Civic Intelligence

Towerside Innovation District

990 • Fiscal year 2017 • EIN 82-3639718

Jan 01, 2017 to Dec 31, 2017 • Filed on Nov 12, 2018

Organization ProfileTOWERSIDEMSP.ORG
2828 University Ave SE No 200Minneapolis, MN 55414

(612) 524-9869

Siviq Scores

Precomputed percentiles for this filing year versus similar nonprofits in the same peer cohort.

Liabilities / Assets

94th percentile

0.98x

Higher debt load relative to assets than 94% of similar nonprofits.

2017 filings • 501(c)3 • <$500k nonprofits • Source year 2017

Liabilities / Revenue

95th percentile

0.98x

Higher debt load relative to revenue than 95% of similar nonprofits.

2017 filings • 501(c)3 • <$500k nonprofits • Source year 2017

Net Margin

47th percentile

2.1%

Higher net margin than 47% of similar nonprofits.

2017 filings • 501(c)3 • <$500k nonprofits • Source year 2017

Top Officer Pay

76th percentile

$0

Higher top officer pay than 76% of similar nonprofits.

Top officer pay equals 0.0% of source-year revenue.

2017 filings • 501(c)3 • <$500k nonprofits • Source year 2017

Asset Growth

Score unavailable

No value available

No earlier valid filing was available within the previous three public years.

Source year 2017

Revenue Growth

Score unavailable

No value available

No earlier valid filing was available within the previous three public years.

Source year 2017

Balance Sheet
Liabilities / Assets94th percentile

Assets

$411,306

No earlier filing loaded for comparison.

Net Assets

$8,554

No earlier filing loaded for comparison.

Liabilities

$402,752

No earlier filing loaded for comparison.

Revenue And Expenses
Liabilities / Revenue95th percentileNet Margin47th percentile

Revenue

$411,306

No earlier filing loaded for comparison.

Expenses

$402,752

No earlier filing loaded for comparison.

Net Income

$8,554

No earlier filing loaded for comparison.

Historical Trend

Balance Sheet Trend

Asset GrowthScore unavailable

The highlighted filing sits inside the broader history for assets, liabilities, and net assets.

$1.5M$1.0M$500K$0Assets 2017: $411,306Liabilities 2017: $402,752Net Assets 2017: $8,5542017Assets 2018: $755,341Liabilities 2018: $687,948Net Assets 2018: $67,3932018Assets 2020: $50,051Liabilities 2020: $29,233Net Assets 2020: $20,8182020Assets 2021: $1,156,150Liabilities 2021: $1,073,499Net Assets 2021: $82,6512021Assets 2022: $1,113,372Liabilities 2022: $1,016,001Net Assets 2022: $97,3712022Assets 2023: $1,039,458Liabilities 2023: $984,287Net Assets 2023: $55,1712023Assets 2024: $852,957Liabilities 2024: $705,269Net Assets 2024: $147,6882024

Highlighted filing

2017

Assets$411,306
Liabilities$402,752
Net Assets$8,554
Open 2017 Filing

Operations Trend

Revenue GrowthScore unavailable

Revenue, expenses, and net income across loaded years, with this filing highlighted.

$800K$600K$400K$200K$0-$200KRevenue 2017: $411,306Expenses 2017: $402,752Net Income 2017: $8,5542017Revenue 2018: $627,198Expenses 2018: $568,359Net Income 2018: $58,8392018Revenue 2020: $67,974Expenses 2020: $148,297Net Income 2020: -$80,3232020Revenue 2021: $221,110Expenses 2021: $159,524Net Income 2021: $61,5862021Revenue 2022: $78,630Expenses 2022: $63,910Net Income 2022: $14,7202022Revenue 2023: $57,753Expenses 2023: $99,953Net Income 2023: -$42,2002023Revenue 2024: $457,064Expenses 2024: $364,547Net Income 2024: $92,5172024

Highlighted filing

2017

Revenue$411,306
Expenses$402,752
Net Income$8,554
Open 2017 Filing
Jump To
Filing Snapshot
Filing Period
Jan 1, 2017 to Dec 31, 2017
Signed
Nov 12, 2018
Return Version
2017v2.3
Gross Receipts
$411,306
Mission and Program Overview

Mission

Management and facilitation of mix of projects, spaces and activities in and around 4th Street SE, including a complete green street with placemaking elements defined by community engagement and research into district energy facilities.

Benefit, perform, and carry out the exclusively public, charitable, educational, and other exempt purposes of supported organizations.a supporting organization operated to carry out the public, charitable, educational and other exempt purposes of other tax-exempt entities in connection with the creation and continuance of a sustainable community of discovery and innovation in and about those portions of minneapolis and saint paul known as the towerside district.

Balance Sheet Detail
LineBeginningEndChange
Assets
Cash and Non-Interest-Bearing Accounts-$297,806-
Accounts Receivable-$65,000-
Pledges and Grants Receivable-$48,500-
Total Assets$0$411,306▲ $411,306
Liabilities
Accounts Payable and Accrued Expenses-$402,752-
Total Liabilities$0$402,752▲ $402,752
Net Assets / Fund Balance
Unrestricted Net Assets-$8,554-
Total Net Assets Fund Balance$0$8,554▲ $8,554
Total Liabilities and Net Assets / Fund Balance$0$411,306▲ $411,306
Compensation and Service Providers
Top Officer Pay76th percentile

Board Members and Trustees

NameTitle
Alan ArthurChairperson/ President (CEO)
Michael HuberVice Chairperson
Sarah HarrisVice Chairperson
Cailin RogersBoard Member
Cara LetofskyBoard Member
Catherine Reid DayBoard Member
Jeffrey BarnhartBoard Member
Michael BerthclsenBoard Member
Richard GilyardBoard Member
Steven QuamBoard Member
Vincent NetzBoard Member
Stephen KlimekProject Manager
Robert StraughnSecretary
Lynne OstermanTreasurer
Revenue and Support

Revenue Composition

Contributions and Grants
$411,306
Program Service Revenue
$0
Investment Income
$0
Other Revenue
$0
All Other Contributions
$411,306
Change in Net Assets
$8,554
Expenses and Functional Allocation

Major Expense Lines

Line ItemAmount
Other Expenses$402,752
Grants and Similar Amounts Paid$0
Professional Fundraising Fees$0
Salaries, Compensation, and Employee Benefits$0
Total Fundraising Expense$0

Functional Expense Allocation

Line ItemProgramManagementFundraisingTotal
Fees for Services Other$395,702--$395,702
Occupancy-$7,000-$7,000
Fees for Services Legal-$50-$50
Total Functional Expenses$395,702$7,050$0$402,752
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
Insider Transactions and Loans

Interested-Person Transactions

Interested PartyRelationshipDescriptionShared RevenueAmount
Sarah HarrisManaging Director at Umfrea and Towerside Board MemberUmfrea Contract (energy Grant) on Behalf of TowersideNo$288,489
Alan ArthurExecutive Director of Aeon and Chairperson CEO of TowersideENTERPRISE GRANT; RECEIVED AND MANAGED BY AEONNo$65,000
Vince NetzPresident CEO of Prospect Park Association and a Towerside Board MemberRent Paid to Prospect Park AssociationNo$7,000
Governance and Compliance

Governance Checklist

Compiled or reviewed by an accountant
No
Annual disclosure for covered persons
Yes
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, Part VI, Section B, Line 11B

“The 990 return will be distributed to the board of directors and will be reviewed and discussed.”

Form 990, Part VI, Section B, Line 12C

“Directors are asked to sign a conflict of interest policy at the beginning of each fiscal year.”

Form 990, Part VI, Section B, Line 15

“DESCRIBED IN THE BYLAW”

Form 990, Part VI, Section C, Line 19

“AVAILABLE UPON REQUEST”

Filing and Contact Details

Filer

Filer Name
Towerside Innovation District
EIN
82-3639718
Phone
6125249869
Address
2828 UNIVERSITY AVE SE NO 200, MINNEAPOLIS, MN 55414

Signing Officer

Name
Stephen Klimek
Title
Project Manager
Phone
6125249869
Signed
2018-11-12
Discuss with paid preparer
Yes

Organization Details

Principal Officer
Stephen Klimek
Formed
2017
Legal Domicile
Mn
Voting Board Members
13
Independent Board Members
13
Employees
0
Volunteers
13

Preparer

Firm
Mahoneyulbrichchristiansen & Russ Pa
Address
10 RIVER PARK PLAZA SUITE 800, SAINT PAUL, MN 55107
Preparer
Marc a Kotsonas
Phone
6512276695
Supplemental Narrative

Additional Explanations

Form 990, Part IX, Line 11G

“Consultant services: program service expenses 85,727. Management and general expenses 0. Fundraising expenses 0. Total expenses 85,727. Implementation: program service expenses 309,975. Management and general expenses 0. Fundraising expenses 0. Total expenses 309,975.”

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IRS990ScheduleA/SupportedOrgInformationGrp/OtherSupportAmt00
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IRS990ScheduleA/SupportedOrgInformationGrp/SupportAmt18321306
IRS990ScheduleA/SupportedOrgInformationGrp/SupportedOrganizationName/BusinessNameLine1Txt0AEON
IRS990ScheduleA/SupportedOrgInformationGrp/SupportedOrganizationName/BusinessNameLine1Txt1CAPITAL REGION WATERSHED DISTRICT
IRS990ScheduleA/SupportedOrgInformationGrp/SupportedOrganizationName/BusinessNameLine1Txt2CITY OF MINNEAPOLIS
IRS990ScheduleA/SupportedOrgInformationGrp/SupportedOrganizationName/BusinessNameLine1Txt3CITY OF ST PAUL
IRS990ScheduleA/SupportedOrgInformationGrp/SupportedOrganizationName/BusinessNameLine1Txt4CREATIVE ENTERPRISE ZONE
IRS990ScheduleA/SupportedOrgInformationGrp/SupportedOrganizationName/BusinessNameLine1Txt5FAMILY HOUSING FUND
IRS990ScheduleA/SupportedOrgInformationGrp/SupportedOrganizationName/BusinessNameLine1Txt6HENNEPIN COUNTY
IRS990ScheduleA/SupportedOrgInformationGrp/SupportedOrganizationName/BusinessNameLine1Txt7METROPOLITAN COUNCIL
IRS990ScheduleA/SupportedOrgInformationGrp/SupportedOrganizationName/BusinessNameLine1Txt8MINNEAPOLIS PARK AND RECREATION BOARD
IRS990ScheduleA/SupportedOrgInformationGrp/SupportedOrganizationName/BusinessNameLine1Txt9MISSISSIPPI WATERSHED MANAGEMENT ORGANIZATION
IRS990ScheduleA/SupportedOrgInformationGrp/SupportedOrganizationName/BusinessNameLine1Txt10PROSEPCT PARK 2020
IRS990ScheduleA/SupportedOrgInformationGrp/SupportedOrganizationName/BusinessNameLine1Txt11PROSECT PARK ASSOCIATION
IRS990ScheduleA/SupportedOrgInformationGrp/SupportedOrganizationName/BusinessNameLine1Txt12RAMSEY COUNTY
IRS990ScheduleA/SupportedOrgInformationGrp/SupportedOrganizationName/BusinessNameLine1Txt13ST ANTHONY PARK COMMUNITY COUNCIL
IRS990ScheduleA/SupportedOrgInformationGrp/SupportedOrganizationName/BusinessNameLine1Txt14SAINT ANTHONY PARK COMMUNITY FOUNDATION
IRS990ScheduleA/SupportedOrgInformationGrp/SupportedOrganizationName/BusinessNameLine1Txt15TWIN CITIES COMMUNITY LAND BANK LLC
IRS990ScheduleA/SupportedOrgInformationGrp/SupportedOrganizationName/BusinessNameLine1Txt16UNIVERSITY ENTERPRISE LABORATORIES INC
IRS990ScheduleA/SupportedOrgInformationGrp/SupportedOrganizationName/BusinessNameLine1Txt17UNIVERSITY OF MINNESOTA
IRS990ScheduleA/SupportedOrgInformationGrp/SupportedOrganizationName/BusinessNameLine1Txt18UNIVERSITY OF MINNESOTA FOUNDATION
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IRS990ScheduleA/SupportingOrgType1Ind0X
IRS990ScheduleA/SupportSumAmt0386306
IRS990/ScheduleBRequiredInd01
IRS990/ScheduleJRequiredInd00
IRS990ScheduleL/BusTrInvolveInterestedPrsnGrp/NameOfInterested/PersonNm0ALAN ARTHUR
IRS990ScheduleL/BusTrInvolveInterestedPrsnGrp/NameOfInterested/PersonNm1SARAH HARRIS
IRS990ScheduleL/BusTrInvolveInterestedPrsnGrp/NameOfInterested/PersonNm2VINCE NETZ
IRS990ScheduleL/BusTrInvolveInterestedPrsnGrp/RelationshipDescriptionTxt0EXECUTIVE DIRECTOR OF AEON AND CHAIRPERSON CEO OF TOWERSIDE
IRS990ScheduleL/BusTrInvolveInterestedPrsnGrp/RelationshipDescriptionTxt1MANAGING DIRECTOR AT UMFREA AND TOWERSIDE BOARD MEMBER
IRS990ScheduleL/BusTrInvolveInterestedPrsnGrp/RelationshipDescriptionTxt2PRESIDENT CEO OF PROSPECT PARK ASSOCIATION AND A TOWERSIDE BOARD MEMBER
IRS990ScheduleL/BusTrInvolveInterestedPrsnGrp/SharingOfRevenuesInd00
IRS990ScheduleL/BusTrInvolveInterestedPrsnGrp/SharingOfRevenuesInd10
IRS990ScheduleL/BusTrInvolveInterestedPrsnGrp/SharingOfRevenuesInd20
IRS990ScheduleL/BusTrInvolveInterestedPrsnGrp/TransactionAmt065000
IRS990ScheduleL/BusTrInvolveInterestedPrsnGrp/TransactionAmt1288489
IRS990ScheduleL/BusTrInvolveInterestedPrsnGrp/TransactionAmt27000
IRS990ScheduleL/BusTrInvolveInterestedPrsnGrp/TransactionDesc0ENTERPRISE GRANT; RECEIVED AND MANAGED BY AEON
IRS990ScheduleL/BusTrInvolveInterestedPrsnGrp/TransactionDesc1UMFREA CONTRACT (ENERGY GRANT) ON BEHALF OF TOWERSIDE
IRS990ScheduleL/BusTrInvolveInterestedPrsnGrp/TransactionDesc2RENT PAID TO PROSPECT PARK ASSOCIATION
IRS990/ScheduleORequiredInd01
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt0THE 990 RETURN WILL BE DISTRIBUTED TO THE BOARD OF DIRECTORS AND WILL BE REVIEWED AND DISCUSSED.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt1DIRECTORS ARE ASKED TO SIGN A CONFLICT OF INTEREST POLICY AT THE BEGINNING OF EACH FISCAL YEAR.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt2DESCRIBED IN THE BYLAW
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt3AVAILABLE UPON REQUEST
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt4CONSULTANT SERVICES: PROGRAM SERVICE EXPENSES 85,727. MANAGEMENT AND GENERAL EXPENSES 0. FUNDRAISING EXPENSES 0. TOTAL EXPENSES 85,727. IMPLEMENTATION: PROGRAM SERVICE EXPENSES 309,975. MANAGEMENT AND GENERAL EXPENSES 0. FUNDRAISING EXPENSES 0. TOTAL EXPENSES 309,975.
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc0FORM 990, PART VI, SECTION B, LINE 11B
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc1FORM 990, PART VI, SECTION B, LINE 12C
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc2FORM 990, PART VI, SECTION B, LINE 15
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc3FORM 990, PART VI, SECTION C, LINE 19
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc4FORM 990, PART IX, LINE 11G
IRS990/SchoolOperatingInd00
IRS990/SignificantChangeInd00
IRS990/SignificantNewProgramSrvcInd00
IRS990/StatesWhereCopyOfReturnIsFldCd0MN
IRS990/SubjectToProxyTaxInd00
IRS990/TaxablePartyNotificationInd00

Document Assets

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Filings

Displayed year

2017 • Form 990Detailed filing. Detailed filing data is available for this year.

Open filing
Assets
$411,306
Liabilities
$402,752
Net assets
$8,554
Revenue
$411,306
Expenses
$402,752
Net income
$8,554
Balance SheetOperations
YearAssetsLiabilitiesNet AssetsRevenueExpensesNet Income
2024Facts available. Structured filing facts are available, but richer extracted sections are limited.$0.85$0.71$0.15$0.46$0.36$0.09
2023Detailed filing. Detailed filing data is available for this year.$1.04$0.98$0.06$0.06$0.10$0.04
2022Detailed filing. Detailed filing data is available for this year.$1.11$1.02$0.10$0.08$0.06$0.01
2021Detailed filing. Detailed filing data is available for this year.$1.16$1.07$0.08$0.22$0.16$0.06
2020Detailed filing. Detailed filing data is available for this year.$0.05$0.03$0.02$0.07$0.15$0.08
2018Detailed filing. Detailed filing data is available for this year.$0.76$0.69$0.07$0.63$0.57$0.06
2017Detailed filing. Detailed filing data is available for this year.$0.41$0.40$0.01$0.41$0.40$0.01