Florence Lake Charitable Trust
- Assets
- $3.1m
- Revenue
- $379.8k
- Investments
- $0.0
- Employees
- 0
- Location
- Grand Forks, ND
- Founding
- 10/1993
- Data as of
- 12/2021
- EIN
- 45-6081104
Organization Overview
Florence Lake Charitable Trust is located in Grand Forks, ND. The organization was established in 1993. According to its NTEE Classification (T11) the organization is classified as: Single Organization Support, 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. Florence Lake Charitable Trust 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 12/2021, Florence Lake Charitable Trust generated $379.8k in total revenue. This represents relatively stable growth, over the past 7 years the organization has increased revenue by an average of 5.9% each year. All expenses for the organization totaled $114.3k during the year ending 12/2021. While expenses have increased by 0.5% 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.
Form
990
Mission & Program ActivityExcerpts From the 990 Filing
TAX YEAR
2021
Describe the Organization's Mission:
Part 3 - Line 1
THERE IS NO FORMAL MISSION STATEMENT. THE LAST WILL AND TESTAMENT OF FLORENCE LAKE CREATED THIS CHARITABLE TRUST. THE WILL SPECIFICALLY LISTS THE THREE ORGANIZATIONS THAT ARE TO RECEIVE ANNUALLY ONE THIRD OF THE TRUST INCOME. THE WILL FURTHER STATES THAT THE CENTRAL INSTITUTE FOR THE DEAF AND THE COMMUNITY COLLEGE ARE TO USE THE FUNDS TO ESTABLISH SCHOLARSHIP FUND TO HELP STUDENTS, THE WILL STATES THAT THE AMOUNTS PAID EACH YEAR MUST BE DISTRIBUTED ANNUALLY FOR SCHOLARSHIPS. THE DEVILS LAKE FOUNDATION IS TO USE THE ANNUAL PAYMENT FOR QUALIFIED CHARITABLE PURPOSES AND SUCH FUNDS ARE TO BE DISTRIBUTED ANNUALLY. THE TRUST HOLDS ANNUAL MEETINGS. THE MEETINGS ARE ATTENDED BY MEMBERS OF THE SUPPORTED ORGANIZATIONS. THESE ORGANIZATIONS SUBMIT AN ANNUAL REPORT REGARDING THE USE OF THE FUNDS
Describe the Organization's Program Activity:
Part 3 - Line 4a
CENTRAL INSTITUTE FOR THE DEAF, GRANTS SCHOLARSHIPS TO CHILDREN WHO ARE DEAF AND HARD OF HEARING WHO ARE CANDIDATES FOR LEARNING LISTENING AND SPOKEN LANGUAGE SKILLS.
AWARDING OF GRANTS TO CHARITABLE ORGANIZATIONS WITHIN THE DEVILS LAKE AREA.
GRANTS ARE MADE TO LAKE REGION STATE COLLEGE A STATE OWNED UNIVERSITY, WHICH IS RESPONSIBLE FOR ENSURING THAT GRANTS, SCHOLARSHIPS AND OTHER FINANCIAL ASSISTANCE IS BEING ADMINISTERED IN ACCORDANCE WITH DONOR INSTRUCTIONS.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Perter Halbach Co-Trustee | Trustee | 1 | $0 |
Maren Halbach Co-Trustee | Trustee | 1 | $0 |
Alerus Financial Co-Trustee | 2 | $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 | $0 |
| Noncash contributions included in lines 1a–1f | $0 |
| Total Revenue from Contributions, Gifts, Grants & Similar | $0 |
| Total Program Service Revenue | $0 |
| Investment income | $96,543 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $0 |
| Net Gain/Loss on Asset Sales | $269,916 |
| Net Income from Fundraising Events | $0 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $0 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $379,817 |
| Statement of Expenses | |
|---|---|
| Grants and other assistance to domestic organizations and domestic governments. | $88,979 |
| 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. | $18,239 |
| Compensation of current officers, directors, key employees. | $18,239 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $0 |
| Pension plan accruals and contributions | $0 |
| Other employee benefits | $0 |
| Payroll taxes | $0 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $0 |
| Fees for services: Accounting | $0 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $7,094 |
| Advertising and promotion | $0 |
| Office expenses | $0 |
| 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 | $0 |
| All other expenses | $0 |
| Total functional expenses | $114,312 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $0 |
| Savings and temporary cash investments | $10,860 |
| Pledges and grants receivable | $0 |
| 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 | $3,047,802 |
| Investments—other securities | $0 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $0 |
| Total assets | $3,058,662 |
| Accounts payable and accrued expenses | $0 |
| 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 | $0 |
| Net assets without donor restrictions | $0 |
| Net assets with donor restrictions | $0 |
| 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 | $3,058,662 |
| Total liabilities and net assets/fund balances | $3,058,662 |
Grants Awarded
Over the last fiscal year, Florence Lake Charitable Trust has awarded $88,980 in support to 3 organizations.
| Grant Recipient | Amount |
|---|---|
Devils Lake, ND PURPOSE: Qualified Charitable Programs | $29,666 |
Saint Louis, MO PURPOSE: Scholarships | $29,657 |
COMMUNITY COLLEGE FOUNDATION PURPOSE: Scholarships | $29,657 |
Peer Organizations
| Organization Name | Assets | Revenue |
|---|---|---|
Propel Nonprofits Minneapolis, MN | $49,559,623 | $14,478,230 |
Stride Academy Building Company St Cloud, MN | $14,195,739 | $1,437,318 |
Billings Leadership Foundation Billings, MT | $312,454 | $1,099,588 |
Wild Sheep Legacy Foundation Forest Lake, MN | $11,469,458 | $1,459,597 |
Granite Charitable St Cloud, MN | $29,506,815 | $11,659,873 |
Special K Ranch Foundation Inc Columbus, MT | $6,163,904 | $1,112,276 |
South Dakota Chapter Inc Of The American Concrete Pavement Assoc Sioux Falls, SD | $314,555 | $259,830 |
Steve And Diane Hulbert Family Foundation West Fargo, ND | $3,328,867 | $1,084,040 |
Sunshine Bible Academy Foundation Miller, SD | $959,694 | $187,315 |
Bengal Touchdown Club Blaine, MN | $50,833 | $0 |
Oakleaf Endownment Tr For The Blake School Minneapolis, MN | $2,765,067 | $508,646 |
Florence Lake Charitable Trust Grand Forks, ND | $3,058,662 | $379,817 |