Overview
What is New Ulm Area Foundation Inc?
New Ulm Area Foundation Inc is a nonprofit organization situated in New Ulm, Minnesota. With a single employee, its primary mission is to cater to the needs of the community by expanding its endowment funds and distributing financial grants from the earnings of these funds. The foundation focuses its grant funding on four key areas: arts, education, economic development, and historical preservation. In 2022, it awarded 23 grants to 18 local nonprofits and governmental entities, contributing to various projects in these sectors. Furthermore, scholarship grants were handed out to deserving students at educational institutions. The foundation's activities aim to enhance the well-being and development of the New Ulm community.
Official website here: www.newulmareafoundation.org
What are the reviews and ratings of this charity?
Charity Navigator Rating: 82% (Three-Star out of Four Star rating)
The New Ulm Area Foundation Inc has received an 82% score from Charity Navigator, which indicates a solid level of accountability and financial health. The rating is solely based on the Accountability & Finance beacon, reflecting the organization’s commitment to responsible governance and transparency. With a perfect score for the majority of its accountability measures, the foundation demonstrates strong practices in areas such as board independence and conflict of interest policies.
Strengths of the organization include its fully independent board, which is well-sized, and its robust financial policies that show careful management of assets and liabilities. The foundation also excels in documenting board meeting minutes and ensuring that financial documents are well-distributed prior to filing. These practices enhance trust and reflect a commitment to ethical governance.
However, the foundation's fundraising efficiency is notably low, with a score of only 0.0125 out of 25 points. This could indicate challenges in raising funds effectively, which may impact its ability to support its programs in the long term. Stakeholders may want to consider this aspect when evaluating the organization’s overall performance and potential for future initiatives.
This AI summary has been generated from information found on Charity Navigator.
Is New Ulm Area Foundation Inc legitimate?
New Ulm Area Foundation Inc is a legitimate nonprofit organization registered as a 501(c)(3) entity. New Ulm Area 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: $19,299
For more financial information, click here
Official website here: www.newulmareafoundation.org
What is the mission statement of New Ulm Area Foundation Inc?
The New Ulm Area Foundation's mission is centered around addressing community needs by expanding its endowment funds and distributing financial grants derived from these funds' earnings. The foundation primarily focuses its grant funding in the sectors of arts, education, economic development, and historic preservation. In 2022, the foundation granted funds to 18 local non-profits and governmental entities for projects in these areas, as well as awarded scholarships to deserving students through educational institutions.
Official website here: www.newulmareafoundation.org
Who is the CEO of New Ulm Area Foundation Inc?
Gene Clark is the President of New Ulm Area Foundation Inc.
Official website here: www.newulmareafoundation.org
What is the revenue of New Ulm Area Foundation Inc?
New Ulm Area Foundation Inc's revenue in 2022 was $2,407,935.
Official website here: www.newulmareafoundation.org
Who are the executives of New Ulm Area Foundation Inc and what are their salaries?
The average compensation at New Ulm Area Foundation Inc during 2022 was $19,299. There is 1 employee and 15 volunteers at New Ulm Area Foundation Inc.
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Official website here: www.newulmareafoundation.org
Where can I find the form 990 for New Ulm Area Foundation Inc?
New Ulm Area Foundation Inc's most recent form 990 was submitted in 2022 and can be accessed here.
Official website here: www.newulmareafoundation.org
Learn more at the official website: www.newulmareafoundation.org
Mission Statement of New Ulm Area Foundation Inc
The New Ulm Area Foundation Inc is dedicated to addressing the needs of its community by expanding its endowment funds and distributing financial grants derived from these earnings. This philanthropic organization focuses its grant funding on four primary areas: arts, education, economic development, and historic preservation. By channeling its resources into these sectors, the New Ulm Area Foundation aims to contribute positively to its community's overall well-being.
In 2022, the New Ulm Area Foundation demonstrated its commitment to this mission by awarding 23 grants to 18 different local non-profits and governmental entities. These grants were designed to support projects that aligned with the foundation's focus areas, including education, historical preservation, economic development, and the arts. Moreover, the foundation also presented scholarship grants to educational institutions, which were subsequently distributed as scholarships to 20 deserving students from the area.
In essence, the New Ulm Area Foundation serves as a catalyst for positive change in its community by strategically investing in areas that have the potential to foster growth and development. Through its grant programs, the foundation supports a diverse range of initiatives, ultimately contributing to a stronger, more vibrant community.
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Impact
July, 2024
New Ulm Area Foundation Inc plays a significant role in supporting the community by growing endowment funds and providing financial grants to various organizations and projects. In 2022 alone, the foundation awarded grants to 18 different non-profits and governmental entities in areas such as education, historical preservation, economic development, and the arts. Additionally, the foundation offers scholarship grants to educational institutions, benefiting 20 deserving area students. Through its focus on philanthropy, the New Ulm Area Foundation Inc positively impacts the community by supporting crucial initiatives and endeavors in key areas of need.
This information is meant to be a general summary of New Ulm Area 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: $64,574
- Program Service Revenue: $63
- Gross Receipts: $2,407,935
Assets and Liabilities:
- Total Assets: $2,700,111
- Total Liabilities: $435
- Net Assets: $2,699,676
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Programs
Programs are reported by nonprofits in their tax forms and are normally their tax-exempt activities.
PROGRAM SERVICE FEES
Revenue
$63
Organization Details
Founding Year
2019
Principal Officer
Gene Clark
Main Address
PO BOX 201, NEW ULM, MN, 56073
Website
www.newulmareafoundation.orgNTEE Category
Code: T31 - Philanthropy
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