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The Grace Foundation FY2022 filing

Tax-deductible

Rochester, MN501(c)(3)Since 2014Arts & CultureEIN 30-0837869Revenue $352K in FY2022

On file with the IRS[email protected]Po Box 6431, 55903-6431 · Rochester, MNTax-exempt since Oct 2014Publicly supported — 509(a)(2)

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To secure, cultivate, and distribute short-term and long-term financial resources on behalf of partner christian schools in the rochester area.

501(c)(3) charity; gifts are tax-deductible.
95¢ 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
FY2025
latest Form 990
Looks good: the latest return is for FY2025, 1 tax year back; within 2 tax years.
IRS e-file · Filing history
Surplus or deficit
5 of 6
filings with a surplus
Average surplus $36K a year · 16% of revenue · last 6 filings
Fine: a surplus in 5 of the last 6 filings.
Pt I · Ln 19 · 6 filings
Spent on programs
95%
of spending
Looks good: 95% of spending went to programs; 75% or more.
Pt IX · Ln 25 · col B
Cash reserves
1 mo
of spending, in cash
Fine: 1.2 months of spending in cash; 1 to 3.
Pt X · Ln 1–2 · Pt I · Ln 18
Named funders
1
named funder · $20K
Fine: 1 funder names it on their filings; under 3.
Funders’ Sch. I, 990-PF
Liabilities
$505K
76% of total assets
Worth a look: liabilities are 76% of assets; over 65%.
Pt X · Ln 26
Independent board members
7
of 7 voting members
Looks good: 7 of 7 voting members are independent, a majority.
Pt VI · Ln 1a–1b
Looks goodFineWorth a lookConcernNo data yetTap a box for the reason.
Revenue
$352K
+155% vs prior year
Spent
$365K
To programs
95%
Net assets
$160K
By yearFY2020–FY2025
Revenue
$352K
FY2022▲ +155%
Tap a bar for its year
Revenue by fiscal year
FY2020$77K
FY2021$138K
FY2022$352K
FY2023$235K
FY2024$273K
FY2025$235K
Expenses
$365K
FY2022▲ +329%
Tap a bar for its year
Expenses by fiscal year
FY2020$55K
FY2021$85K
FY2022$365K
FY2023$223K
FY2024$206K
FY2025$163K
Net assets
$160K
FY2022▼ -36%
Tap a bar for its year
Net assets by fiscal year
FY2020$146K
FY2021$250K
FY2022$160K
FY2023$259K
FY2024$403K
FY2025$656K

From the FY2022 Form 990 · see the original

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You’re viewing the FY2022 filing — not the latest on file. See the latest (FY2025) →

Is it real?

Yes. Never revoked by the IRS. Latest filing on record: FY2025. IRS ruling in Oct 2014.

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

Where the money goes

95 cents of each dollar spent went to programs.

Program services 95% · $347K Management & general 3% · $10K Fundraising 2% · $8K

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

7 people listed on the 990.

Part VII, Section A · reportable compensation
$0Pt VII · Sec A
Heather a Heaton
Board Member
$0Pt VII · Sec A
$0Pt VII · Sec A
E Paul Lindell MD
Board Member
$0Pt VII · Sec A
$0Pt VII · Sec A
Scott Peloquin
Board Member
$0Pt VII · Sec A
Susanna Stone
Board Member
$0Pt VII · Sec A
See The Grace 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

Provides financial support to Christian schools in Rochester.

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Provided by the organization

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3 programs · $347K · in their own filed words · FY2022
01

General fund grant committed to benefit students of rochester central lutheran school.

$293Kprogram expense
02

1-

$54Kprogram expense
03

Scholarship gbant committed to benefit students of rochester central lutheran school with tuition assistance. People to benefits 1-10

Pt IX · col B

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
Fidelity Investments Charitable Gift FundFY2021$20K
Total grants receivedfrom 1 funder$20K
Grants paid · 6 grants · $724K · 2020–2025
Rochester Centeral Lutheran SchoolFY2025$77,225
Rochester Centeral Lutheran SchoolFY2024$128,631
Rochester Centeral Lutheran SchoolFY2023$160,184
Rochester Centeral Lutheran SchoolFY2022$296,901
Rochester Central Lutheran School Association INCMN · FY2021$27,075
Rochester Central Lutheran School Association INCMN · FY2020$33,788

By the numbers

The FY2022 990, line by line.

Download 990
from philanthropy.org
1The main four
Money inPt VIII
$352K
Ln 12
Gifts and grantsLn 1h$270K
Fees for servicesLn 2g$70K
Investment incomeLn 3$12K
Money outPt IX
$365K
Ln 25
Programscol B$347K
Managementcol C$10K
Fundraisingcol D$8K
Owns and owesPt X
$160K
net assets · Ln 32
Cash and savingsLn 1–2$36K
Total assetsLn 16$665K
LiabilitiesLn 26$505K
PeoplePt VI, VII
7
listed · VII A
PaidVII A0
Voting boardVI 1a7
IndependentVI 1b7
2In more detail
Revenue in detailPt VIII
Gifts and grantsLn 1h$270K
Fees for servicesLn 2g$70K
Investment incomeLn 3$12K
Total revenueLn 12$352K
Assets in detailPt X, end of year
CashLn 1$3K
SavingsLn 2$34K
Cash and savings togetherLn 1–2$36K
InvestmentsLn 11–13$612K
Total assetsLn 16$665K
LiabilitiesLn 26$505K
Net assetsLn 32$160K
OperationsPt I, VI
EmployeesI 50
VolunteersI 60
Fiscal year endsHeaderDecember
Conflict-of-interest policyVI 12aNo
Whistleblower policyVI 13No
Records policyVI 14No
3Year over year
Balance sheet, start vs end of yearPt X · col A, B
LineStart FY22End FY22
Cash and savingsLn 1–2$50K$36K
InvestmentsLn 11–13$394K$612K
Total assetsLn 16$456K$665K
LiabilitiesLn 26$207K$505K
Net assetsLn 32$250K$160K
4Every line
Statement of functional expensesPt IX · every line
LineTotalProgramsManagementFundraising
Grants to domestic organizationsLn 1$297K$297K
Legal feesLn 11b$12K$10K$2K
Advertising and promotionLn 12$4K$4K
Office expensesLn 13$50$50
Information technologyLn 14$6K$3K$2K
InterestLn 20$49$49
Other expenses (24a–d)Ln 24$46K$40K$715$5K
All other expensesLn 24e$91$66$25
Total functional expensesLn 25$365K$347K$10K$8K

Filing history

YearMoney inMoney outIn minus outNet assetsDownload
FY2025 Latest $235K$163K$72K$656K 990 PDF
FY2024 $273K$206K$67K$403K 990 PDF
FY2023 $235K$223K$11K$259K 990 PDF
FY2022 Viewing $352K$365K−$12K$160K 990 PDF
FY2021 $138K$85K$53K$250K 990 PDF
FY2020 $77K$55K$22K$146K 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 $352,442 revenue, 12 lines filed
I-8 Contributions and grantsPrior year $114,593$270,239
I-9 Program service revenue$70,133
I-10 Investment incomePrior year $6,534$12,070
I-11 Other revenuePrior year $17,318$0
I-12 Total revenuePrior year $138,445$352,442
I-13 Grants and similar amounts paidPrior year $64,171$296,901
I-14 Benefits paid to members$0
I-15 Salaries and benefits$0
I-16a Professional fundraising fees$0
I-17 Other expensesPrior year $20,787$67,911
I-18 Total expensesPrior year $84,958$364,812
I-19 Revenue less expensesPrior year $53,487−$12,370
Part VI · Governance 7 of 7 board members independent, 4 to look at
VI-1a Voting members of the governing body7
VI-1b Independent voting members7
VI-12a Written conflict of interest policyNo
VI-13 Written whistleblower policyNo
VI-14 Document retention and destruction policyNo
VI-15a Process for setting top official's payNo
VI-2 Family or business relationship among officers or directorsNo
Part VIII · Statement of revenue $352,442 across 6 lines filed
VIII-1b Membership dues$11,275
VIII-1f All other contributions, gifts and grants$258,964
VIII-1h Total contributions, gifts and grants$270,239
VIII-2a-f Program service revenue, itemized rows (sum of 2a–2f as filed)Related to mission $70,133$70,133
VIII-3 Investment incomeRelated to mission $12,070$12,070
VIII-12 Total revenueRelated to mission $82,203$352,442
Part IX · Statement of functional expenses $364,812 across 8 lines filed
IX-1 Grants to domestic organizationsPrograms $296,901$296,901
IX-11b Legal feesPrograms $9,736 · Management $2,434$12,170
IX-12 Advertising and promotionManagement $4,111$4,111
IX-13 Office expensesManagement $50$50
IX-14 Information technologyManagement $3,075 · Fundraising $2,452$5,527
IX-20 InterestPrograms $49$49
IX-24 Other expenses (24a–d)Programs $40,126 · Management $715 · Fundraising $5,072$45,913
IX-24e All other expensesPrograms $66 · Management $25$91
IX-25 Total functional expensesPrograms $346,878 · Management $10,410 · Fundraising $7,524$364,812
Part X · Balance sheet $664,913 assets, 10 lines filed
X-1 Cash, non-interest-bearing$2,536
X-2 Savings and temporary cash investmentsStart of year $49,672$33,573
X-3 Pledges and grants receivableStart of year $12,500$16,700
X-11 Publicly traded securitiesStart of year $394,166$612,104
X-16 Total assetsStart of year $456,338$664,913
X-17 Accounts payable and accrued expensesStart of year $617$2,747
X-18 Grants payableStart of year $206,124$502,025
X-26 Total liabilitiesStart of year $206,741$504,772
X-32 Total net assets or fund balancesStart of year $249,597$160,141
X-33 Total liabilities and net assetsStart of year $456,338$664,913
Part XI · Reconciliation of net assets $160,141 net assets at year end
XI-1 Total revenue$352,442
XI-2 Total expenses$364,812
XI-3 Revenue less expenses−$12,370
XI-4 Net assets at start of year$249,597
XI-5 Net unrealized gains (losses) on investments−$77,086
XI-10 Net assets at end of year$160,141

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

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