Wells Memorial Incorporated
- Assets
- $1.7m
- Revenue
- $104.1k
- Investments
- $0.0
- Employees
- 0
- Location
- Minneapolis, MN
- Founding
- 05/1926
- Data as of
- 06/2023
- EIN
- 41-0694711
Organization Overview
Wells Memorial Incorporated, operating under the name Wells Foundation, is located in Minneapolis, MN. The organization was established in 1926. According to its NTEE Classification (B90) the organization is classified as: Educational Services, under the broad grouping of Education and related organizations. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Wells 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, Wells Foundation generated $104.1k in total revenue. This represents a relatively dramatic decline in revenue. Over the past 7 years, the organization has seen revenues fall by an average of (5.8%) each year. All expenses for the organization totaled $127.3k during the year ending 06/2023. You can explore the organizations financials more deeply in the financial statements section below.
Since 2019, Wells Foundation has awarded 25 individual grants totaling $182,897. 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
990
Mission & Program ActivityExcerpts From the 990 Filing
TAX YEAR
2023
Describe the Organization's Mission:
Part 3 - Line 1
THE WELLS FOUNDATION PROVIDES SOCIAL SERVICE GRANTS TO NONPROFITS PRIMARILY IN THE AREA OF HOMELESSNESS, VETERANS AND YOUTH.
Describe the Organization's Program Activity:
Part 3 - Line 4a
PROVIDED GRANTS TO SUPPORT SOLUTIONS TO HOMELESSNESS AND ITS ASSOCIATED ISSUES. THE FOUNDATION MADE GRANTS RANGING FROM $2,000 TO $8,000 TO 22 DIFFERENT ORGANIZATIONS SERVING HOMELESS YOUTH, VETERANS, CHILDREN AND FAMILIES AS WELL AS FORMERLY HOMELESS FAMILIES IN TRANSITIONAL HOUSING.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Martha Hoover President | OfficerTrustee | 5 | $0 |
John Nuechterlein Vice President | OfficerTrustee | 5 | $0 |
Molly Bott Treasurer | OfficerTrustee | 5 | $0 |
Barbara Knowles Hanson Secretary | OfficerTrustee | 5 | $0 |
Jim Arnold Board Member | Trustee | 1 | $0 |
Very Rev Paul Lebens-Englund Board Member | Trustee | 0 | $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 | $76,629 |
| Noncash contributions included in lines 1a–1f | $0 |
| Total Revenue from Contributions, Gifts, Grants & Similar | $76,629 |
| Total Program Service Revenue | $0 |
| Investment income | $38,960 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $0 |
| Net Gain/Loss on Asset Sales | -$11,456 |
| Net Income from Fundraising Events | $0 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $0 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $104,133 |
| Statement of Expenses | |
|---|---|
| Grants and other assistance to domestic organizations and domestic governments. | $108,500 |
| 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. | $0 |
| Compensation of current officers, directors, key employees. | $0 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $0 |
| Pension plan accruals and contributions | $0 |
| Other employee benefits | $0 |
| Payroll taxes | $0 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $0 |
| Fees for services: Accounting | $2,286 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $15,182 |
| Fees for services: Other | $0 |
| Advertising and promotion | $181 |
| Office expenses | $0 |
| Information technology | $1,155 |
| Royalties | $0 |
| Occupancy | $0 |
| Travel | $0 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $0 |
| Interest | $0 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $0 |
| Insurance | $0 |
| All other expenses | $0 |
| Total functional expenses | $127,304 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $0 |
| Savings and temporary cash investments | $79,381 |
| 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 | $0 |
| Inventories for sale or use | $0 |
| Prepaid expenses and deferred charges | $0 |
| Net Land, buildings, and equipment | $0 |
| Investments—publicly traded securities | $1,598,057 |
| Investments—other securities | $0 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $0 |
| Total assets | $1,677,438 |
| Accounts payable and accrued expenses | $0 |
| 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 | $0 |
| Total liabilities | $0 |
| Net assets without donor restrictions | $1,677,438 |
| 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 | $1,677,438 |
Grants Awarded
Over the last fiscal year, Wells Memorial Incorporated has awarded $31,000 in support to 4 organizations.
| Grant Recipient | Amount |
|---|---|
MAC-V PURPOSE: SERVING MINNESOTA VETERANS WHO ARE EITHER HOMELESS OR AT-RISK OF BECOMING HOMELESS AND THEIR FAMILIES. | $6,000 |
THE LIFT GARAGE PURPOSE: GENERAL OPERATING SUPPORT, WHICH WILL HELP PROVIDE LOW-COST CAR REPAIRS FOR LOW-INCOME INDIVIDUALS AND HELP THEM RETAIN AND/OR RE-ESTABLISH STABILITY AND HOUSING. | $7,500 |
GROVELAND EMERGENCY FOOD SHELF PURPOSE: ACCESSIBLE FOOD | $10,000 |
TUBMAN PURPOSE: FOR YOUR YOUTH SUPPORTIVE HOUSING PROGRAM, INCLUDING SAFE JOURNEYS TRANSITIONAL HOUSING AND RAPID REHOUSING WITH RENTAL ASSISTANCE AND SUPPORT SERVICES. | $7,500 |