Greater Lake City Community Foundation
- Assets
- $379.0k
- Revenue
- $95.0k
- Investments
- $368.7k
- Employees
- 0
- Location
- Lake City, MN
- Founding
- 03/2013
- Data as of
- 12/2022
- EIN
- 45-5337894
Organization Overview
Greater Lake City Community Foundation is located in Lake City, MN. The organization was established in 2013. According to its NTEE Classification (S32) the organization is classified as: Rural Economic Development, under the broad grouping of Community Improvement & Capacity Building and related organizations. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Greater Lake City Community 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, Greater Lake City Community Foundation generated $95.0k in total revenue. This organization has experienced exceptional growth, as over the past 3 years, it has increased revenue by an average of 23.9% each year . All expenses for the organization totaled $35.1k during the year ending 12/2022. While expenses have increased by 31.1% per year over the past 3 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.
Form
990
Mission & Program ActivityExcerpts From the 990 Filing
TAX YEAR
2022
Describe the Organization's Mission:
Part 3 - Line 1
COMMUNITY FOUNDATION PROVIDING ASSISTANCE TO PROVIDE FOR A BETTER COMMUNITY. PILLARS ARE ENVIRONMENT, ARTS, COMMUNITY AND ECONOMIC DEVELOPMENT AND EDUCATION.
Describe the Organization's Program Activity:
Part 3 - Line 4a
CITY OF LAKE CITY, MINNESOTA 10055 TO REPLACE TREES KILLED BY DISEASE.
TO UNIVERSITY OF MN - DULUTH FOR EDUCATIONAL SCHOLARSHIPS.
TO DESTINATION LAKE CITY 501C3 6,500 FOR MEMORIAL STATUE IN CITY PARK 1,000 FOR VIDEOGRAPHY EQUIPMENT TO PROMOTE LAKE CITY.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
David James Schreck Chairman | OfficerTrustee | 5 | $0 |
Beth Krehbiel President | OfficerTrustee | 1 | $0 |
Bruce A Carlstrom Secretary - Asst Treasurer | OfficerTrustee | 5 | $0 |
Heather Banks Asst Treasurer | OfficerTrustee | 1 | $0 |
Steven Lang Treasurer | OfficerTrustee | 5 | $0 |
Kim Vetter Director | Trustee | 2 | $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 | $85,158 |
| Noncash contributions included in lines 1a–1f | $0 |
| Total Revenue from Contributions, Gifts, Grants & Similar | $85,158 |
| Total Program Service Revenue | $0 |
| Investment income | $9,879 |
| 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 | $95,037 |
| Statement of Expenses | |
|---|---|
| Grants and other assistance to domestic organizations and domestic governments. | $30,255 |
| 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 | $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 | $1,075 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $1,793 |
| Fees for services: Other | $0 |
| Advertising and promotion | $0 |
| Office expenses | $303 |
| 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 | $1,053 |
| All other expenses | $0 |
| Total functional expenses | $35,094 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $4,689 |
| Savings and temporary cash investments | $5,587 |
| 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 | $0 |
| Investments—other securities | $368,737 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $0 |
| Total assets | $379,013 |
| 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 | $359,570 |
| Net assets with donor restrictions | $19,443 |
| 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 | $379,013 |
Grants Awarded
Over the last fiscal year, Greater Lake City Community Foundation has awarded $17,555 in support to 2 organizations.
| Grant Recipient | Amount |
|---|---|
CITY OF LAKE CITY PURPOSE: Tree Replacement | $10,055 |
Lake City, MN PURPOSE: Memorial Statue equipment | $7,500 |
Grants Recieved
Over the last fiscal year, we have identified 1 grants that Greater Lake City Community Foundation has recieved totaling $83.
| Awarding Organization | Amount |
|---|---|
Amazonsmile Foundation Seattle, WA PURPOSE: GENERAL SUPPORT | $83 |
Peer Organizations
| Organization Name | Assets | Revenue |
|---|---|---|
Rural America Initiatives Rapid City, SD | $11,020,564 | $7,975,941 |
Community And Economic Development Associates Chatfield, MN | $1,658,001 | $2,830,781 |
Sharing Our Roots Northfield, MN | $1,750,092 | $967,957 |
Rural Electric Economic Development Inc Madison, SD | $44,957,084 | $2,458,763 |
Door County Economic Development Corporation Sturgeon Bay, WI | $2,581,699 | $998,049 |
South Eastern Development Foundation Sioux Falls, SD | $22,464,210 | $4,520,935 |
North Central Planning Council Devils Lake, ND | $2,034,561 | $1,088,900 |
Center For Rural Policy And Development Mankato, MN | $628,188 | $663,588 |
Big Ideas Inc New Ulm, MN | $77,922 | $540,880 |
North Dakota Farmers Union Foundation Jamestown, ND | $258,278 | $297,826 |
Griggs-Steele Empowerment Zone Inc Finley, ND | $5,018,876 | $162,623 |
Rural Economic Area Partnership Investment Fund Incorporated Dickinson, ND | $902,092 | $22,400 |