Fossum Foundation Inc
- Assets
- $536.3k
- Revenue
- $110.2k
- Investments
- $0.0
- Employees
- 0
- Location
- Fargo, ND
- Founding
- 04/1963
- Data as of
- 12/2022
- EIN
- 45-6013302
Organization Overview
Fossum Foundation Inc is located in Fargo, ND. The organization was established in 1963. According to its NTEE Classification (T22) the organization is classified as: Private Independent Foundations, under the broad grouping of Philanthropy, Voluntarism & Grantmaking Foundations and related organizations. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Fossum 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, Fossum Foundation Inc generated $110.2k in total revenue. This represents relatively stable growth, over the past 4 years the organization has increased revenue by an average of 8.5% each year. All expenses for the organization totaled $67.9k during the year ending 12/2022. 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
TO ASSIST THE NORTH DAKOTA STATE UNIVERSITY FOUNDATION IN CARRYING OUT ITS EXEMPT PURPOSE OF SUPPORTING NORTH DAKOTA STATE UNIVERSITY.
Describe the Organization's Program Activity:
Part 3 - Line 4a
GRANTS TO NORTH DAKOTA STATE UNIVERSITY FOUNDATION (1241 UNIVERSITY DR N, FARGO, ND 58102-2524), THE SUPPORTED ORGANIZATION, FOR USE IN CARRYING OUT ITS EXEMPT PURPOSE OF SUPPORTING NORTH DAKOTA STATE UNIVERSITY. $20,000 WAS CONTRIBUTED TO THE FOSSUM FOUNDATION ENDOWMENT FUND HELD BY THE NDSU FOUNDATION, WHICH HAS A RESTRICTED PURPOSE OF USING THE ANNUAL DISTRIBUTION OF INCOME, AS SET BY THE INVESTMENT COMMITTEE OF THE NDSU FOUNDATION, FOR MERIT SCHOLARSHIPS AT NORTH DAKOTA STATE UNIVERSITY.
GRANTS TO NORTH DAKOTA STATE UNIVERSITY (1340 ADMINISTRATION AVE, FARGO, ND 58102) FOR THE FOLLOWING: $46,500 WAS USED TO SUPPORT THE NDSU UNDERGRADUATE MERIT SCHOLARSHIPS PROGRAM.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Allyson Peterson Assistant Secretary/treasurer | Officer | 0.5 | $0 |
John Shotwell President | Trustee | 0.02 | $0 |
Clyde Fossum Vice President | Trustee | 0.01 | $0 |
Burdell Fossum Secretary | Trustee | 0.02 | $0 |
Carl Larson Treasurer | Trustee | 0.01 | $0 |
Karen Morrison Director | Trustee | 0.03 | $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 | $0 |
| Noncash contributions included in lines 1a–1f | $0 |
| Total Revenue from Contributions, Gifts, Grants & Similar | $0 |
| Total Program Service Revenue | $0 |
| Investment income | $1,430 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $69,528 |
| Net Rental Income | $39,263 |
| 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 | $110,221 |
| Statement of Expenses | |
|---|---|
| Grants and other assistance to domestic organizations and domestic governments. | $66,500 |
| 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 | $10 |
| Fees for services: Accounting | $1,000 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $0 |
| Advertising and promotion | $0 |
| Office expenses | $0 |
| 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 | $209 |
| Interest | $0 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $0 |
| Insurance | $228 |
| All other expenses | $0 |
| Total functional expenses | $67,947 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $0 |
| Savings and temporary cash investments | $0 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $92,692 |
| 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 | $443,636 |
| Investments—publicly traded securities | $0 |
| Investments—other securities | $0 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $0 |
| Total assets | $536,328 |
| Accounts payable and accrued expenses | $7,928 |
| 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 | $7,928 |
| Net assets without donor restrictions | $528,400 |
| Net assets with donor restrictions | $0 |
| 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 | $536,328 |
Grants Awarded
Over the last fiscal year, Fossum Foundation Inc has awarded $66,500 in support to 2 organizations.
| Grant Recipient | Amount |
|---|---|
NDSU FOUNDATION PURPOSE: Scholarship endowment | $20,000 |
NORTH DAKOTA STATE UNIVERSITY PURPOSE: Scholarships | $46,500 |