Veit Foundation
- Assets
- $15.6m
- Revenue
- $1.3m
- Investments
- $0.0
- Employees
- 0
- Location
- Buffalo, MN
- Founding
- 03/2000
- Data as of
- 12/2022
- EIN
- 41-1948093
Organization Overview
Veit Foundation is located in Buffalo, MN. The organization was established in 2000. According to its NTEE Classification (A20) the organization is classified as: Arts & Culture, under the broad grouping of Arts, Culture & Humanities and related organizations. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Veit 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 12/2022, Veit Foundation generated $1.3m in total revenue. This represents a relatively dramatic decline in revenue. Over the past 5 years, the organization has seen revenues fall by an average of (5.3%) each year. All expenses for the organization totaled $980.3k during the year ending 12/2022. You can explore the organizations financials more deeply in the financial statements section below.
Since 2019, Veit Foundation has awarded 19 individual grants totaling $498,444. 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
990PF
Mission & Program ActivityExcerpts From the 990PF Filing
TAX YEAR
2022
Describe the Organization's Program Activity:
Part 3 - Line 4a
THE VEIT AUTOMOTIVE FOUNDATIONS MUSEUM SAW GREAT STRIDES IN 2022. FOLLOWING OUR MISSION TO EDUCATE THE GUESTS OF ALL AGES WE HAVE WORKED ON OUR DISPLAY SIGNAGE FOR THE HISTORY OF THE VEHICLES AND THE BRANDS REPRESENTED ON THE FLOOR. THAT SIGNAGE ALONG WITH RESETTING THE FLOOR LAYOUT ALLOWED US TO HIGHLIGHT NEW VEHICLES THAT HAVE RETURNED FROM RESTORATION OR ARE SOON TO RETURN FROM RESTORATION. THOSE CHANGES TO THE MUSEUM DISPLAY SPACE'S HAS INCREASED THE VIEWER EXPERIENCE EXPONENTIALLY BY CATEGORY. THOSE SAME DISPLAY SPACES SAW THE ADDITION OF NEW UPGRADED LED LIGHT BULBS WHICH HELPS US CATER TO OLDER DEMOGRAPHICS.IN 2022, WE WERE ALSO ABLE TO FILL IN SPECIFIC CATEGORIES IN CURRENT COLLECTIONS WITHIN THE COLLECTION. ADDITIONAL GAS PUMPS RETURNED FROM RESTORATION, WE ADDED ADDITIONAL ASHTRAYS AND SHIFT KNOBS, OUTBOARD MOTORS, HANGING ARTWORK AND PETROLIANA/AMERICANA SIGNAGE FROM ALL ERAS.
RESTORATION WORK CONTINUES ON SEVERAL 1930'S VEHICLES THAT ARE DESIGNATED TO FILL FUTURE POSITIONS ON THE FLOOR. THESE WILL BE KEY COMPONENTS COMPLETING CATEGORIES HERE AT THE FOUNDATIONS COLLECTION. THE MUSEUM HAS CONTINUED ITS NO CHARGE FREE ADMISSION POLICY FOR GUESTS THROUGH THE 2022 SEASON.CHARITABLE GIVING CONTINUED IN 2022 WITH US SUPPORTING SEVERAL ORGANIZATIONS THROUGHOUT THE YEAR.- CAR SHOWS LIKE - MOTORHEAD MADNESS SHOW- CHANGE THE OUTCOME
IN LATE 2015, THE MUSEUM STARTED A KIDS' CLUB TO EDUCATE CHILDREN ON AUTOMOBILES AND BUILDING HOT RODS. DURING 2019, MUSEUM REPRESENTATIVES CONDUCTED THE KIDS' CLUB ACTIVITIES AT THE MUSEUM AND HOSTED CHILDREN'S GROUPS, SUCH AS GIRL SCOUT TROOPS WORKING ON THEIR "PLAYING THE PAST" BADGES.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Vaughn A Veit Ceo, Treasurer | 8 | $0 | |
Andy Anderson Director | 1 | $0 | |
Kelly Veit Vice President | 1 | $0 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Contributions, Gifts, Grants & Similar | $1,321,270 |
| Interest on Savings | $0 |
| Dividends & Interest | $0 |
| Net Rental Income | $3,675 |
| Net Gain on Sale of Assets | $0 |
| Capital Gain Net Income | $0 |
| Net ST Capital Gain | $0 |
| Income Modifications | $0 |
| Profit on Inventory Sales | $0 |
| Other Income | $12,000 |
| Total Revenue | $1,336,945 |
| Statement of Expenses | |
|---|---|
| Compensation of officers, directors, trustees, etc | $0 |
| Other employee salaries and wages | $0 |
| Pension plans, employee benefits | $0 |
| Interest | $120,733 |
| Taxes | $24,420 |
| Depreciation | $227,103 |
| Occupancy | $0 |
| Travel, conferences, and meetings | $0 |
| Printing and publications | $36 |
| Other expenses | $409,635 |
| Total operating and administrative expenses | $809,808 |
| Contributions, gifts, grants paid | $170,444 |
| Total expenses and disbursements | $980,252 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $144,203 |
| Savings and temporary cash investments | $0 |
| Net Accounts receivable | $25,000 |
| Net Pledges Receivable | $0 |
| Grants receivable | $0 |
| Receivables from Officers, Directors, or Controlling Persons | $0 |
| Net other notes and loans receivable | $0 |
| Inventories for sale or use | $0 |
| Prepaid expenses and deferred charges | $0 |
| Net Investments - land, buildings, equipment | $0 |
| Investments—mortgage loans | $0 |
| Investments—other | $0 |
| Net Land, buildings, and equipment | $5,812,719 |
| Other assets | $9,643,664 |
| Total assets | $15,625,586 |
| Accounts payable and accrued expenses | $21,604 |
| Grants payable | $0 |
| Deferred revenue | $0 |
| Loans and other payables to any current Officer, Director, or Controlling Person | $0 |
| Mortgages and other notes payable | $2,224,144 |
| Other liabilities | $0 |
| Total liabilities | $2,245,748 |
Grants Awarded
Over the last fiscal year, Veit Foundation has awarded $162,944 in support to 5 organizations.
| Grant Recipient | Amount |
|---|---|
CHANGE THE OUTCOME PURPOSE: GENERAL SUPPORT | $50,000 |
PEASE COMMUNITY FOUNDATION PURPOSE: AFTER SCHOOL PROGRAM | $100,000 |
MOTORHEAD MADDNESS PURPOSE: SPONSORSHIP | $5,944 |
GOPHER STATE TIMING ASSOCIATION PURPOSE: SPONSORSHIP | $3,500 |
MAPLE LAKE CHAMBER OF COMMERCE PURPOSE: SPONSORSHIP | $3,500 |