Sons Of Norway
- Assets
- $334.9m
- Revenue
- $46.3m
- Investments
- $0.0
- Employees
- 59
- Location
- Minneapolis, MN
- Founding
- 09/1940
- Data as of
- 12/2021
- EIN
- 41-0547795
Organization Overview
Sons Of Norway is located in Minneapolis, MN. The organization was established in 1940. According to its NTEE Classification (Y40) the organization is classified as: Fraternal Societies, under the broad grouping of Mutual & Membership Benefit and related organizations. As of 12/2021, Sons Of Norway employed 59 individuals. This organization is a parent organization of an affiliated group for tax-exemption purposes. Sons Of Norway is a 501(c)(8) and as such, is described as a "Fraternal Beneficiary Society and/or Association" by the IRS.
For the year ending 12/2021, Sons Of Norway generated $46.3m in total revenue. This represents relatively stable growth, over the past 7 years the organization has increased revenue by an average of 1.9% each year. All expenses for the organization totaled $47.8m during the year ending 12/2021. While expenses have increased by 3.5% 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
2021
Describe the Organization's Mission:
Part 3 - Line 1
SONS OF NORWAY OPERATES THROUGH ITS LODGE SYSTEM TO PROMOTE, PRESERVE, AND CHERISH A LASTING APPRECIATION AND UNDERSTANDING OF THE HERITAGE, LANGUAGE, HISTORY, AND CULTURE OF NORWAY AND OTHER NORDIC COUNTRIES WHILE PROVIDING FRATERNAL INSURANCE BENEFITS TO IT MEMBERS. THROUGH ITS LOCAL LODGES AND ITS 501(C)3 CHARITABLE FOUNDATION, SONS OF NORWAY ALSO PROVIDES SCHOLARSHIPS AND SUPPORTS COMMUNITY CHARITABLE ACTIVITIES.
Describe the Organization's Program Activity:
Part 3 - Line 4a
LIFE, ANNUITY, AND HEALTH INSURANCE PRODUCTS FOR MEMBERS (23,230 MEMBERS WITH INSURANCE)
FRATERNAL ACTIVITIES AND BENEFITS (63,024 MEMBERS)
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Chris Pinkerton Chief Operating Officer | Officer | 40 | $487,500 |
Eivind Heiberg Former Chief Executive Officer | 0 | $412,789 | |
Dan Seyfried It Director | Officer | 40 | $184,380 |
Erica Oberg Chief Financial Officer | Officer | 40 | $171,206 |
Constance O'brien Director Mktg And Comm | Officer | 40 | $170,413 |
John Hennen Senior Bus Applications Analyst | 40 | $153,881 |
Outside Vendors & Contractors
| Vendor Name (Service) | Service Year | Compensation |
|---|---|---|
Msp Communications Publishing | 12/30/21 | $484,279 |
Superior Performers Llc Insurance Producer | 12/30/21 | $704,356 |
American Senior Benefits Llc Insurance Producer | 12/30/21 | $540,404 |
Employee Pooling Agent Contracting And Insurance App Processing | 12/30/21 | $220,658 |
Griffith Ballard Actuarial Services | 12/30/21 | $414,866 |
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 | $0 |
| Noncash contributions included in lines 1a–1f | $0 |
| Total Revenue from Contributions, Gifts, Grants & Similar | $0 |
| Total Program Service Revenue | $31,566,809 |
| Investment income | $13,656,071 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $795,230 |
| Net Rental Income | $0 |
| Net Gain/Loss on Asset Sales | $259,825 |
| Net Income from Fundraising Events | $0 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $7,338 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $46,264,264 |
| 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 | $31,845,139 |
| Compensation of current officers, directors, key employees. | $2,462,674 |
| Compensation of current officers, directors, key employees. | $0 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $1,567,759 |
| Pension plan accruals and contributions | $73,375 |
| Other employee benefits | $181,635 |
| Payroll taxes | $290,925 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $137,776 |
| Fees for services: Accounting | $67,533 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $259,780 |
| Fees for services: Other | $457,452 |
| Advertising and promotion | $59,089 |
| Office expenses | $963,559 |
| Information technology | $606,362 |
| Royalties | $0 |
| Occupancy | $708,589 |
| Travel | $3,879 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $20,986 |
| Interest | $0 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $114,270 |
| Insurance | $98,404 |
| All other expenses | $1,848,269 |
| Total functional expenses | $47,804,678 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $1,776,490 |
| Savings and temporary cash investments | $487,752 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $0 |
| Loans from Officers, Directors, or Controlling Persons | $0 |
| Loans from Disqualified Persons | $0 |
| Notes and loans receivable | $18,006,063 |
| Inventories for sale or use | $0 |
| Prepaid expenses and deferred charges | $0 |
| Net Land, buildings, and equipment | $18,333 |
| Investments—publicly traded securities | $307,109,274 |
| Investments—other securities | $0 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $7,497,168 |
| Total assets | $334,895,080 |
| Accounts payable and accrued expenses | $1,568,998 |
| Grants payable | $0 |
| Deferred revenue | $0 |
| 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 | $324,918,072 |
| Total liabilities | $326,487,070 |
| Net assets without donor restrictions | $0 |
| 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 | $8,408,010 |
| Total liabilities and net assets/fund balances | $334,895,080 |
Peer Organizations
| Organization Name | Assets | Revenue |
|---|---|---|
Catholic United Financial Arden Hills, MN | $1,060,682,360 | $64,273,025 |
Western Fraternal Life Association Madison, WI | $648,970,346 | $59,441,063 |
Sons Of Norway Minneapolis, MN | $334,895,080 | $46,264,264 |
National Mutual Benefit Madison, WI | $0 | $36,708,977 |
Fraternal Order Of Eagles Dickinson, ND | $2,078,420 | $1,416,789 |
Minnesota Masonic Childrens Clinic For Communication Disorders Bloomington, MN | $4,797,538 | $1,129,457 |
Benevolent & Protective Order Of Elks Of The Usa Bismarck, ND | $6,824,814 | $1,569,133 |
El Riad Shriners Sioux Falls, SD | $6,173,063 | $673,721 |
Knights Fraternal Corporation Of Bloomington Bloomington, MN | $363,241 | $931,289 |
Ancient & Accepted Scottish Rite Of Free Masonry So Juris Of Usa Des Moines, IA | $4,783,418 | $494,496 |
Benevolent & Protective Order Of Elks Of The Usa Mukwonago, WI | $355,590 | $423,234 |
Ancient Accepted Scottish Rite Of Free Masonry Nmj Wauwatosa, WI | $7,447,880 | $192,278 |