Mount Olivet Lutheran Church Foundation
- Assets
- $19.9m
- Revenue
- $882.1k
- Investments
- $0.0
- Employees
- 0
- Location
- Minneapolis, MN
- Founding
- 04/1980
- Data as of
- 12/2021
- EIN
- 41-1373106
Organization Overview
Mount Olivet Lutheran Church Foundation is located in Minneapolis, MN. The organization was established in 1980. According to its NTEE Classification (X21) the organization is classified as: Protestant, under the broad grouping of Religion-Related and related organizations. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Mount Olivet Lutheran Church 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, Mount Olivet Lutheran Church Foundation generated $882.1k 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 (21.9%) each year. All expenses for the organization totaled $463.0k during the year ending 12/2021. As we would expect to see with falling revenues, expenses have declined by (22.1%) per year over the past 7 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
2021
Describe the Organization's Mission:
Part 3 - Line 1
THIS CORPORATION IS ORGANIZED AND SHALL BE OPERATED EXCLUSIVELY FOR THE BENEFIT OF, AND TO ASSIST IN CARRYING OUT THE CHARITABLE, EDUCATIONAL, AND RELIGIOUS PURPOSES OF EVANGELICAL MOUNT OLIVET LUTHERAN CHURCH, A MINNESOTA NONPROFIT CORPORATION, AND OTHER ORGANIZATIONS RELATED VIA COMMON MANAGEMENT.
Describe the Organization's Program Activity:
Part 3 - Line 4a
THIS CORPORATION IS ORGANIZED AND SHALL BE OPERATED EXCLUSIVELY FOR THE BENEFIT OF, AND TO ASSIST IN CARRYING OUT THE CHARITABLE, EDUCATIONAL, AND RELIGIOUS PURPOSES OF THE EVANGELICAL MOUNT OLIVET LUTHERAN CHURCH. THE BOARD APPROVED $264,296 IN CASH TRANSFERS TO THE EVANGELICAL MOUNT OLIVET LUTHERAN CHURCH TO SUPPORT THEIR EXEMPT PROGRAM ACCOMPLISHMENTS.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Lois Allen Secretary | OfficerTrustee | 0.5 | $0 |
Gary Wert Treasurer | OfficerTrustee | 0.5 | $0 |
David Lose President | OfficerTrustee | 0.5 | $0 |
John Kapanke Vice President | OfficerTrustee | 0.5 | $0 |
Sue Bratrud Director | Trustee | 0.5 | $0 |
Ray Cabillot Director | Trustee | 0.5 | $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 | $623,939 |
| Noncash contributions included in lines 1a–1f | $0 |
| Total Revenue from Contributions, Gifts, Grants & Similar | $623,939 |
| Total Program Service Revenue | $0 |
| Investment income | $75,893 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $0 |
| Net Gain/Loss on Asset Sales | $182,266 |
| Net Income from Fundraising Events | $0 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $0 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $882,098 |
| Statement of Expenses | |
|---|---|
| Grants and other assistance to domestic organizations and domestic governments. | $264,296 |
| 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 | $42,535 |
| Fees for services: Accounting | $2,325 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $0 |
| Advertising and promotion | $0 |
| Office expenses | $3,717 |
| Information technology | $0 |
| 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 | $3,674 |
| All other expenses | $146,493 |
| Total functional expenses | $463,040 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $26,369 |
| Savings and temporary cash investments | $2,349,488 |
| 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 | $17,367,135 |
| Investments—other securities | $0 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $120,190 |
| Total assets | $19,863,182 |
| Accounts payable and accrued expenses | $24,010 |
| Grants payable | $0 |
| Deferred revenue | $0 |
| Tax-exempt bond liabilities | $0 |
| Escrow or custodial account liability | $13,365,893 |
| 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 | $76,360 |
| Total liabilities | $13,466,263 |
| Net assets without donor restrictions | $6,396,919 |
| 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 | $19,863,182 |
Grants Awarded
Over the last fiscal year, Mount Olivet Lutheran Church Foundation has awarded $671,180 in support to 3 organizations.
| Grant Recipient | Amount |
|---|---|
Minneapolis, MN PURPOSE: To support the Church's non-profit programs. | $616,180 |
Saint Peter, MN PURPOSE: Funding for new Endowment. | $50,000 |
GETHSEMANE LUTHERAN CHURCH PURPOSE: Assistance to build a new church owned daycare. | $5,000 |
Grants Recieved
Over the last fiscal year, we have identified 1 grants that Mount Olivet Lutheran Church Foundation has recieved totaling $600.
| Awarding Organization | Amount |
|---|---|
182210 Pgn Foundation Las Vegas, NV PURPOSE: CATHEDRAL OF THE PINES | $600 |
Endowment Analysis
| Beg. Balance | $5,683,913 |
| Earnings | $552,107 |
| Net Contributions | $623,939 |
| Other Expense | $463,040 |
| Ending Balance | $6,396,919 |
Peer Organizations
| Organization Name | Assets | Revenue |
|---|---|---|
Association Of Hutterian Brethren Churches Inc Aberdeen, SD | $14,512,217 | $27,857,692 |
Siebert Lutheran Foundation Inc Milwaukee, WI | $97,193,025 | $11,548,581 |
International Messengers Clear Lake, IA | $5,781,763 | $6,946,691 |
American Lutheran Church Elk Horn, IA | $6,340,352 | $5,973,020 |
Training Leaders International Minneapolis, MN | $2,737,195 | $5,107,369 |
Vcy America Inc Milwaukee, WI | $9,863,404 | $4,388,148 |
Thrivent Financial for Lutherans Foundation Minneapolis, MN | $0 | $8,333,726 |
International Fellowship Of Evangelical Students Usa Inc Madison, WI | $6,456,796 | $6,176,291 |
Wisconsin Evangelical Lutheran Synod Kingdom Workers Inc Waukesha, WI | $3,918,278 | $4,689,109 |
Lutheran Assoc Of Missionaries And Pilots U S Inc Brookfield, WI | $3,097,954 | $2,815,671 |
Presbyterian Student Center Foundation Madison, WI | $14,924,897 | $2,498,602 |
Lutheran Brethren Woodland Lodge Inc Fergus Falls, MN | $3,043,872 | $1,494,856 |