The Bakken
- Assets
- $19.0m
- Revenue
- $3.6m
- Investments
- $0.0
- Employees
- 46
- Location
- Minneapolis, MN
- Founding
- 12/1975
- Data as of
- 12/2021
- EIN
- 51-0175508
Organization Overview
The Bakken is located in Minneapolis, MN. The organization was established in 1975. According to its NTEE Classification (A57) the organization is classified as: Science & Technology Museums, under the broad grouping of Arts, Culture & Humanities and related organizations. As of 12/2021, Bakken employed 46 individuals. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Bakken 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, Bakken generated $3.6m in total revenue. The organization has seen a slow decline revenue. Over the past 7 years, revenues have fallen by an average of (1.6%) each year. All expenses for the organization totaled $2.7m during the year ending 12/2021. 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
2021
Describe the Organization's Mission:
Part 3 - Line 1
TO INSPIRE A PASSION FOR INNOVATION
Describe the Organization's Program Activity:
Part 3 - Line 4a
EXHIBITS AND COLLECTIONS: THE BAKKEN'S UNDERGROUND VAULTS HOUSE A COLLECTION OF ARTIFACTS AND BOOKS. THE SCOPE OF THE COLLECTIONS IS THE INTERSECTION OF THE HISTORY OF ELECTRICICTY AND MAGENTISM, AND THE LIFE SCIENCES AND MEDICINE. THE COLLECTIONS REFLECT EARL BAKKEN'S BELIEF IN THE IMPORTANCE OF STUDYING HISTORY, SELF-INQUIRY, AND EXPERIMENTATION. THEY ARE OPEN TO THE PUBLIC AND AVAILABLE FOR RESEARCH, AND ARE BEING UTILIZED IN OUR EXHIBITS. THE BAKKEN'S EXHIBITS ARE HANDS-ON DISPLAYS THAT EDUCATE, INSPIRE, AND SPARK INNOVATION WITHIN OUR VISITORS.
EDUCATION PROGRAMS: THE BAKKEN PROVIDES SCIENCE, TECHNOLOGY, ENGINEERING AND MATH (STEM) EXPERIENCES THROUGH OFFSITE OUTREACH PROGRAMS, ONSITE FIELD TRIPS, INVENTION CAMPS, LEGO ROBOTICS SESSIONS AND INNOVATORS WORKSHOPS. OUR PROGRAMS INSPIRE THE NEXT GENERATION OF INNOVATORS TO TRANSFORM THE FUTURE.
PUBLIC PROGRAMS: THE BAKKEN INSPIRES A PASSION FOR INNOVATION FOR ALL CHILDREN, FAMILIES, AND ADULTS VISITING THE MUSEUM. PROGRAMMING INCLUDES DISCOVERY DAYS, SCIENCE STUDIOS, TOURS, EVENING EVENTS FOR ADULTS, AND PUBLIC LECTURES.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Michael Sanders President & CEO | OfficerTrustee | 40 | $123,372 |
Brad Bakken Chair | OfficerTrustee | 2.5 | $0 |
Matthew Hunt Vice Chair | OfficerTrustee | 2 | $0 |
Ann Ladd Secretary | OfficerTrustee | 2 | $0 |
Mark Van Osnabrugge Treasurer | OfficerTrustee | 2 | $0 |
Rebecca Bergman Director | Trustee | 2 | $0 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Federated campaigns | $0 |
| Membership dues | $0 |
| Fundraising events | $0 |
| Related organizations | $0 |
| Government grants | $1,206,115 |
| All other contributions, gifts, grants, and similar amounts not included above | $719,679 |
| Noncash contributions included in lines 1a–1f | $5,560 |
| Total Revenue from Contributions, Gifts, Grants & Similar | $1,925,794 |
| Total Program Service Revenue | $464,906 |
| Investment income | $147,759 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $0 |
| Net Gain/Loss on Asset Sales | $1,001,968 |
| Net Income from Fundraising Events | $0 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $17,791 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $3,559,715 |
| Statement of Expenses | |
|---|---|
| Grants and other assistance to domestic organizations and domestic governments. | $0 |
| 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. | $128,760 |
| Compensation of current officers, directors, key employees. | $64,380 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $1,254,450 |
| Pension plan accruals and contributions | $39,115 |
| Other employee benefits | $93,910 |
| Payroll taxes | $101,964 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $0 |
| Fees for services: Accounting | $20,365 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $56,287 |
| Fees for services: Other | $116,599 |
| Advertising and promotion | $28,550 |
| Office expenses | $43,760 |
| Information technology | $26,530 |
| Royalties | $0 |
| Occupancy | $150,307 |
| Travel | $3,021 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $2,909 |
| Interest | $8,574 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $522,957 |
| Insurance | $36,442 |
| All other expenses | $6,956 |
| Total functional expenses | $2,712,859 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $313,391 |
| Savings and temporary cash investments | $0 |
| Pledges and grants receivable | $22,612 |
| Accounts receivable, net | $142,017 |
| Loans from Officers, Directors, or Controlling Persons | $0 |
| Loans from Disqualified Persons | $0 |
| Notes and loans receivable | $0 |
| Inventories for sale or use | $9,926 |
| Prepaid expenses and deferred charges | $21,307 |
| Net Land, buildings, and equipment | $5,314,452 |
| Investments—publicly traded securities | $9,137,939 |
| Investments—other securities | $0 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $3,990,435 |
| Total assets | $18,952,079 |
| Accounts payable and accrued expenses | $183,304 |
| Grants payable | $0 |
| Deferred revenue | $65,778 |
| 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 | $130,000 |
| Unsecured mortgages and notes payable | $0 |
| Other liabilities | $5,419 |
| Total liabilities | $384,501 |
| Net assets without donor restrictions | $17,456,334 |
| Net assets with donor restrictions | $1,111,244 |
| 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 | $18,952,079 |
Grants Recieved
Over the last fiscal year, we have identified 1 grants that The Bakken has recieved totaling $10,000.
| Awarding Organization | Amount |
|---|---|
Nvent Foundation Minneapolis, MN PURPOSE: YOUTH STEM EDUCATION GRANT | $10,000 |
Endowment Analysis
| Beg. Balance | $8,587,095 |
| Earnings | $850,844 |
| Other Expense | $300,000 |
| Ending Balance | $9,137,939 |
Peer Organizations
| Organization Name | Assets | Revenue |
|---|---|---|
Science Center Of Iowa Des Moines, IA | $41,082,841 | $6,707,633 |
The Bakken Minneapolis, MN | $18,952,079 | $3,559,715 |
Wisconsin Agricultural Education Center Inc Manitowoc, WI | $11,673,876 | $384,322 |
Gateway To Science Center Inc Bismarck, ND | $10,818,597 | $1,445,904 |
Iowa Academy Of Science Cedar Falls, IA | $335,471 | $87,693 |
Chippewa Falls Museum Of Industry & Technology Inc Chippewa Falls, WI | $1,040,254 | $178,539 |
Great Lakes Aerospace Science And Education Center Inc Sheboygan, WI | $27,135 | $0 |
Charles E Gagnon Museum And Sculpture Garden Inc Rochester, MN | $380,752 | $88,320 |
AirSpace Minnesota Minneapolis, MN | $1 | $1,815 |