Nonprofit · EIN 85-2918250
CONNECTUP INSTITUTE
Tax-exempt · SAINT PAUL, MN 55104
Financials
| Year ended | Form | Revenue | Expenses | Net income | Total assets | Liabilities | Net assets |
|---|---|---|---|---|---|---|---|
| December 31, 2024 | 990 | $638,171 | $529,780 | $108,391 | $785,263 | $203,497 | $581,766 |
| December 31, 2023 | 990 | $479,058 | $455,571 | $23,487 | $640,735 | $202,850 | $437,885 |
Financial details: 990 for the year ended December 31, 2024
Revenue
- Contributions, gifts and grants
- $545,964
- Program service revenue
- $89,611
- Investment income
- $0
- Other revenue
- $2,596
Expenses
- Grants and similar amounts paid
- $0
- Compensation of officers, directors and key employees
- $66,536
- Other salaries and wages
- $21,123
- Salaries, compensation and benefits (total)
- $314,298
- Professional fundraising fees
- $0
- Accounting fees
- $3,825
- Occupancy
- $31,261
- Travel
- $31,197
- Program services (functional)
- $344,498
- Management and general (functional)
- $137,728
- Fundraising (functional)
- $47,554
Balance sheet and other
- Total assets, start of year
- $640,735
- Total assets, end of year
- $785,263
- Total liabilities, end of year
- $203,497
- Net assets, end of year
- $581,766
- Net assets without donor restrictions
- $223,323
- Net assets with donor restrictions
- $358,443
- Gross receipts
- $638,171
- Employees
- 11
- Volunteers
- 100
- Year formed
- 2020
- State of legal domicile
- MN
From the e-filed returns the IRS publishes as XML (latest three processing years; amended returns replace the original). PDF copies at the IRS.
Officers, directors and key employees
As listed on the 990 for the year ended December 31, 2024, highest compensation first.
| Name | Title | Hours / week | Compensation | Other / benefits |
|---|---|---|---|---|
| Y Elaine Rasmussen | President Officer, Key employee, Highest-paid employee | 40 | $66,536 | $14,766 |
| Leigh Lester | Co-Chair Person Trustee or director, Officer | 1 | $0 | $0 |
| Denise Butler | Co-Chair Person Trustee or director, Officer | 1 | $0 | $0 |
| Victor Jones | Vice Chair Trustee or director, Officer | 1 | $0 | $0 |
| Felicia DeSmith | Treasurer Trustee or director, Officer | 1 | $0 | $0 |
| Rebecca Blumenshine | Director Trustee or director | 1 | $0 | $0 |
990 for the year ended December 31, 2023: 4 people
| Name | Title | Hours / week | Compensation | Other / benefits |
|---|---|---|---|---|
| Y Elaine Rasmussen | President Officer, Key employee, Highest-paid employee | 40 | $82,500 | $6,333 |
| Jon Rasmussen | Chair Person Trustee or director, Officer | 1 | $0 | $0 |
| Alex Gameck | Vice President Trustee or director, Officer | 1 | $0 | $0 |
| Leigh Lester | Treasurer Trustee or director, Officer | 1 | $0 | $0 |
Address and contacts
- Address (IRS master file)
- 1908 UNIVERSITY AVE W, SAINT PAUL, MN 55104-3426
- In care of
- % Y ELAINE RASSMUSSEN
- Mailing address (990-N for 2021)
- 1908 University West, Saint Paul MN 55104
- Principal officer (990 for 2024)
- Y ELAINE RASSMUSSEN, 1908 UNIVERSITY AVE W, SAINT PAUL, MN 551043426
- Principal officer (990-N for 2021)
- Elaine Rasmussen, 1908 University West, Saint Paul MN 55104
- Signed the 990
- Y Elaine Rasmussen, CEO
- Phone
- (651) 505-9438
- Website
- connectupmn.com
- Return prepared by
- STL Consulting Inc
Mission
The ConnectUP! Integrated Capital Fund ICF is a charitable fund that addresses the gap in access to $70M capital resources and networks to increase local BIPOC ownership of businesses in the Twin Cities Metro area. ICF provides early second-stage entrepreneurs with flexible and patient hybrid capital grants debt equity fractional executive FTE support and mindset coaching. ICF disrupts the traditional capitalist credit system which has failed Black and Brown entrepreneurs and is the ONLY woman-led fund driven by economic justice with wealth creation and restorative finance as its core values. -CEO Circles are small group learning sessions on a specific business topic facilitated by a culturally responsive subject matter expert. In each circle founders come together in working sessions to hack their most pressing business issues build fellowship and leverage collective wisdom. -The LevelUP! Digital Platform provides culturally grounded courses and toolkits
Program accomplishments
- Capital Readiness provides training and and coaches to prepare entrepreneurs to be ready to access capital in the marketplace. Training includes business operations accounting and financial operations and marketing.Expenses $85,580 · grants $80,171 · revenue $5,410
- Integrated Capital Fund provides access to capital to qualified candidates through loans and equity infusions.Expenses $123,048 · grants $83,537 · revenue $20,737
- Lunar-works with startup businesses to train and ready them for the next steps in their organizational and financial development; providing them with next steps to access capital to expand their businesses.Expenses $90,243 · grants $79,646 · revenue $10,597
- Connectup Institute provides financial and management training services as well as an annual meeting to connect entrepreneurs to investors and lending institutions.Expenses $45,627 · grants $363,583 · revenue $9,224
What it must file and when
IRS records say it files Form 990 or 990-EZ. Based on its last return; a smaller organization may file the 990-N. Its accounting year ends in December, so each return is due on the 15th day of the 5th month after that.
| Tax year | Year ended | Due | IRS public records |
|---|---|---|---|
| 2025 | December 31, 2025 | May 15, 2026 | Not on file |
| 2024 | December 31, 2024 | May 15, 2025 | 990 on file |
| 2023 | December 31, 2023 | May 15, 2024 | 990 on file |
IRS record
- EIN
- 85-2918250
- Tax-exempt status
- 501(c)(3): Charitable, religious, educational or scientific organization
- Foundation status
- Publicly supported organization (170(b)(1)(A)(vi))
- Donations deductible (Pub 78)
- Public charity, 50% deduction limit
- Exempt since
- 2020
- Accounting year ends
- December
- Files
- Form 990 or 990-EZ
- Category (NTEE)
- Community improvement and capacity building (S41)
- Assets (IRS master file)
- $785,263
- Income (IRS master file)
- $638,171
Filing history
| Form | Year ended | Revenue | Expenses | Assets | Return |
|---|---|---|---|---|---|
| 990 | December 2024 | $638,171 | $529,780 | $785,263 | IRS |
| 990 | December 2023 | $479,058 | $455,571 | $640,735 | XML |
| 990 | December 2022 | $650,425 | $394,881 | $403,927 | IRS |
| 990-N for 2021 Officer: Elaine Rasmussen | December 31, 2021 | ≤ $50,000 receipts | – | – | e-Postcard |
| 990-N for 2020 Officer: Elaine Rasmussen | December 31, 2020 | ≤ $50,000 receipts | – | – | e-Postcard |
990-N: the IRS bulk file holds only the latest e-Postcard per organization; earlier years come from archived copies of that file since 2020 and can have gaps (the IRS e-Postcard search lists every one). 990, 990-EZ, 990-PF, 990-T: every e-filed return in the IRS e-file index since 2019; XML for the latest three processing years, amounts from the IRS Statistics of Income extracts before that. PDF copies and determination letters at the IRS (search EIN 85-2918250).
Questions about CONNECTUP INSTITUTE
- What is the EIN of CONNECTUP INSTITUTE?
- The employer identification number (EIN) of CONNECTUP INSTITUTE is 85-2918250.
- Is CONNECTUP INSTITUTE tax-exempt?
- Yes. The IRS lists it as tax-exempt under section 501(c)(3) since 2020.
- Are donations to CONNECTUP INSTITUTE tax-deductible?
- Yes. It is listed in IRS Publication 78 (Public charity, 50% deduction limit).
- Which annual return does CONNECTUP INSTITUTE file?
- Form 990 or 990-EZ. Based on its last return; a smaller organization may file the 990-N.
- When is the next return of CONNECTUP INSTITUTE due?
- The return for tax year 2025 (the year ending December 31, 2025) is due May 15, 2026. Form 8868 extends it by six months; the 990-N cannot be extended.
- When did CONNECTUP INSTITUTE last file with the IRS?
- The latest return in the IRS public files is the 990 for the year ended December 2024.
- Who is the principal officer of CONNECTUP INSTITUTE?
- The 990 for the year ended December 31, 2024 names Y ELAINE RASSMUSSEN.
- Who are the officers and directors of CONNECTUP INSTITUTE?
- The 990 for the year ended December 31, 2024 lists 6 people; 1 received compensation from the organization, the highest $66,536 (Y Elaine Rasmussen, President).
- How much revenue does CONNECTUP INSTITUTE have?
- On its 990 for the year ended December 31, 2024 it reported revenue of $638,171, expenses of $529,780 and total assets of $785,263 at year end.
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