Owatonna Foundation Inc
- Assets
- $10.2m
- Revenue
- $1.6m
- Investments
- $0.0
- Employees
- 2
- Location
- Owatonna, MN
- Founding
- 12/1961
- Data as of
- 12/2021
- EIN
- 41-6038547
Organization Overview
Owatonna Foundation Inc is located in Owatonna, MN. The organization was established in 1961. According to its NTEE Classification (B82) the organization is classified as: Scholarships & Student Financial Aid, under the broad grouping of Education and related organizations. As of 12/2021, Owatonna Foundation Inc employed 2 individuals. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Owatonna 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 12/2021, Owatonna Foundation Inc generated $1.6m in total revenue. This organization has experienced exceptional growth, as over the past 7 years, it has increased revenue by an average of 16.1% each year . All expenses for the organization totaled $501.4k during the year ending 12/2021. While expenses have increased by 9.3% 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 2020, Owatonna Foundation Inc has awarded 15 individual grants totaling $770,535. 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
2021
Describe the Organization's Mission:
Part 3 - Line 1
TO PROVIDE MONEY GRANTS TO NON-PROFIT AGENCIES LOCATED IN STEELE COUNTY TO ACQUIRE PROPERTY & EQUIPMENT AND TO PROVIDE SCHOLARSHIPS TO LOCAL HIGH SCHOOL STUDENTS.
Describe the Organization's Program Activity:
Part 3 - Line 4a
TO PROVIDE MONEY GRANTS TO OTHER 501(C)(3) AGENCIES TO PURCHASE EQUIPMENT, MAKE IMPROVEMENTS, ETC. FOR THE COMMUNITY BETTERMENT, EDUCATIONAL, HEALTH, LITERARY, RECREATIONAL, SCIENTIFIC, MUSICAL, OR CULTURAL BENEFIT OF THE RESIDENTS OF THE STEELE COUNTY AREA.
TO PROVIDE SCHOLARSHIPS TO LOCAL HIGH SCHOOL GRADUATES AND OTHERS FOR CONTINUING SECONDARY EDUCATION.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Laura Resler Executive Se | Trustee | 20 | $22,880 |
Angela Gonzales Executive Se | Trustee | 30 | $12,018 |
Thomas Dufresne President | Officer | 1 | $0 |
Dave Ramsey Vice-Preside | Officer | 1 | $0 |
Ray Stawarz Secretary-Tr | Officer | 1 | $0 |
William Beer Trustee | 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 | $1,175,024 |
| Noncash contributions included in lines 1a–1f | $0 |
| Total Revenue from Contributions, Gifts, Grants & Similar | $1,175,024 |
| Total Program Service Revenue | $0 |
| Investment income | $259,957 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $0 |
| Net Gain/Loss on Asset Sales | $118,999 |
| Net Income from Fundraising Events | $0 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $0 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $1,553,980 |
| Statement of Expenses | |
|---|---|
| Grants and other assistance to domestic organizations and domestic governments. | $344,110 |
| Grants and other assistance to domestic individuals. | $29,500 |
| Grants and other assistance to Foreign Orgs/Individuals | $0 |
| Benefits paid to or for members | $0 |
| Compensation of current officers, directors, key employees. | $34,898 |
| Compensation of current officers, directors, key employees. | $34,898 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $0 |
| Pension plan accruals and contributions | $0 |
| Other employee benefits | $0 |
| Payroll taxes | $2,670 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $0 |
| Fees for services: Accounting | $0 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $0 |
| Advertising and promotion | $42,993 |
| Office expenses | $3,500 |
| Information technology | $0 |
| Royalties | $0 |
| Occupancy | $8,380 |
| Travel | $0 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $512 |
| Interest | $0 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $0 |
| Insurance | $10,907 |
| All other expenses | $0 |
| Total functional expenses | $501,399 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $0 |
| Savings and temporary cash investments | $413,897 |
| 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 | $8,802,588 |
| Investments—other securities | $0 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $940,193 |
| Total assets | $10,156,678 |
| Accounts payable and accrued expenses | $3,362 |
| Grants payable | $400,163 |
| 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 | $403,525 |
| Net assets without donor restrictions | $8,317,346 |
| Net assets with donor restrictions | $1,435,807 |
| 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 | $10,156,678 |
Grants Awarded
Over the last fiscal year, Owatonna Foundation Inc has awarded $343,500 in support to 5 organizations.
| Grant Recipient | Amount |
|---|---|
Owatonna, MN PURPOSE: BUILDING | $250,000 |
Owatonna, MN PURPOSE: LIGHTING | $50,000 |
Owatonna, MN PURPOSE: SIDING FOR BUILDING | $25,000 |
OWATONNA FIRE DEPARTMENT PURPOSE: RESCUE SYSTEM | $10,000 |
Owatonna, MN PURPOSE: STORM WINDOWS | $8,500 |
Grants Recieved
Over the last fiscal year, we have identified 3 grants that Owatonna Foundation Inc has recieved totaling $107,232.
| Awarding Organization | Amount |
|---|---|
Wenger Foundation Crystal Bay, MN PURPOSE: ASSIST OPERATIONS | $100,000 |
Schwab Charitable Fund San Francisco, CA PURPOSE: EDUCATION | $7,225 |
Amazonsmile Foundation Seattle, WA PURPOSE: GENERAL SUPPORT | $7 |
Endowment Analysis
| Beg. Balance | $1,242,857 |
| Earnings | $149,734 |
| Other Expense | $120,476 |
| Ending Balance | $1,272,115 |
Peer Organizations
| Organization Name | Assets | Revenue |
|---|---|---|
Iowa Student Loan Liquidity Corp West Des Moines, IA | $1,230,053,718 | $45,688,659 |
Northstar Education Finance Inc Eagan, MN | $1,293,468,719 | $40,177,777 |
Northwestern Mutual Life Foundation Inc Milwaukee, WI | $106,326,341 | $38,353,841 |
Scholarship America Inc Minneapolis, MN | $219,130,905 | $29,933,482 |
Des Moines Golf And Country Club West Des Moines, IA | $24,329,403 | $13,657,003 |
Waitt Foundation North Sioux City, SD | $157,175,219 | $6,009,824 |
Team Makers Club Inc Fargo, ND | $24,927,572 | $16,460,437 |
Bentson Foundation Wayzata, MN | $107,689,978 | $6,021,397 |
Rsm Us Foundation Davenport, IA | $13,920,904 | $7,669,329 |
Pleasant T Rowland Foundation Brookfield, WI | $94,312,384 | $11,804,849 |
Central States Fair Rapid City, SD | $6,354,015 | $4,358,357 |
Sc Johnson Giving Inc Racine, WI | $34,098,989 | $19,343,102 |