#2nd Chance Project EIN 85-1769927 Form 990 (PDF) Claim this org

#2nd Chance Project FY2022 filing

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Helps people with justice involvement, substance use, or mental illness thrive in their communities. For fiscal year 2022 it reported $375K in revenue, $364K in expenses, and $40K in net assets.Pt I

Type
Public charity (501(c)(3)) · Housing
Location
Saint Paul, MN
Website
www.2ndchanceprojectmn.org
Filings
5 on file (2020–2022)
Revenue
$375KFY2022
Expenses
$364K
Net assets
$40K
People
4
Filings
5
Updates
0
More identity details & actions ⌄
EIN  85-1769927 Public charity (501(c)(3)) Saint Paul, MN
Form 990 (PDF)
You’re viewing the FY2022 filing — not the latest on file. See the latest (FY2024) →
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Size
$100K–1M
What they do
Helps people with justice involvement, substance use, or mental illness thrive in their communities.
Leadership
Letricia Tate · President
Money in and out
$375K revenue, $364K expenses
Bottom line
95% program efficiency
Where the money goes · FY2022
Total revenue
$375K
Pt VIII · Ln 12
Total expenses
$364K
Pt IX · Ln 25
Net assets
$40K
Pt X · Ln 32
Revenue less expenses (Pt I · Ln 19): $12K
Where spending went · Part IX cols B–D
Program services $0.95 Management & general $0.05
Program efficiency
95%
of spending reaches programs
Operating runway
1.3mo
months of highly liquid reserves at operating expense rate
Surplus margin
+3%
revenue over expenses, this year

Summary of the Filing

Part I · fiscal year 2022 · Form 990
Revenue
$375K
FY2022▼ -24%
Expenses
$364K
FY2022▼ -52%
Total assets
$40K
FY2022
Total liabilities
$0
FY2022
Total revenue
$375K
Pt VIII · Ln 12
Total expenses
$364K
Pt IX · Ln 25
Net assets
$40K
Pt X · Ln 32
Revenue less expensesPt I · Ln 19$12K
Total assetsPt X · Ln 16$40K
Program-expense ratioPt IX · col B95%
Voting members of governing bodyPt I · Ln 35
Independent voting membersPt I · Ln 45

Identity & Classification

Form 990 Header · IRS Business Master File
Legal nameHdr · item C#2nd Chance Project
EINHdr · item D85-1769927
Principal addressHdr · item CSaint Paul, MN
WebsiteHdr · item Jwww.2ndchanceprojectmn.org
Year of formationHdr · item Lpending
State of legal domicileHdr · item MMN
Exempt statusHdr · item I501(c)(3) · active
NTEE classificationIRS BMFHousing (L80)
Ruling yearIRS BMFJun 2020

Governance & Policies

Part VI
Voting members of the governing bodyPt VI · Ln 1a5
Independent voting membersPt VI · Ln 1b5
Conflict-of-interest policyPt VI · Ln 12aYes
Whistleblower policyPt VI · Ln 13No
Document retention policyPt VI · Ln 14No
CEO/top-official compensation independently reviewedPt VI · Ln 15aNo
Family or business relationships among officers/directorsPt VI · Ln 2No

Officers, Directors & Key Employees

Part VII, Section A · reportable compensation
President
$0Pt VII · Sec A
$0Pt VII · Sec A
Board Member
$0Pt VII · Sec A
Board Member
$0Pt VII · Sec A

1carlton Jessup’s $70K as Executice Director is at the 61st percentile of top reported officer pay among 849 $100K–1M housing 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 · 3 named individuals · Part VII

NameFY2021FY2020
1carlton Jessup$69,929$26,982
2 Jessica Shegstad$59,424$21,625
3 Ashley Lom$48,661$19,339

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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Mission & Programs · Part III

Where the work happens

3 program services account for $347K of program spending, described in the organization's own filed words · FY2022.
01

In 2022, 2ND chance project held the master lease for the freemont location, which was able to house 3 clients, potentially facing homelessness, in recovery or suffered from mental illness.

$182Kprogram expense
02

2ND chance project provide educational and development for employee's to better understand the mission and vision of the organzation. We also provide housing stability and all other related necessities to the homeless who are in need of foods, hygience supplies and shelters.

$116Kprogram expense
03

During the gun violence awareness community events, friends and family directly, or indirectly have been tragically affected by senseless acts of violence, predominately, gun violence, come together, talk, brainstorm and form a bond in which they can relate to. Helping each other cope and find ways to make changes.

$50Kprogram expense

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Statement of Revenue

Part VIII
Contributions & grants$243K · 65%
Program service revenue$132K · 35%
Contributions & grants65%$243K
Program service revenue35%$132K
Total revenueLn 12$375K

Statement of Functional Expenses

Part IX · allocated across program, management, and fundraising
Allocation · columns B–D
Program services $0.95 Management & general $0.05
Program services95%$347K
Management & general5%$17K
Total functional expensesLn 25$364K

Balance Sheet

Part X · end of year
CashLn 1$40K
Total assetsLn 16$40K
Total liabilitiesLn 26$0
Total net assetsLn 32$40K
Months of cash on handcomputed1.3

Financial Metrics

Form 990 · FY2022 · each ratio shown with the dollars behind it
Liquidity & Payout
Operating runway
Highly liquid reserves $40K · Operating expenses/yr $364K
1.3 months
Where the money goes
Program services
Program services $347K · Total expenses $364K
95%
Management & General
Management & general $17K · Total expenses $364K
5%
Fundraising
Fundraising $0 · Total expenses $364K
0%
Cost to raise $1
Fundraising expense (3-yr avg) $0 · Solicited contributions (3-yr avg) $140K
Solicited contributions below reporting floor
Where the money comes from
Contribution dependence
Contributions & grants $243K · Total revenue $375K
65%
Government reliance
Government grants — · Total revenue $375K
Earned-income share
Program service revenue $132K · Total revenue $375K
35%
Investment reliance
Investment income $0 · Total revenue $375K
0%
Program self-sufficiency
Program service revenue $132K · Total expenses $364K
36%
Growth & trend
Revenue growth (YoY)
This year $375K · Prior year $496K
-24%
Net-asset trend (YoY)
End of year $40K · Beginning of year —
Beginning net assets not meaningfully positive — showing dollar change
Balance sheet
Surplus Margin
Revenue $375K · Expenses $364K
+3%
Liabilities-to-Assets
Total liabilities — · Total assets $40K
Net-asset ratio
Net assets $40K · Total assets $40K
100%
Marketable Investment Share
Publicly traded securities (Pt X, ln 11) — · Other securities (Pt X, ln 12) — · Total assets (Pt X, ln 16) $40K
Excludes program-related investments (Pt X, ln 13)
People & payroll
Highest Reported Total Compensation
Individual Letricia Tate · Reported title PRESIDENT · Highest reported compensation $0 · Total expenses $364K
0%
Personnel share
Salaries, benefits & payroll (Pt IX 5-10) $210K · Total expenses $364K
58%
Peer comparison

Same NTEE category, revenue band, and state where available. Descriptive — not a grade.

MetricThis orgPeer medianPercentile
Program ratio 95%
Overhead ratio 5%
Fundraising cost ratio 0%
Revenue growth -24%
Accounting fee ratio 1%

Straight from the Form 990 — descriptive, not an evaluation. A ratio is hidden when its base is zero or too small to be meaningful; the dollars are always shown.

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Filings & Schedule Manifest

Part IV
III · Programs I · Grants R · Related orgs G · Fundraising L · Interested persons A · Public support F · Foreign M · Noncash
FY2024 (Latest)$357K revenue · ⤓ 990 PDF
FY2023$362K revenue · ⤓ 990 PDF
FY2022$375K revenue · viewing · ⤓ 990 PDF
FY2021$496K revenue · ⤓ 990 PDF
FY2020$1.1M revenue · ⤓ 990 PDF

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Sources

Every figure above is drawn from these filings
Form 990 e-file (XML) · FY2022IRS
Classification, formation year, addressIRS Business Master File
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