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

Great Expectations Foundation FY2023 filing

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Supports a school and its affiliates with funding, leadership, and community resources. For fiscal year 2023 it reported $279K in revenue, $69K in expenses, and $674K in net assets.Pt I

Type
Public foundation / grantmaker · Foundations & Grantmakers
Location
Grand Marais, MN
Website
www.greatexpectationsschool.com
Filings
6 on file (2020–2023)
Revenue
$279KFY2023
Expenses
$69K
Net assets
$674K
People
7
Filings
6
Updates
0
More identity details & actions ⌄
EIN  20-5931949 Public foundation / grantmaker Grand Marais, MN
Form 990 (PDF)
You’re viewing the FY2023 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
Kay Costello · Secretary
Money in and out
$279K revenue, $69K expenses
Bottom line
86% program efficiency
Grants paid & assets · FY2023
Total revenue
$279K
Pt VIII · Ln 12
Total expenses
$69K
Pt IX · Ln 25
Net assets
$674K
Pt X · Ln 32
Revenue less expenses (Pt I · Ln 19): $211K
Where spending went · Part IX cols B–D
Program services $0.86 Management & general $0.13 Fundraising $0.01
Program efficiency
86%
of spending reaches programs
Operating runway
28.3mo
months of highly liquid reserves at operating expense rate
Surplus margin
+75%
revenue over expenses, this year

Summary of the Filing

Part I · fiscal year 2023 · Form 990
Revenue
$279K
FY2023▲ +39%
Expenses
$69K
FY2023▼ -19%
Total assets
$1.2M
FY2023▲ +17%
Total liabilities
$540K
FY2023▼ -6%
Total revenue
$279K
Pt VIII · Ln 12
Total expenses
$69K
Pt IX · Ln 25
Net assets
$674K
Pt X · Ln 32
Revenue less expensesPt I · Ln 19$211K
Total assetsPt X · Ln 16$1.2M
Program-expense ratioPt IX · col B86%
Voting members of governing bodyPt I · Ln 37
Independent voting membersPt I · Ln 47

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 1a7
Independent voting membersPt VI · Ln 1b7
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 (FY2022); the FY2023 filing did not itemize Part VII
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 L
$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 $59K of program spending, described in the organization's own filed words · FY2022.
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.

$59Kprogram expense

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Statement of Revenue

Part VIII
Program service revenue$178K · 64%
Contributions & grants$100K · 36%
Investment income$1K · 1%
Program service revenue64%$178K
Contributions & grants36%$100K
Investment income1%$1K
Total revenueLn 12$279K

Statement of Functional Expenses

Part IX · allocated across program, management, and fundraising
Allocation · columns B–D
Program services $0.86 Management & general $0.13 Fundraising $0.01
Program services86%$59K
Management & general13%$9K
Fundraising1%$831
Total functional expensesLn 25$69K

Balance Sheet

Part X · end of year
CashLn 1$162K
Total assetsLn 16$1.2M
Total liabilitiesLn 26$540K
Total net assetsLn 32$674K
Months of cash on handcomputed28.3

Financial Metrics

Form 990 · FY2023 · each ratio shown with the dollars behind it
Liquidity & Payout
Operating runway
Highly liquid reserves $162K · Operating expenses/yr $69K
28.3 months
Where the money goes
Program services
Program services $59K · Total expenses $69K
86%
Management & General
Management & general $9K · Total expenses $69K
13%
Fundraising
Fundraising $831 · Total expenses $69K
1%
Cost to raise $1
Fundraising expense (3-yr avg) $277 · Solicited contributions (3-yr avg) $44K
$0.01 to raise $1 (3-yr avg)
Where the money comes from
Contribution dependence
Contributions & grants $100K · Total revenue $279K
36%
Government reliance
Government grants — · Total revenue $279K
Earned-income share
Program service revenue $178K · Total revenue $279K
64%
Investment reliance
Investment income $1K · Total revenue $279K
+0.5%
Program self-sufficiency
Program service revenue $178K · Total expenses $69K
260%
Growth & trend
Revenue growth (YoY)
This year $279K · Prior year $201K
+39%
Net-asset trend (YoY)
End of year $674K · Beginning of year —
Beginning net assets not meaningfully positive — showing dollar change
Balance sheet
Surplus Margin
Revenue $279K · Expenses $69K
+75%
Liabilities-to-Assets
Total liabilities — · Total assets $1.2M
Net-asset ratio
Net assets $674K · Total assets $1.2M
55%
Marketable Investment Share
Publicly traded securities (Pt X, ln 11) — · Other securities (Pt X, ln 12) — · Total assets (Pt X, ln 16) $1.2M
Excludes program-related investments (Pt X, ln 13)
People & payroll
Highest Reported Total Compensation
Individual Kay Costello · Reported title SECRETARY · Highest reported compensation $0 · Total expenses $69K
0%
Personnel share
Salaries, benefits & payroll (Pt IX 5-10) — · Total expenses $69K
Peer comparison

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

MetricThis orgPeer medianPercentile
Program ratio 86%
Overhead ratio 13%
Fundraising cost ratio 0.8%
Revenue growth 39%
Accounting fee ratio 8%

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 · viewing · ⤓ 990 PDF
FY2022$201K revenue · ⤓ 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) · FY2023IRS
Classification, formation year, addressIRS Business Master File
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