Central Lakes College Foundation: Nonprofit Profile, Financials & Form 990 (EIN 23-7007111)

Revenue by fiscal year
FY2020	$1.9M
FY2021	$2.8M
FY2022	$3.2M
FY2023	$2.7M
FY2024	$3.0M
FY2025	$3.7M

Expenses by fiscal year
FY2020	$1.8M
FY2021	$2.1M
FY2022	$1.9M
FY2023	$2.8M
FY2024	$2.6M
FY2025	$3.0M

Net assets by fiscal year
FY2020	$9.5M
FY2021	$11.8M
FY2022	$10.6M
FY2023	$11.5M
FY2024	$12.9M
FY2025	$14.5M

Is it real?

Yes. Never revoked by the IRS. Latest filing on record: FY2025. IRS ruling in Feb 1968.

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

Where the money goes

96 cents of each dollar spent went to programs.

96%

Program services 96% · $2.9M Management & general 4% · $128K Fundraising 0% · $7K

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

18 people listed on the 990.

Part VII, Section A · reportable compensation · most recent filed roster (FY2024); the FY2025 filing did not itemize Part VII

Brad Chapulis

President

$0Pt VII · Sec A

Mike Bjerkness

Vice President

$0Pt VII · Sec A

Lisa Wigand

Treasurer (through 12/31/2024)

$0Pt VII · Sec A

Jodi Hyatt

Treasurer (starting 01/01/2025)

$0Pt VII · Sec A

Barbara Anderson

Secretary (through 12/31/2024)

$0Pt VII · Sec A

Nathan Hamilton

Secretary (starting 01/01/2025)

$0Pt VII · Sec A

Hara Charlier

Ex-Officio

$0Pt VII · Sec A

Jennifer Bergman

Director

$0Pt VII · Sec A

See Central Lakes College 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 15aYes

Programs and updates

Provides scholarships and housing to students attending Central Lakes College.

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3 programs · $2.9M · in their own filed words · FY2024

01

Donations including in-kind for projects and programs paid for on behalf of central lakes college to enhance student and community learning experiences.

$2.0Mprogram expense

02

Student housing provided to students enrolled at central lakes college.

$473Kprogram expense

03

Scholarships awarded to students attending central lakes college enrolled in six or more credits fall and spring semester.

$410Kprogram 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 · FY2024

Delta Dental of Minnesota FoundationFY2024$500K

Lakes Media Collaborative INCFY2024$50K

Five Wings Arts CouncilFY2024$36K

American Online Giving Foundation INCFY2024$20K

Neo Philanthropy INCFY2024$15K

Smdc Medical CenterFY2024$10K

CommunitygivingFY2024$8K

The Olseth Foundation DBA the Olseth Family FoundationFY2024$5K

Total grants receivedfrom 8 funders$644K

See all 8 funders →

Grants paid · 6 grants · $5.1M · 2019–2024

Central Lakes CollegeFY2024$1,501,997

Central Lakes CollegeFY2023$845,993

Central Lakes CollegeFY2022$926,258

Central Lakes CollegeFY2021$658,956

Central Lakes CollegeFY2020$561,437

Central Lakes CollegeFY2019$614,980

By the numbers

The FY2025 990, line by line.

Download 990

from philanthropy.org

1The main four

Money inPt VIII

$3.7M

Ln 12

Gifts and grantsLn 1h$2.6M

Fees for servicesLn 2g$638K

Investment incomeLn 3$428K

Money outPt IX

$3.0M

Ln 25

Programscol B$2.9M

Managementcol C$128K

Fundraisingcol D$7K

Owns and owesPt X

$14.5M

net assets · Ln 32

Cash and savingsLn 1–2$683K

Total assetsLn 16$15.7M

LiabilitiesLn 26$1.2M

PeoplePt VI, VII

18

listed · VII A

PaidVII A0

Voting boardVI 1a14

IndependentVI 1b14

2In more detail

Revenue in detailPt VIII

Gifts and grantsLn 1h$2.6M

Noncash giftsLn 1g$878K

Fundraising eventsLn 1c$3K

Fees for servicesLn 2g$638K

Investment incomeLn 3$428K

Other incomeLn 4–11$28K

Gains on assetsLn 7$136K

Total revenueLn 12$3.7M

Assets in detailPt X, end of year

CashLn 1$31K

SavingsLn 2$652K

Cash and savings togetherLn 1–2$683K

InvestmentsLn 11–13$12.5M

Land, buildings, equipmentLn 10c$2.4M

Other assetsLn 15$36K

Total assetsLn 16$15.7M

LiabilitiesLn 26$1.2M

Net assetsLn 32$14.5M

OperationsPt I, VI

EmployeesI 50

VolunteersI 650

Fiscal year endsHeaderJune

Conflict-of-interest policyVI 12aYes

Whistleblower policyVI 13No

Records policyVI 14Yes

3Year over year

Balance sheet, start vs end of yearPt X · col A, B

Line	Start FY25	End FY25
Cash and savingsLn 1–2	$639K	$683K
InvestmentsLn 11–13	$11.2M	$12.5M
Land, buildings, equipmentLn 10c	$2.4M	$2.4M
Total assetsLn 16	$14.4M	$15.7M
LiabilitiesLn 26	$1.5M	$1.2M
Net assetsLn 32	$12.9M	$14.5M

4Every line

Statement of functional expensesPt IX · every line

Line	Total	Programs	Management	Fundraising
Grants to domestic organizationsLn 1	$2.4M	$2.4M
Other salaries and wagesLn 7	$67K	$67K
Other employee benefitsLn 9	$1K	$1K
Payroll taxesLn 10	$6K	$6K
Management feesLn 11a	$63K	$63K
Accounting feesLn 11c	$50K	$20K	$30K
Investment management feesLn 11f	$67K		$67K
Advertising and promotionLn 12	$11K	$3K	$448	$7K
Office expensesLn 13	$4K	$3K	$1K
Information technologyLn 14	$38K	$24K	$14K
OccupancyLn 16	$106K	$106K
TravelLn 17	$913		$913
InterestLn 20	$37K	$37K
Depreciation, depletion and amortizationLn 22	$79K	$79K
InsuranceLn 23	$23K	$23K	$433
Other expenses (24a–d)Ln 24	$79K	$65K	$14K
Total functional expensesLn 25	$3.0M	$2.9M	$128K	$7K

Filing history

Year	Money in	Money out	In minus out	Net assets	Download
FY2025 Latest Viewing	$3.7M	$3.0M	$658K	$14.5M	990 PDF
FY2024	$3.0M	$2.6M	$406K	$12.9M	990 PDF
FY2023	$2.7M	$2.8M	−$102K	$11.5M	990 PDF
FY2022	$3.2M	$1.9M	$1.3M	$10.6M	990 PDF
FY2021	$2.8M	$2.1M	$688K	$11.8M	990 PDF
FY2020	$1.9M	$1.8M	$120K	$9.5M	990 PDF

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Schedules filed Part IV

III · Programs I · Grants R · Related orgs G · Fundraising L · Interested persons A · Public support F · Foreign M · Noncash

See the full FY2025 990 (6 parts)

Part I · Summary $3,669,250 revenue, 12 lines filed

I-8 Contributions and grantsPrior year $2,092,038$2,576,339

I-9 Program service revenuePrior year $596,417$637,668

I-10 Investment incomePrior year $291,668$427,650

I-11 Other revenuePrior year $22,077$27,593

I-12 Total revenuePrior year $3,002,200$3,669,250

I-13 Grants and similar amounts paidPrior year $1,749,425$2,379,874

I-14 Benefits paid to membersPrior year $0$0

I-15 Salaries and benefitsPrior year $318,756$73,747

I-16a Professional fundraising feesPrior year $0$0

I-17 Other expensesPrior year $528,385$558,058

I-18 Total expensesPrior year $2,596,566$3,011,679

I-19 Revenue less expensesPrior year $405,634$657,571

Part VI · Governance 14 of 14 board members independent, 1 to look at

VI-1a Voting members of the governing body14

VI-1b Independent voting members14

VI-13 Written whistleblower policyNo

VI-2 Family or business relationship among officers or directorsNo

VI-12a Written conflict of interest policyYes

VI-14 Document retention and destruction policyYes

VI-15a Process for setting top official's payYes

Part VIII · Statement of revenue $3,669,250 across 10 lines filed

Lines not itemized here account for −$2,966 of total revenue; see the IRS return.

VIII-1c Fundraising events$2,738

VIII-1f All other contributions, gifts and grants$2,573,601

VIII-1g Noncash contributions (included above)$877,877

VIII-1h Total contributions, gifts and grants$2,576,339

VIII-2a-f Program service revenue, itemized rows (sum of 2a–2f as filed)Related to mission $637,668$637,668

VIII-3 Investment incomeExcluded from tax $291,212$291,212

VIII-7 Net gain or loss on sales of assetsExcluded from tax $136,438$136,438

VIII-8 Net income from fundraising eventsExcluded from tax −$4,170−$4,170

VIII-11a-d Other revenue, itemized rows (sum of 11a–11d as filed)Excluded from tax $34,729$34,729

VIII-12 Total revenueRelated to mission $637,668 · Unrelated business $0 · Excluded from tax $455,243$3,669,250

Part IX · Statement of functional expenses $3,011,679 across 16 lines filed

IX-1 Grants to domestic organizationsPrograms $2,379,874$2,379,874

IX-7 Other salaries and wagesPrograms $66,627$66,627

IX-9 Other employee benefitsPrograms $1,349$1,349

IX-10 Payroll taxesPrograms $5,771$5,771

IX-11a Management feesPrograms $62,576$62,576

IX-11c Accounting feesPrograms $19,984 · Management $30,052$50,036

IX-11f Investment management feesManagement $66,839$66,839

IX-12 Advertising and promotionPrograms $3,254 · Management $448 · Fundraising $7,174$10,876

IX-13 Office expensesPrograms $2,980 · Management $1,430$4,410

IX-14 Information technologyPrograms $23,635 · Management $14,380$38,015

IX-16 OccupancyPrograms $106,324$106,324

IX-17 TravelManagement $913$913

IX-20 InterestPrograms $37,261$37,261

IX-22 Depreciation, depletion and amortizationPrograms $78,782$78,782

IX-23 InsurancePrograms $22,907 · Management $433$23,340

IX-24 Other expenses (24a–d)Programs $64,918 · Management $13,768$78,686

IX-25 Total functional expensesPrograms $2,876,242 · Management $128,263 · Fundraising $7,174$3,011,679

Part X · Balance sheet $15,698,314 assets, 18 lines filed

X-1 Cash, non-interest-bearingStart of year $17,468$30,710

X-2 Savings and temporary cash investmentsStart of year $621,813$652,006

X-3 Pledges and grants receivable$23,529

X-4 Accounts receivableStart of year $38,542$41,116

X-9 Prepaid expenses and deferred chargesStart of year $20,585$22,697

X-10c Land, buildings and equipment, netStart of year $2,420,346$2,369,117

X-11 Publicly traded securitiesStart of year $11,245,585$12,522,797

X-15 Other assetsStart of year $39,192$36,342

X-16 Total assetsStart of year $14,403,531$15,698,314

X-17 Accounts payable and accrued expensesStart of year $34,305$21,654

X-19 Deferred revenueStart of year $255,050$42,728

X-24 Unsecured notes and loans payable$0

X-25 Other liabilitiesStart of year $38,416$36,341

X-26 Total liabilitiesStart of year $1,497,383$1,192,152

X-27 Net assets without donor restrictionsStart of year $1,484,149$1,697,343

X-28 Net assets with donor restrictionsStart of year $11,421,999$12,808,819

X-32 Total net assets or fund balancesStart of year $12,906,148$14,506,162

X-33 Total liabilities and net assetsStart of year $14,403,531$15,698,314

Part XI · Reconciliation of net assets $14,506,162 net assets at year end

XI-1 Total revenue$3,669,250

XI-2 Total expenses$3,011,679

XI-3 Revenue less expenses$657,571

XI-4 Net assets at start of year$12,906,148

XI-5 Net unrealized gains (losses) on investments$942,443

XI-9 Other changes in net assets$0

XI-10 Net assets at end of year$14,506,162

Form 990 e-file (XML) FY2025 from the IRS · Classification, formation year and address from the IRS Business Master File

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Central Lakes College Foundation

Before you give

Is it real?

Where the money goes

Who runs it and what they're paid

Questions the 990 asks

Programs and updates

Questions for Central Lakes College Foundation

Funders

Grants

By the numbers

Filing history

Schedules filed Part IV