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Southern Minnesota Initiative Foundation

Public charityFed auditsIRS 990990-T FY2023
Community Development · OWATONNA, MN · EIN 36-3454285
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About

Southern minnesota initiative foundation is a regional development and philanthropic organization that fosters economic and community vitality in 20 counties of southern minnesota through a culture of collaboration and partnership, with a focus on entrepreneurs and early childhood development.

Donations are tax-deductible
Category
Community Development
Employees
24
Volunteers
15

Financial Snapshot

FY ending 2024-06-30
Revenue
$8.4M
Expenses
$6.9M
Assets
$75.9M
Liabilities
$9.1M

Financial history

$22.2M$11.1M$0
161718192021222324
RevenueExpenses
Latest FY2024: $8.4M · Peak FY2022: $22.2M · Avg: $9.7M

501(h) election

This 501(c)(3) has NOT elected 501(h) — lobbying is permitted but limited under the vaguer "no substantial part of activities" test.

Political & Grant Activity

Campaign Spending
—
Lobbying
$4K
Grants Given
$984K
SOUTHERN MINNESOTA INITIATIVE FOUNDATION
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Address

525 Florence AVE
Owatonna, MN, 55060-475

Governance

Voting board members15
Independent members15
Conflict-of-interest policyYes
Whistleblower policyYes
Doc-retention policyYes
Audit committeeYes
990 reviewed by boardYes

Compensation practices

Severance paymentsNo
Equity-based compNo
Supplemental retirement planNo
Compensation committeeYes
Used comp surveyYes
Board approved compYes
Initial contract exceptionNo

Financial detail (Schedule D)

Board-designated %34.5%
Permanent endowment %48.2%
Endowment held by related orgNo
Public records
ProPublica Nonprofit Explorer ↗
Full 990 PDFs going back to 2001, plus parsed financial extracts. The easiest place to read actual filings.
IRS Tax Exempt Organization Search ↗
IRS-side authoritative source. Confirms current exempt status and pulls the latest determination letter.
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