Rochester Area Foundation
- Assets
- $45.1m
- Revenue
- $11.7m
- Investments
- $37.5m
- Employees
- 8
- Location
- Rochester, MN
- Founding
- 07/1949
- Data as of
- 12/2021
- EIN
- 41-6017740
Organization Overview
Rochester Area Foundation is located in Rochester, MN. The organization was established in 1949. According to its NTEE Classification (T31) the organization is classified as: Community Foundations, under the broad grouping of Philanthropy, Voluntarism & Grantmaking Foundations and related organizations. As of 12/2021, Rochester Area Foundation employed 8 individuals. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Rochester Area 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 12/2021, Rochester Area Foundation generated $11.7m in total revenue. This organization has experienced exceptional growth, as over the past 7 years, it has increased revenue by an average of 16.7% each year . All expenses for the organization totaled $6.5m during the year ending 12/2021. While expenses have increased by 9.2% per year over the past 7 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, Rochester Area Foundation has awarded 697 individual grants totaling $18,554,277. 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
990T
Mission & Program ActivityExcerpts From the 990T Filing
TAX YEAR
2021
Describe the Organization's Mission:
Part 3 - Line 1
BUILDING AND ENHANCING THE QUALITY OF LIFE IN THE GREATER ROCHESTER AREA THROUGH PHILANTHROPIC LEADERSHIP AND COMMUNITY PARTNERSHIPS.
Describe the Organization's Program Activity:
GRANTS WERE PROVIDED TO ORGANIZATIONS PROVIDING FREE LEGAL CLINICS, EDUCATIONAL TUTORING AND DATA SHARING SERVICES, CULTURAL SERVICES AND EDUCATION, AND A VARIETY OF OTHER PROGRAMS SERVING COMMUNITY NEEDS
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Jennifer Woodford Executive Director | Officer | 30 | $103,785 |
Don Supalla Chair | OfficerTrustee | 6 | $0 |
Larry Koshire 2nd Vice Chair | OfficerTrustee | 4 | $0 |
Dr Kathryn Lombardo 1st Vice Chair | OfficerTrustee | 4 | $0 |
Denise Kelly Secretary | OfficerTrustee | 4 | $0 |
Marco Wageman Treasurer | OfficerTrustee | 4 | $0 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Federated campaigns | $0 |
| Membership dues | $0 |
| Fundraising events | $635 |
| Related organizations | $0 |
| Government grants | $125,000 |
| All other contributions, gifts, grants, and similar amounts not included above | $7,042,017 |
| Noncash contributions included in lines 1a–1f | $721,343 |
| Total Revenue from Contributions, Gifts, Grants & Similar | $7,167,652 |
| Total Program Service Revenue | $449,326 |
| Investment income | $842,270 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | -$32,008 |
| Net Gain/Loss on Asset Sales | $3,276,179 |
| Net Income from Fundraising Events | $0 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $0 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $11,703,419 |
| Statement of Expenses | |
|---|---|
| Grants and other assistance to domestic organizations and domestic governments. | $5,021,217 |
| 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. | $111,283 |
| Compensation of current officers, directors, key employees. | $38,949 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $276,718 |
| Pension plan accruals and contributions | $13,902 |
| Other employee benefits | $31,940 |
| Payroll taxes | $29,643 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $3,915 |
| Fees for services: Accounting | $46,861 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $47,519 |
| Fees for services: Other | $667,595 |
| Advertising and promotion | $64,200 |
| Office expenses | $30,842 |
| Information technology | $0 |
| Royalties | $0 |
| Occupancy | $21,991 |
| Travel | $537 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $13,585 |
| Interest | $114 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $6,624 |
| Insurance | $0 |
| All other expenses | $37,662 |
| Total functional expenses | $6,515,333 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $842,058 |
| Savings and temporary cash investments | $3,180,932 |
| Pledges and grants receivable | $12,323 |
| 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 | $8,565 |
| Net Land, buildings, and equipment | $2,077,009 |
| Investments—publicly traded securities | $0 |
| Investments—other securities | $37,469,595 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $1,526,239 |
| Total assets | $45,116,721 |
| Accounts payable and accrued expenses | $169,244 |
| Grants payable | $13,295 |
| 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 | $513,711 |
| Unsecured mortgages and notes payable | $0 |
| Other liabilities | $1,055,990 |
| Total liabilities | $1,752,240 |
| Net assets without donor restrictions | $37,830,087 |
| Net assets with donor restrictions | $5,534,394 |
| 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 | $45,116,721 |
Grants Awarded
Over the last fiscal year, Rochester Area Foundation has awarded $3,766,673 in support to 142 organizations.
| Grant Recipient | Amount |
|---|---|
Rochester, MN PURPOSE: PROGRAM SUPPORT | $217,500 |
Rochester, MN PURPOSE: PROGRAM SUPPORT | $180,658 |
LAW ENFORCEMENT MEMORIAL FOUNDATION OF SE MINNESOTA PURPOSE: PROGRAM SUPPORT | $172,000 |
Louisville, KY PURPOSE: PROGRAM SUPPORT | $125,000 |
Rochester, MN PURPOSE: PROGRAM SUPPORT | $115,500 |
Brookings, SD PURPOSE: PROGRAM SUPPORT | $100,000 |
Grants Recieved
Over the last fiscal year, we have identified 14 grants that Rochester Area Foundation has recieved totaling $5,412,064.
| Awarding Organization | Amount |
|---|---|
Mayo Clinic Group Return Rochester, MN PURPOSE: SUPPORT CHARITABLE PROGRAMS | $5,000,000 |
National Christian Charitable Foundation Inc Alpharetta, GA PURPOSE: SUPPORT | $125,947 |
Strivetogether Inc Cincinnati, OH PURPOSE: Challenge Fund | $80,000 |
Otto Bremer Trust St Paul, MN PURPOSE: CRADLE 2 CAREER COALITION | $75,000 |
Otto Bremer Trust St Paul, MN PURPOSE: ROCHESTER NONPROFIT CONSORTIUM | $50,000 |
Rochester Area Foundation Rochester, MN PURPOSE: FISCALLY SPONSORED PROJECT OF ROCHESTER AREA FOUNDATION - INITIATIVE DEDICATED TO EDUCATIONAL EQUITY | $30,000 |
Endowment Analysis
| Beg. Balance | $14,177,197 |
| Earnings | $2,026,787 |
| Admin Expense | $5,000 |
| Net Contributions | $6,915,243 |
| Other Expense | $677,732 |
| Grants | $4,644,387 |
| Ending Balance | $17,792,108 |
Peer Organizations
| Organization Name | Assets | Revenue |
|---|---|---|
Communitygiving St Cloud, MN | $193,103,222 | $46,523,540 |
Quad Cities Community Foundation Bettendorf, IA | $165,771,747 | $15,098,956 |
Greater Cedar Rapids Community Foundation Cedar Rapids, IA | $223,368,352 | $26,493,454 |
3m Open Fund Blaine, MN | $2,792,523 | $13,492,516 |
Fargo-Moorhead Area Foundation Corporation Fargo, ND | $123,601,833 | $30,025,035 |
Oshkosh Area Community Foundation Corporation Oshkosh, WI | $140,509,815 | $17,534,681 |
Community Foundation Of Greater Dubuque Dubuque, IA | $145,486,240 | $37,640,315 |
Community Foundation Of Northeast Iowa Cedar Falls, IA | $163,015,524 | $24,241,546 |
West Central Initiative Fergus Falls, MN | $80,928,029 | $10,157,757 |
North Dakota Community Foundation Bismarck, ND | $128,952,115 | $14,760,573 |
South Central Iowa Community Foundation Chariton, IA | $15,877,246 | $5,307,597 |
Waukesha County Community Foundation Inc Waukesha, WI | $76,894,981 | $24,718,378 |