Overview
What is Fossum Foundation Inc?
Fossum Foundation Inc is a contributing entity based in Fargo, North Dakota, with an address at 1241 University Drive North, 58102. Its primary role is to support the North Dakota State University Foundation, a nonprofit organization dedicated to backing North Dakota State University. The Fossum Foundation contributes financially to this cause, specifically by donating $20,000 to an endowment fund held by the NDSU Foundation. This endowment fund is earmarked for merit scholarships at North Dakota State University, with the annual income distribution determined by the Investment Committee of the NDSU Foundation. In essence, Fossum Foundation Inc is an active philanthropic organization that supports higher education at North Dakota State University through financial contributions.
What are the reviews and ratings of this charity?
Charity Navigator Rating: 73%, earning it a Two-Star out of Four Star rating.
The Fossum Foundation Inc has achieved a 73% rating, reflecting a moderate level of accountability and financial health. The organization scores highly in areas such as board independence and governance practices, indicating a well-structured leadership with a fully independent board of directors. Additionally, it demonstrates strong financial practices, including a favorable liabilities to assets ratio and a solid program expense ratio, which suggests that funds are effectively directed towards its mission.
However, the foundation has notable weaknesses in transparency and compliance. It lacks several critical policies and documentation, including a conflict of interest policy, whistleblower policy, and document retention and destruction policy. Furthermore, the absence of a website listed on its tax form raises concerns about accessibility and transparency of information to the public.
Overall, while Fossum Foundation Inc exhibits strong governance and financial management, it needs to address its transparency issues to improve its rating and public trust. Strengthening its policies and ensuring that essential documents are readily available would significantly enhance its standing with stakeholders.
This AI summary has been generated from information found on Charity Navigator.
Is Fossum Foundation Inc legitimate?
Fossum Foundation Inc is a legitimate nonprofit organization registered as a 501(c)(3) entity. Fossum Foundation Inc 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: $0
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What is the mission statement of Fossum Foundation Inc?
The Fossum Foundation Inc's mission is centered around assisting the North Dakota State University Foundation in fulfilling its objective of supporting North Dakota State University. This assistance is aimed at helping the North Dakota State University Foundation, a nonprofit organization, achieve its exempt purpose of aiding North Dakota State University. The Fossum Foundation contributes funds to the North Dakota State University Foundation, which in turn utilizes these resources for supporting the university. A portion of the funds contributed to the Fossum Foundation endowment fund, managed by the NDSU Foundation, is used annually for merit scholarships at North Dakota State University.
Who is the CEO of Fossum Foundation Inc?
John W Shotwell is the Principal Officer of Fossum Foundation Inc.
What is the revenue of Fossum Foundation Inc?
Fossum Foundation Inc's revenue in 2022 was $110,221.
Who are the executives of Fossum Foundation Inc and what are their salaries?
There 8 volunteers at Fossum Foundation Inc.
Here are 8 key members and their salaries:
- Compensation: $0
- Related: $196,684
- Other: $43,149
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- Other: $0
- Compensation: $0
- Related: $0
- Other: $0
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- Other: $0
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- Other: $0
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- Other: $0
- Compensation: $0
- Related: $0
- Other: $0
- Compensation: $0
- Related: $0
- Other: $0
Where can I find the form 990 for Fossum Foundation Inc?
Fossum Foundation Inc's most recent form 990 was submitted in 2022 and can be accessed here.
Mission Statement of Fossum Foundation Inc
The Fossum Foundation Inc, as a nonprofit organization, is dedicated to assisting the North Dakota State University Foundation in fulfilling its primary objective of supporting North Dakota State University. Its mission, in simpler terms, is to aid in the execution of the North Dakota State University Foundation's purpose, which is to bolster North Dakota State University. This is achieved through grant contributions to the North Dakota State University Foundation, located at 1241 University Dr N, Fargo, ND 58102-2524. A significant contribution of $20,000 was made to the Fossum Foundation endowment fund, held by the NDSU Foundation. This fund has a distinct purpose of using the annual income distribution, as determined by the Investment Committee of the NDSU Foundation, to grant merit scholarships at North Dakota State University. In essence, the Fossum Foundation Inc plays a supportive role in nurturing academic excellence at North Dakota State University by contributing to scholarships and the overall mission of the North Dakota State University Foundation.
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Impact
October, 2024
Fossum Foundation Inc significantly enhances the educational landscape by providing vital support to the North Dakota State University Foundation. Through its contributions, such as the recent $20,000 donation to the Fossum Foundation endowment fund, it directly impacts student opportunities by funding merit scholarships at North Dakota State University. This financial support enables students to pursue their academic goals, thereby fostering a more educated workforce and contributing to the community's overall growth and development. By assisting in the foundation's mission, Fossum Foundation Inc plays a crucial role in nurturing the next generation of leaders and scholars in North Dakota.
This information is meant to be a general summary of Fossum Foundation Inc. 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: $1,430
- Gross Receipts: $118,149
Assets and Liabilities:
- Total Assets: $536,328
- Total Liabilities: $7,928
- Net Assets: $528,400
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Organization Details
Founding Year
1959
Phone
(701) 231-6800Principal Officer
John W Shotwell
Main Address
1241 University Dr N, Fargo, ND, 58102
NTEE Category
Code: B82 - Education
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