Civic Intelligence

Connectup Institute

EIN 85-2918250 • 501(c)3 • Saint Paul, MN

Profile

The ConnectUP! Integrated Capital Fund ICF is a charitable fund that addresses the gap in access to $70M capital resources and networks to increase local BIPOC ownership of businesses in the Twin Cities Metro area. ICF provides early second-stage BIPOC entrepreneurs with flexible and patient hybrid capital grants debt equity fractional executive FTE support and mindset coaching. ICF disrupts the traditional capitalist credit system which has failed Black and Brown entrepreneurs and is the ONLY woman-led fund driven by economic justice with wealth creation and restorative finance as its core values. -CEO Circles are small group learning sessions on a specific business topic facilitated by a culturally responsive subject matter expert. In each circle BIPOC founders come together in working sessions to hack their most pressing business issues build fellowship and leverage collective wisdom. -The LevelUP! Digital Platform provides culturally grounded courses and toolkits

1908 University Ave WSaint Paul, MN 55104-3426

www.connectupmn.org

Siviq Scores

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

Liabilities / Assets

78th percentile

0.26x

Higher debt load relative to assets than 78% of similar nonprofits.

501(c)3 • $500k-$1M nonprofits • Source year 2024

Liabilities / Revenue

83rd percentile

0.32x

Higher debt load relative to revenue than 83% of similar nonprofits.

501(c)3 • $500k-$1M nonprofits • Source year 2024

Net Margin

70th percentile

17%

Higher net margin than 70% of similar nonprofits.

501(c)3 • $500k-$1M nonprofits • Source year 2024

Top Officer Pay

80th percentile

$81,302

Higher top officer pay than 80% of similar nonprofits.

Top officer pay equals 12.7% of source-year revenue.

501(c)3 • $500k-$1M nonprofits • Source year 2024

Asset Growth

78th percentile

23%

Faster asset growth than 78% of similar nonprofits.

501(c)3 • $500k-$1M nonprofits • Annualized from 2023 to 2024

Revenue Growth

76th percentile

33%

Faster revenue growth than 76% of similar nonprofits.

501(c)3 • $500k-$1M nonprofits • Annualized from 2023 to 2024

Assets

Up

$785,263

Up $144,528 (+23%) from 2023

Liabilities

Up

$203,497

Up $647 (+0.3%) from 2023

Net Assets

Up

$581,766

Up $143,881 (+33%) from 2023

Revenue

Up

$638,171

Up $159,113 (+33%) from 2023

Expenses

Up

$529,780

Up $74,209 (+16%) from 2023

Net Income

Up

$108,391

Up $84,904 (+361%) from 2023

Trend Graphs

Balance Sheet Trend

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

$800K$600K$400K$200K$0Assets 2022: $403,927Liabilities 2022: $109,529Net Assets 2022: $294,3982022Assets 2023: $640,735Liabilities 2023: $202,850Net Assets 2023: $437,8852023Assets 2024: $785,263Liabilities 2024: $203,497Net Assets 2024: $581,7662024

Highlighted filing

2024

Assets$785,263
Liabilities$203,497
Net Assets$581,766

Operations Trend

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

$800K$600K$400K$200K$0Revenue 2022: $650,425Expenses 2022: $394,881Net Income 2022: $255,5442022Revenue 2023: $479,058Expenses 2023: $455,571Net Income 2023: $23,4872023Revenue 2024: $638,171Expenses 2024: $529,780Net Income 2024: $108,3912024

Highlighted filing

2024

Revenue$638,171
Expenses$529,780
Net Income$108,391

Filings

Latest Detailed Filing

The latest 2024 filing currently has linked XML that has not been fully parsed yet. Showing the latest detailed filing from 2022 below.

Jump To
Filing Snapshot
Filing Period
Jan 1, 2022 to Dec 31, 2022
Signed
Nov 15, 2023
Return Version
2022v5.0
Gross Receipts
$650,425
Mission and Program Overview

Mission

The ConnectUP! Integrated Capital Fund ICF is a charitable fund that addresses the gap in access to $70M capital resources and networks to increase local BIPOC ownership of businesses in the Twin Cities Metro area. ICF provides early second-stage BIPOC entrepreneurs with flexible and patient hybrid capital grants debt equity fractional executive FTE support and mindset coaching. ICF disrupts the traditional capitalist credit system which has failed Black and Brown entrepreneurs and is the ONLY woman-led fund driven by economic justice with wealth creation and restorative finance as its core values. -CEO Circles are small group learning sessions on a specific business topic facilitated by a culturally responsive subject matter expert. In each circle BIPOC founders come together in working sessions to hack their most pressing business issues build fellowship and leverage collective wisdom. -The LevelUP! Digital Platform provides culturally grounded courses and toolkits

ConnectUP! Institute is a Black Native-led nonprofit social enterprise based in Saint Paul MN. Our mission: we curate connections among entrepreneurs investors and the business ecosystem to advance equitable access to capital resources and networks for underinvested communities with an emphasis on Black and Brown women and their lived experiences. Significant programs include ConnectUP! Summit is the premiere entrepreneur ecosystem event in Minnesota. The ConnectUP! Summit offers action-oriented content and collaborative networking spaces to bridge the 180 degrees of separation between entrepreneurs from underestimated communities local values-aligned investors and business support organizations statewide. The Summit strengthens an equitable entrepreneur ecosystem that helps all founders get to the next level driving positive sustainable investment and social impact grounded in economic justice; See Schedule O for further information

Balance Sheet Detail
LineBeginningEndChange
Assets
Cash and Non-Interest-Bearing Accounts$38,854$257,333▲ $218,479
Pledges and Grants Receivable$0$125,000▲ $125,000
Accounts Receivable$0$21,594▲ $21,594
Loans From Officers Directors$0$9,437▲ $9,437
Savings and Temporary Cash Investments$0$0→ $0
Other Notes and Loans Receivable, Net$0$0→ $0
Receivable From Disqualified Prsn$0$0→ $0
Receivables From Officers Etc$0$0→ $0
Investments Other Securities$0$0→ $0
Investments Program Related$0$0→ $0
Investments in Publicly Traded Securities$0$0→ $0
Land, Buildings, and Equipment, Net$0$0→ $0
Intangible Assets$0$0→ $0
Inventories for Sale or Use$0$0→ $0
Prepaid Expenses and Deferred Charges$0$0→ $0
Total Assets$38,854$403,927▲ $365,073
Other Assets Total$0$0→ $0
Liabilities
Accounts Payable and Accrued Expenses$0$100,092▲ $100,092
Grants Payable$0$0→ $0
Mortgage Notes Payable Secured by Investment Property$0$0→ $0
Unsecured Notes Loans Payable$0$0→ $0
Other Liabilities$0$0→ $0
Deferred Revenue$0$0→ $0
Escrow Account Liability$0$0→ $0
Tax Exempt Bond Liabilities$0$0→ $0
Total Liabilities$0$109,529▲ $109,529
Net Assets / Fund Balance
Net Assets With Donor Restrictions$0$258,799▲ $258,799
Net Assets Without Donor Restrictions$38,854$35,599▼ $3,255
Total Net Assets Fund Balance$38,854$294,398▲ $255,544
Total Liabilities and Net Assets / Fund Balance$38,854$403,927▲ $365,073
Compensation and Service Providers

Employees

NameTitleFull / Part TimeBaseOtherTotal
Y Elaine RasmussenPresidentFT$47,800$3,658$51,458
---$47,800-$47,800

Board Members and Trustees

NameTitle
Jon RasmussenChair Person
Alex GameckVice President
Leigh LesterTreasurer
Revenue and Support

Revenue Composition

Contributions and Grants
$566,205
Program Service Revenue
$84,220
Investment Income
$0
Other Revenue
$0
All Other Contributions
$566,205
Change in Net Assets
$255,544
Expenses and Functional Allocation

Major Expense Lines

Line ItemAmount
Other Expenses$228,645
Salaries, Compensation, and Employee Benefits$152,369
Professional Fundraising Fees$13,867
Total Fundraising Expense$13,867
Grants and Similar Amounts Paid$0

Functional Expense Allocation

Line ItemProgramManagementFundraisingTotal
Other Salaries and Wages$78,893$13,271$0$92,164
Fees for Services Management$50,755$10,434$0$61,189
Occupancy$39,053$9,794$0$48,847
Current Officers, Directors, Trustees, and Key Employees$11,950$35,850$0$47,800
Fees for Services Legal$0$25,051$0$25,051
Office Expenses$5,678$16,232$0$21,910
Fees for Services Professional Fundraising--$13,867$13,867
Payroll Taxes$7,176$3,722$0$10,898
Advertising$8,000$1,494$0$9,494
Travel$5,402$753$0$6,155
Insurance$0$4,405$0$4,405
Other Expenses$3,851$0$0$3,851
Conferences and Meetings$2,803$139$0$2,942
Other Employee Benefits$0$1,507$0$1,507
All Other Expenses$439$1$0$440
Fees for Services Accounting$0$148$0$148
Total Functional Expenses$227,421$153,593$13,867$394,881
Fundraising, Events, and Gaming
Fundraising activities
No
Gaming activities
No
Professional fundraiser used
No

Fundraising and Gaming Totals

Line ItemAmount
Professional Fundraising Fees$13,867
Fundraising Direct Expenses$0
Fundraising Gross Income$0
Gaming Direct Expenses$0
Gaming Gross Income$0
Political and Lobbying Activity
Political campaign activity
No
Lobbying activity
No
Subject to proxy tax
No
Insider Transactions and Loans

Loans and Receivables

Line ItemBeginningEndChange
Loans from Officers, Directors, Trustees, and Key Employees$0$9,437▲ $9,437
Receivables from Disqualified Persons$0$0→ $0
Receivables from Officers, Directors, Trustees, and Key Employees$0$0→ $0
Governance and Compliance

Governance Checklist

Compiled or reviewed by an accountant
No
Annual disclosure for covered persons
Yes
Backup withholding compliance
No
Business relationship with 35% controlled entity
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
No
Other officer compensation reviewed
No
Conflict-of-interest policy
Yes
Audited financial statements prepared
No
Key decisions subject to board approval
No
Management duties delegated
No

Governance Explanations

Part VI, Line 2

The President is related to one Board Member Jon Rasmussen by marriage and another in a Mother Son relationship Alex Gambeck.

Part VI, Line 11B

The annual 990 is reviewed and approved at the annual board meeting. The 990 is maintained is the office of the organization and may reviewed at any time during business hours.

Part VI, Line 12C

The organization requires each Director to file a conflict on interest document with the organization and in transactions that may be in conflict with the policy are investigated by the Board and if necessary approved by the Board.

Part VI, Line 19

All organizations governing documents tax conflict of interest financial Board statements and Board meeting minutes are available by appointment at the organizations offices.

Filing and Contact Details

Filer

Filer Name
Connectup Institute
EIN
85-2918250
In Care Of
% J ELAINE RASSMUSSEN
Phone
6515059438
Address
1908 UNIVERSITY AVE W, SAINT PAUL, MN 55104-3426

Signing Officer

Name
Y Elaine Rasmussen
Title
CEO
Signed
2023-11-15
Discuss with paid preparer
No

Organization Details

Formed
2020
Legal Domicile
Mn
Voting Board Members
4
Independent Board Members
1
Employees
8
Volunteers
0

Preparer

Firm
STL Consulting Inc
Address
201 S 11TH ST UNIT 720, MINNEAPOLIS, MN 55403
Preparer
William Hansen
Supplemental Narrative

Additional Explanations

Part III, line 2

Summit -which is a entrepreneur ecosystem event in Minnesota connecting entrepreneurs with business executives financial resources and investment capital. Intregated Capital Fund charitable fund that addresses the gap in access to $70M capital resources and networks to increase local BIPOC ownership of businesses in the Twin Cities Metro area. ICF provides early second-stage BIPOC entrepreneurs with flexible and patient hybrid capital grants debt equity fractional executive FTE support and mindset coaching. ICF disrupts the traditional capitalist credit system which has failed Black and Brown entrepreneurs and is the ONLY woman-led fund driven by economic justice with wealth creation and restorative finance as its core values. CEO Circles are small group learning sessions on a specific business topic facilitated by a culturally responsive subject matter expert. In each circle BIPOC founders come together in working sessions to hack their most pressing business issues build fellowship and leverage collective wisdom. The LevelUP! Digital Platform provides culturally grounded courses and toolkits to help founders manage their businesses. The program includes courses on accessing capital and business financial health management as well as automated back office management tools.

Part I Line 1

| Explanation:| The ConnectUP! Integrated Capital Fund ICF is a charitable fund that addresses the gap in access to $70M capital resources and networks to increase local BIPOC ownership of businesses in the Twin Cities Metro area. ICF provides early second-stage BIPOC entrepreneurs with flexible and patient hybrid capital grants debt equity fractional executive FTE support and mindset coaching. ICF disrupts the traditional capitalist credit system which has failed Black and Brown entrepreneurs and is the ONLY woman-led fund driven by economic justice with wealth creation and restorative finance as its core values. -CEO Circles are small group learning sessions on a specific business topic facilitated by a culturally responsive subject matter expert. In each circle BIPOC founders come together in working sessions to hack their most pressing business issues build fellowship and leverage collective wisdom. -The LevelUP! Digital Platform provides culturally grounded courses and toolkits to help founders manage their businesses. The program includes courses on accessing capital and business financial health management as well as automated back office management tools.

Financial Statement Notes

Part X, line 2

Schedule D Part X Line 2 - The Organization's activities are generally exempt from federal and state income taxes under section 501 c3 of the Internal Revenue Code. Since the Organization is exempt from federal and state income tax liability no provision is made for current or deferred income tax expense. The Organization is not subject to unrelated business income tax. Management is not aware of any transactions that would impact the Organization follows the Guidance of the Accounting Standard Codification ASC 740 Accounting for Income Taxes related to uncertainties in income taxes which prescribes a threshold of more likely than not to be recognition and derecognition of positions taken or expected to be taken in a tax return. For the years ended December 31 2020 and 2019 management of the organization is not aware of any material uncertain tax positions. All tax exempt entities are subject to review and audit by federal state and other applicable agencies. Such agencies may review the taxability of unrelated business income or the qualification of the tax exempt entity under the internal revenue code and applicable state statutes. For federal tax purposes the tax returns remain open for possible examination for a period of three years after the respective filing deadlines of those return.

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IRS990/MissionDesc0The ConnectUP! Integrated Capital Fund ICF is a charitable fund that addresses the gap in access to $70M capital resources and networks to increase local BIPOC ownership of businesses in the Twin Cities Metro area. ICF provides early second-stage BIPOC entrepreneurs with flexible and patient hybrid capital grants debt equity fractional executive FTE support and mindset coaching. ICF disrupts the traditional capitalist credit system which has failed Black and Brown entrepreneurs and is the ONLY woman-led fund driven by economic justice with wealth creation and restorative finance as its core values. -CEO Circles are small group learning sessions on a specific business topic facilitated by a culturally responsive subject matter expert. In each circle BIPOC founders come together in working sessions to hack their most pressing business issues build fellowship and leverage collective wisdom. -The LevelUP! Digital Platform provides culturally grounded courses and toolkits
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