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Nonprofiteer
← TRUE FRIENDS FOUNDATION

Form 990 for tax year 2023

Filed by TRUE FRIENDS FOUNDATION.

Totals

Total revenue
$766,838
Total expenses
$780,485
Contributions and grants received
$95,758
Grants paid
$725,132
Program service revenue
$0
Investment income
$671,080
Other revenue
$0
Total assets, end of year
$23,588,333
Total liabilities, end of year
$49,662
Net assets or fund balances, end of year
$23,538,671
Program services expenses (Part IX)
$725,132
Management and general expenses
$0
Fundraising expenses
$55,353
Program service expenses (Part III)
$725,132

Program services were 92.9% 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.

  • 1f · All other contributions, gifts and grants

    $95,758

  • 3 · Investment income

    total $252,252 · excluded $252,252

  • 7a · Gross sales of assets other than inventory

    securities $2,449,152

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

    securities $2,030,324

  • 7c · Gain or loss

    securities $418,828

  • 7d · Net gain or loss

    total $418,828 · related or exempt $418,828

Functional expenses

Part IX, the statement of functional expenses.

  • 1 · Grants to domestic organizations and governments

    total $725,132 · program services $725,132

  • 11f · Fees: investment management

    total $55,353 · fundraising $55,353

Balance sheet

Part X, book values.

  • 2 · Savings and temporary cash investments

    beginning of year $237,838 · end of year $80,622

  • 11 · Investments: publicly traded securities

    beginning of year $8,912,581 · end of year $9,479,823

  • 15 · Other assets

    beginning of year $13,415,941 · end of year $14,027,888

  • 19 · Deferred revenue

    beginning of year $53,518 · end of year $49,662

  • 25 · Other liabilities

    beginning of year $70,508 · end of year $0

  • 27 · Net assets without donor restrictions

    beginning of year $16,916,385 · end of year $17,559,535

  • 28 · Net assets with donor restrictions

    beginning of year $5,525,949 · end of year $5,979,136

Mission and programs · 2023

Mission

TO RAISE MONEY BY BUILDING STRONG RELATIONSHIPS WITH INDIVIDUALS, BY PROVIDING PRODUCTS AND SERVICES THAT MAKE IT EASY TO GIVE AND BY PRUDENT INVESTMENT OF ENDOWMENT FUNDS.

Activities or mission (Part I)

TO HOLD AND MANAGE INVESTMENTS AND OTHER PROPERTY FOR THE BENEFIT OF TRUE FRIENDS.

  • THIS FOUNDATION IS ORGANIZED EXCLUSIVELY FOR THE BENEFIT OF TRUE FRIENDS, A MINNESOTA CORPORATION, AND TO THESE ENDS TO TAKE HOLD BY BEQUEST, DEVISE, GIFT, GRANT, PURCHASE, LEASE OR OTHERWISE ANY PROPERTY, REAL OR PERSONAL, TANGIBLE OR INTANGIBLE AND TO SELL, CONVEY OR OTHERWISE DISPOSE OF SUCH PROPERTY AND INVEST, REINVEST OR DEAL WITH SUCH PROPERTY IN A MANNER WHICH PROMOTES THE PURPOSES HEREIN MENTIONED.

    Expenses $725,132 · Grants $725,132

As filed on the 2023 return.

Listed in Part VII

  • Steven Lacke

    BOARD MEMBER

    Total calculated
    $0
    Hours/week
    2

  • Mary Kemp Murray

    CHAIR

    Total calculated
    $0
    Hours/week
    2

  • Mark Feriancek

    TREASURER

    Total calculated
    $0
    Hours/week
    2 + 2 related

  • Lon Bencini

    SECRETARY

    Total calculated
    $0
    Hours/week
    2

  • Jody Estensen

    BOARD MEMBER

    Total calculated
    $0
    Hours/week
    2

  • Joe Hanson

    BOARD MEMBER

    Total calculated
    $0
    Hours/week
    2

  • Chris Judson

    BOARD MEMBER

    Total calculated
    $0
    Hours/week
    2

  • Brent Miller

    BOARD MEMBER

    Total calculated
    $0
    Hours/week
    2

  • Josh Storms

    BOARD MEMBER

    Total calculated
    $0
    Hours/week
    2

  • Jennifer Thalhuber

    BOARD MEMBER

    Total calculated
    $0
    Hours/week
    2

  • Lori Trygg

    BOARD MEMBER

    Total calculated
    $0
    Hours/week
    2

  • Mary Ellen Wells

    BOARD MEMBER

    Total calculated
    $0
    Hours/week
    2 + 2 related

  • Debra Penrod

    BOARD MEMBER

    Total calculated
    $0
    Hours/week
    2

  • Nick Wilkie

    BOARD MEMBER

    Total calculated
    $0
    Hours/week
    2

  • John Leblanc

    PRESIDENT & CEO

    Total calculated
    $162,529
    From this org
    $0
    From related orgs
    $162,529
    Other
    $0
    Hours/week
    8 + 32 related

    Schedule J breakdown matched by us

    Base
    $0 + $162,529 related
    Bonus
    $0
    Other
    $0
    Deferred
    $0
    Nontaxable benefits
    $0
    Filer's total
    $0 + $162,529 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

None.

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

  • TRUE FRIENDS

    $725,132

    GENERAL SUPPORT FOR OPERATIONS/FEE ABATEMENT PROGRAM

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
2023
Filed
27 September 2024
IRS schema version
2023v5.1
Source object
202422759349301257

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