Jerome Foundation Inc
- Assets
- $114.4m
- Revenue
- $13.7m
- Investments
- $114.0m
- Employees
- 0
- Location
- Saint Paul, MN
- Founding
- 07/1964
- Data as of
- 04/2022
- EIN
- 41-6035163
Organization Overview
Jerome Foundation Inc is located in Saint Paul, MN. The organization was established in 1964. 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. Jerome Foundation Inc 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 04/2022, Jerome Foundation Inc generated $13.7m in total revenue. This organization has experienced exceptional growth, as over the past 7 years, it has increased revenue by an average of 25.4% each year . All expenses for the organization totaled $6.2m during the year ending 04/2022. While expenses have increased by 2.2% 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 2016, Jerome Foundation Inc has awarded 1,863 individual grants totaling $47,837,953. 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
990T
Mission & Program ActivityExcerpts From the 990T Filing
TAX YEAR
2022
Describe the Organization's Program Activity:
GENERAL GRANTS PROGRAM AND SERVICE PROGRAM: THE FOUNDATION AWARDS GRANTS TO ORGANIZATIONS IN MINNESOTA AND NEW YORK CITY TO COMMISSION, PRODUCE, PRESENT OR EXHIBIT EMERGING ARTISTS THROUGH THE GENERAL GRANTS PROGRAM. ORGANIZATIONS SERVING ARTISTS IN DANCE, LITERATURE, MEDIA, MULTIDISCIPLINE ARTS, MUSIC, THEATER, AND VISUAL ARTS ARE ALL SUPPORTED. THE FOUNDATION ALSO DONATES TIME AND RELATED EXPENSES OF STAFF TO OTHER NONPROFIT ORGANIZATIONS, INDIVIDUAL ARTISTS, GOVERNMENT AGENCIES AND NONPROFIT TASK FORCES AND COMMITTEES AS DEEMED APPROPRIATE AND AS ALLOWED BY CONFLICT OF INTEREST POLICIES.
NEW YORK CITY FILM, VIDEO, AND DIGITAL PRODUCTION GRANT PROGRAM: ($475,671)NEW YORK CITY FILM, VIDEO, AND DIGITAL PRODUCTION GRANTS ARE AWARDED TO EMERGING FILM, VIDEO AND DIGITAL ARTISTS TO PRODUCE SPECIFIC PROPOSED FILM PROJECTS. THE PROGRAM SUPPORTS NARRATIVE, EXPERIMENTAL, ANIMATED AND DOCUMENTARY FILM GENRES, WITH GRANTS AWARDED TO THE FILM DIRECTOR(S) WHO RETAINS ULTIMATE CREATIVE CONTROL. NEW YORK CITY FILMMAKERS ARE JUDGED ANNUALLY AND GRANTS AWARDED IN SEPARATE GRANTS COMPETITIONS.MINNESOTA FILM, VIDEO, AND DIGITAL PRODUCTION GRANT PROGRAM: ($90,030)MINNESOTA FILM, VIDEO, AND DIGITAL PRODUCTION GRANTS ARE AWARDED TO EMERGING FILM, VIDEO AND DIGITAL ARTISTS TO PRODUCE SPECIFIC PROPOSED FILM PROJECTS. THE PROGRAM SUPPORTS NARRATIVE, EXPERIMENTAL, ANIMATED AND DOCUMENTARY FILM GENRES, WITH GRANTS AWARDED TO THE FILM DIRECTOR(S) WHO RETAINS ULTIMATE CREATIVE CONTROL. MINNESOTA FILMMAKERS ARE JUDGED ANNUALLY AND GRANTS AWARDED IN SEPARATE GRANTS COMPETITIONS.
TRAVEL AND STUDY GRANT PROGRAM : TRAVEL AND STUDY GRANTS ARE AWARDED TO ALLOW EMERGING ARTISTS AND MINNESOTA-BASED ARTS ADMINISTRATORS TO TRAVEL FOR PURPOSES OF PROFESSIONAL DEVELOPMENT, RESEARCH AND ARTISTIC ENRICHMENT. SPECIFIC DISCIPLINES ARE SUPPORTED IN ALTERNATING YEARS: IN 2016, ARTISTS IN LITERATURE, DANCE AND FILM/VIDEO/DIGITAL PRODUCTION WERE SUPPORTED.
COMPOSER/SOUND ARTIST FELLOWSHIP PROGRAM:THE COMPOSER/SOUND ARTIST FELLOWSHIP PROGRAM SUPPORTS CREATIVE INVESTIGATION AND PROFESSIONAL DEVELOPMENT FOR MUSIC COMPOSERS AND SOUND ARTISTS. INTRODUCED AS A PILOT PROGRAM IN 2016, THIS PROGRAM, LIKE THE TRAVEL AND STUDY GRANTS, PRIORITIZES RESEARCH AND INVESTIGATION BUT IS NOT NECESSARILY LINKED TO PRODUCTION OF A SPECIFIC WORK.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Ben Cameron President | 45 | $291,897 | |
Eleanor Savage Program Director | 40 | $134,809 | |
Andrea Brown Grants Administrator | 40 | $79,424 | |
Kate Barr Chair | 2 | $0 | |
Linda Earle Vice Chair | 1.5 | $0 | |
Helga Davis From June 6 Director | 1 | $0 |
Outside Vendors & Contractors
| Vendor Name (Service) | Service Year | Compensation |
|---|---|---|
Flannery Construction Inc | 4/29/19 | $272,923 |
Cliftonlarsonallen Llp | 4/29/19 | $66,793 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Contributions, Gifts, Grants & Similar | $0 |
| Interest on Savings | $0 |
| Dividends & Interest | $2,375,155 |
| Net Rental Income | $0 |
| Net Gain on Sale of Assets | $11,190,764 |
| Capital Gain Net Income | $11,190,764 |
| Net ST Capital Gain | $0 |
| Income Modifications | $0 |
| Profit on Inventory Sales | $0 |
| Other Income | $125,849 |
| Total Revenue | $13,691,768 |
| Statement of Expenses | |
|---|---|
| Compensation of officers, directors, trustees, etc | $337,847 |
| Other employee salaries and wages | $268,472 |
| Pension plans, employee benefits | $54,897 |
| Interest | $0 |
| Taxes | $334,531 |
| Depreciation | $41,453 |
| Occupancy | $72,543 |
| Travel, conferences, and meetings | $39,781 |
| Printing and publications | $3,565 |
| Other expenses | $99,109 |
| Total operating and administrative expenses | $1,542,498 |
| Contributions, gifts, grants paid | $4,621,050 |
| Total expenses and disbursements | $6,163,548 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $0 |
| Savings and temporary cash investments | $108,711 |
| 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 | $64,689 |
| Net Investments - land, buildings, equipment | $0 |
| Investments—mortgage loans | $0 |
| Investments—other | $114,002,229 |
| Net Land, buildings, and equipment | $222,370 |
| Other assets | $0 |
| Total assets | $114,397,999 |
| Accounts payable and accrued expenses | $94,230 |
| Grants payable | $3,077,052 |
| Deferred revenue | $0 |
| Loans and other payables to any current Officer, Director, or Controlling Person | $0 |
| Mortgages and other notes payable | $0 |
| Other liabilities | $301,316 |
| Total liabilities | $3,472,598 |
Grants Awarded
Over the last fiscal year, Jerome Foundation Inc has awarded $8,041,600 in support to 284 organizations.
| Grant Recipient | Amount |
|---|---|
New York, NY PURPOSE: SUPPORT FOR PROFESSIONAL DEVELOPMENT PROGRAMS FOR JEROME HILL ARTIST FELLOWS | $327,400 |
Minneapolis, MN PURPOSE: SUPPORT FOR THE SEEDING CULTURAL TREASURES COLLABORATIVE FUNDING INITIATIVE | $300,000 |
New York, NY PURPOSE: SUPPORT FOR THE MOSAIC NETWORK AND FUND COLLABORATIVE FUNDING INITIATIVE | $200,000 |
St Paul, MN PURPOSE: SUPPORT FOR MUSIC ORGANIZATION WORKING WITH EARLY CAREER COMPOSERS | $192,000 |
QUEENS MUSEUM OF ART PURPOSE: SUPPORT FOR VISUAL ARTS ORGANIZATION WORKING WITH EARLY CAREER VISUAL ARTISTS | $87,000 |
QUEENS MUSEUM OF ART PURPOSE: SUPPORT FOR VISUAL ARTS ORGANIZATION WORKING WITH EARLY CAREER VISUAL ARTISTS | $87,000 |
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 |