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Great Expectations Foundation FY2020 filing

Tax-deductible

Grand Marais, MN501(c)(3)Foundations & Grantmakers EIN 20-5931949Revenue $177K in FY2020

On file with the IRSgreatexpectationsschool.comPo Box 310, 55604-0310 · Grand Marais, MNTax-exempt since Sep 2007Publicly supported charity — 170(b)(1)(A)(vi)

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The mission of the Great Expectations Foundation is to provide financial support, leadership support and community support for the Great Expectations school and its public supported affiliates.

501(c)(3) charity; gifts are tax-deductible.
47¢ of each $1 spent went to programs.
Mission: Form 990 Part I, line 1 · Status: IRS Pub. 78 · Programs: Part IX

Before you give

FY2020 · Form 990Independent: from IRS data, not the org
Download 990
IRS status
501(c)(3)
not on the IRS revocation list
Looks good: listed by the IRS and not on the revocation list.
IRS BMF · Auto-Revocation List
Tax-deductible gifts
Yes
Donations are tax-deductible
Looks good: the IRS lists gifts to it as deductible.
IRS Pub. 78 · IRS BMF
Latest return
FY2025
latest Form 990
Looks good: the latest return is for FY2025, 1 tax year back; within 2 tax years.
IRS e-file · Filing history
Surplus or deficit
6 of 6
filings with a surplus
Average surplus $127K a year · 50% of revenue · last 6 filings
Looks good: a surplus in 6 of the last 6 filings.
Pt I · Ln 19 · 6 filings
Spent on programs
47%
of spending
Concern: 47% of spending went to programs; under 50%.
Pt IX · Ln 25 · col B
Cash reserves
11 mo
of spending, in cash
Looks good: 10.8 months of spending in cash; 3 or more.
Pt X · Ln 1–2 · Pt I · Ln 18
Named funders
1
named funder · $8K
Fine: 1 funder names it on their filings; under 3.
Funders’ Sch. I, 990-PF
Liabilities
$649K
67% of total assets
Worth a look: liabilities are 67% of assets; over 65%.
Pt X · Ln 26
Independent board members
6
of 6 voting members
Looks good: 6 of 6 voting members are independent, a majority.
Pt VI · Ln 1a–1b
Looks goodFineWorth a lookConcernNo data yetTap a box for the reason.
Revenue
$177K
Spent
$102K
To programs
47%
Net assets
$313K
By yearFY2020–FY2025
Revenue
$177K
FY2020
Tap a bar for its year
Revenue by fiscal year
FY2020$177K
FY2021$156K
FY2022$201K
FY2023$279K
FY2024$261K
FY2025$459K
Expenses
$102K
FY2020
Tap a bar for its year
Expenses by fiscal year
FY2020$102K
FY2021$104K
FY2022$84K
FY2023$69K
FY2024$116K
FY2025$296K
Net assets
$313K
FY2020
Tap a bar for its year
Net assets by fiscal year
FY2020$313K
FY2021$365K
FY2022$463K
FY2023$674K
FY2024$819K
FY2025$982K

From the FY2020 Form 990 (year ending June 2020) · see the original

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You’re viewing the FY2020 filing — not the latest on file. See the latest (FY2025) →

Is it real?

Yes. Never revoked by the IRS. Latest filing on record: FY2025. IRS ruling in Sep 2007.

IRS Pub. 78 · IRS Auto-Revocation List · IRS Business Master File

Where the money goes

47 cents of each dollar spent went to programs.

Program services 47% · $48K Management & general 53% · $54K

Form 990 Part IX, line 25, columns B–D. Every line is in By the numbers.

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Who runs it and what they're paid

6 people listed on the 990.

Part VII, Section A · reportable compensation · most recent filed roster (FY2019); the FY2020 filing did not itemize Part VII
Judi Barsness
Member at La
$0Pt VII · Sec A
$0Pt VII · Sec A
Beth Kennedy
Secretary
$0Pt VII · Sec A
Jeff Kern
Member at L
$0Pt VII · Sec A
Tom Morse
Member at La
$0Pt VII · Sec A
Bob Padzieski
Treasurer
$0Pt VII · Sec A
See Great Expectations Foundation executive salaries →

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Questions the 990 asks

The form asks each of these directly. These are the filed answers.

  • Family or business ties among officersPt VI · Ln 2No
  • Top official's pay set by an independent reviewPt VI · Ln 15aNo

Programs and updates

Supports a school and its affiliates with funding, leadership, and community resources.

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Provided by the organization

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1 program · $48K · in their own filed words · FY2019
01

The foundation owns the land and building rented for the exclusive use of the great expectations school, a public charter school with approximately 60 students grades k-8.

$48Kprogram expense

Funders

Who pays for it.

From grant filings on record. Receipts are incomplete: individual donors are never listed.

Grants

Schedule I · received and paid
Grants received · FY2025
Gm First and Second Thrift StoreFY2025$8K
Total grants receivedfrom 1 funder$8K
Grants paid · 2 grants · $38K · 2021–2022
Great Expectations Charter SchoolFY2022$20,249
Great Expectations Charter SchoolFY2021$18,000

By the numbers

The FY2020 990, line by line.

Download 990
from philanthropy.org
1The main four
Money inPt VIII
$177K
Ln 12
Fees for servicesLn 2g$154K
Gifts and grantsLn 1h$22K
Investment incomeLn 3$1K
Money outPt IX
$102K
Ln 25
Programscol B$48K
Managementcol C$54K
Owns and owesPt X
$313K
net assets · Ln 32
Cash and savingsLn 1–2$92K
Total assetsLn 16$962K
LiabilitiesLn 26$649K
PeoplePt VI, VII
6
listed · VII A
PaidVII A0
Voting boardVI 1a6
IndependentVI 1b6
2In more detail
Revenue in detailPt VIII
Gifts and grantsLn 1h$22K
Fees for servicesLn 2g$154K
Investment incomeLn 3$1K
Other incomeLn 4–11$55
Total revenueLn 12$177K
Assets in detailPt X, end of year
CashLn 1$92K
Cash and savings togetherLn 1–2$92K
Land, buildings, equipmentLn 10c$799K
Total assetsLn 16$962K
LiabilitiesLn 26$649K
Net assetsLn 32$313K
OperationsPt I, VI
EmployeesI 50
Fiscal year endsHeaderJune
Conflict-of-interest policyVI 12aNo
Whistleblower policyVI 13No
Records policyVI 14No
3Year over year
Balance sheet, start vs end of yearPt X · col A, B
LineStart FY20End FY20
Cash and savingsLn 1–2$112K$92K
Land, buildings, equipmentLn 10c$799K$799K
Total assetsLn 16$934K$962K
LiabilitiesLn 26$696K$649K
Net assetsLn 32$238K$313K
4Every line
Statement of functional expensesPt IX · every line
LineTotalProgramsManagementFundraising
Accounting feesLn 11c$5K$5K
Other fees for servicesLn 11g$4K$4K
Advertising and promotionLn 12$149$149
InterestLn 20$45K$45K
Depreciation, depletion and amortizationLn 22$23K$23K
InsuranceLn 23$5K$5K
Other expenses (24a–d)Ln 24$20K$20K
Total functional expensesLn 25$102K$48K$54K$0

Filing history

YearMoney inMoney outIn minus outNet assetsDownload
FY2025 Latest $459K$296K$163K$982K 990 PDF
FY2024 $261K$116K$145K$819K 990 PDF
FY2023 $279K$69K$211K$674K 990 PDF
FY2022 $201K$84K$117K$463K 990 PDF
FY2021 $156K$104K$52K$365K 990 PDF
FY2020 Viewing $177K$102K$75K$313K 990 PDF

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Schedules filed Part IV

III · Programs R · Related orgs G · Fundraising L · Interested persons I · Grants A · Public support O · Explanations
See the full FY2020 990 (6 parts)
Part I · Summary $176,917 revenue, 12 lines filed
I-8 Contributions and grantsPrior year $18,528$21,816
I-9 Program service revenuePrior year $150,609$154,000
I-10 Investment incomePrior year $761$1,046
I-11 Other revenuePrior year $8,336$55
I-12 Total revenuePrior year $178,234$176,917
I-13 Grants and similar amounts paid$0
I-14 Benefits paid to members$0
I-15 Salaries and benefits$0
I-16a Professional fundraising fees$0
I-17 Other expensesPrior year $93,167$102,354
I-18 Total expensesPrior year $93,167$102,354
I-19 Revenue less expensesPrior year $85,067$74,563
Part VI · Governance 6 of 6 board members independent, 4 to look at
VI-1a Voting members of the governing body6
VI-1b Independent voting members6
VI-12a Written conflict of interest policyNo
VI-13 Written whistleblower policyNo
VI-14 Document retention and destruction policyNo
VI-15a Process for setting top official's payNo
VI-2 Family or business relationship among officers or directorsNo
Part VIII · Statement of revenue $176,917 across 6 lines filed
VIII-1f All other contributions, gifts and grants$21,816
VIII-1h Total contributions, gifts and grants$21,816
VIII-2a-f Program service revenue, itemized rows (sum of 2a–2f as filed)Related to mission $154,000$154,000
VIII-3 Investment incomeExcluded from tax $1,046$1,046
VIII-8 Net income from fundraising events$55
VIII-12 Total revenueRelated to mission $154,000 · Excluded from tax $1,046$176,917
Part IX · Statement of functional expenses $102,354 across 7 lines filed
IX-11c Accounting feesManagement $5,025$5,025
IX-11g Other fees for servicesManagement $3,638$3,638
IX-12 Advertising and promotionPrograms $149$149
IX-20 InterestManagement $45,248$45,248
IX-22 Depreciation, depletion and amortizationPrograms $22,872$22,872
IX-23 InsurancePrograms $5,139$5,139
IX-24 Other expenses (24a–d)Programs $20,283$20,283
IX-25 Total functional expensesPrograms $48,443 · Management $53,911 · Fundraising $0$102,354
Part X · Balance sheet $962,271 assets, 11 lines filed
X-1 Cash, non-interest-bearingStart of year $111,807$92,386
X-4 Accounts receivable$50,000
X-9 Prepaid expenses and deferred chargesStart of year $1,248$1,248
X-10c Land, buildings and equipment, netStart of year $799,418$798,789
X-14 Intangible assetsStart of year $21,452$19,848
X-16 Total assetsStart of year $933,925$962,271
X-17 Accounts payable and accrued expensesStart of year $6,072$3,812
X-26 Total liabilitiesStart of year $695,590$649,373
X-27 Net assets without donor restrictionsStart of year $230,650$312,898
X-32 Total net assets or fund balancesStart of year $238,335$312,898
X-33 Total liabilities and net assetsStart of year $933,925$962,271
Part XI · Reconciliation of net assets $312,898 net assets at year end
XI-1 Total revenue$176,917
XI-2 Total expenses$102,354
XI-3 Revenue less expenses$74,563
XI-4 Net assets at start of year$238,335
XI-10 Net assets at end of year$312,898

Form 990 e-file (XML) FY2020 from the IRS · Classification, formation year and address from the IRS Business Master File

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