Freeport Community Foundation EIN 30-0080762 Form 990 (PDF) Claim this org

Freeport Community Foundation FY2023 filing

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Builds endowments and distributes income to support Northwest Illinois charities. For fiscal year 2023 it reported $349K in revenue, $492K in expenses, and $5.3M in net assets.Pt I

Type
Public foundation / grantmaker · Foundations & Grantmakers
Location
Freeport, IL
Website
www.freeportcf.org
Filings
5 on file (2020–2023)
Revenue
$349KFY2023
Expenses
$492K
Net assets
$5.3M
People
12
Filings
5
Updates
0
More identity details & actions ⌄
EIN  30-0080762 Public foundation / grantmaker Freeport, IL
Form 990 (PDF)
You’re viewing the FY2023 filing — not the latest on file. See the latest (FY2024) →
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Size
$100K–1M
What they do
Builds endowments and distributes income to support Northwest Illinois charities.
Leadership
Money in and out
$349K revenue, $492K expenses
Bottom line
50% program efficiency
Grants paid & assets · FY2023
Total revenue
$349K
Pt VIII · Ln 12
Total expenses
$492K
Pt IX · Ln 25
Net assets
$5.3M
Pt X · Ln 32
Revenue less expenses (Pt I · Ln 19): −$143K
Where spending went · Part IX cols B–D
Program services $0.50 Management & general $0.50 Fundraising $0.01
Program efficiency
50%
of spending reaches programs
Operating runway
134.6mo
months of highly liquid reserves at operating expense rate
Surplus margin
-41%
revenue over expenses, this year

Summary of the Filing

Part I · fiscal year 2023 · Form 990
Revenue
$349K
FY2023▲ +18%
Expenses
$492K
FY2023▲ +12%
Total assets
$5.5M
FY2023▲ +8%
Total liabilities
$237K
FY2023▲ +15%
Total revenue
$349K
Pt VIII · Ln 12
Total expenses
$492K
Pt IX · Ln 25
Net assets
$5.3M
Pt X · Ln 32
Revenue less expensesPt I · Ln 19−$143K
Total assetsPt X · Ln 16$5.5M
Program-expense ratioPt IX · col B50%
Voting members of governing bodyPt I · Ln 311
Independent voting membersPt I · Ln 411

Identity & Classification

Form 990 Header · IRS Business Master File
Legal nameHdr · item CFreeport Community Foundation
EINHdr · item D30-0080762
Principal addressHdr · item CFreeport, IL
WebsiteHdr · item Jwww.freeportcf.org
Year of formationHdr · item Lpending
State of legal domicileHdr · item MIL
Exempt statusHdr · item I501(c)(3) · active
NTEE classificationIRS BMFFoundations & Grantmakers (T30)
Ruling yearIRS BMFAug 2014

Governance & Policies

Part VI
Voting members of the governing bodyPt VI · Ln 1a11
Independent voting membersPt VI · Ln 1b11
Conflict-of-interest policyPt VI · Ln 12aYes
Whistleblower policyPt VI · Ln 13Yes
Document retention policyPt VI · Ln 14Yes
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
$0Pt VII · Sec A
$0Pt VII · Sec A
Vice Preside
$0Pt VII · Sec A
$0Pt VII · Sec A
Treasurer
$0Pt VII · Sec A
$0Pt VII · Sec A
$0Pt VII · Sec A
$0Pt VII · Sec A
See Freeport Community Foundation executive salaries →

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Mission & Programs · Part III

Where the work happens

1 program service account for $244K of program spending, described in the organization's own filed words · FY2023.
01

Grants to local charitable organizations to help provide for the well-being of the citizens of northwest illinois.

$244Kprogram expense

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Statement of Revenue

Part VIII
Contributions & grants$200K · 57%
Investment income$138K · 40%
Other revenue$11K · 3%
Contributions & grants57%$200K
Investment income40%$138K
Other revenue3%$11K
Total revenueLn 12$349K

Statement of Functional Expenses

Part IX · allocated across program, management, and fundraising
Allocation · columns B–D
Program services $0.50 Management & general $0.50 Fundraising $0.01
Program services50%$244K
Management & general50%$245K
Fundraising1%$3K
Total functional expensesLn 25$492K

Balance Sheet

Part X · end of year
CashLn 1$226K
Total assetsLn 16$5.5M
Total liabilitiesLn 26$237K
Total net assetsLn 32$5.3M
Months of cash on handcomputed5.5

Financial Metrics

Form 990 · FY2023 · each ratio shown with the dollars behind it
Liquidity & Payout
Operating runway
Highly liquid reserves $5.5M · Operating expenses/yr $492K
134.6 months
Where the money goes
Program services
Program services $244K · Total expenses $492K
50%
Management & General
Management & general $245K · Total expenses $492K
50%
Fundraising
Fundraising $3K · Total expenses $492K
0.6%
Cost to raise $1
Fundraising expense (3-yr avg) $1K · Solicited contributions (3-yr avg) $152K
$0.01 to raise $1 (3-yr avg)
Where the money comes from
Contribution dependence
Contributions & grants $200K · Total revenue $349K
57%
Government reliance
Government grants — · Total revenue $349K
Earned-income share
Program service revenue $0 · Total revenue $349K
0%
Investment reliance
Investment income $138K · Total revenue $349K
+40%
Program self-sufficiency
Program service revenue $0 · Total expenses $492K
0%
Growth & trend
Revenue growth (YoY)
This year $349K · Prior year $297K
+18%
Net-asset trend (YoY)
End of year $5.3M · Beginning of year —
Beginning net assets not meaningfully positive — showing dollar change
Balance sheet
Surplus Margin
Revenue $349K · Expenses $492K
-41%
Liabilities-to-Assets
Total liabilities — · Total assets $5.5M
Net-asset ratio
Net assets $5.3M · Total assets $5.5M
96%
Marketable Investment Share
Publicly traded securities (Pt X, ln 11) $5.3M · Other securities (Pt X, ln 12) — · Total assets (Pt X, ln 16) $5.5M
96%
People & payroll
Highest Reported Total Compensation
Individual Michelle Dehaven Quast · Reported title CEO · Highest reported compensation $0 · Total expenses $492K
0%
Personnel share
Salaries, benefits & payroll (Pt IX 5-10) $135K · Total expenses $492K
27%
Peer comparison

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

MetricThis orgPeer medianPercentile
Program ratio 50%
Overhead ratio 50%
Fundraising cost ratio 2%
Revenue growth 18%
Investment management fee ratio 0.5%
Legal fee ratio 0.03%
Accounting fee ratio 4%

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 · FY2024
Grants paid · 44 grants · $1.6M · 2020–2024
Misc Discretionary AllocationsFY2024$183,748
Misc Discretionary AllocationsFY2023$235,792
Misc Discretionary AllocationsFY2022$252,747
Misc Discretionary AllocationsFY2022$252,747
Northern Illinois Food BankIL · FY2021$37,500
River Bend Food ReservoirIA · FY2021$25,000
Timber Lake PlayhouseIL · FY2021$18,500
Farmworker & Landscaper AdvocacyFY2021$15,000
Freeport Art MuseumFY2021$13,800
Senior Resource CenterFY2021$11,900
United Way of Northwest IlFY2021$10,800
Madonna RenewalFY2021$8,500
Voices of Stephenson CountyIL · FY2021$7,800
Northwest Home StartFY2021$7,500
Jdlf GivesFY2021$7,000
Malcolm Eaton EnterprisesIL · FY2021$6,890
RampFY2021$6,280
See all 44 grants →

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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
FY2024 (Latest)$592K revenue · ⤓ 990 PDF
FY2023$349K revenue · viewing · ⤓ 990 PDF
FY2022$297K revenue · ⤓ 990 PDF
FY2021$1.4M revenue · ⤓ 990 PDF
FY2020$649K 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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