The Hormel Foundation
- Assets
- $1.1b
- Revenue
- $37.4m
- Investments
- $914.9m
- Employees
- 2
- Location
- Austin, MN
- Founding
- 04/1943
- Data as of
- 11/2023
- EIN
- 41-0694716
Organization Overview
The Hormel Foundation is located in Austin, MN. The organization was established in 1943. According to its NTEE Classification (T30) the organization is classified as: Public Foundations, under the broad grouping of Philanthropy, Voluntarism & Grantmaking Foundations and related organizations. As of 11/2023, Hormel Foundation employed 2 individuals. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Hormel 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 11/2023, Hormel Foundation generated $37.4m in total revenue. This represents relatively stable growth, over the past 4 years the organization has increased revenue by an average of 6.0% each year. All expenses for the organization totaled $29.4m during the year ending 11/2023. While expenses have increased by 12.2% per year over the past 4 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 2020, Hormel Foundation has awarded 56 individual grants totaling $103,895,599. 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
TO SERVE AS A CHARITABLE ORGANIZATION TO BENEFIT THE AUSTIN COMMUNITY AND AS A TRUSTEE TO VARIOUS FAMILY TRUSTS.
Describe the Organization's Program Activity:
Part 3 - Line 4a
TO PROVIDE GRANT FUNDING AND ASSISTANCE TO THE SUPPORTED ORGANIZATIONS IN THE AUSTIN, MN AREA. THE HORMEL INSTITUTE, A WORLD-RENOWNED CANCER RESEARCH CENTER, IS THE PRINCIPAL RECIPIENT OF THE HORMEL FOUNDATIONS YEARLY CONTRIBUTIONS, AS ESTABLISHED BY A 1942 AGREEMENT BETWEEN THE BOARD OF REGENTS OF THE UNIVERSITY OF MINNESOTA AND THE HORMEL FOUNDATION. EDUCATION HAS BECOME THE SECOND LARGEST BENEFICIARY OF THE FOUNDATION THROUGH ITS CONTRIBUTIONS TO AUSTIN PUBLIC SCHOOLS AS WELL AS RIVERLAND COMMUNITY COLLEGE.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
M R Ciota Director | Trustee | 1 | $0 |
R R Clarke Director | Trustee | 1 | $9,900 |
A O Atewologun Director | Trustee | 1 | $12,700 |
J M Page Director | Trustee | 1 | $11,800 |
J L Strickler Director | Trustee | 1 | $0 |
T J Dankert Director | Trustee | 1 | $16,200 |
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 | $1,200 |
| Noncash contributions included in lines 1a–1f | $0 |
| Total Revenue from Contributions, Gifts, Grants & Similar | $1,200 |
| Total Program Service Revenue | $0 |
| Investment income | $35,950,591 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $631,628 |
| Net Gain/Loss on Asset Sales | $0 |
| Net Income from Fundraising Events | $0 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $0 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $37,415,875 |
| Statement of Expenses | |
|---|---|
| Grants and other assistance to domestic organizations and domestic governments. | $28,364,605 |
| 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. | $472,517 |
| Compensation of current officers, directors, key employees. | $426,296 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $84,217 |
| Pension plan accruals and contributions | $2,527 |
| Other employee benefits | $3,723 |
| Payroll taxes | $19,237 |
| Fees for services: Management | $102,694 |
| Fees for services: Legal | $37,766 |
| Fees for services: Accounting | $33,910 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $350 |
| Fees for services: Other | $39,694 |
| Advertising and promotion | $629 |
| Office expenses | $19,406 |
| Information technology | $22,671 |
| Royalties | $0 |
| Occupancy | $25,465 |
| Travel | $3,126 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $2,138 |
| Interest | $0 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $0 |
| Insurance | $167,963 |
| All other expenses | $0 |
| Total functional expenses | $29,418,311 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $74,525 |
| Savings and temporary cash investments | $39,999,367 |
| Pledges and grants receivable | $1,375,000 |
| Accounts receivable, net | $8,529,267 |
| 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 | $20,734,686 |
| Investments—publicly traded securities | $83,996,574 |
| Investments—other securities | $914,944,783 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $9 |
| Total assets | $1,069,654,211 |
| Accounts payable and accrued expenses | $50,634 |
| Grants payable | $40,006,539 |
| Deferred revenue | $165,852 |
| 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 | $15,270 |
| Total liabilities | $40,238,295 |
| Net assets without donor restrictions | $994,931,717 |
| Net assets with donor restrictions | $34,484,199 |
| 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 | $1,069,654,211 |
Grants Awarded
Over the last fiscal year, The Hormel Foundation has awarded $28,249,079 in support to 14 organizations.
| Grant Recipient | Amount |
|---|---|
AUSTIN AREA FOUNDATION PURPOSE: Community Projects | $14,968 |
AUSTIN COMMUNITY CHARITABLE FUND PURPOSE: Community Projects | $311,988 |
AUSTIN COMMUNITY GROWTH VENTURES PURPOSE: Community Projects | $138,813 |
AUSTIN COMMUNITY SCHOLARSHIP COMMITTEE PURPOSE: Scholarships | $25,000 |
AUSTIN PUBLIC SCHOOLS PURPOSE: Educational Programs | $1,596,028 |
CEDAR VALLEY SERVICES PURPOSE: Equipment | $237,063 |