Groves Foundation
- Assets
- $9.4m
- Revenue
- $252.1k
- Investments
- $9.4m
- Employees
- 0
- Location
- Minneapolis, MN
- Founding
- 01/1955
- Data as of
- 09/2023
- EIN
- 41-6038512
Organization Overview
Groves Foundation is located in Minneapolis, MN. The organization was established in 1955. 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. Groves 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 09/2023, Groves Foundation generated $252.1k in total revenue. This represents a relatively dramatic decline in revenue. Over the past 4 years, the organization has seen revenues fall by an average of (3.7%) each year. All expenses for the organization totaled $600.7k during the year ending 09/2023. You can explore the organizations financials more deeply in the financial statements section below.
Since 2020, Groves Foundation has awarded 87 individual grants totaling $1,636,445. 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.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
F N Groves Jr Presex Dir | 40 | $77,700 | |
D F Cmiel Secrearyasst Treas | 40 | $69,825 | |
T Asgrimson Trustee | 0 | $0 | |
T Hartstein Trustee | 0 | $0 | |
C Gangelhoff Trustee | 0 | $0 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Contributions, Gifts, Grants & Similar | $0 |
| Interest on Savings | $0 |
| Dividends & Interest | $252,064 |
| Net Rental Income | $0 |
| Net Gain on Sale of Assets | $0 |
| Capital Gain Net Income | $53,389 |
| Net ST Capital Gain | $0 |
| Income Modifications | $0 |
| Profit on Inventory Sales | $0 |
| Other Income | $0 |
| Total Revenue | $252,064 |
| Statement of Expenses | |
|---|---|
| Compensation of officers, directors, trustees, etc | $147,525 |
| Other employee salaries and wages | $0 |
| Pension plans, employee benefits | $7,075 |
| Interest | $0 |
| Taxes | $11,286 |
| Depreciation | $0 |
| Occupancy | $15,429 |
| Travel, conferences, and meetings | $0 |
| Printing and publications | $0 |
| Other expenses | $6,420 |
| Total operating and administrative expenses | $187,735 |
| Contributions, gifts, grants paid | $412,992 |
| Total expenses and disbursements | $600,727 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $2,998 |
| Savings and temporary cash investments | $0 |
| 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 | $0 |
| Investments—mortgage loans | $0 |
| Investments—other | $9,396,782 |
| Net Land, buildings, and equipment | $0 |
| Other assets | $0 |
| Total assets | $9,399,780 |
| Accounts payable and accrued expenses | $0 |
| 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 | $0 |
| Total liabilities | $0 |
Grants Awarded
Over the last fiscal year, Groves Foundation has awarded $412,992 in support to 25 organizations.
| Grant Recipient | Amount |
|---|---|
ACCESSABILITY INC PURPOSE: OPERATING GRANT | $75,000 |
ACCESSABILITYINC PURPOSE: EVENING STARS PROGRAM | $3,000 |
AUGSBURG UNIVERSITY PURPOSE: CLASS PROGRAM | $50,000 |
BLIND INC PURPOSE: REHAB EXT FACIA PILLSBURG MANSION | $10,000 |
AUGSBURG UNIVERSITY PURPOSE: CLASS ASSISTANCE FUND | $15,000 |
FRASER PURPOSE: MUSIC PROGRAM | $10,000 |