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Nonprofiteer
← 3M OPEN FUND

Form 990 for tax year 2024

Filed by 3M OPEN FUND.

Totals

Total revenue
$19,742,547
Total expenses
$20,294,865
Contributions and grants received
$5,509,147
Grants paid
$700,373
Program service revenue
$13,769,300
Investment income
$0
Other revenue
$464,100
Total assets, end of year
$4,885,899
Total liabilities, end of year
$10,182,057
Net assets or fund balances, end of year
-$5,296,158
Program services expenses (Part IX)
$16,637,800
Management and general expenses
$1,822,947
Fundraising expenses
$1,834,118
Program service expenses (Part III)
$16,637,800

Program services were 82.0% 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.

  • 1f · All other contributions, gifts and grants

    $5,509,147

  • 2a · Program service revenue: SPONSORSHIP

    total $10,251,449 · related or exempt $10,251,449

  • 2b · Program service revenue: CONCESSIONS, CATERING, AND PARKIN

    total $1,453,139 · related or exempt $1,453,139

  • 2c · Program service revenue: PRO-AM REVENUE

    total $1,221,525 · related or exempt $1,221,525

  • 2d · Program service revenue: TICKET SALES

    total $843,187 · related or exempt $843,187

  • 11a · Other revenue: OTHER REVENUE

    total $464,100 · related or exempt $464,100

  • 11e · Other revenue, total

    $464,100

Functional expenses

Part IX, the statement of functional expenses.

  • 1 · Grants to domestic organizations and governments

    total $700,373 · program services $700,373

  • 11c · Fees: accounting

    total $90,116 · program services $63,081 · management and general $9,012 · fundraising $18,023

  • 11g · Fees: other

    total $1,874,133 · program services $1,303,725 · management and general $190,136 · fundraising $380,272

  • 12 · Advertising and promotion

    total $301,241 · program services $30,124 · management and general $30,124 · fundraising $240,993

  • 13 · Office expenses

    total $604,568 · program services $151,141 · management and general $299,681 · fundraising $153,746

  • 16 · Occupancy

    total $249,333 · program services $62,333 · management and general $124,667 · fundraising $62,333

  • 17 · Travel

    total $97,816 · program services $24,454 · management and general $24,454 · fundraising $48,908

  • 20 · Interest

    total $440,164 · program services $308,115 · management and general $44,016 · fundraising $88,033

  • 22 · Depreciation, depletion and amortization

    total $435,000 · program services $304,500 · management and general $43,500 · fundraising $87,000

  • 23 · Insurance

    total $102,549 · program services $71,784 · management and general $10,255 · fundraising $20,510

  • 24a · Other expenses: SUPPLY COSTS

    total $7,183,298 · program services $6,105,803 · management and general $718,330 · fundraising $359,165

  • 24b · Other expenses: TOURNAMENT EXPENSES

    total $5,232,712 · program services $5,232,712

  • 24c · Other expenses: PLAYER HOSPITALITY

    total $649,342 · program services $584,408 · management and general $64,934

  • 24d · Other expenses: ADMISSIONS FULFILLMENT

    total $624,539 · program services $437,177 · management and general $62,454 · fundraising $124,908

  • 24e · All other expenses

    total $1,709,681 · program services $1,258,070 · management and general $201,384 · fundraising $250,227

Balance sheet

Part X, book values.

  • 1 · Cash, non-interest-bearing

    beginning of year $2,537,527 · end of year $1,300,113

  • 3 · Pledges and grants receivable

    beginning of year $3,294,821 · end of year $2,364,586

  • 9 · Prepaid expenses and deferred charges

    beginning of year $157,688 · end of year $179,286

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

    $2,725,191

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

    $2,623,804

  • 10c · Land, buildings and equipment, net

    beginning of year $536,387 · end of year $101,387

  • 15 · Other assets

    beginning of year $202,503 · end of year $940,527

  • 17 · Accounts payable and accrued expenses

    beginning of year $6,458,995 · end of year $4,224,738

  • 23 · Secured mortgages and notes payable

    beginning of year $4,810,000 · end of year $4,954,192

  • 25 · Other liabilities

    beginning of year $203,771 · end of year $1,003,127

  • 27 · Net assets without donor restrictions

    beginning of year -$4,743,840 · end of year -$5,596,158

  • 28 · Net assets with donor restrictions

    end of year $300,000

Mission and programs · 2024

Mission

3M OPEN FUND IS A NONPROFIT ORGANIZATION CREATED TO RUN AN ANNUAL PGA TOUR SANCTIONED PROFESSIONAL GOLF TOURNAMENT THAT WILL CONTRIBUTE POSITIVELY TO THE LIFE IN THE COMMUNITY THROUGH DONATIONS OF THE NET PROCEEDS FROM THE EVENT.

Activities or mission (Part I)

3M OPEN FUND IS A NONPROFIT ORGANIZATION CREATED TO RUN AN ANNUAL PGA TOUR SANCTIONED PROFESSIONAL GOLF TOURNAMENT FOR CHARITY.

  • THE ORGANIZATION HELD A PGA TOUR SANCTIONED PROFESSIONAL GOLF TOURNAMENT IN JULY.

    Expenses $16,637,800 · Grants $700,373 · Revenue $14,233,400

As filed on the 2024 return.

Listed in Part VII

  • TERI REINSETH

    TREASURER

    Total calculated
    $0
    Hours/week
    0.5

  • JOHN BANOVETZ

    DIRECTOR

    Total calculated
    $0
    Hours/week
    0.5

  • JEFF LAVERS

    PRESIDENT

    Total calculated
    $0
    Hours/week
    0.5

  • KADY STOLL

    SECRETARY

    Total calculated
    $0
    Hours/week
    0.5

  • CARRIE HIGGS

    DIRECTOR

    Total calculated
    $0
    Hours/week
    0.5

  • RANDALL MCDANIEL

    DIRECTOR

    Total calculated
    $0
    Hours/week
    0.5

  • ARIA SAMENI

    DIRECTOR

    Total calculated
    $0
    Hours/week
    0.5

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

The 10 largest by cash amount. The API serves every itemized grant.

Provenance

Return type
form_990
Tax year
2024
Filed
29 April 2026
IRS schema version
2024v5.5
Source object
202631529349301123

Check it against the return as filed: the GivingTuesday Data Lake hosts a public copy of the original XML.

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