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Loretto Firemen's Relief Association

Loretto, MNUnknown exempt organization EIN 41-6084217Revenue $13K in FY2022

On file with the IRSPo Box 305 · Loretto, MN

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To provide retirement benefits to volunteer firefighters.

2¢ of each $1 spent went to programs.
Run by 31 volunteers.
Mission: Form 990 Part I, line 1 · Programs: Part IX · People: Part I, lines 5–6

Before you give

FY2022 · Form 990Independent: from IRS data, not the org
Download 990
Latest return
FY2022
latest Form 990
Worth a look: the latest return is for FY2022, 4 tax years back; more than 3 tax years.
IRS e-file · Filing history
Surplus or deficit
2 of 3
filings with a surplus
Average surplus $98K a year · 74% of revenue · last 3 filings
Fine: a surplus in 2 of the last 3 filings.
Pt I · Ln 19 · 3 filings
Spent on programs
2%
of spending
Concern: 2% of spending went to programs; under 50%.
Pt IX · Ln 25 · col B
Pay to officers and key staff
$1K
to officers and key staff · 4% of spending
Looks good: pay to officers and key staff is 4% of spending; 15% or less.
Pt VII · Sec A
Cash reserves
1 mo
of spending, in cash
Plus $2.3M in investments, Pt X · Ln 11–13
Fine: 1.3 months of spending in cash; 1 to 3.
Pt X · Ln 1–2 · Pt I · Ln 18
Liabilities
$0
0% of total assets
Looks good: liabilities are 0% of assets; 50% or less.
Pt X · Ln 26
Independent board members
6
of 6 voting members
Looks good: 6 of 6 voting members are independent, a majority.
Pt VI · Ln 1a–1b
Looks goodFineWorth a lookConcernNo data yetTap a box for the reason.
Revenue
$13K
-95% vs prior year
Spent
$37K
To programs
2%
Net assets
$2.3M
By yearFY2020–FY2022
Revenue
$13K
FY2022▼ -95%
Tap a bar for its year
Revenue by fiscal year
FY2020$138K
FY2021$248K
FY2022$13K
Expenses
$37K
FY2022▼ -2%
Tap a bar for its year
Expenses by fiscal year
FY2020$30K
FY2021$37K
FY2022$37K
Net assets
$2.3M
FY2022▼ -11%
Tap a bar for its year
Net assets by fiscal year
FY2020$2.3M
FY2021$2.6M
FY2022$2.3M

From the FY2022 Form 990 · see the original

990 PDF Claim

Is it real?

Yes. Exemption reinstated (2010-05-15). Per the IRS revocation list. Latest filing on record: FY2022.

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

Where the money goes

2 cents of each dollar spent went to programs.

Program services 2% · $558 Management & general 98% · $36K

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; $1K paid to officers and key staff.

Part VII, Section A · reportable compensation
Nicole West
President
$850Pt VII · Sec A
Cody Ellos
Secretary
$300Pt VII · Sec A
$300Pt VII · Sec A
Brandon Snetsinger
Vice President
$0Pt VII · Sec A
$0Pt VII · Sec A
$0Pt VII · Sec A

Compensation history total reportable pay by year · 3 named individuals · Part VII

NameFY2022FY2021
Nicole West$850$1,000
Cody Ellos$300$600
Scott Wendland$300$600

Total reportable compensation (Form 990 Part VII column D / Schedule J column E) by filing year, matched by name within this organization. The Schedule J base / bonus / deferred breakdown is not parsed into this dataset.

See Loretto Firemen's Relief Association 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 retirement benefits to volunteer firefighters.

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Provided by the organization

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1 program · $558 · in their own filed words · FY2022
01

The Association is the administrator of a defined benefit pension plan available to active and retired Loretto firefighters.

$558program expense

By the numbers

The FY2022 990, line by line.

Download 990
from philanthropy.org
1The main four
Money inPt VIII
$13K
Ln 12
Investment incomeLn 3$58K
Gifts and grantsLn 1h$51K
Money outPt IX
$37K
Ln 25
Programscol B$558
Managementcol C$36K
Owns and owesPt X
$2.3M
net assets · Ln 32
Cash and savingsLn 1–2$4K
Total assetsLn 16$2.3M
LiabilitiesLn 26$0
PeoplePt VI, VII
6
listed · VII A
PaidVII A3
Voting boardVI 1a6
IndependentVI 1b6
2In more detail
Revenue in detailPt VIII
Gifts and grantsLn 1h$51K
Government grantsLn 1e$51K
Investment incomeLn 3$58K
Gains on assetsLn 7−$96K
Total revenueLn 12$13K
Assets in detailPt X, end of year
SavingsLn 2$4K
Cash and savings togetherLn 1–2$4K
InvestmentsLn 11–13$2.3M
Total assetsLn 16$2.3M
LiabilitiesLn 26$0
Net assetsLn 32$2.3M
OperationsPt I, VI
EmployeesI 50
VolunteersI 631
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$4K
InvestmentsLn 11–13$2.6M$2.3M
Total assetsLn 16$2.6M$2.3M
LiabilitiesLn 26$0$0
Net assetsLn 32$2.6M$2.3M
4Every line
Statement of functional expensesPt IX · every line
LineTotalProgramsManagementFundraising
Pay of current officers, directors and key staffLn 5$1K$1K
Accounting feesLn 11c$7K$7K
Investment management feesLn 11f$28K$28K
InsuranceLn 23$558$558
Total functional expensesLn 25$37K$558$36K$0

Filing history

YearMoney inMoney outIn minus outNet assetsDownload
FY2022 Latest Viewing $13K$37K−$24K$2.3M 990 PDF
FY2021 $248K$37K$211K$2.6M 990 PDF
FY2020 $138K$30K$107K$2.3M 990 PDF

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Schedules filed Part IV

III · Programs R · Related orgs G · Fundraising L · Interested persons I · Grants O · Explanations
See the full FY2022 990 (6 parts)
Part I · Summary $13,055 revenue, 12 lines filed
I-8 Contributions and grantsPrior year $45,587$51,144
I-9 Program service revenuePrior year $0$0
I-10 Investment incomePrior year $202,533−$38,089
I-11 Other revenuePrior year $0$0
I-12 Total revenuePrior year $248,120$13,055
I-13 Grants and similar amounts paidPrior year $0$0
I-14 Benefits paid to membersPrior year $0$0
I-15 Salaries and benefitsPrior year $2,200$1,450
I-16a Professional fundraising feesPrior year $0$0
I-17 Other expensesPrior year $34,942$35,134
I-18 Total expensesPrior year $37,142$36,584
I-19 Revenue less expensesPrior year $210,978−$23,529
Part VI · Governance 6 of 6 board members independent, 4 to look at
VI-1a Voting members of the governing body6
VI-1b Independent voting members6
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 $13,055 across 5 lines filed
VIII-1e Government grants$51,144
VIII-1h Total contributions, gifts and grants$51,144
VIII-3 Investment incomeExcluded from tax $58,217$58,217
VIII-7 Net gain or loss on sales of assetsExcluded from tax −$96,306−$96,306
VIII-12 Total revenueRelated to mission $0 · Unrelated business $0 · Excluded from tax −$38,089$13,055
Part IX · Statement of functional expenses $36,584 across 4 lines filed
IX-5 Pay of current officers, directors and key staffManagement $1,450$1,450
IX-11c Accounting feesManagement $7,050$7,050
IX-11f Investment management feesManagement $27,526$27,526
IX-23 InsurancePrograms $558$558
IX-25 Total functional expensesPrograms $558 · Management $36,026 · Fundraising $0$36,584
Part X · Balance sheet $2,338,428 assets, 9 lines filed
X-2 Savings and temporary cash investments$4,000
X-3 Pledges and grants receivable$51,144
X-11 Publicly traded securitiesStart of year $2,617,712$2,283,284
X-16 Total assetsStart of year $2,621,663$2,338,428
X-26 Total liabilitiesStart of year $0$0
X-27 Net assets without donor restrictions$4,000
X-28 Net assets with donor restrictionsStart of year $2,621,663$2,334,428
X-32 Total net assets or fund balancesStart of year $2,621,663$2,338,428
X-33 Total liabilities and net assetsStart of year $2,621,663$2,338,428
Part XI · Reconciliation of net assets $2,338,428 net assets at year end
XI-1 Total revenue$13,055
XI-2 Total expenses$36,584
XI-3 Revenue less expenses−$23,529
XI-4 Net assets at start of year$2,621,663
XI-5 Net unrealized gains (losses) on investments−$259,706
XI-9 Other changes in net assets$0
XI-10 Net assets at end of year$2,338,428

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

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