Civic Intelligence

Southwest Minnesota State

EIN 23-7108470 • 501(c)3 • Marshall, MN

Profile

To promote southwest minnesota state university and raise money for scholarships for students.

Founders Hall 1501 State StreetMarshall, MN 56258

www.smsufoundation.org

Siviq Scores

Precomputed percentiles relative to similar nonprofits. These scores are descriptive rather than judgmental.

Liabilities / Assets

34th percentile

0.09x

Higher debt load relative to assets than 34% of similar nonprofits.

501(c)3 • $25M-$50M nonprofits • Source year 2025

Liabilities / Revenue

71st percentile

0.66x

Higher debt load relative to revenue than 71% of similar nonprofits.

501(c)3 • $25M-$50M nonprofits • Source year 2025

Net Margin

77th percentile

22%

Higher net margin than 77% of similar nonprofits.

501(c)3 • $25M-$50M nonprofits • Source year 2025

Top Officer Pay

10th percentile

$0

Higher top officer pay than 10% of similar nonprofits.

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

501(c)3 • $25M-$50M nonprofits • Source year 2025

Asset Growth

80th percentile

19%

Faster asset growth than 80% of similar nonprofits.

501(c)3 • $25M-$50M nonprofits • Annualized from 2023 to 2025

Revenue Growth

13th percentile

-16%

Faster revenue growth than 13% of similar nonprofits.

501(c)3 • $25M-$50M nonprofits • Annualized from 2023 to 2025

Assets

Up

$40,271,058

Up $9,576,674 (+31%) from 2024

Liabilities

Up

$3,597,105

Up $930,849 (+35%) from 2024

Net Assets

Up

$36,673,953

Up $8,645,825 (+31%) from 2024

Revenue

Down

$5,428,210

Down $905,421 (-14%) from 2024

Expenses

Up

$4,234,837

Up $488,323 (+13%) from 2024

Net Income

Down

$1,193,373

Down $1,393,744 (-54%) from 2024

Trend Graphs

Balance Sheet Trend

Grouped bars show assets, liabilities, and net assets across loaded filings.

$60M$40M$20M$0Assets 2014: $18,593,930Liabilities 2014: $5,947,720Net Assets 2014: $12,646,2102014Assets 2015: $19,007,231Liabilities 2015: $5,669,357Net Assets 2015: $13,337,8742015Assets 2016: $18,137,779Liabilities 2016: $5,233,508Net Assets 2016: $12,904,2712016Assets 2017: $19,333,436Liabilities 2017: $4,929,821Net Assets 2017: $14,403,6152017Assets 2018: $19,601,072Liabilities 2018: $4,530,561Net Assets 2018: $15,070,5112018Assets 2019: $20,701,336Liabilities 2019: $3,858,823Net Assets 2019: $16,842,5132019Assets 2020: $22,365,491Liabilities 2020: $3,937,900Net Assets 2020: $18,427,5912020Assets 2021: $24,583,502Liabilities 2021: $3,277,862Net Assets 2021: $21,305,6402021Assets 2022: $22,472,214Liabilities 2022: $3,236,923Net Assets 2022: $19,235,2912022Assets 2023: $28,630,680Liabilities 2023: $3,335,261Net Assets 2023: $25,295,4192023Assets 2024: $30,694,384Liabilities 2024: $2,666,256Net Assets 2024: $28,028,1282024Assets 2025: $40,271,058Liabilities 2025: $3,597,105Net Assets 2025: $36,673,9532025

Highlighted filing

2025

Assets$40,271,058
Liabilities$3,597,105
Net Assets$36,673,953

Operations Trend

Revenue, expenses, and net income by year, with the latest filing highlighted.

$8.0M$6.0M$4.0M$2.0M$0Revenue 2014: $3,660,866Expenses 2014: $2,837,984Net Income 2014: $822,8822014Revenue 2015: $3,253,492Expenses 2015: $2,418,885Net Income 2015: $834,6072015Revenue 2016: $2,834,726Expenses 2016: $2,614,531Net Income 2016: $220,1952016Revenue 2017: $4,719,628Expenses 2017: $2,635,845Net Income 2017: $2,083,7832017Revenue 2018: $3,888,109Expenses 2018: $3,028,708Net Income 2018: $859,4012018Revenue 2019: $4,365,490Expenses 2019: $2,828,723Net Income 2019: $1,536,7672019Revenue 2020: $4,232,311Expenses 2020: $3,036,148Net Income 2020: $1,196,1632020Revenue 2021: $3,698,366Expenses 2021: $2,939,857Net Income 2021: $758,5092021Revenue 2022: $4,996,168Expenses 2022: $3,427,939Net Income 2022: $1,568,2292022Revenue 2023: $7,721,710Expenses 2023: $2,654,701Net Income 2023: $5,067,0092023Revenue 2024: $6,333,631Expenses 2024: $3,746,514Net Income 2024: $2,587,1172024Revenue 2025: $5,428,210Expenses 2025: $4,234,837Net Income 2025: $1,193,3732025

Highlighted filing

2025

Revenue$5,428,210
Expenses$4,234,837
Net Income$1,193,373

Filings

Latest Filing Detail
Jump To
Filing Snapshot
Filing Period
Jul 1, 2024 to Jun 30, 2025
Signed
Oct 31, 2025
Return Version
2024v5.0
Gross Receipts
$11,446,378
Mission and Program Overview

Mission

To promote southwest minnesota state university and raise money for scholarships for students.

Balance Sheet Detail
LineBeginningEndChange
Assets
Investments in Publicly Traded Securities$20,400,580$22,517,988▲ $2,117,408
Investments Program Related-$9,574,454-
Land, Buildings, and Equipment, Net$4,162,807$3,657,040▼ $505,767
Pledges and Grants Receivable$2,627,289$2,295,551▼ $331,738
Savings and Temporary Cash Investments$2,747,472$1,887,970▼ $859,502
Cash and Non-Interest-Bearing Accounts$294,652$170,007▼ $124,645
Prepaid Expenses and Deferred Charges$42,727$45,800▲ $3,073
Intangible Assets$41,674--
Inventories for Sale or Use$22,361$22,361→ $0
Accounts Receivable$428--
Total Assets$30,694,384$40,271,058▲ $9,576,674
Other Assets Total$354,394$99,887▼ $254,507
Liabilities
Other Liabilities$1,835,514$2,734,454▲ $898,940
Deferred Revenue$800,858$621,015▼ $179,843
Accounts Payable and Accrued Expenses$29,884$241,636▲ $211,752
Total Liabilities$2,666,256$3,597,105▲ $930,849
Net Assets / Fund Balance
Net Assets With Donor Restrictions$26,743,587$32,757,232▲ $6,013,645
Net Assets Without Donor Restrictions$1,284,541$3,916,721▲ $2,632,180
Total Net Assets Fund Balance$28,028,128$36,673,953▲ $8,645,825
Total Liabilities and Net Assets / Fund Balance$30,694,384$40,271,058▲ $9,576,674

Asset Categories

AssetBook ValueDepreciationBasis
Buildings$3,106,367$4,876,941$7,983,308
Land$550,673-$60,000
Equipment-$2,620$2,620
Investment Program Related Org$2,734,454--

Endowment Activity

PeriodBeginningContrib.Gain/LossOther UsesEnd
2024$27,030,557$1,022,748▲ $2,133,477$30,942$29,258,959
2023$18,237,767$939,081▲ $2,758,329$170,276$20,934,200
2022$14,180,633$3,271,462▲ $1,471,274$219,202$18,237,767
2021$16,274,225$504,230▼ $1,920,354$174,793$14,180,633
2020$13,864,271$331,657▲ $2,743,251$69,913$16,274,225
Compensation and Service Providers

Board Members and Trustees

NameTitle
Brad BaconPresident
Al AndersonDirector
Duane CarrowDirector
Gary RangeDirector
Jasmine DesmetDirector
Jason HoffmanDirector
Joe RoersDirector
Julie BleyhlDirector
Mario HernandezDirector
Neal WahlmanDirector
Neil KruseDirector
Steve BinderDirector
Summer DayDirector
Tina CartwrightDirector
Tom SahlstromDirector
Tyler BowenDirector
Kristi Mukomela1st Vice Pre
Jerry Bly2nd Vice Pre
Dave WerpyPast Preside
Cindy VerschaetseSecretary/tr
Revenue and Support

Revenue Composition

Contributions and Grants
$3,260,006
Program Service Revenue
$365,311
Investment Income
$1,297,344
Other Revenue
$505,549
All Other Contributions
$2,365,809
Change in Net Assets
$1,193,373

Noncash Contribution Practices

Property subject to holding requirements
No
Reviewed unusual noncash gifts
No
Third parties used for noncash contributions
No

Noncash Contributions

Contribution TypeContribution CountReported Amount
Other Non Cash Contri Table2$102,900
Total Noncash Contributions2$102,900

Audited Revenue Reconciliation

Revenue per Audited Statements
$5,428,210
Revenue Not Reported on Form 990
$8,600,463
Total Revenue per Audited Statements
$14,028,673
Total Revenue per Form 990
$5,428,210
Expenses and Functional Allocation

Major Expense Lines

Line ItemAmount
Grants and Similar Amounts Paid$2,628,502
Other Expenses$1,111,069
Salaries, Compensation, and Employee Benefits$495,266
Total Fundraising Expense$194,829
Professional Fundraising Fees$0

Functional Expense Allocation

Line ItemProgramManagementFundraisingTotal
Grants to Domestic Individuals$1,428,878--$1,428,878
Grants to Domestic Orgs$1,199,624--$1,199,624
Other Salaries and Wages$344,579$150,687-$495,266
Occupancy$8,035$362,995$17,964$388,994
Office Expenses$20,254$136,609$32,963$189,826
Travel$101,199$8,193$35,184$144,576
All Other Expenses$47,947$17,186$11,469$76,602
Other Expenses$47,477$20,218$55,226$47,477
Depreciation Depletion$22,211--$22,211
Insurance-$8,988$1,988$10,976
Advertising$1,109-$2,924$4,033
Total Functional Expenses$3,335,132$704,876$194,829$4,234,837

Audited Expense Reconciliation

Line ItemAmount
Total Expenses per Audited Statements$5,354,848
Expenses per Audited Statements$4,234,837
Total Expenses per Form 990$4,234,837
Expenses Not Reported on Form 990$1,120,011
International Activity

Grant and Assistance Recipients

RecipientLocationCategoryPurposeAmount
Southwest St UniverMarshall, MN-University Support$1,199,624
Fundraising, Events, and Gaming
Fundraising activities
Yes
Gaming activities
No
Professional fundraiser used
No

Fundraising and Gaming Totals

Line ItemAmount
Fundraising Gross Income$147,737
Fundraising Direct Expenses$90,755
Professional Fundraising Fees$0

Fundraising Events

EventGross ReceiptsGross RevenueDirect ExpensesNet Income
Gold Rush Raffl$148,657$116,404$56,601$59,803
Golf Classic$30,708$30,708$19,928$10,780
Total Events$179,365$147,112$87,796$59,316
Political and Lobbying Activity
Political campaign activity
No
Lobbying activity
No
Subject to proxy tax
No
Debt and Bond Financing

Other Reported Liabilities

LiabilityAmount
Notes Payable to Endowment$2,734,454
Governance and Compliance

Governance Checklist

Compiled or reviewed by an accountant
No
Audit committee
Yes
Backup withholding compliance
Yes
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
No
Other officer compensation reviewed
No
Conflict-of-interest policy
No
Audited financial statements prepared
No
Key decisions subject to board approval
No
Management duties delegated
No

Governance Explanations

Form 990, Page 6, Part VI, Line 11B

No review was or will be conducted.

Form 990, Page 6, Part VI, Line 19

UPON REQUEST

Filing and Contact Details

Filer

Filer Name
Southwest Minnesota State
EIN
23-7108470
Phone
5075326265
Address
1501 STATE STREET, MARSHALL, MN 56258

Signing Officer

Name
Brad Bacon
Title
President
Phone
5075377427
Signed
2025-10-31
Discuss with paid preparer
Yes

Organization Details

Principal Officer
Brad Bacon
Formed
1963
Legal Domicile
Mn
Voting Board Members
20
Independent Board Members
20
Employees
0
Volunteers
55

Preparer

Firm
Hoffman & Brobst Pllp
Address
PO BOX 548, MARSHALL, MN 56258
Preparer
Eric Eben CPA
Phone
5075325735
Supplemental Narrative

Additional Explanations

Form 990, Part XI, Line 9

Rental expenses 691,341 fundraising expense 0 rental expenses -691,341 fundraising expense 0

Financial Statement Notes

Schedule D, Page 4, Part XI, Line 2D

Rental expenses 691,341 fundraising expense 0

Schedule D, Page 4, Part XII, Line 2D

Rental expenses 691,341 fundraising expense 0

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