Lakewood Cemetery Association
- Assets
- $358.7m
- Revenue
- $9.5m
- Investments
- $119.3m
- Employees
- 42
- Location
- Minneapolis, MN
- Founding
- 06/1927
- Data as of
- 09/2023
- EIN
- 41-0364020
Organization Overview
Lakewood Cemetery Association is located in Minneapolis, MN. The organization was established in 1927. According to its NTEE Classification (Y50) the organization is classified as: Cemeteries, under the broad grouping of Mutual & Membership Benefit and related organizations. As of 09/2023, Lakewood Cemetery Association employed 42 individuals. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Lakewood Cemetery Association is a 501(c)(13) and as such, is described as a "Cemetery Company" by the IRS.
For the year ending 09/2023, Lakewood Cemetery Association generated $9.5m in total revenue. This represents a relatively dramatic decline in revenue. Over the past 8 years, the organization has seen revenues fall by an average of (5.4%) each year. All expenses for the organization totaled $14.3m during the year ending 09/2023. 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
2023
Describe the Organization's Mission:
Part 3 - Line 1
WE SERVE FAMILIES AND OUR COMMUNITY BY OFFERING COMMEMORATIVE SERVICES TO HONOR, CELEBRATE, AND REMEMBER A LOVED ONE'S LIFE IN A PLACE OF BEAUTY AND SOLACE.
Describe the Organization's Program Activity:
Part 3 - Line 4a
THE ORGANIZATION IS A CEMETERY WHICH IS A TAX-EXEMPT ENTITY UNDER IRC SEC 501(C)(13). OUR PROGRAM SERVICE ACCOMPLISHMENTS INCLUDE THE SALE OF INTERMENT RIGHTS, MEMORIAL MONUMENTS AND MARKERS, CREMATION URNS AND GROUND LEVEL VASES. OUR BURIAL ACTIVITIES CONSIST OF OPENING AND CLOSING GRAVES, SODDING, ETC. OF APPROXIMATELY 750 GRAVES PER YEAR (A TOTAL OF 320 CASKETS AND 530 URNS OF CREMATED REMAINS). WE ALSO PROVIDE CREMATION SERVICES TO AROUND 1500 FAMILIES.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Bruce Engelsma Chair Emeritus | OfficerTrustee | 0.3 | $0 |
Kathleen P Pepski Treasurer | OfficerTrustee | 0.5 | $3,250 |
Jose Peris Trustee | Trustee | 0.3 | $4,875 |
Deborah Hopp Vice Chair | OfficerTrustee | 0.5 | $6,000 |
Christine Bent Secretary | OfficerTrustee | 0.5 | $7,500 |
Rufus Winton Trustee | Trustee | 0.3 | $4,000 |
Outside Vendors & Contractors
| Vendor Name (Service) | Service Year | Compensation |
|---|---|---|
Je Dunn Construction Construction Contractor | 9/29/23 | $15,118,553 |
Personnel Plus Staffing Agency | 9/29/23 | $1,480,236 |
Miller Dunwiddie Association Design Architect For New Welcome Center | 9/29/23 | $1,263,915 |
Lazard Asset Management Investment Management | 9/29/23 | $518,960 |
Aaa Labor Staffing Agency | 9/29/23 | $459,088 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Federated campaigns | $0 |
| Membership dues | $0 |
| Fundraising events | $0 |
| Related organizations | $224,090 |
| Government grants | $0 |
| 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 | $224,090 |
| Total Program Service Revenue | $6,857,877 |
| Investment income | $1,809,068 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $308,772 |
| Net Gain/Loss on Asset Sales | $332,934 |
| Net Income from Fundraising Events | $0 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $0 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $9,532,741 |
| 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. | $311,540 |
| Compensation of current officers, directors, key employees. | $0 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $2,415,961 |
| Pension plan accruals and contributions | $235,789 |
| Other employee benefits | $542,917 |
| Payroll taxes | $234,992 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $127,806 |
| Fees for services: Accounting | $256,853 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $2,435,873 |
| Fees for services: Other | $2,505,576 |
| Advertising and promotion | $457,838 |
| Office expenses | $222,232 |
| Information technology | $323,473 |
| Royalties | $0 |
| Occupancy | $1,387,027 |
| Travel | $14,051 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $248,131 |
| Interest | $0 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $858,539 |
| Insurance | $150,350 |
| All other expenses | $36,857 |
| Total functional expenses | $14,263,401 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $4,177,377 |
| Savings and temporary cash investments | $1,393,757 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $2,522,838 |
| Loans from Officers, Directors, or Controlling Persons | $0 |
| Loans from Disqualified Persons | $0 |
| Notes and loans receivable | $0 |
| Inventories for sale or use | $17,266,642 |
| Prepaid expenses and deferred charges | $59,301 |
| Net Land, buildings, and equipment | $44,232,559 |
| Investments—publicly traded securities | $169,638,861 |
| Investments—other securities | $119,313,285 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $48,627 |
| Total assets | $358,653,247 |
| Accounts payable and accrued expenses | $6,999,158 |
| Grants payable | $0 |
| Deferred revenue | $2,781,950 |
| 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 | $17,829,902 |
| Unsecured mortgages and notes payable | $0 |
| Other liabilities | $2,388,923 |
| Total liabilities | $29,999,933 |
| Net assets without donor restrictions | $328,653,314 |
| Net assets with donor restrictions | $0 |
| 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 | $358,653,247 |
Grants Awarded
Over the last fiscal year, Lakewood Cemetery Association has awarded $10,000 in support to 2 organizations.
| Grant Recipient | Amount |
|---|---|
MINNESOTA ORCHESTRA PURPOSE: OPERATIONS SUPPORT | $5,000 |
MINNEAPOLIS INSTITUTE OF ART PURPOSE: OPERATIONS SUPPORT | $5,000 |