Minnesota State Fair Foundation
- Assets
- $6.6m
- Revenue
- $3.6m
- Investments
- $0.0
- Employees
- 25
- Location
- St Paul, MN
- Founding
- 06/2002
- Data as of
- 10/2023
- EIN
- 41-2013696
Organization Overview
Minnesota State Fair Foundation is located in St Paul, MN. The organization was established in 2002. According to its NTEE Classification (T22) the organization is classified as: Private Independent Foundations, under the broad grouping of Philanthropy, Voluntarism & Grantmaking Foundations and related organizations. As of 10/2023, Minnesota State Fair Foundation employed 25 individuals. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Minnesota State Fair 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 10/2023, Minnesota State Fair Foundation generated $3.6m in total revenue. This represents relatively stable growth, over the past 8 years the organization has increased revenue by an average of 7.4% each year. All expenses for the organization totaled $2.3m during the year ending 10/2023. While expenses have increased by 2.2% per year over the past 8 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
TO PRESERVE AND IMPROVE MINNESOTA STATE FAIR BUILDING, THE FAIRGROUNDS, AND EDUCATIONAL PROGRAMS.
Describe the Organization's Program Activity:
Part 3 - Line 4a
THE MINNESOTA STATE FAIR FOUNDATION GRANTS TO THE MINNESOTA STATE FAIR SUPPORT CAPITAL AND PROGRAM IMPROVEMENTS ALIGNED WITH THESE STATE FAIR PROGRAM AREAS: AGRICULTURAL EDUCATION, ART AND CULTURE, ENVIRONMENT, HISTORY AND HERITAGE, AND EDUCATION. THE FOUNDATION ALSO RETAINED ASSETS FOR FUTURE GRANTS, AND CONTINUED TO BUILD ENDOWMENT FUNDS.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Jason Koerth Board Chair | OfficerTrustee | 1 | $0 |
Litton Field Vice Chair | OfficerTrustee | 1 | $0 |
Jerry Hammer Secretary | OfficerTrustee | 1 | $0 |
Renee Alexander Secretary | OfficerTrustee | 1 | $0 |
Eric Britt Treasurer | OfficerTrustee | 1 | $0 |
Andrea Ames Director | Trustee | 1 | $0 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Federated campaigns | $0 |
| Membership dues | $0 |
| Fundraising events | $137,550 |
| Related organizations | $0 |
| Government grants | $0 |
| All other contributions, gifts, grants, and similar amounts not included above | $2,898,004 |
| Noncash contributions included in lines 1a–1f | $230,307 |
| Total Revenue from Contributions, Gifts, Grants & Similar | $3,035,554 |
| Total Program Service Revenue | $0 |
| Investment income | $141,962 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $0 |
| Net Gain/Loss on Asset Sales | $0 |
| Net Income from Fundraising Events | $67,443 |
| Net Income from Gaming Activities | $63,341 |
| Net Income from Sales of Inventory | $297,283 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $3,605,633 |
| Statement of Expenses | |
|---|---|
| Grants and other assistance to domestic organizations and domestic governments. | $1,216,874 |
| 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. | $131,575 |
| Compensation of current officers, directors, key employees. | $23,684 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $368,702 |
| Pension plan accruals and contributions | $31,309 |
| Other employee benefits | $84,141 |
| Payroll taxes | $45,754 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $0 |
| Fees for services: Accounting | $59,411 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $34,569 |
| Advertising and promotion | $0 |
| Office expenses | $35,755 |
| Information technology | $0 |
| Royalties | $0 |
| Occupancy | $0 |
| Travel | $774 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $239 |
| Interest | $0 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $103 |
| Insurance | $5,222 |
| All other expenses | $52,461 |
| Total functional expenses | $2,333,693 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $284,227 |
| Savings and temporary cash investments | $3,745,157 |
| Pledges and grants receivable | $195,882 |
| 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 | $3,744 |
| Prepaid expenses and deferred charges | $13,758 |
| Net Land, buildings, and equipment | $376 |
| Investments—publicly traded securities | $2,317,719 |
| Investments—other securities | $0 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $0 |
| Total assets | $6,560,863 |
| Accounts payable and accrued expenses | $130,064 |
| 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 | $130,064 |
| Net assets without donor restrictions | $3,003,367 |
| Net assets with donor restrictions | $3,427,432 |
| 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 | $6,560,863 |