Overview
What is Northwest Minnesota Foundation?
The Northwest Minnesota Foundation is a nonprofit organization based in Bemidji, Minnesota. They invest resources, facilitate collaboration, and promote philanthropy to enhance the quality of life in the Northwest Minnesota region. Their grant programs offer flexibility to nonprofit organizations and public agencies, providing a total of $4,720,441 in grants, scholarships, and forgivable loans in FY 2022. The programs address various issues in the community, including emergency relief, childcare, housing, and entrepreneurship. In response to the COVID-19 pandemic, they launched the COVID Community Heroes program to recognize individuals, businesses, and nonprofits who went above and beyond to serve their community during that difficult time. The Foundation is committed to improving the regional economy, funding 43 loans to small businesses and entrepreneurs, and acting as the Small Business Development Center for the Northwest region of Minnesota.
Official website here: www.nwmf.org
What are the reviews and ratings of this charity?
Rating from Charity Navigator: 97% (Four-Star out of Four Star rating)
The Northwest Minnesota Foundation has achieved an impressive Four-Star rating from Charity Navigator, with a total score of 97%. This high rating reflects the organization's strong commitment to accountability and financial transparency, as evidenced by its perfect scores in various critical areas such as board independence, financial oversight, and the absence of asset diversions. These factors contribute to the foundation's solid reputation in managing donor funds responsibly.
Strengths of the Northwest Minnesota Foundation include a well-structured independent board and effective financial management practices. The organization has demonstrated a robust program expense ratio of 77.81%, indicating that a significant portion of its funds is directed toward its programs rather than administrative costs. Additionally, the foundation exhibits excellent fundraising efficiency, with minimal costs associated with raising funds, thereby maximizing the impact of donations received.
While the data does not indicate any major limitations or areas of concern, the foundation's outstanding scores suggest that it is effectively meeting its goals and obligations. Overall, the Northwest Minnesota Foundation is recognized as a reliable and responsible nonprofit, appealing to donors who prioritize accountability and financial health in their charitable contributions.
This AI summary has been generated from information found on Charity Navigator.
What do the Facebook reviews say about Northwest Minnesota Foundation?
100% of 11 reviewers on Facebook recommend the Northwest Minnesota Foundation. Here is a summary of their reviews:
The sentiment surrounding the Northwest Minnesota Foundation is overwhelmingly positive, with users expressing appreciation for the organization's impact on local communities. Reviewers highlight the caring and dedicated nature of the staff, indicating that they are committed to fostering a bright future for the region.
Overall, it seems that the Northwest Minnesota Foundation really excels in providing valuable support and resources to the area, with many users feeling confident in the organization's mission and efforts.
This AI summary has been generated from reviews found on Facebook.
Is Northwest Minnesota Foundation legitimate?
Northwest Minnesota Foundation is a legitimate nonprofit organization registered as a 501(c)(3) entity. Northwest Minnesota 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: $0
Professional Fundraising Fees: $0
Other Salaries and Wages: $1,697,628
For more financial information, click here
Official website here: www.nwmf.org
What is the mission statement of Northwest Minnesota Foundation?
The Northwest Minnesota Foundation invests resources, facilitates collaboration, and promotes philanthropy to enhance the quality of life in the region. They accomplish this by providing grants to nonprofit organizations and public agencies, enabling them to address various community and organizational issues. In FY 2022, they awarded a total of $4,720,441 in grants, scholarships, and forgivable loans. Their grant programs offer flexibility and support to entities, aiming to strengthen their capacity to shape their future. The foundation's grant-related activities also extend beyond funding, providing mission-related and development support. Throughout their work, they focus on areas such as children and families, emergency relief, housing and homelessness, American Indian communities, innovation, training, advocacy, and economic development.
Official website here: www.nwmf.org
Who is the CEO of Northwest Minnesota Foundation?
Karen White is the President of Northwest Minnesota Foundation.
Official website here: www.nwmf.org
What is the revenue of Northwest Minnesota Foundation?
Northwest Minnesota Foundation's revenue in 2022 was $19,432,128.
Official website here: www.nwmf.org
Who are the executives of Northwest Minnesota Foundation and what are their salaries?
The average compensation at Northwest Minnesota Foundation during 2022 was $58,539. There are 29 employees at Northwest Minnesota Foundation.
Here are 15 key members and their salaries:
- Compensation: $182,289
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- Other: $8,691
- Compensation: $111,587
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- Other: $4,881
- Compensation: $100,975
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- Other: $6,100
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Official website here: www.nwmf.org
Where can I find the form 990 for Northwest Minnesota Foundation?
Northwest Minnesota Foundation's most recent form 990 was submitted in 2022 and can be accessed here.
Official website here: www.nwmf.org
Learn more at the official website: www.nwmf.org
Mission Statement of Northwest Minnesota Foundation
The Northwest Minnesota Foundation is a philanthropic organization that invests resources, facilitates collaboration, and promotes giving to enhance the living and working conditions in the region. By providing grant programs that offer flexibility to nonprofit organizations and public agencies, the Foundation empowers communities and individuals to build their resources and shape their future. In the fiscal year 2022 alone, the Foundation awarded a total of $4,720,441 in grants, scholarships, and forgivable loans, addressing various organizational, community, and regional issues.
Through its grant initiatives, the Northwest Minnesota Foundation supports initiatives that strengthen the capacity of individuals, organizations, and communities. For instance, it administers over 372 Component Funds to help build the resources of nonprofits and communities. Furthermore, the Foundation supports education and economic development by providing scholarships for students and funding small businesses affected by the COVID-19 pandemic. The organization also recognizes local heroes who have gone above and beyond to serve their communities during the pandemic.
The Northwest Minnesota Foundation's mission comes to life through its various grant programs, each with its unique priorities and eligibility criteria. Its commitment to investing in the region is unwavering, and its efforts have led to significant improvements in the lives of many individuals and organizations. By fostering collaboration, promoting philanthropy, and providing resources, the Northwest Minnesota Foundation continues to make a positive impact on the region.
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Impact
October, 2024
The Northwest Minnesota Foundation significantly impacts the region through its strategic investments in various community initiatives and support programs. In FY 2022, a substantial total of $4,720,441 was awarded in grants, scholarships, and forgivable loans aimed at enhancing organizational capabilities and addressing pressing community issues.
With 372 active component funds, the Foundation empowers local organizations and agencies, providing flexibility to tackle specific challenges. Notable achievements include awarding $1,357,530 across 320 grants, supporting educational scholarships with $379,723, and addressing urgent needs through emergency relief programs, particularly during the COVID-19 pandemic.
Key areas of focus include children and family support, where grants totaling $110,000 were directed to improve family structures, and childcare initiatives, which received $261,600 through grants and forgivable loans to expand capacity. The Foundation has also been instrumental in combating homelessness, awarding $97,288 to agencies addressing housing inadequacies and youth homelessness.
Economic development is another crucial aspect of the Foundation's work, facilitating 43 loans worth $957,127 to local businesses and entrepreneurs, which generated significant economic activity, including the creation of new childcare slots and supporting essential industries like healthcare and agriculture.
Additionally, the Foundation provides valuable technical support and consulting services to small businesses in the region, ensuring sustained growth and resilience. By fostering collaboration, encouraging innovation, and promoting philanthropy, the Northwest Minnesota Foundation plays a vital role in shaping a better quality of life for the communities it serves.
This information is meant to be a general summary of Northwest Minnesota 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: $7,031,975
- Program Service Revenue: $712,715
- Gross Receipts: $44,895,262
Assets and Liabilities:
- Total Assets: $91,824,995
- Total Liabilities: $7,562,414
- Net Assets: $84,262,581
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Programs
Programs are reported by nonprofits in their tax forms and are normally their tax-exempt activities.
PARTICIPATION FEES
Revenue
$312,612
INTEREST REVENUE - LOAN
Revenue
$135,603
LOAN APPLICATION FEES
Revenue
$50,493
REVENUE FROM SERVICES
Revenue
$214,007
Organization Details
Founding Year
1986
Principal Officer
Karen White
Main Address
201 3RD ST NW, BEMIDJI, MN, 56601
Website
www.nwmf.orgNTEE Category
Code: W110 - Public benefit
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