Form 990 for tax year 2023

Revenue

Part VIII, the statement of revenue.

• 1f · All other contributions, gifts and grants

  $463,471

• 3 · Investment income

  total $37,659,086 · excluded $37,659,086

• 6a · Gross rents

  real property $2,176,997

• 6b · Less rental expenses

  real property $1,547,236

• 6c · Rental income or loss

  real property $629,761

• 6d · Net rental income or loss

  total $629,761 · excluded $629,761

• 7a · Gross sales of assets other than inventory

  securities $2,000,932

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

  securities $888,293

• 7c · Gain or loss

  securities $1,112,639

• 7d · Net gain or loss

  total $1,112,639 · excluded $1,112,639

• 11a · Other revenue: Reimburse Admin Expenses from Family Trusts

  total $902,758 · excluded $902,758

• 11b · Other revenue: Miscellaneous revenue

  total $1,134 · excluded $1,134

• 11e · Other revenue, total

  $903,892

Functional expenses

Part IX, the statement of functional expenses.

• 1 · Grants to domestic organizations and governments

  total $32,456,000 · program services $32,456,000

• 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 $484,617 · program services $39,024 · management and general $445,593

• 6 · Compensation of disqualified persons

  total $0

• 7 · Other salaries and wages

  total $87,986 · program services $21,117 · management and general $66,869

• 8 · Pension plan contributions

  total $2,640 · program services $670 · management and general $1,970

• 9 · Other employee benefits

  total $3,936 · program services $708 · management and general $3,228

• 10 · Payroll taxes

  total $21,751 · program services $3,231 · management and general $18,520

• 11a · Fees: management

  total $132,883 · program services $47,300 · management and general $85,583

• 11b · Fees: legal

  total $29,641 · management and general $29,641

• 11c · Fees: accounting

  total $38,474 · management and general $38,474

• 11d · Fees: lobbying

  total $0

• 11f · Fees: investment management

  total $500 · management and general $500

• 11g · Fees: other

  total $32,237 · program services $14,704 · management and general $17,533

• 12 · Advertising and promotion

  total $629 · management and general $629

• 13 · Office expenses

  total $44,940 · program services $336 · management and general $44,604

• 14 · Information technology

  total $22,293 · program services $15,122 · management and general $7,171

• 15 · Royalties

  total $0

• 16 · Occupancy

  total $24,059 · program services $4,331 · management and general $19,728

• 17 · Travel

  total $1,311 · management and general $1,311

• 18 · Travel or entertainment for public officials

  total $0

• 19 · Conferences, conventions and meetings

  total $2,495 · management and general $2,495

• 20 · Interest

  total $0

• 21 · Payments to affiliates

  total $0

• 22 · Depreciation, depletion and amortization

  total $0

• 23 · Insurance

  total $156,334 · program services $1,971 · management and general $154,363

• 24a · Other expenses: Real Estate taxes and special assessments

  total $86,765 · program services $86,765

• 24b · Other expenses: Distributions to Special Trusts

  total $2,200 · program services $2,200

• 24c · Other expenses: Dues and subscriptions

  total $3,261 · management and general $3,261

• 24d · Other expenses: Bank Fees

  total $2,836 · management and general $2,836

• 24e · All other expenses

  total $0

Balance sheet

Part X, book values.

• 1 · Cash, non-interest-bearing

  beginning of year $74,525 · end of year $89,889

• 2 · Savings and temporary cash investments

  beginning of year $39,999,367 · end of year $55,795,777

• 3 · Pledges and grants receivable

  beginning of year $1,375,000

• 4 · Accounts receivable

  beginning of year $8,529,267 · end of year $8,753,416

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

  $39,866,815

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

  $20,399,086

• 10c · Land, buildings and equipment, net

  beginning of year $20,734,686 · end of year $19,467,729

• 11 · Investments: publicly traded securities

  beginning of year $83,996,574 · end of year $109,558,184

• 12 · Investments: other securities

  beginning of year $914,944,783 · end of year $970,076,719

• 15 · Other assets

  beginning of year $9 · end of year $9

• 17 · Accounts payable and accrued expenses

  beginning of year $50,634 · end of year $23,733

• 18 · Grants payable

  beginning of year $40,006,539 · end of year $46,282,297

• 19 · Deferred revenue

  beginning of year $165,852 · end of year $57,000

• 25 · Other liabilities

  beginning of year $15,270 · end of year $15,270

• 27 · Net assets without donor restrictions

  beginning of year $994,931,717 · end of year $1,080,804,986

• 28 · Net assets with donor restrictions

  beginning of year $34,484,199 · end of year $36,558,437

The filer's explanations (Part III)

Part I Line 1a

The board chair also serves as the President/Executive Director. As he does not take compensation for his role, first class vs. coach air fare has been allowed for his travel which is not included in taxable income and is reimbursed based on documentation provided as per policy. No first class travel was reimbursed in 2024.

Part I Line 3

Although the board chair who also serves as the President/Executive Director does not take compensation for his role, if he did, the compensation would be determined as per the questions answered.

Disregarded entities

Part I: entities that legally are the filer and file no return of their own.

• Leaning Tree LLC

  Charitable Educational · MN · assets $3,343,848

  Directly controlled by The Hormel Foundation

• Science Park Housing LLC

  Charitable Educational · MN · income $447,996 · assets $7,491,888

  Directly controlled by The Hormel Foundation