTAINABLE COMMUNITY OF DISCOVERY AND INNOVATION IN THE TOWERSIDE DISTRICT OF MINNEAPOLIS AND SAINT PAUL.

Program Service Accomplishments

Program 1

Expenses: $8,845 Revenue: $20,100

1. SECURED PROJECT FUNDING FOR THE GRANARY CROSSING STUDY2. COMPLETED THE FIRST DRAFT OF THE TOWERSIDE INNOVATION DISTRICT-WIDE PARKING STUDY TO ESTABLISH INTERIM PARKING STRATEGIES TO MANAGE TODAY'S PARKING NEEDS. THIS PLAN INTRODUCES A PREFERRED SOLUTION THAT RECOMMENDS A MOBILITY HUB TO BRING TOGETHER VARIOUS TRANSPORTATION OPTIONS, ALLOWING PEOPLE TO SEAMLESSLY ACCESS TRANSIT, RIDESHARE PROGRAMS, AND OTHER OPTIONS WITHOUT RELYING ON A PRIVATE VEHICLE.3. COMPLETED A ROBUST COMMUNITY ENGAGEMENT EFFORT TARGET AT CONNECTING WITH TOWERSIDE'S "SUPPORTED ORGANIZATIONS" TO IDENTIFY OPPORTUNITIES FOR FUTURE COLLABORATION. 4. HOSTED AN ANNUAL MEETING AND HOLIDAY GATHERING TO SUPPORT CONNECTIONS WITHIN THE TOWERSIDE COMMUNITY. 5. FINALIZED EQUITY-BASED LEARNING AND DEVELOPMENT PLANS FOR IMPLEMENTATION IN 2024.

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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 $18,000

Program Service Revenue $20,100

Investment Income $19,653

Other Revenue $0

TOTAL REVENUE $57,753

Expense Breakdown

Grants Paid $0

Salaries & Benefits $0

Fundraising Expenses $3,000

Program Expenses $8,845

Other Expenses $99,953

TOTAL EXPENSES $99,953

Year-over-Year Comparison

	2023	2022	Change
Revenue	$57,753	$78,630	-0.3%
Expenses	$99,953	$63,910	+0.6%
Net Income	$-42,200	$14,720	-3.9%

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

N/A

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

Total Directors

Key Employees

Highest Compensated

reported

Name	Title	Hours/Week	Role	Reportable Comp	Other Comp	Total
SABINA SAKSENA	PRESIDENT/CHAIRPERSON	10.00	Officer Director	$0	$0	$0
RICHARD GILYARD	VICE CHAIRPERSON	10.00	Officer Director	$0	$0	$0
OLIVIA LEYRER	SECRETARY	2.00	Officer Director	$0	$0	$0
KARL REICHERT	TREASURER	4.00	Officer Director	$0	$0	$0
RACHEL PLACZEK	BOARD MEMBER	2.00	Director	$0	$0	$0
PAT MASCIA	BOARD MEMBER	0.50	Director	$0	$0	$0
METRIC GILES	BOARD MEMBER	2.00	Director	$0	$0	$0
KEVIN REICH	BOARD MEMBER	0.50	Director	$0	$0	$0
KAREN NELSON	BOARD MEMBER	0.50	Director	$0	$0	$0
GLORIA JEFF	BOARD MEMBER	2.00	Director	$0	$0	$0
DAN KING	BOARD MEMBER	0.50	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
2024	No data	No data	No data	No data
2023	$57,753	$99,953	$1,039,458	$-42,200
2022	$78,630	$63,910	$1,113,372	$14,720
2021	$1,215,990	$187,317	$1,028,734	$1,028,673
2021	$221,110	$159,524	$1,156,150	$61,586
2018	$627,198	$568,359	$755,341	$58,839