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Nonprofiteer
← ELY AREA COMMUNITY FOUNDATION INC

Form 990 for tax year 2025

Filed by ELY AREA COMMUNITY FOUNDATION INC.

Totals

Total revenue
$1,758,174
Total expenses
$383,645
Contributions and grants received
$1,553,801
Grants paid
$20,060
Program service revenue
$0
Investment income
$58,701
Other revenue
$145,672
Total assets, end of year
$5,199,291
Total liabilities, end of year
$13,523
Net assets or fund balances, end of year
$5,185,768
Program services expenses (Part IX)
$249,202
Management and general expenses
$66,943
Fundraising expenses
$67,500
Program service expenses (Part III)
$249,202

Program services were 65.0% 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.

  • 1e · Government grants (contributions)

    $40,247

  • 1f · All other contributions, gifts and grants

    $1,513,554

  • 1g · Noncash contributions included above

    $1,486,573

  • 3 · Investment income

    total $58,701 · excluded $58,701

  • 6a · Gross rents

    real property $145,658

  • 6c · Rental income or loss

    real property $145,658

  • 6d · Net rental income or loss

    total $145,658 · related or exempt $145,658

  • 11a · Other revenue: MISCELLANEOUS REVENUE

    total $14 · related or exempt $14

  • 11e · Other revenue, total

    $14

Functional expenses

Part IX, the statement of functional expenses.

  • 1 · Grants to domestic organizations and governments

    total $20,060 · program services $20,060

  • 7 · Other salaries and wages

    total $11,680 · management and general $11,680

  • 9 · Other employee benefits

    total $251 · management and general $251

  • 10 · Payroll taxes

    total $920 · management and general $920

  • 11b · Fees: legal

    total $2,895 · management and general $2,895

  • 11c · Fees: accounting

    total $27,906 · management and general $27,906

  • 11e · Fees: professional fundraising services

    total $67,500 · fundraising $67,500

  • 11g · Fees: other

    total $20,445 · management and general $20,445

  • 12 · Advertising and promotion

    total $1,311 · program services $1,311

  • 13 · Office expenses

    total $5,909 · program services $5,909

  • 16 · Occupancy

    total $36,074 · program services $36,074

  • 22 · Depreciation, depletion and amortization

    total $96,498 · program services $96,498

  • 23 · Insurance

    total $9,870 · program services $7,024 · management and general $2,846

  • 24a · Other expenses: REPAIRS & MAINTENANCE

    total $47,507 · program services $47,507

  • 24b · Other expenses: CONTRACT SERVICES

    total $18,859 · program services $18,859

  • 24c · Other expenses: SUPPLIES & MATERIALS

    total $13,856 · program services $13,856

  • 24d · Other expenses: BANKING AND FINANCE COSTS

    total $1,604 · program services $1,604

  • 24e · All other expenses

    total $500 · program services $500

Balance sheet

Part X, book values.

  • 1 · Cash, non-interest-bearing

    beginning of year $119,471 · end of year $48,456

  • 2 · Savings and temporary cash investments

    end of year $1,601,719

  • 4 · Accounts receivable

    beginning of year $66,818 · end of year $2,000

  • 9 · Prepaid expenses and deferred charges

    beginning of year $9,101 · end of year $19,076

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

    $3,599,001

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

    $133,371

  • 10c · Land, buildings and equipment, net

    beginning of year $3,325,641 · end of year $3,465,630

  • 11 · Investments: publicly traded securities

    beginning of year $468,842 · end of year $62,410

  • 17 · Accounts payable and accrued expenses

    beginning of year $180,528 · end of year $12,783

  • 19 · Deferred revenue

    beginning of year $3,119

  • 25 · Other liabilities

    end of year $740

  • 27 · Net assets without donor restrictions

    beginning of year $3,806,226 · end of year $5,185,768

Mission and programs · 2025

Mission

TO ENHANCE COMMUNITY DEVELOPMENT AND QUALITY OF LIFE IN THE ELY, MN AND SURROUNDING COMMUNITIES BY ESTABLISHING PROGRAMS AND FACILITIES THAT IMPROVE THE WELL-BEING OF OUR CITIZENS AND THROUGH THE DISTRIBUTION OF BOARD DESIGNATED GRANTS.

  • ENHANCE COMMUNITY DEVELOPMENT AND QUALITY OF LIFE IN ELY, MN AND THE SURROUNDING COMMUNITIES THROUGH THE DISTRIBUTION OF ENDOWMENT FUND GRANTS.

    Expenses $249,202 · Grants $20,060

  • DEPRECIATION EXPENSE

As filed on the 2025 return. The filer continues this part on Schedule O, which is not shown here.

Listed in Part VII

  • Patti Banks

    BOARD

    Total calculated
    $0
    Hours/week
    0.5

  • Joseph Bianco

    BOARD

    Total calculated
    $0
    Hours/week
    0.5

  • Anita Lancello Bydlon

    BOARD

    Total calculated
    $0
    Hours/week
    0.5

  • Heather Fitzgerald

    BOARD

    Total calculated
    $0
    Hours/week
    0.5

  • Allison Heiman

    BOARD

    Total calculated
    $0
    Hours/week
    0.5

  • Todd Heiman

    TREASURER

    Total calculated
    $0
    Hours/week
    1

  • Julie Hignell

    BOARD

    Total calculated
    $0
    Hours/week
    0.5

  • Paul Knuti

    BOARD

    Total calculated
    $0
    Hours/week
    0.5

  • David Marshall

    VICE CHAIR

    Total calculated
    $0
    Hours/week
    1

  • Heidi Omerza

    BOARD

    Total calculated
    $0
    Hours/week
    0.5

  • Kurt Soderberg

    SECRETARY

    Total calculated
    $0
    Hours/week
    1

  • Jeff Sundell

    CHAIRPERSON

    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.

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
2025
Filed
12 August 2026
IRS schema version
2025v4.0
Source object
202642549349300329

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