Mankato Area Foundation
- Assets
- $30.0m
- Revenue
- $5.8m
- Investments
- $0.0
- Employees
- 8
- Location
- Mankato, MN
- Founding
- 09/1975
- Data as of
- 06/2023
- EIN
- 41-0011094
Organization Overview
Mankato Area Foundation is located in Mankato, MN. The organization was established in 1975. According to its NTEE Classification (S20) the organization is classified as: Community & Neighborhood Development, under the broad grouping of Community Improvement & Capacity Building and related organizations. As of 06/2023, Mankato Area Foundation employed 8 individuals. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Mankato Area 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 06/2023, Mankato Area Foundation generated $5.8m in total revenue. This organization has experienced exceptional growth, as over the past 8 years, it has increased revenue by an average of 21.2% each year . All expenses for the organization totaled $4.4m during the year ending 06/2023. While expenses have increased by 22.1% per year over the past 8 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, Mankato Area Foundation has awarded 446 individual grants totaling $10,399,014. 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
2023
Describe the Organization's Mission:
Part 3 - Line 1
TO BE A TRUSTED RESOURCE THAT CONNECTS DONORS WITH CAUSES THEY CARE ABOUT.
Describe the Organization's Program Activity:
THE FOUNDATION MADE GRANTS FROM ITS COMMUNITY FUND, ALONG WITH DESIGNATED AND DONOR ADVISED FUNDS TO ENRICH THE LIVABILITY AND VIBRANCY OF THE GREATER MANKATO AREA. IN ADDITION, THE CONSULTANT IN RESIDENCY FUND HAS GIVEN SUPPORT TO NONPROFIT ORGANIZATIONS THAT ARE SERVING THE ESCALATING NEEDS OF OUR COMMUNITIES BY PROVIDING ACCESS TO A NONPROFIT CONSULTANT TO HELP STREAMLINE AND STRENGTHEN ORGANIZATIONAL NEEDS. OUR JOINT EXPERTISE IN COMMUNITY PARTNERSHIPS, RESOURCES, AND CONNECTIONS ALLOWED US TO SUPPORT THE UNPRECEDENTED DEMANDS PLACED ON OUR NONPROFIT PARTNERS AS THEY ADDRESSED THE CRITICAL NEEDS OF THE COMMUNITY AND THEIR CLIENTELE. FINALLY, THE GREATER MANKATO INCLUSIVITY STUDY (GMIS) IS ONE OF THE LARGEST COMMUNITY-LED, MIXED-METHOD INCLUSIVITY STUDIES IN AMERICA. IT WILL GAUGE THE CURRENT STATUS OF INCLUSIVITY FOR STUDENTS, INDIVIDUALS WHO WORK IN, AND RESIDENTS OF THE GREATER MANKATO AREA (BLUE EARTH AND NICOLLET COUNTIES). GMIS FOCUSES ON A BROAD RANGE OF COMMUNITY MEMBERS' FEELINGS, OPINIONS, AND PERCEPTIONS OF INCLUSION IN REGARDS TO AGE, GENDER, ETHNICITY, AND ABILITIES.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Kristin Duncanson Chair | OfficerTrustee | 2 | $0 |
Nathan Mullikin- Vice Chair July-Oct '22)/ Dir.(oct '22-June '23) | OfficerTrustee | 1 | $0 |
Leah Davis- Dir July-Oct '22 /vice Chair(oct '22-June '23) | OfficerTrustee | 1 | $0 |
Seth Ferkenstad Treasurer | OfficerTrustee | 2 | $0 |
Thomas Lentz Secretary (july-Oct '22) | OfficerTrustee | 1 | $0 |
Christina Bohlke- Dir July-Oct '22 /secretary(oct '22-June '23) | OfficerTrustee | 1 | $0 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Federated campaigns | $0 |
| Membership dues | $0 |
| Fundraising events | $0 |
| Related organizations | $0 |
| Government grants | $0 |
| All other contributions, gifts, grants, and similar amounts not included above | $5,354,820 |
| Noncash contributions included in lines 1a–1f | $1,496,380 |
| Total Revenue from Contributions, Gifts, Grants & Similar | $5,354,820 |
| Total Program Service Revenue | $46,432 |
| Investment income | $536,872 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $0 |
| Net Gain/Loss on Asset Sales | -$155,712 |
| Net Income from Fundraising Events | $0 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $0 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $5,788,794 |
| Statement of Expenses | |
|---|---|
| Grants and other assistance to domestic organizations and domestic governments. | $3,495,499 |
| 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. | $297,096 |
| Compensation of current officers, directors, key employees. | $116,518 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $208,068 |
| Pension plan accruals and contributions | $5,259 |
| Other employee benefits | $26,083 |
| Payroll taxes | $33,966 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $0 |
| Fees for services: Accounting | $25,000 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $84,778 |
| Fees for services: Other | $0 |
| Advertising and promotion | $28,197 |
| Office expenses | $16,627 |
| Information technology | $25,141 |
| Royalties | $0 |
| Occupancy | $33,573 |
| Travel | $1,330 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $3,534 |
| Interest | $0 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $70,320 |
| Insurance | $9,183 |
| All other expenses | $9,823 |
| Total functional expenses | $4,419,357 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $0 |
| Savings and temporary cash investments | $787,905 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $33,967 |
| 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 | $5,516 |
| Net Land, buildings, and equipment | $2,699,289 |
| Investments—publicly traded securities | $26,280,533 |
| Investments—other securities | $0 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $218,738 |
| Total assets | $30,025,948 |
| Accounts payable and accrued expenses | $60,690 |
| Grants payable | $41,925 |
| Deferred revenue | $0 |
| Tax-exempt bond liabilities | $0 |
| Escrow or custodial account liability | $3,984,385 |
| 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 | $4,087,000 |
| Net assets without donor restrictions | $23,333,910 |
| Net assets with donor restrictions | $2,605,038 |
| 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 | $30,025,948 |
Grants Awarded
Over the last fiscal year, Mankato Area Foundation has awarded $2,977,276 in support to 62 organizations.
| Grant Recipient | Amount |
|---|---|
CROSSVIEW COVENANT CHURCH PURPOSE: Program assistance | $5,500 |
ABIDING SAVIOR FREE LUTHERAN CHURCH PURPOSE: Program assistance | $5,400 |
MINNESOTA TEEN CHALLENGE INC PURPOSE: Program assistance | $6,000 |
OUR SAVIOR'S LUTHERAN CHURCH PURPOSE: Program assistance | $6,000 |
LIFE-WORK PLANNING CENTER PURPOSE: Program assistance | $6,100 |
ST JOHN'S EPISCOPAL CHURCH PURPOSE: Program assistance | $6,000 |