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← GALLATIN FOUNDATION INCORPORATED

Form 990 for tax year 2024

Filed by GALLATIN FOUNDATION INCORPORATED.

Totals

Total revenue
$150,970
Total expenses
$211,262
Contributions and grants received
$143,144
Grants paid
$155,175
Program service revenue
$0
Investment income
$7,826
Other revenue
$0
Total assets, end of year
$448,471
Total liabilities, end of year
$378,444
Net assets or fund balances, end of year
$70,027
Program services expenses (Part IX)
$193,783
Management and general expenses
$17,479
Fundraising expenses
$0
Program service expenses (Part III)
$193,783

Program services were 91.7% 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.

  • 1f · All other contributions, gifts and grants

    $143,144

  • 3 · Investment income

    total $7,826 · excluded $7,826

Functional expenses

Part IX, the statement of functional expenses.

  • 1 · Grants to domestic organizations and governments

    total $155,175 · program services $155,175

  • 11c · Fees: accounting

    total $17,479 · management and general $17,479

  • 11g · Fees: other

    total $1,242 · program services $1,242

  • 12 · Advertising and promotion

    total $25,500 · program services $25,500

  • 24a · Other expenses: BANK FEES

    total $11,866 · program services $11,866

Balance sheet

Part X, book values.

  • 1 · Cash, non-interest-bearing

    beginning of year $401,007 · end of year $414,834

  • 2 · Savings and temporary cash investments

    beginning of year $152,299 · end of year $33,637

  • 25 · Other liabilities

    beginning of year $422,987 · end of year $378,444

  • 29 · Capital stock, trust principal or current funds

    beginning of year $0 · end of year $0

  • 30 · Paid-in or capital surplus, or land, building or equipment fund

    beginning of year $0 · end of year $0

  • 31 · Retained earnings, endowment or other funds

    beginning of year $130,319 · end of year $70,027

Mission and programs · 2024

Mission

TO RECEIVE AND ACCEPT PROPERTY TO BE ADMINISTERED EXCLUSIVELY FOR CHARITABLE PURPOSES, PRIMARILY IN, OR FOR THE BENEFIT OF GALLATIN COUNTY, MONTANA.

  • TOURISM AIR TRAVEL PROMOTION PROGRAM

    Expenses $38,608

  • COMMUNITY SUPPORT

    Expenses $155,175 · Grants $155,175

As filed on the 2024 return.

Listed in Part VII

  • Steve Wheeler

    PRESIDENT

    Total calculated
    $0
    Hours/week
    2.25

  • Dan Rust

    VICE PRESIDENT

    Total calculated
    $0
    Hours/week
    0.25

  • Steve Johnson

    TREASURER

    Total calculated
    $0
    Hours/week
    0.25

  • Daryl W Schliem

    PAST PRESIDENT/SECRETARY

    Total calculated
    $218,545
    From this org
    $0
    From related orgs
    $218,545
    Other
    $0
    Hours/week
    0.25

    Schedule J breakdown matched by us

    Base
    $0 + $214,159 related
    Bonus
    $0
    Other
    $0 + $4,386 related
    Deferred
    $0
    Nontaxable benefits
    $0
    Filer's total
    $0 + $218,545 related

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. A Schedule J breakdown is as filed: base pay, bonus, other, deferred compensation and nontaxable benefits from this organization, with any from related organizations beside each, and the filer's own total. It is shown with the Part VII listing of the same name on the same return. The form gives no key between the two, so that pairing is ours, and is marked matched by us.

Schedule J

Answered yes

None.

Answered no

  • 4a · Severance or change-of-control payment
  • 4b · Supplemental nonqualified retirement plan
  • 4c · Equity-based compensation arrangement
  • 5a · Pay contingent on this organization's revenues
  • 5b · Pay contingent on a related organization's revenues
  • 6a · Pay contingent on this organization's net earnings
  • 6b · Pay contingent on a related organization's net earnings
  • 7 · Other non-fixed payments
  • 8 · Paid under the initial-contract exception

The filer's explanations (Part III)

PART I, LINE 3
BOZEMAN AREA CHAMBER OF COMMERCE, DISCLOSED AS A RELATED ORGANIZATION HAS A WRITTEN EMPLOYMENT CONTRACT APPROVIED BY THE BOARD OR COMPENSATION COMMITTEE TO ESTABLISH COMPENSATION OF IT'S PRESIDENT AND CEO. NO COMPENSATION IS GIVEN WITHIN THIS ORGANIZATION.

Part I's answers as filed. A line not listed was left unanswered; on lines 1a and 3 that means the box was not checked.

Grants on this return

Related organizations on this return

Schedule R Part II: tax-exempt organizations related to the filer by control. It does not record shared board members or money.

Provenance

Return type
form_990
Tax year
2024
Filed
14 November 2025
IRS schema version
2024v5.2
Source object
202543219349308194

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