Friends Of Education
- Assets
- $3.1m
- Revenue
- $1.5m
- Investments
- $0.0
- Employees
- 0
- Location
- Minnetonka, MN
- Founding
- 08/1999
- Data as of
- 08/2023
- EIN
- 31-1646135
Organization Overview
Friends Of Education is located in Minnetonka, MN. The organization was established in 1999. According to its NTEE Classification (B11) the organization is classified as: Single Organization Support, under the broad grouping of Education and related organizations. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Friends Of Education 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 08/2023, Friends Of Education generated $1.5m in total revenue. The organization has seen a slow decline revenue. Over the past 8 years, revenues have fallen by an average of (1.9%) each year. All expenses for the organization totaled $1.1m during the year ending 08/2023. You can explore the organizations financials more deeply in the financial statements section below.
Since 2015, Friends Of Education has awarded 61 individual grants totaling $769,779. If you would like to learn more about the grant giving history of this organization, scroll down to the grant profile section of this page.
Form
990
Mission & Program ActivityExcerpts From the 990 Filing
TAX YEAR
2023
Describe the Organization's Mission:
Part 3 - Line 1
THE ORGANIZATION'S MISSION IS TO IMPROVE THE EDUCATION OF CHILDREN.
Describe the Organization's Program Activity:
Part 3 - Line 4a
TO AUTHORIZE CHARTER SCHOOLS.
TO SUPPORT PROGRAMS WHICH IMPROVE STUDENT ACHIEVEMENT.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Michael Jones Director | Trustee | 2 | $0 |
Edward Flaherty Director | Trustee | 2 | $0 |
James Kopp Director/chairman | OfficerTrustee | 2 | $0 |
Mike Frey Director | Trustee | 2 | $0 |
Peter Bell Director/co-Treasurer | OfficerTrustee | 2 | $0 |
Greg Pulles Director | Trustee | 2 | $0 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Federated campaigns | $0 |
| Membership dues | $0 |
| Fundraising events | $0 |
| Related organizations | $0 |
| Government grants | $2,796 |
| All other contributions, gifts, grants, and similar amounts not included above | $1,198,523 |
| Noncash contributions included in lines 1a–1f | $0 |
| Total Revenue from Contributions, Gifts, Grants & Similar | $1,201,319 |
| Total Program Service Revenue | $0 |
| Investment income | $45,512 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $0 |
| Net Gain/Loss on Asset Sales | $217,175 |
| Net Income from Fundraising Events | $0 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $0 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $1,464,006 |
| Statement of Expenses | |
|---|---|
| Grants and other assistance to domestic organizations and domestic governments. | $88,618 |
| Grants and other assistance to domestic individuals. | $0 |
| Grants and other assistance to Foreign Orgs/Individuals | $0 |
| Benefits paid to or for members | $0 |
| Compensation of current officers, directors, key employees. | $0 |
| Compensation of current officers, directors, key employees. | $0 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $0 |
| Pension plan accruals and contributions | $0 |
| Other employee benefits | $0 |
| Payroll taxes | $0 |
| Fees for services: Management | $490,421 |
| Fees for services: Legal | $3,770 |
| Fees for services: Accounting | $24,946 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $443,217 |
| Advertising and promotion | $17,652 |
| Office expenses | $4,190 |
| Information technology | $0 |
| Royalties | $0 |
| Occupancy | $0 |
| Travel | $0 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $6,654 |
| Interest | $0 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $0 |
| Insurance | $0 |
| All other expenses | $0 |
| Total functional expenses | $1,104,674 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $80,426 |
| Savings and temporary cash investments | $311,426 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $0 |
| Loans from Officers, Directors, or Controlling Persons | $0 |
| Loans from Disqualified Persons | $0 |
| Notes and loans receivable | $0 |
| Inventories for sale or use | $0 |
| Prepaid expenses and deferred charges | $0 |
| Net Land, buildings, and equipment | $0 |
| Investments—publicly traded securities | $2,682,755 |
| Investments—other securities | $0 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $0 |
| Total assets | $3,074,607 |
| Accounts payable and accrued expenses | $14,438 |
| Grants payable | $0 |
| Deferred revenue | $0 |
| Tax-exempt bond liabilities | $0 |
| Escrow or custodial account liability | $0 |
| Loans and other payables to any current Officer, Director, or Controlling Person | $0 |
| Secured mortgages and notes payable | $0 |
| Unsecured mortgages and notes payable | $0 |
| Other liabilities | $0 |
| Total liabilities | $14,438 |
| Net assets without donor restrictions | $3,060,169 |
| Net assets with donor restrictions | $0 |
| Capital stock or trust principal, or current funds | $0 |
| Paid-in or capital surplus, or land, building, or equipment fund | $0 |
| Retained earnings, endowment, accumulated income, or other funds | $0 |
| Total liabilities and net assets/fund balances | $3,074,607 |
Grants Awarded
Over the last fiscal year, Friends Of Education has awarded $83,768 in support to 8 organizations.
| Grant Recipient | Amount |
|---|---|
ST CROIX PREPARATORY ACADEMY PURPOSE: GENERAL SUPPORT | $19,500 |
EAGLE RIDGE ACADEMY PURPOSE: GENERAL SUPPORT | $17,440 |
SEVEN HILLS PREPARATORY ACADEMY PURPOSE: GENERAL SUPPORT | $5,794 |
ASPEN ACADEMY PURPOSE: GENERAL SUPPORT | $9,500 |
HENNEPIN ELEMENTARY SCHOOL PURPOSE: GENERAL SUPPORT | $6,000 |
YINGHUA ACADEMY PURPOSE: GENERAL SUPPORT | $9,534 |