Orono Foundation For Education
- Assets
- $2.8m
- Revenue
- $480.5k
- Investments
- $0.0
- Employees
- 1
- Location
- Long Lake, MN
- Founding
- 07/2001
- Data as of
- 06/2022
- EIN
- 41-1974305
Organization Overview
Orono Foundation For Education is located in Long Lake, MN. The organization was established in 2001. According to its NTEE Classification (B12) the organization is classified as: Fund Raising & Fund Distribution, under the broad grouping of Education and related organizations. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Orono Foundation For Education 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 06/2022, Orono Foundation For Education generated $480.5k in total revenue. This represents a relatively dramatic decline in revenue. Over the past 7 years, the organization has seen revenues fall by an average of (4.4%) each year. All expenses for the organization totaled $593.5k during the year ending 06/2022. 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
2022
Describe the Organization's Mission:
Part 3 - Line 1
EMPOWER ALL STUDENTS TO ACHIEVE THEIR HIGHEST POTENTIAL AND ENSURE A TRADITION OF EXCELLENCE.
Describe the Organization's Program Activity:
Part 3 - Line 4a
EXCELLENCE FUNDS:OTHER TEMPORARY RESTRICTED FUNDS (I.E., THE EXCELLENCE FUNDS), ARE FOR SPECIFIC USES BY THE SCHOOL AND THESE DONATIONS ARE GRANTED AS REQUESTED BY THE DISTRICT AND APPROVED BY OFE. EXCELLENCE FUNDS INCLUDE: ACADEMICS/LITERACY, CHARACTER, ARTS, ATHLETICS, BUILDING AND GROUNDS, LEADERSHIP AND ETHICS, EDUCATOR EXCELLENCE AND TECHNOLOGY. OTHER EXCELLENCE FUNDS MAY BE CREATED FROM TIME TO TIME AS DETERMINED BY THE BOARD. THIS YEAR OFE GRANTED THE SCHOOLS $279,193 THROUGH ITS EXCELLENCE FUNDS.
OTHER PROGRAM RELATED EXPENSES
ANNUAL FUND GRANT:THE FOUNDATION PROVIDES A GENERAL OPERATING GRANT TO THE ORONO SCHOOL DISTRICT EACH YEAR TO SUPPORT A WIDE VARIETY OF K-12 EDUCATIONAL EXPENSES. THE ORONO SCHOOL DISTRICT THEN ALLOCATES THESE DOLLARS TO KEY STRATEGIC PRIORITIES AND PRESSING BUDGETARY NEEDS. THIS YEAR OFE GRANTED THE SCHOOLS $214,000 THROUGH ITS ANNUAL FUND.IN RECENT YEARS, ANNUAL GRANTS HAVE BEEN UTILIZED BY THE SCHOOLS TO AID IN IMPLEMENTATION OF A NEW MATH CURRICULUM BY PAYING FOR TEACHER TRAINING AS WELL AS FUNDING A NEW MATH SPECIALIST POSITION. ANNUAL GRANT FUNDS HAVE ALSO BEEN USED FOR CLASSROOM MATERIALS, TECHNOLOGY, STAFF TRAINING AND SPECIAL STAFF POSITIONS.
SCHOLARSHIP FUNDS: OFE MAINTAINS STUDENT SCHOLARSHIP FUNDS WITH ELIGIBILITY CRITERIA ESTABLISHED BY FUND DONORS. SCHOLARSHIP RECIPIENTS ARE SELECTED BY THE SCHOOL DISTRICT AND FUND DONORS.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Robin Gipson Board Chair | OfficerTrustee | 10 | $0 |
Amy Mitchell Vice Chair And Interim Treasurer | OfficerTrustee | 8 | $0 |
Katie Parks Secretary (beginning June 2022) | OfficerTrustee | 3 | $0 |
Tracy Purdy Secretary (ending May 2022) | OfficerTrustee | 3 | $0 |
Micah Benway Board Member | Trustee | 3 | $0 |
Kelly Grady Board Member | Trustee | 3 | $0 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Federated campaigns | $0 |
| Membership dues | $0 |
| Fundraising events | $181,739 |
| Related organizations | $0 |
| Government grants | $0 |
| All other contributions, gifts, grants, and similar amounts not included above | $293,057 |
| Noncash contributions included in lines 1a–1f | $58,721 |
| Total Revenue from Contributions, Gifts, Grants & Similar | $474,796 |
| Total Program Service Revenue | $0 |
| Investment income | $40,541 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $0 |
| Net Gain/Loss on Asset Sales | $3,009 |
| Net Income from Fundraising Events | -$47,565 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $0 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $480,451 |
| Statement of Expenses | |
|---|---|
| Grants and other assistance to domestic organizations and domestic governments. | $493,193 |
| 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 | $26,378 |
| Pension plan accruals and contributions | $0 |
| Other employee benefits | $0 |
| Payroll taxes | $3,025 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $25 |
| Fees for services: Accounting | $20,110 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $10,000 |
| Fees for services: Other | $1,162 |
| Advertising and promotion | $172 |
| Office expenses | $15,936 |
| Information technology | $11,588 |
| Royalties | $0 |
| Occupancy | $6,000 |
| 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 | $4,053 |
| All other expenses | $1,888 |
| Total functional expenses | $593,530 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $115,313 |
| Savings and temporary cash investments | $342,049 |
| Pledges and grants receivable | $385,459 |
| 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 | $7,598 |
| Net Land, buildings, and equipment | $0 |
| Investments—publicly traded securities | $1,948,217 |
| Investments—other securities | $0 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $0 |
| Total assets | $2,798,636 |
| Accounts payable and accrued expenses | $1,090 |
| Grants payable | $300,000 |
| 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 | $301,090 |
| Net assets without donor restrictions | $411,924 |
| Net assets with donor restrictions | $2,085,622 |
| 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 | $2,798,636 |