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← FATHER FLANAGANS FUND FOR NEEDY CHILDREN

Form 990 for tax year 2024

Filed by FATHER FLANAGANS FUND FOR NEEDY CHILDREN.

Totals

Total revenue
$97,907,690
Total expenses
$57,035,287
Contributions and grants received
$0
Grants paid
$53,849,000
Program service revenue
$0
Investment income
$97,880,012
Other revenue
$27,678
Total assets, end of year
$1,082,691,222
Total liabilities, end of year
$445,257
Net assets or fund balances, end of year
$1,082,245,965
Program services expenses (Part IX)
$53,849,000
Management and general expenses
$3,186,287
Fundraising expenses
$0
Program service expenses (Part III)
$53,849,000

Program services were 94.4% 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.

  • 1a · Federated campaigns

    $0

  • 1b · Membership dues

    $0

  • 1c · Fundraising events

    $0

  • 1d · Related organizations

    $0

  • 1e · Government grants (contributions)

    $0

  • 1f · All other contributions, gifts and grants

    $0

  • 1g · Noncash contributions included above

    $0

  • 2a · Program service revenue

    total $0 · related or exempt $0 · unrelated business $0 · excluded $0

  • 2b · Program service revenue

    total $0 · related or exempt $0 · unrelated business $0 · excluded $0

  • 2c · Program service revenue

    total $0 · related or exempt $0 · unrelated business $0 · excluded $0

  • 2d · Program service revenue

    total $0 · related or exempt $0 · unrelated business $0 · excluded $0

  • 2e · Program service revenue

    total $0 · related or exempt $0 · unrelated business $0 · excluded $0

  • 2f · All other program service revenue

    total $0 · related or exempt $0 · unrelated business $0 · excluded $0

  • 3 · Investment income

    total $7,978,833 · related or exempt $0 · unrelated business $10,753,677 · excluded -$2,774,844

  • 4 · Income from investment of tax-exempt bond proceeds

    total $0 · related or exempt $0 · unrelated business $0 · excluded $0

  • 5 · Royalties

    total $0 · related or exempt $0 · unrelated business $0 · excluded $0

  • 6a · Gross rents

    real property $0 · personal property $0

  • 6b · Less rental expenses

    real property $0 · personal property $0

  • 6c · Rental income or loss

    real property $0 · personal property $0

  • 6d · Net rental income or loss

    total $0 · related or exempt $0 · unrelated business $0 · excluded $0

  • 7a · Gross sales of assets other than inventory

    securities $1,838,027,985 · other assets $0

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

    securities $1,748,126,806 · other assets $0

  • 7c · Gain or loss

    securities $89,901,179 · other assets $0

  • 7d · Net gain or loss

    total $89,901,179 · related or exempt $0 · unrelated business $0 · excluded $89,901,179

  • 8a · Fundraising events: gross income

    $0

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

    $0

  • 8b · Fundraising events: direct expenses

    $0

  • 8c · Net income from fundraising events

    total $0 · unrelated business $0 · excluded $0

  • 9a · Gaming: gross income

    $0

  • 9b · Gaming: direct expenses

    $0

  • 9c · Net income from gaming

    total $0 · related or exempt $0 · unrelated business $0 · excluded $0

  • 10a · Gross sales of inventory

    $0

  • 10b · Cost of goods sold

    $0

  • 10c · Net income from sales of inventory

    total $0 · related or exempt $0 · unrelated business $0 · excluded $0

  • 11a · Other revenue: Tax Refund

    total $27,678 · related or exempt $0 · unrelated business $0 · excluded $27,678

  • 11d · All other revenue

    total $0 · related or exempt $0 · unrelated business $0 · excluded $0

  • 11e · Other revenue, total

    $27,678

Functional expenses

Part IX, the statement of functional expenses.

  • 1 · Grants to domestic organizations and governments

    total $53,849,000 · program services $53,849,000

  • 2 · Grants to domestic individuals

    total $0 · program services $0

  • 3 · Grants to foreign organizations and individuals

    total $0 · program services $0

  • 4 · Benefits paid to or for members

    total $0 · program services $0

  • 5 · Compensation of officers, directors and key employees

    total $0 · program services $0 · management and general $0 · fundraising $0

  • 6 · Compensation of disqualified persons

    total $0 · program services $0 · management and general $0 · fundraising $0

  • 7 · Other salaries and wages

    total $0 · program services $0 · management and general $0 · fundraising $0

  • 8 · Pension plan contributions

    total $0 · program services $0 · management and general $0 · fundraising $0

  • 9 · Other employee benefits

    total $0 · program services $0 · management and general $0 · fundraising $0

  • 10 · Payroll taxes

    total $0 · program services $0 · management and general $0 · fundraising $0

  • 11a · Fees: management

    total $0 · program services $0 · management and general $0 · fundraising $0

  • 11b · Fees: legal

    total $0 · program services $0 · management and general $0 · fundraising $0

  • 11c · Fees: accounting

    total $193,466 · program services $0 · management and general $193,466 · fundraising $0

  • 11d · Fees: lobbying

    total $0 · program services $0 · management and general $0 · fundraising $0

  • 11e · Fees: professional fundraising services

    total $0 · fundraising $0

  • 11f · Fees: investment management

    total $2,990,231 · program services $0 · management and general $2,990,231 · fundraising $0

  • 11g · Fees: other

    total $0 · program services $0 · management and general $0 · fundraising $0

  • 12 · Advertising and promotion

    total $0 · program services $0 · management and general $0 · fundraising $0

  • 13 · Office expenses

    total $553 · program services $0 · management and general $553 · fundraising $0

  • 14 · Information technology

    total $0 · program services $0 · management and general $0 · fundraising $0

  • 15 · Royalties

    total $0 · program services $0 · management and general $0 · fundraising $0

  • 16 · Occupancy

    total $0 · program services $0 · management and general $0 · fundraising $0

  • 17 · Travel

    total $0 · program services $0 · management and general $0 · fundraising $0

  • 18 · Travel or entertainment for public officials

    total $0 · program services $0 · management and general $0 · fundraising $0

  • 19 · Conferences, conventions and meetings

    total $0 · program services $0 · management and general $0 · fundraising $0

  • 20 · Interest

    total $0 · program services $0 · management and general $0 · fundraising $0

  • 21 · Payments to affiliates

    total $0 · program services $0 · management and general $0 · fundraising $0

  • 22 · Depreciation, depletion and amortization

    total $0 · program services $0 · management and general $0 · fundraising $0

  • 23 · Insurance

    total $0 · program services $0 · management and general $0 · fundraising $0

  • 24a · Other expenses: Government Filings and Registrations

    total $2,037 · program services $0 · management and general $2,037 · fundraising $0

  • 24e · All other expenses

    total $0 · program services $0 · management and general $0 · fundraising $0

Balance sheet

Part X, book values.

  • 1 · Cash, non-interest-bearing

    beginning of year $0 · end of year $0

  • 2 · Savings and temporary cash investments

    beginning of year $0 · end of year $0

  • 3 · Pledges and grants receivable

    beginning of year $0 · end of year $0

  • 4 · Accounts receivable

    beginning of year $0 · end of year $0

  • 5 · Loans and receivables from officers and key people

    beginning of year $0 · end of year $0

  • 6 · Loans and receivables from disqualified persons

    beginning of year $0 · end of year $0

  • 7 · Other notes and loans receivable

    beginning of year $0 · end of year $0

  • 8 · Inventories for sale or use

    beginning of year $0 · end of year $0

  • 9 · Prepaid expenses and deferred charges

    beginning of year $0 · end of year $0

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

    $0

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

    $0

  • 10c · Land, buildings and equipment, net

    beginning of year $0 · end of year $0

  • 11 · Investments: publicly traded securities

    beginning of year $252,264,482 · end of year $291,702,921

  • 12 · Investments: other securities

    beginning of year $787,321,276 · end of year $790,427,593

  • 13 · Investments: program-related

    beginning of year $0

  • 14 · Intangible assets

    beginning of year $0 · end of year $0

  • 15 · Other assets

    beginning of year $315,184 · end of year $560,708

  • 17 · Accounts payable and accrued expenses

    beginning of year $1,080,716 · end of year $445,257

  • 18 · Grants payable

    beginning of year $0 · end of year $0

  • 19 · Deferred revenue

    beginning of year $0 · end of year $0

  • 20 · Tax-exempt bond liabilities

    beginning of year $0 · end of year $0

  • 21 · Escrow or custodial account liability

    beginning of year $0 · end of year $0

  • 22 · Loans and payables to officers and key people

    beginning of year $0 · end of year $0

  • 23 · Secured mortgages and notes payable

    beginning of year $0 · end of year $0

  • 24 · Unsecured notes and loans payable

    beginning of year $0 · end of year $0

  • 25 · Other liabilities

    beginning of year $0 · end of year $0

  • 27 · Net assets without donor restrictions

    beginning of year $1,038,820,226 · end of year $1,082,245,965

  • 28 · Net assets with donor restrictions

    beginning of year $0 · end of year $0

  • 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 $0 · end of year $0

Mission and programs · 2024

Mission

Father Flanagan's Fund For Needy Children has the power to receive, hold and invest property for the exclusive benefit of Father Flanagan's Boys' Home (Boys Town), an exempt 501(c)(3) 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 Flanagan's Fund For Needy Children has the power to receive, hold and invest property of any nature for the exclusive benefit of Father Flanagan's Boys' Home (Boys Town), an exempt 501(c)(3) organization.

  • Distributed funds to Father Flanagan's Boys' Home (Boys Town), an affiliated 501(c)(3) organization to support its exempt purposes. Father Flanagan's Fund For Needy Children manages and invests the long term investments for Boys Town.

    Expenses $53,849,000 · Grants $53,849,000

As filed on the 2024 return.

Listed in Part VII

  • Rodney J Kempkes

    CEO

    Total calculated
    $769,189
    From this org
    $0
    From related orgs
    $726,025
    Other
    $43,164
    Hours/week
    5 + 35 related

    Schedule J breakdown matched by us

    Base
    $0 + $720,715 related
    Bonus
    $0
    Other
    $0 + $5,310 related
    Deferred
    $0 + $20,700 related
    Nontaxable benefits
    $0 + $22,464 related
    Filer's total
    $0 + $769,189 related

  • Dorr Begnal

    Director - Through March 2024

    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

  • Helen A Fox-O'Brien

    Chairman

    Total calculated
    $0
    Hours/week
    1

  • Michael P Sullivan

    Director

    Total calculated
    $0
    Hours/week
    1

  • Thomas B Barker

    Director

    Total calculated
    $0
    Hours/week
    1

  • Thomas B Woodbury

    DIRECTOR

    Total calculated
    $0
    Hours/week
    1

  • Dana E Washington

    General Counsel

    Total calculated
    $450,611
    From this org
    $0
    From related orgs
    $400,119
    Other
    $50,492
    Hours/week
    5 + 35 related

    Schedule J breakdown matched by us

    Base
    $0 + $397,472 related
    Bonus
    $0
    Other
    $0 + $2,647 related
    Deferred
    $0 + $45,634 related
    Nontaxable benefits
    $0 + $4,858 related
    Filer's total
    $0 + $450,611 related

  • James L Beckman JD

    Assistant Corporate Secretary

    Total calculated
    $170,674
    From this org
    $0
    From related orgs
    $148,337
    Other
    $22,337
    Hours/week
    5 + 35 related

    Schedule J breakdown matched by us

    Base
    $0 + $147,933 related
    Bonus
    $0
    Other
    $0 + $404 related
    Deferred
    $0 + $7,554 related
    Nontaxable benefits
    $0 + $14,783 related
    Filer's total
    $0 + $170,674 related

  • Judy F Rasmussen CPA

    Chief Financial Officer, Treasurer

    Total calculated
    $480,314
    From this org
    $0
    From related orgs
    $432,148
    Other
    $48,166
    Hours/week
    5 + 35 related

    Schedule J breakdown matched by us

    Base
    $0 + $426,991 related
    Bonus
    $0
    Other
    $0 + $5,157 related
    Deferred
    $0 + $44,275 related
    Nontaxable benefits
    $0 + $3,891 related
    Filer's total
    $0 + $480,314 related

  • Monty J Horine

    Corporate Secretary

    Total calculated
    $353,086
    From this org
    $0
    From related orgs
    $321,419
    Other
    $31,667
    Hours/week
    5 + 35 related

    Schedule J breakdown matched by us

    Base
    $0 + $318,286 related
    Bonus
    $0
    Other
    $0 + $3,133 related
    Deferred
    $0 + $31,457 related
    Nontaxable benefits
    $0 + $210 related
    Filer's total
    $0 + $353,086 related

  • Randall A Ptacek

    Director Treasury Operations

    Total calculated
    $176,674
    From this org
    $0
    From related orgs
    $169,945
    Other
    $6,729
    Hours/week
    5 + 35 related

    Schedule J breakdown matched by us

    Base
    $0 + $169,479 related
    Bonus
    $0
    Other
    $0 + $466 related
    Deferred
    $0
    Nontaxable benefits
    $0 + $6,729 related
    Filer's total
    $0 + $176,674 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

  • 4b · Supplemental nonqualified retirement plan

Answered no

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

Schedule J, Part I, Line 4b Supplemental nonqualified retirement plan
Father Flanagan's Boys Home, the sole member, maintains a supplemental non-qualified retirement plan described in section 457(F) to attract and retain employees, typically in management positions. In 2024, the following participated in the 457(F) plan and received employer contributions respectively. Judy Rasmussen, $26,766; Dana Washington, $24,934.
Schedule J, Part I, Line 3
Father Flanagan's Fund for Needy Children relied on its parent organization, Father Flanagan's 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.
Schedule J, Part I, Line 4c
Father Flanagan's Boys' Home, the sole member, has a split dollar arrangement with Rodney Kempkes in which Father Flanagan's Boys' Home deposited funds into a life insurance policy on the participant's life. During life, and subject to the policy generating sufficient values, the participant can borrow from the policy. At death, the organization recovers its premiums plus interest plus additional key-person insurance proceeds. The amount outstanding as of December 31, 2024 is $4,111,549.

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.

Taxable family on this return

Schedule R Parts I, III and IV, as filed. These record ownership and control, not shared board members or money moved.

Related corporations and trusts

Part IV: related organizations taxable as a corporation or trust.

  • Pooled Income Fund (1)

    Trust · Investments · NE

    Directly controlled by Father Flanagan's Boys' Home

  • Charitable Remainder Trusts (5)

    Trust · Investments · NE

    Directly controlled by NA

  • Perpetual Trusts (15)

    Trust · Investments · NE

    Directly controlled by NA

Provenance

Return type
form_990
Tax year
2024
Filed
17 November 2025
IRS schema version
2024v5.1
Source object
202543219349316904

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