Acg Legacy Fund
- Assets
- $1.3m
- Revenue
- $234.1k
- Investments
- $0.0
- Employees
- 0
- Location
- Aitkin, MN
- Founding
- 09/2019
- Data as of
- 12/2021
- EIN
- 83-2728556
Organization Overview
Acg Legacy Fund is located in Aitkin, MN. The organization was established in 2019. According to its NTEE Classification (S11) the organization is classified as: Single Organization Support, under the broad grouping of Community Improvement & Capacity Building and related organizations. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Acg Legacy Fund 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, Acg Legacy Fund generated $234.1k in total revenue. This represents a relatively dramatic decline in revenue. Over the past 4 years, the organization has seen revenues fall by an average of (32.4%) each year.
Form
990T
Mission & Program ActivityExcerpts From the 990T Filing
TAX YEAR
2021
Describe the Organization's Mission:
Part 3 - Line 1
TO FURTHER THE PURPOSES OF, SUPPORT, AND/OR BENEFIT AITKIN COUNTY GROWTH, INC. AND ITS MISSION OF ECONOMIC DEVELOPMENT IN AIKTIN COUNTY.
Describe the Organization's Program Activity:
TO AID AITKIN COUNTY GROWTH, INC. BY PROVIDING FINANCIAL SUPPORT FOR THEIR PROJECTS AND ECONOMIC DEVELOPMENT ACTIVITIES AND TO SEARCH FOR WAYS TO PROVIDE ACCESS TO OPPORTUNITIES FOR ECONOMIC DEVELOPMENT, START-UP AND EXPANSION BUSINESS OPPORTUNITIES IN THE INCUBATOR BUILDING, AND SOLVE IMPEDIMENTS TO ECONOMIC GROWTH.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
John Sloan Secretary/tr | OfficerTrustee | 2 | $0 |
Genevieve Fiedler Chair Of Boa | OfficerTrustee | 2 | $0 |
Pat Murphy Vice Chair O | OfficerTrustee | 2 | $0 |
Mark Jeffers Director | OfficerTrustee | 5 | $0 |
Stan Gustafson Executive Di | Officer | 5 | $0 |
Mary Poetz Director | Trustee | 2 | $0 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Federated campaigns | $0 |
| Membership dues | $0 |
| Fundraising events | $0 |
| Related organizations | $0 |
| Government grants | $77,393 |
| All other contributions, gifts, grants, and similar amounts not included above | $0 |
| Noncash contributions included in lines 1a–1f | $0 |
| Total Revenue from Contributions, Gifts, Grants & Similar | $77,393 |
| Total Program Service Revenue | $0 |
| Investment income | $6,138 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $0 |
| Net Gain/Loss on Asset Sales | $115,823 |
| Net Income from Fundraising Events | $0 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $0 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $234,055 |
| 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. | $0 |
| Compensation of current officers, directors, key employees. | $0 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $0 |
| Pension plan accruals and contributions | $0 |
| Other employee benefits | $0 |
| Payroll taxes | $0 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $0 |
| Fees for services: Accounting | $7,127 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $0 |
| Advertising and promotion | $0 |
| Office expenses | $0 |
| Information technology | $0 |
| Royalties | $0 |
| Occupancy | $0 |
| Travel | $0 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $0 |
| Interest | $1 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $0 |
| Insurance | $0 |
| All other expenses | $1,459 |
| Total functional expenses | $8,587 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $10,849 |
| Savings and temporary cash investments | $203,576 |
| 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 | $12,954 |
| Inventories for sale or use | $0 |
| Prepaid expenses and deferred charges | $0 |
| Net Land, buildings, and equipment | $0 |
| Investments—publicly traded securities | $0 |
| Investments—other securities | $0 |
| Investments—program-related | $1,067,043 |
| Intangible assets | $0 |
| Other assets | $0 |
| Total assets | $1,294,422 |
| Accounts payable and accrued expenses | $150 |
| 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 | $0 |
| Total liabilities | $150 |
| Net assets without donor restrictions | $1,294,272 |
| Net assets with donor restrictions | $0 |
| 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 | $1,294,422 |
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