Torgerson Family Foundation
- Assets
- $8.5m
- Revenue
- $1.1m
- Investments
- $8.2m
- Employees
- 0
- Location
- Wayzata, MN
- Founding
- 02/2013
- Data as of
- 12/2021
- EIN
- 46-1001245
Organization Overview
Torgerson Family Foundation is located in Wayzata, MN. The organization was established in 2013. According to its NTEE Classification (T20) the organization is classified as: Private Grantmaking 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. Torgerson Family 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, Torgerson Family Foundation generated $1.1m in total revenue. This represents a relatively dramatic decline in revenue. Over the past 7 years, the organization has seen revenues fall by an average of (5.1%) each year. All expenses for the organization totaled $766.1k during the year ending 12/2021. You can explore the organizations financials more deeply in the financial statements section below.
Since 2014, Torgerson Family Foundation has awarded 135 individual grants totaling $6,172,652. 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.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Timothy G Gelinske Director | 10 | $22,500 | |
Rima F Torgerson Director | 0 | $0 | |
Erik M Torgerson Director | 0 | $0 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Contributions, Gifts, Grants & Similar | $0 |
| Interest on Savings | $0 |
| Dividends & Interest | $213,212 |
| Net Rental Income | $0 |
| Net Gain on Sale of Assets | $878,986 |
| Capital Gain Net Income | $878,986 |
| Net ST Capital Gain | $0 |
| Income Modifications | $0 |
| Profit on Inventory Sales | $0 |
| Other Income | $0 |
| Total Revenue | $1,092,198 |
| Statement of Expenses | |
|---|---|
| Compensation of officers, directors, trustees, etc | $22,500 |
| Other employee salaries and wages | $0 |
| Pension plans, employee benefits | $0 |
| Interest | $0 |
| Taxes | $3,531 |
| Depreciation | $0 |
| Occupancy | $0 |
| Travel, conferences, and meetings | $0 |
| Printing and publications | $0 |
| Other expenses | $0 |
| Total operating and administrative expenses | $122,051 |
| Contributions, gifts, grants paid | $644,000 |
| Total expenses and disbursements | $766,051 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $266,390 |
| Savings and temporary cash investments | $0 |
| Net Accounts receivable | $0 |
| Net Pledges Receivable | $0 |
| Grants receivable | $0 |
| Receivables from Officers, Directors, or Controlling Persons | $0 |
| Net other notes and loans receivable | $0 |
| Inventories for sale or use | $0 |
| Prepaid expenses and deferred charges | $0 |
| Net Investments - land, buildings, equipment | $0 |
| Investments—mortgage loans | $0 |
| Investments—other | $8,200,448 |
| Net Land, buildings, and equipment | $0 |
| Other assets | $0 |
| Total assets | $8,466,838 |
| Accounts payable and accrued expenses | $0 |
| Grants payable | $0 |
| Deferred revenue | $0 |
| Loans and other payables to any current Officer, Director, or Controlling Person | $0 |
| Mortgages and other notes payable | $0 |
| Other liabilities | $0 |
| Total liabilities | $0 |
Grants Awarded
Over the last fiscal year, Torgerson Family Foundation has awarded $644,000 in support to 15 organizations.
| Grant Recipient | Amount |
|---|---|
Plymouth, MN PURPOSE: GENERAL OPERATING SUPPORT | $135,000 |
Iowa City, IA PURPOSE: GENERAL OPERATING SUPPORT | $100,000 |
Minneapolis, MN PURPOSE: GENERAL OPERATING SUPPORT | $100,000 |
UNIVERSITY OF MN FOUNDATION PURPOSE: GENERAL OPERATING SUPPORT | $100,000 |
Minneapolis, MN PURPOSE: GENERAL OPERATING SUPPORT | $50,000 |
Minneapolis, MN PURPOSE: GENERAL OPERATING SUPPORT | $31,000 |
Peer Organizations
| Organization Name | Assets | Revenue |
|---|---|---|
Otto Bremer Trust St Paul, MN | $1,543,197,073 | $135,875,116 |
The Robert D And Patricia E Kern Family Foundation Inc Waukesha, WI | $717,991,169 | $43,480,423 |
The Richard M Schulze Family Foundation Minneapolis, MN | $250,424,427 | $45,882,285 |
Fred C And Katherine B Andersen Foundation Bayport, MN | $1,210,701,778 | $63,445,932 |
Manitou Fund White Bear Lake, MN | $1,003,593,689 | $40,882,622 |
Lynne & Andrew Redleaf Foundation Minneapolis, MN | $127,717,345 | $981,960 |
Northwest Area Foundation St Paul, MN | $512,755,007 | $38,144,816 |
U S Bancorp Foundation Milwaukee, WI | $68,350,907 | $6,892,078 |
Medtronic Communities Foundation Minneapolis, MN | $54,271,830 | $230,239 |
General Mills Foundation Minneapolis, MN | $0 | -$304,053 |
J A Wedum Foundation Plymouth, MN | $141,295,178 | $28,441,684 |
Bader Philanthropies Inc Milwaukee, WI | $26,809,232 | $30,829,351 |