Minnesota Power Foundation
- Assets
- $952.4k
- Revenue
- $758.5k
- Investments
- $0.0
- Employees
- 0
- Location
- Duluth, MN
- Founding
- 03/2007
- Data as of
- 12/2022
- EIN
- 56-2560595
Organization Overview
Minnesota Power Foundation is located in Duluth, MN. The organization was established in 2007. According to its NTEE Classification (T21) the organization is classified as: Corporate 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. Minnesota Power 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, Minnesota Power Foundation generated $758.5k in total revenue. This organization has experienced exceptional growth, as over the past 4 years, it has increased revenue by an average of 10.3% each year . All expenses for the organization totaled $594.8k during the year ending 12/2022. While expenses have increased by 0.9% 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.
Since 2020, Minnesota Power Foundation has awarded 456 individual grants totaling $2,782,320. 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 |
|---|---|---|---|
Bethany Owen President | 0.5 | $0 | |
Jeffrey Scissons Treasurer | 0.5 | $0 | |
Aimee Curtis Secretary | 0.5 | $0 | |
Kelly Desormey Director | 0.5 | $0 | |
Gary Wheelock Director | 0.5 | $0 | |
Mike Perala Director | 0.5 | $0 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Contributions, Gifts, Grants & Similar | $750,000 |
| Interest on Savings | $8,507 |
| Dividends & Interest | $0 |
| Net Rental Income | $0 |
| Net Gain on Sale of Assets | $0 |
| Capital Gain Net Income | $0 |
| Net ST Capital Gain | $0 |
| Income Modifications | $0 |
| Profit on Inventory Sales | $0 |
| Other Income | $0 |
| Total Revenue | $758,507 |
| Statement of Expenses | |
|---|---|
| Compensation of officers, directors, trustees, etc | $0 |
| Other employee salaries and wages | $0 |
| Pension plans, employee benefits | $0 |
| Interest | $0 |
| Taxes | $0 |
| Depreciation | $0 |
| Occupancy | $0 |
| Travel, conferences, and meetings | $0 |
| Printing and publications | $0 |
| Other expenses | $14,284 |
| Total operating and administrative expenses | $14,284 |
| Contributions, gifts, grants paid | $580,500 |
| Total expenses and disbursements | $594,784 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $232,761 |
| Savings and temporary cash investments | $717,690 |
| 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 | $1,963 |
| Net Investments - land, buildings, equipment | $0 |
| Investments—mortgage loans | $0 |
| Investments—other | $0 |
| Net Land, buildings, and equipment | $0 |
| Other assets | $0 |
| Total assets | $952,414 |
| Accounts payable and accrued expenses | $0 |
| Grants payable | $519,545 |
| 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 | $519,545 |
Grants Awarded
Over the last fiscal year, Minnesota Power Foundation has awarded $1,100,045 in support to 156 organizations.
| Grant Recipient | Amount |
|---|---|
23RD VETERAN PURPOSE: SHIPPAR COMMUNITY LEADERSHIP AWARD | $4,000 |
ADVOCATES FOR FAMILY PEACE PURPOSE: YEAR END CONTRIBUTION | $500 |
AITKIN COMMUNITY FOOD SHELF PURPOSE: FOOD SHARE MONTH | $500 |
AKELEY COMMUNITY FOOD SHELF PURPOSE: FOOD SHARE MONTH | $500 |
ANIMAL ALLIES HUMAN SOCIETY PURPOSE: POSITIVELY POWERFUL TEAM GRANT | $500 |
ARROWHEAD ECONOMIC OPPORTUNITY AGENCY PURPOSE: MEALS ON WHEELS | $6,000 |