Sfm Foundation FY2022 filing

Tax-deductible

Bloomington, MN501(c)(3)EducationEIN 26-2723684Revenue $409K in FY2022

On file with the IRSsfmic.com/foundation3500 American Blvd W Ste 700, 55431-4439 · Bloomington, MNTax-exempt since Aug 2008Publicly supported charity — 170(b)(1)(A)(vi)

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To provide post-secondary education scholarships to children of parents who have been fatally injured or seriously disabled by work related accidents or diseases.

501(c)(3) charity; gifts are tax-deductible.
94¢ of each $1 spent went to programs.
Mission: Form 990 Part I, line 1 · Status: IRS Pub. 78 · Programs: Part IX

Before you give

FY2022 · 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
FY2024
latest Form 990
Looks good: the latest return is for FY2024, 2 tax years back; within 2 tax years.
IRS e-file · Filing history
Surplus or deficit
3 of 5
filings with a surplus
Average surplus $69K a year · 16% of revenue · last 5 filings
Worth a look: a surplus in 3 of the last 5 filings.
Pt I · Ln 19 · 5 filings
Spent on programs
94%
of spending
Looks good: 94% of spending went to programs; 75% or more.
Pt IX · Ln 25 · col B
Cash reserves
30 mo
of spending, in cash
Looks good: 30.1 months of spending in cash; 3 or more.
Pt X · Ln 1–2 · Pt I · Ln 18
Named funders
1
named funder · $10K
Fine: 1 funder names it on their filings; under 3.
Funders’ Sch. I, 990-PF
Liabilities
$696K
65% of total assets
Fine: liabilities are 65% of assets; 50% to 65%.
Pt X · Ln 26
Independent board members
15
of 15 voting members
Looks good: 15 of 15 voting members are independent, a majority.
Pt VI · Ln 1a–1b
Looks goodFineWorth a lookConcernNo data yetTap a box for the reason.
Revenue
$409K
-21% vs prior year
Spent
$423K
To programs
94%
Net assets
$371K
By yearFY2020–FY2024
Revenue
$409K
FY2022▼ -21%
Tap a bar for its year
Revenue by fiscal year
FY2020$268K
FY2021$517K
FY2022$409K
FY2023$466K
FY2024$504K
Expenses
$423K
FY2022▲ +22%
Tap a bar for its year
Expenses by fiscal year
FY2020$237K
FY2021$348K
FY2022$423K
FY2023$304K
FY2024$506K
Net assets
$371K
FY2022▼ -4%
Tap a bar for its year
Net assets by fiscal year
FY2020$216K
FY2021$385K
FY2022$371K
FY2023$533K
FY2024$531K

From the FY2022 Form 990 · see the original

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Is it real?

Yes. Never revoked by the IRS. Latest filing on record: FY2024. IRS ruling in Aug 2008.

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

Where the money goes

94 cents of each dollar spent went to programs.

Program services 94% · $399K Management & general 6% · $24K

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

15 people listed on the 990.

Part VII, Section A · reportable compensation
Chairman
$0Pt VII · Sec A
$0Pt VII · Sec A
Secretary
$0Pt VII · Sec A
$0Pt VII · Sec A
$0Pt VII · Sec A
Director
$0Pt VII · Sec A
$0Pt VII · Sec A
$0Pt VII · Sec A
See Sfm 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

Offers scholarships for higher education to children of parents injured or killed at work.

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Provided by the organization

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1 program · $399K · in their own filed words · FY2022
01

Awarded scholarships to 15 students of parents who were fatally injured or seriously disabled by work-related accidents or diseases.

$399Kprogram 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 · FY2021
Total grants receivedfrom 1 funder$10K
Grants paid · 5 grants · $1.7M · 2020–2024
Unitemized GrantFY2024$485,500
Unitemized GrantFY2023$289,000
Unitemized GrantFY2022$399,458
Unitemized GrantFY2021$337,698
Unitemized GrantFY2020$222,999

By the numbers

The FY2022 990, line by line.

1The main four
Money inPt VIII
$409K
Ln 12
Gifts and grantsLn 1h$414K
Investment incomeLn 3$11K
Money outPt IX
$423K
Ln 25
Programscol B$399K
Managementcol C$24K
Owns and owesPt X
$371K
net assets · Ln 32
Cash and savingsLn 1–2$1.1M
Total assetsLn 16$1.1M
LiabilitiesLn 26$696K
PeoplePt VI, VII
15
listed · VII A
PaidVII A0
Voting boardVI 1a15
IndependentVI 1b15
2In more detail
Revenue in detailPt VIII
Gifts and grantsLn 1h$414K
Noncash giftsLn 1g$14K
Fundraising eventsLn 1c$176K
Investment incomeLn 3$11K
Gains on assetsLn 7$0
Total revenueLn 12$409K
Assets in detailPt X, end of year
CashLn 1$1.1M
SavingsLn 2$0
Cash and savings togetherLn 1–2$1.1M
InvestmentsLn 11–13$0
Land, buildings, equipmentLn 10c$0
Other assetsLn 15$0
Total assetsLn 16$1.1M
LiabilitiesLn 26$696K
Net assetsLn 32$371K
OperationsPt I, VI
EmployeesI 50
VolunteersI 629
Fiscal year endsHeaderDecember
Conflict-of-interest policyVI 12aYes
Whistleblower policyVI 13Yes
Records policyVI 14Yes
3Year over year
Balance sheet, start vs end of yearPt X · col A, B
LineStart FY22End FY22
Cash and savingsLn 1–2$978K$1.1M
InvestmentsLn 11–13$0
Land, buildings, equipmentLn 10c$0
Total assetsLn 16$978K$1.1M
LiabilitiesLn 26$594K$696K
Net assetsLn 32$385K$371K
4Every line
Statement of functional expensesPt IX · every line
LineTotalProgramsManagementFundraising
Grants to domestic organizationsLn 1$0
Grants to domestic individualsLn 2$399K$399K
Grants and assistance to foreign recipientsLn 3$0
Benefits paid to or for membersLn 4$0
Pay of current officers, directors and key staffLn 5$0
Pay of disqualified personsLn 6$0
Other salaries and wagesLn 7$0
Pension plan contributionsLn 8$0
Other employee benefitsLn 9$0
Payroll taxesLn 10$0
Management feesLn 11a$0
Legal feesLn 11b$0
Accounting feesLn 11c$1K$1K
Lobbying feesLn 11d$0
Professional fundraising feesLn 11e$0
Investment management feesLn 11f$0
Other fees for servicesLn 11g$0
Advertising and promotionLn 12$7K$7K
Office expensesLn 13$7K$7K
Information technologyLn 14$3K$3K
RoyaltiesLn 15$0
OccupancyLn 16$0
TravelLn 17$3K$3K
Travel and entertainment for public officialsLn 18$0
Conferences, conventions and meetingsLn 19$0
InterestLn 20$0
Payments to affiliatesLn 21$0
Depreciation, depletion and amortizationLn 22$0
InsuranceLn 23$991$991
Other expenses (24a–d)Ln 24$1K$1K
All other expensesLn 24e$0
Total functional expensesLn 25$423K$399K$24K$0

Filing history

YearMoney inMoney outIn minus outNet assetsDownload
FY2024 Latest $504K$506K−$2K$531K 990 PDF
FY2023 $466K$304K$162K$533K 990 PDF
FY2022 Viewing $409K$423K−$14K$371K 990 PDF
FY2021 $517K$348K$169K$385K 990 PDF
FY2020 $268K$237K$31K$216K 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 FY2022 990 (6 parts)
Part I · Summary $409,054 revenue, 12 lines filed
I-8 Contributions and grantsPrior year $509,293$413,920
I-9 Program service revenue$0
I-10 Investment incomePrior year $296$10,644
I-11 Other revenuePrior year $7,388−$15,510
I-12 Total revenuePrior year $516,977$409,054
I-13 Grants and similar amounts paidPrior year $337,698$399,458
I-14 Benefits paid to members$0
I-15 Salaries and benefits$0
I-16a Professional fundraising fees$0
I-17 Other expensesPrior year $10,091$23,686
I-18 Total expensesPrior year $347,789$423,144
I-19 Revenue less expensesPrior year $169,188−$14,090
Part VI · Governance 15 of 15 board members independent, 1 to look at
VI-1a Voting members of the governing body15
VI-1b Independent voting members15
VI-15a Process for setting top official's payNo
VI-2 Family or business relationship among officers or directorsNo
VI-12a Written conflict of interest policyYes
VI-13 Written whistleblower policyYes
VI-14 Document retention and destruction policyYes
Part VIII · Statement of revenue $409,054 across 10 lines filed
VIII-1c Fundraising events$176,356
VIII-1f All other contributions, gifts and grants$237,564
VIII-1g Noncash contributions (included above)$14,156
VIII-1h Total contributions, gifts and grants$413,920
VIII-3 Investment incomeExcluded from tax $10,644$10,644
VIII-5 Royalties$0
VIII-6 Net rental income or loss$0
VIII-7 Net gain or loss on sales of assets$0
VIII-8 Net income from fundraising eventsExcluded from tax −$15,510−$15,510
VIII-12 Total revenueExcluded from tax −$4,866$409,054
Part IX · Statement of functional expenses $423,144 across 31 lines filed
IX-1 Grants to domestic organizations$0
IX-2 Grants to domestic individualsPrograms $399,458$399,458
IX-3 Grants and assistance to foreign recipients$0
IX-4 Benefits paid to or for members$0
IX-5 Pay of current officers, directors and key staff$0
IX-6 Pay of disqualified persons$0
IX-7 Other salaries and wages$0
IX-8 Pension plan contributions$0
IX-9 Other employee benefits$0
IX-10 Payroll taxes$0
IX-11a Management fees$0
IX-11b Legal fees$0
IX-11c Accounting feesManagement $1,050$1,050
IX-11d Lobbying fees$0
IX-11e Professional fundraising fees$0
IX-11f Investment management fees$0
IX-11g Other fees for services$0
IX-12 Advertising and promotionManagement $7,227$7,227
IX-13 Office expensesManagement $7,055$7,055
IX-14 Information technologyManagement $3,084$3,084
IX-15 Royalties$0
IX-16 Occupancy$0
IX-17 TravelManagement $3,279$3,279
IX-18 Travel and entertainment for public officials$0
IX-19 Conferences, conventions and meetings$0
IX-20 Interest$0
IX-21 Payments to affiliates$0
IX-22 Depreciation, depletion and amortization$0
IX-23 InsuranceManagement $991$991
IX-24 Other expenses (24a–d)Management $1,000$1,000
IX-24e All other expenses$0
IX-25 Total functional expensesPrograms $399,458 · Management $23,686 · Fundraising $0$423,144
Part X · Balance sheet $1,066,331 assets, 19 lines filed
X-1 Cash, non-interest-bearingStart of year $978,120$1,059,696
X-2 Savings and temporary cash investments$0
X-3 Pledges and grants receivableStart of year $255$6,635
X-4 Accounts receivable$0
X-8 Inventories for sale or use$0
X-9 Prepaid expenses and deferred charges$0
X-10c Land, buildings and equipment, net$0
X-11 Publicly traded securities$0
X-12 Other securities$0
X-13 Program-related investments$0
X-14 Intangible assets$0
X-15 Other assets$0
X-16 Total assetsStart of year $978,375$1,066,331
X-17 Accounts payable and accrued expensesStart of year $15,302$27,171
X-25 Other liabilitiesStart of year $571,750$668,502
X-26 Total liabilitiesStart of year $593,627$695,673
X-27 Net assets without donor restrictionsStart of year $384,748$370,658
X-32 Total net assets or fund balancesStart of year $384,748$370,658
X-33 Total liabilities and net assetsStart of year $978,375$1,066,331
Part XI · Reconciliation of net assets $370,658 net assets at year end
XI-1 Total revenue$409,054
XI-2 Total expenses$423,144
XI-3 Revenue less expenses−$14,090
XI-4 Net assets at start of year$384,748
XI-10 Net assets at end of year$370,658

Form 990 e-file (XML) FY2022 from the IRS · Classification, formation year and address from the IRS Business Master File

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