Overview
What is The Hormel Foundation?
The Hormel Foundation is a charitable organization based in Austin, Minnesota. It primarily functions as a grant provider to local Qualified Organizations, with the Hormel Institute, a renowned cancer research center, being its major recipient, as per a 1942 agreement. Education is the second significant area of investment for the Foundation, with contributions directed towards Austin Public Schools and Riverland Community College. The Foundation's mission is to benefit the Austin community and act as a trustee for various family trusts. With a modest team of two employees, it continues to serve its purpose.
Official website here: www.thehormelfoundation.com
What are the reviews and ratings of this charity?
Charity Navigator Rating: 88% (Three-Star out of Four Star rating)
The Hormel Foundation has achieved an 88% score, reflecting a solid performance in accountability and finance. This rating is based solely on the Accountability & Finance beacon, which assesses various governance and financial metrics. The organization shows strengths in areas such as financial oversight and maintaining a conflict of interest policy, which contributes positively to its credibility.
One area of concern is the relatively low percentage of independent board members, with only 44% being independent. While the board size meets standards with 8 independent members, this lack of independence could be seen as a limitation in governance practices. Nevertheless, the foundation has demonstrated strong financial health with a low liabilities-to-assets ratio and a high program expense ratio, indicating that the majority of its funds are directed towards its mission.
The Hormel Foundation has a well-structured accountability framework, including essential policies for whistleblowing and document retention. However, a notable gap is the absence of tax forms posted on its website, which affects transparency. Overall, the foundation maintains a strong financial profile but could improve in governance by increasing the number of independent board members.
This AI summary has been generated from information found on Charity Navigator.
Is The Hormel Foundation legitimate?
The Hormel Foundation is a legitimate nonprofit organization registered as a 501(c)(3) entity. The Hormel Foundation submitted a form 990, which is a tax form used by tax-exempt organizations in the U.S., indicating its operational transparency and adherence to regulatory requirements. Donations to this organization are tax deductible.
Heare are some key statistics you may want to consider:
Executive Compensation: $424,093
Professional Fundraising Fees: $0
Other Salaries and Wages: $79,889
For more financial information, click here
Official website here: www.thehormelfoundation.com
What is the mission statement of The Hormel Foundation?
The Hormel Foundation functions as a charitable organization, serving to benefit designated organizations and acting as a trustee to various family trusts. Its primary role is to offer grant funding and assistance to these Qualified Organizations, with a world-renowned cancer research center and local education institutions being the major recipients. The foundation's mission is geared towards enhancing the capabilities of these organizations and contributing to their purpose. Through its annual contributions, The Hormel Foundation significantly impacts the chosen organizations and the communities they serve.
Official website here: www.thehormelfoundation.com
Who is the CEO of The Hormel Foundation?
R G Gentzler is the Treasurer of The Hormel Foundation.
Official website here: www.thehormelfoundation.com
What is the revenue of The Hormel Foundation?
The Hormel Foundation's revenue in 2022 was $34,366,937.
Official website here: www.thehormelfoundation.com
Who are the executives of The Hormel Foundation and what are their salaries?
The average compensation at The Hormel Foundation during 2022 was $251,991. There are 2 employees and 2 volunteers at The Hormel Foundation.
Here are 20 key members and their salaries:
- Compensation: $0
- Related: $796,656
- Other: $536,087
- Compensation: $11,700
- Related: $309,748
- Other: $55,268
- Compensation: $15,200
- Related: $248,681
- Other: $50,066
- Compensation: $13,200
- Related: $131,489
- Other: $44,377
- Compensation: $176,500
- Related: $0
- Other: $5,295
- Compensation: $16,700
- Related: $139,346
- Other: $23,370
- Compensation: $15,700
- Related: $97,460
- Other: $5,980
- Compensation: $4,950
- Related: $84,643
- Other: $23,417
- Compensation: $13,200
- Related: $86,223
- Other: $0
- Compensation: $85,950
- Related: $0
- Other: $0
- Compensation: $12,300
- Related: $65,520
- Other: $0
- Compensation: $0
- Related: $30,361
- Other: $22,944
- Compensation: $20,450
- Related: $0
- Other: $0
- Compensation: $18,450
- Related: $0
- Other: $0
- Compensation: $18,200
- Related: $0
- Other: $0
- Compensation: $15,700
- Related: $0
- Other: $0
- Compensation: $12,700
- Related: $0
- Other: $0
- Compensation: $11,300
- Related: $0
- Other: $0
- Compensation: $0
- Related: $0
- Other: $0
- Compensation: $0
- Related: $0
- Other: $0
Official website here: www.thehormelfoundation.com
Where can I find the form 990 for The Hormel Foundation?
The Hormel Foundation's most recent form 990 was submitted in 2022 and can be accessed here.
Official website here: www.thehormelfoundation.com
Learn more at the official website: www.thehormelfoundation.com
Mission Statement of The Hormel Foundation
The Hormel Foundation, a charitable organization based in Minnesota, operates with the primary objective of serving the Austin community and acting as a trustee to various family trusts. Its mission is geared towards providing grant funding and assistance to a select group of Qualified Organizations in the Austin area.
One of the most significant beneficiaries of The Hormel Foundation's generosity is The Hormel Institute, a globally recognized cancer research center. This partnership was established through a 1942 agreement between The Hormel Foundation and the University of Minnesota's Board of Regents. Over the years, the foundation has made substantial contributions to the institute to further its research endeavors.
Besides supporting cancer research, education has become another major area of focus for The Hormel Foundation. They extend their philanthropy to Austin Public Schools and Riverland Community College, significantly contributing to their financial needs. These educational institutions benefit greatly from the foundation's support, enabling them to provide quality education to their students.
Through its various grant programs, The Hormel Foundation plays a pivotal role in strengthening the community by empowering its key institutions to thrive and make a positive impact.
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Impact
October, 2024
The Hormel Foundation significantly impacts the Austin community by providing essential grant funding and support to various local organizations. A key beneficiary is The Hormel Institute, a renowned cancer research center, which has benefited from the Foundation's annual contributions since a 1942 agreement with the University of Minnesota. This support not only advances cancer research but also enhances the scientific reputation of the community. Additionally, education is a priority, with substantial contributions directed toward Austin Public Schools and Riverland Community College, ensuring that local students have access to quality educational resources and opportunities. Through its targeted philanthropy, The Hormel Foundation plays a crucial role in fostering health, education, and overall community development in Austin, MN.
This information is meant to be a general summary of The Hormel Foundation. Please take the time to review official sources before making any decisions based upon the content provided here.
Financials
This financial information is from Propublica.
Other financial information:
This information is from the most recently submitted tax form from this organization, which was in 2022.
- Investment Income: $32,946,666
- Gross Receipts: $35,963,440
Assets and Liabilities:
- Total Assets: $1,540,722,314
- Total Liabilities: $37,475,201
- Net Assets: $1,503,247,113
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Organization Details
Founding Year
1941
Phone
(507) 437-9800Principal Officer
R G Gentzler
Main Address
329 North Main Street Suite 102L, Austin, MN, 559123478
Website
www.thehormelfoundation.comNTEE Category
Code: T30 - Philanthropy
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