Faribault Foundation Inc
- Assets
- $1.1m
- Revenue
- $1.1m
- Investments
- $0.0
- Employees
- 1
- Location
- Faribault, MN
- Founding
- 11/1999
- Data as of
- 12/2023
- EIN
- 41-1931735
Organization Overview
Faribault Foundation Inc is located in Faribault, MN. The organization was established in 1999. According to its NTEE Classification (T30) the organization is classified as: Public Foundations, under the broad grouping of Philanthropy, Voluntarism & Grantmaking Foundations and related organizations. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Faribault 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.
Form
990
Mission & Program ActivityExcerpts From the 990 Filing
TAX YEAR
2023
Describe the Organization's Mission:
Part 3 - Line 1
TO DEVELOP, MANAGE, AND ADMINISTER FINANCIAL RESOURCES TO PROMOTE AND ENHANCE THE QUALITY OF LIFE FOR THE GREATER FARIBAULT COMMUNITY.
Describe the Organization's Program Activity:
Part 3 - Line 4a
THE FOUNDATION IS ON A MISSION TO IMPROVE THE QUALITY OF LIFE IN FARIBAULT THROUGH THE GENEROSITY OF DONORS. THIS MEANS GROWING THE COMMUNITY FOUNDATION AND USING GRANTS FROM THE MAJORITY OF THE FOUNDATION'S FUNDS TO BETTER THE FARIBAULT COMMUNITY. CURRENTLY, THE MOST SIGNIFICANT ACTIVITIES ARE TRYING TO GROW THE FOUNDATION'S ASSETS UNDER MANAGEMENT AND EDUCATE THE COMMUNITY ON WHAT THE FOUNDATION CAN DO TO HELP. THE FOUNDATION PROVIDED GRANTS TO 12 ORGANIZATIONS DURING THE YEAR.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Natalia Medoza-Orr President (resigned) | OfficerTrustee | 1 | $0 |
Chad Koepke Vice Chair | OfficerTrustee | 1 | $0 |
Todd Markman Treasurer | OfficerTrustee | 1 | $0 |
Christine Shaffer-Brown Secretary | OfficerTrustee | 1 | $0 |
Steve Kohl Director (resigned) | Trustee | 1 | $0 |
Mike Richie Director | 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 | $1,121,674 |
| Noncash contributions included in lines 1a–1f | $0 |
| Total Revenue from Contributions, Gifts, Grants & Similar | $1,121,674 |
| Total Program Service Revenue | $1,423 |
| Investment income | $5,222 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $0 |
| Net Gain/Loss on Asset Sales | $1,130 |
| Net Income from Fundraising Events | $0 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $0 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $1,129,449 |
| Statement of Expenses | |
|---|---|
| Grants and other assistance to domestic organizations and domestic governments. | $16,571 |
| 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. | $33,190 |
| Compensation of current officers, directors, key employees. | $11,338 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $0 |
| Pension plan accruals and contributions | $0 |
| Other employee benefits | $0 |
| Payroll taxes | $1,936 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $0 |
| Fees for services: Accounting | $180 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $350 |
| Fees for services: Other | $69,546 |
| Advertising and promotion | $1,092 |
| Office expenses | $2,803 |
| Information technology | $4,500 |
| Royalties | $0 |
| Occupancy | $2,250 |
| 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 | $336 |
| Total functional expenses | $136,518 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $394,481 |
| Savings and temporary cash investments | $59,272 |
| Pledges and grants receivable | $222,454 |
| 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 | $455,929 |
| Investments—other securities | $0 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $0 |
| Total assets | $1,132,136 |
| Accounts payable and accrued expenses | $2,903 |
| 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 | $2,903 |
| Net assets without donor restrictions | $906,779 |
| Net assets with donor restrictions | $222,454 |
| 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 | $1,132,136 |