Otter Tail Corporation Foundation
- Assets
- $8.4m
- Revenue
- $3.2m
- Investments
- $7.9m
- Employees
- 0
- Location
- Fergus Falls, MN
- Founding
- 03/2019
- Data as of
- 12/2022
- EIN
- 83-1883575
Organization Overview
Otter Tail Corporation Foundation is located in Fergus Falls, MN. The organization was established in 2019. According to its NTEE Classification (S99) the organization is classified as: Community Improvement & Capacity Building N.E.C., 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. Otter Tail Corporation 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 12/2022, Otter Tail Corporation Foundation generated $3.2m in total revenue. This organization has experienced exceptional growth, as over the past 4 years, it has increased revenue by an average of 12.2% each year . All expenses for the organization totaled $782.1k during the year ending 12/2022. You can explore the organizations financials more deeply in the financial statements section below.
Since 2020, Otter Tail Corporation Foundation has awarded 127 individual grants totaling $804,967. 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
990PF
Mission & Program ActivityExcerpts From the 990PF Filing
TAX YEAR
2022
Describe the Organization's Program Activity:
Part 3 - Line 4a
NONE
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Stephanie Hoff President | 1 | $0 | |
Tyler Nelson Treasurer | 1 | $0 | |
Kari Alme VP | 1 | $0 | |
Kevin Moug Director | 1 | $0 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Contributions, Gifts, Grants & Similar | $3,000,000 |
| Interest on Savings | $462 |
| Dividends & Interest | $147,263 |
| Net Rental Income | $0 |
| Net Gain on Sale of Assets | $55,191 |
| Capital Gain Net Income | $55,191 |
| Net ST Capital Gain | $0 |
| Income Modifications | $0 |
| Profit on Inventory Sales | $0 |
| Other Income | $0 |
| Total Revenue | $3,202,916 |
| Statement of Expenses | |
|---|---|
| Compensation of officers, directors, trustees, etc | $0 |
| Other employee salaries and wages | $0 |
| Pension plans, employee benefits | $0 |
| Interest | $0 |
| Taxes | $0 |
| Depreciation | $0 |
| Occupancy | $0 |
| Travel, conferences, and meetings | $0 |
| Printing and publications | $603 |
| Other expenses | -$1,500 |
| Total operating and administrative expenses | $10,729 |
| Contributions, gifts, grants paid | $771,400 |
| Total expenses and disbursements | $782,129 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $0 |
| Savings and temporary cash investments | $491,490 |
| 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 | $7,913,934 |
| Net Land, buildings, and equipment | $0 |
| Other assets | $0 |
| Total assets | $8,405,424 |
| Accounts payable and accrued expenses | $0 |
| Grants payable | $300,000 |
| 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 | $300,000 |
Grants Awarded
Over the last fiscal year, Otter Tail Corporation Foundation has awarded $471,400 in support to 52 organizations.
| Grant Recipient | Amount |
|---|---|
UND FOUNDATION PURPOSE: HIGHER EDUCATION MATCH - MOUG | $1,000 |
ARTS PARTNERSHIP OF THE RR VALLEY PURPOSE: OPER SUPPORT COMMUNITY CIVIC C | $10,000 |
THE VILLAGE FAMILY SERVICE CENTER PURPOSE: MENTAL HEALTH CHARITY CARE | $8,000 |
NDSU FOUNDATION PURPOSE: HIGHER EDUCATION MATCH - ERICKSON | $1,000 |
BOYS GIRLS CLUB OF DETROIT LAKES PURPOSE: BUILDING GREAT FUTURE CAMPAIGN | $5,000 |
GEORGIA MOUNTAIN FOOD BANK PURPOSE: GENERAL OPERATING SUPPORT | $10,000 |