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Towerside Innovation District

EIN 82-3639718 · Minneapolis, MN

Public records show a registered, tax-exempt organization in good standing.

LegitimacyPassesRegistration and standingFinancial healthFair52 out of 100GovernanceGood79 out of 100Impact evidenceDescribes programsHow well its results are evidenced

Points to look into

  • Only 13% of its spending went to programs.

These come from the organization's own tax return. There may be a good explanation; ask the charity.

What it says it does

TOWERSIDE WORKS TOGETHER WITH OTHER MISSION-DRIVEN, COMMUNITY-BASED, EDUCATIONAL, ENVIRONMENTAL AND GOVERNMENTAL ORGANIZATIONS IN THE CREATION AND CONTINUANCE OF A SUSTAINABLE COMMUNITY OF DISCOVERY AND INNOVATION IN THE TOWERSIDE DISTRICT OF MINNEAPOLIS AND SAINT PAUL.

Income
$457,064
Spending
$364,547
Spent on programs
13%
Reserves
3.6 months of spending
Largest source of income
donations and private grants, 74%
Employees
1
Volunteers
15
Highest pay
$83,000, executive director

Source: Form 990 for the year ending December 31, 2024, filed with the Internal Revenue Service. Rating method 2026.2. How we rate

Financial health

Fair: 52 out of 100. Higher than 21% of charities in its peer group (community improvement, $250k to $1m).

  • Reserves

    20 of 35

    Spendable reserves would cover 3.6 months of spending.

  • Debt

    2 of 20

    It owes 83% of what it owns.

  • Living within its means

    15 of 15

    Income exceeded spending by 20% of income.

  • Income trend

    15 of 15

    Income rose 691% on the year before.

  • Spending floor

    0 of 15

    13% of spending went to programs and raising each dollar of donations cost 3 cents.

Source: Form 990 for the year ending December 31, 2024, filed with the Internal Revenue Service. Rating method 2026.2. How we rate

Governance

Good: 79 out of 100. Higher than 55% of charities in its peer group (community improvement, $250k to $1m).

  • Independent board

    25 of 25

    12 of 12 voting board members are independent.

  • Conflict of interest policy

    15 of 15

    Has a written conflict of interest policy.

  • Whistleblower policy

    0 of 8

    Reports no written whistleblower policy.

  • Record keeping policy

    7 of 7

    Has a written policy on keeping and destroying records.

  • Board minutes

    5 of 5

    Keeps minutes of board meetings.

  • Board sees the tax return

    0 of 10

    Did not give the board a copy of this return before filing it.

  • Pay set independently

    5 of 5

    Sets its chief executive's pay through independent review and comparison.

  • Independent check of accounts

    12 of 15

    Its accounts were reviewed or compiled by an independent accountant, but not audited.

  • No reported misuse

    10 of 10

    Reports no diversion of assets, excess benefits or loans to insiders.

Source: Form 990 for the year ending December 31, 2024, filed with the Internal Revenue Service. Rating method 2026.2. How we rate

Impact evidence

Describes programs. Its tax return describes what it does but we have found no measurable results in it.

Programs described in its return (1)
  1. $46,224 spent. 1. COMPLETED THE GRANARY CROSSING TECHNICAL FEASIBILITY STUDY WITH PUBLIC AND AGENCY PARTNERS.2. COLLABORATED WITH PROPERTY OWNERS TO SERVE AS THE OPERATOR OF THE ABOVE STANDARD ENHANCEMENTS ON GREEN 4TH STREET3. PARTICIPATED IN COMMUNITY EVENTS AND GATHERINGS TO FOSTER RELATIONSHIPS 4. HOSTED AN ANNUAL MEETING AND HOLIDAY GATHERING WITH GUEST SPEAKERS AND ACTIVITIES TO ENGAGE TOWERSIDE'S SUPPORTED ORGANIZATIONS AND TO SUPPORT CONNECTIONS WITHIN THE COMMUNITY. 5. COMPLETED A FRAMEWORK AND INITIAL ACTION-PLAN TO GUIDE IMPLEMENTATION OF TOWERSIDE'S RESILIENT AND SUSTAINABLE COMMUNITY WORK.

Source: Form 990 for the year ending December 31, 2024, filed with the Internal Revenue Service. Rating method 2026.2. How we rate

Legitimacy checks

  1. Is it registered with the IRS? Passed.

    Listed in the IRS master file of tax-exempt organizations as a 501(c)(3) charitable organization.

    Source: Exempt Organizations Business Master File, Internal Revenue Service, file dated September 7, 2026.

  2. Has the IRS revoked its tax-exempt status? Passed.

    Not on the IRS automatic revocation list.

    Source: Automatic revocation of exemption list, Internal Revenue Service, file dated September 30, 2026.

  3. Are donations tax-deductible? Passed.

    On the IRS list of organizations eligible to receive tax-deductible contributions.

    Source: Publication 78 data: organizations eligible for tax-deductible contributions, Internal Revenue Service, file dated September 10, 2026.

  4. Is it keeping up with its IRS filings? Passed.

    Most recent return on file covers the year ending December 2024.

    Source: Exempt Organizations Business Master File, Internal Revenue Service, file dated September 7, 2026.

  5. How long has it been tax-exempt? Passed.

    Recognized by the IRS since August 2018.

    Source: Exempt Organizations Business Master File, Internal Revenue Service, file dated September 7, 2026.

  6. Is it in good standing with state regulators? Passed.

    Not on California's list of charities barred from soliciting. Other states are not yet checked.

    Source: May Not Operate or Solicit for Charitable Purposes list, California Attorney General, Registry of Charities and Fundraisers, file dated October 7, 2026.

Ratings and checks are our reading of public records, using the published method. They are not a statement about anyone's honesty. If you work for this organization, you can send corrections or results, confirm you want gifts through Veridonate, or ask to be removed from giving.