2025-10-13T15:26:26-05:00 2024-12-31 341873282 CBIZ ADVISORS LLC 222 SOUTH 9TH STREET SUITE 1000 MINNEAPOLIS MN 55402 990 2024-01-01 850898705 NEXTSTAGE NEXT 6122547459 8011 34TH AVE 320 BLOOMINGTON MN 55425 LEE HALL CEO 6122547459 2025-10-03 1 0 BRUCE THIEL P00526510 6123397811 2025-10-03 2024 2025-03-06 01:10:19Z LEE HALL 8011 34TH AVE 320 BLOOMINGTON MN 55425 926044 0 X WWW.NEXTSTAGEMN.ORG X 2020 MN TO SUPPORT ENTREPRENEURS AT EVERY STAGE 5 4 5 16 0 0 300500 5500 698528 826546 71184 93998 0 0 1070212 926044 0 0 0 0 452462 522094 0 0 3368 408918 412241 861380 934335 208832 -8291 5487340 6000999 2866246 3388196 2621094 2612803 X TO PROVIDE EDUCATION AND TRAINING TO INDIVIDUALS INTERESTED IN PURSUING ENTREPRENEURSHIP; TO ASSIST ENTREPRENEURS IN THE PLANNING, DEVELOPMENT AND START-UP OF A BUSINESS VENTURE; AND TO SUPPORT AND ASSIST SMALL BUSINESS OWNERS WITH GROWTH, AND OPERATIONAL IMPROVEMENT. 0 0 813536 826546 SEE SCHEDULE O 813536 1 1 0 0 0 0 0 0 0 0 0 0 1 0 1 1 1 0 0 0 0 0 0 0 0 0 0 0 0 1 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 1 2 0 5 1 0 0 0 0 0 0 0 0 0 0 X 5 4 0 0 0 0 0 0 0 1 1 0 0 1 1 0 1 1 0 0 0 0 MN X LEE HALL 6122547459 8011 34TH AVE SUITE 320 BLOOMINGTON MN 55425 DERREK BEEVAS BOARD CHAIR 1.00 X X 0 0 0 KRIS MARITZ BOARD VICE CHAIR 1.00 X X 0 0 0 ANDREW SWAMMI BOARD TREASURER 1.00 X X 0 0 0 CLAY TAYLOR BOARD SECRETARY 1.00 X X 0 0 0 LEE HALL CEO 40.00 X X 160313 0 17026 NATALIA PRETELT COO 40.00 X 107625 0 5348 267938 0 22374 2 0 1 0 0 5500 5500 PROGRAMS AND SERVICES 541900 539476 539476 PROGRAM LOAN INTEREST 522291 287070 287070 826546 93998 93998 926044 826546 0 93998 290311 238595 48843 2873 181417 172776 8641 9120 7518 1559 43 6492 5770 691 31 34754 30890 3700 164 33320 33320 59803 52628 7175 184 164 20 14847 6371 8442 34 7200 6400 767 33 28275 25131 3010 134 5885 5885 31908 31908 11864 10545 1263 56 PROVISION FOR LOAN LOSS 218955 218955 934335 813536 117431 3368 205211 341733 2343082 1959965 150000 0 74150 118061 2618397 3506942 96500 74298 5487340 6000999 117897 27379 1500000 1000000 1146588 2280795 101761 80022 2866246 3388196 X 2471094 2612803 150000 0 2621094 2612803 5487340 6000999 -8291 0 X X 0 1 X 1 0 X 3484322 2429816 300500 5500 6220138 3484322 2429816 300500 5500 6220138 172179 6047959 253 715 4753 71184 93998 170903 6391041 5112560 X RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED 0 PROGRAM RELATED SMALL BUSINESS LOANS RECEIVABLE 3506942 C 3506942 OPERATING LEASE LIABILITY 80022 80022 X 926044 0 926044 0 926044 934335 0 934335 0 934335 PART X, LINE 2: THE ORGANIZATION FOLLOWS THE ACCOUNTING STANDARDS FOR CONTINGENCIES IN EVALUATING UNCERTAIN TAX POSITIONS. THIS GUIDANCE PRESCRIBES RECOGNITION THRESHOLD PRINCIPLES FOR THE FINANCIAL STATEMENT RECOGNITION OF TAX POSITIONS TAKEN OR EXPECTED TO BE TAKEN ON A TAX RETURN THAT ARE NOT CERTAIN TO BE REALIZED. NO LIABILITY HAS BEEN RECOGNIZED BY THE ORGANIZATION FOR UNCERTAIN TAX POSITIONS. X X 0 0 0 0 0 0 0 1 0 LEE HALL CEO 157313 0 3000 0 0 0 7866 0 9160 0 177339 0 0 0 PART I, LINE 7 BONUS PAYMENTS WERE DETERMINED BASED ON MEETING ORGANIZATIONAL PERFORMANCE PLAN GOALS AND AT THE DISCRETION OF THE BOARD OF DIRECTORS. THE BOARD SET THE CEO'S SALARY LEVEL IN THE PREVIOUS YEAR BASED ON A SURVEY OF THE 990'S FOR PEER ORGANIZATIONS. THEY DID NOT CONDUCT A NEW SALARY SURVEY FOR 2024, AND INSTEAD, THE BOARD APPROVED AN INCREASE OF 5% FOR THE ORGANIZATION'S PAYROLL AS A POOL FOR ALL STAFF RAISES AND BONUSES AS PART OF THE 2024 BUDGET PROCESS. PART III, LINE 4A THE NEXTSTAGE FOR ENTREPRENEURS PROGRAM OFFERS TECHNICAL AND FINANCIAL ASSISTANCE TO ENTREPRENEURS - PARTICULARLY NON-TRADITIONAL AND DISADVANTAGED ENTREPRENEURS - DURING THE PRE-START PLANNING, START-UP, AND GROWTH PHASES. WE BELIEVE THAT ENTREPRENEURSHIP PRESENTS UNIQUE OPPORTUNITIES FOR INDIVIDUALS TO FIND PERSONAL SATISFACTION IN THEIR WORK, BUILD WEALTH AND EQUITY, AND TO IMPROVE THE COLLECTIVE ECONOMIC OUTLOOK OF THEIR COMMUNITIES. HOWEVER, THAT OPPORTUNITY ISN'T EQUAL. CERTAIN INDIVIDUALS - INCLUDING PERSONS OF COLOR AND LOWER INCOME INDIVIDUALS - FACE CONSISTENT BARRIERS TO ACCESSING TRADITIONAL CAPITAL MARKETS. NEXTSTAGE SEEKS TO ADDRESS THIS DISPARITY BY PROVIDING ACCESS TO CAPITAL AT RATES AND TERMS THAT ARE COMPETITIVE IN THE MARKETPLACE THROUGH AN UNDERWRITING PROCESS THAT STRONGLY WEIGHTS AN ENTREPRENEUR'S CREATIVITY, COMMITMENT, AND GROWTH, WITH REDUCED DEPENDENCE ON TRADITIONAL CREDIT STANDARDS OF COLLATERAL, EQUITY CONTRIBUTION AND CREDIT SCORE. IN 2024, NEXTSTAGE PROVIDED $1,817,040. OF DIRECT FINANCING TO 30 NEW AND GROWING SMALL BUSINESS BORROWERS- LEVERAGING NEARLY $7.8 MILLION OF OTHER FINANCING, INVESTMENT, AND EQUITY, AND CREATING AT LEAST 101 NEW JOBS. NEXTSTAGE SEEKS TO PAIR ITS LENDING ACTIVITIES WITH NO-COST, DIRECT TECHNICAL ASSISTANCE TO EMERGING ENTREPRENEURS. RATHER THAN PROVIDING STRUCTURED OR CURRICULUM-BASED TRAINING, AS IS COMMON AMONG ENTREPRENEUR SUPPORT PROGRAMS, NEXTSTAGE'S TECHNICAL ASSISTANCE IS TYPICALLY OFFERED ONE-ON-ONE, WITH A FOCUS ON IDENTIFYING SPECIFIC NEEDS AND SOLUTIONS TO ADDRESS THE SPECIFIC CHALLENGES OF EACH ENTREPRENEUR. IN 2024, NEXTSTAGE STAFF WORKED WITH MORE THAN 409 NEW AND EMERGING ENTREPRENEURS, PROVIDING APPROXIMATELY 3419.50 HOURS OF DIRECT TRAINING AND TECHNICAL ASSISTANCE. FORM 990, PART VI, SECTION B, LINE 11B THE 990 IS REVIEWED BY THE CEO ONCE RECEIVED FROM THE ACCOUNTANTS. AFTER THE REVIEW IS COMPLETE THE 990 IS EMAILED TO ALL BOARD MEMBERS FOR THEIR REVIEW AND APPROVAL PRIOR TO FILING THE RETURN. FORM 990, PART VI, SECTION B, LINE 12C BOARD MEMBERS OR ANY INTERESTED/RELATED PERSON MUST DISCLOSE THE EXISTENCE OF ANY POTENTIAL CONFLICTS OF INTEREST AND IS GIVEN THE OPPORTUNITY TO DISCLOSE ALL MATERIAL FACTS TO THE DIRECTORS OF THE BOARD CONSIDERING THE TRANSACTION OR ARRANGEMENT. AFTER DISCLOSURE OF THE FACTS RELATED TO THE CONFLICT, AND AFTER ANY DISCUSSION WITH THE PERSON WITH THE CONFLICT, HE/SHE SHALL LEAVE THE MEETING WHILE THE DETERMINATION OF A CONFLICT OF INTEREST IS DISCUSSED AND VOTED UPON. THE CHAIRPERSON OF THE BOARD SHALL, IF APPROPRIATE, APPOINT A DISINTERESTED PERSON OR COMMITTEE TO INVESTIGATE ALTERNATIVES TO THE PROPOSED TRANSACTION OR ARRANGEMENT. AFTER EXERCISING DUE DILIGENCE, THE BOARD OR COMMITTEE SHALL DETERMINE WHETHER THE ORGANIZATION CAN OBTAIN WITH REASONABLE EFFORTS A MORE ADVANTAGEOUS TRANSACTION OR ARRANGEMENT FROM A PERSON OR ENTITY THAT WOULD NOT GIVE RISE TO A CONFLICT OF INTEREST. IF A MORE ADVANTAGEOUS TRANSACTION OR ARRANGEMENT IS NOT REASONABLY POSSIBLE UNDER THE CIRCUMSTANCES NOT PRODUCING A CONFLICT OF INTEREST, THE BOARD OR COMMITTEE SHALL DETERMINE BY A MAJORITY VOTE OF THE DISINTERESTED DIRECTORS WHETHER THE TRANSACTION OR ARRANGEMENT IS IN THE ORGANIZATION'S BEST INTEREST, FOR ITS OWN BENEFIT, AND WHETHER IT IS FAIR AND REASONABLE. FORM 990, PART VI, SECTION C, LINE 19 THE ORGANIZATION DOES NOT MAKE ITS GOVERNING DOCUMENTS, CONFLICT OF INTEREST POLICY, AND FINANCIAL STATEMENTS AVAILABLE TO THE PUBLIC. HOWEVER, THE FORM 990 AND FORM 1023 ARE PROVIDED UPON REQUEST. FORM 990, PART XII, LINE 2C: THE ORGANIZATION DID NOT CHANGE EITHER ITS OVERSIGHT PROCESS OR SELECTION PROCESS DURING THE CURRENT TAX YEAR.