The James J Fiorentino Foundation
- Assets
- $10.7m
- Revenue
- $7.2m
- Investments
- $9.8m
- Employees
- 0
- Location
- Minneapolis, MN
- Founding
- 03/2008
- Data as of
- 06/2022
- EIN
- 26-0376471
Organization Overview
The James J Fiorentino Foundation is located in Minneapolis, MN. The organization was established in 2008. According to its NTEE Classification (A50) the organization is classified as: Museums, under the broad grouping of Arts, Culture & Humanities and related organizations. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. James J Fiorentino Foundation is a 501(c)(3) and as such, is described as a "Charitable or Religous organization or a private foundation" by the IRS.
For the year ending 06/2022, James J Fiorentino Foundation generated $7.2m in total revenue. All expenses for the organization totaled $706.6k during the year ending 06/2022. While expenses have increased by 93.8% per year over the past 6 years. They've been increasing with an increasing level of total revenue. You can explore the organizations financials more deeply in the financial statements section below.
Form
990PF
Mission & Program ActivityExcerpts From the 990PF Filing
TAX YEAR
2022
Describe the Organization's Program Activity:
Part 3 - Line 4a
THE JAMES J. FIORENTINO FOUNDATION EXISTS AND OPERATES TO SAFEGUARD AND SHOWCASE ITSHISTORICAL COLLECTION OF CUCKOO CLOCKS, OTHER CLOCKS, VINTAGE MUSICAL ARTIFACTS ANDINTRIGUING COLLECTIBLES. THE FOUNDATION ALSO OPERATES WITH THE OBJECTIVE OF ADVANCINGGENERAL KNOWLEDGE OF RELATED TOPICS, INCLUDING EDUCATION AND POPULAR INSTRUCTION. THEMUSEUM SEEKS TO INSPIRE APPRECIATION FOR ITS PORTFOLIO OF DISPLAYED ITEMS, INCLUDING THEHUMAN CRAFTSMANSHIP GIVING RISE TO SAME, WHILE CONCURRENTLY HONORING THE VISION OF ITSFOUNDER, JAMES J. FIORENTINO. THE FOUNDATION HAS ALSO CATALOGUED AND RESEARCHED THECURRENTLY EXISTING COLLECTION, AND THOSE EFFORTS CONTINUE. THE FOUNDATION OFFERSEDUCATIONAL OPPORTUNITIES AND ALSO UTILIZES MUSEUM STUDIES STUDENTS OR GRADUATES TOHELP MEET THAT OBJECTIVE. THE MUSEUM RENOVATIONS CREATE A SAFE AND WELCOMING SPACEFOR VISITORS AS WELL AS PRESERVING THE PHYSICAL ITEMS FOR THE ENJOYMENT AND EDUCATION OFPATRONS FOR YEARS TO COME.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Jeff Weeks President & Trustee | 33 | $104,000 | |
Brad Myrvold Trustee | 2 | $0 | |
Angie Weeks Treasurer & Secretary | 8 | $0 |
Outside Vendors & Contractors
| Vendor Name (Service) | Service Year | Compensation |
|---|---|---|
Collins Buckley Sauntry & Haugh Pllp | 6/29/21 | $473,035 |
Redpath & Co | 6/29/21 | $76,923 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Contributions, Gifts, Grants & Similar | $6,920,184 |
| Interest on Savings | $0 |
| Dividends & Interest | $50,765 |
| Net Rental Income | $0 |
| Net Gain on Sale of Assets | $153,903 |
| Capital Gain Net Income | $153,903 |
| Net ST Capital Gain | $129,806 |
| Income Modifications | $0 |
| Profit on Inventory Sales | $0 |
| Other Income | $37,121 |
| Total Revenue | $7,161,973 |
| Statement of Expenses | |
|---|---|
| Compensation of officers, directors, trustees, etc | $104,000 |
| Other employee salaries and wages | $175,576 |
| Pension plans, employee benefits | $0 |
| Interest | $0 |
| Taxes | $23,181 |
| Depreciation | $12,054 |
| Occupancy | $63,646 |
| Travel, conferences, and meetings | $0 |
| Printing and publications | $0 |
| Other expenses | $15,776 |
| Total operating and administrative expenses | $706,560 |
| Contributions, gifts, grants paid | $0 |
| Total expenses and disbursements | $706,560 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $74,192 |
| Savings and temporary cash investments | $104,553 |
| Net Accounts receivable | $0 |
| Net Pledges Receivable | $0 |
| Grants receivable | $0 |
| Receivables from Officers, Directors, or Controlling Persons | $0 |
| Net other notes and loans receivable | $0 |
| Inventories for sale or use | $0 |
| Prepaid expenses and deferred charges | $0 |
| Net Investments - land, buildings, equipment | $0 |
| Investments—mortgage loans | $0 |
| Investments—other | $4,347,993 |
| Net Land, buildings, and equipment | $384,009 |
| Other assets | $425,346 |
| Total assets | $10,747,868 |
| Accounts payable and accrued expenses | $0 |
| Grants payable | $0 |
| Deferred revenue | $0 |
| Loans and other payables to any current Officer, Director, or Controlling Person | $0 |
| Mortgages and other notes payable | $0 |
| Other liabilities | $0 |
| Total liabilities | $0 |
Grants Awarded
Over the last fiscal year, The James J Fiorentino Foundation has awarded $5,360 in support to 12 organizations.
| Grant Recipient | Amount |
|---|---|
YMCA CAMPS PURPOSE: CHILDREN | $1,200 |
ST JUDE CHILDRENS PURPOSE: CHILDREN | $1,000 |
BASILICA OF ST MARY PURPOSE: CHARITABLE DONATION | $1,000 |
ST STEPHENS HUMAN SV CS PURPOSE: POOR PEOPLE | $600 |
ST JOSEPH'S HOSPITAL PURPOSE: CHILDREN | $400 |
OUR LADY OF GOOD COUNCIL PURPOSE: CHARITABLE DONATION | $400 |
Peer Organizations
| Organization Name | Assets | Revenue |
|---|---|---|
Milwaukee Public Museum Inc Milwaukee, WI | $17,354,362 | $14,883,405 |
Historic Arnolds Park Inc Arnolds Park, IA | $45,905,371 | $12,228,274 |
National Czech & Slovak Museum & Library Cedar Rapids, IA | $33,480,949 | $3,909,322 |
Vesterheim Norwegian American Museum Decorah, IA | $24,953,272 | $7,187,886 |
Leigh Yawkey Woodson Art Museum Inc Wausau, WI | $54,767,608 | $3,707,378 |
Danish Immigrant Museum Elk Horn, IA | $10,787,918 | $1,977,649 |
National Railroad Museum Inc Green Bay, WI | $10,947,980 | $3,836,753 |
Door County Maritime Museum & Lighthouse Preservation Society In Sturgeon Bay, WI | $12,430,907 | $3,874,583 |
Wisconsin Maritime Museum Inc Manitowoc, WI | $5,537,448 | $1,354,482 |
National Sprint Car Hall Of Fame & Museum Foundation Inc Knoxville, IA | $7,797,948 | $2,501,286 |
Lake Superior Railroad Museum Duluth, MN | $1,428,444 | $1,322,754 |
Pavek Museum Of Broadcasting St Louis Park, MN | $6,139,052 | $709,013 |