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North Central Minority Supplier Dev FY2020 filing

Tax-deductible

Minneapolis, MN501(c)(3)EIN 36-3550790Revenue $703K in FY2020

On file with the IRSnorthcentralmsdc.org111 3rd Ave S Ste 240, 55401-2579 · Minneapolis, MNTax-exempt since Jan 1974Publicly supported charity — 170(b)(1)(A)(vi)

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To provide Minority businesses with the oppertunity for businesses with corporate partners and to expand there business.

501(c)(3) charity; gifts are tax-deductible.
62¢ of each $1 spent went to programs.
$116K paid to officers and key staff.
Mission: Form 990 Part I, line 1 · Status: IRS Pub. 78 · Programs: Part IX · Pay: Part VII

Before you give

FY2020 · Form 990Independent: from IRS data, not the org
Download 990
IRS status
501(c)(3)
not on the IRS revocation list
Looks good: listed by the IRS and not on the revocation list.
IRS BMF · Auto-Revocation List
Tax-deductible gifts
Yes
Donations are tax-deductible
Looks good: the IRS lists gifts to it as deductible.
IRS Pub. 78 · IRS BMF
Latest return
FY2024
latest Form 990
Looks good: the latest return is for FY2024, 2 tax years back; within 2 tax years.
IRS e-file · Filing history
Surplus or deficit
3 of 5
filings with a surplus
Average surplus $54K a year · 5% of revenue · last 5 filings
Worth a look: a surplus in 3 of the last 5 filings.
Pt I · Ln 19 · 5 filings
Spent on programs
62%
of spending
Worth a look: 62% of spending went to programs; under 65%.
Pt IX · Ln 25 · col B
Pay to officers and key staff
$116K
to officers and key staff · 21% of spending
Worth a look: pay to officers and key staff is 21% of spending; over 20%.
Pt VII · Sec A
Cash reserves
9 mo
of spending, in cash
Looks good: 9.3 months of spending in cash; 3 or more.
Pt X · Ln 1–2 · Pt I · Ln 18
Liabilities
$117K
25% of total assets
Looks good: liabilities are 25% of assets; 50% or less.
Pt X · Ln 26
Independent board members
21
of 22 voting members
Looks good: 21 of 22 voting members are independent, a majority.
Pt VI · Ln 1a–1b
Looks goodFineWorth a lookConcernNo data yetTap a box for the reason.
Revenue
$703K
Spent
$561K
To programs
62%
Net assets
$360K
By yearFY2020–FY2024
Revenue
$703K
FY2020
Tap a bar for its year
Revenue by fiscal year
FY2020$703K
FY2021$854K
FY2022$944K
FY2023$1.2M
FY2024$1.3M
Expenses
$561K
FY2020
Tap a bar for its year
Expenses by fiscal year
FY2020$561K
FY2021$727K
FY2022$948K
FY2023$1.2M
FY2024$1.3M
Net assets
$360K
FY2020
Tap a bar for its year
Net assets by fiscal year
FY2020$360K
FY2021$513K
FY2022$484K
FY2023$490K
FY2024$489K

From the FY2020 Form 990 · figures checked against the IRS filing · see the original

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You’re viewing the FY2020 filing — not the latest on file. See the latest (FY2024) →

Is it real?

Yes. Never revoked by the IRS. Latest filing on record: FY2024. IRS ruling in Jan 1974.

IRS Pub. 78 · IRS Auto-Revocation List · IRS Business Master File

Where the money goes

62 cents of each dollar spent went to programs.

Program services 62% · $349K Management & general 36% · $201K Fundraising 2% · $12K

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

23 people listed on the 990; $116K paid to officers and key staff.

Part VII, Section A · reportable compensation
Heather Olson
President/CEO
$115,868Pt VII · Sec A
$0Pt VII · Sec A
Jon Segal
Director
$0Pt VII · Sec A
$0Pt VII · Sec A
Jay Parker
Director
$0Pt VII · Sec A
$0Pt VII · Sec A
$0Pt VII · Sec A
$0Pt VII · Sec A

Compensation history total reportable pay by year · 2 named individuals · Part VII

NameFY2024FY2023FY2021FY2020
Heather Olson—$148,741$115,686$115,868
Carolyn Mosby$106,940———

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

Connects minority businesses with corporate partners to help them grow.

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Provided by the organization

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3 programs · $184K · in their own filed words · FY2020
01

Certifications

this program provides Minority Business Enterprises (MBE's) with valuable resources to help their business grow and succeed. NCMSDC provides opportunity for MBE's to meet with corporate buyers interested in working with other qualified MBE's.

$98Kprogram expense
02

Business Opportunity Exchange

this program provides corporate members, government entities, and Minority Business Enterprises (MBE's) with workshops, panel discussions, and networking opportunities.

$49Kprogram expense
03

Annual Meeting and Reception

this program is designed to be informative and provide networking opportunities to strengthen collaborations between corporations and Minority Business Enterprises. The 2020 annual meeting had over 110 attendees.

$36Kprogram expense

By the numbers

The FY2020 990, line by line.

Download 990
from philanthropy.org
1The main four
Money inPt VIII
$703K
Ln 12
Gifts and grantsLn 1h$483K
Fees for servicesLn 2g$220K
Investment incomeLn 3$41
Money outPt IX
$561K
Ln 25
Programscol B$349K
Managementcol C$201K
Fundraisingcol D$12K
Owns and owesPt X
$360K
net assets · Ln 32
Cash and savingsLn 1–2$434K
Total assetsLn 16$477K
LiabilitiesLn 26$117K
PeoplePt VI, VII
23
listed · VII A
PaidVII A1
Voting boardVI 1a22
IndependentVI 1b21
2In more detail
Revenue in detailPt VIII
Gifts and grantsLn 1h$483K
Government grantsLn 1e$36K
Fees for servicesLn 2g$220K
Investment incomeLn 3$41
Total revenueLn 12$703K
Assets in detailPt X, end of year
CashLn 1$413K
SavingsLn 2$21K
Cash and savings togetherLn 1–2$434K
Land, buildings, equipmentLn 10c$8K
Other assetsLn 15$4K
Total assetsLn 16$477K
LiabilitiesLn 26$117K
Net assetsLn 32$360K
OperationsPt I, VI
EmployeesI 50
VolunteersI 60
Fiscal year endsHeaderDecember
Conflict-of-interest policyVI 12aYes
Whistleblower policyVI 13No
Records policyVI 14No
3Year over year
Balance sheet, start vs end of yearPt X · col A, B
LineStart FY20End FY20
Cash and savingsLn 1–2$173K$434K
Land, buildings, equipmentLn 10c$10K$8K
Total assetsLn 16$305K$477K
LiabilitiesLn 26$31K$117K
Net assetsLn 32$275K$360K
4Every line
Statement of functional expensesPt IX · every line
LineTotalProgramsManagementFundraising
Pay of current officers, directors and key staffLn 5$116K$88K$24K$3K
Other salaries and wagesLn 7$158K$120K$33K$5K
Other employee benefitsLn 9$38K$29K$8K$1K
Payroll taxesLn 10$21K$16K$4K$626
Accounting feesLn 11c$32K$32K
Other fees for servicesLn 11g$45K$45K
Office expensesLn 13$6K$6K
OccupancyLn 16$49K$38K$10K$1K
Conferences, conventions and meetingsLn 19$53K$53K
Depreciation, depletion and amortizationLn 22$2K$2K
InsuranceLn 23$2K$2K
Other expenses (24a–d)Ln 24$35K$6K$29K$521
All other expensesLn 24e$4K$4K
Total functional expensesLn 25$561K$349K$201K$12K

Filing history

YearMoney inMoney outIn minus outNet assetsDownload
FY2024 Latest $1.3M$1.3M−$561$489K 990 PDF
FY2023 $1.2M$1.2M$6K$490K 990 PDF
FY2022 $944K$948K−$3K$484K 990 PDF
FY2021 $854K$727K$127K$513K 990 PDF
FY2020 Viewing $703K$561K$142K$360K 990 PDF

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Schedules filed Part IV

III · Programs I · Grants R · Related orgs G · Fundraising L · Interested persons A · Public support F · Foreign M · Noncash
See the full FY2020 990 (6 parts)
Part I · Summary $703,090 revenue, 12 lines filed
I-8 Contributions and grantsPrior year $400,746$483,166
I-9 Program service revenuePrior year $263,382$219,883
I-10 Investment incomePrior year $55$41
I-11 Other revenuePrior year $0$0
I-12 Total revenuePrior year $664,183$703,090
I-13 Grants and similar amounts paidPrior year $0$0
I-14 Benefits paid to membersPrior year $0$0
I-15 Salaries and benefitsPrior year $263,891$332,375
I-16a Professional fundraising feesPrior year $0$0
I-17 Other expensesPrior year $368,216$228,813
I-18 Total expensesPrior year $632,107$561,188
I-19 Revenue less expensesPrior year $32,076$141,902
Part VI · Governance 21 of 22 board members independent, 2 to look at
VI-1a Voting members of the governing body22
VI-1b Independent voting members21
VI-13 Written whistleblower policyNo
VI-14 Document retention and destruction policyNo
VI-2 Family or business relationship among officers or directorsNo
VI-12a Written conflict of interest policyYes
VI-15a Process for setting top official's payYes
Part VIII · Statement of revenue $703,090 across 7 lines filed
VIII-1b Membership dues$420,874
VIII-1e Government grants$35,800
VIII-1f All other contributions, gifts and grants$26,492
VIII-1h Total contributions, gifts and grants$483,166
VIII-2a-f Program service revenue, itemized rows (sum of 2a–2f as filed)Related to mission $219,883$219,883
VIII-3 Investment incomeExcluded from tax $41$41
VIII-12 Total revenueRelated to mission $219,883 · Unrelated business $0 · Excluded from tax $41$703,090
Part IX · Statement of functional expenses $561,188 across 13 lines filed
IX-5 Pay of current officers, directors and key staffPrograms $88,059 · Management $24,333 · Fundraising $3,476$115,868
IX-7 Other salaries and wagesPrograms $120,075 · Management $33,178 · Fundraising $4,740$157,993
IX-9 Other employee benefitsPrograms $28,605 · Management $7,904 · Fundraising $1,129$37,638
IX-10 Payroll taxesPrograms $15,868 · Management $4,382 · Fundraising $626$20,876
IX-11c Accounting feesManagement $31,690$31,690
IX-11g Other fees for servicesManagement $45,138$45,138
IX-13 Office expensesManagement $6,485$6,485
IX-16 OccupancyPrograms $37,589 · Management $10,387 · Fundraising $1,484$49,460
IX-19 Conferences, conventions and meetingsPrograms $52,781$52,781
IX-22 Depreciation, depletion and amortizationManagement $2,351$2,351
IX-23 InsuranceManagement $2,404$2,404
IX-24 Other expenses (24a–d)Programs $5,689 · Management $28,759 · Fundraising $521$34,969
IX-24e All other expensesManagement $3,535$3,535
IX-25 Total functional expensesPrograms $348,666 · Management $200,546 · Fundraising $11,976$561,188
Part X · Balance sheet $477,144 assets, 14 lines filed
X-1 Cash, non-interest-bearingStart of year $152,565$413,212
X-2 Savings and temporary cash investmentsStart of year $20,806$20,818
X-4 Accounts receivableStart of year $113,913$23,447
X-9 Prepaid expenses and deferred chargesStart of year $3,930$7,940
X-10c Land, buildings and equipment, netStart of year $9,978$7,627
X-15 Other assetsStart of year $4,100$4,100
X-16 Total assetsStart of year $305,292$477,144
X-17 Accounts payable and accrued expensesStart of year $26,099$27,251
X-19 Deferred revenueStart of year $4,500$89,827
X-26 Total liabilitiesStart of year $30,599$117,078
X-27 Net assets without donor restrictionsStart of year $253,693$322,066
X-28 Net assets with donor restrictionsStart of year $21,000$38,000
X-32 Total net assets or fund balancesStart of year $274,693$360,066
X-33 Total liabilities and net assetsStart of year $305,292$477,144
Part XI · Reconciliation of net assets $360,066 net assets at year end
XI-1 Total revenue$703,090
XI-2 Total expenses$561,188
XI-3 Revenue less expenses$141,902
XI-4 Net assets at start of year$274,693
XI-8 Prior period adjustments−$56,529
XI-9 Other changes in net assets$0
XI-10 Net assets at end of year$360,066

Form 990 e-file (XML) FY2020 from the IRS · Classification, formation year and address from the IRS Business Master File

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