Friends Of Education
- Assets
- $2.7m
- Revenue
- $922.0k
- Investments
- $0.0
- Employees
- 0
- Location
- Minnetonka, MN
- Founding
- 08/1999
- Data as of
- 08/2022
- 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 08/2022, Friends Of Education generated $922.0k in total revenue. This represents a relatively dramatic decline in revenue. Over the past 7 years, the organization has seen revenues fall by an average of (8.5%) each year. All expenses for the organization totaled $1.1m during the year ending 08/2022. You can explore the organizations financials more deeply in the financial statements section below.
Since 2015, Friends Of Education has awarded 67 individual grants totaling $885,381. 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
2022
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 |
|---|---|---|---|
Peter Bell Director/co-Treasurer | OfficerTrustee | 2 | $0 |
John Bendt Director/co-Treasurer | OfficerTrustee | 2 | $0 |
Beth Topoluk Director/secretary | OfficerTrustee | 2 | $0 |
Edward Flaherty Director | Trustee | 2 | $0 |
James Kopp Director | Trustee | 2 | $0 |
Mike Frey Director | Trustee | 2 | $0 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Federated campaigns | $0 |
| Membership dues | $0 |
| Fundraising events | $0 |
| Related organizations | $0 |
| Government grants | $0 |
| All other contributions, gifts, grants, and similar amounts not included above | $889,686 |
| Noncash contributions included in lines 1a–1f | $0 |
| Total Revenue from Contributions, Gifts, Grants & Similar | $889,686 |
| Total Program Service Revenue | $0 |
| Investment income | $32,277 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $0 |
| Net Gain/Loss on Asset Sales | $0 |
| Net Income from Fundraising Events | $0 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $0 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $921,963 |
| Statement of Expenses | |
|---|---|
| Grants and other assistance to domestic organizations and domestic governments. | $141,721 |
| 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 | $490,853 |
| Fees for services: Legal | $2,968 |
| Fees for services: Accounting | $23,113 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $398,701 |
| Advertising and promotion | $20,895 |
| Office expenses | $5,512 |
| 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 | $1,510 |
| Interest | $0 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $0 |
| Insurance | $0 |
| All other expenses | $0 |
| Total functional expenses | $1,108,628 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $63,754 |
| Savings and temporary cash investments | $315,220 |
| 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 | $2,276,272 |
| Investments—other securities | $0 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $0 |
| Total assets | $2,655,246 |
| Accounts payable and accrued expenses | $6,924 |
| 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 | $6,924 |
| Net assets without donor restrictions | $2,648,322 |
| 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 | $2,655,246 |
Grants Awarded
Over the last fiscal year, Friends Of Education has awarded $131,428 in support to 10 organizations.
| Grant Recipient | Amount |
|---|---|
Ham Lake, MN PURPOSE: GENERAL SUPPORT | $27,400 |
Minnetonka, MN PURPOSE: GENERAL SUPPORT | $17,750 |
Cologne, MN PURPOSE: GENERAL SUPPORT | $15,000 |
Bloomington, MN PURPOSE: GENERAL SUPPORT | $14,000 |
Stillwater, MN PURPOSE: GENERAL SUPPORT | $12,278 |
Minneapolis, MN PURPOSE: GENERAL SUPPORT | $11,250 |
Grants Recieved
Over the last fiscal year, we have identified 3 grants that Friends Of Education has recieved totaling $6,000.
| Awarding Organization | Amount |
|---|---|
Bieber Family Foundation Eden Prairie, MN PURPOSE: SUPPORT OF CHARITABLE ACTIVITIES | $2,000 |
Bieber Family Foundation Eden Prairie, MN PURPOSE: SUPPORT OF CHARITABLE ACTIVITIES | $2,000 |
Bieber Family Foundation Eden Prairie, MN PURPOSE: SUPPORT OF CHARITABLE ACTIVITIES | $2,000 |
Endowment Analysis
| Beg. Balance | $2,831,539 |
| Earnings | -$249,823 |
| Admin Expense | $175 |
| Other Expense | $122,908 |
| Ending Balance | $2,458,633 |
Peer Organizations
| Organization Name | Assets | Revenue |
|---|---|---|
University Of Northern Iowa Foundation Cedar Falls, IA | $173,378,893 | $31,725,389 |
National Assistance Foundation Des Moines, IA | $16,519,301 | $16,875,706 |
Sioux Falls Christian Schools Association Sioux Falls, SD | $33,580,780 | $15,294,565 |
University Research Park Inc Madison, WI | $162,117,796 | $19,527,506 |
Grinnell College Medical Benefit Plan Trust Agreement Grinnell, IA | $11,174,588 | $9,791,771 |
University Of Wisconsin-Eau Claire Foundation Inc Eau Claire, WI | $103,402,476 | $22,599,486 |
Iowa State University Research Park Corp Ames, IA | $68,199,725 | $11,124,615 |
Minnesota State University Mankato Foundation Incorporated Mankato, MN | $77,015,205 | $9,285,148 |
University Gateway Corporation Minneapolis, MN | $78,655,248 | $6,023,242 |
Charles & Ellora Alliss Educational Foundation Milwaukee, WI | $87,576,345 | $9,781,011 |
Iowa High School Athleticassociation Boone, IA | $17,327,220 | $5,760,245 |
St Cloud State University Foundation Inc St Cloud, MN | $54,919,652 | $10,818,973 |