Is it real?
Yes. Never revoked by the IRS. Latest filing on record: FY2024. IRS ruling in Aug 1986.
IRS Pub. 78 · IRS Auto-Revocation List · IRS Business Master File
Where the money goes
89 cents of each dollar spent went to programs.
Form 990 Part IX, line 25, columns B–D. Every line is in By the numbers.
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Who runs it and what they're paid
20 people listed on the 990-T; $604K paid to officers and key staff.
Lynn Bushinger’s $205K as COO/CFO/Treasurer (former) is at the 34th percentile of top reported officer pay among 572 $10–100M community development nonprofits. Peer set: organizations in the same NTEE major field of work and revenue-size band, compared on each org’s own highest-paid officer/key-employee, from Form 990 Part VII / 990-PF Part VIII. Descriptive placement, not a verdict on whether the pay is appropriate.
Compensation history total reportable pay by year · 6 named individuals · Part VII
| Name | FY2023 | FY2022 | FY2021 | FY2020 |
|---|---|---|---|---|
| Lynn Bushinger | $205,443 | $151,943 | $132,138 | $119,830 |
| Matt Varilek | $134,549 | $202,326 | $198,200 | $199,701 |
| Don Hickman | $145,945 | $141,339 | $129,297 | $124,963 |
| Jeff Wig | — | — | — | $117,427 |
| Brian Voerding | $109,471 | $108,526 | — | — |
| Michele Miller | $102,859 | — | — | — |
Total reportable compensation (Form 990 Part VII column D / Schedule J column E) by filing year, matched by name within this organization. The Schedule J base / bonus / deferred breakdown is not parsed into this dataset.
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Questions the 990 asks
The form asks each of these directly. These are the filed answers.
- Family or business ties among officersPt VI · Ln 2No
- Top official's pay set by an independent reviewPt VI · Ln 15aYes
Programs and updates
Empowers Central Minnesota communities by providing grants, managing partner funds, and offering training to foster regional philanthropy and economic growth.
Questions for Initiative Foundation
Your first name shows with your question. Initiative Foundation answers here, for everyone.
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Generositypartner Fund Performance
The community philanthropy team assisted the initiative foundation's 128 partner funds in facilitating 444 grants for a total of $1.7 million in awards across the region. Total partner fund grantmaking increased by 13 percent over the prior year, resulting in an increase of $215,000 in grants awarded in 2022.
Economyloans
The foundation approved 42 small business loans totaling $3,935,975 in 2022, including 17 microloans totaling $700,500 to diverse entrepreneurs. As a result of these loans, $44,527,000 in private financing was leveraged through other lending institutions.
Communitychild Care Solutions
Foundation staff continue to support improved access to quality, affordable, economically sustainable childcare through various strategies and partnerships. Our highest-profile initiative involves our relationship with three regional community colleges.
Funders
Who pays for it.
From grant filings on record. Receipts are incomplete: individual donors are never listed.
Grants
By the numbers
The FY2022 990-T, line by line.
Download 990
Filing history
| Year | Money in | Money out | In minus out | Net assets | Download |
|---|---|---|---|---|---|
| FY2024 Latest | $15.2M | $15.7M | −$498K | $105.9M | 990 PDF |
| FY2023 | $10.0M | $9.4M | $670K | $100.6M | 990 PDF |
| FY2022 Viewing | $18.8M | $16.3M | $2.6M | $91.4M | 990 PDF |
| FY2021 | $30.8M | $9.4M | $21.4M | $100.1M | 990 PDF |
| FY2020 | $21.8M | $15.3M | $6.4M | $88.3M | 990 PDF |
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Schedules filed Part IV
Form 990 e-file (XML) FY2022 from the IRS · Classification, formation year and address from the IRS Business Master File
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