Salolampi Foundation
- Assets
- $1.7m
- Revenue
- $134.9k
- Investments
- $0.0
- Employees
- 0
- Location
- Minneapolis, MN
- Founding
- 12/1981
- Data as of
- 12/2021
- EIN
- 41-1355241
Organization Overview
Salolampi Foundation is located in Minneapolis, MN. The organization was established in 1981. According to its NTEE Classification (B82) the organization is classified as: Scholarships & Student Financial Aid, 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. Salolampi 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 12/2021, Salolampi Foundation generated $134.9k in total revenue. This organization has experienced exceptional growth, as over the past 7 years, it has increased revenue by an average of 14.4% each year . All expenses for the organization totaled $62.8k during the year ending 12/2021. 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
MISSION STATEMENT: WE PROVIDE SCHOLARSHIPS AND PROGRAM SUPPORT TO SALOLAMPI FINNISH LANGUAGE VILLAGE, ENHANCING AND EXPANDING VILLAGERS' KNOWLEDGE OF AND PASSION FOR FINNISH LANGUAGE AND CULTURE.
Describe the Organization's Program Activity:
Part 3 - Line 4a
SEVENTY-TWO SCHOLARSHIPS WERE GIVEN TO VILLAGERS IN THE SALOLAMPI LANGUAGE VILLAGE PROGRAM OPERATED BY CONCORDIA LANGUAGE VILLAGE. SCHOLARSHIP SUPPORT ENSURES THAT SALOLAMPI REMAINS ACCESSIBLE TO ALL. SALOLAMPI FOUNDATION SCHOLARSHIPS MADE IT POSSIBLE FOR A NEW COHORT OF VILLAGERS TO RETURN TO SALOLAMPI FOR THE FIRST TIME SINCE 2019.
FUNDRASING GROWTH TO BUILD SALOLAMPI'S FUTURE BY INCREASED "PHONE-A-THON" DONATIONS BY NEARLY FIVE PERCENT.
FINANCIAL MANAGEMENT HAS IMPROVED SALOLAMPI'S FINANCIAL HEATH AS WELL AS TIGHTENING SPENDING CONTROLS TO FOCUS FUNDS ON SCHOLARSHIPS. BETTER FINANCIAL CONTROLS ALLOW US TO PREDICT SCHOLARSHIP SPENDING IN THE FUTURE AND INCREASE OUR FUNDRAISING EFFORTS TO MEET THOSE NEEDS.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
John Hanson Past President | Officer | 1 | $0 |
Mark Kellaher President | Officer | 3 | $0 |
Paavo Taipale Treasurer | Officer | 4 | $0 |
Katie-Rose Imbriano Secretary | Officer | 3 | $0 |
Aino Wheeler President-Elect | Officer | 3 | $0 |
Richard Castro Director | Trustee | 1 | $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 | $60,615 |
| Noncash contributions included in lines 1a–1f | $0 |
| Total Revenue from Contributions, Gifts, Grants & Similar | $60,615 |
| Total Program Service Revenue | $0 |
| Investment income | $73,601 |
| 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 | $134,853 |
| Statement of Expenses | |
|---|---|
| Grants and other assistance to domestic organizations and domestic governments. | $0 |
| Grants and other assistance to domestic individuals. | $38,695 |
| 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 | $5,828 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $12,087 |
| Fees for services: Other | $0 |
| Advertising and promotion | $0 |
| Office expenses | $1,865 |
| Information technology | $1,300 |
| 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 | $27 |
| Interest | $0 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $0 |
| Insurance | $2,782 |
| All other expenses | $258 |
| Total functional expenses | $62,842 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $42,595 |
| Savings and temporary cash investments | $31,797 |
| 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 | $3,053 |
| Net Land, buildings, and equipment | $0 |
| Investments—publicly traded securities | $1,617,452 |
| Investments—other securities | $0 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $0 |
| Total assets | $1,694,897 |
| Accounts payable and accrued expenses | $473 |
| 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 | $473 |
| Net assets without donor restrictions | $918,835 |
| Net assets with donor restrictions | $775,589 |
| 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 | $1,694,897 |
Grants Recieved
Over the last fiscal year, we have identified 1 grants that Salolampi Foundation has recieved totaling $170.
| Awarding Organization | Amount |
|---|---|
Amazonsmile Foundation Seattle, WA PURPOSE: GENERAL SUPPORT | $170 |
Endowment Analysis
| Beg. Balance | $1,218,708 |
| Net Contributions | $44,568 |
| Ending Balance | $1,263,276 |
Peer Organizations
| Organization Name | Assets | Revenue |
|---|---|---|
Bentson Foundation Wayzata, MN | $107,689,978 | $6,021,397 |
Rsm Us Foundation Davenport, IA | $13,920,904 | $7,669,329 |
Pleasant T Rowland Foundation Brookfield, WI | $94,312,384 | $11,804,849 |
Central States Fair Rapid City, SD | $6,354,015 | $4,358,357 |
Sc Johnson Giving Inc Racine, WI | $34,098,989 | $19,343,102 |
Peo Sisterhood International Chapter Des Moines, IA | $85,884,604 | $5,248,161 |
Herb Kohl Educational Foundation Inc Milwaukee, WI | $133,385 | $3,506,418 |
Valley Senior Living Grand Forks, ND | $804,854 | $3,496,436 |
Ab Nicholas Scholarship Foundation Mequon, WI | $58,753,687 | $6,013,180 |
Hemophilia Outreach Of Wisconsin Inc Green Bay, WI | $38,605,342 | $5,343,718 |
C H Robinson Worldwide Foundation Sioux Falls, SD | $19,568,040 | $4,443,280 |
Delta Dental Of Wisconsin Foundation Inc Stevens Point, WI | $16,778,803 | $4,566,346 |