Southern Minnesota Initiative Foundation is located in Owatonna, MN. The organization was established in 1986. According to its NTEE Classification (S30) the organization is classified as: Economic Development, under the broad grouping of Community Improvement & Capacity Building and related organizations. As of 06/2021, Southern Minnesota Initiative Foundation employed 40 individuals. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Southern Minnesota Initiative Foundation 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 06/2021, Southern Minnesota Initiative Foundation generated $20.0m in total revenue. This organization has experienced exceptional growth, as over the past 6 years, it has increased revenue by an average of 22.9% each year . All expenses for the organization totaled $15.3m during the year ending 06/2021. While expenses have increased by 24.2% per year over the past 6 years. They've been increasing with an increasing level of total revenue. You can explore the organizations financials more deeply in the financial statements section below.
Since 2015, Southern Minnesota Initiative Foundation has awarded 736 individual grants totaling $9,459,950. 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
990
Mission & Program ActivityExcerpts From the 990 Filing
TAX YEAR
2021
Describe the Organization's Mission:
Part 3 - Line 1
INVESTS FOR ECONOMIC GROWTH IN THE 20 COUNTIES OF SOUTH CENTRAL AND SOUTHEASTERN MINNESOTA.
Describe the Organization's Program Activity:
Part 3 - Line 4a
SOUTHERN MINNESOTA INITIATIVE FOUNDATION PROVIDES GRANTS, LOANS AND TECHNICAL ASSISTANCE TO BUSINESSES, LOCAL GOVERNMENTS AND NONPROFIT ORGANIZATIONS THAT ACCELERATE THE CREATION OF NEW BUSINESSES AND INNOVATIVE VENTURES THAT WILL SHAPE OUR ECONOMY THROUGH PARTNERSHIPS IN OUR REGION.
SOUTHERN MINNESOTA INITIATIVE FOUNDATION PROVIDES GRANTS, EDUCATIONAL RESOURCES AND TECHNICAL ASSISTANCE TO LOCAL GOVERNMENTS, COMMUNITY PARTNERSHIPS AND NONPROFIT ORGANIZATIONS IN EARLY CHILDHOOD EDUCATION. THE EARLY CHILDHOOD PROGRAM PROVIDES RESOURCES THAT STRENGTHEN EARLY CHILDHOOD EFFORTS SO THAT YOUNG CHILDREN WILL HAVE A HEALTHY LIFE OF LEARNING, ACHIEVING AND SUCCEEDING.
SOUTHERN MINNESOTA INITIATIVE FOUNDATION ADMINISTERS THE AMERICORPS-SOUTHERN MINNESOTA GRANT FOCUSING ON EARLY CHILDHOOD. SUPPORTED AMERICORPS MEMBERS SERVE IN NON-PROFITS AND SCHOOLS THROUGHOUT THE 20 COUNTY AREA WORKING WITH PRESCHOOL CHILDREN ON EARLY LITERACY, SOCIAL-EMOTIONAL, AND SCHOOL READINESS SUPPORT
COMMUNITY FOUNDATIONS AND AFFILIATE FUNDS
Name (title) | Role | Hours | Compensation |
---|---|---|---|
Timothy Penny President/ceo | Officer | 40 | $153,978 |
Brian Conzemius Vice President/cfo | Officer | 40 | $130,610 |
Pamela Bishop VP Of Economic Development | 40 | $108,545 | |
Corey Mensink Chair | OfficerTrustee | 2 | $0 |
John Peterson Vice Chair | OfficerTrustee | 2 | $0 |
Lisa Hughes Secretary | OfficerTrustee | 2 | $0 |
Statement of Revenue | |
---|---|
Federated campaigns | $0 |
Membership dues | $0 |
Fundraising events | $13,414 |
Related organizations | $0 |
Government grants | $11,712,832 |
All other contributions, gifts, grants, and similar amounts not included above | $3,695,920 |
Noncash contributions included in lines 1a–1f | $697,361 |
Total Revenue from Contributions, Gifts, Grants & Similar | $15,422,166 |
Total Program Service Revenue | $208,688 |
Investment income | $1,265,809 |
Tax Exempt Bond Proceeds | $0 |
Royalties | $0 |
Net Rental Income | $0 |
Net Gain/Loss on Asset Sales | $3,091,213 |
Net Income from Fundraising Events | $13,882 |
Net Income from Gaming Activities | $0 |
Net Income from Sales of Inventory | $0 |
Miscellaneous Revenue | $0 |
Total Revenue | $20,001,758 |
Statement of Expenses | |
---|---|
Grants and other assistance to domestic organizations and domestic governments. | $2,087,680 |
Grants and other assistance to domestic individuals. | $10,306,500 |
Grants and other assistance to Foreign Orgs/Individuals | $0 |
Benefits paid to or for members | $0 |
Compensation of current officers, directors, key employees. | $341,935 |
Compensation of current officers, directors, key employees. | $56,731 |
Compensation to disqualified persons | $0 |
Other salaries and wages | $1,281,484 |
Pension plan accruals and contributions | $46,881 |
Other employee benefits | $154,846 |
Payroll taxes | $107,533 |
Fees for services: Management | $0 |
Fees for services: Legal | $2,819 |
Fees for services: Accounting | $45,607 |
Fees for services: Lobbying | $0 |
Fees for services: Fundraising | $0 |
Fees for services: Investment Management | $256,458 |
Fees for services: Other | $280,927 |
Advertising and promotion | $20,519 |
Office expenses | $101,759 |
Information technology | $19,932 |
Royalties | $0 |
Occupancy | $5,732 |
Travel | $13,437 |
Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
Conferences, conventions, and meetings | $27,707 |
Interest | $8,250 |
Payments to affiliates | $0 |
Depreciation, depletion, and amortization | $30,864 |
Insurance | $24,715 |
All other expenses | $0 |
Total functional expenses | $15,336,325 |
Balance Sheet | |
---|---|
Cash—non-interest-bearing | $0 |
Savings and temporary cash investments | $5,905,309 |
Pledges and grants receivable | $462,991 |
Accounts receivable, net | $0 |
Loans from Officers, Directors, or Controlling Persons | $0 |
Loans from Disqualified Persons | $0 |
Notes and loans receivable | $3,686,016 |
Inventories for sale or use | $0 |
Prepaid expenses and deferred charges | $88,084 |
Net Land, buildings, and equipment | $479,411 |
Investments—publicly traded securities | $0 |
Investments—other securities | $63,088,397 |
Investments—program-related | $0 |
Intangible assets | $0 |
Other assets | $332,988 |
Total assets | $74,043,196 |
Accounts payable and accrued expenses | $197,189 |
Grants payable | $21,600 |
Deferred revenue | $1,682,083 |
Tax-exempt bond liabilities | $0 |
Escrow or custodial account liability | $0 |
Loans and other payables to any current Officer, Director, or Controlling Person | $0 |
Secured mortgages and notes payable | $3,641,406 |
Unsecured mortgages and notes payable | $0 |
Other liabilities | $6,040,478 |
Total liabilities | $11,582,756 |
Net assets without donor restrictions | $27,412,545 |
Net assets with donor restrictions | $35,047,895 |
Capital stock or trust principal, or current funds | $0 |
Paid-in or capital surplus, or land, building, or equipment fund | $0 |
Retained earnings, endowment, accumulated income, or other funds | $0 |
Total liabilities and net assets/fund balances | $74,043,196 |
Over the last fiscal year, Southern Minnesota Initiative Foundation has awarded $1,649,589 in support to 131 organizations.
Grant Recipient | Amount |
---|---|
CITY OF HARMONY PURPOSE: COMMUNITY FOUNDATION SUPPORT FOR COMMUNITY SPLASH PAD | $92,000 |
Mankato, MN PURPOSE: CHILDRENS BOOKS DISTRIBUTED THROUGH EARLY CHILDHOOD PROGRAM LITERACY GRANTS | $90,780 |
CITY OF BYRON PURPOSE: COMMUNITY FOUNDATION SUPPORT FOR LEGACY PROJECT FUND | $55,858 |
NORTHFIELD PUBLIC SCHOOLS PURPOSE: CHILDRENS BOOKS DISTRIBUTED THROUGH EARLY CHILDHOOD PROGRAM LITERACY GRANTS | $32,412 |
Owatonna, MN PURPOSE: SUPPORT TO CONNECT THE REGIONS EXTENSIVE AGRICULTURAL BUSINESS ASSETS AND NETWORK | $30,000 |
SAINT CHARLES PUBLIC SCHOOLS PURPOSE: CHILDRENS BOOKS DISTRIBUTED THROUGH EARLY CHILDHOOD PROGRAM LITERACY GRANTS | $20,268 |
Over the last fiscal year, we have identified 16 grants that Southern Minnesota Initiative Foundation has recieved totaling $483,037.
Awarding Organization | Amount |
---|---|
Charles K Blandin Foundation Grand Rapids, MN PURPOSE: PROJECT SUPPORT FOR LEAD FOR MINNESOTA TO EXPAND AND ENRICH LEADERSHIP EDUCATION FOR HOST SITES AND FELLOWS ACROSS NATIVE NATIONS AND THROUGHOUT RURAL MINNESOTA | $150,000 |
Saint Paul & Minnesota Foundation Saint Paul, MN PURPOSE: MULTIPLE GRANTS FOR MULTIPLE PURPOSES | $105,790 |
Rosen Family Foundation Inc Bloomington, MN PURPOSE: GRANT - GENERAL | $50,000 |
Otto Bremer Trust St Paul, MN PURPOSE: GREENSEAM | $30,000 |
Mardag Foundation St Paul, MN PURPOSE: ENHANCE AND IMPROVE THE QUALITY OF DIVERSE EARLY CARE AND EDUCATION PROFESSIONALS WITH TECHNICAL ASSISTANCE AND HIGH QUALITY PROFESSIONAL DEVELOPMENT | $30,000 |
Target Foundation Minneapolis, MN PURPOSE: RACIAL EQUITY | $25,000 |
Beg. Balance | $39,807,166 |
Earnings | $10,273,770 |
Net Contributions | $841,819 |
Other Expense | $1,574,210 |
Ending Balance | $49,348,545 |
Organization Name | Assets | Revenue |
---|---|---|
Southern Minnesota Initiative Foundation Owatonna, MN | $74,043,196 | $20,001,758 |
Vocational Development Center Inc Council Bluffs, IA | $12,984,673 | $16,204,305 |
Southern Iowa Economic Development Association Ottumwa, IA | $4,848,905 | $15,262,424 |
Wisconsin Dells Visitor & Convention Bureau Wisconsin Dells, WI | $26,952,168 | $17,110,395 |
Wbd Inc Madison, WI | $14,868,892 | $9,399,155 |
Metropolitan Economic Development Association Minneapolis, MN | $45,113,584 | $12,064,856 |
Great Plains Institute For Sustainable Development Minneapolis, MN | $9,896,004 | $8,891,636 |
Minneapolis - St Paul Regional Economic Development Partnership Saint Paul, MN | $5,371,081 | $6,502,146 |
Madison Development Corporation Madison, WI | $34,294,523 | $5,181,232 |
Center For Economic Inclusion Saint Paul, MN | $9,315,769 | $9,776,985 |
Greater Madison Convention & Visitor Bureau Inc Madison, WI | $7,711,633 | $4,933,152 |
Nextstage Bloomington, MN | $2,654,997 | $4,431,008 |