Jay And Rose Phillips Family Foundation Of Minnesota
- Assets
- $64.4m
- Revenue
- $2.8m
- Investments
- $52.7m
- Employees
- 0
- Location
- Minneapolis, MN
- Founding
- 05/2011
- Data as of
- 12/2022
- EIN
- 27-4196509
Organization Overview
Jay And Rose Phillips Family Foundation Of Minnesota is located in Minneapolis, MN. The organization was established in 2011. According to its NTEE Classification (T90) the organization is classified as: Named Trusts N.E.C., under the broad grouping of Philanthropy, Voluntarism & Grantmaking Foundations and related organizations. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Jay And Rose Phillips Family Foundation Of Minnesota is a 501(c)(3) and as such, is described as a "Charitable or Religous organization or a private foundation" by the IRS.
For the year ending 12/2022, Jay And Rose Phillips Family Foundation Of Minnesota generated $2.8m in total revenue. This represents a relatively dramatic decline in revenue. Over the past 4 years, the organization has seen revenues fall by an average of (7.7%) each year. All expenses for the organization totaled $4.7m during the year ending 12/2022. You can explore the organizations financials more deeply in the financial statements section below.
Since 2021, Jay And Rose Phillips Family Foundation Of Minnesota has awarded 229 individual grants totaling $6,206,336. If you would like to learn more about the grant giving history of this organization, scroll down to the grant profile section of this page.
Form
990PF
Mission & Program ActivityExcerpts From the 990PF Filing
TAX YEAR
2022
Describe the Organization's Program Activity:
Part 3 - Line 4a
THE FOUNDATION FORMED THE 927 BUILDING, LLC TO RENOVATE A COMMERCIAL BUILDING LOCATED AT 927 WEST BROADWAY IN NORTH MINNEAPOLIS (THE "LLC"). FOLLOWING ARE THE GOALS FOR THE LLC THE LLC THAT GUIDE THE LLC'S PROJECT DEVELOPMENT:A. ACHIEVING COMMUNITY AND ECONOMIC DEVELOPMENT THAT LEAD TO LOCAL OWNERSHIP.B. PURPOSEFULLY INVESTING IN THE NORTH MINNEAPOLIS COMMUNITY THROUGH A CATLYTIC REDEVELOPMENT OF AN EXISTING BUT NEGLECTED PROPERTY.C. PROVIDING EMPLOYMENT, RESOURCES AND CREATIVE AND COMMUNITY SPACE FOR THE PEOPLE THAT LIVE IN THE NORTH MINNEAPOLIS COMMUNITY.D. BRINGING NEW RETAIL TO THE NORTH MINNEAPOLIS COMMUNITY.THE LLC IS A FUNCTIONALLY RELATED BUSINESS AS DEFINED IN SECTION 4942 OF THE INTERNAL REVENUE CODE FOR THE FOUNDATION BECAUSE THE PROJECT DIRECTLY FURTHERS THE FOUNDATION'S MISSION. BECAUSE IT IS A FUNCTIONALLY RELATED BUSINESS, THE FOUNDATION'S OWNERSHIP IN THE LLC IS NOT AN EXCESS BUSINESS HOLDING WITHIN THE MEANING OF SECTION 4943 OF THE INTERNAL REVENUE CODE.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Rt Rybak President | 2 | $0 | |
Tyler Phillips Treasurer | 2 | $0 | |
Dean Phillips Co-Chair | 2 | $0 | |
Jeanne Phillips Co-Chair | 2 | $0 | |
Hutton Phillips Board Member | 2 | $0 | |
Patrick Troska Former President | 0.01 | $84,890 |
Outside Vendors & Contractors
| Vendor Name (Service) | Service Year | Compensation |
|---|---|---|
The Minneapolis Foundation | 12/30/22 | $700,800 |
Act Research | 12/30/22 | $51,240 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Contributions, Gifts, Grants & Similar | $0 |
| Interest on Savings | $0 |
| Dividends & Interest | $1,590,769 |
| Net Rental Income | $0 |
| Net Gain on Sale of Assets | $1,193,279 |
| Capital Gain Net Income | $1,193,279 |
| Net ST Capital Gain | $0 |
| Income Modifications | $0 |
| Profit on Inventory Sales | $0 |
| Other Income | $47,161 |
| Total Revenue | $2,831,209 |
| Statement of Expenses | |
|---|---|
| Compensation of officers, directors, trustees, etc | $0 |
| Other employee salaries and wages | $218,313 |
| Pension plans, employee benefits | $0 |
| Interest | $18,919 |
| Taxes | $69,701 |
| Depreciation | $111,444 |
| Occupancy | $51,412 |
| Travel, conferences, and meetings | $47,647 |
| Printing and publications | $144 |
| Other expenses | $104,649 |
| Total operating and administrative expenses | $1,632,928 |
| Contributions, gifts, grants paid | $3,079,839 |
| Total expenses and disbursements | $4,712,767 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $160,520 |
| Savings and temporary cash investments | $2,095,599 |
| Net Accounts receivable | $0 |
| Net Pledges Receivable | $0 |
| Grants receivable | $0 |
| Receivables from Officers, Directors, or Controlling Persons | $0 |
| Net other notes and loans receivable | $1,000,000 |
| Inventories for sale or use | $0 |
| Prepaid expenses and deferred charges | $0 |
| Net Investments - land, buildings, equipment | $0 |
| Investments—mortgage loans | $0 |
| Investments—other | $14,187,910 |
| Net Land, buildings, and equipment | $8,362,966 |
| Other assets | $0 |
| Total assets | $64,360,055 |
| Accounts payable and accrued expenses | $0 |
| Grants payable | $0 |
| Deferred revenue | $0 |
| Loans and other payables to any current Officer, Director, or Controlling Person | $0 |
| Mortgages and other notes payable | $2,825,000 |
| Other liabilities | $683,530 |
| Total liabilities | $3,508,530 |
Grants Awarded
Over the last fiscal year, Jay And Rose Phillips Family Foundation Of Minnesota has awarded $3,079,839 in support to 110 organizations.
| Grant Recipient | Amount |
|---|---|
ACHIEVE TWIN CITIES PURPOSE: 2021 GENIUS AND JOY | $30 |
AMHERST H WILDER FOUNDATION PURPOSE: MN COMPASS | $2,000 |
USVETS INITIATIVE PURPOSE: GENERAL OPERATING SUPPORT | $2,000 |
MINNESOTA SPAY NEUTER ASSISTANCE PROGRAM PURPOSE: GENERAL OPERATING SUPPORT | $2,000 |
THE TREVOR PROJECT PURPOSE: GENERAL OPERATING SUPPORT | $2,000 |
HELPS INTERNATIONAL PURPOSE: GENERAL OPERATING SUPPORT | $2,000 |