TOWERSIDE INNOVATION DISTRICT

EIN: 823639718 501(c)(3) Community Improvement

MINNEAPOLIS, MN

Total Revenue
$57,753
Total Expenses
$99,953
Total Assets
$1,039,458
Net Assets
$55,171
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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
MN
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.

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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%)

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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

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Governance

Voting Members
11
Independent Members
11
Employees
N/A
Volunteers
14

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
4
$0
Total Directors
11
$0
Key Employees
0
$0
Highest Compensated
0
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
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