Overview
What is Initiative Foundation?
The Initiative Foundation is a Minnesota-based nonprofit organization located in Little Falls. With a workforce of approximately 30 employees, it focuses on empowering people to build thriving communities and a vibrant region across Central Minnesota. The organization provides small business loans, totaling $3,935,975 in 2022, to diverse entrepreneurs and small businesses. This lending activity resulted in $44,527,000 in private financing from other institutions, contributing to the creation and retention of 198 jobs. In addition, the Initiative Foundation offers a fellowship program that supports rural changemakers through training, mentoring, and funding for beginning or early-stage social entrepreneurship. Since its inception, the program has granted 19 fellowships and helped participants leverage over $2.3 million in investments. The organization's enterprise academy and small business support program offers business training, one-on-one technical assistance, and direct lending to underrepresented entrepreneurs. It has served over 300 individuals since 2018, with 150 graduates and dozens more launching businesses. Moreover, the Initiative Foundation invests in workforce development efforts, providing funding and support for strategic planning initiatives and linking funders, educational institutions, and employers. It also engages with community banks, chambers of commerce, and volunteer business groups, and offers targeted economic development grants to increase loans and technical assistance opportunities in all communities.
Official website here: www.ifound.org
Is Initiative Foundation legitimate?
Initiative Foundation is a legitimate nonprofit organization registered as a 501(c)(3) entity. Initiative Foundation submitted a form 990, which is a tax form used by tax-exempt organizations in the U.S., indicating its operational transparency and adherence to regulatory requirements. Donations to this organization are tax deductible.
Here are some key statistics you may want to consider:
Executive Compensation: $415,847
Professional Fundraising Fees: $0
Other Salaries and Wages: $1,749,583
For more financial information, click here
Official website here: www.ifound.org
What is the mission statement of Initiative Foundation?
The Initiative Foundation works to empower individuals in building thriving communities and a vibrant region across Central Minnesota. Their mission is geared towards enabling people to create prosperous locales. The organization's activities include offering small business loans, which have led to substantial private financing and the creation and retention of jobs. They also have a fellowship program, which supports rural changemakers in their social entrepreneurship ventures, granting them access to training, mentoring, and funding. The Enterprise Academy and Small Business Support program provides business training and one-on-one assistance to diverse and underserved entrepreneurs, accelerating their success. The foundation's commitment extends to workforce development initiatives, which focus on attracting and retaining a skilled workforce, ensuring economic growth and improvement in the region.
Official website here: www.ifound.org
Who is the CEO of Initiative Foundation?
What is the revenue of Initiative Foundation?
Who are the executives of Initiative Foundation and what are their salaries?
The average compensation at Initiative Foundation during 2022 was $72,181. There are 30 employees and 223 volunteers at Initiative Foundation.
Here are 20 key members and their salaries:
- Matt Varilek (President)
- Lynn Bushinger (Coo/Cfo/Treasurer)
- Don Hickman (Vice President For Communi)
- Brian Voerding (Vice President For Inclusive Entrepreneuership)
- Kim Ellingson (Trustee/Chair)
- David Monroy (Trustee/Vice-Chair)
- Brett Anderson (Trustee)
- Carrie Willis (Trustee)
- Jessica Bitz (Trustee)
- Joe Nayquonabe Jr (Trustee)
- Julie Nelson (Trustee)
- Tim Nelson (Trustee)
- Kristi Westbrock (Trustee)
- Mateo Mackbee (Trustee)
- Robbyn Wacker (Trustee)
- Santo Cruz (Trustee)
- Teri Hoggarth (Trustee)
- Dan Weber (Trustee)
- Joe Mulford (Trustee)
- Rick Bauerly (Trustee (Former))
Official website here: www.ifound.org
Where can I find the form 990 for Initiative Foundation?
The Initiative Foundation’s most recent form 990 was submitted in 2022 and can be accessed here
Official website here: www.ifound.org
Learn more at the official website: www.ifound.org
Mission Statement of Initiative Foundation
The Initiative Foundation, a central Minnesota-based organization, is dedicated to empowering people to build thriving communities and a vibrant region. Its mission is to enable individuals to create prosperous locales, fostering social and economic growth. Through various initiatives, the Foundation has been instrumental in uplifting communities and enhancing the lives of its residents.
One of the Foundation's primary focuses is providing economic opportunities. In 2022, they approved 42 small business loans, totaling $3,935,975, of which 17 microloans were granted to diverse entrepreneurs. These loans not only received significant investment from other lending institutions, amassing $44,527,000 in private financing, but also contributed to the creation of 94 jobs and the retention of 104 jobs. The Foundation maintains crucial relationships with various partners, such as economic development organizations, local and regional banks, credit unions, nonprofits, and small business development centers, to expand and strengthen their microlending network.
Moreover, the Initiative Foundation offers the Initiators Fellowship, a two-year program designed to serve rural changemakers. Since its inception, the program has granted 19 fellowships and provided participants with over $1.3 million in direct program investments. These investments have ranged from stipends and professional development to mentorship and have helped leveraged an additional $1 million in outside investments. The Initiators Fellowship is a leading program in the state, offering training, mentoring, and funding for beginning or early-stage social entrepreneurship. These emerging leaders are making a difference in their hometowns by creating purpose-driven, for-profit businesses and nonprofit organizations that have a positive social or environmental impact.
Impact
This information is meant to be a general summary of Initiative Foundation. Please take the time to review official sources before making any decisions based upon the content provided here.
Thursday, August 15, 2024
Initiative Foundation empowers individuals to build thriving communities and a vibrant region across Central Minnesota. Through their various programs and initiatives, they have a significant impact on the local economy and workforce development. In 2022 alone, Initiative Foundation approved small business loans totaling nearly $4 million, leveraging over $44 million in private financing and contributing to the creation and retention of jobs. Their Initiators Fellowship program, serving a wide geographical area, has supported rural changemakers with funding, training, and mentorship, leading to positive social and environmental impacts through purpose-driven businesses. Additionally, their Enterprise Academy and small business support programs have assisted over 300 underserved entrepreneurs in launching businesses, building wealth, and accessing training and support. With a focus on workforce development and strategic planning initiatives, Initiative Foundation continues to play a vital role in fostering economic growth and community improvement in Central Minnesota.
Financials
This financial information is from Propublica.
Other financial information:
This information is from the most recently submitted tax form from this organization, which was in 2022.
- Assets and Liabilities:
Programs
Programs are reported by nonprofits in their tax forms and are normally their tax-exempt activities.
REVOLVING LOAN INTEREST
Revenue
$595,686
LOAN ADMIN FEE
Revenue
$64,460
EVENTS AND WORKSHOP REGISTRATIONS
Revenue
$35,689
Organization Details
Founding Year
1986
Phone
(320) 632-9255
Principal Officer
Matt Varilek
Main Address
405 FIRST STREET SE, LITTLE FALLS, MN, 56345
Website
www.ifound.org
NTEE Category
Code: S400 - Community improvement
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