Minnesota Power Foundation
- Assets
- $788.7k
- Revenue
- $500.0k
- Investments
- $0.0
- Employees
- 0
- Location
- Duluth, MN
- Founding
- 03/2007
- Data as of
- 12/2021
- EIN
- 56-2560595
Organization Overview
Minnesota Power Foundation is located in Duluth, MN. The organization was established in 2007. According to its NTEE Classification (T21) the organization is classified as: Corporate 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. Minnesota Power 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 12/2021, Minnesota Power Foundation generated $500.0k 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 (17.4%) each year. All expenses for the organization totaled $631.3k during the year ending 12/2021. You can explore the organizations financials more deeply in the financial statements section below.
Since 2020, Minnesota Power Foundation has awarded 300 individual grants totaling $1,682,275. 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.
Get More from Intellispect for FreeCreate a free account to get more data, nonprofit salaries, advanced search and more.
Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Frank Frederickson Director | 0.5 | $0 | |
Melissa Weglarz Director | 0.5 | $0 | |
Lori Hoyum Director | 0.5 | $0 | |
Gary Wheelock Director | 0.5 | $0 | |
Mike Perala Director | 0.5 | $0 | |
Travis Tammi Director | 0.5 | $0 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Contributions, Gifts, Grants & Similar | $500,000 |
| Interest on Savings | $49 |
| Dividends & Interest | $0 |
| Net Rental Income | $0 |
| Net Gain on Sale of Assets | $0 |
| Capital Gain Net Income | $0 |
| Net ST Capital Gain | $0 |
| Income Modifications | $0 |
| Profit on Inventory Sales | $0 |
| Other Income | $0 |
| Total Revenue | $500,049 |
| Statement of Expenses | |
|---|---|
| Compensation of officers, directors, trustees, etc | $0 |
| Other employee salaries and wages | $0 |
| Pension plans, employee benefits | $0 |
| Interest | $0 |
| Taxes | $34 |
| Depreciation | $0 |
| Occupancy | $0 |
| Travel, conferences, and meetings | $0 |
| Printing and publications | $0 |
| Other expenses | $17,833 |
| Total operating and administrative expenses | $17,867 |
| Contributions, gifts, grants paid | $613,430 |
| Total expenses and disbursements | $631,297 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $127,545 |
| Savings and temporary cash investments | $659,183 |
| 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 | $1,963 |
| Net Investments - land, buildings, equipment | $0 |
| Investments—mortgage loans | $0 |
| Investments—other | $0 |
| Net Land, buildings, and equipment | $0 |
| Other assets | $0 |
| Total assets | $788,691 |
| Accounts payable and accrued expenses | $0 |
| Grants payable | $335,545 |
| 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 | $335,545 |
Grants Awarded
Over the last fiscal year, Minnesota Power Foundation has awarded $948,975 in support to 148 organizations.
| Grant Recipient | Amount |
|---|---|
UNITED WAY PURPOSE: VARIOUS AREAS | $200,000 |
Duluth, MN PURPOSE: 2021 UNITED WAY CAMPAIGN | $99,500 |
Grand Rapids, MN PURPOSE: HEALING FOUNDATIONS CHILDREN'S AND FAMILY SERVICES | $50,000 |
GREENWAY CONTRIBUTION COMMITTEE PURPOSE: MISC AWARDS | $50,000 |
Grand Rapids, MN PURPOSE: 2021 UNITED WAY CAMPAIGN | $43,000 |
ROCK RIDGE PUBLIC SCHOOLS PURPOSE: ROCK RIDGE PERFORMING ARTS CENTER | $35,000 |
Peer Organizations
| Organization Name | Assets | Revenue |
|---|---|---|
Lynde And Harry Bradley Foundation Inc Milwaukee, WI | $1,061,478,184 | $82,867,746 |
United Health Foundation Minnetonka, MN | $216,072,517 | $86,645 |
Highlands Foundation Inc Madison, WI | $16,807,622 | $1,089,528 |
Rockwell Automation Charitable Corporation Milwaukee, WI | $6,137,007 | $10,007,891 |
The Green Fern Foundation Minneapolis, MN | $108,921,285 | $8,489,620 |
Andersen Corporate Foundation Bayport, MN | $0 | $11,597,422 |
Telligen Community Initiative West Des Moines, IA | $44,005,034 | $3,901,747 |
Wisconsin Public Service Foundation Inc Green Bay, WI | $36,455,212 | $2,413,868 |
Stepping Stones Of Dunn County Inc Menomonie, WI | $1,791,074 | $2,010,388 |
Remick Family Foundation Rochester, MN | $37,696,720 | $873,083 |
Tischer Creek Duluth Buildingcompany Duluth, MN | $17,330,550 | $1,688,178 |
Cla Foundation Minneapolis, MN | $886,971 | $1,572,520 |