Civic Intelligence

Towerside Innovation District

990 • Fiscal year 2018 • EIN 82-3639718

Jan 01, 2018 to Dec 31, 2018 • Filed on Nov 15, 2019

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

92nd percentile

0.91x

Higher debt load relative to assets than 92% of similar nonprofits.

2018 filings • 501(c)3 • $500k-$1M nonprofits • Source year 2018

Liabilities / Revenue

91st percentile

1.10x

Higher debt load relative to revenue than 91% of similar nonprofits.

2018 filings • 501(c)3 • $500k-$1M nonprofits • Source year 2018

Net Margin

63rd percentile

9.4%

Higher net margin than 63% of similar nonprofits.

2018 filings • 501(c)3 • $500k-$1M nonprofits • Source year 2018

Top Officer Pay

79th percentile

$74,760

Higher top officer pay than 79% of similar nonprofits.

Top officer pay equals 11.9% of source-year revenue.

2018 filings • 501(c)3 • $500k-$1M nonprofits • Source year 2018

Asset Growth

93rd percentile

84%

Faster asset growth than 93% of similar nonprofits.

2018 filings • 501(c)3 • $500k-$1M nonprofits • Annualized from 2017 to 2018

Revenue Growth

87th percentile

52%

Faster revenue growth than 87% of similar nonprofits.

2018 filings • 501(c)3 • $500k-$1M nonprofits • Annualized from 2017 to 2018

Balance Sheet
Liabilities / Assets92nd percentile

Assets

Up

$755,341

Up $344,035 (+84%) from 2017

Net Assets

Up

$67,393

Up $58,839 (+688%) from 2017

Liabilities

Up

$687,948

Up $285,196 (+71%) from 2017

Revenue And Expenses
Liabilities / Revenue91st percentileNet Margin63rd percentile

Revenue

Up

$627,198

Up $215,892 (+52%) from 2017

Expenses

Up

$568,359

Up $165,607 (+41%) from 2017

Net Income

Up

$58,839

Up $50,285 (+588%) from 2017

Historical Trend

Balance Sheet Trend

Asset Growth93rd percentile

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

2018

Assets$755,341
Liabilities$687,948
Net Assets$67,393
Open 2018 Filing

Operations Trend

Revenue Growth87th percentile

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

2018

Revenue$627,198
Expenses$568,359
Net Income$58,839
Open 2018 Filing
Jump To
Filing Snapshot
Filing Period
Jan 1, 2018 to Dec 31, 2018
Signed
Nov 15, 2019
Return Version
2018v3.1
Gross Receipts
$627,198
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 the first designated innovation district working to achieve equity, resilience, and climate stability in minneapolis and st. Paul.

Balance Sheet Detail
LineBeginningEndChange
Assets
Pledges and Grants Receivable$48,500$428,552▲ $380,052
Cash and Non-Interest-Bearing Accounts$297,806$326,789▲ $28,983
Accounts Receivable$65,000--
Total Assets$411,306$755,341▲ $344,035
Liabilities
Accounts Payable and Accrued Expenses$402,752$685,852▲ $283,100
Other Liabilities$0$2,096▲ $2,096
Total Liabilities$402,752$687,948▲ $285,196
Net Assets / Fund Balance
Unrestricted Net Assets$8,554$67,393▲ $58,839
Total Net Assets Fund Balance$8,554$67,393▲ $58,839
Total Liabilities and Net Assets / Fund Balance$411,306$755,341▲ $344,035
Compensation and Service Providers
Top Officer Pay79th percentile

Employees

NameTitleFull / Part TimeBaseOtherTotal
Stephen KlimekProject ManagerFT$73,500$1,260$74,760

Board Members and Trustees

NameTitle
Alan ArthurChairperson/ President (ce
Michael HuberVice Chairperson
Sarah HarrisVice Chairperson
Cailin RogersBoard Member
Cara LetofskyBoard Member
Catherine Reid DayBoard Member
Del HamptonBoard Member
Jeff FenskeBoard Member
Jeffrey BarnhartBoard Member
Makeda Zulu GillespieBoard Member
Metric GilesBoard Member
Michael BerthclsenBoard Member
Richard GilyardBoard Member
Shauen PearceBoard Member
Steven QuamBoard Member
Tracey ScottBoard Member
Vincent NetzBoard Member
Virajita SinghBoard Member
Robert StraughnSecretary
Lynne OstermanTreasurer
Revenue and Support

Revenue Composition

Contributions and Grants
$627,190
Program Service Revenue
$0
Investment Income
$8
Other Revenue
$0
All Other Contributions
$627,190
Change in Net Assets
$58,839
Expenses and Functional Allocation

Major Expense Lines

Line ItemAmount
Other Expenses$487,548
Salaries, Compensation, and Employee Benefits$80,811
Grants and Similar Amounts Paid$0
Professional Fundraising Fees$0
Total Fundraising Expense$0

Functional Expense Allocation

Line ItemProgramManagementFundraisingTotal
Fees for Services Other$469,551$64-$469,615
Other Salaries and Wages$69,825$3,675-$73,500
Payroll Taxes$5,749$302-$6,051
Occupancy$5,476$288-$5,764
Fees for Services Legal$4,503$237-$4,740
Travel$2,564--$2,564
Insurance$2,404$127-$2,531
Other Employee Benefits$1,197$63-$1,260
Advertising$547--$547
Fees for Services Accounting$285$15-$300
Other Expenses$200$11-$200
All Other Expenses$14--$14
Total Functional Expenses$563,524$4,835$0$568,359
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
Vince NetzPresident CEO of Prospect Park Association and a Towerside Board MemberRent Paid to Prospect Park AssociationNo$6,264
Debt and Bond Financing

Other Reported Liabilities

LiabilityAmount
Payroll Taxes Payable$2,096
Governance and Compliance

Governance Checklist

Compiled or reviewed by an accountant
No
Annual disclosure for covered persons
Yes
Backup withholding compliance
Yes
Business relationship with family members
No
Business relationship with organization members
Yes
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
Vince Netz
Title
Treasurer
Phone
6125249869
Signed
2019-11-15
Discuss with paid preparer
Yes

Organization Details

Principal Officer
Vince Netz
Formed
2017
Legal Domicile
Mn
Voting Board Members
20
Independent Board Members
20
Employees
1
Volunteers
0

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 78,360. Management and general expenses 0. Fundraising expenses 0. Total expenses 78,360. Implementation: program service expenses 370,846. Management and general expenses 0. Fundraising expenses 0. Total expenses 370,846. Finance costs: program service expenses 1,093. Management and general expenses 59. Fundraising expenses 0. Total expenses 1,152. Green 4th street expense: program service expenses 15,880. Management and general expenses 0. Fundraising expenses 0. Total expenses 15,880. Job supplies: program service expenses 3,276. Management and general expenses 0. Fundraising expenses 0. Total expenses 3,276. Payroll service fees: program service expenses 96. Management and general expenses 5. Fundraising expenses 0. Total expenses 101.”

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IRS990/FormationYr02017
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IRS990/GoverningBodyVotingMembersCnt020
IRS990/GrantsToIndividualsInd00
IRS990/GrantsToOrganizationsInd00
IRS990/GrantToRelatedPersonInd00
IRS990/GrossReceiptsAmt0627198
IRS990/GroupReturnForAffiliatesInd00
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IRS990/IndependentVotingMemberCnt020
IRS990/IndivRcvdGreaterThan100KCnt00
IRS990/IndoorTanningServicesInd00
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IRS990/InfoInScheduleOPartIXInd0X
IRS990/InfoInScheduleOPartVIInd0X
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IRS990/InsuranceGrp/ProgramServicesAmt02404
IRS990/InsuranceGrp/TotalAmt02531
IRS990/InvestmentIncomeGrp/TotalRevenueColumnAmt08
IRS990/InvestmentIncomeGrp/UnrelatedBusinessRevenueAmt08
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IRS990/MembersOrStockholdersInd00
IRS990/MethodOfAccountingAccrualInd0X
IRS990/MinutesOfCommitteesInd01
IRS990/MinutesOfGoverningBodyInd01
IRS990/MissionDesc0A 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.
IRS990/MoreThan5000KToIndividualsInd00
IRS990/MoreThan5000KToOrgInd00
IRS990/NetAssetsOrFundBalancesBOYAmt08554
IRS990/NetAssetsOrFundBalancesEOYAmt067393
IRS990/NetUnrelatedBusTxblIncmAmt00
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IRS990/OccupancyGrp/ManagementAndGeneralAmt0288
IRS990/OccupancyGrp/ProgramServicesAmt05476
IRS990/OccupancyGrp/TotalAmt05764
IRS990/OfficerMailingAddressInd00
IRS990/OperateHospitalInd00
IRS990/Organization501c3Ind0X
IRS990/OrganizationFollowsSFAS117Ind0X
IRS990/OtherChangesInNetAssetsAmt00
IRS990/OtherEmployeeBenefitsGrp/ManagementAndGeneralAmt063
IRS990/OtherEmployeeBenefitsGrp/ProgramServicesAmt01197
IRS990/OtherEmployeeBenefitsGrp/TotalAmt01260
IRS990/OtherExpensesGrp/Desc0MEALS
IRS990/OtherExpensesGrp/Desc1OFFICE SUPPLIES
IRS990/OtherExpensesGrp/Desc2DUES AND SUBSCRIPTIONS
IRS990/OtherExpensesGrp/Desc3CONTRIBUTIONS
IRS990/OtherExpensesGrp/ManagementAndGeneralAmt027
IRS990/OtherExpensesGrp/ManagementAndGeneralAmt126
IRS990/OtherExpensesGrp/ManagementAndGeneralAmt211
IRS990/OtherExpensesGrp/ProgramServicesAmt0504
IRS990/OtherExpensesGrp/ProgramServicesAmt1500
IRS990/OtherExpensesGrp/ProgramServicesAmt2205
IRS990/OtherExpensesGrp/ProgramServicesAmt3200
IRS990/OtherExpensesGrp/TotalAmt0531
IRS990/OtherExpensesGrp/TotalAmt1526
IRS990/OtherExpensesGrp/TotalAmt2216
IRS990/OtherExpensesGrp/TotalAmt3200
IRS990/OtherLiabilitiesGrp/BOYAmt00
IRS990/OtherLiabilitiesGrp/EOYAmt02096
IRS990/OtherSalariesAndWagesGrp/ManagementAndGeneralAmt03675
IRS990/OtherSalariesAndWagesGrp/ProgramServicesAmt069825
IRS990/OtherSalariesAndWagesGrp/TotalAmt073500
IRS990/PartialLiquidationInd00
IRS990/PayPremiumsPrsnlBnftCntrctInd00
IRS990/PayrollTaxesGrp/ManagementAndGeneralAmt0302
IRS990/PayrollTaxesGrp/ProgramServicesAmt05749
IRS990/PayrollTaxesGrp/TotalAmt06051
IRS990/PledgesAndGrantsReceivableGrp/BOYAmt048500
IRS990/PledgesAndGrantsReceivableGrp/EOYAmt0428552
IRS990/PoliticalCampaignActyInd00
IRS990/PrincipalOfficerNm0VINCE NETZ
IRS990/ProfessionalFundraisingInd00
IRS990/ProhibitedTaxShelterTransInd00
IRS990/PYBenefitsPaidToMembersAmt00
IRS990/PYContributionsGrantsAmt0411306
IRS990/PYExcessBenefitTransInd00
IRS990/PYGrantsAndSimilarPaidAmt00
IRS990/PYInvestmentIncomeAmt00
IRS990/PYOtherExpensesAmt0402752
IRS990/PYOtherRevenueAmt00
IRS990/PYProgramServiceRevenueAmt00
IRS990/PYRevenuesLessExpensesAmt08554
IRS990/PYSalariesCompEmpBnftPaidAmt00
IRS990/PYTotalExpensesAmt0402752
IRS990/PYTotalProfFndrsngExpnsAmt00
IRS990/PYTotalRevenueAmt0411306
IRS990/QuidProQuoContributionsInd00
IRS990/RcvFndsToPayPrsnlBnftCntrctInd00
IRS990/ReconcilationRevenueExpnssAmt058839
IRS990/RegularMonitoringEnfrcInd01
IRS990/RelatedEntityInd00
IRS990/RelatedOrganizationCtrlEntInd00
IRS990/ReportInvestmentsOtherSecInd00
IRS990/ReportLandBuildingEquipmentInd00
IRS990/ReportOtherAssetsInd00
IRS990/ReportOtherLiabilitiesInd01
IRS990/ReportProgramRelatedInvstInd00
IRS990ScheduleA/Form990SchASupportingOrgGrp/Contribution35ControlledInd00
IRS990ScheduleA/Form990SchASupportingOrgGrp/ContributionControllerInd00
IRS990ScheduleA/Form990SchASupportingOrgGrp/ContributionFamilyInd00
IRS990ScheduleA/Form990SchASupportingOrgGrp/ControlledDisqualifiedPrsnInd00
IRS990ScheduleA/Form990SchASupportingOrgGrp/DisqualifiedPrsnControllIntInd00
IRS990ScheduleA/Form990SchASupportingOrgGrp/DisqualifiedPrsnOwnrIntInd00
IRS990ScheduleA/Form990SchASupportingOrgGrp/ExcessBusinessHoldingsRulesInd00
IRS990ScheduleA/Form990SchASupportingOrgGrp/ListedByNameGoverningDocInd01
IRS990ScheduleA/Form990SchASupportingOrgGrp/LoanDisqualifiedPersonInd00
IRS990ScheduleA/Form990SchASupportingOrgGrp/OrganizationChangeSuprtOrgInd00
IRS990ScheduleA/Form990SchASupportingOrgGrp/PaymentSubstantialContribtrInd00
IRS990ScheduleA/Form990SchASupportingOrgGrp/SupportedOrgNotOrganizedUSInd00
IRS990ScheduleA/Form990SchASupportingOrgGrp/SupportedOrgSectionC456Ind00
IRS990ScheduleA/Form990SchASupportingOrgGrp/SupportNonSupportedOrgInd00
IRS990ScheduleA/Form990SchASupportingOrgGrp/SuprtOrgNoIRSDeterminationInd00
IRS990ScheduleA/Form990SchAType1SuprtOrgGrp/OperateBenefitNonSuprtOrgInd00
IRS990ScheduleA/Form990SchAType1SuprtOrgGrp/PowerAppointMajorityDirTrstInd01
IRS990ScheduleA/Form990ScheduleAPartVIGrp/ExplanationTxt0THE CORPORATION HAS TWO CLASSES OF MEMBERS. THE CLASS OF MEMBERS THAT HAS VOTING RIGHTS AND ELECTS THE DIRECTORS OF THE CORPORATION IS THE "EXEMPT MEMBERS" CLASS. ONLY SUPPORTED ORGANIZATIONS ARE PERMITTED TO BE EXEMPT MEMBERS. THE EXEMPT MEMBERS ELECT EACH DIRECTOR OF THE CORPORATION. THIS ELECTION NORMALLY TAKES PLACE AT THE ANNUAL MEETING OF THE MEMBERS. THUS, THE CORPORATION IS CONTROLLED BY THE SUPPORTED ORGANIZATIONS.
IRS990ScheduleA/Form990ScheduleAPartVIGrp/FormAndLineReferenceDesc0SCHEDULE A, PAGE 5, SECTION A, LINE 11
IRS990ScheduleA/OtherSupportSumAmt00
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IRS990ScheduleA/SupportedOrganizationsTotalCnt019
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IRS990ScheduleA/SupportedOrgInformationGrp/EIN9411558711
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IRS990ScheduleA/SupportedOrgInformationGrp/EIN13473199574
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IRS990ScheduleA/SupportedOrgInformationGrp/GoverningDocumentListedInd61
IRS990ScheduleA/SupportedOrgInformationGrp/GoverningDocumentListedInd71
IRS990ScheduleA/SupportedOrgInformationGrp/GoverningDocumentListedInd81
IRS990ScheduleA/SupportedOrgInformationGrp/GoverningDocumentListedInd91
IRS990ScheduleA/SupportedOrgInformationGrp/GoverningDocumentListedInd101
IRS990ScheduleA/SupportedOrgInformationGrp/GoverningDocumentListedInd111
IRS990ScheduleA/SupportedOrgInformationGrp/GoverningDocumentListedInd121
IRS990ScheduleA/SupportedOrgInformationGrp/GoverningDocumentListedInd131
IRS990ScheduleA/SupportedOrgInformationGrp/GoverningDocumentListedInd141
IRS990ScheduleA/SupportedOrgInformationGrp/GoverningDocumentListedInd151
IRS990ScheduleA/SupportedOrgInformationGrp/GoverningDocumentListedInd161
IRS990ScheduleA/SupportedOrgInformationGrp/GoverningDocumentListedInd171
IRS990ScheduleA/SupportedOrgInformationGrp/GoverningDocumentListedInd181
IRS990ScheduleA/SupportedOrgInformationGrp/OrganizationTypeCd07
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Document Assets

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Filings

Displayed year

2018 • Form 990Detailed filing. Detailed filing data is available for this year.

Open filing
Assets
$755,341
Liabilities
$687,948
Net assets
$67,393
Revenue
$627,198
Expenses
$568,359
Net income
$58,839
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