Greater Mankato Growth Inc Foundation
- Assets
- $1.1m
- Revenue
- $70.1k
- Investments
- $0.0
- Employees
- 0
- Location
- Mankato, MN
- Founding
- 03/2015
- Data as of
- 12/2023
- EIN
- 47-2790832
Organization Overview
Greater Mankato Growth Inc Foundation is located in Mankato, MN. The organization was established in 2015. According to its NTEE Classification (S30) the organization is classified as: Economic Development, under the broad grouping of Community Improvement & Capacity Building and related organizations. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Greater Mankato Growth Inc 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, Greater Mankato Growth Inc Foundation generated $70.1k in total revenue. This organization has experienced exceptional growth, as over the past 9 years, it has increased revenue by an average of 24.2% each year . All expenses for the organization totaled $80.1k during the year ending 12/2023. 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
SEE PART III, LINE 1
Describe the Organization's Program Activity:
Part 3 - Line 4a
GRANTS WERE PROVIDED TO BE USED FOR THE CITY ART PROGRAM IN MANKATO, MINNESOTA
DONATIONS TO LOCAL ORGANIZATIONS FOR FINANCIAL ASSISTANCE.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
David Krause Chair | Officer | 1 | $0 |
Charlie Whitaker Past Chair | Officer | 1 | $0 |
David Kim Vice Chair | Officer | 5 | $0 |
Ben Ellingson Treasurer/se | Officer | 1 | $0 |
Dr James Hebl MD Board Member | Trustee | 1 | $0 |
Jennifer Spaude Board Member | Trustee | 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 | $32,749 |
| Noncash contributions included in lines 1a–1f | $0 |
| Total Revenue from Contributions, Gifts, Grants & Similar | $32,749 |
| Total Program Service Revenue | $33,500 |
| Investment income | $3,888 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $0 |
| Net Gain/Loss on Asset Sales | $0 |
| Net Income from Fundraising Events | $0 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $0 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $70,137 |
| Statement of Expenses | |
|---|---|
| Grants and other assistance to domestic organizations and domestic governments. | $76,249 |
| 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. | $0 |
| Compensation of current officers, directors, key employees. | $0 |
| 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 | $698 |
| 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 | $3,118 |
| Total functional expenses | $80,065 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $189,325 |
| Savings and temporary cash investments | $801,035 |
| 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 | $0 |
| Investments—other securities | $0 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $103,491 |
| Total assets | $1,093,851 |
| 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 | $990,263 |
| Total liabilities | $990,263 |
| Net assets without donor restrictions | $101,195 |
| Net assets with donor restrictions | $2,393 |
| 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 | $1,093,851 |
Grants Awarded
Over the last fiscal year, Greater Mankato Growth Inc Foundation has awarded $76,249 in support to 4 organizations.
| Grant Recipient | Amount |
|---|---|
GREATER MANKATO GROWTH PURPOSE: FINANCIAL ASSISTANCE | $15,749 |
CITY CENTER PARTNERSHIP LLC PURPOSE: FINANCIAL ASSISTANCE | $7,500 |
CITYART LLC PURPOSE: FINANCIAL ASSISTANCE | $19,500 |
CITYART LLC PURPOSE: FINANCIAL ASSISTANCE | $33,500 |