Minnesota Fair Plan
- Assets
- $2.2m
- Revenue
- $3.0m
- Investments
- $0.0
- Employees
- 6
- Location
- Bloomington, MN
- Founding
- 01/1970
- Data as of
- 12/2022
- EIN
- 41-0950742
Organization Overview
Minnesota Fair Plan is located in Bloomington, MN. The organization was established in 1970. According to its NTEE Classification (N52) the organization is classified as: Fairs, under the broad grouping of Recreation & Sports and related organizations. As of 12/2022, Minnesota Fair Plan employed 6 individuals. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Minnesota Fair Plan is a 501(c)(6) and as such, is described as a "Business League, Chambers of Commerce, or Real Estate Board" by the IRS.
For the year ending 12/2022, Minnesota Fair Plan generated $3.0m 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 (4.3%) each year. All expenses for the organization totaled $3.5m during the year ending 12/2022. As we would expect to see with falling revenues, expenses have declined by (4.5%) per year over the past 8 years. 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
2022
Describe the Organization's Mission:
Part 3 - Line 1
TO PROVIDE OWNER AND TENANTS OF INDIVIDUAL RESIDENCES, SMALL BUSINESS OWNERS, FARMERS AND CO-OP RESIDENTS AN OPPORTUNITY TO PURCHASE LIMITED PROPERTY OR HOMEOWNERS INSURANCE WHEN THEY ARE UNABLE TO DO SO IN THE VOLUNTARY MARKET.
Describe the Organization's Program Activity:
Part 3 - Line 4a
DURING 2022, THE MINNESOTA FAIR PLAN PROVIDED INSURANCE COVERAGE TO 3,200 POLICYHOLDERS THROUGHOUT THE STATE OF MINNESOTA. THE MN FAIR PLAN CONTINUED ITS ROLE AS THE PRIMARY FINANCIAL SUPPORTER FOR THE IAAI'S ARSON HOTLINE REWARD PROGRAM. IN ADDITION, THE FAIR PLAN CONTINUED ITS ROLE AS THE PRIMARY FINANCIAL SUPPORTER FOR THE GOVERNOR'S FIRE SAFETY DAY AT THE STATE FAIR.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Gary Rupp Executive Director | Officer | 37.5 | $164,460 |
Brian Hallgren Operations Manager | 37.5 | $111,210 | |
Elaine Love Director | OfficerTrustee | 1 | $2,000 |
Sheri Melander-Smith Director | Trustee | 1 | $1,400 |
Michael J Mchugh Secretary | OfficerTrustee | 1 | $1,200 |
Roger R Ooms Chair | OfficerTrustee | 1 | $0 |
Outside Vendors & Contractors
| Vendor Name (Service) | Service Year | Compensation |
|---|---|---|
Marias Technology It Support | 12/30/22 | $162,531 |
Integris Management Services | 12/30/22 | $122,579 |
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 | $2,980,678 |
| Investment income | $14,908 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $0 |
| 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 | $2,996,039 |
| 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. | $179,373 |
| Compensation of current officers, directors, key employees. | $0 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $351,873 |
| Pension plan accruals and contributions | $43,773 |
| Other employee benefits | $73,725 |
| Payroll taxes | $38,487 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $11,153 |
| Fees for services: Accounting | $33,600 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $18,805 |
| Advertising and promotion | $0 |
| Office expenses | $79,270 |
| Information technology | $391,828 |
| Royalties | $0 |
| Occupancy | $41,759 |
| Travel | $6,530 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $0 |
| Interest | $106 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $0 |
| Insurance | $22,413 |
| All other expenses | $63,935 |
| Total functional expenses | $3,501,113 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $535 |
| Savings and temporary cash investments | $2,205,358 |
| 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 | $0 |
| Investments—other securities | $0 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $0 |
| Total assets | $2,205,893 |
| Accounts payable and accrued expenses | $100,898 |
| Grants payable | $0 |
| Deferred revenue | $1,174,486 |
| 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 | $331,600 |
| Total liabilities | $1,606,984 |
| 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 | $598,909 |
| Total liabilities and net assets/fund balances | $2,205,893 |
Grants Awarded
Over the last fiscal year, Minnesota Fair Plan has awarded $220,000 in support to 3 organizations.
| Grant Recipient | Amount |
|---|---|
REGIONS HEAT PROGRAM PURPOSE: PUBLIC FIRE SAFTEY EDUCATION | $150,000 |
MINNESOTA CHAPTER OF INTERNATIONAL ASSOCIATION OF ARSON INVESTIGATORS PURPOSE: ANTI ARSON REWARD PROGRAM | $5,000 |
MINNESOTA STATE FIRE CHIEFS ASSOCIATION PURPOSE: PUBLIC FIRE SAFTEY EDUCATION | $65,000 |