Palmer Memorial Foundation

West Union, IA · Hospital · Since 1975

✓ Tax-deductible Latest data FY2024
Revenue
$257K
▲ +66% vs prior year
Spent
$70K
To programs
80%
Net assets
$1.4M
By yearFY2020–FY2024
Revenue
$257K
FY2024▲ +66%
Revenue by fiscal year
FY2020$108K
FY2021$230K
FY2022$103K
FY2024$154K
FY2024$257K
Expenses
$70K
FY2024▼ -7%
Expenses by fiscal year
FY2020$45K
FY2021$60K
FY2022$66K
FY2024$76K
FY2024$70K
Net assets
$1.4M
FY2024▲ +16%
Net assets by fiscal year
FY2020$508K
FY2021$677K
FY2022$714K
FY2024$1.2M
FY2024$1.4M

Form 990 for the fiscal year ending December 2024 (IRS tax year 2024).

Status and standing

Tax-deductible?
Yes
Per the IRS master file.
Can I give now?
No revocation on IRS record
Not on the IRS revocation list.
Filing up to date?
Filed FY2024 (typical filing lag)
Foundation funders?
1 funder — Amazonsmile Foundation
$81 in the latest grant year.
Spent on programs?
80% to programs
Form 990 Part IX, latest filing.
Size and trend
$100K–1M
↑ +66% vs prior year
Legal name (IRS)Hdr · item CPalmer Memorial Foundation
EINHdr · item D42-1032878
Exempt statusHdr · item I501(c)(3) · active
Ruling yearIRS BMFJan 1976
Year of formationHdr · item L1975
Latest filingForm 990FY2024 · Form 990
Principal addressHdr · item CWest Union, IA
NTEE classificationIRS BMFNonprofit

Where the money goes

Statement of Functional Expenses

Part IX · allocated across program, management, and fundraising
Allocation · columns B–D
Program services $0.80 Management & general $0.20
Program services80%$56K
Management & general20%$14K
Total functional expensesLn 25$70K

Financial health

Operating surplus
+73%
revenue over expenses, this legal entity▲ +42% vs prior filing year
Program spending
80%
of expenses reach program services
Gift & grant revenue
79%
of revenue from contributions & grants▼ -70% vs prior filing year

Summary of the Filing

Part I · fiscal year 2024 · Form 990
Total assets
$1.4M
FY2024▲ +17%
Total assets by fiscal year
FY2020$524K
FY2021$689K
FY2022$714K
FY2024$1.2M
FY2024$1.4M
Total liabilities
$20K
FY2024▲ +458%
Total liabilities by fiscal year
FY2020$16K
FY2021$12K
FY2022$20
FY2024$4K
FY2024$20K
Revenue less expensesPt I · Ln 19$186K
Total assetsPt X · Ln 16$1.4M
Program-expense ratioPt IX · col B80%
Voting members of governing bodyPt I · Ln 311
Independent voting membersPt I · Ln 411

Balance Sheet

Part X · end of year
CashLn 1$676K
Total assetsLn 16$1.4M
Total liabilitiesLn 26$20K
Total net assetsLn 32$1.4M
Months of cash on handcomputed115.3

Statement of Revenue

Part VIII
Contributions & grants$202K · 79%
Investment income$44K · 17%
Other revenue$11K · 4%
Contributions & grants79%$202K
Investment income17%$44K
Other revenue4%$11K
Total revenueLn 12$257K

Financial Metrics

Form 990 · FY2024 · each ratio shown with the dollars behind it
Liquidity & Payout
Operating runway
Highly liquid reserves $1.4M · Operating expenses (Pt IX) $70K · Less non-cash grants $11K · Cash operating expenses/yr $59K
281.3 months
Where the money goes
Program services
Program services $56K · Total expenses $70K
80%
Management & General
Management & general $14K · Total expenses $70K
20%
Fundraising
Fundraising $0 · Total expenses $70K
0%
Cost to raise $1
Fundraising expense (3-yr avg) $0 · Solicited contributions (3-yr avg) $233K
Solicited contributions below reporting floor
Where the money comes from
Contribution dependence
Contributions & grants $202K · Total revenue $257K
79%
Government reliance
Government grants — · Total revenue $257K
—
Earned-income share
Program service revenue $0 · Total revenue $257K
0%
Investment reliance
Investment income $44K · Total revenue $257K
+17%
Program self-sufficiency
Program service revenue $0 · Total expenses $70K
0%
Growth & trend
Revenue growth (YoY)
This year $257K · Prior year $154K
+66%
Revenue CAGR
FY2020 $108K · FY2024 $257K
+24%
Net-asset trend (YoY)
End of year $1.4M · Beginning of year —
Beginning net assets not meaningfully positive — showing dollar change
Balance sheet
Surplus Margin
Revenue $257K · Expenses $70K
+73%
Liabilities-to-Assets
Total liabilities — · Total assets $1.4M
—
Net-asset ratio
Net assets $1.4M · Total assets $1.4M
99%
Marketable Investment Share
Publicly traded securities (Pt X, ln 11) $716K · Other securities (Pt X, ln 12) — · Total assets (Pt X, ln 16) $1.4M
51%
People & payroll
Highest Reported Total Compensation
Individual Matt Cowley · Reported title TREASURER · Highest reported compensation $0 · Total expenses $70K
0%
Personnel share
Salaries, benefits & payroll (Pt IX 5-10) — · Total expenses $70K
—
Peer comparison

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

MetricThis orgPeer medianPercentile
Program ratio 80%——
Overhead ratio 20%——
Revenue growth 66%——

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.

Leadership and pay

Officers, Directors & Key Employees

Part VII, Section A · reportable compensation
Treasurer
$0Pt VII · Sec A
President
$0Pt VII · Sec A
Secretary
$0Pt VII · Sec A
$0Pt VII · Sec A
Director
$0Pt VII · Sec A
$0Pt VII · Sec A
$0Pt VII · Sec A
$0Pt VII · Sec A
See Palmer Memorial Foundation executive salaries →

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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 2Yes

Mission and programs

Supports Gundersen Palmer Lutheran Hospital and Clinics.

Provided by the organization

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Mission & Programs · Part III

Where the work happens

1 program service account for $56K of program spending, described in the organization's own filed words · FY2024.
01

Palmer memorial foundation was established in 1975 as a non-profit organization whose sole objective and purpose is to fund the healthcare needs of northeast iowa. Over the years, gifts large and small have assisted the foundation in providing new technology, education, services and programs to the community and palmer lutheran health…

$56Kprogram expense

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Funders

From grant filings on record. Receipts are incomplete: individual donors are never listed.

Grants

Schedule I · received and paid
Grants received · FY2022
Total grants receivedfrom 1 funder$81
Grants paid · 7 grants · $147K · 2020–2024

Filing history

YearRevenueExpensesChangeFiling
FY2024 $154K$76K+50% 990 PDF
FY2023 Not on file
FY2022 $103K$66K-55% 990 PDF
FY2021 $230K$60K+113% 990 PDF
FY2020 $108K$45K 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

Not shown yet: ratings, outcomes, and peer benchmarks. A Form 990 doesn’t report them.

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Sources

Every figure above is drawn from these filings
Form 990 e-file (XML) · FY2024IRS
Classification, formation year, addressIRS Business Master File
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