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← FARMERS EDUCATIONAL & COOPERATIVE UNION OF AMERICA

Form 990 for tax year 2023

Filed by FARMERS EDUCATIONAL & COOPERATIVE UNION OF AMERICA.

Totals

Total revenue
$2,931,994
Total expenses
$2,721,623
Contributions and grants received
$32,575
Grants paid
$0
Program service revenue
$330,162
Investment income
$2,284,205
Other revenue
$285,052
Total assets, end of year
$45,173,162
Total liabilities, end of year
$3,063,622
Net assets or fund balances, end of year
$42,109,540
Program services expenses (Part IX)
$1,139,792
Management and general expenses
$1,048,891
Fundraising expenses
$532,940
Program service expenses (Part III)
not reported

Program services were 41.9% 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.

  • 1b · Membership dues

    $22,574

  • 1e · Government grants (contributions)

    $10,001

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

    total $180,548 · related or exempt $180,548

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

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

  • 2c · Program service revenue: YOUNG PRODUCER

    total $24,540 · related or exempt $24,540

  • 2d · Program service revenue: MEMBERSHIP DUES & ASSESSMENTS

    total $22,574 · related or exempt $22,574

  • 2e · Program service revenue: CONVENTION SPONSORSHIPS

    total $15,500 · excluded $15,500

  • 2f · All other program service revenue

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

  • 3 · Investment income

    total $2,283,007 · unrelated business $17,901 · excluded $2,265,106

  • 6a · Gross rents

    real property $48,000

  • 6c · Rental income or loss

    real property $48,000

  • 6d · Net rental income or loss

    total $48,000 · unrelated business $48,000

  • 7a · Gross sales of assets other than inventory

    securities $230,377

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

    securities $229,179

  • 7c · Gain or loss

    securities $1,198

  • 7d · Net gain or loss

    total $1,198 · related or exempt $1,198

  • 11a · Other revenue: MIDWEST AGENCY LLP

    total $81,288 · unrelated business $81,288

  • 11b · Other revenue: MANAGEMENT FEES

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

  • 11c · Other revenue: STATE SERVICE FEES

    total $42,665 · unrelated business $42,665

  • 11d · All other revenue

    total $63,099 · related or exempt $21,099 · unrelated business $42,000

  • 11e · Other revenue, total

    $237,052

Functional expenses

Part IX, the statement of functional expenses.

  • 5 · Compensation of officers, directors and key employees

    total $290,917 · management and general $270,062 · fundraising $20,855

  • 7 · Other salaries and wages

    total $341,533 · program services $133,847 · management and general $139,106 · fundraising $68,580

  • 8 · Pension plan contributions

    total $34,761 · program services $8,718 · management and general $21,371 · fundraising $4,672

  • 9 · Other employee benefits

    total $171,790 · program services $43,084 · management and general $105,617 · fundraising $23,089

  • 10 · Payroll taxes

    total $47,390 · program services $11,886 · management and general $29,135 · fundraising $6,369

  • 11b · Fees: legal

    total $1,216 · management and general $1,216

  • 11c · Fees: accounting

    total $22,246 · management and general $22,246

  • 11f · Fees: investment management

    total $7,936 · management and general $7,936

  • 11g · Fees: other

    total $102,908 · fundraising $102,908

  • 12 · Advertising and promotion

    total $169,084 · program services $97,375 · management and general $28,677 · fundraising $43,032

  • 13 · Office expenses

    total $127,853 · program services $79,151 · management and general $17,694 · fundraising $31,008

  • 14 · Information technology

    total $60,358 · program services $12,796 · management and general $41,617 · fundraising $5,945

  • 16 · Occupancy

    total $87,144 · program services $21,855 · management and general $53,577 · fundraising $11,712

  • 17 · Travel

    total $183,216 · program services $36,606 · management and general $61,231 · fundraising $85,379

  • 19 · Conferences, conventions and meetings

    total $97,002 · program services $97,002

  • 20 · Interest

    total $25,338 · management and general $25,338

  • 22 · Depreciation, depletion and amortization

    total $171,078 · program services $23,951 · management and general $123,176 · fundraising $23,951

  • 23 · Insurance

    total $54,069 · program services $10,814 · management and general $37,848 · fundraising $5,407

  • 24a · Other expenses: LEGISLATIVE EXPENSE

    total $350,101 · program services $350,101

  • 24b · Other expenses: CAMP & EDUCATION EXP

    total $155,339 · program services $155,339

  • 24c · Other expenses: ORGANIZATION EXP

    total $96,393 · fundraising $96,393

  • 24d · Other expenses: INCOME TAX EXPENSE

    total $46,332 · management and general $46,332

  • 24e · All other expenses

    total $77,619 · program services $57,267 · management and general $16,712 · fundraising $3,640

Balance sheet

Part X, book values.

  • 2 · Savings and temporary cash investments

    beginning of year $529,403 · end of year $867,292

  • 4 · Accounts receivable

    beginning of year $133,379 · end of year $7,056

  • 9 · Prepaid expenses and deferred charges

    beginning of year $407,178 · end of year $465,128

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

    $3,122,166

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

    $1,426,765

  • 10c · Land, buildings and equipment, net

    beginning of year $1,793,858 · end of year $1,695,401

  • 11 · Investments: publicly traded securities

    beginning of year $517,627 · end of year $559,967

  • 12 · Investments: other securities

    beginning of year $60,000 · end of year $60,000

  • 13 · Investments: program-related

    beginning of year $34,825,968 · end of year $41,518,318

  • 15 · Other assets

    beginning of year $7,000

  • 17 · Accounts payable and accrued expenses

    beginning of year $226,558 · end of year $407,483

  • 19 · Deferred revenue

    beginning of year $191,879 · end of year $195,879

  • 23 · Secured mortgages and notes payable

    beginning of year $1,099,321 · end of year $981,452

  • 25 · Other liabilities

    beginning of year $1,544,912 · end of year $1,478,808

  • 27 · Net assets without donor restrictions

    beginning of year $35,211,743 · end of year $42,109,540

Mission and programs · 2023

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 2023 return.

Listed in Part VII

  • Doug Sombke

    PRESIDENT

    Total calculated
    $186,640
    From this org
    $186,640
    From related orgs
    $0
    Other
    $0
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $186,640
    Bonus
    not reported
    Other
    not reported
    Deferred
    not reported
    Nontaxable benefits
    not reported
    Filer's total
    $186,640

  • Karla Hofhenke

    SECRETARY/TR

    Total calculated
    $104,277
    From this org
    $104,277
    From related orgs
    $0
    Other
    $0

  • Dallis Basel

    DIRECTOR

    Total calculated
    $0

  • Larry Birgen

    DIRECTOR

    Total calculated
    $0

  • Chad Johnson

    DIRECTOR

    Total calculated
    $0

  • Scott Kolousek

    DIRECTOR

    Total calculated
    $0

  • Oren Lesmeister

    DIRECTOR

    Total calculated
    $0

  • Mike Miller

    DIRECTOR

    Total calculated
    $0

  • David Reis

    DIRECTOR

    Total calculated
    $0

  • Wayne Soren

    VICE PRESIDE

    Total calculated
    $0

  • Gail Temple

    DIRECTOR

    Total calculated
    $0

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

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.

Provenance

Return type
form_990
Tax year
2023
Filed
16 September 2024
IRS schema version
2023v5.0
Source object
202442579349301209

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