Civic Intelligence

Latvian Foundation Inc.

990 • Fiscal year 2021 • EIN 23-7089477

Jan 01, 2021 to Dec 31, 2021 • Filed on May 11, 2022

Organization Profilewww.latviesufonds.org
323 E Wacker Drive Ste 508Chicago, IL 60601

(312) 909-4063

Siviq Scores

Precomputed percentiles for this filing year versus similar nonprofits in the same peer cohort.

Liabilities / Assets

48th percentile

0.06x

Higher debt load relative to assets than 48% of similar nonprofits.

2021 filings • 501(c)3 • $1M-$5M nonprofits • Source year 2021

Liabilities / Revenue

82nd percentile

0.60x

Higher debt load relative to revenue than 82% of similar nonprofits.

2021 filings • 501(c)3 • $1M-$5M nonprofits • Source year 2021

Net Margin

86th percentile

48%

Higher net margin than 86% of similar nonprofits.

2021 filings • 501(c)3 • $1M-$5M nonprofits • Source year 2021

Top Officer Pay

39th percentile

$0

Higher top officer pay than 39% of similar nonprofits.

Top officer pay equals 0.0% of source-year revenue.

2021 filings • 501(c)3 • $1M-$5M nonprofits • Source year 2021

Asset Growth

67th percentile

20%

Faster asset growth than 67% of similar nonprofits.

2021 filings • 501(c)3 • $1M-$5M nonprofits • Annualized from 2020 to 2021

Revenue Growth

3rd percentile

-62%

Faster revenue growth than 3% of similar nonprofits.

2021 filings • 501(c)3 • $1M-$5M nonprofits • Annualized from 2020 to 2021

Balance Sheet
Liabilities / Assets48th percentile

Assets

Up

$1,497,853

Up $246,250 (+20%) from 2020

Net Assets

Up

$1,410,317

Up $236,007 (+20%) from 2020

Liabilities

Up

$87,536

Up $10,243 (+13%) from 2020

Revenue And Expenses
Liabilities / Revenue82nd percentileNet Margin86th percentile

Revenue

Down

$146,665

Down $234,738 (-62%) from 2020

Expenses

Down

$76,245

Down $6,543 (-7.9%) from 2020

Net Income

Down

$70,420

Down $228,195 (-76%) from 2020

Historical Trend

Balance Sheet Trend

Asset Growth67th percentile

The highlighted filing sits inside the broader history for assets, liabilities, and net assets.

$2.0M$1.5M$1.0M$500K$0Assets 2020: $1,251,603Liabilities 2020: $77,293Net Assets 2020: $1,174,3102020Assets 2021: $1,497,853Liabilities 2021: $87,536Net Assets 2021: $1,410,3172021Assets 2022: $1,202,190Liabilities 2022: $70,338Net Assets 2022: $1,131,8522022Assets 2023: $1,372,966Liabilities 2023: $41,381Net Assets 2023: $1,331,5852023Assets 2024: $1,556,865Liabilities 2024: $55,142Net Assets 2024: $1,501,7232024

Highlighted filing

2021

Assets$1,497,853
Liabilities$87,536
Net Assets$1,410,317
Open 2021 Filing

Operations Trend

Revenue Growth3rd percentile

Revenue, expenses, and net income across loaded years, with this filing highlighted.

$400K$300K$200K$100K$0Revenue 2020: $381,403Expenses 2020: $82,788Net Income 2020: $298,6152020Revenue 2021: $146,665Expenses 2021: $76,245Net Income 2021: $70,4202021Revenue 2022: $139,529Expenses 2022: $82,269Net Income 2022: $57,2602022Revenue 2023: $242,063Expenses 2023: $65,501Net Income 2023: $176,5622023Revenue 2024: $89,377Expenses 2024: $68,906Net Income 2024: $20,4712024

Highlighted filing

2021

Revenue$146,665
Expenses$76,245
Net Income$70,420
Open 2021 Filing
Jump To
Filing Snapshot
Filing Period
Jan 1, 2021 to Dec 31, 2021
Signed
May 11, 2022
Return Version
2021v4.2
Gross Receipts
$388,635
Mission and Program Overview

Mission

Preservation of Latvian Culture: to maintain and perpetuate Latvian culture and ethnic traditions;to sponsor research on Latvian history; to support cultural and educational events; to sponsor literary works

Preservation and support of Latvian educational and cultural activities

Balance Sheet Detail
LineBeginningEndChange
Assets
Investments in Publicly Traded Securities$1,171,391$1,414,218▲ $242,827
Cash and Non-Interest-Bearing Accounts$80,212$83,635▲ $3,423
Total Assets$1,251,603$1,497,853▲ $246,250
Liabilities
Grants Payable$73,783$84,026▲ $10,243
Other Liabilities$3,510$3,510→ $0
Total Liabilities$77,293$87,536▲ $10,243
Net Assets / Fund Balance
Net Assets Without Donor Restrictions$1,120,107$1,356,114▲ $236,007
Net Assets With Donor Restrictions$54,203$54,203→ $0
Total Net Assets Fund Balance$1,174,310$1,410,317▲ $236,007
Total Liabilities and Net Assets / Fund Balance$1,251,603$1,497,853▲ $246,250
Compensation and Service Providers
Top Officer Pay39th percentile

Board Members and Trustees

NameTitle
Renate KenneyPresident
Marite KruzeVice President
Martins HildebrantsBoard Member
Andrejs DumpisAudit Committee
Anna GlassAudit Committee
Diana KarklinsAudit Committee
Elizabete LudviksGrant Manager
Rita GrendzeSecretary
Katrina PipastsTreasurer
Revenue and Support

Revenue Composition

Contributions and Grants
$69,567
Program Service Revenue
$0
Investment Income
$77,098
Other Revenue
$0
All Other Contributions
$55,696
Change in Net Assets
$70,420
Expenses and Functional Allocation

Major Expense Lines

Line ItemAmount
Grants and Similar Amounts Paid$55,950
Other Expenses$20,295
Total Fundraising Expense$1,240
Professional Fundraising Fees$0
Salaries, Compensation, and Employee Benefits$0

Functional Expense Allocation

Line ItemProgramManagementFundraisingTotal
Foreign Grants$38,000--$38,000
Grants to Domestic Orgs$16,950--$16,950
Fees for Service Investment Mgmnt Fees-$9,308-$9,308
Travel$4,087--$4,087
Office Expenses$1,555$1,595-$3,150
Information Technology-$1,839-$1,839
Advertising--$1,240$1,240
Grants to Domestic Individuals$1,000--$1,000
All Other Expenses-$671-$671
Total Functional Expenses$61,592$13,413$1,240$76,245
International Activity

Grant and Assistance Recipients

RecipientLocationCategoryPurposeAmount
XV Latvian SongMendota Hts, MN501c3Cultural preservation$10,000

International Summary

Spending
$38,000

International Compliance

Foreign grant records maintained
No
Activity in boycott countries
No
Foreign corporation ownership
No
Foreign partnership interest
No
Interest in foreign trust
No
Passive foreign investment company interest
No
Transfers to foreign corporations
No

International Activities

RegionActivityServicesOfficesEmployeesSpending
EuropeGrants-00$38,000
Fundraising, Events, and Gaming
Fundraising activities
No
Gaming activities
No
Professional fundraiser used
No

Fundraising and Gaming Totals

Line ItemAmount
Professional Fundraising Fees$0
Political and Lobbying Activity
Political campaign activity
No
Lobbying activity
No
Subject to proxy tax
No
Debt and Bond Financing

Other Reported Liabilities

LiabilityAmount
Loans payable from members Earnings used to fund programs$3,510
Governance and Compliance

Governance Checklist

Compiled or reviewed by an accountant
No
Backup withholding compliance
No
Business relationship with 35% controlled entity
No
Business relationship with family members
No
Business relationship with organization members
No
Material changes to governing documents
No
Compensation from other sources disclosed
No
CEO compensation reviewed
Yes
Other officer compensation reviewed
Yes
Conflict-of-interest policy
No
Audited financial statements prepared
No
Key decisions subject to board approval
Yes
Management duties delegated
No

Governance Explanations

Part VI Line 6

“Upon submitting a membership application, individuals and”

Part VI Line 6

“organizations are eligible for membership in the organization.”

Part VI Line 7A

“The members elect the Board members at the organization's”

Part VI Line 7A

“annual meeting.”

Part VI Line 11B

“Copies of Form 990 are provided to board members and internal”

Part VI Line 11B

“audiotrs for review and comments”

Part VI Line 19

“Documents are available upon request and on organization's”

Part VI Line 19

“website. Financials published in bi-annual newsletter.”

Filing and Contact Details

Filer

Filer Name
Latvian Foundation Inc
EIN
23-7089477
In Care Of
% Katrina Pipasts
Address
323 E Wacker Drive Ste 508, Chicago, IL 60601

Signing Officer

Name
Katrina Pipasts
Title
Treasurer
Phone
3129094063
Signed
2022-05-11

Organization Details

Principal Officer
Renate Kenney
Formed
1970
Legal Domicile
Mi
Voting Board Members
6
Independent Board Members
6
Employees
0
Volunteers
10
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IRS990ScheduleF/GrantsToOrgOutsideUSGrp/PurposeOfGrantTxt2Cultural preservation
IRS990ScheduleF/GrantsToOrgOutsideUSGrp/RegionTxt0Europe
IRS990ScheduleF/GrantsToOrgOutsideUSGrp/RegionTxt1Europe
IRS990ScheduleF/GrantsToOrgOutsideUSGrp/RegionTxt2Europe
IRS990ScheduleF/InterestInForeignTrustInd0false
IRS990ScheduleF/PassiveForeignInvestmestCoInd0false
IRS990ScheduleF/SubtotalSpentAmt038000
IRS990ScheduleF/Total501c3OrgCnt03
IRS990ScheduleF/TotalSpentAmt038000
IRS990ScheduleF/TransferToForeignCorpInd0false
IRS990ScheduleI/GrantRecordsMaintainedInd0false
IRS990ScheduleI/RecipientTable/CashGrantAmt010000
IRS990ScheduleI/RecipientTable/IRCSectionDesc0501c3
IRS990ScheduleI/RecipientTable/NonCashAssistanceAmt00
IRS990ScheduleI/RecipientTable/PurposeOfGrantTxt0Cultural preservation
IRS990ScheduleI/RecipientTable/RecipientBusinessName/BusinessNameLine1Txt0XV Latvian Song
IRS990ScheduleI/RecipientTable/RecipientEIN0825526615
IRS990ScheduleI/RecipientTable/USAddress/AddressLine1Txt02232 High Pointe Ct
IRS990ScheduleI/RecipientTable/USAddress/CityNm0Mendota Hts
IRS990ScheduleI/RecipientTable/USAddress/StateAbbreviationCd0MN
IRS990ScheduleI/RecipientTable/USAddress/ZIPCd055120
IRS990ScheduleI/Total501c3OrgCnt00
IRS990ScheduleI/TotalOtherOrgCnt00
IRS990/ScheduleJRequiredInd0false
IRS990/ScheduleORequiredInd0true
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt0Upon submitting a membership application, individuals and
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt1organizations are eligible for membership in the organization.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt2The members elect the Board members at the organization's
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt3annual meeting.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt4Copies of Form 990 are provided to board members and internal
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt5audiotrs for review and comments
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt6Documents are available upon request and on organization's
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt7website. Financials published in bi-annual newsletter.
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc0Part VI Line 6
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc1Part VI Line 6
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc2Part VI Line 7a
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc3Part VI Line 7a
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc4Part VI Line 11b
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc5Part VI Line 11b
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc6Part VI Line 19
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc7Part VI Line 19
IRS990/SchoolOperatingInd0false
IRS990/SignificantChangeInd0false
IRS990/SignificantNewProgramSrvcInd0false
IRS990/StatesWhereCopyOfReturnIsFldCd0MI
IRS990/SubjectToExcsTaxNetInvstIncInd0false
IRS990/SubjectToProxyTaxInd0false
IRS990/SubjToTaxRmnrtnExPrchtPymtInd0false
IRS990/TaxablePartyNotificationInd0false
IRS990/TaxExemptBondsInd0false
IRS990/TerminateOperationsInd0false
IRS990/TotalAssetsBOYAmt01251603
IRS990/TotalAssetsEOYAmt01497853
IRS990/TotalAssetsGrp/BOYAmt01251603
IRS990/TotalAssetsGrp/EOYAmt01497853
IRS990/TotalCompGreaterThan150KInd0false
IRS990/TotalContributionsAmt069567
IRS990/TotalEmployeeCnt00
IRS990/TotalFunctionalExpensesGrp/FundraisingAmt01240
IRS990/TotalFunctionalExpensesGrp/ManagementAndGeneralAmt013413
IRS990/TotalFunctionalExpensesGrp/ProgramServicesAmt061592
IRS990/TotalFunctionalExpensesGrp/TotalAmt076245
IRS990/TotalGrossUBIAmt00
IRS990/TotalLiabilitiesBOYAmt077293
IRS990/TotalLiabilitiesEOYAmt087536
IRS990/TotalLiabilitiesGrp/BOYAmt077293
IRS990/TotalLiabilitiesGrp/EOYAmt087536
IRS990/TotalNetAssetsFundBalanceGrp/BOYAmt01174310
IRS990/TotalNetAssetsFundBalanceGrp/EOYAmt01410317
IRS990/TotalProgramServiceExpensesAmt055950
IRS990/TotalRevenueGrp/RelatedOrExemptFuncIncomeAmt025260
IRS990/TotalRevenueGrp/TotalRevenueColumnAmt0146665
IRS990/TotalVolunteersCnt010
IRS990/TotLiabNetAssetsFundBalanceGrp/BOYAmt01251603
IRS990/TotLiabNetAssetsFundBalanceGrp/EOYAmt01497853
IRS990/TravelGrp/ProgramServicesAmt04087
IRS990/TravelGrp/TotalAmt04087
IRS990/TrnsfrExmptNonChrtblRltdOrgInd0false
IRS990/TypeOfOrganizationCorpInd0X
IRS990/UnrelatedBusIncmOverLimitInd0false
IRS990/USAddress/AddressLine1Txt0PO Box 270
IRS990/USAddress/CityNm0N Scituate
IRS990/USAddress/StateAbbreviationCd0MA
IRS990/USAddress/ZIPCd002060
IRS990/VotingMembersGoverningBodyCnt06
IRS990/VotingMembersIndependentCnt06
IRS990/WebsiteAddressTxt0www.latviesufonds.org
IRS990/WhistleblowerPolicyInd0false
ReturnHeader/AdditionalFilerInformation/TrustedCustomerGrp/IdentityAssuranceLevelCd0IAL1
ReturnHeader/AdditionalFilerInformation/TrustedCustomerGrp/TrustedCustomerCd01
ReturnHeader/BuildTS02022-09-23 18:48:47Z
ReturnHeader/BusinessOfficerGrp/PersonNm0KATRINA PIPASTS
ReturnHeader/BusinessOfficerGrp/PersonTitleTxt0Treasurer
ReturnHeader/BusinessOfficerGrp/PhoneNum03129094063
ReturnHeader/BusinessOfficerGrp/SignatureDt02022-05-11
ReturnHeader/Filer/BusinessName/BusinessNameLine1Txt0Latvian Foundation Inc
ReturnHeader/Filer/BusinessNameControlTxt0LATV
ReturnHeader/Filer/EIN0237089477
ReturnHeader/Filer/InCareOfNm0% Katrina Pipasts
ReturnHeader/Filer/USAddress/AddressLine1Txt0323 E Wacker Drive Ste 508
ReturnHeader/Filer/USAddress/CityNm0Chicago
ReturnHeader/Filer/USAddress/StateAbbreviationCd0IL
ReturnHeader/Filer/USAddress/ZIPCd060601
ReturnHeader/ReturnTs02022-05-11T21:32:31-05:00
ReturnHeader/ReturnTypeCd0990
ReturnHeader/SigningOfficerGrp/PersonFullName/PersonFirstNm0KATRINA
ReturnHeader/SigningOfficerGrp/PersonFullName/PersonLastNm0PIPASTS
ReturnHeader/TaxPeriodBeginDt02021-01-01
ReturnHeader/TaxPeriodEndDt02021-12-31
ReturnHeader/TaxYr02021

Document Assets

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Filings

Displayed year

2021 • Form 990Detailed filing. Detailed filing data is available for this year.

Open filing
Assets
$1,497,853
Liabilities
$87,536
Net assets
$1,410,317
Revenue
$146,665
Expenses
$76,245
Net income
$70,420
Balance SheetOperations
YearAssetsLiabilitiesNet AssetsRevenueExpensesNet Income
2024Detailed filing. Detailed filing data is available for this year.$1.56$0.06$1.50$0.09$0.07$0.02
2023Detailed filing. Detailed filing data is available for this year.$1.37$0.04$1.33$0.24$0.07$0.18
2022Detailed filing. Detailed filing data is available for this year.$1.20$0.07$1.13$0.14$0.08$0.06
2021Detailed filing. Detailed filing data is available for this year.$1.50$0.09$1.41$0.15$0.08$0.07
2020Detailed filing. Detailed filing data is available for this year.$1.25$0.08$1.17$0.38$0.08$0.30