Civic Intelligence

Southwest Minnesota State University Foundation Inc. Smsu Fdn

990 • Fiscal year 2024 • EIN 23-7108470

Jul 01, 2023 to Jun 30, 2024 • Filed on Oct 15, 2024

Organization ProfileWWW.SMSUFOUNDATION.ORG
Founders Hall 1501 State StreetMarshall, MN 56258

(507) 532-6265

Siviq Scores

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

Liabilities / Assets

34th percentile

0.09x

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

2024 filings • 501(c)3 • $25M-$50M nonprofits • Source year 2024

Liabilities / Revenue

60th percentile

0.42x

Higher debt load relative to revenue than 60% of similar nonprofits.

2024 filings • 501(c)3 • $25M-$50M nonprofits • Source year 2024

Net Margin

86th percentile

41%

Higher net margin than 86% of similar nonprofits.

2024 filings • 501(c)3 • $25M-$50M nonprofits • Source year 2024

Top Officer Pay

9th percentile

$0

Higher top officer pay than 9% of similar nonprofits.

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

2024 filings • 501(c)3 • $25M-$50M nonprofits • Source year 2024

Asset Growth

56th percentile

7.2%

Faster asset growth than 56% of similar nonprofits.

2024 filings • 501(c)3 • $25M-$50M nonprofits • Annualized from 2023 to 2024

Revenue Growth

12th percentile

-18%

Faster revenue growth than 12% of similar nonprofits.

2024 filings • 501(c)3 • $25M-$50M nonprofits • Annualized from 2023 to 2024

Balance Sheet
Liabilities / Assets34th percentile

Assets

Up

$30,694,384

Up $2,063,704 (+7.2%) from 2023

Net Assets

Up

$28,028,128

Up $2,732,709 (+11%) from 2023

Liabilities

Down

$2,666,256

Down $669,005 (-20%) from 2023

Revenue And Expenses
Liabilities / Revenue60th percentileNet Margin86th percentile

Revenue

Down

$6,333,631

Down $1,388,079 (-18%) from 2023

Expenses

Up

$3,746,514

Up $1,091,813 (+41%) from 2023

Net Income

Down

$2,587,117

Down $2,479,892 (-49%) from 2023

Historical Trend

Balance Sheet Trend

Asset Growth56th percentile

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

$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

2024

Assets$30,694,384
Liabilities$2,666,256
Net Assets$28,028,128
Open 2024 Filing

Operations Trend

Revenue Growth12th percentile

Revenue, expenses, and net income across loaded years, with this 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

2024

Revenue$6,333,631
Expenses$3,746,514
Net Income$2,587,117
Open 2024 Filing
Jump To
Filing Snapshot
Filing Period
Jul 1, 2023 to Jun 30, 2024
Signed
Oct 15, 2024
Return Version
2023v5.0
Gross Receipts
$41,101,658
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$18,209,368$20,400,580▲ $2,191,212
Land, Buildings, and Equipment, Net$4,476,010$4,162,807▼ $313,203
Savings and Temporary Cash Investments$1,796,939$2,747,472▲ $950,533
Pledges and Grants Receivable$3,501,039$2,627,289▼ $873,750
Cash and Non-Interest-Bearing Accounts$162,290$294,652▲ $132,362
Prepaid Expenses and Deferred Charges$6,014$42,727▲ $36,713
Intangible Assets$49,130$41,674▼ $7,456
Inventories for Sale or Use$22,459$22,361▼ $98
Accounts Receivable$848$428▼ $420
Total Assets$28,630,680$30,694,384▲ $2,063,704
Other Assets Total$406,583$354,394▼ $52,189
Liabilities
Other Liabilities$2,147,027$1,835,514▼ $311,513
Deferred Revenue$1,113,616$800,858▼ $312,758
Accounts Payable and Accrued Expenses$74,618$29,884▼ $44,734
Total Liabilities$3,335,261$2,666,256▼ $669,005
Net Assets / Fund Balance
Net Assets With Donor Restrictions$24,965,330$26,743,587▲ $1,778,257
Net Assets Without Donor Restrictions$330,089$1,284,541▲ $954,452
Total Net Assets Fund Balance$25,295,419$28,028,128▲ $2,732,709
Total Liabilities and Net Assets / Fund Balance$28,630,680$30,694,384▲ $2,063,704

Asset Categories

AssetBook ValueDepreciationBasis
Buildings$3,356,435$4,611,876$7,968,311
Land$806,372-$60,000
Equipment-$2,620$2,620

Endowment Activity

PeriodBeginningContrib.Gain/LossOther UsesEnd
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
2019$13,615,685$1,063,450▲ $647,992$918,142$13,864,271
Compensation and Service Providers
Top Officer Pay9th percentile

Board Members and Trustees

NameTitle
Brad BaconPresident
Brian KnochenmusDirector
Dorene Kronke-mccourtDirector
Duane CarrowDirector
Jason HoffmanDirector
Jerry BlyDirector
Jim FuhrmannDirector
Joe RoersDirector
Julie BleyhlDirector
Lee FrenchDirector
Neal WahlmanDirector
Robert GuntherDirector
Timothy BurnsDirector
Tina CartwrightDirector
Tyler BowenDirector
Cindy Verschaetse2nd Vice Pre
Dave WerpyPast Preside
Kristi MukomelaSecretary/tr
Revenue and Support

Revenue Composition

Contributions and Grants
$2,628,570
Program Service Revenue
$336,004
Investment Income
$2,877,120
Other Revenue
$491,937
All Other Contributions
$1,819,905
Change in Net Assets
$2,587,117

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 Table4$330,712
Total Noncash Contributions4$330,712

Audited Revenue Reconciliation

Revenue per Audited Statements
$6,333,631
Revenue Not Reported on Form 990
$1,361,801
Total Revenue per Audited Statements
$7,695,432
Total Revenue per Form 990
$6,333,631
Expenses and Functional Allocation

Major Expense Lines

Line ItemAmount
Grants and Similar Amounts Paid$2,178,324
Other Expenses$1,234,999
Salaries, Compensation, and Employee Benefits$333,191
Total Fundraising Expense$183,933
Professional Fundraising Fees$0

Functional Expense Allocation

Line ItemProgramManagementFundraisingTotal
Grants to Domestic Individuals$1,351,533--$1,351,533
Grants to Domestic Orgs$826,791--$826,791
Occupancy$2,467$331,569$18,699$352,735
Other Salaries and Wages$156,574$176,617-$333,191
Travel$206,987$8,889$5,274$221,150
Office Expenses$15,646$129,672$23,665$168,983
All Other Expenses$29,949$30,233$700$60,882
Other Expenses$21,227$2,288$48,700$48,700
Depreciation Depletion$22,212-$62$22,274
Advertising$16,553-$1,207$17,760
Insurance$527$3,868$2,413$6,808
Interest-$936-$936
Total Functional Expenses$2,815,622$746,959$183,933$3,746,514

Audited Expense Reconciliation

Line ItemAmount
Total Expenses per Audited Statements$4,962,722
Expenses per Audited Statements$3,746,514
Total Expenses per Form 990$3,746,514
Expenses Not Reported on Form 990$1,216,208
International Activity

Grant and Assistance Recipients

RecipientLocationCategoryPurposeAmount
Southwest St UniverMarshall, MN-University Support$826,791
Fundraising, Events, and Gaming
Fundraising activities
Yes
Gaming activities
No
Professional fundraiser used
No

Fundraising and Gaming Totals

Line ItemAmount
Fundraising Gross Income$169,677
Fundraising Direct Expenses$66,182
Professional Fundraising Fees$0

Fundraising Events

EventGross ReceiptsGross RevenueDirect ExpensesNet Income
Gold Rush Raffl$149,035$125,205$40,999$84,206
University Gala$44,764$32,776$9,462$23,314
Total Events$205,495$169,677$66,182$103,495
Political and Lobbying Activity
Political campaign activity
No
Lobbying activity
No
Subject to proxy tax
No
Debt and Bond Financing

Other Reported Liabilities

LiabilityAmount
Long-term Debt$1,835,514
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
FOUNDERS HALL 1501 STATE STREET, MARSHALL, MN 56258

Signing Officer

Name
Brad Bacon
Title
President
Phone
5075377427
Signed
2024-10-15
Discuss with paid preparer
Yes

Organization Details

Principal Officer
Brad Bacon
Formed
1963
Legal Domicile
Mn
Voting Board Members
18
Independent Board Members
18
Employees
0
Volunteers
52

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 682,595 fundraising expense 59,397 rental expenses -682,595 fundraising expense -59,397”

Financial Statement Notes

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

“Rental expenses 682,595 fundraising expense 59,397”

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

“Rental expenses 682,595 fundraising expense 59,397”

Raw XML AppendixShowing 400 of 615 raw XML fields

This appendix keeps the raw XML leaves available for debugging and edge-case review. The human report above is the primary experience.

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IRS990/MinutesOfCommitteesInd0true
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IRS990/NetIncomeOrLossGrp/TotalRevenueColumnAmt0-98
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IRS990/NoListedPersonsCompensatedInd0X
IRS990/NoncashContributionsAmt0330712
IRS990/NondeductibleContributionsInd0false
IRS990/OccupancyGrp/FundraisingAmt018699
IRS990/OccupancyGrp/ManagementAndGeneralAmt0331569
IRS990/OccupancyGrp/ProgramServicesAmt02467
IRS990/OccupancyGrp/TotalAmt0352735
IRS990/OfficeExpensesGrp/FundraisingAmt023665
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IRS990/OfficeExpensesGrp/ProgramServicesAmt015646
IRS990/OfficeExpensesGrp/TotalAmt0168983
IRS990/OfficerMailingAddressInd0false
IRS990/OperateHospitalInd0false
IRS990/Organization501c3Ind0X
IRS990/OrganizationFollowsFASB117Ind0X
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IRS990/OtherAssetsTotalGrp/EOYAmt0354394
IRS990/OtherExpensesGrp/Desc0PAYMENTS TO OTHERS
IRS990/OtherExpensesGrp/Desc1SERVICE CONTRACTS
IRS990/OtherExpensesGrp/Desc2RECEPTIONS AND SOCIALS
IRS990/OtherExpensesGrp/Desc3LOSS ON DISPOSAL
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IRS990/OtherExpensesGrp/FundraisingAmt113307
IRS990/OtherExpensesGrp/FundraisingAmt268280
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IRS990/OtherExpensesGrp/ManagementAndGeneralAmt043972
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IRS990/OtherExpensesGrp/ManagementAndGeneralAmt22288
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IRS990/OtherExpensesGrp/ProgramServicesAmt221227
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IRS990/OtherExpensesGrp/TotalAmt1103642
IRS990/OtherExpensesGrp/TotalAmt291795
IRS990/OtherExpensesGrp/TotalAmt348700
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IRS990/OtherLiabilitiesGrp/EOYAmt01835514
IRS990/OtherRevenueMiscGrp/BusinessCd0541800
IRS990/OtherRevenueMiscGrp/Desc0ADVERTISING REVENUE
IRS990/OtherRevenueMiscGrp/Desc1INCREASE IN CV LIFE INSURANCE
IRS990/OtherRevenueMiscGrp/Desc2ATM INCOME
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IRS990/OtherRevenueMiscGrp/TotalRevenueColumnAmt12750
IRS990/OtherRevenueMiscGrp/TotalRevenueColumnAmt21340
IRS990/OtherRevenueMiscGrp/UnrelatedBusinessRevenueAmt0189990
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IRS990/OtherSalariesAndWagesGrp/ManagementAndGeneralAmt0176617
IRS990/OtherSalariesAndWagesGrp/ProgramServicesAmt0156574
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IRS990/PartialLiquidationInd0false
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IRS990/PledgesAndGrantsReceivableGrp/EOYAmt02627289
IRS990/PoliticalCampaignActyInd0false
IRS990/PrepaidExpensesDefrdChargesGrp/BOYAmt06014
IRS990/PrepaidExpensesDefrdChargesGrp/EOYAmt042727
IRS990/PrincipalOfficerNm0BRAD BACON
IRS990/ProfessionalFundraisingInd0false
IRS990/ProgramServiceRevenueGrp/Desc0INTERNAL TRUSTEE FEES
IRS990/ProgramServiceRevenueGrp/ExclusionAmt0336004
IRS990/ProgramServiceRevenueGrp/TotalRevenueColumnAmt0336004
IRS990/ProgSrvcAccomActy2Grp/Desc0UNIVERSITY PROMOTION AND RECRUITMENT: MONIES USED TO PROMOTE SOUTHWEST MINNESOTA STATE UNIVERSITY THROUGH THE ADVERTISING MEDIA AND TO RECRUIT OUTSTANDING INDIVIDUALS TO ATTEND SOUTHWEST MINNESOTA STATE UNIVERSITY.
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IRS990/ProgSrvcAccomActy2Grp/GrantAmt0826791
IRS990/ProgSrvcAccomActy2Grp/RevenueAmt0336004
IRS990/ProhibitedTaxShelterTransInd0false
IRS990/PYContributionsGrantsAmt06663337
IRS990/PYExcessBenefitTransInd0false
IRS990/PYGrantsAndSimilarPaidAmt01646487
IRS990/PYInvestmentIncomeAmt0547906
IRS990/PYOtherExpensesAmt0719771
IRS990/PYOtherRevenueAmt0380218
IRS990/PYProgramServiceRevenueAmt0130249
IRS990/PYRevenuesLessExpensesAmt05067009
IRS990/PYSalariesCompEmpBnftPaidAmt0288443
IRS990/PYTotalExpensesAmt02654701
IRS990/PYTotalRevenueAmt07721710
IRS990/ReconcilationRevenueExpnssAmt02587117
IRS990/RelatedEntityInd0false
IRS990/RelatedOrganizationCtrlEntInd0false
IRS990/RelatedOrganizationsAmt0772847
IRS990/RentalIncomeOrLossGrp/RealAmt0194460
IRS990/ReportInvestmentsOtherSecInd0false
IRS990/ReportLandBuildingEquipmentInd0true
IRS990/ReportOtherAssetsInd0false
IRS990/ReportOtherLiabilitiesInd0true
IRS990/ReportProgramRelatedInvstInd0false
IRS990/SavingsAndTempCashInvstGrp/BOYAmt01796939
IRS990/SavingsAndTempCashInvstGrp/EOYAmt02747472
IRS990ScheduleA/CollegeOrganizationInd0X
IRS990ScheduleA/Form990ScheduleAPartVIGrp/ExplanationTxt0OTHER INCOME 11,023
IRS990ScheduleA/Form990ScheduleAPartVIGrp/FormAndLineReferenceDesc0PART II, LINE 10
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IRS990ScheduleA/GiftsGrantsContriRcvd170Grp/CurrentTaxYearMinus3YearsAmt02223808
IRS990ScheduleA/GiftsGrantsContriRcvd170Grp/CurrentTaxYearMinus4YearsAmt03244220
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IRS990ScheduleA/GrossInvestmentIncome170Grp/CurrentTaxYearMinus1YearAmt01436601
IRS990ScheduleA/GrossInvestmentIncome170Grp/CurrentTaxYearMinus2YearsAmt01314207
IRS990ScheduleA/GrossInvestmentIncome170Grp/CurrentTaxYearMinus3YearsAmt01061760
IRS990ScheduleA/GrossInvestmentIncome170Grp/CurrentTaxYearMinus4YearsAmt01104519
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IRS990ScheduleA/OtherIncome170Grp/CurrentTaxYearAmt04090
IRS990ScheduleA/OtherIncome170Grp/CurrentTaxYearMinus1YearAmt02579
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IRS990ScheduleA/OtherIncome170Grp/CurrentTaxYearMinus3YearsAmt02583
IRS990ScheduleA/OtherIncome170Grp/CurrentTaxYearMinus4YearsAmt03441
IRS990ScheduleA/OtherIncome170Grp/TotalAmt015113
IRS990ScheduleA/PublicSupportCY170Pct00.71380
IRS990ScheduleA/PublicSupportPY170Pct00.74830
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IRS990ScheduleA/TotalCalendarYear170Grp/CurrentTaxYearMinus1YearAmt06663337
IRS990ScheduleA/TotalCalendarYear170Grp/CurrentTaxYearMinus2YearsAmt03019223
IRS990ScheduleA/TotalCalendarYear170Grp/CurrentTaxYearMinus3YearsAmt02672987
IRS990ScheduleA/TotalCalendarYear170Grp/CurrentTaxYearMinus4YearsAmt03688701
IRS990ScheduleA/TotalCalendarYear170Grp/TotalAmt018672818
IRS990ScheduleA/TotalSupportAmt026158727
IRS990ScheduleA/UnrelatedBusinessNetIncm170Grp/CurrentTaxYearAmt0340218
IRS990ScheduleA/UnrelatedBusinessNetIncm170Grp/CurrentTaxYearMinus1YearAmt0153278
IRS990ScheduleA/UnrelatedBusinessNetIncm170Grp/CurrentTaxYearMinus2YearsAmt0136209

Document Assets

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Filings

Displayed year

2024 • Form 990Detailed filing. Detailed filing data is available for this year.

Open filing
Assets
$30,694,384
Liabilities
$2,666,256
Net assets
$28,028,128
Revenue
$6,333,631
Expenses
$3,746,514
Net income
$2,587,117
Balance SheetOperations
YearAssetsLiabilitiesNet AssetsRevenueExpensesNet Income
2025Facts available. Structured filing facts are available, but richer extracted sections are limited.$40.3$3.60$36.7$5.43$4.23$1.19
2024Detailed filing. Detailed filing data is available for this year.$30.7$2.67$28.0$6.33$3.75$2.59
2023Detailed filing. Detailed filing data is available for this year.$28.6$3.34$25.3$7.72$2.65$5.07
2022Detailed filing. Detailed filing data is available for this year.$22.5$3.24$19.2$5.00$3.43$1.57
2021Detailed filing. Detailed filing data is available for this year.$24.6$3.28$21.3$3.70$2.94$0.76
2020Detailed filing. Detailed filing data is available for this year.$22.4$3.94$18.4$4.23$3.04$1.20
2019Detailed filing. Detailed filing data is available for this year.$20.7$3.86$16.8$4.37$2.83$1.54
2018Detailed filing. Detailed filing data is available for this year.$19.6$4.53$15.1$3.89$3.03$0.86
2017Detailed filing. Detailed filing data is available for this year.$19.3$4.93$14.4$4.72$2.64$2.08
2016Detailed filing. Detailed filing data is available for this year.$18.1$5.23$12.9$2.83$2.61$0.22
2015Detailed filing. Detailed filing data is available for this year.$19.0$5.67$13.3$3.25$2.42$0.83
2014Detailed filing. Detailed filing data is available for this year.$18.6$5.95$12.6$3.66$2.84$0.82
Peer Organizations

Similar nonprofits based on the same Siviq industry and scale cohort. 2024 filings • 501(c)3 • $25M-$50M nonprofits