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← FARMERS EDUCATIONAL & COOPERATIVE UNION OF AMERICA

Form 990 for tax year 2022

Filed by FARMERS EDUCATIONAL & COOPERATIVE UNION OF AMERICA.

Totals

Total revenue
$2,683,652
Total expenses
$2,543,988
Contributions and grants received
$14,911
Grants paid
$0
Program service revenue
$226,179
Investment income
$2,201,351
Other revenue
$241,211
Total assets, end of year
$38,274,413
Total liabilities, end of year
$3,062,670
Net assets or fund balances, end of year
$35,211,743
Program services expenses (Part IX)
$0
Management and general expenses
$0
Fundraising expenses
$0
Program service expenses (Part III)
not reported

Program services were 0.0% 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.

  • 1b · Membership dues

    $14,911

  • 2a · Program service revenue: EDUCATIONAL CAMPS/CONFERENCES

    total $123,145 · related or exempt $123,145

  • 2b · Program service revenue: STATE FAIR/SHOWS/CONVENTION

    total $75,000 · related or exempt $75,000

  • 2c · Program service revenue: CONVENTION SPONSORSHIPS

    total $15,000 · excluded $15,000

  • 2d · Program service revenue: NEWSLETTER ADVERTISING

    total $12,000 · related or exempt $12,000

  • 2e · Program service revenue: RURAL DEVELOPMENT PROGRAMS

    total $1,034 · related or exempt $1,034

  • 3 · Investment income

    total $2,185,376 · excluded $2,185,376

  • 6a · Gross rents

    real property $48,000

  • 6b · Less rental expenses

    real property $84,474

  • 6c · Rental income or loss

    real property -$36,474

  • 6d · Net rental income or loss

    total -$36,474 · unrelated business -$36,474

  • 7a · Gross sales of assets other than inventory

    securities $147,336 · other assets $41,496

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

    securities $172,857

  • 7c · Gain or loss

    securities -$25,521 · other assets $41,496

  • 7d · Net gain or loss

    total $15,975 · related or exempt $23,162 · excluded -$7,187

  • 11a · Other revenue: MIDWEST AGENCY LLP

    total $84,160 · unrelated business $84,160

  • 11b · Other revenue: MISCELLANEOUS

    total $54,297 · related or exempt $54,297

  • 11c · Other revenue: MANAGEMENT FEES

    total $50,000 · unrelated business $50,000

  • 11d · All other revenue

    total $89,228 · related or exempt $2,735 · unrelated business $86,493

  • 11e · Other revenue, total

    $277,685

Functional expenses

Part IX, the statement of functional expenses.

  • 5 · Compensation of officers, directors and key employees

    total $321,280

  • 7 · Other salaries and wages

    total $286,578

  • 9 · Other employee benefits

    total $244,230

  • 10 · Payroll taxes

    total $43,769

  • 11b · Fees: legal

    total $23,761

  • 11c · Fees: accounting

    total $19,927

  • 11f · Fees: investment management

    total $8,054

  • 11g · Fees: other

    total $131,667

  • 12 · Advertising and promotion

    total $154,710

  • 13 · Office expenses

    total $135,805

  • 14 · Information technology

    total $27,980

  • 16 · Occupancy

    total $103,424

  • 17 · Travel

    total $102,909

  • 19 · Conferences, conventions and meetings

    total $45,493

  • 20 · Interest

    total $28,110

  • 22 · Depreciation, depletion and amortization

    total $170,577

  • 23 · Insurance

    total $45,109

  • 24a · Other expenses: LEGISLATIVE EXPENSE

    total $365,261

  • 24b · Other expenses: CAMP & EDUCATION EXP

    total $106,401

  • 24c · Other expenses: OTHER EXPENSES

    total $61,267

  • 24d · Other expenses: ORGANIZATION EXP

    total $60,687

  • 24e · All other expenses

    total $56,989

Balance sheet

Part X, book values.

  • 2 · Savings and temporary cash investments

    beginning of year $680,607 · end of year $529,403

  • 4 · Accounts receivable

    beginning of year $154,904 · end of year $133,379

  • 9 · Prepaid expenses and deferred charges

    beginning of year $330,282 · end of year $407,178

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

    $3,049,546

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

    $1,255,688

  • 10c · Land, buildings and equipment, net

    beginning of year $1,852,244 · end of year $1,793,858

  • 11 · Investments: publicly traded securities

    beginning of year $636,072 · end of year $577,627

  • 13 · Investments: program-related

    beginning of year $31,350,550 · end of year $34,825,968

  • 15 · Other assets

    end of year $7,000

  • 17 · Accounts payable and accrued expenses

    beginning of year $474,109 · end of year $226,558

  • 19 · Deferred revenue

    beginning of year $162,194 · end of year $191,879

  • 23 · Secured mortgages and notes payable

    beginning of year $1,214,418 · end of year $1,099,321

  • 25 · Other liabilities

    beginning of year $1,248,041 · end of year $1,544,912

  • 27 · Net assets without donor restrictions

    beginning of year $31,905,897 · end of year $35,211,743

Mission and programs · 2022

Mission

TO SUPPORT PROGRAMS AND ADVANCE EFFORTS THAT FURTHER ECONOMIC PROSPERITY AND CULTURAL VITALITY IN RURAL SOUTH DAKOTA.

  • PROVIDED EDUCATIONAL PROGRAMS AND INFORMATION TO THE YOUTH OF SOUTH DAKOTA. THE FOUNDATION HOSTED 30 YOUTH CAMPS ACROSS THE STATE WITH APPROXIMATELY 600 YOUTH ATTENDING; SPONSORED A SAFETY QUIZ BOWL FOR 80+ HIGH SCHOOLERS DURING THE STATE'S FFA CONVENTION; AND GRANTED FIVE 500 SCHOLARSHIPS TO AREA YOUTH.

As filed on the 2022 return.

Listed in Part VII

  • DOUG SOMBKE

    PRESIDENT

    Total calculated
    $230,603
    From this org
    $193,850
    From related orgs
    $0
    Other
    $36,753
    Hours/week
    39 + 1 related

    Schedule J breakdown matched by us

    Base
    $193,850
    Bonus
    not reported
    Other
    not reported
    Deferred
    $36,753
    Nontaxable benefits
    not reported
    Filer's total
    $230,603

  • KARLA HOFHENKE

    SECRETARY/TR

    Total calculated
    $108,430
    From this org
    $108,430
    From related orgs
    $0
    Other
    $0
    Hours/week
    39 + 1 related

  • WAYNE SOREN

    VICE PRESIDE

    Total calculated
    $2,800
    From this org
    $2,800
    From related orgs
    $0
    Other
    $0
    Hours/week
    3.1 + 0.1 related

  • SCOTT KOLOUSEK

    DIRECTOR

    Total calculated
    $2,700
    From this org
    $2,700
    From related orgs
    $0
    Other
    $0
    Hours/week
    3.1 + 0.1 related

  • DAVID REIS

    DIRECTOR

    Total calculated
    $2,700
    From this org
    $2,700
    From related orgs
    $0
    Other
    $0
    Hours/week
    3.1 + 0.1 related

  • CHAD JOHNSON

    DIRECTOR

    Total calculated
    $2,500
    From this org
    $2,500
    From related orgs
    $0
    Other
    $0
    Hours/week
    3.1 + 0.1 related

  • GAIL TEMPLE

    DIRECTOR

    Total calculated
    $2,300
    From this org
    $2,300
    From related orgs
    $0
    Other
    $0
    Hours/week
    3.1 + 0.1 related

  • DALLIS BASEL

    DIRECTOR

    Total calculated
    $2,100
    From this org
    $2,100
    From related orgs
    $0
    Other
    $0
    Hours/week
    3.1 + 0.1 related

  • OREN LESMEISTER

    DIRECTOR

    Total calculated
    $2,000
    From this org
    $2,000
    From related orgs
    $0
    Other
    $0
    Hours/week
    3.1 + 0.1 related

  • MIKE MILLER

    DIRECTOR

    Total calculated
    $1,900
    From this org
    $1,900
    From related orgs
    $0
    Other
    $0
    Hours/week
    3.1 + 0.1 related

  • LARRY BIRGEN

    DIRECTOR

    Total calculated
    $0
    Hours/week
    3.1 + 0.1 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

  • 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

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

No itemized grants to organizations 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.

Provenance

Return type
form_990
Tax year
2022
Filed
15 August 2023
IRS schema version
2022v5.0
Source object
202342429349301449

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