Southern Minnesota Initiative Foundation
- Assets
- $67.4m
- Revenue
- $22.2m
- Investments
- $55.6m
- Employees
- 39
- Location
- Owatonna, MN
- Founding
- 08/1986
- Data as of
- 06/2022
- EIN
- 36-3454285
Organization Overview
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 06/2022, Southern Minnesota Initiative Foundation employed 39 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 06/2022, Southern Minnesota Initiative Foundation generated $22.2m in total revenue. This organization has experienced exceptional growth, as over the past 7 years, it has increased revenue by an average of 21.1% each year . All expenses for the organization totaled $16.8m during the year ending 06/2022. While expenses have increased by 22.0% per year over the past 7 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 716 individual grants totaling $9,823,636. 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
990T
Mission & Program ActivityExcerpts From the 990T Filing
TAX YEAR
2022
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:
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.
COMMUNITY FOUNDATIONS AND AFFILIATE FUNDS
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
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Timothy Penny President/ceo | Officer | 40 | $153,871 |
Brian Conzemius Vice President/cfo | Officer | 40 | $132,810 |
Pamela Bishop VP Of Economic Development | 40 | $108,442 | |
Rae Jean Hansen VP Of Early Childhood | 40 | $106,200 | |
Erin Bailey Member At Large | Trustee | 2 | $0 |
Carissa Buegler Director | Trustee | 2 | $0 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Federated campaigns | $0 |
| Membership dues | $0 |
| Fundraising events | $5,985 |
| Related organizations | $0 |
| Government grants | $13,074,037 |
| All other contributions, gifts, grants, and similar amounts not included above | $5,126,778 |
| Noncash contributions included in lines 1a–1f | $542,013 |
| Total Revenue from Contributions, Gifts, Grants & Similar | $18,206,800 |
| Total Program Service Revenue | $184,745 |
| Investment income | $2,242,092 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $0 |
| Net Gain/Loss on Asset Sales | $1,536,395 |
| Net Income from Fundraising Events | $5,123 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $0 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $22,164,085 |
| Statement of Expenses | |
|---|---|
| Grants and other assistance to domestic organizations and domestic governments. | $2,478,723 |
| Grants and other assistance to domestic individuals. | $10,520,641 |
| Grants and other assistance to Foreign Orgs/Individuals | $0 |
| Benefits paid to or for members | $0 |
| Compensation of current officers, directors, key employees. | $344,435 |
| Compensation of current officers, directors, key employees. | $52,795 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $1,253,354 |
| Pension plan accruals and contributions | $46,879 |
| Other employee benefits | $148,401 |
| Payroll taxes | $123,039 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $3,183 |
| Fees for services: Accounting | $58,956 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $291,819 |
| Fees for services: Other | $391,796 |
| Advertising and promotion | $46,190 |
| Office expenses | $117,022 |
| Information technology | $14,930 |
| Royalties | $0 |
| Occupancy | $8,566 |
| Travel | $41,488 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $54,360 |
| Interest | $9,117 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $37,692 |
| Insurance | $25,951 |
| All other expenses | $0 |
| Total functional expenses | $16,755,144 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $0 |
| Savings and temporary cash investments | $5,826,848 |
| Pledges and grants receivable | $1,453,564 |
| Accounts receivable, net | $0 |
| Loans from Officers, Directors, or Controlling Persons | $0 |
| Loans from Disqualified Persons | $0 |
| Notes and loans receivable | $3,915,976 |
| Inventories for sale or use | $0 |
| Prepaid expenses and deferred charges | $91,671 |
| Net Land, buildings, and equipment | $458,703 |
| Investments—publicly traded securities | $0 |
| Investments—other securities | $55,559,567 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $65,632 |
| Total assets | $67,371,961 |
| Accounts payable and accrued expenses | $166,867 |
| Grants payable | $1,140,176 |
| Deferred revenue | $200,317 |
| 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 | $3,013,526 |
| Unsecured mortgages and notes payable | $0 |
| Other liabilities | $5,289,053 |
| Total liabilities | $9,809,939 |
| Net assets without donor restrictions | $21,650,500 |
| Net assets with donor restrictions | $35,911,522 |
| 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 | $67,371,961 |
Grants Awarded
Over the last fiscal year, Southern Minnesota Initiative Foundation has awarded $1,642,537 in support to 85 organizations.
| Grant Recipient | Amount |
|---|---|
BLUE EARTH AREA SCHOOLS & COMMUNITY EDUCATION PURPOSE: CREATE READERS PROGRAMS IN SCHOOL/COMMUNITY FUND PROJECT TO EXPAND EDUCATION RESOURCES/ELEMENTARY SCHOOL PLAYGROUND BASKETBALL COURT UPDATE | $30,000 |
BYRON PUBLIC SCHOOLS & COMMUNITY EDUCATION PURPOSE: IDENTIFY AND DESIGN SPACES IN THE SOUTH HALF OF AN EXISTING SCHOOL BUILDING TO MEET THE NEEDS OF THE COMMUNITY/CHILDRENS BOOKS DISTRIBUTED THROUGH EARLY CHILDHOOD PROGRAM LITERACY GRANTS | $17,650 |
CANNON VALLEY TRAIL PURPOSE: COMMUNITY FUND PROJECT TO EXPAND TRAIL ACCESS | $10,000 |
CHILDREN'S MUSEUM OF ROCHESTER INC PURPOSE: CHILDRENS BOOKS DISTRIBUTED THROUGH EARLY CHILDHOOD PROGRAM LITERACY GRANTS | $15,300 |
CHILDREN'S MUSEUM OF SOUTHERN MN PURPOSE: CHILDRENS BOOKS DISTRIBUTED THROUGH EARLY CHILDHOOD PROGRAM LITERACY GRANTS/CONNECT SERVICES AND COMMUNITY PARTNERS TO CHILDREN AND FAMILIES | $14,900 |
CHURCH OF ST ANNE OF LE SUEUR PURPOSE: SUPPORT GENERAL PROGRAMMING | $10,000 |