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Great Expectations Foundation FY2021 filing

Tax-deductible

Grand Marais, MN501(c)(3)Foundations & Grantmakers EIN 20-5931949Revenue $156K in FY2021

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.
31¢ of each $1 spent went to programs.
Mission: Form 990 Part I, line 1 · Status: IRS Pub. 78 · Programs: Part IX

Before you give

FY2021 · 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
31%
of spending
Concern: 31% of spending went to programs; under 50%.
Pt IX · Ln 25 · col B
Cash reserves
22 mo
of spending, in cash
Looks good: 21.8 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
$627K
63% of total assets
Fine: liabilities are 63% of assets; 50% to 65%.
Pt X · Ln 26
Independent board members
8
of 8 voting members
Looks good: 8 of 8 voting members are independent, a majority.
Pt VI · Ln 1a–1b
Looks goodFineWorth a lookConcernNo data yetTap a box for the reason.
Revenue
$156K
-12% vs prior year
Spent
$104K
To programs
31%
Net assets
$365K
By yearFY2020–FY2025
Revenue
$156K
FY2021▼ -12%
Tap a bar for its year
Revenue by fiscal year
FY2020$177K
FY2021$156K
FY2022$201K
FY2023$279K
FY2024$261K
FY2025$459K
Expenses
$104K
FY2021▲ +1%
Tap a bar for its year
Expenses by fiscal year
FY2020$102K
FY2021$104K
FY2022$84K
FY2023$69K
FY2024$116K
FY2025$296K
Net assets
$365K
FY2021▲ +17%
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 FY2021 Form 990 (year ending June 2021) · see the original

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You’re viewing the FY2021 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

31 cents of each dollar spent went to programs.

Program services 31% · $32K Management & general 69% · $72K

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

8 people listed on the 990.

Part VII, Section A · reportable compensation · most recent filed roster (FY2020); the FY2021 filing did not itemize Part VII
Judi Barsness
Member at L
$0Pt VII · Sec A
Kay Costello
Secretary
$0Pt VII · Sec A
$0Pt VII · Sec A
Mike Hofer
Member at La
$0Pt VII · Sec A
Beth Kennedy
Vice Chair
$0Pt VII · Sec A
Tom Morse
Member at La
$0Pt VII · Sec A
Bob Padzieski
Treasurer
$0Pt VII · Sec A
Carol Stender
Member at La
$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 · $32K · in their own filed words · FY2020
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.

$32Kprogram 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 FY2021 990, line by line.

Download 990
from philanthropy.org
1The main four
Money inPt VIII
$156K
Ln 12
Fees for servicesLn 2g$154K
Investment incomeLn 3$621
Gifts and grantsLn 1h$610
Money outPt IX
$104K
Ln 25
Programscol B$32K
Managementcol C$72K
Owns and owesPt X
$365K
net assets · Ln 32
Cash and savingsLn 1–2$188K
Total assetsLn 16$992K
LiabilitiesLn 26$627K
PeoplePt VI, VII
8
listed · VII A
PaidVII A0
Voting boardVI 1a8
IndependentVI 1b8
2In more detail
Revenue in detailPt VIII
Gifts and grantsLn 1h$610
Fees for servicesLn 2g$154K
Investment incomeLn 3$621
Other incomeLn 4–11$274
Total revenueLn 12$156K
Assets in detailPt X, end of year
CashLn 1$188K
Cash and savings togetherLn 1–2$188K
Land, buildings, equipmentLn 10c$770K
Total assetsLn 16$992K
LiabilitiesLn 26$627K
Net assetsLn 32$365K
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 FY21End FY21
Cash and savingsLn 1–2$92K$188K
Land, buildings, equipmentLn 10c$799K$770K
Total assetsLn 16$962K$992K
LiabilitiesLn 26$649K$627K
Net assetsLn 32$313K$365K
4Every line
Statement of functional expensesPt IX · every line
LineTotalProgramsManagementFundraising
Accounting feesLn 11c$5K$5K
Other fees for servicesLn 11g$5K$5K
InterestLn 20$42K$42K
Depreciation, depletion and amortizationLn 22$24K$24K
InsuranceLn 23$5K$5K
Other expenses (24a–d)Ln 24$22K$2K$20K
Total functional expensesLn 25$104K$32K$72K$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 Viewing $156K$104K$52K$365K 990 PDF
FY2020 $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 FY2021 990 (6 parts)
Part I · Summary $155,505 revenue, 12 lines filed
I-8 Contributions and grantsPrior year $21,816$610
I-9 Program service revenuePrior year $154,000$154,000
I-10 Investment incomePrior year $1,046$621
I-11 Other revenuePrior year $55$274
I-12 Total revenuePrior year $176,917$155,505
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 $102,354$103,848
I-18 Total expensesPrior year $102,354$103,848
I-19 Revenue less expensesPrior year $74,563$51,657
Part VI · Governance 8 of 8 board members independent, 4 to look at
VI-1a Voting members of the governing body8
VI-1b Independent voting members8
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 $155,505 across 6 lines filed
VIII-1f All other contributions, gifts and grants$610
VIII-1h Total contributions, gifts and grants$610
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 $621$621
VIII-8 Net income from fundraising events$274
VIII-12 Total revenueRelated to mission $154,000 · Excluded from tax $621$155,505
Part IX · Statement of functional expenses $103,848 across 6 lines filed
IX-11c Accounting feesManagement $4,900$4,900
IX-11g Other fees for servicesManagement $4,707$4,707
IX-20 InterestManagement $42,413$42,413
IX-22 Depreciation, depletion and amortizationPrograms $24,297$24,297
IX-23 InsurancePrograms $5,274$5,274
IX-24 Other expenses (24a–d)Programs $2,114 · Management $20,143$22,257
IX-25 Total functional expensesPrograms $31,685 · Management $72,163 · Fundraising $0$103,848
Part X · Balance sheet $991,627 assets, 10 lines filed
X-1 Cash, non-interest-bearingStart of year $92,386$188,303
X-9 Prepaid expenses and deferred chargesStart of year $1,248$1,342
X-10c Land, buildings and equipment, netStart of year $798,789$769,912
X-14 Intangible assetsStart of year $19,848$32,070
X-16 Total assetsStart of year $962,271$991,627
X-17 Accounts payable and accrued expensesStart of year $3,812$2,343
X-26 Total liabilitiesStart of year $649,373$627,072
X-27 Net assets without donor restrictionsStart of year $312,898$364,555
X-32 Total net assets or fund balancesStart of year $312,898$364,555
X-33 Total liabilities and net assetsStart of year $962,271$991,627
Part XI · Reconciliation of net assets $364,555 net assets at year end
XI-1 Total revenue$155,505
XI-2 Total expenses$103,848
XI-3 Revenue less expenses$51,657
XI-4 Net assets at start of year$312,898
XI-10 Net assets at end of year$364,555

Form 990 e-file (XML) FY2021 from the IRS · Classification, formation year and address from the IRS Business Master File

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