The Hormel Foundation

Analysis

The Hormel Foundation is a registered charity in United States, based in Austin, MN. It received its IRS tax-exemption ruling in April 1943, 83 years ago. Its declared purposes cover philanthropy, voluntarism and grantmaking foundations, which this site groups under grant-making and general purposes. The IRS classifies it as a supporting organisation under section 501(c)(3), and contributions to it are listed as tax-deductible.

In the financial year ending November 2023, The Hormel Foundation reported income of $37.4m and spending of $29.4m, leaving 21% of income unspent that year. Across the 5 years on record, from November 2019 to November 2023, income fell from $76.8m to $37.4m (-51%), an average of -16% a year. The sharpest change came in the year to November 2021, when income rose by 217%. Over the whole period it spent 48% of the income it received.

Among 19,413 United States charities whose main cause is grant-making and general purposes and that reported income, The Hormel Foundation sits at the 98th percentile: it is larger than about 98% of them. Against every charity in United States with reported income it ranks in the 98th percentile, and in the 98th percentile within MN. Charities of a similar size with the same main cause include Elks National Foundation Inc ($37.4m), Stonier Scholarship Inc ($37.5m) and Greater Manhattan Community Foundation ($37.4m).

On its Form 990 for the period ending November 2023, revenue came from contributions and grants 0.0% of the total. Compensation of current officers, directors and key employees was $473k (1.6% of expenses). Other salaries and wages came to $84k. At year end it held assets of $1.07bn against liabilities of $40.2m, net assets of $1.03bn. It reported 2 employees.