Friends Of The Oval Foundation Inc
- Assets
- $874.0k
- Revenue
- $26.9k
- Investments
- $0.0
- Employees
- 0
- Location
- Roseville, MN
- Founding
- 07/1993
- Data as of
- 06/2023
- EIN
- 41-1754323
Organization Overview
Friends Of The Oval Foundation Inc is located in Roseville, MN. The organization was established in 1993. According to its NTEE Classification (N60) the organization is classified as: Amateur Sports, under the broad grouping of Recreation & Sports and related organizations. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Friends Of The Oval Foundation Inc 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 06/2023, Friends Of The Oval Foundation Inc generated $26.9k in total revenue. The organization has seen a slow decline revenue. Over the past 8 years, revenues have fallen by an average of (2.4%) each year. All expenses for the organization totaled $22.2k during the year ending 06/2023. As we would expect to see with falling revenues, expenses have declined by (9.6%) per year over the past 8 years. You can explore the organizations financials more deeply in the financial statements section below.
Since 2016, Friends Of The Oval Foundation Inc has awarded 13 individual grants totaling $209,370. 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
MISSION: FRIENDS OF THE OVAL FOUNDATION WAS CREATED FOR THE PURPOSES OF ASSISTING IN THE DEVELOPMENT AND ONGOING FINANCIAL VIABILITY OF THE GUIDANT JOHN ROSE MINNESOTA OVAL; TO PROMOTE THE YEAR ROUND USE OF THE FACILITY.
Describe the Organization's Program Activity:
Part 3 - Line 4a
TO PROMOTE THE YEAR ROUND USE OF THE GUIDANT JOHN ROSE MINNESOTA OVAL BY ALL INTERESTED PERSONS; TO ENCOURAGE PARTICIPATION IN ACTIVITIES INCLUDING BUT NOT LIMITED TO, SPEED SKATING, BANDY, INLINE SKATING, FIGURE SKATING, & HOCKEY; TO SOLICITE, RECEIVE, HOLD AND EXPENSE FUNDS FOR SUCH PURPOSES; TO ANY AND ALL ACTS NECESSARY THAT ARE PERMIDTTED BY LAW FOR THE ACCOMPLISHMENT OF SUCH PURPOSES.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Luci Botzek President | Officer | 5 | $0 |
Nancy Nelson Secretary | Officer | 5 | $0 |
Peter Engebretson Treasurer | Officer | 5 | $0 |
Paul Stangl Board Member | Officer | 3 | $0 |
Rich Vehe Board Member | Officer | 3 | $0 |
Jim Herman Board Member | Officer | 3 | $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 | $6,680 |
| Noncash contributions included in lines 1a–1f | $0 |
| Total Revenue from Contributions, Gifts, Grants & Similar | $6,680 |
| Total Program Service Revenue | $0 |
| Investment income | $19,094 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $0 |
| Net Gain/Loss on Asset Sales | $1,117 |
| Net Income from Fundraising Events | $0 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $0 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $26,891 |
| Statement of Expenses | |
|---|---|
| Grants and other assistance to domestic organizations and domestic governments. | $13,602 |
| 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 | $0 |
| Fees for services: Accounting | $635 |
| 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 | $0 |
| 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 | $1,411 |
| All other expenses | $25 |
| Total functional expenses | $22,150 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $5,543 |
| 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 | $868,449 |
| Investments—other securities | $0 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $0 |
| Total assets | $873,992 |
| 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 | $873,992 |
| Total liabilities and net assets/fund balances | $873,992 |
Grants Awarded
Over the last fiscal year, Friends Of The Oval Foundation Inc has awarded $39,719 in support to 2 organizations.
| Grant Recipient | Amount |
|---|---|
HOCKEY LIMITED FROM THE MN WILD RAPIDSQ PURPOSE: ASSIST FUNDING | $5,450 |
CITY OF ROSEVILLE PURPOSE: ASSIST FUNDING | $34,269 |