Southern Minnesota Initiative Foundation

Analysis

Southern Minnesota Initiative Foundation is a registered charity in United States, based in Owatonna, MN. It received its IRS tax-exemption ruling in August 1986, 40 years ago. Its declared purposes cover community improvement and capacity building, which this site groups under community and economic development. The IRS classifies it as a publicly supported organisation (donations from the general public) under section 501(c)(3), and contributions to it are listed as tax-deductible.

In the financial year ending June 2023, Southern Minnesota Initiative Foundation reported income of $5.9m and spending of $6.5m, spending 110% of what it took in. Across the 5 years on record, from June 2019 to June 2023, income fell from $9.5m to $5.9m (-38%), an average of -11% a year. The sharpest change came in the year to June 2021, when income rose by 579%. Over the whole period it spent 81% of the income it received.

Among 19,475 United States charities whose main cause is community and economic development and that reported income, Southern Minnesota Initiative Foundation sits at the 93rd percentile: it is larger than about 93% of them. Against every charity in United States with reported income it ranks in the 93rd percentile, and in the 92nd percentile within MN. Charities of a similar size with the same main cause include Green Thumb Environmental Beautification Inc ($5.9m), Renaissance Development Fund ($5.9m) and Steamfitters Local Union No 449 Joint Apprenticeship & Training ($5.9m).

On its Form 990 for the period ending June 2023, revenue came from contributions and grants 81% and program service revenue 3.1% of the total. Compensation of current officers, directors and key employees was $355k (5.5% of expenses). Other salaries and wages came to $1.3m. At year end it held assets of $69.7m against liabilities of $8.8m, net assets of $61.0m. It reported 34 employees.