Skip to content
Nonprofiteer
← FATHER FLANAGANS FUND FOR NEEDY CHILDREN

Form 990 for tax year 2023

Filed by FATHER FLANAGANS FUND FOR NEEDY CHILDREN.

Totals

Total revenue
$30,013,914
Total expenses
$56,233,535
Contributions and grants received
$0
Grants paid
$53,362,000
Program service revenue
$0
Investment income
$30,013,914
Other revenue
$0
Total assets, end of year
$1,039,900,942
Total liabilities, end of year
$1,080,716
Net assets or fund balances, end of year
$1,038,820,226
Program services expenses (Part IX)
$53,362,000
Management and general expenses
$2,871,535
Fundraising expenses
$0
Program service expenses (Part III)
$53,362,000

Program services were 94.9% 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.

  • 3 · Investment income

    total $7,265,061 · unrelated business $10,072,503 · excluded -$2,807,442

  • 7a · Gross sales of assets other than inventory

    securities $1,544,829,516

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

    securities $1,522,080,663

  • 7c · Gain or loss

    securities $22,748,853

  • 7d · Net gain or loss

    total $22,748,853 · excluded $22,748,853

Functional expenses

Part IX, the statement of functional expenses.

  • 1 · Grants to domestic organizations and governments

    total $53,362,000 · program services $53,362,000

  • 2 · Grants to domestic individuals

    total $0

  • 3 · Grants to foreign organizations and individuals

    total $0

  • 4 · Benefits paid to or for members

    total $0

  • 5 · Compensation of officers, directors and key employees

    total $0

  • 6 · Compensation of disqualified persons

    total $0

  • 7 · Other salaries and wages

    total $0

  • 8 · Pension plan contributions

    total $0

  • 9 · Other employee benefits

    total $0

  • 10 · Payroll taxes

    total $0

  • 11a · Fees: management

    total $0

  • 11b · Fees: legal

    total $0

  • 11c · Fees: accounting

    total $0

  • 11d · Fees: lobbying

    total $0

  • 11f · Fees: investment management

    total $2,871,519 · management and general $2,871,519

  • 11g · Fees: other

    total $0

  • 12 · Advertising and promotion

    total $0

  • 13 · Office expenses

    total $16 · management and general $16

  • 14 · Information technology

    total $0

  • 15 · Royalties

    total $0

  • 16 · Occupancy

    total $0

  • 17 · Travel

    total $0

  • 18 · Travel or entertainment for public officials

    total $0

  • 19 · Conferences, conventions and meetings

    total $0

  • 20 · Interest

    total $0

  • 21 · Payments to affiliates

    total $0

  • 22 · Depreciation, depletion and amortization

    total $0

  • 23 · Insurance

    total $0

  • 24e · All other expenses

    total $0

Balance sheet

Part X, book values.

  • 11 · Investments: publicly traded securities

    beginning of year $214,040,587 · end of year $252,264,482

  • 12 · Investments: other securities

    beginning of year $770,784,537 · end of year $787,321,276

  • 15 · Other assets

    beginning of year $360,364 · end of year $315,184

  • 17 · Accounts payable and accrued expenses

    beginning of year $1,057,790 · end of year $1,080,716

  • 27 · Net assets without donor restrictions

    beginning of year $984,127,698 · end of year $1,038,820,226

Mission and programs · 2023

Mission

Father Flanagans Fund For Needy Children has the power to receive, hold and invest property for the exclusive benefit of Father Flanagans Boys Home Boys Town, an exempt 501c3 organization. It may carry out this purpose by distributing assets directly to Boys Town or by applying its assets directly to the purposes of Boys Town.

Activities or mission (Part I)

Father Flanagans Fund For Needy Children has the power to receive, hold and invest property of any nature for the exclusive benefit of Father Flanagans Boys Home Boys Town, an exempt 501c3 organization.

  • Distributed funds to Father Flanagans Boys Home Boys Town, an affiliated 501c3 organization to support its exempt purposes. Father Flanagans Fund For Needy Children manages and invests the long term investments for Boys Town.

    Expenses $53,362,000 · Grants $53,362,000

As filed on the 2023 return.

Listed in Part VII

  • Steven E Boes President

    National Executive Director Father Flanagans Boys Home

    Total calculated
    $680,302
    From this org
    $0
    From related orgs
    $600,533
    Other
    $79,769
    Hours/week
    5 + 35 related

    Schedule J breakdown matched by us

    Base
    not reported + $98,536 related
    Bonus
    not reported
    Other
    not reported + $501,996 related
    Deferred
    not reported + $66,000 related
    Nontaxable benefits
    not reported + $13,769 related
    Filer's total
    not reported + $680,301 related

  • Rodney J Kempkes

    CEO

    Total calculated
    $624,615
    From this org
    $0
    From related orgs
    $581,799
    Other
    $42,816
    Hours/week
    5 + 35 related

    Schedule J breakdown matched by us

    Base
    not reported + $527,773 related
    Bonus
    not reported + $50,000 related
    Other
    not reported + $4,026 related
    Deferred
    not reported + $19,800 related
    Nontaxable benefits
    not reported + $23,016 related
    Filer's total
    not reported + $624,615 related

  • Judy F Rasmussen CPA

    Chief Financial Officer, Treasurer

    Total calculated
    $424,647
    From this org
    $0
    From related orgs
    $388,064
    Other
    $36,583
    Hours/week
    5 + 35 related

    Schedule J breakdown matched by us

    Base
    not reported + $346,986 related
    Bonus
    not reported + $36,500 related
    Other
    not reported + $4,578 related
    Deferred
    not reported + $29,724 related
    Nontaxable benefits
    not reported + $6,859 related
    Filer's total
    not reported + $424,647 related

  • Dana E Washington

    General Counsel

    Total calculated
    $397,964
    From this org
    $0
    From related orgs
    $358,959
    Other
    $39,005
    Hours/week
    5 + 35 related

    Schedule J breakdown matched by us

    Base
    not reported + $322,468 related
    Bonus
    not reported + $34,000 related
    Other
    not reported + $2,492 related
    Deferred
    not reported + $32,267 related
    Nontaxable benefits
    not reported + $6,738 related
    Filer's total
    not reported + $397,965 related

  • Monty J Horine

    Corporate Secretary

    Total calculated
    $300,395
    From this org
    $0
    From related orgs
    $275,227
    Other
    $25,168
    Hours/week
    5 + 35 related

    Schedule J breakdown matched by us

    Base
    not reported + $248,135 related
    Bonus
    not reported + $24,200 related
    Other
    not reported + $2,893 related
    Deferred
    not reported + $22,538 related
    Nontaxable benefits
    not reported + $2,630 related
    Filer's total
    not reported + $300,396 related

  • Randall A Ptacek

    Director Treasury Operations

    Total calculated
    $202,239
    From this org
    $0
    From related orgs
    $157,744
    Other
    $44,495
    Hours/week
    5 + 35 related

    Schedule J breakdown matched by us

    Base
    not reported + $156,922 related
    Bonus
    not reported
    Other
    not reported + $823 related
    Deferred
    not reported + $9,985 related
    Nontaxable benefits
    not reported + $34,510 related
    Filer's total
    not reported + $202,240 related

  • James Beckmann

    Assistant Corporate Secretary

    Total calculated
    $201,952
    From this org
    $0
    From related orgs
    $169,941
    Other
    $32,011
    Hours/week
    5 + 35 related

    Schedule J breakdown matched by us

    Base
    not reported + $165,351 related
    Bonus
    not reported + $4,000 related
    Other
    not reported + $590 related
    Deferred
    not reported + $10,452 related
    Nontaxable benefits
    not reported + $21,559 related
    Filer's total
    not reported + $201,952 related

  • Rebecca E Duseau

    Director - Through June 2023

    Total calculated
    $0
    Hours/week
    1

  • Michael P Sullivan

    Director

    Total calculated
    $0
    Hours/week
    1

  • Helen Fox-O'Brien

    Chairman

    Total calculated
    $0
    Hours/week
    1

  • Dorr Begnal

    Director

    Total calculated
    $0
    Hours/week
    1

  • Erik Lundberg

    Director

    Total calculated
    $0
    Hours/week
    1

  • Georganne F Perkins

    Director

    Total calculated
    $0
    Hours/week
    1

  • Thomas B Barker

    Director

    Total calculated
    $0
    Hours/week
    1

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

  • 4a · Severance or change-of-control payment

Answered no

  • 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
Father Flanagans Fund for Needy Children relied on its parent organization, Father Flanagans Boys Home Boys Town, to establish the compensation of its top management officials. The Boys Town Board of Trustees Compensation Committee reveiwed the compensation using data from a study of similarly qualified persons in functionally comparable positions at similary situated organizations. Documentation of the decisions made regarding the compensation have been maintained by the committee.
Part I Line 4a
Steven E. Boes received 500,000 as stipulated in the employment contract.

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
2023
Filed
14 November 2024
IRS schema version
2023v5.1
Source object
202403199349309245

Check it against the return as filed: the GivingTuesday Data Lake hosts a public copy of the original XML.

The source document this was parsed from is served over the API, which is where bulk and document access live.