New Ulm Area Foundation Inc
- Assets
- $2.7m
- Revenue
- $2.4m
- Investments
- $0.0
- Employees
- 1
- Location
- New Ulm, MN
- Founding
- 04/2019
- Data as of
- 12/2022
- EIN
- 46-4703262
Organization Overview
New Ulm Area Foundation Inc is located in New Ulm, MN. The organization was established in 2019. 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. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. New Ulm Area 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, New Ulm Area Foundation Inc generated $2.4m in total revenue. All expenses for the organization totaled $195.7k during the year ending 12/2022. While expenses have increased by 40.7% per year over the past 4 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
THE MISSION OF NEW ULM AREA FOUNDATION IS TO ADDRESS THE NEEDS OF THE COMMUNITY BY GROWING THE ENDOWMENTS FUNDS AND PROVIDING FINANCIAL GRANTS FROM THE EARNINGS OF THOSE FUNDS. THE FOUNDATION FOCUSES ITS GRANT FUNDING IN THE AREAS OF THE ARTS, EDUCATION, ECONOMIC DEVELOPMENT AND HISTORIC PRESERVATION.
Describe the Organization's Program Activity:
Part 3 - Line 4a
IN 2022, THE FOUNDATION AWARDED 23 DIFFERENT GRANTS TO 18 DIFFERENT NEW ULM AREA NON-PROFITS OR GOVERNMENTAL ENTITIES TO ASSIST IN PROJECTS IN THE AREAS OF EDUCATION, HISTORICAL PRESERVATION, ECONOMIC DEVELOPMENT AND THE ARTS. IN ADDITION, SCHOLARSHIP GRANTS WERE AWARDED TO EDUCATIONAL INSTITUTIONS FROM THE FOUNDATION TO BE AWARDED AS SCHOLARSHIPS TO 20 WORTHY AREA STUDENTS.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Lisa Besemer Director | Trustee | 1 | $0 |
Eric Bode Director | Trustee | 1 | $0 |
Jeff Braegelmann Director | Trustee | 1 | $0 |
Carisa Buegler Director | Trustee | 1 | $0 |
Gene Clark President | OfficerTrustee | 2 | $0 |
Shari Fischer Director | 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 | $2,343,298 |
| Noncash contributions included in lines 1a–1f | $0 |
| Total Revenue from Contributions, Gifts, Grants & Similar | $2,343,298 |
| Total Program Service Revenue | $63 |
| Investment income | $44,819 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $0 |
| Net Gain/Loss on Asset Sales | $19,755 |
| Net Income from Fundraising Events | $0 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $0 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $2,407,935 |
| Statement of Expenses | |
|---|---|
| Grants and other assistance to domestic organizations and domestic governments. | $86,767 |
| Grants and other assistance to domestic individuals. | $71,517 |
| 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 | $19,299 |
| Pension plan accruals and contributions | $0 |
| Other employee benefits | $0 |
| Payroll taxes | $1,497 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $0 |
| Fees for services: Accounting | $677 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $10,979 |
| Fees for services: Other | $0 |
| Advertising and promotion | $0 |
| Office expenses | $1,936 |
| Information technology | $140 |
| Royalties | $0 |
| Occupancy | $660 |
| 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 | $1,063 |
| All other expenses | $0 |
| Total functional expenses | $195,668 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $37,823 |
| Savings and temporary cash investments | $75,213 |
| 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 | $152,278 |
| Investments—other securities | $0 |
| Investments—program-related | $2,434,797 |
| Intangible assets | $0 |
| Other assets | $0 |
| Total assets | $2,700,111 |
| 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 | $435 |
| Total liabilities | $435 |
| Net assets without donor restrictions | $1,868,038 |
| Net assets with donor restrictions | $831,638 |
| 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 | $2,700,111 |