Great Expectations Foundation EIN 20-5931949 Form 990 (PDF) Claim this org

Great Expectations Foundation FY2022 filing

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Supports a school and its affiliates with funding, leadership, and community resources. For fiscal year 2022 it reported $201K in revenue, $84K in expenses, and $463K in net assets.Pt I

Type
Public foundation / grantmaker · Foundations & Grantmakers
Location
Grand Marais, MN
Website
www.greatexpectationsschool.com
Filings
6 on file (2020–2022)
Revenue
$201KFY2022
Expenses
$84K
Net assets
$463K
People
8
Filings
6
Updates
0
More identity details & actions ⌄
EIN  20-5931949 Public foundation / grantmaker Grand Marais, MN
Form 990 (PDF)
You’re viewing the FY2022 filing — not the latest on file. See the latest (FY2025) →
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Size
$100K–1M
What they do
Supports a school and its affiliates with funding, leadership, and community resources.
Leadership
Judi Barsness · Member at L
Money in and out
$201K revenue, $84K expenses
Bottom line
61% program efficiency
Grants paid & assets · FY2022
Total revenue
$201K
Pt VIII · Ln 12
Total expenses
$84K
Pt IX · Ln 25
Net assets
$463K
Pt X · Ln 32
Revenue less expenses (Pt I · Ln 19): $117K
Where spending went · Part IX cols B–D
Program services $0.61 Management & general $0.39
Program efficiency
61%
of spending reaches programs
Operating runway
12.5mo
months of highly liquid reserves at operating expense rate
Surplus margin
+58%
revenue over expenses, this year

Summary of the Filing

Part I · fiscal year 2022 · Form 990
Revenue
$201K
FY2022▲ +29%
Expenses
$84K
FY2022▼ -19%
Total assets
$1.0M
FY2022▲ +5%
Total liabilities
$574K
FY2022▼ -8%
Total revenue
$201K
Pt VIII · Ln 12
Total expenses
$84K
Pt IX · Ln 25
Net assets
$463K
Pt X · Ln 32
Revenue less expensesPt I · Ln 19$117K
Total assetsPt X · Ln 16$1.0M
Program-expense ratioPt IX · col B61%
Voting members of governing bodyPt I · Ln 38
Independent voting membersPt I · Ln 48

Identity & Classification

Form 990 Header · IRS Business Master File
Legal nameHdr · item CGreat Expectations Foundation
EINHdr · item D20-5931949
Principal addressHdr · item CGrand Marais, MN
Year of formationHdr · item Lpending
State of legal domicileHdr · item MMN
Exempt statusHdr · item I501(c)(3) · active
NTEE classificationIRS BMFFoundations & Grantmakers (T990)
Ruling yearIRS BMFSep 2007

Governance & Policies

Part VI
Voting members of the governing bodyPt VI · Ln 1a8
Independent voting membersPt VI · Ln 1b8
Conflict-of-interest policyPt VI · Ln 12aNo
Whistleblower policyPt VI · Ln 13No
Document retention policyPt VI · Ln 14No
CEO/top-official compensation independently reviewedPt VI · Ln 15aNo
Family or business relationships among officers/directorsPt VI · Ln 2No

Officers, Directors & Key Employees

Part VII, Section A · reportable compensation · most recent filed roster (FY2021); the FY2022 filing did not itemize Part VII
Member at L
$0Pt VII · Sec A
Secretary
$0Pt VII · Sec A
$0Pt VII · Sec A
Member at La
$0Pt VII · Sec A
Vice Chair
$0Pt VII · Sec A
Member at La
$0Pt VII · Sec A
Treasurer
$0Pt VII · Sec A
Member at La
$0Pt VII · Sec A
See Great Expectations Foundation executive salaries →

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Mission & Programs · Part III

Where the work happens

1 program service account for $52K of program spending, described in the organization's own filed words · FY2021.
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.

$52Kprogram expense

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Statement of Revenue

Part VIII
Program service revenue$154K · 77%
Contributions & grants$32K · 16%
Other revenue$14K · 7%
Program service revenue77%$154K
Contributions & grants16%$32K
Other revenue7%$14K
Investment income$934
Total revenueLn 12$201K

Statement of Functional Expenses

Part IX · allocated across program, management, and fundraising
Allocation · columns B–D
Program services $0.61 Management & general $0.39
Program services61%$52K
Management & general39%$33K
Total functional expensesLn 25$84K

Balance Sheet

Part X · end of year
CashLn 1$88K
Total assetsLn 16$1.0M
Total liabilitiesLn 26$574K
Total net assetsLn 32$463K
Months of cash on handcomputed12.5

Financial Metrics

Form 990 · FY2022 · each ratio shown with the dollars behind it
Liquidity & Payout
Operating runway
Highly liquid reserves $88K · Operating expenses/yr $84K
12.5 months
Where the money goes
Program services
Program services $52K · Total expenses $84K
61%
Management & General
Management & general $33K · Total expenses $84K
39%
Fundraising
Fundraising $0 · Total expenses $84K
0%
Cost to raise $1
Fundraising expense (3-yr avg) $0 · Solicited contributions (3-yr avg) $18K
Solicited contributions below reporting floor
Where the money comes from
Contribution dependence
Contributions & grants $32K · Total revenue $201K
16%
Government reliance
Government grants — · Total revenue $201K
Earned-income share
Program service revenue $154K · Total revenue $201K
77%
Investment reliance
Investment income $934 · Total revenue $201K
+0.5%
Program self-sufficiency
Program service revenue $154K · Total expenses $84K
182%
Growth & trend
Revenue growth (YoY)
This year $201K · Prior year $156K
+29%
Net-asset trend (YoY)
End of year $463K · Beginning of year —
Beginning net assets not meaningfully positive — showing dollar change
Balance sheet
Surplus Margin
Revenue $201K · Expenses $84K
+58%
Liabilities-to-Assets
Total liabilities — · Total assets $1.0M
Net-asset ratio
Net assets $463K · Total assets $1.0M
45%
Marketable Investment Share
Publicly traded securities (Pt X, ln 11) — · Other securities (Pt X, ln 12) — · Total assets (Pt X, ln 16) $1.0M
Excludes program-related investments (Pt X, ln 13)
People & payroll
Highest Reported Total Compensation
Individual Judi Barsness · Reported title MEMBER AT L · Highest reported compensation $0 · Total expenses $84K
0%
Personnel share
Salaries, benefits & payroll (Pt IX 5-10) — · Total expenses $84K
Peer comparison

Same NTEE category, revenue band, and state where available. Descriptive — not a grade.

MetricThis orgPeer medianPercentile
Program ratio 61%
Overhead ratio 39%
Fundraising cost ratio 0%
Revenue growth 29%
Legal fee ratio 0.2%
Accounting fee ratio 5%

Straight from the Form 990 — descriptive, not an evaluation. A ratio is hidden when its base is zero or too small to be meaningful; the dollars are always shown.

Grants

Schedule I · received and paid
Grants received · FY2025
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

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Filings & Schedule Manifest

Part IV
III · Programs I · Grants R · Related orgs G · Fundraising L · Interested persons A · Public support F · Foreign M · Noncash
FY2025 (Latest)$459K revenue · ⤓ 990 PDF
FY2024$261K revenue · ⤓ 990 PDF
FY2023$279K revenue · ⤓ 990 PDF
FY2022$201K revenue · viewing · ⤓ 990 PDF
FY2021$156K revenue · ⤓ 990 PDF
FY2020$177K revenue · ⤓ 990 PDF

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Sources

Every figure above is drawn from these filings
Form 990 e-file (XML) · FY2022IRS
Classification, formation year, addressIRS Business Master File
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