Norman And Evangeline Hagfors Foundation
- Assets
- $20.6m
- Revenue
- $1.0m
- Investments
- $19.9m
- Employees
- 0
- Location
- Minneapolis, MN
- Founding
- 02/2015
- Data as of
- 12/2022
- EIN
- 47-2030913
Organization Overview
Norman And Evangeline Hagfors Foundation is located in Minneapolis, MN. The organization was established in 2015. 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. Norman And Evangeline Hagfors 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, Norman And Evangeline Hagfors Foundation generated $1.0m in total revenue. This organization has experienced exceptional growth, as over the past 5 years, it has increased revenue by an average of 15.2% each year . All expenses for the organization totaled $1.1m during the year ending 12/2022. While expenses have increased by 21.6% per year over the past 5 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 2017, Norman And Evangeline Hagfors Foundation has awarded 28 individual grants totaling $3,270,000. 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
990PF
Mission & Program ActivityExcerpts From the 990PF Filing
TAX YEAR
2022
Describe the Organization's Program Activity:
Part 3 - Line 4a
THE FOUNDATION MAKES GRANTS TO VARIOUS IRC 501(C)(3) ORGANIZATIONS. ALL EXPENSES WILL BE DIRECTLY RELATED TO THAT ACTIVITY.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Norman Hagfors Director/president | 0 | $0 | |
Mark Hagfors Director/vice-President | 0 | $0 | |
Rachel Pickerign Director/vice-President | 0 | $0 | |
Evangeline Hagfors Director/secretary | 0 | $0 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Contributions, Gifts, Grants & Similar | $300,000 |
| Interest on Savings | $78 |
| Dividends & Interest | $693,044 |
| Net Rental Income | $0 |
| Net Gain on Sale of Assets | $24,655 |
| Capital Gain Net Income | $24,655 |
| Net ST Capital Gain | $0 |
| Income Modifications | $0 |
| Profit on Inventory Sales | $0 |
| Other Income | $0 |
| Total Revenue | $1,017,777 |
| Statement of Expenses | |
|---|---|
| Compensation of officers, directors, trustees, etc | $0 |
| Other employee salaries and wages | $0 |
| Pension plans, employee benefits | $0 |
| Interest | $0 |
| Taxes | $63,458 |
| Depreciation | $0 |
| Occupancy | $0 |
| Travel, conferences, and meetings | $0 |
| Printing and publications | $0 |
| Other expenses | $381 |
| Total operating and administrative expenses | $98,452 |
| Contributions, gifts, grants paid | $1,050,000 |
| Total expenses and disbursements | $1,148,452 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $649,635 |
| Savings and temporary cash investments | $65,906 |
| 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 | $347,996 |
| Net Land, buildings, and equipment | $0 |
| Other assets | $0 |
| Total assets | $20,631,580 |
| 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, Norman And Evangeline Hagfors Foundation has awarded $1,050,000 in support to 5 organizations.
| Grant Recipient | Amount |
|---|---|
AUGSBURG UNIVERSITY PURPOSE: FRAME SCHOLARSHIP FUND | $100,000 |
FIRST COVENANT CHURCH PURPOSE: FACILITY UPGRADE GRANTGENERAL OPERATIONS | $50,000 |
LUTHER SEMINARY PURPOSE: WEBSITE UPGRADES | $100,000 |
MAGNUSON CHRISTIAN SCHOOL PURPOSE: GENERAL FUND AND STUDENT SCHOLARSHIPS | $400,000 |
ST ANDREWS LUTHERAN CHURCH PURPOSE: GENERAL FUND AND COMMUNITY CHARITABLE OUTREACH | $400,000 |