The Depot Foundation
- Assets
- $7.1m
- Revenue
- $1.3m
- Investments
- $6.7m
- Employees
- 0
- Location
- Duluth, MN
- Founding
- 07/1979
- Data as of
- 06/2022
- EIN
- 41-1356072
Organization Overview
The Depot Foundation is located in Duluth, MN. The organization was established in 1979. According to its NTEE Classification (T22) the organization is classified as: Private Independent Foundations, under the broad grouping of Philanthropy, Voluntarism & Grantmaking Foundations and related organizations. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Depot 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 06/2022, Depot Foundation generated $1.3m in total revenue. This organization has experienced exceptional growth, as over the past 7 years, it has increased revenue by an average of 25.1% each year . All expenses for the organization totaled $1.2m during the year ending 06/2022. While expenses have increased by 14.6% 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.
Since 2015, Depot Foundation has awarded 148 individual grants totaling $3,359,414. 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
990PF
Mission & Program ActivityExcerpts From the 990PF Filing
TAX YEAR
2022
Describe the Organization's Program Activity:
Part 3 - Line 4a
GRANTS TO SUPPORT THE IDENTITY OF THE DEPOT AS A VITAL AND THRIVING CULTURAL, ARTS, AND HERITAGE CENTER
DEPOT FOUNDATION ARTS & CULTURE AWARDS RECOGNIZE MEMBERS OF THE COMMUNITY IN THE AREAS OF ARTS, CULTURE AND HISTORICAL PRESERVATION
OPERATE AS A PAYMENT FACILITATOR FOR THE DISBURSEMENT OF DULUTH TOURISM TAX FUNDS FROM ST. LOUIS COUNTY, MINNESOTA TO THE ST LOUIS COUNTY HERITAGE AND ARTS CENTER BUILDING FOR THE PURPOSES OF MARKETING/ADVERTISING, GRANT SERVICES, MANAGEMENT SERVICES, EVENT & OTHER STAFFING, EXHIBIT EXPENSES, TELEPHONE, IT, SECURITY, COPYING, POSTAGE AND PRINTING.
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PDF Copies of 990 Filings
Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Renee Mattson Chair | 0 | $0 | |
Amy Hietapelto Vice-Chair | 0 | $0 | |
Karol Sowers Secretary | 0 | $0 | |
Bill Gravelle Treasurer | 0 | $0 | |
Pat Cutshall Director | 0 | $0 | |
Missy Francisco Carlson Director | 0 | $0 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Contributions, Gifts, Grants & Similar | $321,703 |
| Interest on Savings | $0 |
| Dividends & Interest | $250,013 |
| Net Rental Income | $0 |
| Net Gain on Sale of Assets | $700,028 |
| Capital Gain Net Income | $700,028 |
| Net ST Capital Gain | $0 |
| Income Modifications | $0 |
| Profit on Inventory Sales | $0 |
| Other Income | $6,267 |
| Total Revenue | $1,278,011 |
| Statement of Expenses | |
|---|---|
| Compensation of officers, directors, trustees, etc | $0 |
| Other employee salaries and wages | $103,000 |
| Pension plans, employee benefits | $14,294 |
| Interest | $0 |
| Taxes | $0 |
| Depreciation | $3,982 |
| Occupancy | $3,429 |
| Travel, conferences, and meetings | $7,597 |
| Printing and publications | $5,373 |
| Other expenses | $41,877 |
| Total operating and administrative expenses | $231,494 |
| Contributions, gifts, grants paid | $938,850 |
| Total expenses and disbursements | $1,170,344 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $32,996 |
| Savings and temporary cash investments | $262,173 |
| Net Accounts receivable | $0 |
| Net Pledges Receivable | $0 |
| Grants receivable | $49,471 |
| Receivables from Officers, Directors, or Controlling Persons | $0 |
| Net other notes and loans receivable | $0 |
| Inventories for sale or use | $2,507 |
| Prepaid expenses and deferred charges | $1,040 |
| Net Investments - land, buildings, equipment | $0 |
| Investments—mortgage loans | $0 |
| Investments—other | $5,127,407 |
| Net Land, buildings, and equipment | $11,676 |
| Other assets | $49,454 |
| Total assets | $7,143,356 |
| Accounts payable and accrued expenses | $11,148 |
| Grants payable | $545,158 |
| Deferred revenue | $0 |
| Loans and other payables to any current Officer, Director, or Controlling Person | $0 |
| Mortgages and other notes payable | $0 |
| Other liabilities | $46,891 |
| Total liabilities | $603,197 |
Grants Awarded
Over the last fiscal year, The Depot Foundation has awarded $938,850 in support to 39 organizations.
| Grant Recipient | Amount |
|---|---|
Duluth, MN PURPOSE: SEACREST MODEL RAILROAD EXHIBIT | $540,000 |
ST LOUIS COUNTY ADMIN OFFICE PURPOSE: TENANT OFFICE SPACE BUILD-OUT | $68,800 |
MINNESOTA BALLET PURPOSE: OFFICE & REHEARSAL SPACE BUILD-OUT | $64,024 |
Duluth, MN PURPOSE: SEACREST MODEL RAILROAD EXHIBIT | $63,770 |
Duluth, MN PURPOSE: NEW DISPLAY CASES | $47,055 |
Duluth, MN PURPOSE: BRIDGE SESSION CONCERTS | $27,925 |
Grants Recieved
Over the last fiscal year, we have identified 1 grants that The Depot Foundation has recieved totaling $2,200.
| Awarding Organization | Amount |
|---|---|
Bretmin Charitable Foundation Fort Pierce, FL PURPOSE: SCHOLARSHIP PROGRAM | $2,200 |
Peer Organizations
| Organization Name | Assets | Revenue |
|---|---|---|
Goodman Family Operating Foundation Chaska, MN | $298,216,479 | $15,439,155 |
Robert And Adele Schiff Family Foundation Inc Milwaukee, WI | $226,331,394 | $18,541,997 |
Wca Foundation C/O The Minneapolis Foundation Minneapolis, MN | $0 | $1,050,329 |
Esther And Harold Mertz Foundation Sioux Falls, SD | $674,132,608 | $21,835,940 |
Larson Foundation Sioux Falls, SD | $23,259,212 | -$633,184 |
John T Vucurevich Foundation Rapid City, SD | $151,565,692 | $20,798,188 |
Fund For Wisconsin Scholars Inc Madison, WI | $273,321,225 | $22,010,196 |
Pohlad Family Foundation Minneapolis, MN | $102,001,164 | $18,381,775 |
Roy J Carver Charitable Tr Muscatine, IA | $235,043,756 | $22,231,044 |
F R Bigelow Foundation Trust 555 St Paul, MN | $202,026,485 | $23,166,449 |
Lewis W Hyer Trust 098310c Milwaukee, WI | $167,937,358 | $18,090,828 |
Charles E Lakin Foundation Inc Council Bluffs, IA | $146,415,136 | $18,758,116 |