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Gallatin Foundation Incorporated FY2021 filing

Tax-deductible

Bozeman, MT501(c)(3) EIN 36-3652247Revenue $1.0M in FY2021

On file with the IRS2000 Commerce Way, 59715-7500 · Bozeman, MTTax-exempt since Sep 1993Publicly supported charity — 170(b)(1)(A)(vi)

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To receive and accept property to be administered exclusively for charitable purposes, primarily in, or for the benefit of Gallatin county, montana.

501(c)(3) charity; gifts are tax-deductible.
99¢ of each $1 spent went to programs.
Mission: Form 990 Part I, line 1 · Status: IRS Pub. 78 · Programs: Part IX

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FY2021 · 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
1 of 5
filings with a surplus
Average deficit $79K a year · 15% of revenue · last 5 filings
Concern: a surplus in 1 of the last 5 filings.
Pt I · Ln 19 · 5 filings
Spent on programs
99%
of spending
Looks good: 99% of spending went to programs; 75% or more.
Pt IX · Ln 25 · col B
Cash reserves
3 mo
of spending, in cash
Looks good: 3.1 months of spending in cash; 3 or more.
Pt X · Ln 1–2 · Pt I · Ln 18
Named funders
1
named funder · $50K
Fine: 1 funder names it on their filings; under 3.
Funders’ Sch. I, 990-PF
Liabilities
$271K
68% of total assets
Worth a look: liabilities are 68% of assets; over 65%.
Pt X · Ln 26
Independent board members
4
of 4 voting members
Looks good: 4 of 4 voting members are independent, a majority.
Pt VI · Ln 1a–1b
Looks goodFineWorth a lookConcernNo data yetTap a box for the reason.
Revenue
$1.0M
+116% vs prior year
Spent
$1.2M
To programs
99%
Net assets
$125K
By yearFY2020–FY2024
Revenue
$1.0M
FY2021▲ +116%
Tap a bar for its year
Revenue by fiscal year
FY2020$479K
FY2021$1.0M
FY2022$159K
FY2023$822K
FY2024$151K
Expenses
$1.2M
FY2021▲ +75%
Tap a bar for its year
Expenses by fiscal year
FY2020$684K
FY2021$1.2M
FY2022$262K
FY2023$691K
FY2024$211K
Net assets
$125K
FY2021▼ -56%
Tap a bar for its year
Net assets by fiscal year
FY2020$283K
FY2021$125K
FY2022−$888
FY2023$130K
FY2024$70K

From the FY2021 Form 990 · see the original

990 PDF Claim
You’re viewing the FY2021 filing — not the latest on file. See the latest (FY2024) →

Is it real?

Yes. Never revoked by the IRS. Latest filing on record: FY2024. IRS ruling in Sep 1993.

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

Where the money goes

99 cents of each dollar spent went to programs.

Program services 99% · $1.2M Management & general 1% · $15K

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

6 people listed on the 990.

Part VII, Section A · reportable compensation
Daryl W Schliem
President/Secretary
$0Pt VII · Sec A
Ron Ostermiller
Vice President/Treasurer
$0Pt VII · Sec A
Carl Solvie
Board Member
$0Pt VII · Sec A
Matt Johnson
Board Member
$0Pt VII · Sec A
Terry Alborn
Board Member
$0Pt VII · Sec A
Steve Wheeler
Board Member
$0Pt VII · Sec A
See Gallatin Foundation Incorporated 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

Accepts and manages property for charitable purposes in Gallatin County, Montana.

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Provided by the organization

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2 programs · $1.2M · in their own filed words · FY2021
01

Tourism air travel promotion program

$1.1Mprogram expense
02

Community support

$72Kprogram 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 · FY2023
Town Pump Charitable FoundationFY2023$50K
Total grants receivedfrom 1 funder$50K
Grants paid · 7 grants · $691K · 2020–2024
Human Resource Development Council of District Ix INCMT · FY2024$108,000
Bozeman Area Chamber of CommerceMT · FY2024$42,925
Human Resource Development Council of District Ix INCMT · FY2023$334,000
Bozeman Area Chamber of CommerceMT · FY2023$50,475
Bozeman Area Chamber of CommerceMT · FY2022$52,725
Bozeman Area Chamber of CommerceMT · FY2021$58,100
Bozeman Area Chamber of CommerceMT · FY2020$44,468

By the numbers

The FY2021 990, line by line.

Download 990
from philanthropy.org
1The main four
Money inPt VIII
$1.0M
Ln 12
Gifts and grantsLn 1h$1.0M
Investment incomeLn 3$169
Money outPt IX
$1.2M
Ln 25
Programscol B$1.2M
Managementcol C$15K
Owns and owesPt X
$125K
net assets · Ln 32
Cash and savingsLn 1–2$313K
Total assetsLn 16$395K
LiabilitiesLn 26$271K
PeoplePt VI, VII
6
listed · VII A
PaidVII A0
Voting boardVI 1a4
IndependentVI 1b4
2In more detail
Revenue in detailPt VIII
Gifts and grantsLn 1h$1.0M
Government grantsLn 1e$644K
Investment incomeLn 3$169
Total revenueLn 12$1.0M
Assets in detailPt X, end of year
CashLn 1$210K
SavingsLn 2$103K
Cash and savings togetherLn 1–2$313K
Other assetsLn 15$82K
Total assetsLn 16$395K
LiabilitiesLn 26$271K
Net assetsLn 32$125K
OperationsPt I, VI
EmployeesI 50
VolunteersI 635
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 FY21End FY21
Cash and savingsLn 1–2$257K$313K
Total assetsLn 16$1.1M$395K
LiabilitiesLn 26$825K$271K
Net assetsLn 32$283K$125K
4Every line
Statement of functional expensesPt IX · every line
LineTotalProgramsManagementFundraising
Grants to domestic organizationsLn 1$72K$72K
Accounting feesLn 11c$10K$10K
Lobbying feesLn 11d$5K$5K
Other fees for servicesLn 11g$9K$3K$5K
Advertising and promotionLn 12$305K$305K
Other expenses (24a–d)Ln 24$795K$795K
Total functional expensesLn 25$1.2M$1.2M$15K$0

Filing history

YearMoney inMoney outIn minus outNet assetsDownload
FY2024 Latest $151K$211K−$60K$70K 990 PDF
FY2023 $822K$691K$131K$130K 990 PDF
FY2022 $159K$262K−$103K−$888 990 PDF
FY2021 Viewing $1.0M$1.2M−$160K$125K 990 PDF
FY2020 $479K$684K−$205K$283K 990 PDF

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Schedules filed Part IV

III · Programs R · Related orgs G · Fundraising L · Interested persons I · Grants A · Public support O · Explanations
See the full FY2021 990 (6 parts)
Part I · Summary $1,035,804 revenue, 12 lines filed
I-8 Contributions and grantsPrior year $476,614$1,035,635
I-9 Program service revenuePrior year $0$0
I-10 Investment incomePrior year $2,281$169
I-11 Other revenuePrior year $0$0
I-12 Total revenuePrior year $478,895$1,035,804
I-13 Grants and similar amounts paidPrior year $48,468$71,925
I-14 Benefits paid to membersPrior year $0$0
I-15 Salaries and benefitsPrior year $0$0
I-16a Professional fundraising feesPrior year $0$0
I-17 Other expensesPrior year $635,493$1,123,589
I-18 Total expensesPrior year $683,961$1,195,514
I-19 Revenue less expensesPrior year −$205,066−$159,710
Part VI · Governance 4 of 4 board members independent, 4 to look at
VI-1a Voting members of the governing body4
VI-1b Independent voting members4
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 $1,035,804 across 5 lines filed
VIII-1e Government grants$643,500
VIII-1f All other contributions, gifts and grants$392,135
VIII-1h Total contributions, gifts and grants$1,035,635
VIII-3 Investment incomeExcluded from tax $169$169
VIII-12 Total revenueRelated to mission $0 · Unrelated business $0 · Excluded from tax $169$1,035,804
Part IX · Statement of functional expenses $1,195,514 across 6 lines filed
IX-1 Grants to domestic organizationsPrograms $71,925$71,925
IX-11c Accounting feesManagement $9,874$9,874
IX-11d Lobbying feesPrograms $5,000$5,000
IX-11g Other fees for servicesPrograms $3,371 · Management $5,363$8,734
IX-12 Advertising and promotionPrograms $304,875$304,875
IX-24 Other expenses (24a–d)Programs $795,106$795,106
IX-25 Total functional expensesPrograms $1,180,277 · Management $15,237 · Fundraising $0$1,195,514
Part X · Balance sheet $395,382 assets, 9 lines filed
X-1 Cash, non-interest-bearingStart of year $35,210$210,361
X-2 Savings and temporary cash investmentsStart of year $222,284$102,807
X-15 Other assetsStart of year $850,141$82,214
X-16 Total assetsStart of year $1,107,635$395,382
X-24 Unsecured notes and loans payable$0
X-25 Other liabilitiesStart of year $776,873$270,640
X-26 Total liabilitiesStart of year $824,850$270,640
X-32 Total net assets or fund balancesStart of year $282,785$124,742
X-33 Total liabilities and net assetsStart of year $1,107,635$395,382
Part XI · Reconciliation of net assets $124,742 net assets at year end
XI-1 Total revenue$1,035,804
XI-2 Total expenses$1,195,514
XI-3 Revenue less expenses−$159,710
XI-4 Net assets at start of year$282,785
XI-8 Prior period adjustments$1,667
XI-9 Other changes in net assets$0
XI-10 Net assets at end of year$124,742

Form 990 e-file (XML) FY2021 from the IRS · Classification, formation year and address from the IRS Business Master File

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