Civic Intelligence

Build Wealth Mn Inc

EIN 25-1918239 • 501(c)3 • Minneapolis, MN

Profile

Provide families and individuals with developmental products and services which include favorable financing, education, financial literacy training, technical assistance, access to resources to empower them to become self sufficient.helping them access affordable housing opportunities, workforce readiness, small business development technical assistance, services to build assets, financial capability & wealth. Collaborate with community partners to expand access to resources and opportunities to the underserved.

1256 Penn Ave NMinneapolis, MN 55411
Siviq Scores

Precomputed percentiles relative to similar nonprofits. These scores are descriptive rather than judgmental.

Liabilities / Assets

55th percentile

0.23x

Higher debt load relative to assets than 55% of similar nonprofits.

501(c)3 • $10M-$25M nonprofits • Source year 2022

Liabilities / Revenue

57th percentile

0.30x

Higher debt load relative to revenue than 57% of similar nonprofits.

501(c)3 • $10M-$25M nonprofits • Source year 2022

Net Margin

90th percentile

53%

Higher net margin than 90% of similar nonprofits.

501(c)3 • $10M-$25M nonprofits • Source year 2022

Top Officer Pay

88th percentile

$419,664

Higher top officer pay than 88% of similar nonprofits.

Top officer pay equals 4.8% of source-year revenue.

501(c)3 • $10M-$25M nonprofits • Source year 2022

Asset Growth

98th percentile

159%

Faster asset growth than 98% of similar nonprofits.

501(c)3 • $10M-$25M nonprofits • Annualized from 2021 to 2022

Revenue Growth

94th percentile

116%

Faster revenue growth than 94% of similar nonprofits.

501(c)3 • $10M-$25M nonprofits • Annualized from 2021 to 2022

Assets

Up

$15,423,453

Up $3,846,791 (+33%) from 2022

Liabilities

Up

$2,984,212

Up $376,930 (+14%) from 2022

Net Assets

Up

$12,439,241

Up $3,469,861 (+39%) from 2022

Revenue

Down

$7,717,316

Down $936,031 (-11%) from 2022

Expenses

Up

$4,247,455

Up $164,035 (+4.0%) from 2022

Net Income

Down

$3,469,861

Down $1,100,066 (-24%) from 2022

Trend Graphs

Balance Sheet Trend

Grouped bars show assets, liabilities, and net assets across loaded filings.

$20M$15M$10M$5.0M$0Assets 2020: $1,984,836Liabilities 2020: $283,185Net Assets 2020: $1,701,6512020Assets 2021: $4,473,899Liabilities 2021: $74,446Net Assets 2021: $4,399,4532021Assets 2022: $11,576,662Liabilities 2022: $2,607,282Net Assets 2022: $8,969,3802022Assets 2023: $15,423,453Liabilities 2023: $2,984,212Net Assets 2023: $12,439,2412023

Highlighted filing

2023

Assets$15,423,453
Liabilities$2,984,212
Net Assets$12,439,241

Operations Trend

Revenue, expenses, and net income by year, with the latest filing highlighted.

$10M$5.0M$0Revenue 2020: $1,521,895Expenses 2020: $1,204,284Net Income 2020: $317,6112020Revenue 2021: $4,002,738Expenses 2021: $1,304,936Net Income 2021: $2,697,8022021Revenue 2022: $8,653,347Expenses 2022: $4,083,420Net Income 2022: $4,569,9272022Revenue 2023: $7,717,316Expenses 2023: $4,247,455Net Income 2023: $3,469,8612023

Highlighted filing

2023

Revenue$7,717,316
Expenses$4,247,455
Net Income$3,469,861

Filings

Latest Filing Detail
Jump To
Filing Snapshot
Filing Period
Jan 1, 2023 to Dec 31, 2023
Signed
Jun 13, 2024
Return Version
2023v5.0
Gross Receipts
$7,717,316
Mission and Program Overview

Mission

Provide families and individuals with developmental products and services which include favorable financing, education, financial literacy training, technical assistance, access to resources to empower them to become self sufficient.helping them access affordable housing opportunities, workforce readiness, small business development technical assistance, services to build assets, financial capability & wealth. Collaborate with community partners to expand access to resources and opportunities to the underserved.

Help families and communities build social and economic wealth by providing comprehensive value based financial education, training, technical assistance, affordable housing opportunities, and access to developmental financial products and services in collaboration with other public and private community partners.

Balance Sheet Detail
LineBeginningEndChange
Assets
Cash and Non-Interest-Bearing Accounts$2,175,236$8,937,950▲ $6,762,714
Pledges and Grants Receivable$4,075,000$3,400,000▼ $675,000
Other Notes and Loans Receivable, Net$4,028,242$1,744,400▼ $2,283,842
Intangible Assets$837,078$953,234▲ $116,156
Land, Buildings, and Equipment, Net$289,706$240,213▼ $49,493
Total Assets$11,576,662$15,423,453▲ $3,846,791
Other Assets Total$171,400$147,656▼ $23,744
Liabilities
Mortgage Notes Payable Secured by Investment Property$2,000,000$2,600,000▲ $600,000
Accounts Payable and Accrued Expenses$239,882$274,912▲ $35,030
Other Liabilities$367,400$109,300▼ $258,100
Total Liabilities$2,607,282$2,984,212▲ $376,930
Net Assets / Fund Balance
Net Assets Without Donor Restrictions$8,969,380$9,039,241▲ $69,861
Net Assets With Donor Restrictions-$3,400,000-
Total Net Assets Fund Balance$8,969,380$12,439,241▲ $3,469,861
Total Liabilities and Net Assets / Fund Balance$11,576,662$15,423,453▲ $3,846,791

Asset Categories

AssetBook ValueDepreciationBasis
Leasehold Improvements$240,213$290,049$530,262
Compensation and Service Providers

Employees

NameTitleFull / Part TimeBaseOtherTotal
David McgeeExecutive DiFT$432,946-$432,946
David McgeeExecutive Director-$232,946$200,000$432,946

Board Members and Trustees

Revenue and Support

Revenue Composition

Contributions and Grants
$7,087,759
Program Service Revenue
$513,401
Investment Income
$116,156
Other Revenue
$0
All Other Contributions
$6,827,759
Change in Net Assets
$3,469,861
Expenses and Functional Allocation

Major Expense Lines

Line ItemAmount
Other Expenses$2,428,260
Salaries, Compensation, and Employee Benefits$1,819,195
Total Fundraising Expense$61,306
Grants and Similar Amounts Paid$0
Professional Fundraising Fees$0

Functional Expense Allocation

Line ItemProgramManagementFundraisingTotal
Other Salaries and Wages$1,327,648$275,451$44,542$1,647,641
Occupancy$121,829$23,775$6,400$152,004
Payroll Taxes$90,137$18,701$3,024$111,862
Depreciation Depletion$58,309$11,379$3,062$72,750
Fees for Services Other$71,871--$71,871
Other Expenses$65,638$14,409-$65,638
Other Employee Benefits$50,521$5,740$3,431$59,692
Travel$48,539--$48,539
All Other Expenses$41,777--$41,777
Interest$26,628--$26,628
Office Expenses$16,120$3,146$847$20,113
Insurance-$17,715-$17,715
Information Technology-$15,260-$15,260
Fees for Services Legal-$4,450-$4,450
Fees for Services Accounting$2,956--$2,956
Total Functional Expenses$3,796,123$390,026$61,306$4,247,455
Fundraising, Events, and Gaming
Fundraising activities
No
Gaming activities
No
Professional fundraiser used
No

Fundraising and Gaming Totals

Line ItemAmount
Professional Fundraising Fees$0
Political and Lobbying Activity
Political campaign activity
No
Lobbying activity
No
Subject to proxy tax
No
Debt and Bond Financing

Other Reported Liabilities

LiabilityAmount
Operating Lease Liability, Current$63,600
Operating Lease Liability, Long Term$45,700
Governance and Compliance

Governance Checklist

Compiled or reviewed by an accountant
No
Annual disclosure for covered persons
Yes
Audit committee
Yes
Backup withholding compliance
Yes
Business relationship with 35% controlled entity
No
Business relationship with family members
No
Business relationship with organization members
No
Material changes to governing documents
No
Compensation from other sources disclosed
No
CEO compensation reviewed
Yes
Other officer compensation reviewed
Yes
Conflict-of-interest policy
Yes
Audited financial statements prepared
No
Key decisions subject to board approval
No
Management duties delegated
No

Governance Explanations

Form 990, Page 6, Part VI, Line 11B

The board of directors will review the form 990 before it is filed.

Form 990, Page 6, Part VI, Line 12C

The conflict of interest policy is reviewed annually for each board memeber.

Form 990, Page 6, Part VI, Line 15A

The process for determining the compensation for the organizations ceo is composed of input from an independent compensation consultant, a compensation survey for similar organizations and input and approval by the board.

Form 990, Page 6, Part VI, Line 15B

Performance evaluations on staff are done annually. Although not directly tied to compensation, they are certainly relevant to the compensation decision process. All performance evaluations are handed to the executive director and reviewed by him and the compensation committee of the board of directors.

Form 990, Page 6, Part VI, Line 19

All governing documents of the organization, including federal form 990, conflict of interest policy and financial statements can be reviewed by contacting: build wealth mn, inc at 2121 plymouth ave n., minneapolis, mn 55411.

Filing and Contact Details

Filer

Filer Name
Build Wealth Mn Inc
EIN
25-1918239
Phone
6128774182
Address
1256 PENN AVE N, MINNEAPOLIS, MN 55411

Signing Officer

Name
David Mcgee
Title
Executive Director
Phone
6128774182
Signed
2024-06-13

Organization Details

Principal Officer
David Mcgee
Formed
2004
Legal Domicile
Mn
Voting Board Members
5
Independent Board Members
5
Employees
21
Volunteers
4

Preparer

Firm
Baker Meinz & Associates Ltd
Address
1000 SHELARD PKWY STE 110, MINNEAPOLIS, MN 55426-4917
Preparer
Nathan D Meinz
Phone
9525428010
Supplemental Narrative

Additional Explanations

FORM 990 - ORGANIZATION'S MISSION

Provide families and individuals with developmental products and services which include favorable financing, education, financial literacy training, technical assistance, access to resources to empower them to become self sufficient.helping them access affordable housing opportunities, workforce readiness, small business development technical assistance, services to build assets, financial capability & wealth. Collaborate with community partners to expand access to resources and opportunities to the underserved.

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IRS990/ReportLandBuildingEquipmentInd0true
IRS990/ReportOtherAssetsInd0false
IRS990/ReportOtherLiabilitiesInd0true
IRS990/ReportProgramRelatedInvstInd0false
IRS990ScheduleA/Form990ScheduleAPartVIGrp/ExplanationTxt01,644,508
IRS990ScheduleA/Form990ScheduleAPartVIGrp/FormAndLineReferenceDesc0PART II, LINE 10
IRS990ScheduleA/GiftsGrantsContriRcvd170Grp/CurrentTaxYearAmt07087759
IRS990ScheduleA/GiftsGrantsContriRcvd170Grp/CurrentTaxYearMinus1YearAmt08361442
IRS990ScheduleA/GiftsGrantsContriRcvd170Grp/CurrentTaxYearMinus2YearsAmt03782247
IRS990ScheduleA/GiftsGrantsContriRcvd170Grp/CurrentTaxYearMinus3YearsAmt01292379
IRS990ScheduleA/GiftsGrantsContriRcvd170Grp/CurrentTaxYearMinus4YearsAmt01367018
IRS990ScheduleA/GiftsGrantsContriRcvd170Grp/TotalAmt021890845
IRS990ScheduleA/GrossReceiptsRltdActivitiesAmt01371469
IRS990ScheduleA/OtherIncome170Grp/CurrentTaxYearAmt0629557
IRS990ScheduleA/OtherIncome170Grp/CurrentTaxYearMinus1YearAmt0291905
IRS990ScheduleA/OtherIncome170Grp/CurrentTaxYearMinus2YearsAmt0220491
IRS990ScheduleA/OtherIncome170Grp/CurrentTaxYearMinus3YearsAmt0229516
IRS990ScheduleA/OtherIncome170Grp/CurrentTaxYearMinus4YearsAmt0273039
IRS990ScheduleA/OtherIncome170Grp/TotalAmt01644508
IRS990ScheduleA/PublicOrganization170Ind0X
IRS990ScheduleA/PublicSupportCY170Pct00.58310
IRS990ScheduleA/PublicSupportPY170Pct00.64650
IRS990ScheduleA/PublicSupportTotal170Amt013722501
IRS990ScheduleA/SubstantialContributorsTotAmt08168344
IRS990ScheduleA/ThirtyThrPctSuprtTestsCY170Ind0X
IRS990ScheduleA/TotalCalendarYear170Grp/CurrentTaxYearAmt07087759
IRS990ScheduleA/TotalCalendarYear170Grp/CurrentTaxYearMinus1YearAmt08361442
IRS990ScheduleA/TotalCalendarYear170Grp/CurrentTaxYearMinus2YearsAmt03782247
IRS990ScheduleA/TotalCalendarYear170Grp/CurrentTaxYearMinus3YearsAmt01292379
IRS990ScheduleA/TotalCalendarYear170Grp/CurrentTaxYearMinus4YearsAmt01367018
IRS990ScheduleA/TotalCalendarYear170Grp/TotalAmt021890845
IRS990ScheduleA/TotalSupportAmt023535353
IRS990ScheduleB/ContributorInformationGrp/ContributorBusinessName/BusinessNameLine10RESTRICTED
IRS990ScheduleB/ContributorInformationGrp/ContributorNum0RESTRICTED
IRS990ScheduleB/ContributorInformationGrp/ContributorUSAddress/AddressLine10RESTRICTED
IRS990ScheduleB/ContributorInformationGrp/ContributorUSAddress/AddressLine20RESTRICTED
IRS990ScheduleB/ContributorInformationGrp/ContributorUSAddress/City0RESTRICTED
IRS990ScheduleB/ContributorInformationGrp/ContributorUSAddress/State0RESTRICTED
IRS990ScheduleB/ContributorInformationGrp/ContributorUSAddress/ZIPCode0RESTRICTED
IRS990ScheduleB/ContributorInformationGrp/TotalContributionsAmt0RESTRICTED
IRS990/ScheduleBRequiredInd0true
IRS990ScheduleD/LeaseholdImprovementsGrp/BookValueAmt0240213
IRS990ScheduleD/LeaseholdImprovementsGrp/DepreciationAmt0290049
IRS990ScheduleD/LeaseholdImprovementsGrp/OtherCostOrOtherBasisAmt0530262
IRS990ScheduleD/OtherLiabilitiesOrgGrp/Amt063600
IRS990ScheduleD/OtherLiabilitiesOrgGrp/Amt145700
IRS990ScheduleD/OtherLiabilitiesOrgGrp/Desc0OPERATING LEASE LIABILITY, CURRENT
IRS990ScheduleD/OtherLiabilitiesOrgGrp/Desc1OPERATING LEASE LIABILITY, LONG TERM
IRS990ScheduleD/TotalBookValueLandBuildingsAmt0240213
IRS990ScheduleD/TotalLiabilityAmt0109300
IRS990ScheduleJ/AnyNonFixedPaymentsInd0false
IRS990ScheduleJ/BoardOrCommitteeApprovalInd0X
IRS990ScheduleJ/CompBasedOnRevenueOfFlngOrgInd0false
IRS990ScheduleJ/CompBsdNetEarnsFlngOrgInd0false
IRS990ScheduleJ/CompBsdNetEarnsRltdOrgsInd0false
IRS990ScheduleJ/CompBsdOnRevRelatedOrgsInd0false
IRS990ScheduleJ/EquityBasedCompArrngmInd0false
IRS990ScheduleJ/Form990OfOtherOrganizationsInd0X
IRS990ScheduleJ/InitialContractExceptionInd0false
IRS990/ScheduleJRequiredInd0true
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IRS990ScheduleJ/RltdOrgOfficerTrstKeyEmplGrp/OtherCompensationFilingOrgAmt0200000
IRS990ScheduleJ/RltdOrgOfficerTrstKeyEmplGrp/PersonNm0DAVID MCGEE
IRS990ScheduleJ/RltdOrgOfficerTrstKeyEmplGrp/TitleTxt0EXECUTIVE DIRECTOR
IRS990ScheduleJ/RltdOrgOfficerTrstKeyEmplGrp/TotalCompensationFilingOrgAmt0432946
IRS990ScheduleJ/SeverancePaymentInd0false
IRS990ScheduleJ/SupplementalNonqualRtrPlanInd0false
IRS990/ScheduleORequiredInd0true
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt0PROVIDE FAMILIES AND INDIVIDUALS WITH DEVELOPMENTAL PRODUCTS AND SERVICES WHICH INCLUDE FAVORABLE FINANCING, EDUCATION, FINANCIAL LITERACY TRAINING, TECHNICAL ASSISTANCE, ACCESS TO RESOURCES TO EMPOWER THEM TO BECOME SELF SUFFICIENT.HELPING THEM ACCESS AFFORDABLE HOUSING OPPORTUNITIES, WORKFORCE READINESS, SMALL BUSINESS DEVELOPMENT TECHNICAL ASSISTANCE, SERVICES TO BUILD ASSETS, FINANCIAL CAPABILITY & WEALTH. COLLABORATE WITH COMMUNITY PARTNERS TO EXPAND ACCESS TO RESOURCES AND OPPORTUNITIES TO THE UNDERSERVED.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt1THE BOARD OF DIRECTORS WILL REVIEW THE FORM 990 BEFORE IT IS FILED.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt2THE CONFLICT OF INTEREST POLICY IS REVIEWED ANNUALLY FOR EACH BOARD MEMEBER.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt3THE PROCESS FOR DETERMINING THE COMPENSATION FOR THE ORGANIZATIONS CEO IS COMPOSED OF INPUT FROM AN INDEPENDENT COMPENSATION CONSULTANT, A COMPENSATION SURVEY FOR SIMILAR ORGANIZATIONS AND INPUT AND APPROVAL BY THE BOARD.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt4PERFORMANCE EVALUATIONS ON STAFF ARE DONE ANNUALLY. ALTHOUGH NOT DIRECTLY TIED TO COMPENSATION, THEY ARE CERTAINLY RELEVANT TO THE COMPENSATION DECISION PROCESS. ALL PERFORMANCE EVALUATIONS ARE HANDED TO THE EXECUTIVE DIRECTOR AND REVIEWED BY HIM AND THE COMPENSATION COMMITTEE OF THE BOARD OF DIRECTORS.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt5ALL GOVERNING DOCUMENTS OF THE ORGANIZATION, INCLUDING FEDERAL FORM 990, CONFLICT OF INTEREST POLICY AND FINANCIAL STATEMENTS CAN BE REVIEWED BY CONTACTING: BUILD WEALTH MN, INC AT 2121 PLYMOUTH AVE N., MINNEAPOLIS, MN 55411.
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc0FORM 990 - ORGANIZATION'S MISSION
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc1FORM 990, PAGE 6, PART VI, LINE 11B
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc2FORM 990, PAGE 6, PART VI, LINE 12C
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc3FORM 990, PAGE 6, PART VI, LINE 15A
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc4FORM 990, PAGE 6, PART VI, LINE 15B
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc5FORM 990, PAGE 6, PART VI, LINE 19
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IRS990/SignificantChangeInd0false
IRS990/SignificantNewProgramSrvcInd0false
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IRS990/SubjectToExcsTaxNetInvstIncInd0false
IRS990/SubjectToProxyTaxInd0false
IRS990/SubjToTaxRmnrtnExPrchtPymtInd0false
IRS990/TaxablePartyNotificationInd0false
IRS990/TaxExemptBondsInd0false
IRS990/TerminateOperationsInd0false
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IRS990/TotalAssetsEOYAmt015423453
IRS990/TotalAssetsGrp/BOYAmt011576662
IRS990/TotalAssetsGrp/EOYAmt015423453
IRS990/TotalCompGreaterThan150KInd0true
IRS990/TotalContributionsAmt07087759
IRS990/TotalEmployeeCnt021
IRS990/TotalFunctionalExpensesGrp/FundraisingAmt061306
IRS990/TotalFunctionalExpensesGrp/ManagementAndGeneralAmt0390026
IRS990/TotalFunctionalExpensesGrp/ProgramServicesAmt03796123
IRS990/TotalFunctionalExpensesGrp/TotalAmt04247455
IRS990/TotalGrossUBIAmt00
IRS990/TotalLiabilitiesBOYAmt02607282
IRS990/TotalLiabilitiesEOYAmt02984212
IRS990/TotalLiabilitiesGrp/BOYAmt02607282
IRS990/TotalLiabilitiesGrp/EOYAmt02984212
IRS990/TotalNetAssetsFundBalanceGrp/BOYAmt08969380
IRS990/TotalNetAssetsFundBalanceGrp/EOYAmt012439241
IRS990/TotalProgramServiceExpensesAmt03796123
IRS990/TotalProgramServiceRevenueAmt0513401
IRS990/TotalReportableCompFromOrgAmt0432946
IRS990/TotalRevenueGrp/RelatedOrExemptFuncIncomeAmt0629557
IRS990/TotalRevenueGrp/TotalRevenueColumnAmt07717316
IRS990/TotalVolunteersCnt04
IRS990/TotLiabNetAssetsFundBalanceGrp/BOYAmt011576662
IRS990/TotLiabNetAssetsFundBalanceGrp/EOYAmt015423453
IRS990/TravelGrp/ProgramServicesAmt048539
IRS990/TravelGrp/TotalAmt048539
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IRS990/TypeOfOrganizationCorpInd0X
IRS990/UnrelatedBusIncmOverLimitInd0false
IRS990/UponRequestInd0X
IRS990/USAddress/AddressLine1Txt01256 PENN AVE N
IRS990/USAddress/CityNm0MINNEAPOLIS
IRS990/USAddress/StateAbbreviationCd0MN
IRS990/USAddress/ZIPCd055411
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IRS990/WhistleblowerPolicyInd0true
ReturnHeader/BuildTS02024-08-08 14:25:15Z
ReturnHeader/BusinessOfficerGrp/PersonNm0DAVID MCGEE
ReturnHeader/BusinessOfficerGrp/PersonTitleTxt0EXECUTIVE DIRECTOR
ReturnHeader/BusinessOfficerGrp/PhoneNum06128774182
ReturnHeader/BusinessOfficerGrp/SignatureDt02024-06-13
ReturnHeader/Filer/BusinessName/BusinessNameLine1Txt0BUILD WEALTH MN INC
ReturnHeader/Filer/BusinessNameControlTxt0BUIL
ReturnHeader/Filer/EIN0251918239
ReturnHeader/Filer/PhoneNum06128774182
ReturnHeader/Filer/USAddress/AddressLine1Txt01256 PENN AVE N
ReturnHeader/Filer/USAddress/CityNm0MINNEAPOLIS
ReturnHeader/Filer/USAddress/StateAbbreviationCd0MN
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ReturnHeader/IRSResponsiblePrtyInfoCurrInd0false
ReturnHeader/PreparerFirmGrp/PreparerFirmEIN0933495432
ReturnHeader/PreparerFirmGrp/PreparerFirmName/BusinessNameLine1Txt0BAKER MEINZ & ASSOCIATES LTD
ReturnHeader/PreparerFirmGrp/PreparerUSAddress/AddressLine1Txt01000 SHELARD PKWY STE 110
ReturnHeader/PreparerFirmGrp/PreparerUSAddress/CityNm0MINNEAPOLIS
ReturnHeader/PreparerFirmGrp/PreparerUSAddress/StateAbbreviationCd0MN

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