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← SOUTHWEST MINNESOTA STATE UNIVERSITY FOUNDATION INC SMSU FDN

Form 990 for tax year 2023

Filed by SOUTHWEST MINNESOTA STATE UNIVERSITY FOUNDATION INC SMSU FDN.

Totals

Total revenue
$6,333,631
Total expenses
$3,746,514
Contributions and grants received
$2,628,570
Grants paid
$2,178,324
Program service revenue
$336,004
Investment income
$2,877,120
Other revenue
$491,937
Total assets, end of year
$30,694,384
Total liabilities, end of year
$2,666,256
Net assets or fund balances, end of year
$28,028,128
Program services expenses (Part IX)
$2,815,622
Management and general expenses
$746,959
Fundraising expenses
$183,933
Program service expenses (Part III)
$2,815,622

Program services were 75.2% of total expenses calculated — Part IX's program-services column over total expenses, both as filed.

Line items

Every line the filer filed in Parts VIII, IX and X, as filed and in filed order. Blank columns are left out, and the lines are not forced to add up to the totals above.

Revenue

Part VIII, the statement of revenue.

  • 1c · Fundraising events

    $35,818

  • 1d · Related organizations

    $772,847

  • 1f · All other contributions, gifts and grants

    $1,819,905

  • 1g · Noncash contributions included above

    $330,712

  • 2a · Program service revenue: INTERNAL TRUSTEE FEES

    total $336,004 · excluded $336,004

  • 3 · Investment income

    total $493,085 · excluded $493,085

  • 6a · Gross rents

    real property $877,056

  • 6b · Less rental expenses

    real property $682,596

  • 6c · Rental income or loss

    real property $194,460

  • 6d · Net rental income or loss

    total $194,460 · excluded $194,460

  • 7a · Gross sales of assets other than inventory

    securities $36,349,423 · other assets $53,763

  • 7b · Less cost or other basis and sales expenses

    securities $34,019,151

  • 7c · Gain or loss

    securities $2,330,272 · other assets $53,763

  • 7d · Net gain or loss

    total $2,384,035 · related or exempt $2,330,272 · excluded $53,763

  • 8a · Fundraising events: gross income

    $169,677

  • 8a · Fundraising events: contributions included on line 1c

    $35,818

  • 8b · Fundraising events: direct expenses

    $66,182

  • 8c · Net income from fundraising events

    total $103,495

  • 10b · Cost of goods sold

    $98

  • 10c · Net income from sales of inventory

    total -$98 · excluded -$98

  • 11a · Other revenue: ADVERTISING REVENUE

    total $189,990 · unrelated business $189,990

  • 11b · Other revenue: INCREASE IN CV LIFE INSURANCE

    total $2,750 · excluded $2,750

  • 11c · Other revenue: ATM INCOME

    total $1,340 · excluded $1,340

  • 11e · Other revenue, total

    $194,080

Functional expenses

Part IX, the statement of functional expenses.

  • 1 · Grants to domestic organizations and governments

    total $826,791 · program services $826,791

  • 2 · Grants to domestic individuals

    total $1,351,533 · program services $1,351,533

  • 7 · Other salaries and wages

    total $333,191 · program services $156,574 · management and general $176,617

  • 12 · Advertising and promotion

    total $17,760 · program services $16,553 · fundraising $1,207

  • 13 · Office expenses

    total $168,983 · program services $15,646 · management and general $129,672 · fundraising $23,665

  • 16 · Occupancy

    total $352,735 · program services $2,467 · management and general $331,569 · fundraising $18,699

  • 17 · Travel

    total $221,150 · program services $206,987 · management and general $8,889 · fundraising $5,274

  • 20 · Interest

    total $936 · management and general $936

  • 22 · Depreciation, depletion and amortization

    total $22,274 · program services $22,212 · fundraising $62

  • 23 · Insurance

    total $6,808 · program services $527 · management and general $3,868 · fundraising $2,413

  • 24a · Other expenses: PAYMENTS TO OTHERS

    total $139,334 · program services $93,736 · management and general $43,972 · fundraising $1,626

  • 24b · Other expenses: SERVICE CONTRACTS

    total $103,642 · program services $71,420 · management and general $18,915 · fundraising $13,307

  • 24c · Other expenses: RECEPTIONS AND SOCIALS

    total $91,795 · program services $21,227 · management and general $2,288 · fundraising $68,280

  • 24d · Other expenses: LOSS ON DISPOSAL

    total $48,700 · fundraising $48,700

  • 24e · All other expenses

    total $60,882 · program services $29,949 · management and general $30,233 · fundraising $700

Balance sheet

Part X, book values.

  • 1 · Cash, non-interest-bearing

    beginning of year $162,290 · end of year $294,652

  • 2 · Savings and temporary cash investments

    beginning of year $1,796,939 · end of year $2,747,472

  • 3 · Pledges and grants receivable

    beginning of year $3,501,039 · end of year $2,627,289

  • 4 · Accounts receivable

    beginning of year $848 · end of year $428

  • 8 · Inventories for sale or use

    beginning of year $22,459 · end of year $22,361

  • 9 · Prepaid expenses and deferred charges

    beginning of year $6,014 · end of year $42,727

  • 10a · Land, buildings and equipment: cost or other basis

    $8,777,303

  • 10b · Land, buildings and equipment: accumulated depreciation

    $4,614,496

  • 10c · Land, buildings and equipment, net

    beginning of year $4,476,010 · end of year $4,162,807

  • 11 · Investments: publicly traded securities

    beginning of year $18,209,368 · end of year $20,400,580

  • 14 · Intangible assets

    beginning of year $49,130 · end of year $41,674

  • 15 · Other assets

    beginning of year $406,583 · end of year $354,394

  • 17 · Accounts payable and accrued expenses

    beginning of year $74,618 · end of year $29,884

  • 19 · Deferred revenue

    beginning of year $1,113,616 · end of year $800,858

  • 25 · Other liabilities

    beginning of year $2,147,027 · end of year $1,835,514

  • 27 · Net assets without donor restrictions

    beginning of year $330,089 · end of year $1,284,541

  • 28 · Net assets with donor restrictions

    beginning of year $24,965,330 · end of year $26,743,587

Mission and programs · 2023

Mission

TO PROMOTE SOUTHWEST MINNESOTA STATE UNIVERSITY AND RAISE MONEY FOR SCHOLARSHIPS FOR STUDENTS.

  • SCHOLARSHIPS: A SPECIFIC GIFT APPLIES TOWARD TUITION AND FEES FOR STUDENTS WHO DEMONSTRATE ACADEMIC AND/OR ATHLETIC LEADERSHIP, TO CONTINUE THEIR STUDIES AT SOUTHWEST MINNESOTA STATE UNIVERSITY.

    Expenses $1,351,533 · Grants $1,351,533

  • UNIVERSITY PROMOTION AND RECRUITMENT: MONIES USED TO PROMOTE SOUTHWEST MINNESOTA STATE UNIVERSITY THROUGH THE ADVERTISING MEDIA AND TO RECRUIT OUTSTANDING INDIVIDUALS TO ATTEND SOUTHWEST MINNESOTA STATE UNIVERSITY.

    Expenses $1,464,089 · Grants $826,791 · Revenue $336,004

As filed on the 2023 return.

Listed in Part VII

  • Dorene Kronke-McCourt

    DIRECTOR

    Total calculated
    $0

  • Kristi Mukomela

    SECRETARY/TR

    Total calculated
    $0

  • Julie Bleyhl

    DIRECTOR

    Total calculated
    $0

  • Tina Cartwright

    DIRECTOR

    Total calculated
    $0

  • Jerry Bly

    DIRECTOR

    Total calculated
    $0

  • Timothy Burns

    DIRECTOR

    Total calculated
    $0

  • Cindy Verschaetse

    2ND VICE PRE

    Total calculated
    $0

  • Lee French

    DIRECTOR

    Total calculated
    $0

  • Dave Werpy

    PAST PRESIDE

    Total calculated
    $0

  • Brad Bacon

    PRESIDENT

    Total calculated
    $0
    Hours/week
    1

  • Duane Carrow

    DIRECTOR

    Total calculated
    $0

  • Joe Roers

    DIRECTOR

    Total calculated
    $0

  • Neal Wahlman

    DIRECTOR

    Total calculated
    $0

  • Tyler Bowen

    DIRECTOR

    Total calculated
    $0

  • Jim Fuhrmann

    DIRECTOR

    Total calculated
    $0

  • Robert Gunther

    DIRECTOR

    Total calculated
    $0

  • Jason Hoffman

    DIRECTOR

    Total calculated
    $0

  • Brian Knochenmus

    DIRECTOR

    Total calculated
    $0

Compensation is as filed in Part VII: reportable pay from this organization and from related organizations, other compensation, and hours per week. The total, marked calculated, is our sum of the three dollar columns, with a blank column counted as $0; the form itself has no total. On a Form 990-EZ the columns are Part IV's instead, and on a Form 990-PF Part VIII's — compensation, contributions to benefit plans, and expense account — and the total sums those.

Grants on this return

  • SOUTHWEST ST UNIVER

    $826,791

    UNIVERSITY SUPPORT

Provenance

Return type
form_990
Tax year
2023
Filed
15 October 2024
IRS schema version
2023v5.0
Source object
202433209349323303

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