Otter Tail Power Company Foundation
- Assets
- $2.0m
- Revenue
- $1.5m
- Investments
- $2.0m
- Employees
- 0
- Location
- Fergus Falls, MN
- Founding
- 05/2019
- Data as of
- 12/2022
- EIN
- 83-2710944
Organization Overview
Otter Tail Power Company Foundation is located in Fergus Falls, MN. The organization was established in 2019. 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. Otter Tail Power Company 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, Otter Tail Power Company Foundation generated $1.5m in total revenue. This organization has experienced exceptional growth, as over the past 4 years, it has increased revenue by an average of 32.4% each year . All expenses for the organization totaled $564.8k during the year ending 12/2022. While expenses have increased by 16.2% 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, Otter Tail Power Company Foundation has awarded 313 individual grants totaling $1,435,743. 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 |
|---|---|---|---|
Stephanie Hoff President | 2.75 | $0 | |
Cary Stephenson Vice President | 0 | $0 | |
Peter Wasberg Chair | 0.5 | $0 | |
Janelle Johnson Treasurer | 0.75 | $0 | |
Steve Schoeneck Director | 0.25 | $0 | |
Rebecca Michael Secretary | 2 | $0 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Contributions, Gifts, Grants & Similar | $1,500,000 |
| Interest on Savings | $59 |
| Dividends & Interest | $35,568 |
| Net Rental Income | $0 |
| Net Gain on Sale of Assets | $2,332 |
| Capital Gain Net Income | $2,332 |
| Net ST Capital Gain | $0 |
| Income Modifications | $0 |
| Profit on Inventory Sales | $0 |
| Other Income | $0 |
| Total Revenue | $1,537,959 |
| Statement of Expenses | |
|---|---|
| Compensation of officers, directors, trustees, etc | $0 |
| Other employee salaries and wages | $0 |
| Pension plans, employee benefits | $0 |
| Interest | $0 |
| Taxes | $1,001 |
| Depreciation | $0 |
| Occupancy | $0 |
| Travel, conferences, and meetings | $0 |
| Printing and publications | $0 |
| Other expenses | $0 |
| Total operating and administrative expenses | $8,416 |
| Contributions, gifts, grants paid | $556,343 |
| Total expenses and disbursements | $564,759 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $1,002 |
| 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 | $0 |
| Net Land, buildings, and equipment | $0 |
| Other assets | $0 |
| Total assets | $1,973,276 |
| 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, Otter Tail Power Company Foundation has awarded $556,343 in support to 120 organizations.
| Grant Recipient | Amount |
|---|---|
LUND TOWNSHIP PURPOSE: COMMUNITY CIVIC CULTURAL DEVELOPMENT | $1,000 |
BOYS AND GIRLS CLUB OF THE BEMIDJI PURPOSE: COMMUNITY CIVIC CULTURAL DEVELOPMENT | $1,500 |
KARLSTAD PARK BOARD PURPOSE: COMMUNITY CIVIC AND CULTURAL DEVELOPMENT | $1,500 |
CROOKSTON AREA SENIORS ASSOCIATION PURPOSE: COMMUNITY CIVIC CULTURAL DEVELOPMENT | $2,500 |
KIDSON CARES PURPOSE: COMMUNITY CIVIC CULTURAL DEVELOPMENT | $5,000 |
SWIFT COUNTY FAIR ASSOCIATION PURPOSE: COMMUNITY CIVIC & CULTURAL DEVELOPMENT | $10,000 |