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← POTATO LEADERSHIP EDUCATION AND ADVANCEMENT FOUNDATION

Form 990 for tax year 2022

Filed by POTATO LEADERSHIP EDUCATION AND ADVANCEMENT FOUNDATION.

Totals

Total revenue
$169,181
Total expenses
$148,570
Contributions and grants received
$60,789
Grants paid
$10,000
Program service revenue
$60,450
Investment income
$29,542
Other revenue
$18,400
Total assets, end of year
$2,192,214
Total liabilities, end of year
$19,122
Net assets or fund balances, end of year
$2,173,092
Program services expenses (Part IX)
$117,305
Management and general expenses
$31,265
Fundraising expenses
$0
Program service expenses (Part III)
$117,305

Program services were 79.0% 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

    $60,789

  • 1g · Noncash contributions included above

    $38,835

  • 2a · Program service revenue: Educational programs

    total $60,450 · related or exempt $60,450

  • 3 · Investment income

    total $51,014 · excluded $51,014

  • 7a · Gross sales of assets other than inventory

    securities $189,328

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

    securities $210,800

  • 7c · Gain or loss

    securities -$21,472

  • 7d · Net gain or loss

    total -$21,472 · excluded -$21,472

  • 8a · Fundraising events: gross income

    $57,235

  • 8b · Fundraising events: direct expenses

    $38,835

  • 8c · Net income from fundraising events

    total $18,400 · excluded $18,400

Functional expenses

Part IX, the statement of functional expenses.

  • 2 · Grants to domestic individuals

    total $10,000 · program services $10,000

  • 11c · Fees: accounting

    total $4,910 · management and general $4,910

  • 11f · Fees: investment management

    total $7,854 · management and general $7,854

  • 11g · Fees: other

    total $15,497 · program services $15,175 · management and general $322

  • 13 · Office expenses

    total $8,472 · program services $4,806 · management and general $3,666

  • 14 · Information technology

    total $8,200 · management and general $8,200

  • 19 · Conferences, conventions and meetings

    total $64,585 · program services $64,275 · management and general $310

  • 24a · Other expenses: Dues and subscriptions

    total $26,451 · program services $23,049 · management and general $3,402

  • 24b · Other expenses: Taxes

    total $2,601 · management and general $2,601

Balance sheet

Part X, book values.

  • 1 · Cash, non-interest-bearing

    beginning of year $33,709 · end of year $10,044

  • 2 · Savings and temporary cash investments

    beginning of year $216,660 · end of year $217,959

  • 3 · Pledges and grants receivable

    beginning of year $653,767 · end of year $161,266

  • 9 · Prepaid expenses and deferred charges

    end of year $750

  • 11 · Investments: publicly traded securities

    beginning of year $1,285,007 · end of year $1,783,823

  • 15 · Other assets

    beginning of year $15,722 · end of year $18,372

  • 17 · Accounts payable and accrued expenses

    beginning of year $22,535

  • 25 · Other liabilities

    beginning of year $57,008 · end of year $19,122

  • 27 · Net assets without donor restrictions

    beginning of year $1,667,789 · end of year $1,910,076

  • 28 · Net assets with donor restrictions

    beginning of year $457,533 · end of year $263,016

Mission and programs · 2022

Mission

The Potato Leadership, Education, and Advancement Foundation is working to become the long-term funding source to support leadership development, educational programs, and other efforts to advance the potato industry in the United States.

Activities or mission (Part I)

Growing people who grow potatoes- See Schedule O

  • Leadership Development, Educational Training and Advancement Opportunities: Growers will learn how to become effective communicators, influencers, and decision-makers for the industry, broaden their understanding of the key opportunities, practices, and challenges affecting national potato production and build their industry network through unique opportunities for collaboration with grower-leaders from across the country. The Leadership Institute Alumni Summit brings together Institute graduates to network, refresh skills, and learn new techniques to better position themselves for success in the potato industry. The Potato Industry Leadership Institute brings together outstanding potato growers and industry representatives for eight days of training and professional development.

    Expenses $107,305 · Revenue $60,450

  • Withheld by Nonprofiteer: this text may name a private individual.

    Expenses $10,000 · Grants $10,000

As filed on the 2022 return. A text marked withheld matched a screen for wording that may name a private individual, such as an honorific or "in memory of". Most of what it withholds names no one; it is withheld so that what does is never shown.

Listed in Part VII

  • Shelley Olsen

    Director

    Total calculated
    $0
    Hours/week
    1
  • Wendy Dykstra

    Director

    Total calculated
    $0
    Hours/week
    1
  • RJ Andrus

    Vice Chairman of the Board

    Total calculated
    $0
    Hours/week
    2 + 5 related
  • Keith McGovern

    Director

    Total calculated
    $0
    Hours/week
    1
  • Brett Jensen

    Director

    Total calculated
    $0
    Hours/week
    1 + 1 related
  • Gregg Halverson

    Chairman of the Board

    Total calculated
    $0
    Hours/week
    2
  • William K Quarles

    President

    Total calculated
    $273,489
    From this org
    $0
    From related orgs
    $231,910
    Other
    $41,579
    Hours/week
    2 + 40 related

    Schedule J breakdown matched by us

    Base
    $0 + $231,910 related
    Bonus
    $0
    Other
    $0
    Deferred
    $0 + $13,726 related
    Nontaxable benefits
    $0 + $27,853 related
    Filer's total
    $0 + $273,489 related
  • Michael R Wenkel

    Vice President, Secretary/

    Total calculated
    $252,995
    From this org
    $0
    From related orgs
    $227,060
    Other
    $25,935
    Hours/week
    5 + 40 related

    Schedule J breakdown matched by us

    Base
    $0 + $227,060 related
    Bonus
    $0
    Other
    $0
    Deferred
    $0 + $13,132 related
    Nontaxable benefits
    $0 + $12,803 related
    Filer's total
    $0 + $252,995 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

The filer's explanations (Part III)

Schedule J, Part I, Line 3:
Methods used by related organization, National Potato Council, to establish compensation: Approval by the board or compensation committee

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.

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 March 2024
IRS schema version
2022v5.0
Source object
202430799349300123

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