Lake Region Healthcare Foundation
- Assets
- $4.1m
- Revenue
- $598.3k
- Investments
- $0.0
- Employees
- 0
- Location
- Fergus Falls, MN
- Founding
- 09/1990
- Data as of
- 09/2023
- EIN
- 41-1677288
Organization Overview
Lake Region Healthcare Foundation is located in Fergus Falls, MN. The organization was established in 1990. According to its NTEE Classification (E11) the organization is classified as: Single Organization Support, under the broad grouping of Health Care and related organizations. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Lake Region Healthcare 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, Lake Region Healthcare Foundation generated $598.3k in total revenue. The organization has seen a slow decline revenue. Over the past 8 years, revenues have fallen by an average of (2.2%) each year. All expenses for the organization totaled $2.0m during the year ending 09/2023. You can explore the organizations financials more deeply in the financial statements section below.
Since 2015, Lake Region Healthcare Foundation has awarded 16 individual grants totaling $2,215,535. 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
990
Mission & Program ActivityExcerpts From the 990 Filing
TAX YEAR
2023
Describe the Organization's Mission:
Part 3 - Line 1
THE MISSION OF LAKE REGION HEALTHCARE FOUNDATION IS TO GATHER, STEWARD AND DISTRIBUTE RESOURCES NEEDED TO SUPPORT AND ADVANCE THE MISSION OF LAKE REGION HEALTHCARE AND ITS AFFILIATES.
Describe the Organization's Program Activity:
Part 3 - Line 4a
LAKE REGION HEALTHCARE FOUNDATION RECEIVED DONATIONS AND MEMORIALS FROM INDIVIDUALS AND BUSINESSES. IT ALSO RECEIVES PLEDGES AND PAYMENTS OF THOSE PLEDGES. THE FOUNDATION USES ITS FUNDS FOR A VARIETY OF PURPOSES WHICH AID LAKE REGION HEALTHCARE AND THE COMMUNITY IN PROVIDING QUALITY HEALTHCARE AND SUSTAINING HEALTHCARE CLOSE TO HOME.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Andrew Yaggie Director/chair | OfficerTrustee | 2 | $0 |
Mary Bressler Director | Trustee | 2 | $0 |
Jasmine Sonmor Director | Trustee | 2 | $0 |
Dic Pickett Director/secretary & Treasurer | OfficerTrustee | 2 | $0 |
Joan Gedde Director | Trustee | 2 | $0 |
Kent Mattson CEO | Officer | 1 | $0 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Federated campaigns | $0 |
| Membership dues | $0 |
| Fundraising events | $198,193 |
| Related organizations | $0 |
| Government grants | $0 |
| All other contributions, gifts, grants, and similar amounts not included above | $100,219 |
| Noncash contributions included in lines 1a–1f | $9,565 |
| Total Revenue from Contributions, Gifts, Grants & Similar | $298,412 |
| Total Program Service Revenue | $0 |
| Investment income | $148,796 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $0 |
| Net Gain/Loss on Asset Sales | $95,890 |
| Net Income from Fundraising Events | $55,177 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $0 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $598,275 |
| Statement of Expenses | |
|---|---|
| Grants and other assistance to domestic organizations and domestic governments. | $1,822,764 |
| Grants and other assistance to domestic individuals. | $23,287 |
| 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 | $0 |
| Fees for services: Accounting | $7,515 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $10,316 |
| Fees for services: Other | $98,398 |
| Advertising and promotion | $0 |
| Office expenses | $3,904 |
| Information technology | $0 |
| Royalties | $0 |
| Occupancy | $0 |
| Travel | $2,008 |
| 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 | $0 |
| Total functional expenses | $1,970,739 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $285,225 |
| Savings and temporary cash investments | $462,584 |
| Pledges and grants receivable | $57,664 |
| 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 | $2,400 |
| Net Land, buildings, and equipment | $0 |
| Investments—publicly traded securities | $3,305,045 |
| Investments—other securities | $0 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $0 |
| Total assets | $4,112,918 |
| Accounts payable and accrued expenses | $3,428 |
| 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 | $22,919 |
| Total liabilities | $26,347 |
| Net assets without donor restrictions | $2,871,573 |
| Net assets with donor restrictions | $1,214,998 |
| 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 | $4,112,918 |
Grants Awarded
Over the last fiscal year, Lake Region Healthcare Foundation has awarded $1,744,525 in support to 2 organizations.
| Grant Recipient | Amount |
|---|---|
LRHC LONG TERM CARE FACILITIES INC PURPOSE: ADDITION OF CHAPEL IN MILL STREET RESIDENCE BUILDING | $55,800 |
LAKE REGION HEALTHCARE CORPORATION PURPOSE: GENERAL SUPPORT | $1,688,725 |