Wallestad Foundation
- Assets
- $7.6m
- Revenue
- $742.3k
- Investments
- $7.1m
- Employees
- 0
- Location
- Edina, MN
- Founding
- 03/1987
- Data as of
- 12/2021
- EIN
- 36-3485265
Organization Overview
Wallestad Foundation is located in Edina, MN. The organization was established in 1987. According to its NTEE Classification (T20) the organization is classified as: Private Grantmaking Foundations, under the broad grouping of Philanthropy, Voluntarism & Grantmaking Foundations and related organizations. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Wallestad 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 12/2021, Wallestad Foundation generated $742.3k in total revenue. The organization has seen a slow decline revenue. Over the past 7 years, revenues have fallen by an average of (0.8%) each year. All expenses for the organization totaled $566.2k during the year ending 12/2021. As we would expect to see with falling revenues, expenses have declined by (1.4%) per year over the past 7 years. You can explore the organizations financials more deeply in the financial statements section below.
Since 2016, Wallestad Foundation has awarded 78 individual grants totaling $2,278,020. 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.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Andy Bennett President | 10 | $50,000 | |
Jay L Bennett Director | 5 | $0 | |
William Dunkley Director | 1 | $0 | |
Andrew Giertsen Director | 1 | $0 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Contributions, Gifts, Grants & Similar | $0 |
| Interest on Savings | $27,827 |
| Dividends & Interest | $303,862 |
| Net Rental Income | $0 |
| Net Gain on Sale of Assets | $408,991 |
| Capital Gain Net Income | $408,991 |
| Net ST Capital Gain | $0 |
| Income Modifications | $0 |
| Profit on Inventory Sales | $0 |
| Other Income | $1,594 |
| Total Revenue | $742,274 |
| Statement of Expenses | |
|---|---|
| Compensation of officers, directors, trustees, etc | $50,000 |
| Other employee salaries and wages | $0 |
| Pension plans, employee benefits | $0 |
| Interest | $0 |
| Taxes | $1,380 |
| Depreciation | $0 |
| Occupancy | $0 |
| Travel, conferences, and meetings | $0 |
| Printing and publications | $0 |
| Other expenses | $4,837 |
| Total operating and administrative expenses | $139,605 |
| Contributions, gifts, grants paid | $426,600 |
| Total expenses and disbursements | $566,205 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $267,134 |
| Savings and temporary cash investments | $283,697 |
| 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 | $493,119 |
| Net Land, buildings, and equipment | $0 |
| Other assets | $0 |
| Total assets | $7,645,247 |
| 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, Wallestad Foundation has awarded $426,600 in support to 14 organizations.
| Grant Recipient | Amount |
|---|---|
Alpharetta, GA PURPOSE: GENERAL PURPOSE | $200,000 |
Minneapolis, MN PURPOSE: GENERAL PURPOSE | $62,500 |
Corcoran, MN PURPOSE: GENERAL PURPOSE | $60,000 |
Tallulah Falls, GA PURPOSE: GENERAL PURPOSE | $28,000 |
HOPE ACADEMY PURPOSE: GENERAL PURPOSE | $15,600 |
New York, NY PURPOSE: GENERAL PURPOSE | $10,000 |
Peer Organizations
| Organization Name | Assets | Revenue |
|---|---|---|
Otto Bremer Trust St Paul, MN | $1,543,197,073 | $135,875,116 |
The Robert D And Patricia E Kern Family Foundation Inc Waukesha, WI | $717,991,169 | $43,480,423 |
The Richard M Schulze Family Foundation Minneapolis, MN | $250,424,427 | $45,882,285 |
Fred C And Katherine B Andersen Foundation Bayport, MN | $1,210,701,778 | $63,445,932 |
Manitou Fund White Bear Lake, MN | $1,003,593,689 | $40,882,622 |
Lynne & Andrew Redleaf Foundation Minneapolis, MN | $127,717,345 | $981,960 |
Northwest Area Foundation St Paul, MN | $512,755,007 | $38,144,816 |
U S Bancorp Foundation Milwaukee, WI | $68,350,907 | $6,892,078 |
Medtronic Communities Foundation Minneapolis, MN | $54,271,830 | $230,239 |
General Mills Foundation Minneapolis, MN | $0 | -$304,053 |
J A Wedum Foundation Plymouth, MN | $141,295,178 | $28,441,684 |
Bader Philanthropies Inc Milwaukee, WI | $26,809,232 | $30,829,351 |