Civic Intelligence

Finnovation Institute

990 • Fiscal year 2022 • EIN 85-4329890

Jan 01, 2022 to Dec 31, 2022 • Filed on May 19, 2023

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

21st percentile

0.00x

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

2022 filings • 501(c)3 • $1M-$5M nonprofits • Source year 2022

Liabilities / Revenue

68th percentile

0.22x

Higher debt load relative to revenue than 68% of similar nonprofits.

2022 filings • 501(c)3 • $1M-$5M nonprofits • Source year 2022

Net Margin

1st percentile

-8563%

Higher net margin than 1% of similar nonprofits.

2022 filings • 501(c)3 • $1M-$5M nonprofits • Source year 2022

Top Officer Pay

65th percentile

$92,000

Higher top officer pay than 65% of similar nonprofits.

Top officer pay equals 1011.3% of source-year revenue.

2022 filings • 501(c)3 • $1M-$5M nonprofits • Source year 2022

Asset Growth

3rd percentile

-35%

Faster asset growth than 3% of similar nonprofits.

2022 filings • 501(c)3 • $1M-$5M nonprofits • Annualized from 2021 to 2022

Revenue Growth

1st percentile

-100%

Faster revenue growth than 1% of similar nonprofits.

2022 filings • 501(c)3 • $1M-$5M nonprofits • Annualized from 2021 to 2022

Balance Sheet
Liabilities / Assets21st percentile

Assets

Down

$1,451,826

Down $786,967 (-35%) from 2021

Net Assets

Down

$1,449,825

Down $778,977 (-35%) from 2021

Liabilities

Down

$2,001

Down $7,990 (-80%) from 2021

Revenue And Expenses
Liabilities / Revenue68th percentileNet Margin1st percentile

Revenue

Down

$9,097

Down $2,568,205 (-100%) from 2021

Expenses

Up

$788,074

Up $439,574 (+126%) from 2021

Net Income

Down

-$778,977

Down $3,007,779 (-135%) from 2021

Historical Trend

Balance Sheet Trend

Asset Growth3rd percentile

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

2022

Assets$1,451,826
Liabilities$2,001
Net Assets$1,449,825
Open 2022 Filing

Operations Trend

Revenue Growth1st percentile

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

2022

Revenue$9,097
Expenses$788,074
Net Income-$778,977
Open 2022 Filing
Jump To
Filing Snapshot
Filing Period
Jan 1, 2022 to Dec 31, 2022
Signed
May 19, 2023
Return Version
2022v5.0
Gross Receipts
$9,097
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$855,401▼ $857,494
Cash and Non-Interest-Bearing Accounts$525,898$596,425▲ $70,527
Total Assets$2,238,793$1,451,826▼ $786,967
Liabilities
Accounts Payable and Accrued Expenses$9,991$2,001▼ $7,990
Total Liabilities$9,991$2,001▼ $7,990
Net Assets / Fund Balance
Net Assets Without Donor Restrictions$2,228,802$1,449,825▼ $778,977
Total Net Assets Fund Balance$2,228,802$1,449,825▼ $778,977
Total Liabilities and Net Assets / Fund Balance$2,238,793$1,451,826▼ $786,967
Compensation and Service Providers
Top Officer Pay65th percentile

Employees

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

Board Members and Trustees

NameTitle
Jacqueline BerglundBoard Chair
Renay DossmanBoard Memebe
Kari Niedfeldt-thomasTreasurer

Highest Paid Contractors

ContractorServicesLocationCompensation
Finnovation Lab LLCManagement817 FIFTH AVE S, UNIT 400, Minneapolis, MN 55404$181,295
Revenue and Support

Revenue Composition

Contributions and Grants
$4,767
Program Service Revenue
$0
Investment Income
$4,330
Other Revenue
$0
All Other Contributions
$4,767
Change in Net Assets
$-778,977
Expenses and Functional Allocation

Major Expense Lines

Line ItemAmount
Grants and Similar Amounts Paid$482,889
Other Expenses$305,185
Total Fundraising Expense$8,326
Professional Fundraising Fees$0
Salaries, Compensation, and Employee Benefits$0

Functional Expense Allocation

Line ItemProgramManagementFundraisingTotal
Grants to Domestic Individuals$482,889--$482,889
Fees for Services Management$133,213$24,978$8,326$166,517
Fees for Services Other$59,420--$59,420
Advertising$8,003--$8,003
Other Expenses$5,508--$5,508
Fees for Services Accounting$5,500--$5,500
Office Expenses$125--$125
Fees for Services Legal$26--$26
Total Functional Expenses$754,770$24,978$8,326$788,074
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
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

“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
Jacqueline Berglund
Title
Board Chair
Phone
6122321994
Signed
2023-05-19

Organization Details

Principal Officer
Connie Rutledge
Formed
2020
Legal Domicile
Mn
Voting Board Members
3
Independent Board Members
2
Employees
0
Volunteers
8

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.”

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IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt1FORM 990 WILL BE REVIEWED AT A REGULARLY SCHEDULED BOARD MEETING
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt2ALL 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.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt3USE OF PUBLICLY AVAILABLE COMPARABLE SALARY DATA BASED ON YEARS OF EXPERIENCE, AREAS OF EXPERTISE, AND JOB DESCRIPTION.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt4USE OF PUBLICLY AVAILABLE COMPARABLE SALARY DATA BASED ON YEARS OF EXPERIENCE, AREAS OF EXPERTISE, AND JOB DESCRIPTION.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt5THESE DOCUMENTS ARE MADE AVAILABLE UPON REQUEST.
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc0FORM 990 - ORGANIZATION'S MISSION
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IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc2FORM 990, PAGE 6, PART VI, LINE 12C
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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/IRSResponsiblePrtyInfoCurrInd0false
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/PreparationDt02023-07-12
ReturnHeader/PreparerPersonGrp/PreparerPersonNm0NICHOLE FAIRBANKS
ReturnHeader/ReturnTs02023-07-18T14:29:24-04:00
ReturnHeader/ReturnTypeCd0990
ReturnHeader/SigningOfficerGrp/PersonFullName/PersonFirstNm0JACQUELINE
ReturnHeader/SigningOfficerGrp/PersonFullName/PersonLastNm0BERLAND
ReturnHeader/TaxPeriodBeginDt02022-01-01
ReturnHeader/TaxPeriodEndDt02022-12-31
ReturnHeader/TaxYr02022

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Filings

Displayed year

2022 • Form 990Detailed filing. Detailed filing data is available for this year.

Open filing
Assets
$1,451,826
Liabilities
$2,001
Net assets
$1,449,825
Revenue
$9,097
Expenses
$788,074
Net income
-$778,977
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