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← FATHER FLANAGANS FUND FOR NEEDY CHILDREN

Form 990 for tax year 2022

Filed by FATHER FLANAGANS FUND FOR NEEDY CHILDREN.

Totals

Total revenue
$74,124,333
Total expenses
$50,829,533
Contributions and grants received
$0
Grants paid
$48,931,000
Program service revenue
$0
Investment income
$74,124,333
Other revenue
$0
Total assets, end of year
$985,185,488
Total liabilities, end of year
$1,057,790
Net assets or fund balances, end of year
$984,127,698
Program services expenses (Part IX)
$48,931,000
Management and general expenses
$1,898,533
Fundraising expenses
$0
Program service expenses (Part III)
$48,931,000

Program services were 96.3% 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.

  • 3 · Investment income

    total $3,627,035 · unrelated business -$453,924 · excluded $4,080,959

  • 7a · Gross sales of assets other than inventory

    securities $1,427,264,124

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

    securities $1,356,766,826

  • 7c · Gain or loss

    securities $70,497,298

  • 7d · Net gain or loss

    total $70,497,298 · excluded $70,497,298

Functional expenses

Part IX, the statement of functional expenses.

  • 1 · Grants to domestic organizations and governments

    total $48,931,000 · program services $48,931,000

  • 2 · Grants to domestic individuals

    total $0

  • 3 · Grants to foreign organizations and individuals

    total $0

  • 4 · Benefits paid to or for members

    total $0

  • 5 · Compensation of officers, directors and key employees

    total $0

  • 6 · Compensation of disqualified persons

    total $0

  • 7 · Other salaries and wages

    total $0

  • 8 · Pension plan contributions

    total $0

  • 9 · Other employee benefits

    total $0

  • 10 · Payroll taxes

    total $0

  • 11a · Fees: management

    total $0

  • 11b · Fees: legal

    total $0

  • 11c · Fees: accounting

    total $0

  • 11d · Fees: lobbying

    total $0

  • 11f · Fees: investment management

    total $1,398,533 · management and general $1,398,533

  • 11g · Fees: other

    total $0

  • 12 · Advertising and promotion

    total $0

  • 13 · Office expenses

    total $0

  • 14 · Information technology

    total $0

  • 15 · Royalties

    total $0

  • 16 · Occupancy

    total $0

  • 17 · Travel

    total $0

  • 18 · Travel or entertainment for public officials

    total $0

  • 19 · Conferences, conventions and meetings

    total $0

  • 20 · Interest

    total $0

  • 21 · Payments to affiliates

    total $0

  • 22 · Depreciation, depletion and amortization

    total $0

  • 23 · Insurance

    total $0

  • 24a · Other expenses: Federal income tax

    total $500,000 · management and general $500,000

  • 24e · All other expenses

    total $0

Balance sheet

Part X, book values.

  • 11 · Investments: publicly traded securities

    beginning of year $258,653,719 · end of year $214,040,587

  • 12 · Investments: other securities

    beginning of year $854,970,326 · end of year $770,784,537

  • 15 · Other assets

    beginning of year $230,759 · end of year $360,364

  • 17 · Accounts payable and accrued expenses

    beginning of year $641,871 · end of year $1,057,790

  • 27 · Net assets without donor restrictions

    beginning of year $1,113,212,933 · end of year $984,127,698

Mission and programs · 2022

Mission

Father Flanagans Fund For Needy Children has the power to receive, hold and invest property for the exclusive benefit of Father Flanagans Boys Home Boys Town, an exempt 501c3 organization. It may carry out this purpose by distributing assets directly to Boys Town or by applying its assets directly to the purposes of Boys Town.

Activities or mission (Part I)

Father Flanagans Fund For Needy Children has the power to receive, hold and invest property of any nature for the exclusive benefit of Father Flanagans Boys Home Boys Town, an exempt 501c3 organization.

  • Distributed funds to Father Flanagans Boys Home Boys Town, an affiliated 501c3 organization to support its exempt purposes. Father Flanagans Fund For Needy Children manages and invests the long term investments for Boys Town.

    Expenses $48,931,000 · Grants $48,931,000

As filed on the 2022 return.

Listed in Part VII

  • Rodney J Kempkes

    CEO

    Total calculated
    $589,710
    From this org
    $0
    From related orgs
    $547,522
    Other
    $42,188
    Hours/week
    5 + 35 related

    Schedule J breakdown matched by us

    Base
    not reported + $544,026 related
    Bonus
    not reported
    Other
    not reported + $3,495 related
    Deferred
    not reported + $18,300 related
    Nontaxable benefits
    not reported + $23,888 related
    Filer's total
    not reported + $589,709 related

  • Judy F Rasmussen CPA

    Chief Financial Officer, Treasurer

    Total calculated
    $431,192
    From this org
    $0
    From related orgs
    $405,795
    Other
    $25,397
    Hours/week
    5 + 35 related

    Schedule J breakdown matched by us

    Base
    not reported + $401,162 related
    Bonus
    not reported
    Other
    not reported + $4,633 related
    Deferred
    not reported + $18,300 related
    Nontaxable benefits
    not reported + $7,097 related
    Filer's total
    not reported + $431,192 related

  • Dana E Washington

    General Counsel

    Total calculated
    $396,328
    From this org
    $0
    From related orgs
    $371,504
    Other
    $24,824
    Hours/week
    5 + 35 related

    Schedule J breakdown matched by us

    Base
    not reported + $369,125 related
    Bonus
    not reported
    Other
    not reported + $2,379 related
    Deferred
    not reported + $18,300 related
    Nontaxable benefits
    not reported + $6,524 related
    Filer's total
    not reported + $396,328 related

  • Monty J Horine

    Corporate Secretary

    Total calculated
    $283,958
    From this org
    $0
    From related orgs
    $265,456
    Other
    $18,502
    Hours/week
    5 + 35 related

    Schedule J breakdown matched by us

    Base
    not reported + $262,021 related
    Bonus
    not reported
    Other
    not reported + $3,435 related
    Deferred
    not reported + $15,763 related
    Nontaxable benefits
    not reported + $2,739 related
    Filer's total
    not reported + $283,958 related

  • Randall A Ptacek

    Director Treasury Operations

    Total calculated
    $214,116
    From this org
    $0
    From related orgs
    $171,978
    Other
    $42,138
    Hours/week
    5 + 35 related

    Schedule J breakdown matched by us

    Base
    not reported + $170,719 related
    Bonus
    not reported
    Other
    not reported + $1,259 related
    Deferred
    not reported + $10,740 related
    Nontaxable benefits
    not reported + $31,398 related
    Filer's total
    not reported + $214,116 related

  • James Beckmann

    Assistant Corporate Secretary

    Total calculated
    $205,024
    From this org
    $0
    From related orgs
    $174,612
    Other
    $30,412
    Hours/week
    5 + 35 related

    Schedule J breakdown matched by us

    Base
    not reported + $173,857 related
    Bonus
    not reported
    Other
    not reported + $755 related
    Deferred
    not reported + $10,688 related
    Nontaxable benefits
    not reported + $19,724 related
    Filer's total
    not reported + $205,024 related

  • Father Steven E Boes

    President

    Total calculated
    $203,828
    From this org
    $0
    From related orgs
    $134,708
    Other
    $69,120
    Hours/week
    5 + 35 related

    Schedule J breakdown matched by us

    Base
    not reported + $130,119 related
    Bonus
    not reported
    Other
    not reported + $4,589 related
    Deferred
    not reported + $60,635 related
    Nontaxable benefits
    not reported + $8,485 related
    Filer's total
    not reported + $203,828 related

  • Rebecca E Duseau

    Director

    Total calculated
    $0
    Hours/week
    1

  • Michael P Sullivan

    Director

    Total calculated
    $0
    Hours/week
    1

  • Helen Fox-O'Brien

    Chairman

    Total calculated
    $0
    Hours/week
    1

  • Dorr Begnal

    Director

    Total calculated
    $0
    Hours/week
    1

  • Erik Lundberg

    Director

    Total calculated
    $0
    Hours/week
    1

  • Robert R Matejek end December 1 202

    Director

    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. 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

The filer's explanations (Part III)

Part I Line 3
Father Flanagans Fund for Needy Children relied on its parent organization, Father Flanagans Boys Home Boys Town, to establish the compensation of its top management official. The Boys Town Board of Trustees Compensation Committee determined the compensation using data from a study of similarly qualified persons in functionally comparable positions at similarly situated organizations. Docmentation of the decisions made regarding the compensation have been maintained with the determination incorporated in an employment contract with the executive director. The CEO does not have a contract.

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

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
2022
Filed
14 November 2023
IRS schema version
2022v5.0
Source object
202343189349316464

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