Civic Intelligence

Finnovation Institute

990 • Fiscal year 2021 • EIN 85-4329890

Jan 01, 2021 to Dec 31, 2021 • Filed on Sep 29, 2022

Organization ProfileWWW.FINN-LAB.COM
817 5th Avenue S Suite 400Minneapolis, MN 55404

(612) 502-2262

Siviq Scores

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

Liabilities / Assets

25th percentile

0.00x

Higher debt load relative to assets than 25% of similar nonprofits.

2021 filings • 501(c)3 • $1M-$5M nonprofits • Source year 2021

Liabilities / Revenue

21st percentile

0.00x

Higher debt load relative to revenue than 21% of similar nonprofits.

2021 filings • 501(c)3 • $1M-$5M nonprofits • Source year 2021

Net Margin

97th percentile

86%

Higher net margin than 97% of similar nonprofits.

2021 filings • 501(c)3 • $1M-$5M nonprofits • Source year 2021

Top Officer Pay

66th percentile

$92,000

Higher top officer pay than 66% of similar nonprofits.

Top officer pay equals 3.6% of source-year revenue.

2021 filings • 501(c)3 • $1M-$5M nonprofits • Source year 2021

Asset Growth

Score unavailable

No value available

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

Source year 2021

Revenue Growth

Score unavailable

No value available

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

Source year 2021

Balance Sheet
Liabilities / Assets25th percentile

Assets

$2,238,793

No earlier filing loaded for comparison.

Net Assets

$2,228,802

No earlier filing loaded for comparison.

Liabilities

$9,991

No earlier filing loaded for comparison.

Revenue And Expenses
Liabilities / Revenue21st percentileNet Margin97th percentile

Revenue

$2,577,302

No earlier filing loaded for comparison.

Expenses

$348,500

No earlier filing loaded for comparison.

Net Income

$2,228,802

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.

$3.0M$2.0M$1.0M$0Assets 2021: $2,238,793Liabilities 2021: $9,991Net Assets 2021: $2,228,8022021Assets 2022: $1,451,826Liabilities 2022: $2,001Net Assets 2022: $1,449,8252022Assets 2023: $637,028Liabilities 2023: $6,500Net Assets 2023: $630,5282023Assets 2024: $78,243Liabilities 2024: $11,001Net Assets 2024: $67,2422024

Highlighted filing

2021

Assets$2,238,793
Liabilities$9,991
Net Assets$2,228,802
Open 2021 Filing

Operations Trend

Revenue GrowthScore unavailable

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

$3.0M$2.0M$1.0M$0-$1.0MRevenue 2021: $2,577,302Expenses 2021: $348,500Net Income 2021: $2,228,8022021Revenue 2022: $9,097Expenses 2022: $788,074Net Income 2022: -$778,9772022Revenue 2023: $21,033Expenses 2023: $840,330Net Income 2023: -$819,2972023Revenue 2024: $5,348Expenses 2024: $568,634Net Income 2024: -$563,2862024

Highlighted filing

2021

Revenue$2,577,302
Expenses$348,500
Net Income$2,228,802
Open 2021 Filing
Jump To
Filing Snapshot
Filing Period
Jan 1, 2021 to Dec 31, 2021
Signed
Sep 29, 2022
Return Version
2021v4.0
Gross Receipts
$2,577,302
Mission and Program Overview

Mission

To provide educational programs and tangible support to impact-driven entrepreneurs and build a vibrant and inclusive community of successful social businesses in the twin cities region, generating meaningful social and economic impact in our region and beyond.

Balance Sheet Detail
LineBeginningEndChange
Assets
Pledges and Grants Receivable-$1,712,895-
Cash and Non-Interest-Bearing Accounts-$525,898-
Total Assets$0$2,238,793▲ $2,238,793
Liabilities
Accounts Payable and Accrued Expenses-$9,991-
Total Liabilities$0$9,991▲ $9,991
Net Assets / Fund Balance
Net Assets Without Donor Restrictions-$2,228,802-
Total Net Assets Fund Balance$0$2,228,802▲ $2,228,802
Total Liabilities and Net Assets / Fund Balance$0$2,238,793▲ $2,238,793
Compensation and Service Providers
Top Officer Pay66th percentile

Employees

NameTitleFull / Part TimeOtherTotal
Connie RutledgeCEOFT$92,000$92,000

Board Members and Trustees

NameTitle
Jacqueline BerlandBoard Chair
Renay DossmanBoard Memebe
Kari Niedfeldt-thomasTreasurer

Highest Paid Contractors

ContractorServicesLocationCompensation
Finnovation Lab LLCManagement817 FIFTH AVE S, UNIT 400, Minneapolis, MN 55404$112,939
Revenue and Support

Revenue Composition

Contributions and Grants
$2,586,000
Program Service Revenue
$0
Investment Income
$1,739
Other Revenue
$-10,437
All Other Contributions
$2,586,000
Change in Net Assets
$2,228,802

Audited Revenue Reconciliation

Revenue per Audited Statements
$2,577,302
Total Revenue per Audited Statements
$2,577,302
Total Revenue per Form 990
$2,577,302
Expenses and Functional Allocation

Major Expense Lines

Line ItemAmount
Grants and Similar Amounts Paid$179,611
Other Expenses$168,889
Total Fundraising Expense$5,647
Professional Fundraising Fees$0
Salaries, Compensation, and Employee Benefits$0

Functional Expense Allocation

Line ItemProgramManagementFundraisingTotal
Grants to Domestic Individuals$179,611--$179,611
Fees for Services Management$90,351$16,941$5,647$112,939
Fees for Services Other$32,597--$32,597
Other Expenses$4,000--$4,000
Office Expenses$81--$81
Total Functional Expenses$325,912$16,941$5,647$348,500

Audited Expense Reconciliation

Line ItemAmount
Expenses per Audited Statements$348,500
Total Expenses per Audited Statements$348,500
Total Expenses per Form 990$348,500
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
Governance and Compliance

Governance Checklist

Compiled or reviewed by an accountant
No
Annual disclosure for covered persons
Yes
Audit committee
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 8B

“No committees have been formed”

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

“Form 990 will be reviewed at a regularly scheduled board meeting”

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

“All directors have a duty to disclose potential conflicts. Once disclosed, remaining board members decide if a conflict exists. If it is determined, procedures exist to remove the interested person from discussion, votes and transactions that create the conflict.”

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

“Use of publicly available comparable salary data based on years of experience, areas of expertise, and job description.”

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

“Use of publicly available comparable salary data based on years of experience, areas of expertise, and job description.”

Form 990, Page 6, Part VI, Line 19

“These documents are made available upon request.”

Filing and Contact Details

Filer

Filer Name
Finnovation Institute
EIN
85-4329890
Phone
6125022262
Address
817 5TH AVENUE S SUITE 400, MINNEAPOLIS, MN 55404

Signing Officer

Name
Connie Rutledge
Title
CEO
Phone
6122321994
Signed
2022-09-29

Organization Details

Principal Officer
Connie Rutledge
Formed
2020
Legal Domicile
Mn
Voting Board Members
3
Independent Board Members
2
Employees
0
Volunteers
12

Preparer

Firm
Harrington Langer & Associates
Address
563 PHALEN BLVD, SAINT PAUL, MN 55130
Preparer
Nichole Fairbanks
Phone
6514811128
Supplemental Narrative

Additional Explanations

FORM 990 - ORGANIZATION'S MISSION

“To provide educational programs and tangible support to impact-driven entrepreneurs and build a vibrant and inclusive community of successful social businesses in the twin cities region, generating meaningful social and economic impact in our region and beyond.”

Form 990, Page 2, Part III, Line 2

“This is the organizations first year of operation. The organization took over the management of the finnovation fellowship program”

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IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt1THIS IS THE ORGANIZATIONS FIRST YEAR OF OPERATION. THE ORGANIZATION TOOK OVER THE MANAGEMENT OF THE FINNOVATION FELLOWSHIP PROGRAM
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt2NO COMMITTEES HAVE BEEN FORMED
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt3FORM 990 WILL BE REVIEWED AT A REGULARLY SCHEDULED BOARD MEETING
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt4ALL DIRECTORS HAVE A DUTY TO DISCLOSE POTENTIAL CONFLICTS. ONCE DISCLOSED, REMAINING BOARD MEMBERS DECIDE IF A CONFLICT EXISTS. IF IT IS DETERMINED, PROCEDURES EXIST TO REMOVE THE INTERESTED PERSON FROM DISCUSSION, VOTES AND TRANSACTIONS THAT CREATE THE CONFLICT.
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IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt6USE OF PUBLICLY AVAILABLE COMPARABLE SALARY DATA BASED ON YEARS OF EXPERIENCE, AREAS OF EXPERTISE, AND JOB DESCRIPTION.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt7THESE DOCUMENTS ARE MADE AVAILABLE UPON REQUEST.
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ReturnHeader/BusinessOfficerGrp/PhoneNum06122321994
ReturnHeader/BusinessOfficerGrp/SignatureDt02022-09-29
ReturnHeader/Filer/BusinessName/BusinessNameLine1Txt0FINNOVATION INSTITUTE
ReturnHeader/Filer/BusinessNameControlTxt0FINN
ReturnHeader/Filer/EIN0854329890
ReturnHeader/Filer/PhoneNum06125022262
ReturnHeader/Filer/USAddress/AddressLine1Txt0817 5TH AVENUE S SUITE 400
ReturnHeader/Filer/USAddress/CityNm0MINNEAPOLIS
ReturnHeader/Filer/USAddress/StateAbbreviationCd0MN
ReturnHeader/Filer/USAddress/ZIPCd055404
ReturnHeader/PreparerFirmGrp/PreparerFirmEIN0411532347
ReturnHeader/PreparerFirmGrp/PreparerFirmName/BusinessNameLine1Txt0HARRINGTON LANGER & ASSOCIATES
ReturnHeader/PreparerFirmGrp/PreparerUSAddress/AddressLine1Txt0563 PHALEN BLVD
ReturnHeader/PreparerFirmGrp/PreparerUSAddress/CityNm0SAINT PAUL
ReturnHeader/PreparerFirmGrp/PreparerUSAddress/StateAbbreviationCd0MN
ReturnHeader/PreparerFirmGrp/PreparerUSAddress/ZIPCd055130
ReturnHeader/PreparerPersonGrp/PhoneNum06514811128
ReturnHeader/PreparerPersonGrp/PreparationDt02022-11-04
ReturnHeader/PreparerPersonGrp/PreparerPersonNm0NICHOLE FAIRBANKS
ReturnHeader/ReturnTs02022-11-15T16:35:42-05:00
ReturnHeader/ReturnTypeCd0990
ReturnHeader/SigningOfficerGrp/PersonFullName/PersonFirstNm0CONNIE
ReturnHeader/SigningOfficerGrp/PersonFullName/PersonLastNm0RUTLEDGE
ReturnHeader/TaxPeriodBeginDt02021-01-01
ReturnHeader/TaxPeriodEndDt02021-12-31
ReturnHeader/TaxYr02021

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Filings

Displayed year

2021 • Form 990Detailed filing. Detailed filing data is available for this year.

Open filing
Assets
$2,238,793
Liabilities
$9,991
Net assets
$2,228,802
Revenue
$2,577,302
Expenses
$348,500
Net income
$2,228,802
Balance SheetOperations
YearAssetsLiabilitiesNet AssetsRevenueExpensesNet Income
2024Detailed filing. Detailed filing data is available for this year.$0.08$0.01$0.07$0.01$0.57$0.56
2023Detailed filing. Detailed filing data is available for this year.$0.64$0.01$0.63$0.02$0.84$0.82
2022Detailed filing. Detailed filing data is available for this year.$1.45$0.00$1.45$0.01$0.79$0.78
2021Detailed filing. Detailed filing data is available for this year.$2.24$0.01$2.23$2.58$0.35$2.23