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Nonprofiteer
← SOUTHERN MINNESOTA INITIATIVE FOUNDATION

Form 990 for tax year 2023

Filed by SOUTHERN MINNESOTA INITIATIVE FOUNDATION.

Totals

Total revenue
$8,360,704
Total expenses
$6,906,181
Contributions and grants received
$6,130,483
Grants paid
$3,163,893
Program service revenue
$199,701
Investment income
$2,030,453
Other revenue
$67
Total assets, end of year
$75,903,981
Total liabilities, end of year
$9,058,949
Net assets or fund balances, end of year
$66,845,032
Program services expenses (Part IX)
$5,953,128
Management and general expenses
$675,040
Fundraising expenses
$278,013
Program service expenses (Part III)
$5,953,128

Program services were 86.2% 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

    $115

  • 1e · Government grants (contributions)

    $1,980,622

  • 1f · All other contributions, gifts and grants

    $4,149,746

  • 1g · Noncash contributions included above

    $506,255

  • 2a · Program service revenue: LOAN INTEREST

    total $150,799 · related or exempt $150,799

  • 2b · Program service revenue: PROJECT FEES & REVENUE

    total $38,902 · related or exempt $38,902

  • 2c · Program service revenue: DESIGNATED FUND INCOME

    total $10,000 · related or exempt $10,000

  • 3 · Investment income

    total $1,580,981 · excluded $1,580,981

  • 7a · Gross sales of assets other than inventory

    securities $19,297,814

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

    securities $18,848,342

  • 7c · Gain or loss

    securities $449,472

  • 7d · Net gain or loss

    total $449,472 · excluded $449,472

  • 8a · Fundraising events: gross income

    $15,561

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

    $115

  • 8b · Fundraising events: direct expenses

    $8,995

  • 8c · Net income from fundraising events

    total $6,566 · excluded $6,566

  • 11a · Other revenue: NORTHFIELD REAL ESTATE FUND II LL

    total $2,386 · unrelated business $2,386

  • 11b · Other revenue: OWATONNA REAL ESTATE FUND LP K-1

    total -$394 · unrelated business -$394

  • 11c · Other revenue: SPRING GROVE REAL ESTATE FUND LP

    total -$1,898 · unrelated business -$1,898

  • 11d · All other revenue

    total -$6,593 · unrelated business -$6,593

  • 11e · Other revenue, total

    -$6,499

Functional expenses

Part IX, the statement of functional expenses.

  • 1 · Grants to domestic organizations and governments

    total $2,769,082 · program services $2,769,082

  • 2 · Grants to domestic individuals

    total $394,811 · program services $394,811

  • 5 · Compensation of officers, directors and key employees

    total $356,360 · program services $268,860 · management and general $49,951 · fundraising $37,549

  • 7 · Other salaries and wages

    total $1,161,224 · program services $876,098 · management and general $162,769 · fundraising $122,357

  • 8 · Pension plan contributions

    total $46,535 · program services $34,124 · management and general $8,343 · fundraising $4,068

  • 9 · Other employee benefits

    total $118,267 · program services $102,002 · management and general $5,874 · fundraising $10,391

  • 10 · Payroll taxes

    total $111,161 · program services $87,574 · management and general $11,648 · fundraising $11,939

  • 11b · Fees: legal

    total $95,766 · program services $56,455 · management and general $5,967 · fundraising $33,344

  • 11c · Fees: accounting

    total $56,371 · program services $556 · management and general $55,815

  • 11f · Fees: investment management

    total $281,204 · management and general $281,204

  • 11g · Fees: other

    total $347,565 · program services $325,696 · management and general $17,160 · fundraising $4,709

  • 12 · Advertising and promotion

    total $116,278 · program services $96,820 · management and general $6,821 · fundraising $12,637

  • 13 · Office expenses

    total $78,588 · program services $71,094 · management and general $7,494

  • 14 · Information technology

    total $12,220 · program services $7,402 · management and general $472 · fundraising $4,346

  • 16 · Occupancy

    total $7,537 · program services $5,566 · management and general $1,279 · fundraising $692

  • 17 · Travel

    total $49,183 · program services $27,843 · management and general $17,265 · fundraising $4,075

  • 19 · Conferences, conventions and meetings

    total $113,438 · program services $108,707 · management and general $2,613 · fundraising $2,118

  • 20 · Interest

    total $9,941 · program services $9,941

  • 22 · Depreciation, depletion and amortization

    total $38,058 · program services $28,107 · management and general $6,456 · fundraising $3,495

  • 23 · Insurance

    total $41,831 · program services $30,893 · management and general $7,096 · fundraising $3,842

  • 24a · Other expenses: OPERATING EXPENSES

    total $562,785 · program services $548,491 · management and general $11,078 · fundraising $3,216

  • 24b · Other expenses: JANITORIAL & MAINTENANC

    total $112,293 · program services $86,359 · management and general $12,395 · fundraising $13,539

  • 24c · Other expenses: DUES AND SUBSCRIPTIONS

    total $25,683 · program services $16,647 · management and general $3,340 · fundraising $5,696

Balance sheet

Part X, book values.

  • 2 · Savings and temporary cash investments

    beginning of year $4,412,240 · end of year $3,174,951

  • 3 · Pledges and grants receivable

    beginning of year $326,794 · end of year $308,745

  • 7 · Other notes and loans receivable

    beginning of year $3,573,716 · end of year $3,825,868

  • 9 · Prepaid expenses and deferred charges

    beginning of year $64,779 · end of year $54,803

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

    $1,146,824

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

    $683,465

  • 10c · Land, buildings and equipment, net

    beginning of year $424,901 · end of year $463,359

  • 12 · Investments: other securities

    beginning of year $60,927,082 · end of year $68,000,843

  • 15 · Other assets

    beginning of year $16,089 · end of year $75,412

  • 17 · Accounts payable and accrued expenses

    beginning of year $199,510 · end of year $135,121

  • 18 · Grants payable

    beginning of year $10,000 · end of year $8,202

  • 19 · Deferred revenue

    beginning of year $1,266,396 · end of year $1,126,549

  • 23 · Secured mortgages and notes payable

    beginning of year $1,620,881 · end of year $1,701,883

  • 25 · Other liabilities

    beginning of year $5,663,782 · end of year $6,087,194

  • 27 · Net assets without donor restrictions

    beginning of year $23,481,869 · end of year $27,263,422

  • 28 · Net assets with donor restrictions

    beginning of year $37,503,163 · end of year $39,581,610

Mission and programs · 2023

Mission

SOUTHERN MINNESOTA INITIATIVE FOUNDATION IS A REGIONAL DEVELOPMENT AND PHILANTHROPIC ORGANIZATION THAT FOSTERS ECONOMIC AND COMMUNITY VITALITY IN 20 COUNTIES OF SOUTHERN MINNESOTA THROUGH A CULTURE OF COLLABORATION AND PARTNERSHIP, WITH A FOCUS ON ENTREPRENEURS AND EARLY CHILDHOOD DEVELOPMENT.

Activities or mission (Part I)

INVESTS FOR ECONOMIC GROWTH IN THE 20 COUNTIES OF SOUTH CENTRAL AND SOUTHEASTERN MINNESOTA.

  • SOUTHERN MINNESOTA INITIATIVE FOUNDATION PROVIDES GRANTS, LOANS AND TECHNICAL ASSISTANCE TO BUSINESSES, LOCAL GOVERNMENTS AND NONPROFIT ORGANIZATIONS THAT ACCELERATE THE CREATION OF NEW BUSINESSES AND INNOVATIVE VENTURES THAT WILL SHAPE OUR ECONOMY THROUGH PARTNERSHIPS IN OUR REGION.

    Expenses $2,801,730 · Grants $984,135 · Revenue $199,701

  • SOUTHERN MINNESOTA INITIATIVE FOUNDATION PROVIDES GRANTS, EDUCATIONAL RESOURCES AND TECHNICAL ASSISTANCE TO LOCAL GOVERNMENTS, COMMUNITY PARTNERSHIPS AND NONPROFIT ORGANIZATIONS IN EARLY CHILDHOOD EDUCATION. THE EARLY CHILDHOOD PROGRAM PROVIDES RESOURCES THAT STRENGTHEN EARLY CHILDHOOD EFFORTS SO THAT YOUNG CHILDREN WILL HAVE A HEALTHY LIFE OF LEARNING, ACHIEVING AND SUCCEEDING.

    Expenses $3,132,584 · Grants $2,179,758

  • SOUTHERN MINNESOTA INITIATIVE FOUNDATION ADMINISTERS THE AMERICORPS-SOUTHERN MINNESOTA GRANT FOCUSING ON EARLY CHILDHOOD. SUPPORTED AMERICORPS MEMBERS SERVE IN NON-PROFITS AND SCHOOLS THROUGHOUT THE 20 COUNTY AREA WORKING WITH PRESCHOOL CHILDREN ON EARLY LITERACY, SOCIAL-EMOTIONAL, AND SCHOOL READINESS SUPPORT.

    Expenses $18,814

As filed on the 2023 return. The filer continues this part on Schedule O, which is not shown here.

Listed in Part VII

  • Timothy Penny

    PRESIDENT/CEO

    Total calculated
    $206,148
    From this org
    $164,038
    From related orgs
    $0
    Other
    $42,110
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $164,038
    Bonus
    $0
    Other
    $0
    Deferred
    $8,695
    Nontaxable benefits
    $33,416
    Filer's total
    $206,149

  • Brian Conzemius

    VICE PRESIDENT/CFO

    Total calculated
    $148,607
    From this org
    $131,445
    From related orgs
    $0
    Other
    $17,162
    Hours/week
    40

  • Pamela Bishop

    VP OF ECONOMIC DEVELOPMENT

    Total calculated
    $151,559
    From this org
    $108,156
    From related orgs
    $0
    Other
    $43,403
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $108,156
    Bonus
    $0
    Other
    $0
    Deferred
    $6,240
    Nontaxable benefits
    $37,163
    Filer's total
    $151,559

  • Rae Jean Hansen

    VP OF EARLY CHILDHOOD

    Total calculated
    $122,192
    From this org
    $115,107
    From related orgs
    $0
    Other
    $7,085
    Hours/week
    40

  • Jake Anderson

    TREASURER

    Total calculated
    $0
    Hours/week
    2

  • Chris Schad

    SECRETERY

    Total calculated
    $0
    Hours/week
    2

  • Shawn Vogt Sween

    CHAIR

    Total calculated
    $0
    Hours/week
    2

  • Erin Meier

    VICE CHAIR

    Total calculated
    $0
    Hours/week
    2

  • Erin Bailey

    MEMBER AT LARGE

    Total calculated
    $0
    Hours/week
    2

  • Bob Mann

    MEMBER AT LARGE

    Total calculated
    $0
    Hours/week
    2

  • Ian Bents

    MEMBER AT LARGE

    Total calculated
    $0
    Hours/week
    2

  • Matt Coy

    MEMBER AT LARGE

    Total calculated
    $0
    Hours/week
    2

  • Brad Hoiness

    MEMBER AT LARGE

    Total calculated
    $0
    Hours/week
    2

  • Ibrahim Hussein

    MEMBER AT LARGE

    Total calculated
    $0
    Hours/week
    2

  • Heather Millard

    MEMBER AT LARGE

    Total calculated
    $0
    Hours/week
    2

  • Angel Uribe

    MEMBER AT LARGE

    Total calculated
    $0
    Hours/week
    2

  • Xavier Frigola

    DIRECTOR

    Total calculated
    $0
    Hours/week
    2

  • Matt Goldade

    DIRECTOR

    Total calculated
    $0
    Hours/week
    2

  • Jamila Ibrahim

    DIRECTOR

    Total calculated
    $0
    Hours/week
    2

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

  • 3 · Compensation committee
  • 3 · Form 990 of other organizations
  • 3 · Compensation survey or study
  • 3 · Approval by the board or compensation committee

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

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

The 10 largest by cash amount. The API serves every itemized grant.

Provenance

Return type
form_990
Tax year
2023
Filed
22 April 2025
IRS schema version
2023v6.0
Source object
202531149349300813

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