Rainy River Community College Foundation
- Assets
- $1.7m
- Revenue
- $259.8k
- Investments
- $0.0
- Employees
- 1
- Location
- Intl Falls, MN
- Founding
- 01/1994
- Data as of
- 06/2022
- EIN
- 41-1644956
Organization Overview
Rainy River Community College Foundation is located in Intl Falls, MN. The organization was established in 1994. According to its NTEE Classification (B99) the organization is classified as: Education N.E.C., 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. Rainy River Community College 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, Rainy River Community College Foundation generated $259.8k in total revenue. This represents relatively stable growth, over the past 7 years the organization has increased revenue by an average of 4.1% each year. All expenses for the organization totaled $154.7k during the year ending 06/2022. 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
INVESTING IN STUDENT SUCCESS AND OUR COMMUNITY'S FUTURE THROUGH SCHOLARSHIPS AND COLLEGE DEVELOPMENT.
Describe the Organization's Program Activity:
Part 3 - Line 4a
PROVIDING GRANTS AND SCHOLARSHIPS IN THE INTEREST OF CONTINUING EDUCATION TO RAINY RIVER COMMUNITY COLLEGE AND IT'S STUDENTS.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Anne Homkes Foundation Executive Director | OfficerTrustee | 20 | $7,130 |
Mike Turenne President | OfficerTrustee | 2 | $0 |
Shelly Koenig Foundation Executive Director | OfficerTrustee | 20 | $0 |
Paul Nevanen Secretary | OfficerTrustee | 1 | $0 |
Allen Rasmussen Treasurer | OfficerTrustee | 1 | $0 |
Patti Ballan Board Member | 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 | $49,550 |
| Noncash contributions included in lines 1a–1f | $0 |
| Total Revenue from Contributions, Gifts, Grants & Similar | $49,550 |
| Total Program Service Revenue | $0 |
| Investment income | $65,507 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $0 |
| Net Gain/Loss on Asset Sales | $121,261 |
| Net Income from Fundraising Events | $23,435 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $0 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $259,753 |
| Statement of Expenses | |
|---|---|
| Grants and other assistance to domestic organizations and domestic governments. | $8,543 |
| Grants and other assistance to domestic individuals. | $109,125 |
| Grants and other assistance to Foreign Orgs/Individuals | $0 |
| Benefits paid to or for members | $0 |
| Compensation of current officers, directors, key employees. | $1,162 |
| Compensation of current officers, directors, key employees. | $912 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $0 |
| Pension plan accruals and contributions | $0 |
| Other employee benefits | $0 |
| Payroll taxes | $410 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $0 |
| Fees for services: Accounting | $9,515 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $14,224 |
| Fees for services: Other | $0 |
| Advertising and promotion | $5,000 |
| Office expenses | $591 |
| 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 | $1,571 |
| All other expenses | $0 |
| Total functional expenses | $154,743 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $44,221 |
| Savings and temporary cash investments | $0 |
| 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 | $1,656,849 |
| Investments—other securities | $0 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $3,500 |
| Total assets | $1,704,570 |
| Accounts payable and accrued expenses | $0 |
| 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 | $0 |
| Net assets without donor restrictions | $718,577 |
| Net assets with donor restrictions | $985,993 |
| 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 | $1,704,570 |
Grants Awarded
Over the last fiscal year, Rainy River Community College Foundation has awarded $25,510 in support to 2 organizations.
| Grant Recipient | Amount |
|---|---|
RAINY RIVER COMMUNITY COLLEGE PURPOSE: FITNESS EQUIPMENT | $19,335 |
RAINY RIVER COMMUNITY COLLEGE PURPOSE: HIGHER EDUCATION | $6,175 |
Endowment Analysis
| Beg. Balance | $1,000,753 |
| Earnings | -$68,577 |
| Net Contributions | $12,752 |
| Grants | $10,475 |
| Ending Balance | $934,453 |
Peer Organizations
| Organization Name | Assets | Revenue |
|---|---|---|
Minnesota Transitions Chartered School Minneapolis, MN | $28,235,035 | $63,864,968 |
Four Lakes Education Inc Mcfarland, WI | $19,510,761 | $31,025,737 |
College Possible Saint Paul, MN | $23,283,310 | $31,201,183 |
Midwest Dairy Association Saint Paul, MN | $7,228,337 | $23,101,295 |
Und Sports Facilities Inc Grand Forks, ND | $57,543,376 | $14,333,337 |
Lac Courte Oreilles Ojibwe School Hayward, WI | $14,755,136 | $9,679,407 |
St Paul City School St Paul, MN | $6,285,490 | $9,442,026 |
Iowa Association For The Education Of Young Children Inc Urbandale, IA | $815,186 | $7,200,490 |
East Dakota Educational Cooperative Sioux Falls, SD | $5,426,642 | $6,544,285 |
Wisconsin Center For Manufacturing And Productivity Inc Madison, WI | $1,793,408 | $5,861,220 |
Heritage Christian Schools Inc New Berlin, WI | $9,766,972 | $6,403,349 |
Minnesota Society Of Certified Public Accountants Bloomington, MN | $11,208,207 | $6,449,608 |