Borealis Philanthropy

Minneapolis, MN · Public charity (501(c)(3)) · Since 2013 · Arts & Culture

✓ Tax-deductible Latest data FY2024
Revenue
$42.5M
▲ +8% vs prior year
Spent
$54.7M
To programs
83%
Net assets
$64.1M

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

Figures match the IRS filing checked 8/6/26 · see original: IRS

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?
35 funders, incl. Robert Wood Johnson Foundation
$28.4M in the latest grant year.
Spent on programs?
83% to programs
Form 990 Part IX, latest filing.
Size and trend
$10–100M
↑ +8% vs prior year
Legal name (IRS)Hdr · item CBorealis Philanthropy
EINHdr · item D46-4598642
Exempt statusHdr · item I501(c)(3) · active
Ruling yearIRS BMFJul 2014
Year of formationHdr · item L2013
Latest filingForm 990FY2024 · Form 990
Principal addressHdr · item CMinneapolis, MN
NTEE classificationIRS BMFArts & Culture (A99)
WebsiteHdr · item Jborealisphilathropy.org

Where the money goes

Statement of Functional Expenses

Part IX · allocated across program, management, and fundraising
Allocation · columns B–D
Program services $0.83 Management & general $0.16 Fundraising $0.02
Program services83%$45.1M
Management & general16%$8.6M
Fundraising2%$933K
Total functional expensesLn 25$54.7M

Financial health

Revenue & expenses by yearFY2020–FY2024
Revenue
$42.5M
FY2024▲ +8%
Expenses
$54.7M
FY2024▲ +23%
Program efficiency
83%
of spending reaches programs▼ -6% vs prior filing year
Operating runway
12.6mo
months of highly liquid reserves at operating expense rate▼ -33% vs prior filing year
Surplus margin
-29%
revenue over expenses, this year▼ -117% vs prior filing year

Summary of the Filing

Part I · fiscal year 2024 · Form 990
Total assets
$78.2M
FY2024▼ -10%
Total liabilities
$14.2M
FY2024▲ +3%
Revenue less expensesPt I · Ln 19−$12.2M
Total assetsPt X · Ln 16$78.2M
Program-expense ratioPt IX · col B83%
Voting members of governing bodyPt I · Ln 38
Independent voting membersPt I · Ln 48

Balance Sheet

Part X · end of year
CashLn 1$57.5M
Total assetsLn 16$78.2M
Total liabilitiesLn 26$14.2M
Total net assetsLn 32$64.1M
Months of cash on handcomputed12.6

Statement of Revenue

Part VIII
Contributions & grants$41.3M · 97%
Investment income$1.2M · 3%
Contributions & grants97%$41.3M
Investment income3%$1.2M
Other revenue$5K
Total revenueLn 12$42.5M

Financial Metrics

Form 990 · FY2024 · each ratio shown with the dollars behind it
Liquidity & Payout
Operating runway
Highly liquid reserves $57.5M · Operating expenses/yr $54.7M
12.6 months
Where the money goes
Program services
Program services $45.1M · Total expenses $54.7M
83%
Management & General
Management & general $8.6M · Total expenses $54.7M
16%
Fundraising
Fundraising $933K · Total expenses $54.7M
2%
Cost to raise $1
Fundraising expense (3-yr avg) $618K · Solicited contributions (3-yr avg) $38.6M
$0.02 to raise $1 (3-yr avg)
Where the money comes from
Contribution dependence
Contributions & grants $41.3M · Total revenue $42.5M
97%
Government reliance
Government grants — · Total revenue $42.5M
—
Earned-income share
Program service revenue $0 · Total revenue $42.5M
0%
Investment reliance
Investment income $1.2M · Total revenue $42.5M
+3%
Program self-sufficiency
Program service revenue $0 · Total expenses $54.7M
0%
Growth & trend
Revenue growth (YoY)
This year $42.5M · Prior year $39.4M
+8%
Revenue CAGR
FY2020 $50.6M · FY2024 $42.5M
-4%
Net-asset trend (YoY)
End of year $64.1M · Beginning of year —
Beginning net assets not meaningfully positive — showing dollar change
Balance sheet
Surplus Margin
Revenue $42.5M · Expenses $54.7M
-29%
Liabilities-to-Assets
Total liabilities — · Total assets $78.2M
—
Net-asset ratio
Net assets $64.1M · Total assets $78.2M
82%
Marketable Investment Share
Publicly traded securities (Pt X, ln 11) — · Other securities (Pt X, ln 12) — · Total assets (Pt X, ln 16) $78.2M
Excludes program-related investments (Pt X, ln 13)
People & payroll
Highest Reported Total Compensation
Individual Amoretta Morris · Reported title PRESIDENT · Highest reported compensation $254K · Total expenses $54.7M
0.5%
Personnel share
Salaries, benefits & payroll (Pt IX 5-10) $8.3M · Total expenses $54.7M
15%
Peer comparison

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

MetricThis orgPeer medianPercentile
Program ratio 83%——
Overhead ratio 16%——
Fundraising cost ratio 2%——
Revenue growth 8%——
Legal fee ratio 0.2%——
Accounting fee ratio 0.05%——

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
$254,402Pt VII · Sec A
Managing Director
$218,888Pt VII · Sec A
Director of Development
$182,962Pt VII · Sec A
Director of Communications
$177,792Pt VII · Sec A
Director of People & Culture
$177,049Pt VII · Sec A
Director of Operations
$170,475Pt VII · Sec A
Program Director
$164,142Pt VII · Sec A
Director of Finance
$163,772Pt VII · Sec A

Amoretta Morris’s $254K as President is at the 29th percentile of top reported officer pay among 749 $10–100M arts & culture nonprofits. Peer set: organizations in the same NTEE major field of work and revenue-size band, compared on each org’s own highest-paid officer/key-employee, from Form 990 Part VII / 990-PF Part VIII. Descriptive placement, not a verdict on whether the pay is appropriate.

Compensation history total reportable pay by year · 8 named individuals · Part VII

NameFY2024FY2023FY2022FY2021FY2020
Amoretta Morris$254,402$205,636$208,273$167,904—
Randolph Miller$218,888$175,406———
Tammea Tyler - Left July 2020————$211,981
Rickke Mananzala - Left April 2020————$200,043
Maya Wiener Berkowitz$182,962$153,807———
Carrie Coley$177,792$153,499———
Nnene J Essien$177,049$124,754———
Ryan Li Dahlstrom——$173,742$150,655—

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 Borealis Philanthropy executive salaries →

Are you one of these people? Claim this org to confirm your role

Governance & Policies

Part VI
Voting members of the governing bodyPt VI · Ln 1a8
Independent voting membersPt VI · Ln 1b8
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 15aYes
Family or business relationships among officers/directorsPt VI · Ln 2No

Mission and programs

Connects donors with grassroots leaders to fund and strengthen social justice movements, shifting philanthropic resources toward communities most impacted by systemic inequity.

Provided by the organization

This section is blank until Borealis Philanthropy claims this page.

Know this organization? Claim it to add your story

Mission & Programs · Part III

Where the work happens

3 program services account for $21.3M of program spending, described in the organization's own filed words · FY2024.
01

The black-led movement fund supports the movement for black lives (M4BL) and other values-aligned organizations to better shape policy agendas for black communities, create alternatives to institutions that have been harmful to black people, and build local black community power.

$8.5Mprogram expense
02

The disability inclusion fund seeds and expands the capacity of the disability justice movement by resourcing powerful grassroots leaders at the forefront of dismantling ableism through policy advocacy, community organizing, art, and narrative CHANGE.2024 HIGHLIGHTS:$5.1M in GRANTS$142K in response GRANTS75 grantee partners

$6.5Mprogram expense
03

The racial equity in philanthropy fund has invested in philanthropy-serving organizations to inform, educate, and equip funders to integrate racial equity policies and practices into their grantmaking programs. This fund will formally sunset in 2025. 2024 HIGHLIGHTS:$6.1M in grants

$6.4Mprogram expense

Run this program? Claim this org to tell your story

Funders

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

Grants

Schedule I · received and paid
Grants received · FY2024
See all 35 funders →
Grants paid · 1,612 grants · $165.7M · 2020–2024
Social Good Fund INCCA · FY2024$988,000
Hispanics in PhilanthropyCA · FY2024$558,000
Allied Media Projects INCMI · FY2024$452,400
Tides CenterCA · FY2024$329,000
Solidaire Network INCCA · FY2024$300,000
Beyond the BarsFL · FY2024$300,000
Equity in the Center INCDC · FY2024$294,000
Transgender Law CenterCA · FY2024$289,000
Womens Funding NetworkCA · FY2024$279,000
Emerging Practitioners in PhilanthropyFY2024$279,000
See all 1,612 grants →

Filing history

YearRevenueExpensesChangeFiling
FY2024 Latest Viewing $42.5M$54.7M+8% 990 PDF
FY2023 $39.4M$44.6M+5% 990 PDF
FY2022 $37.5M$45.6M-55% 990 PDF
FY2021 $83.9M$39.2M+66% 990 PDF
FY2020 $50.6M$36.4M 990 PDF

Want to add your own materials alongside these filings? Claim this org

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.

Similar organizations you could support

Closest in mission — by what they do
See all organizations like Borealis Philanthropy →

Run this organization? Claim this page

Compare

Search another nonprofit to view revenue, expenses, assets, key metrics, and leaders side by side

Sources

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

The names, titles, and compensation shown on this page are reproduced from IRS Form 990 filings, which are public records.

Philanthropy.org does not alter the content of those filings. All information appears exactly as reported by the filing organization for the tax year shown.

We publish only information contained in the public IRS filing — and less than the filing contains. Our profile pages do not display street addresses, telephone numbers, personal email addresses, or other personal contact information, even where the filing includes them.

Many people share the same name. A name shown on this page reflects only what one organization reported in one IRS filing for one tax year. It should not be interpreted as identifying any other individual with the same or a similar name.

If you are no longer affiliated with the organization, your name will generally stop appearing in future IRS filings once the organization no longer reports you. Pages for tax years in which you were reported remain published because those filings remain part of the public record.

Philanthropy.org does not alter or remove IRS filing records. Removing a page from this website would not remove the underlying IRS filing, which remains publicly available from the IRS and other publishers of the same information.

If you believe the IRS filing itself is inaccurate, corrections must be made by the filing organization or the IRS directly.

If you ARE the filing organization, claim this org and add context

Made it to the end? Claim this organization

Keep this kind of thing free
Keep public charity data easy to read.

Free to the public, because obviously. Like this? Pay it forward. Don't like this? Help us get better.

Card, Apple Pay or Google Pay through Stripe. One time.
Keep this kind of thing free
Keep public charity data easy to read.

Free to the public, because obviously. Like this? Pay it forward. Don't like this? Help us get better.

Card, Apple Pay or Google Pay through Stripe. One time.

All figures are derived from public IRS Form 990 filings and are presented without evaluation of any organization. philanthropy.org does not rate, score, or rank organizations, including the peer-cohort and compensation comparisons above.