Fairmont Community Hospital Foundation
- Assets
- $5.8m
- Revenue
- $979.2k
- Investments
- $0.0
- Employees
- 1
- Location
- Fairmont, MN
- Founding
- 06/1990
- Data as of
- 12/2023
- EIN
- 41-1658658
Organization Overview
Fairmont Community Hospital Foundation is located in Fairmont, MN. The organization was established in 1990. According to its NTEE Classification (E12) the organization is classified as: Fund Raising & Fund Distribution, under the broad grouping of Health Care and related organizations. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Fairmont Community Hospital 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 12/2023, Fairmont Community Hospital Foundation generated $979.2k in total revenue. This organization has experienced exceptional growth, as over the past 9 years, it has increased revenue by an average of 15.8% each year . All expenses for the organization totaled $474.9k during the year ending 12/2023. While expenses have increased by 23.5% per year over the past 9 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.
Form
990
Mission & Program ActivityExcerpts From the 990 Filing
TAX YEAR
2023
Describe the Organization's Mission:
Part 3 - Line 1
THE FOUNDATION'S MISSION IS TO ENHANCE HEALTH CARE THROUGH CHARITABLE SUPPORT.
Describe the Organization's Program Activity:
Part 3 - Line 4a
THE FOUNDATION ENHANCES HEALTH CARE BY PURCHASING EQUIPMENT AND SUPPLIES FOR USE BY FAIRMONT MEDICAL CENTER - MAYO HEALTH SYSTEM.
THE FOUNDATION AWARDS SCHOLARSHIPS TO THIRD YEAR NURSING STUDENTS IN AN ACCREDITED NURSING PROGRAM.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Marilyn Forstrom President | Officer | 1 | $0 |
Tim Miller Vice Preside | Officer | 1 | $0 |
Logan Peymann Treasurer | Officer | 1 | $0 |
Ross Wohlhuter Secretary | Officer | 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 | $827,811 |
| Noncash contributions included in lines 1a–1f | $0 |
| Total Revenue from Contributions, Gifts, Grants & Similar | $827,811 |
| Total Program Service Revenue | $0 |
| Investment income | $190,086 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $0 |
| Net Gain/Loss on Asset Sales | -$38,686 |
| Net Income from Fundraising Events | $0 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $0 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $979,211 |
| Statement of Expenses | |
|---|---|
| Grants and other assistance to domestic organizations and domestic governments. | $372,935 |
| Grants and other assistance to domestic individuals. | $20,500 |
| 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 | $45,187 |
| Pension plan accruals and contributions | $0 |
| Other employee benefits | $0 |
| Payroll taxes | $3,539 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $0 |
| Fees for services: Accounting | $18,035 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $3,861 |
| Fees for services: Other | -$1,558 |
| Advertising and promotion | $3,497 |
| Office expenses | $1,512 |
| 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 | $0 |
| Interest | $0 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $0 |
| Insurance | $3,284 |
| All other expenses | $0 |
| Total functional expenses | $474,875 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $63,471 |
| Savings and temporary cash investments | $0 |
| Pledges and grants receivable | $788,832 |
| 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 | $4,980,499 |
| Investments—other securities | $0 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $0 |
| Total assets | $5,832,802 |
| Accounts payable and accrued expenses | $14,491 |
| Grants payable | $343,352 |
| 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 | $10,897 |
| Total liabilities | $368,740 |
| Net assets without donor restrictions | $5,305,885 |
| Net assets with donor restrictions | $158,177 |
| 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 | $5,832,802 |