Albert Lea Public Education Foundation Inc
- Assets
- $3.0m
- Revenue
- $192.4k
- Investments
- $0.0
- Employees
- 0
- Location
- Albert Lea, MN
- Founding
- 04/2001
- Data as of
- 12/2022
- EIN
- 41-1989284
Organization Overview
Albert Lea Public Education Foundation Inc is located in Albert Lea, MN. The organization was established in 2001. According to its NTEE Classification (B94) the organization is classified as: Parent & Teacher Groups, 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. Albert Lea Public Education 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 12/2022, Albert Lea Public Education Foundation Inc generated $192.4k in total revenue. This organization has experienced exceptional growth, as over the past 8 years, it has increased revenue by an average of 14.1% each year . All expenses for the organization totaled $173.9k during the year ending 12/2022. While expenses have increased by 8.8% per year over the past 8 years. They've been increasing with an increasing level of total revenue. You can explore the organizations financials more deeply in the financial statements section below.
Since 2015, Albert Lea Public Education Foundation Inc has awarded 22 individual grants totaling $351,362. 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
2022
Describe the Organization's Mission:
Part 3 - Line 1
TO SERVE THE STUDENTS OF DISTRICT 241 BY IDENTIFYING EDUCATIONAL NEEDS AND CREATING FINANCIAL SUPPORT THROUGH CREATING PERMANENT ENDOWMENTS AND DEVELOPING FUNDING FOR THE CREATION AND MAINTENANCE OF NEW PROGRAMS.
Describe the Organization's Program Activity:
Part 3 - Line 4a
THE ORGANIZATION PROVIDED SEVERAL GRANTS TO THE ALBERT LEA SCHOOL DISTRICT AND SCHOLARSHIPS TO STUDENTS ENTERING COLLEGE.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Neal Skaar Chair | Officer | 0.5 | $0 |
Kim Nelson Vice Chair | Officer | 0.5 | $0 |
Steve Tufte Treasurer | Officer | 2 | $0 |
Abby Leach Secretary | Officer | 0.5 | $0 |
Brad Kirchner Past Chair | Officer | 0.5 | $0 |
Mike Peterson Director | Trustee | 0.5 | $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 | $167,307 |
| Noncash contributions included in lines 1a–1f | $0 |
| Total Revenue from Contributions, Gifts, Grants & Similar | $167,307 |
| Total Program Service Revenue | $0 |
| Investment income | $25,091 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $0 |
| Net Gain/Loss on Asset Sales | $0 |
| Net Income from Fundraising Events | $0 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $0 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $192,398 |
| Statement of Expenses | |
|---|---|
| Grants and other assistance to domestic organizations and domestic governments. | $47,926 |
| Grants and other assistance to domestic individuals. | $90,300 |
| 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 | $4,028 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $14,955 |
| Fees for services: Other | $3,500 |
| Advertising and promotion | $40 |
| Office expenses | $573 |
| 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 | $856 |
| All other expenses | $0 |
| Total functional expenses | $173,886 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $254,645 |
| Savings and temporary cash investments | $126,552 |
| 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 | $2,626,425 |
| Investments—other securities | $0 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $0 |
| Total assets | $3,007,622 |
| 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 | $35,223 |
| Net assets with donor restrictions | $2,972,399 |
| 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 | $3,007,622 |
Grants Awarded
Over the last fiscal year, Albert Lea Public Education Foundation Inc has awarded $73,919 in support to 5 organizations.
| Grant Recipient | Amount |
|---|---|
MN STATE UNIVERSITY-MANKATO PURPOSE: SCHOLARSHIPS | $16,000 |
UNIVERSITY OF MINNESOTA PURPOSE: SCHOLARSHIPS | $8,800 |
ALBERT LEA AREA SCHOOLS PURPOSE: TEACHER GRANTS | $21,619 |
SOUTH DAKOTA STATE UNIVERSITY PURPOSE: SCHOLARSHIPS | $20,000 |
UNIVERSITY OF IOWA PURPOSE: SCHOLARSHIPS | $7,500 |