Educational Institutions

RAIN Source Capital, Inc.

  • St. Paul, MN
  • www.mincorp.org

Mission Statement

RAIN Source Capital's mission is to support the economic development of communities who are underserved by existing capital markets, particularly access to equity for business growth.

ruling year

1999

Principal Officer

Self-reported

Mr. Steve Mercil

Keywords

Self-reported

education, scholarship, fellowship, college, community investing, economic development, leadership

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Also Known As

MINC

EIN

41-1912041

Contact

Cause Area (NTEE Code)

Scholarships, Student Financial Aid, Awards (B82)

Economic Development (S30)

Management Services for Small Business/Entrepreneurs (S43)

IRS Filing Requirement

This organization is required to file an IRS Form 990 or 990-EZ.

Programs + Results

How does this organization make a difference?

Programs

Self-reported by organization

What are the organization's current programs, how do they measure success, and who do the programs serve?

Program 1

The Ruvelson RAIN®maker Fellowship honors Alan K. 'Bud' Ruvelson, the grandfather of the venture capital industry in the United States. It is a program of RAIN Source Capital (formerly Minnesota Investment Network), a Minnesota non-profit that serves angel investors and communities by organizing, investing in and supporting RAIN® funds. RAIN funds are member-led investment funds that provide equity capital for growth companies primarily in their communities. Beginning in 2006, the Ruvelson RAIN®maker Fellowship will support the next generation of 'equity leaders' by providing an opportunity to learn about equity investing. Fellows will receive $10,000 to support their senior year of undergraduate education from accredited institutions in the regions in which RAIN Source Capital has affiliated angel investment groups. Fellows will also receive training in equity investing by working side by side staff of RAIN Source Capital, members of RSC's 12 RAIN funds and other venture capital groups. Fellows will assist with the due diligence process, portfolio management as well as business management and oversight. Fellows will benefit from RSC's relation- ships, professional talent and track record. Over the past five years, this network of funds directly invested $20 million which catalyzed a total of $60 million in new equity investments for 40 growing companies. This success is attributed, in part, to Bud Ruvelson, the mentor of RAIN Source Capital's founder and president, Steve Mercil. The Ruvelson RAIN®maker Fellowship will support its first fellow in 2006 with funds provided by RAIN Source Capital. A capital campaign for the fellowship with an initial goal of $1.5 million began in 2005. It is expected that through continued fundraising and growth of the endowment earnings the Fellowship will support as many as 10 students each year within 10 years.

Category

Population(s) Served

Budget

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Financials

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RAIN SOURCE CAPITAL
Fiscal year: Jul 01-Jun 30

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Operations

The people, governance practices, and partners that make the organization tick.

RAIN Source Capital, Inc.

Leadership

NEED MORE INFO ON THIS NONPROFIT?

Free: Gain immediate access to the following:
  • Address, phone, website and contact information
  • Forms 990 for 2015, 2014 and 2013
  • Board Members
  • Access to the GuideStar Community
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Principal Officer

Mr. Steve Mercil

BIO

Mr. Mercil, President and CEO, oversees all activities at RAIN Source Capital and is responsible for building its portfolio. He has over 20 years experience in small business finance including structuring and negotiating transactions for manufacturing and technology companies. He served nine months as interim CEO of one of Minnesota Investment Network's portfolio companies. As the Equity Fund Manager of Minnesota Technology, Inc., Mr. Mercil was responsible for the development and launching of the equity fund. As a result of his eight-year tenure as President of Crookston Jobs, Inc. and Executive Director of Crookston EDA, he has a proven track record with busi-ness development and finance for small to medium-size companies in rural Minnesota. Mr. Mercil holds a BS degree in Biology and MS in Education Statistics and Measurement from the University of North Dakota.

Governance

BOARD LEADERSHIP PRACTICES

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RESPONSE NOT PROVIDED

BOARD ORIENTATION & EDUCATION

Does the board conduct a formal orientation for new board members and require all board members to sign a written agreement regarding their roles, responsibilities, and expectations?


RESPONSE NOT PROVIDED

CEO OVERSIGHT

Has the board conducted a formal, written assessment of the chief executive within the past year?


RESPONSE NOT PROVIDED

ETHICS & TRANSPARENCY

Have the board and senior staff reviewed the conflict-of-interest policy and completed and signed disclosure statements in the past year?


RESPONSE NOT PROVIDED

BOARD COMPOSITION

Does the board ensure an inclusive board member recruitment process that results in diversity of thought and leadership?


RESPONSE NOT PROVIDED

BOARD PERFORMANCE

Has the board conducted a formal, written self-assessment of its performance within the past three years?