Otter Tail Power Company Foundation
- Assets
- $1.1m
- Revenue
- $1.3m
- Investments
- $0.0
- Employees
- 0
- Location
- Fergus Falls, MN
- Founding
- 05/2019
- Data as of
- 12/2021
- EIN
- 83-2710944
Organization Overview
Otter Tail Power Company Foundation is located in Fergus Falls, MN. The organization was established in 2019. 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. Otter Tail Power Company 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, Otter Tail Power Company Foundation generated $1.3m in total revenue. This organization has experienced exceptional growth, as over the past 3 years, it has increased revenue by an average of 37.5% each year . All expenses for the organization totaled $532.3k during the year ending 12/2021. While expenses have increased by 19.7% per year over the past 3 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.
Since 2020, Otter Tail Power Company Foundation has awarded 193 individual grants totaling $879,400. 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 |
|---|---|---|---|
Peter Wasberg Vice President | 0.5 | $0 | |
Janelle Johnson Treasurer | 0.5 | $0 | |
Steve Schoeneck Director | 0.25 | $0 | |
Stephanie Hoff President | 1.5 | $0 | |
Cary Stephenson Vice President | 0.25 | $0 | |
Rebecca Michael Secretary | 2 | $0 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Contributions, Gifts, Grants & Similar | $1,300,000 |
| Interest on Savings | $109 |
| 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 | $1,300,109 |
| 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 | $0 |
| Other expenses | $129 |
| Total operating and administrative expenses | $6,787 |
| Contributions, gifts, grants paid | $525,530 |
| Total expenses and disbursements | $532,317 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $1,094,376 |
| Savings and temporary cash investments | $9,940 |
| 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 | $0 |
| Net Land, buildings, and equipment | $0 |
| Other assets | $0 |
| Total assets | $1,104,316 |
| 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, Otter Tail Power Company Foundation has awarded $525,530 in support to 121 organizations.
| Grant Recipient | Amount |
|---|---|
Fergus Falls, MN PURPOSE: PLEDGE MOVED FROM 2022 TO 2021 | $40,000 |
Bismarck, ND PURPOSE: SCHOLARSHIPS | $32,000 |
PERHAM AREA COMMUNITY CENTER PURPOSE: COMMUNITY ENHANCEMENTS | $20,000 |
HALLOCK YOUTH HOCKEY PURPOSE: COMMUNITY ENHANCEMENTS | $20,000 |
Jamestown, ND PURPOSE: COMMUNITY ENHANCEMENTS | $20,000 |
UNITED WAY OF OTTER TAIL AND WADENA PURPOSE: COMMUNITY ENHANCEMENTS | $15,500 |
Peer Organizations
| Organization Name | Assets | Revenue |
|---|---|---|
Otto Bremer Trust St Paul, MN | $1,543,197,073 | $135,875,116 |
The Robert D And Patricia E Kern Family Foundation Inc Waukesha, WI | $717,991,169 | $43,480,423 |
The Richard M Schulze Family Foundation Minneapolis, MN | $250,424,427 | $45,882,285 |
Fred C And Katherine B Andersen Foundation Bayport, MN | $1,210,701,778 | $63,445,932 |
Manitou Fund White Bear Lake, MN | $1,003,593,689 | $40,882,622 |
Lynne & Andrew Redleaf Foundation Minneapolis, MN | $127,717,345 | $981,960 |
Northwest Area Foundation St Paul, MN | $512,755,007 | $38,144,816 |
U S Bancorp Foundation Milwaukee, WI | $68,350,907 | $6,892,078 |
Medtronic Communities Foundation Minneapolis, MN | $54,271,830 | $230,239 |
General Mills Foundation Minneapolis, MN | $0 | -$304,053 |
J A Wedum Foundation Plymouth, MN | $141,295,178 | $28,441,684 |
Bader Philanthropies Inc Milwaukee, WI | $26,809,232 | $30,829,351 |