Grain Elevator & Processing Society
- Assets
- $3.5m
- Revenue
- $5.5m
- Investments
- $1.0m
- Employees
- 14
- Location
- Golden Valley, MN
- Founding
- 09/2011
- Data as of
- 06/2022
- EIN
- 36-6101799
Organization Overview
Grain Elevator & Processing Society is located in Golden Valley, MN. The organization was established in 2011. According to its NTEE Classification (S41) the organization is classified as: Chambers of Commerce & Business Leagues, under the broad grouping of Community Improvement & Capacity Building and related organizations. As of 06/2022, Grain Elevator & Processing Society employed 14 individuals. This organization is a parent organization of an affiliated group for tax-exemption purposes. Grain Elevator & Processing Society is a 501(c)(6) and as such, is described as a "Business League, Chambers of Commerce, or Real Estate Board" by the IRS.
For the year ending 06/2022, Grain Elevator & Processing Society generated $5.5m in total revenue. This represents relatively stable growth, over the past 7 years the organization has increased revenue by an average of 5.0% each year. All expenses for the organization totaled $4.0m during the year ending 06/2022. While expenses have increased by 0.2% 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.
Form
990
Mission & Program ActivityExcerpts From the 990 Filing
TAX YEAR
2022
Describe the Organization's Mission:
Part 3 - Line 1
TO ADVANCE GRAIN INDUSTRY KNOWLEDGE AND INFORMATION SHARING THROUGH A NETWORK OF GLOBAL AGRICULTURE PROFESSIONALS.
Describe the Organization's Program Activity:
Part 3 - Line 4a
GEAPS PROVIDES EDUCATIONAL PROGRAMS AND NETWORKING OPPORTUNITIES FOR GRAIN-RELATED INDUSTRY PROFESSIONALS. AFTER THE CANCELLATION OF THE 2020 GEAPS EXCHANGE CONFERENCE, FY22 BROUGHT TWO CONFERENCES. ATTENDANCE DID NOT RETURN AT PRE-PANDEMIC LEVELS BUT A DECISION WAS MADE TO PLANT THE CONFERENCE IN KANSAS CITY FOR FUTURE YEARS WHICH WITH DATES AND LOCATIONS CONSISTENT, SHOULD INCREASE ATTENDANCE AND AWARENESS OF THE EVENT INTO THE FUTURE. GEAPS ALSO LAUNCHED A GROUP MEMBERSHIP MODEL THAT YIELDED HIGH RETENTION RATES (OVER 90%) WHILE INDVIDUALS RETURNED TO GEAPS AT ABOUT 80%. GEAPS LAUNCHED A NEW SUBSIDIARY - GEAPS MEDIA GROUP - AND LOOKS FORWARD TO INCREASED REACH THROUGH A NEW MEDIA ARM. GEAPS ALSO SET IN MOTION PLANS FOR AN INDUSTRY PODCAST CHANNEL.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Steve Records Executive Director | Officer | 40 | $194,745 |
Julia Kloehn Director Of Operations | Officer | 40 | $157,006 |
Jay Bergland Director Of Professional Development | 40 | $131,121 | |
Adrianne Fjerstad-Miller Conference & Expo Director | 40 | $113,076 | |
Brittany Labatt Sales & Conference Manager | 40 | $101,156 | |
Jeff Jones Chairman | OfficerTrustee | 2 | $0 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Federated campaigns | $0 |
| Membership dues | $0 |
| Fundraising events | $0 |
| Related organizations | $0 |
| Government grants | $481,510 |
| All other contributions, gifts, grants, and similar amounts not included above | $0 |
| Noncash contributions included in lines 1a–1f | $0 |
| Total Revenue from Contributions, Gifts, Grants & Similar | $481,510 |
| Total Program Service Revenue | $4,507,893 |
| Investment income | $89,742 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $0 |
| Net Gain/Loss on Asset Sales | $239,370 |
| Net Income from Fundraising Events | $0 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $0 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $5,479,710 |
| Statement of Expenses | |
|---|---|
| Grants and other assistance to domestic organizations and domestic governments. | $0 |
| Grants and other assistance to domestic individuals. | $0 |
| Grants and other assistance to Foreign Orgs/Individuals | $0 |
| Benefits paid to or for members | $0 |
| Compensation of current officers, directors, key employees. | $422,250 |
| Compensation of current officers, directors, key employees. | $0 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $983,792 |
| Pension plan accruals and contributions | $0 |
| Other employee benefits | $31,658 |
| Payroll taxes | $92,350 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $88,387 |
| Fees for services: Accounting | $0 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $23,251 |
| Fees for services: Other | $52,927 |
| Advertising and promotion | $72,777 |
| Office expenses | $0 |
| Information technology | $224,804 |
| Royalties | $0 |
| Occupancy | $142,988 |
| Travel | $60,690 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $1,138,195 |
| Interest | $0 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $4,889 |
| Insurance | $23,420 |
| All other expenses | $256,967 |
| Total functional expenses | $4,020,161 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $236,084 |
| Savings and temporary cash investments | $148,592 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $15,025 |
| Loans from Officers, Directors, or Controlling Persons | $0 |
| Loans from Disqualified Persons | $0 |
| Notes and loans receivable | $0 |
| Inventories for sale or use | $0 |
| Prepaid expenses and deferred charges | $156,070 |
| Net Land, buildings, and equipment | $13,218 |
| Investments—publicly traded securities | $1,910,787 |
| Investments—other securities | $1,011,195 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $10,161 |
| Total assets | $3,501,132 |
| Accounts payable and accrued expenses | $19,203 |
| Grants payable | $0 |
| Deferred revenue | $539,008 |
| 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 | $0 |
| Unsecured mortgages and notes payable | $0 |
| Other liabilities | $0 |
| Total liabilities | $558,211 |
| Net assets without donor restrictions | $442,921 |
| Net assets with donor restrictions | $2,500,000 |
| 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 | $3,501,132 |
Peer Organizations
| Organization Name | Assets | Revenue |
|---|---|---|
Dane Buy Local Foundation Inc Madison, WI | $199,958 | $19,130,759 |
Society Of Corporate Compliance And Ethics & Health Care Compliance Eden Prairie, MN | $30,768,192 | $19,415,043 |
Asqexcellence Inc Milwaukee, WI | $6,648,120 | $11,915,494 |
Saint Paul Rivercentre Convention And Visitors Authority St Paul, MN | $10,775,339 | $12,198,491 |
National Association Of Tax Professionals Inc Appleton, WI | $15,322,195 | $11,606,289 |
Minnesota Hospital Association St Paul, MN | $27,636,744 | $11,552,322 |
International Dairy-Deli-Bakery Association Madison, WI | $22,953,024 | $8,197,084 |
National Funeral Directors Association Of The United States I Brookfield, WI | $21,618,319 | $10,407,549 |
Aca International Eagan, MN | $12,262,505 | $9,311,579 |
Minneapolis Downtown Improvement District Minneapolis, MN | $3,331,993 | $8,257,561 |
Greater Des Moines Partnership Des Moines, IA | $8,726,466 | $7,643,877 |
Greater Sioux Falls Chamber Of Commerce Sioux Falls, SD | $10,050,793 | $7,933,347 |