Cokato Charitable Trust
- Assets
- $9.7m
- Revenue
- $8.1m
- Investments
- $0.0
- Employees
- 172
- Location
- Cokato, MN
- Founding
- 10/1983
- Data as of
- 09/2023
- EIN
- 41-1456124
Organization Overview
Cokato Charitable Trust is located in Cokato, MN. The organization was established in 1983. According to its NTEE Classification (T90) the organization is classified as: Named Trusts N.E.C., under the broad grouping of Philanthropy, Voluntarism & Grantmaking Foundations and related organizations. As of 09/2023, Cokato Charitable Trust employed 172 individuals. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Cokato Charitable Trust 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 09/2023, Cokato Charitable Trust generated $8.1m in total revenue. This represents relatively stable growth, over the past 8 years the organization has increased revenue by an average of 2.4% each year. All expenses for the organization totaled $7.2m during the year ending 09/2023. While expenses have increased by 1.0% per year over the past 8 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.
Form
990
Mission & Program ActivityExcerpts From the 990 Filing
TAX YEAR
2023
Describe the Organization's Mission:
Part 3 - Line 1
PROVIDE ELDERLY PERSONS HOUSING AND SERVICES TO MEET PHYSICAL, SOCIAL, AND PSYCHOLOGICAL NEEDS.
Describe the Organization's Program Activity:
Part 3 - Line 4a
COKATO CHARITABLE TRUST (CCT) PROVIDES QUALITY HEALTH AND HOUSING SERVICES TO ADULTS IN OUR COMMUNITY AND THE SURROUNDING AREA. CCT OFFERS SERVICES THROUGH COKATO MANOR SKILLED NURSING FACILITY, BROOKRIDGE ASSISTED LIVING, AND EDGEWOOD GABLES SENIOR APARTMENTS. CCT ALSO PREPARES MEALS FOR A CONGREGATE DINING SITE AND, WITH SUPPORT FROM VOLUNTEERS IN OUR AREA, PROVIDES HOME DELIVERED MEALS TO APPROXIMATELY SEVEN PEOPLE EACH DAY. PHYSICAL, OCCUPATIONAL, AND SPEECH SERVICES ARE AVAILABLE IN HOUSE TO OUR RESIDENTS AND ALSO ON AN OUTPATIENT BASIS TO MEMBERS OF THE COMMUNITY. WHILE NAVIGATING ONGOING COVID RESTRICTIONS, COKATO MANOR SERVED 98 RESIDENTS OVER THE YEAR IN A 56-BED FACILITY.(CONTINUED ON SCHEDULE O)BROOKRIDGE ASSISTED LIVING WORKED HARD TO MANAGE THEIR OWN COVID RESTRICTIONS FOR 21 RESIDENTS WHILE STRIVING TO MAINTAIN THE LEVEL OF CARE NECESSARY IN AN ASSISTED LIVING SETTING WHILE STILL ALLOWING INDEPENDENCE THAT IS APPROPRIATE IN THAT SETTING. AS A SENIOR APARTMENT BUILDING, EDGEWOOD GABLES ADJUSTED STAFFING LEVELS TO BEST MEET THE NEEDS OF THE 34 RESIDENTS THEY SERVED WHILE KEEPING EVERYONE SAFE IN AN INDEPENDENT SETTING DURING THE ONGOING PANDEMIC.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Steven Hanson Chair | OfficerTrustee | 0.5 | $0 |
Lyle Severson Vice Chair (thru May 2023) | OfficerTrustee | 0.5 | $0 |
Peggy Carlson Secretary/treasurer | OfficerTrustee | 0.5 | $0 |
Allan Andersontrustee Thru May 2023)/vice Chair (as Of June) | OfficerTrustee | 0.5 | $0 |
Peter Bortnem Trustee | Trustee | 0.5 | $0 |
Dean Svela Trustee | Trustee | 0.5 | $0 |
Outside Vendors & Contractors
| Vendor Name (Service) | Service Year | Compensation |
|---|---|---|
Fusion Medical Staffing Pool Staffing Services | 9/29/23 | $340,062 |
Pro Rehab Therapy Services | 9/29/23 | $217,179 |
Health Professional Network Pool Staffing Services | 9/29/23 | $107,752 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Federated campaigns | $0 |
| Membership dues | $0 |
| Fundraising events | $27,112 |
| 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 | $6,375 |
| Total Revenue from Contributions, Gifts, Grants & Similar | $27,112 |
| Total Program Service Revenue | $7,130,243 |
| Investment income | $308,596 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $0 |
| Net Gain/Loss on Asset Sales | $0 |
| Net Income from Fundraising Events | -$11,400 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $0 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $8,056,289 |
| Statement of Expenses | |
|---|---|
| Grants and other assistance to domestic organizations and domestic governments. | $0 |
| Grants and other assistance to domestic individuals. | $29,409 |
| Grants and other assistance to Foreign Orgs/Individuals | $0 |
| Benefits paid to or for members | $0 |
| Compensation of current officers, directors, key employees. | $200,694 |
| Compensation of current officers, directors, key employees. | $200,694 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $3,168,226 |
| Pension plan accruals and contributions | $0 |
| Other employee benefits | $394,484 |
| Payroll taxes | $354,878 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $6,017 |
| Fees for services: Accounting | $81,013 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $807,343 |
| Advertising and promotion | $26,235 |
| Office expenses | $563,652 |
| Information technology | $0 |
| Royalties | $0 |
| Occupancy | $337,271 |
| Travel | $2,898 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $5,525 |
| Interest | $228,470 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $538,896 |
| Insurance | $85,013 |
| All other expenses | $48,728 |
| Total functional expenses | $7,223,267 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $0 |
| Savings and temporary cash investments | $2,028,487 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $648,531 |
| 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 | $62,984 |
| Net Land, buildings, and equipment | $3,637,827 |
| Investments—publicly traded securities | $3,278,986 |
| Investments—other securities | $0 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $0 |
| Total assets | $9,656,815 |
| Accounts payable and accrued expenses | $633,192 |
| Grants payable | $0 |
| Deferred revenue | $0 |
| Tax-exempt bond liabilities | $4,307,567 |
| Escrow or custodial account liability | $10,550 |
| 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 | $224,962 |
| Total liabilities | $5,176,271 |
| Net assets without donor restrictions | $4,480,544 |
| 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 | $9,656,815 |