Foundation X
- Assets
- $87.6k
- Revenue
- $208.9k
- Investments
- $0.0
- Employees
- 0
- Location
- Minneapolis, MN
- Founding
- Data as of
- 12/2021
- EIN
- 87-1331226
Organization Overview
Foundation X is located in Minneapolis, MN. According to its NTEE Classification (T30) the organization is classified as: Public 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. Foundation X is a 501(c)(3) and as such, is described as a "Charitable or Religous organization or a private foundation" by the IRS.
Form
990
Mission & Program ActivityExcerpts From the 990 Filing
TAX YEAR
2021
Describe the Organization's Mission:
Part 3 - Line 1
TO ACHIEVE A GREATER GOOD FOR ALL THROUGH EFFECTIVE PHILANTHROPY THAT ADVANCES LONG-TERM AND SUSTAINABLE COMMUNITY CHANGE.
Describe the Organization's Program Activity:
Part 3 - Line 4a
PROVIDE MATCHING FUNDS TO INDIVIDUALS TO ADVANCE THEIR PERSONAL EFFORTS TO GIVE BACK TO THE CAUSES AND COMMUNITIES THEY CARE ABOUT. TOTAL GIVING $25,650.
GRANT TO CONSTELLATION FUND FOR $25,000 TO FIGHT POVERTY IN THE TWIN CITIES BY RAISING THE LIVING STANDARDS OF INDIVIDUALS LIVING BELOW THE POVERTY LIVE IN THE SEVEN-COUNTY METROPOLITAN AREA. CONSTELLATION FUND HAS FOUR MAIN AREAS OF IMPACT HOUSING, JOBS, EDUCATION AND HEALTH.
GRANT TO CHICAGO COMMUNITY TRUST FOR $25,000 FOR THE WE RISE TOGETHER FOR AN EQUITABLE AND JUST RECOVERY AS AN INTERVENTION TO HELP THOSE AREAS HIT HARDEST BY COVID-19 AND AN ACCELERATOR TO CLOSE THE RACIAL AND ETHNIC WEALTH GAP. FUNDS ACCELERATE EQUITABLE ECONOMIC RECOVERY FOR BLACK AND LATINX COMMUNITIES BY POOLING AND DISTRIBUTING PHILANTHROPIC RESOURCES TO STRATEGIES THAT WILL AT SCALE INCREASE EMPLOYMENT, STRENGTHEN SMALL BUSINESSES, AND SPUR CATALYTIC DEVELOPMENT IN UNDERINVESTED NEIGHBORHOODS.
PROVIDE GRANTS FOR LONG-TERM SUSTAINABLE INITIATIVES AS IDENTIFIED THROUGH VARIOUS BOARD AND VOLUNTEER OPPORTUNITIES.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Rob Nelson President | OfficerTrustee | 1 | $0 |
Sean Baenen Vice President | OfficerTrustee | 1 | $0 |
Emily Vennerstrom Secretary & Exec Dir | OfficerTrustee | 5 | $0 |
Sumit Mehta Treasurer | OfficerTrustee | 1 | $0 |
Todd Moser Director | Trustee | 1 | $0 |
Ward Armstrong Director | Trustee | 1 | $0 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Federated campaigns | $0 |
| Membership dues | $0 |
| Fundraising events | $0 |
| Related organizations | $0 |
| Government grants | $0 |
| All other contributions, gifts, grants, and similar amounts not included above | $207,702 |
| Noncash contributions included in lines 1a–1f | $86,002 |
| Total Revenue from Contributions, Gifts, Grants & Similar | $207,702 |
| Total Program Service Revenue | $0 |
| Investment income | $820 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $0 |
| Net Gain/Loss on Asset Sales | $363 |
| Net Income from Fundraising Events | $0 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $0 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $208,885 |
| Statement of Expenses | |
|---|---|
| Grants and other assistance to domestic organizations and domestic governments. | $111,744 |
| 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 | $6,732 |
| Fees for services: Accounting | $0 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $1,480 |
| Advertising and promotion | $0 |
| Office expenses | $117 |
| 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 | $0 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $0 |
| Insurance | $0 |
| All other expenses | $0 |
| Total functional expenses | $120,073 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $0 |
| Savings and temporary cash investments | $8,927 |
| 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 | $0 |
| Inventories for sale or use | $0 |
| Prepaid expenses and deferred charges | $0 |
| Net Land, buildings, and equipment | $0 |
| Investments—publicly traded securities | $78,661 |
| Investments—other securities | $0 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $0 |
| Total assets | $87,588 |
| Accounts payable and accrued expenses | $0 |
| 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 | $0 |
| Net assets without donor restrictions | $0 |
| 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 | $87,588 |
| Total liabilities and net assets/fund balances | $87,588 |
Grants Awarded
Over the last fiscal year, Foundation X has awarded $75,650 in support to 3 organizations.
| Grant Recipient | Amount |
|---|---|
San Jose, CA PURPOSE: GENERAL PURPOSES | $25,650 |
Minneapolis, MN PURPOSE: GENERAL PURPOSES | $25,000 |
Chicago, IL PURPOSE: GENERAL PURPOSES | $25,000 |
Peer Organizations
| Organization Name | Assets | Revenue |
|---|---|---|
Thedacare Family Of Foundations Inc Appleton, WI | $89,256,611 | $25,439,996 |
The Hormel Foundation Austin, MN | $1,540,722,314 | $34,366,937 |
South Dakota Community Foundation Pierre, SD | $805,282,495 | $215,504,617 |
Society Of St Vincent De Paul- Twin Cities Minneapolis, MN | $592,562 | $17,408,500 |
Northland Foundation Duluth, MN | $110,895,270 | $27,913,272 |
David Lynch Foundation For Consciousness-Based Education And Fairfield, IA | $9,280,358 | $8,736,448 |
Steve Stricker American Family Insurance Foundation Inc Madison, WI | $5,745,517 | $4,719,862 |
Hope Gospel Mission Inc Eau Claire, WI | $10,860,307 | $6,194,588 |
Community Foundation Of Johnson Coralville, IA | $45,550,796 | $9,673,780 |
The American Center For Philanthropy Inc Northfield, MN | $38,336,369 | $9,301,432 |
Lyon County Riverboat Foundation Inc Rock Rapids, IA | $2,226,608 | $3,365,358 |
Morgan Memorial Foundation Inc Morgan, MN | $3,017,509 | $3,804,451 |