Minnesota Independence College and Community

Analysis

Minnesota Independence College and Community is a registered charity in United States, based in Richfield, MN. It received its IRS tax-exemption ruling in February 1996, 30 years ago. Its declared purposes cover philanthropy, voluntarism and grantmaking foundations, which this site groups under grant-making and general purposes. The IRS classifies it as a publicly supported organisation (gross receipts test) under section 501(c)(3), and contributions to it are listed as tax-deductible.

In the financial year ending June 2023, Minnesota Independence College and Community reported income of $7.2m and spending of $6.5m, spending 91% of its income. Across the 3 years on record, from June 2020 to June 2023, income grew from $4.6m to $7.2m (+56%), an average of +25% a year. The sharpest change came in the year to June 2023, when income rose by 27%. Over the whole period it spent 91% of the income it received.

Among 19,413 United States charities whose main cause is grant-making and general purposes and that reported income, Minnesota Independence College and Community sits at the 94th percentile: it is larger than about 94% of them. Against every charity in United States with reported income it ranks in the 94th percentile, and in the 93rd percentile within MN. Charities of a similar size with the same main cause include Born This Way Foundation ($7.1m), Sparkjoy Foundation ($7.2m) and Franciscan Health Foundation Inc ($7.1m).

On its Form 990 for the period ending June 2023, revenue came from contributions and grants 51% and program service revenue 51% of the total. Compensation of current officers, directors and key employees was $457k (7.0% of expenses). Other salaries and wages came to $2.9m. It paid $243k in professional fundraising fees. At year end it held assets of $5.9m against liabilities of $1.7m, net assets of $4.2m. It reported 86 employees.