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The Depot Foundation FY2023 filing

Tax-deductible

Duluth, MN501(c)(3) EIN 41-1356072Revenue $833K in FY2023Latest return filed May 15, 2026

On file with the IRSdepotfoundation.orgDuluth, MNTax-exempt since Jul 1979Private non-operating foundation

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501(c)(3) charity; gifts are tax-deductible.
Status: IRS Pub. 78

Before you give

FY2023 · Form 990-PFIndependent: 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-PF
Looks good: the latest return is for FY2025, 1 tax year back; within 2 tax years.
IRS e-file · Filing history
Surplus or deficit
4 of 5
filings with a surplus
Average surplus $182K a year · 20% of revenue · last 5 filings
Fine: a surplus in 4 of the last 5 filings.
990-PF Pt I · 5 filings
Cash reserves
43 mo
of spending, in cash
Looks good: 43.0 months of spending in cash; 3 or more.
Pt X · Ln 1–2 · Pt I · Ln 18
Named funders
1
named funder · $146K
Fine: 1 funder names it on their filings; under 3.
Funders’ Sch. I, 990-PF
Liabilities
$98K
1% of total assets
Looks good: liabilities are 1% of assets; 50% or less.
990-PF Pt II
Looks goodFineWorth a lookConcernNo data yetTap a box for the reason.
Revenue
$833K
-35% vs prior year
Spent
$104K
Net assets
$7.5M
By yearFY2021–FY2025
Revenue
$833K
FY2023▼ -35%
Tap a bar for its year
Revenue by fiscal year
FY2021$1.1M
FY2022$1.3M
FY2023$833K
FY2024$719K
FY2025$646K
Expenses
$104K
FY2023▼ -91%
Tap a bar for its year
Expenses by fiscal year
FY2021$438K
FY2022$1.2M
FY2023$104K
FY2024$1.4M
FY2025$636K
Net assets
$7.5M
FY2023▲ +14%
Tap a bar for its year
Net assets by fiscal year
FY2021$8.3M
FY2022$6.5M
FY2023$7.5M
FY2024$7.2M
FY2025$7.8M

From the FY2023 Form 990 (year ending June 2023) · see the original

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You’re viewing the FY2023 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 Jul 1979.

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

Where the money goes

What each dollar paid for.

Grants & contributions paid 493% · $512K

Form 990 Part IX, line 25. Every line is in By the numbers.

Something off? Claim to add context

Who runs it and what they're paid

14 people listed on the 990-PF.

Part VII, Section A · reportable compensation · most recent filed roster (FY2021); the FY2023 filing did not itemize Part VII
$0Pt VII · Sec A
Amy Hietapelto
Vice-Chair
$0Pt VII · Sec A
Karol Sowers
Secretary
$0Pt VII · Sec A
Bill Gravelle
Treasurer
$0Pt VII · Sec A
Pat Cutshall
Director
$0Pt VII · Sec A
$0Pt VII · Sec A
Elissa Husby
Director
$0Pt VII · Sec A
Kris Kapsner
Director
$0Pt VII · Sec A
See The Depot Foundation executive salaries →

Programs and updates

A private foundation based in Duluth, MN.

Questions for The Depot Foundation

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Grants and how to apply

Who it funds, and how to ask.

Who They Fund

Part XV · grants paid · 31 grants · $559K · 2024–2024
St Louis County - the DepotFY2024$149,000
Individual RecipientFY2024$83,346
St Louis County Historical SocietyFY2024$49,808
Zeitgeist Center for Arts and CommuFY2024$30,000
Lake Superior Railroad MuseumFY2024$29,480
Individual RecipientFY2024$25,377
Individual RecipientFY2024$24,510
The Old Hillside LLCFY2024$20,000
Lake Superior Railrod MuseumFY2024$19,874
Lake Arts ProjectFY2024$16,159
Individual RecipientFY2024$13,780
Individual RecipientFY2024$12,725
St Louis County Historical SocietyFY2024$12,500
Zeitgeist Center for Arts and CommuFY2024$10,901
Lyric Opera of the NorthFY2024$10,500
St Louis County - the DepotFY2024$8,153
Zeitgeist Center for Arts and CommuFY2024$5,249
St Louis County Historical SocietyFY2024$5,189
See all 31 grants →

Grantmaking Profile

Patterns in foundation giving
Average grantPart XV$18K
Median grantPart XV$8K
Largest grantPart XV$149K

By the numbers

The FY2023 990-PF, line by line.

Download 990
from philanthropy.org
1The main four
Money in
$833K
Investment income$554K
Gifts and grants$272K
Other income$7K
Money out
$104K
Grants paid$512K
Owns and owes
$7.5M
net assets
Cash and savings$372K
Total assets$7.6M
Liabilities$98K
People
14
listed
Paid0
2In more detail
Revenue in detail
Gifts and grants$272K
Investment income$554K
Other income$7K
Total revenue$833K
Assets in detailEnd of year
Cash and savings together$372K
Total assets$7.6M
Liabilities$98K
Net assets$7.5M
Operations
Fiscal year endsJune

Filing history

YearMoney inMoney outIn minus outNet assetsDownload
FY2025 LatestFiled with the IRS May 15, 2026 $646K$636K$10K$7.8M 990 PDF
FY2024Filed with the IRS Nov 18, 2024 $719K$1.4M−$639K$7.2M 990 PDF
FY2023 ViewingFiled with the IRS Oct 16, 2023 $833K$104K$729K$7.5M 990 PDF
FY2022Filed with the IRS Nov 9, 2022 $1.3M$1.2M$108K$6.5M 990 PDF
FY2021Filed with the IRS Aug 13, 2021 $1.1M$438K$703K$8.3M 990 PDF

Schedules filed Part IV

III · Programs R · Related orgs G · Fundraising L · Interested persons

Form 990 e-file (XML) FY2023 from the IRS · Classification, formation year and address from the IRS Business Master File

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