Grain Elevator & Processing Society
- Assets
- $4.3m
- Revenue
- $3.8m
- Investments
- $1.3m
- Employees
- 12
- Location
- Golden Valley, MN
- Founding
- 09/2011
- Data as of
- 06/2023
- EIN
- 36-6101799
Organization Overview
Grain Elevator & Processing Society is located in Golden Valley, MN. The organization was established in 2011. According to its NTEE Classification (S41) the organization is classified as: Chambers of Commerce & Business Leagues, under the broad grouping of Community Improvement & Capacity Building and related organizations. As of 06/2023, Grain Elevator & Processing Society employed 12 individuals. This organization is a parent organization of an affiliated group for tax-exemption purposes. Grain Elevator & Processing Society is a 501(c)(6) and as such, is described as a "Business League, Chambers of Commerce, or Real Estate Board" by the IRS.
For the year ending 06/2023, Grain Elevator & Processing Society generated $3.8m in total revenue. The organization has seen a slow decline revenue. Over the past 6 years, revenues have fallen by an average of (1.5%) each year. All expenses for the organization totaled $3.2m during the year ending 06/2023. As we would expect to see with falling revenues, expenses have declined by (1.0%) per year over the past 6 years. You can explore the organizations financials more deeply in the financial statements section below.
Form
990
Mission & Program ActivityExcerpts From the 990 Filing
TAX YEAR
2023
Describe the Organization's Mission:
Part 3 - Line 1
TO CHAMPION, CONNECT AND SERVE THE GLOBAL GRAIN INDUSTRY AND OUR MEMBERS.
Describe the Organization's Program Activity:
Part 3 - Line 4a
GEAPS PROVIDES EDUCATIONAL PROGRAMS AND NETWORKING OPPORTUNITIES FOR GRAIN-RELATED INDUSTRY PROFESSIONALS. GEAPS LAUNCHED A NEW PODCAST CHANNEL, BROUGHT BACK AN IN-PERSON LEADERSHIP CONFERENCE, LAUNCHED A RE-VAMPED INTRODUCTION TO THE INDUSTRY COURSE AND SET A NEW STRATEGIC PLAN FOCUSING ON THOUGHT LEADERSHIP, DYNAMIC CAREERS AND GLOBAL GROWTH.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Barb Grove Board Chair | OfficerTrustee | 2.5 | $0 |
Chris Blair President | OfficerTrustee | 2.5 | $0 |
Holly Betten Director | Trustee | 1 | $0 |
Austin Carpenter 2nd Vice President | OfficerTrustee | 1 | $0 |
Bob Horvat Treasurer | OfficerTrustee | 1 | $0 |
Casey Abel Director | Trustee | 1 | $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 | $0 |
| Noncash contributions included in lines 1a–1f | $0 |
| Total Revenue from Contributions, Gifts, Grants & Similar | $0 |
| Total Program Service Revenue | $3,435,788 |
| Investment income | $54,173 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $0 |
| Net Gain/Loss on Asset Sales | -$64,516 |
| Net Income from Fundraising Events | $0 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $0 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $3,776,705 |
| Statement of Expenses | |
|---|---|
| Grants and other assistance to domestic organizations and domestic governments. | $0 |
| 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. | $336,527 |
| Compensation of current officers, directors, key employees. | $0 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $880,156 |
| Pension plan accruals and contributions | $0 |
| Other employee benefits | $26,320 |
| Payroll taxes | $88,377 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $22,897 |
| Fees for services: Accounting | $0 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $14,352 |
| Fees for services: Other | $40,153 |
| Advertising and promotion | $68,380 |
| Office expenses | $0 |
| Information technology | $304,090 |
| Royalties | $0 |
| Occupancy | $91,652 |
| Travel | $58,188 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $840,305 |
| Interest | $0 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $3,869 |
| Insurance | $29,638 |
| All other expenses | $110,737 |
| Total functional expenses | $3,194,853 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $197,861 |
| Savings and temporary cash investments | $710,450 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $69,916 |
| 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 | $67,958 |
| Net Land, buildings, and equipment | $9,349 |
| Investments—publicly traded securities | $1,911,858 |
| Investments—other securities | $1,262,455 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $110,928 |
| Total assets | $4,340,775 |
| Accounts payable and accrued expenses | $43,723 |
| Grants payable | $0 |
| Deferred revenue | $483,776 |
| 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 | $100,879 |
| Total liabilities | $628,378 |
| Net assets without donor restrictions | $1,212,397 |
| Net assets with donor restrictions | $2,500,000 |
| 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 | $4,340,775 |