Marshall H And Nellie Alworth Memorial Fund
- Assets
- $12.0m
- Revenue
- $2.2m
- Investments
- $11.0m
- Employees
- 0
- Location
- Duluth, MN
- Founding
- 02/1951
- Data as of
- 06/2022
- EIN
- 41-0797340
Organization Overview
Marshall H And Nellie Alworth Memorial Fund is located in Duluth, MN. The organization was established in 1951. 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. Marshall H And Nellie Alworth Memorial Fund 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, Marshall H And Nellie Alworth Memorial Fund generated $2.2m in total revenue. This represents relatively stable growth, over the past 7 years the organization has increased revenue by an average of 3.7% each year. All expenses for the organization totaled $1.5m during the year ending 06/2022. While expenses have increased by 1.4% per year over the past 7 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.
Since 2015, Marshall H And Nellie Alworth Memorial Fund has awarded 2,122 individual grants totaling $9,128,400. 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
990PF
Mission & Program ActivityExcerpts From the 990PF Filing
TAX YEAR
2022
Describe the Organization's Program Activity:
Part 3 - Line 4a
SCHOLARSHIPS PROGRAM FOR STUDENTS WHO HAVE OUTSTANDING SCHOLASTIC ABILITY AND THE POTENTIAL FOR ACHEIVEMENT IN THE SCIENCES.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Patty Salo Downs Executive Di | 40 | $69,814 | |
Patty Phillips President | 1 | $600 | |
Lonnie Swartz Vice Preside | 1 | $600 | |
Jeffrey Wig Director | 1 | $600 | |
Maggie Skelton Director | 1 | $600 | |
Pam Thomsen Director | 1 | $600 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Contributions, Gifts, Grants & Similar | $1,500,000 |
| Interest on Savings | $149 |
| Dividends & Interest | $171,927 |
| Net Rental Income | $0 |
| Net Gain on Sale of Assets | $372,533 |
| Capital Gain Net Income | $372,533 |
| Net ST Capital Gain | $0 |
| Income Modifications | $0 |
| Profit on Inventory Sales | $0 |
| Other Income | $176,791 |
| Total Revenue | $2,221,400 |
| Statement of Expenses | |
|---|---|
| Compensation of officers, directors, trustees, etc | $75,214 |
| Other employee salaries and wages | $39,432 |
| Pension plans, employee benefits | $0 |
| Interest | $0 |
| Taxes | $19,975 |
| Depreciation | $9,429 |
| Occupancy | $14,382 |
| Travel, conferences, and meetings | $10,084 |
| Printing and publications | $7,222 |
| Other expenses | $49,960 |
| Total operating and administrative expenses | $343,541 |
| Contributions, gifts, grants paid | $1,150,000 |
| Total expenses and disbursements | $1,493,541 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $0 |
| Savings and temporary cash investments | $887,034 |
| 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 | $25,262 |
| Investments—mortgage loans | $0 |
| Investments—other | $11,035,887 |
| Net Land, buildings, and equipment | $9,605 |
| Other assets | $2,125 |
| Total assets | $11,959,913 |
| Accounts payable and accrued expenses | $5,192 |
| 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 | $5,156 |
| Total liabilities | $10,348 |
Grants Awarded
Over the last fiscal year, Marshall H And Nellie Alworth Memorial Fund has awarded $1,150,000 in support to 240 organizations.
| Grant Recipient | Amount |
|---|---|
LAETITIA D FRANK-WICKHAM PURPOSE: EDUCATIONAL SCHOLARSHIP | $7,500 |
JACK ZUPETZ PURPOSE: EDUCATIONAL SCHOLARSHIP | $7,500 |
NOAH A HUNTER PURPOSE: EDUCATIONAL SCHOLARSHIP | $7,500 |
EMMA M KORHONEN PURPOSE: EDUCATIONAL SCHOLARSHIP | $7,500 |
BENJAMIN WILSON PURPOSE: EDUCATIONAL SCHOLARSHIP | $7,500 |
ANTHONY MICKENDROW PURPOSE: EDUCATIONAL SCHOLARSHIP | $5,000 |
Peer Organizations
| Organization Name | Assets | Revenue |
|---|---|---|
Charles K Blandin Foundation Grand Rapids, MN | $0 | $24,073,238 |
Reiman Foundation Inc Pewaukee, WI | $64,480,239 | $12,529,672 |
American Family Insurance Dreams Foundation Inc Madison, WI | $10,733,127 | $6,580,229 |
Joseph And Vera Zilber Charitable Foundation Inc Milwaukee, WI | $301,880,639 | $24,555,392 |
Argosy Foundation Milwaukee, WI | $36,932,110 | $41,277,914 |
Cargill Foundation Minneapolis, MN | $286,172,868 | $105,535,102 |
Schoeneckers Foundation Minneapolis, MN | $145,295,949 | $7,540,866 |
The Curtis L Carlson Family Foundation Minnetonka, MN | $300,826,673 | $21,132,663 |
Principal Financial Group Foundation Inc Des Moines, IA | $217,742,870 | $19,396,180 |
Herbert H Kohl Charities Inc Milwaukee, WI | $19,332,679 | $4,430,173 |
Andreas Foundation Mankato, MN | $70,794,995 | $28,410,107 |
Frechette Family Foundation Minneapolis, MN | $167,055,978 | $9,430,765 |