Albert Lea Freeborn County Chamber Foundation
- Assets
- $968.1k
- Revenue
- $368.5k
- Investments
- $0.0
- Employees
- 0
- Location
- Albert Lea, MN
- Founding
- 11/1993
- Data as of
- 09/2023
- EIN
- 41-1651705
Organization Overview
Albert Lea Freeborn County Chamber Foundation is located in Albert Lea, MN. The organization was established in 1993. According to its NTEE Classification (S41) the organization is classified as: Chambers of Commerce & Business Leagues, under the broad grouping of Community Improvement & Capacity Building and related organizations. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Albert Lea Freeborn County Chamber 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 09/2023, Albert Lea Freeborn County Chamber Foundation generated $368.5k in total revenue. This represents relatively stable growth, over the past 8 years the organization has increased revenue by an average of 8.5% each year. All expenses for the organization totaled $76.7k during the year ending 09/2023. 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
TO STIMULATE THE ESTABLISHMENT OF FUNDS TO SERVE OUR LOCAL COMMUNITY NOW AND IN THE FUTURE.
Describe the Organization's Program Activity:
Part 3 - Line 4a
THE ORGANIZATION ACTS AS A STEWARD OF DONATED FUNDS WHICH ARE USED TO SUPPORT VARIOUS COMMUNITY PROGRAMS AND PRJOECTS TO PROMOTE PHILANTHROPY AND COLLABORATION FOR COMMUNITY BETTERMENT. CURRENT PROGRAMS AND PROJECTS INCLUDE: FIREWORKS DISPLAY-FUNDS ARE USED TO PROVIDE A CITY FIREWORKS DISPLAY ON THE 4TH OF JULY FOR THE COMMUNITY TO ENJOY. FREEDOM ROCK-PROJECT TO ADD A ROCK WITH A CUSTOM PAINTED TRIBUTE TO LOCAL VETERANS IN HONOR OF THEIR SERVICE TO OUR COUNTRY NEXT TO THE FREEBORN COUNTY VETERAN MEMORIAL. AVENUE OF FLAGS-FUNDS ARE USED FOR REPAIR AND MAINTENANCE OF FLAG POLES IN THE LOCAL CEMETERIES THAT PROVIDE BEAUTIFICATION AS WELL AS A REMEMBERANCE OF SERVICE MEN AND WOMEN. ACTIVITY CALENDAR-PROCEEDS FROM THE SALE OF THIS CALENDAR ARE DONATED TO SCHOOL DISTRICT 241 FOR EDUCATIONAL ACTIVITIES. ALBERT LEA INCLUSIVE PLAYGROUND-FUNDS ARE USED TO CREATE A SAFE OUTDOOR ENVIRONMENT FOR PEOPLE OF ALL AGES AND ABILITIES. ALBERT LEA TRACK BOOSTERS-FUNDS ARE USED TO SUPPORT THE LOCAL HIGH SCHOOL TRACK TEAM. ALBERT LEA SCHOOLS-FUNDS ARE USED TO SUPPORT THE LOCAL SCHOOL DISTRICT 241 REFERENDUM FOR BUILDINGS AND THE ATHLETIC FIELD. AMERICAN LEGION-FUND IS DESIGNED TO ALLOW THE COMMUNITY TO CONTRIBUTE TO REDUCE THE DEBT OF THE LEGION DURING DIFFICULT FINANCIAL TIMES. APRIL SORENSON MEMORIAL-FUNDS ARE USED TO PURCHASE BENCHES AND SUPPORT THE BLAZING STAR TRAIL IN MEMORY OF AN ALBERT LEA NATIVE. BOYS GOLF-FUNDS ARE USED TO SUPPORT THE LOCAL HIGH SCHOOL GOLF TEAM. CELL-FI TOURS-FUNDS ARE USED TO FUND ART DECORORATED BENCHES THROUGHOUT THE COMMUNITY. DOG PARK-FUNDS ARE USED TO SUPPORT THE COMMUNITY DOG PARK. FREEBORN AREA SOIL HEALTH TEAM-TO FACILITATE LOCAL COLLABORATION THAT ENCOURAGES, EDUCATES, AND DEMONSTRATES HOW TO IMPROVE OUR SOIL HEALTH AND WATER QUALITY WHILE IMPROVING PRODUCTIVITY, PROFITABILITY, AND SUSTAINABILITY OF OUR NATURAL RESOURCES. LAKE FOUNDATION AND RESTORATION COMMITTEES-FUNDS ARE USED TO CONTRIBUTE TO SHORELINE RESOTRATION AND SPONSER ANNUAL LAKE CLEAN-UP DAYS. PICKLEBALL FUND-FUNDS ARE USED TO CONVERT UNUSED TENNIS COURTS INTO PICKLEBALL COURTS. SPLASH PAD-FUNDS ARE USED FOR EQUIPMENT AND MAINTENANCE OF COMMUNITY SPLASH PAD. VETERANS MEMORIAL-PROVIDES MEMORIAL AND PAVERS FOR VETERANS ON DISPLAY BY THE FREEBORN COUNTY COURTHOUSE. YELLOW RIBBON-SUPPORTS THE FAMILIES OF DEPLOYED SOLDIERS BY UNITING ALL AREAS WITHIN A COMMUNITY TO CREATE A COMPREHENSIVE NETWORK THAT CONNECTS AND COORDINATES AGENCIES, ORGANIZATION, RESOURCES, AND EMPLOYERS FOR THE PURPOSE OF PROACTIVELY SUPPORTING SERVICE MEMBERS AND MILITARY FAMILIES. CE MYERS SCHOLARSHIP FUND
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Gary Schindler President | OfficerTrustee | 0.5 | $0 |
Noelle Hagen Vice Preside | OfficerTrustee | 0.5 | $0 |
Shari Sprague Secretary | OfficerTrustee | 0.5 | $0 |
Kim Nelson Board Member | Trustee | 0.25 | $0 |
Beau Hartman Board Member | Trustee | 0.25 | $0 |
Kathy Woodside Board Member | Trustee | 0.25 | $0 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Federated campaigns | $0 |
| Membership dues | $0 |
| Fundraising events | $0 |
| Related organizations | $4,697 |
| Government grants | $0 |
| All other contributions, gifts, grants, and similar amounts not included above | $342,606 |
| Noncash contributions included in lines 1a–1f | $3,000 |
| Total Revenue from Contributions, Gifts, Grants & Similar | $347,303 |
| Total Program Service Revenue | $0 |
| Investment income | $4,982 |
| 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 | $368,531 |
| Statement of Expenses | |
|---|---|
| Grants and other assistance to domestic organizations and domestic governments. | $750 |
| 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 | $4,415 |
| Fees for services: Legal | $0 |
| Fees for services: Accounting | $3,924 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $32,003 |
| Advertising and promotion | $242 |
| Office expenses | $155 |
| 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 | $0 |
| All other expenses | $3,383 |
| Total functional expenses | $76,733 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $656,300 |
| Savings and temporary cash investments | $234,748 |
| 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 | $0 |
| Investments—other securities | $0 |
| Investments—program-related | $77,068 |
| Intangible assets | $0 |
| Other assets | $0 |
| Total assets | $968,116 |
| 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 | $0 |
| 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 | $968,116 |
| Total liabilities and net assets/fund balances | $968,116 |