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
77 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; $698K 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
- Loans to or from officersSch L · Pt II2 listed
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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Economyloans
The foundation approved 33 small business loans totaling $2,643,304 in 2023 (including 12 microloans totaling $355,889 to diverse entrepreneurs). To strengthen and sustain our microlending network, we maintain funding and referral relationships with many partners, including economic development organizations, local and regional banks…
Generositypartner Fund Performance
The community philanthropy team assisted the foundation's 137 partner funds in facilitating 381 grants for $1.14 million in regional awards. Total partner fund grantmaking declined in 2023 compared to 2022 but remained strong overall. The 19 funds that hosted open grant rounds received 477 applications.
Community Child Care Solutions
The child care solutions program played a crucial role in improving access to affordable, high-quality child care by supporting qualified early care professionals. In 2023, $275,000 was allocated to partner organizations to promote economic growth through expanded child care options and a qualified early childhood workforce.
Funders
Who pays for it.
From grant filings on record. Receipts are incomplete: individual donors are never listed.
Grants
By the numbers
The FY2023 990, line by line.
Download 990
| Line | Start FY23 | End FY23 |
|---|---|---|
| Cash and savingsLn 1–2 | $9.2M | $10.4M |
| InvestmentsLn 11–13 | $74.3M | $82.9M |
| Land, buildings, equipmentLn 10c | $1.6M | $1.7M |
| Total assetsLn 16 | $98.8M | $109.0M |
| LiabilitiesLn 26 | $7.4M | $8.4M |
| Net assetsLn 32 | $91.4M | $100.6M |
| Line | Total | Programs | Management | Fundraising |
|---|---|---|---|---|
| Grants to domestic organizationsLn 1 | $4.0M | $4.0M | ||
| Grants to domestic individualsLn 2 | $253K | $253K | ||
| Pay of current officers, directors and key staffLn 5 | $839K | $267K | $454K | $118K |
| Other salaries and wagesLn 7 | $1.4M | $808K | $425K | $173K |
| Pension plan contributionsLn 8 | $97K | $47K | $37K | $12K |
| Other employee benefitsLn 9 | $378K | $195K | $135K | $48K |
| Payroll taxesLn 10 | $161K | $78K | $62K | $21K |
| Legal feesLn 11b | $57K | $44K | $11K | $2K |
| Accounting feesLn 11c | $56K | $400 | $56K | |
| Lobbying feesLn 11d | $5K | $5K | ||
| Investment management feesLn 11f | $103K | $103K | ||
| Other fees for servicesLn 11g | $739K | $667K | $17K | $54K |
| Advertising and promotionLn 12 | $49K | $31K | $13K | $5K |
| Office expensesLn 13 | $77K | $34K | $22K | $20K |
| Information technologyLn 14 | $359K | $173K | $157K | $29K |
| OccupancyLn 16 | $94K | $54K | $32K | $8K |
| TravelLn 17 | $30K | $20K | $8K | $2K |
| Conferences, conventions and meetingsLn 19 | $20K | $13K | $4K | $3K |
| InterestLn 20 | $30K | $30K | ||
| Depreciation, depletion and amortizationLn 22 | $70K | $34K | $28K | $8K |
| InsuranceLn 23 | $20K | $9K | $9K | $2K |
| Other expenses (24a–d)Ln 24 | $514K | $424K | $62K | $28K |
| All other expensesLn 24e | −$34K | −$34K | −$20 | |
| Total functional expensesLn 25 | $9.4M | $7.2M | $1.6M | $534K |
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 Viewing | $10.0M | $9.4M | $670K | $100.6M | 990 PDF |
| FY2022 | $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
See the full FY2023 990 (6 parts)
Part I · Summary $10,031,903 revenue, 12 lines filed
Part VI · Governance 15 of 15 board members independent, no flags
Part VIII · Statement of revenue $10,031,903 across 11 lines filed
Part IX · Statement of functional expenses $9,362,176 across 23 lines filed
Part X · Balance sheet $109,008,159 assets, 19 lines filed
Part XI · Reconciliation of net assets $100,558,960 net assets at year end
Form 990 e-file (XML) FY2023 from the IRS · Classification, formation year and address from the IRS Business Master File
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