Civic Intelligence

The Hormel Foundation

990 • Fiscal year 2020 • EIN 41-0694716

Dec 01, 2019 to Nov 30, 2020 • Filed on Apr 12, 2021

329 North Main Street Suite 102LAustin, MN 55912-3478

(507) 437-9800

Siviq Scores

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

Liabilities / Assets

8th percentile

0.02x

Higher debt load relative to assets than 8% of similar nonprofits.

2020 filings • 501(c)3 • $1B+ nonprofits • Source year 2020

Liabilities / Revenue

62nd percentile

0.96x

Higher debt load relative to revenue than 62% of similar nonprofits.

2020 filings • 501(c)3 • $1B+ nonprofits • Source year 2020

Net Margin

90th percentile

37%

Higher net margin than 90% of similar nonprofits.

2020 filings • 501(c)3 • $1B+ nonprofits • Source year 2020

Top Officer Pay

27th percentile

$978,133

Higher top officer pay than 27% of similar nonprofits.

Top officer pay equals 3.3% of source-year revenue.

2020 filings • 501(c)3 • $1B+ nonprofits • Source year 2020

Asset Growth

37th percentile

6.8%

Faster asset growth than 37% of similar nonprofits.

2020 filings • 501(c)3 • $1B+ nonprofits • Annualized from 2019 to 2020

Revenue Growth

1st percentile

-61%

Faster revenue growth than 1% of similar nonprofits.

2020 filings • 501(c)3 • $1B+ nonprofits • Annualized from 2019 to 2020

Assets

Up

$1,460,095,517

Up $92,624,433 (+6.8%) from 2019

Net Assets

Up

$1,431,709,466

Up $95,541,543 (+7.2%) from 2019

Liabilities

Down

$28,386,051

Down $2,917,110 (-9.3%) from 2019

Revenue

Down

$29,596,789

Down $47,215,123 (-61%) from 2019

Expenses

Down

$18,582,274

Down $2,512,358 (-12%) from 2019

Net Income

Down

$11,014,515

Down $44,702,765 (-80%) from 2019

Historical Trend

Balance Sheet Trend

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

$2.0B$1.5B$1.0B$500M$0Assets 2011: $442,369,518Liabilities 2011: $21,858,730Net Assets 2011: $420,510,7882011Assets 2012: $499,633,921Liabilities 2012: $15,864,696Net Assets 2012: $483,769,2252012Assets 2013: $703,706,545Liabilities 2013: $37,586,311Net Assets 2013: $666,120,2342013Assets 2014: $820,324,598Liabilities 2014: $47,137,885Net Assets 2014: $773,186,7132014Assets 2015: $1,112,791,126Liabilities 2015: $34,386,391Net Assets 2015: $1,078,404,7352015Assets 2016: $1,017,274,067Liabilities 2016: $46,255,651Net Assets 2016: $971,018,4162016Assets 2017: $1,089,311,204Liabilities 2017: $45,917,289Net Assets 2017: $1,043,393,9152017Assets 2018: $1,334,608,656Liabilities 2018: $52,509,336Net Assets 2018: $1,282,099,3202018Assets 2019: $1,367,471,084Liabilities 2019: $31,303,161Net Assets 2019: $1,336,167,9232019Assets 2020: $1,460,095,517Liabilities 2020: $28,386,051Net Assets 2020: $1,431,709,4662020Assets 2021: $1,383,157,373Liabilities 2021: $39,068,673Net Assets 2021: $1,344,088,7002021Assets 2022: $1,540,722,314Liabilities 2022: $37,475,201Net Assets 2022: $1,503,247,1132022Assets 2023: $1,069,654,211Liabilities 2023: $40,238,295Net Assets 2023: $1,029,415,9162023Assets 2024: $1,163,741,723Liabilities 2024: $46,378,300Net Assets 2024: $1,117,363,4232024

Highlighted filing

2020

Assets$1,460,095,517
Liabilities$28,386,051
Net Assets$1,431,709,466

Operations Trend

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

$100M$50M$0-$50MRevenue 2011: $9,606,923Expenses 2011: $10,506,578Net Income 2011: -$899,6552011Revenue 2012: $57,871,541Expenses 2012: $9,514,313Net Income 2012: $48,357,2282012Revenue 2013: $13,187,207Expenses 2013: $32,679,356Net Income 2013: -$19,492,1492013Revenue 2014: $18,816,823Expenses 2014: $25,109,482Net Income 2014: -$6,292,6592014Revenue 2015: $44,596,803Expenses 2015: $19,573,247Net Income 2015: $25,023,5562015Revenue 2016: $21,715,069Expenses 2016: $39,489,938Net Income 2016: -$17,774,8692016Revenue 2017: $27,304,605Expenses 2017: $16,753,321Net Income 2017: $10,551,2842017Revenue 2018: $25,370,690Expenses 2018: $26,467,945Net Income 2018: -$1,097,2552018Revenue 2019: $76,811,912Expenses 2019: $21,094,632Net Income 2019: $55,717,2802019Revenue 2020: $29,596,789Expenses 2020: $18,582,274Net Income 2020: $11,014,5152020Revenue 2021: $93,848,142Expenses 2021: $32,074,053Net Income 2021: $61,774,0892021Revenue 2022: $34,366,937Expenses 2022: $28,627,138Net Income 2022: $5,739,7992022Revenue 2023: $37,415,875Expenses 2023: $29,418,311Net Income 2023: $7,997,5642023Revenue 2024: $40,768,849Expenses 2024: $33,637,788Net Income 2024: $7,131,0612024

Highlighted filing

2020

Revenue$29,596,789
Expenses$18,582,274
Net Income$11,014,515
Jump To
Filing Snapshot
Filing Period
Dec 1, 2019 to Nov 30, 2020
Signed
Apr 12, 2021
Return Version
2019v5.1
Gross Receipts
$31,722,695
Mission and Program Overview

Mission

Is operated for the benefit of, and to assist in performing the functions and in carrying out the purpose of the Supported Organizations.

To serve as a charitable organization to benefit the Austin community and as a trustee to various family trusts.

Balance Sheet Detail
LineBeginningEndChange
Assets
Investments Other Securities$1,279,218,253$1,355,344,517▲ $76,126,264
Investments in Publicly Traded Securities$54,174,788$63,610,224▲ $9,435,436
Land, Buildings, and Equipment, Net$26,325,599$24,389,471▼ $1,936,128
Savings and Temporary Cash Investments$1,622,488$8,203,111▲ $6,580,623
Accounts Receivable$6,736,139$7,109,862▲ $373,723
Other Notes and Loans Receivable, Net-$1,058,123-
Cash and Non-Interest-Bearing Accounts$-625,173$370,599▲ $995,772
Pledges and Grants Receivable$18,980$9,600▼ $9,380
Total Assets$1,367,471,084$1,460,095,517▲ $92,624,433
Other Assets Total$10$10→ $0
Liabilities
Grants Payable$31,232,111$27,260,679▼ $3,971,432
Unsecured Notes Loans Payable-$1,057,295-
Accounts Payable and Accrued Expenses$55,960$52,987▼ $2,973
Other Liabilities$15,090$15,090→ $0
Total Liabilities$31,303,161$28,386,051▼ $2,917,110
Net Assets / Fund Balance
Net Assets Without Donor Restrictions$1,285,969,120$1,378,523,310▲ $92,554,190
Net Assets With Donor Restrictions$50,198,803$53,186,156▲ $2,987,353
Total Net Assets Fund Balance$1,336,167,923$1,431,709,466▲ $95,541,543
Total Liabilities and Net Assets / Fund Balance$1,367,471,084$1,460,095,517▲ $92,624,433

Asset Categories

AssetBook ValueDepreciationBasis
Buildings$19,512,516$12,270,362$31,782,878
Land$3,937,893-$3,937,893
Equipment$894,632$2,347,343$3,241,975
Other Land Buildings$44,430$404,891$449,321
Other Securities$9,752--
Compensation and Service Providers

Employees

NameTitleFull / Part TimeBaseOtherTotal
Z DongDirector-$160,500$467,940$165,315
T J DankertDirector-$15,900$133,202$149,102
D B BakerDirector-$13,050$130,883$143,933
A M BodeDirector-$112,250$186,896$112,250
G J Alvarado-GuerreroDirectorPT$11,725$70,138$81,863
R R PavekDirectorFT$80,150$161,209$80,150
R G GentzlerTreasurer-$73,300-$73,300
M S LankeDirector-$6,000$54,711$60,711
J L StricklerDirector--$34,214$34,214
S T Rizzi JrSecretary-$18,000-$18,000
M M KingDirector-$17,800-$17,800
B B RietzVice Chair-$15,900-$15,900
L J PfeilDirector-$15,900-$15,900
C W JohnsonDirector-$13,275-$13,275
M R CiotaDirector-$13,050$978,133$13,050
D M KrenzDirector-$12,575$217,353$12,575
R J KramerDirectorPT$12,300-$12,300
A O AtewologunDirector-$12,200$4,815$12,200

Board Members and Trustees

NameTitle
J M EttingerChair/Executive Director
JP SneeDirector
R R ClarkeDirector
S S DankertAssistant Sec-Treas

Highest Paid Contractors

ContractorServicesLocationCompensation
Adams Rizzi & Sween PALegal300 1st St NW, Austin, MN 55912$115,841
Revenue and Support

Revenue Composition

Contributions and Grants
$1,820
Program Service Revenue
$0
Investment Income
$27,966,688
Other Revenue
$1,628,281
All Other Contributions
$1,820
Change in Net Assets
$11,014,515

Audited Revenue Reconciliation

Revenue per Audited Statements
$29,752,369
Revenue Not Reported on Financial Statements
$-155,580
Revenue Not Reported on Form 990
$86,232,538
Other Revenue Adjustments
$-156,078
Total Revenue per Audited Statements
$115,984,907
Total Revenue per Form 990
$29,596,789
Expenses and Functional Allocation

Major Expense Lines

Line ItemAmount
Grants and Similar Amounts Paid$17,432,841
Other Expenses$636,440
Salaries, Compensation, and Employee Benefits$512,993
Professional Fundraising Fees$0
Total Fundraising Expense$0

Functional Expense Allocation

Line ItemProgramManagementFundraisingTotal
Grants to Domestic Orgs$17,432,841--$17,432,841
Current Officers, Directors, Trustees, and Key Employees$32,635$379,640-$412,275
Fees for Services Other$158,353$28,745-$187,098
Insurance$1,862$123,879-$125,741
Fees for Services Legal-$101,916-$101,916
Other Salaries and Wages$17,812$56,405-$74,217
Fees for Services Management$10,364$57,500-$67,864
Office Expenses$38,144$7,769-$45,913
Fees for Services Accounting-$29,561-$29,561
Occupancy$4,336$19,754-$24,090
Information Technology$4,826$16,867-$21,693
Payroll Taxes$2,678$13,964-$16,642
Interest-$11,182-$11,182
Pension Plan Contributions$1,137$6,111-$7,248
Conferences and Meetings-$4,603-$4,603
Other Expenses$2,200$3,519-$3,519
Other Employee Benefits$470$2,141-$2,611
Advertising-$629-$629
Fees for Service Investment Mgmnt Fees-$498-$498
Total Functional Expenses$17,714,750$867,524$0$18,582,274

Audited Expense Reconciliation

Line ItemAmount
Total Expenses per Audited Statements$20,443,364
Total Expenses per Form 990$18,582,274
Expenses per Audited Statements$18,581,776
Expenses Not Reported on Form 990$1,861,588
Expenses Not Reported on Financial Statements$498
International Activity

Grant and Assistance Recipients

RecipientLocationCategoryPurposeAmount
University of Minnesota-The Hormel InstituteAustin, MNState of MNSupport of Operations$9,466,977
Riverland Community CollegeAustin, MNState of MNScholarships and Educational Programs$1,843,333
City of AustinAustin, MNCity of AustinCommunity Projects$1,411,084
Austin Public SchoolsAustin, MNIsd 492Educational Programs$1,348,955
United Way of Mower CountyAustin, MN501c3Support of various tax-exempt programs$1,224,048
Austin Community Charitable FundAustin, MN501c3Community Projects$561,000
YMCA of AustinAustin, MN501c3Operations and programming$307,967
The Salvation ArmyAustin, MN501c3Operations and Programming$263,720
Cedar Valley ServicesAustin, MN501c3Equipment$189,968
Mayo Clinic Health Systems-Austin campusAustin, MN501c3Community Program and Equipment$186,496
Parenting Resource CenterAustin, MN501c3Community Programs$110,500
Austin Community Growth VenturesAustin, MN501c3Community Projects$69,445
Austin Community Scholarship CommitteeAustin, MN501c3Scholarships$25,000
Austin Area FoundationAustin, MN501c3Community Projects$5,000
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
Insider Transactions and Loans

Interested-Person Transactions

Interested PartyRelationshipDescriptionShared RevenueAmount
-Legal Counsel - Mr. RizziLegal FeesNo$106,108
-R. Kramer owner is a board memberOffice RentNo$27,880
Debt and Bond Financing

Other Reported Liabilities

LiabilityAmount
Federal income taxes$15,000
Undistributable Income - Life Interest$90
Federal Tax Withholding-
Governance and Compliance

Governance Checklist

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

Governance Explanations

Form 990, Part VI, Section A, Line 2

Tom Dankert and Sheri Dankert - family relationship

Form 990, Part VI, Section B, Line 11B

The Form 990 is prepared internally and reviewed by the organizations public accounting firm. The return is then reviewed by the Finance Committee and presented to the Board of Directors prior to filing

Form 990, Part VI, Section B, Line 12C

The conflict of interest policy is reviewed annually with Board members and they are required to disclose any conflicts and sign a form disclosing any conflicts. The signed forms are kept on file by the Assistant Secretary/Treasurer. At the start of each board meeting, members are requested to declare any conflicts and also when voting they are required to abstain from voting.

Form 990, Part VI, Section B, Line 15A

The question is answered no since the organizations top management official is not compensated by the organization, however, the officers and a majority of the members of the board are paid a quarterly retainer and a stipend for attending board and committee meetings. These stipends are reviewed by the Compensation Committee using national data and are approved by the Board of Directors annually.

Form 990, Part VI, Section C, Line 19

All governing documents and the conflict of interest policy are available upon request. The audited financial statements are available upon request.

Form 990, Part VII, Section XII, Line 2C

The Finance Committee is reponsible for oversight of the audit, review of the financial statements and selection of independent auditors.

Filing and Contact Details

Filer

Filer Name
The Hormel Foundation
EIN
41-0694716
Phone
5074379800
Address
329 North Main Street Suite 102L, Austin, MN 55912-3478

Signing Officer

Name
Roland G Gentzler
Title
Treasurer
Signed
2021-04-12
Discuss with paid preparer
Yes

Organization Details

Formed
1941
Legal Domicile
Mn
Voting Board Members
19
Independent Board Members
9
Employees
2
Volunteers
2

Preparer

Firm
CliftonLarsonAllenLLP
Address
220 S 6th St 300, Minneapolis, MN 55402
Preparer
Karen A Gries
Phone
6123731408
Supplemental Narrative

Financial Statement Notes

X 2

Accounting principles generally accepted in the United States of Amercia require management to evaluate uncertain tax positions taken by the Foundation. The financial statement effects of a tax position are recognized when the position is more liekly than not, based on the technical merits, to be sustained upon examination by the Internal Revenue Service. Management has analyzed the tax positions taken by the Foundation and has concluded that as of November 30, 2020 and 2019, there are no uncertain positions taken or expected to be taken. The Foundation has recognized no interest or penalties related to uncertain tax positions. The Foundation is subject to routine audits by taxing jurisdictions however, there are no audits for any tax periods in progress. The Foundations tax returns are subject to review and examination by federal and state authorities.

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IRS990/Form990PartVIISectionAGrp/TitleTxt2Director
IRS990/Form990PartVIISectionAGrp/TitleTxt3Director
IRS990/Form990PartVIISectionAGrp/TitleTxt4Director
IRS990/Form990PartVIISectionAGrp/TitleTxt5Director
IRS990/Form990PartVIISectionAGrp/TitleTxt6Assistant Sec-Treas
IRS990/Form990PartVIISectionAGrp/TitleTxt7Director
IRS990/Form990PartVIISectionAGrp/TitleTxt8Director
IRS990/Form990PartVIISectionAGrp/TitleTxt9Director
IRS990/Form990PartVIISectionAGrp/TitleTxt10Treasurer
IRS990/Form990PartVIISectionAGrp/TitleTxt11Director
IRS990/Form990PartVIISectionAGrp/TitleTxt12Director
IRS990/Form990PartVIISectionAGrp/TitleTxt13Secretary
IRS990/Form990PartVIISectionAGrp/TitleTxt14Director
IRS990/Form990PartVIISectionAGrp/TitleTxt15Vice Chair
IRS990/Form990PartVIISectionAGrp/TitleTxt16Director
IRS990/Form990PartVIISectionAGrp/TitleTxt17Director
IRS990/Form990PartVIISectionAGrp/TitleTxt18Director
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IRS990/Form990PartVIISectionAGrp/TitleTxt20Director
IRS990/Form990PartVIISectionAGrp/TitleTxt21Director
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Document Assets

No mirrored PDF or thumbnail assets are attached yet.

Filings

Balance SheetOperations
YearAssetsLiabilitiesNet AssetsRevenueExpensesNet Income
2024XML pending. An XML filing is linked for this year, but detailed extraction is still pending.$1,164$46.4$1,117$40.8$33.6$7.13
2023XML pending. An XML filing is linked for this year, but detailed extraction is still pending.$1,070$40.2$1,029$37.4$29.4$8.00
2022XML pending. An XML filing is linked for this year, but detailed extraction is still pending.$1,541$37.5$1,503$34.4$28.6$5.74
2021XML pending. An XML filing is linked for this year, but detailed extraction is still pending.$1,383$39.1$1,344$93.8$32.1$61.8
2020Detailed filing. Detailed filing data is available for this year.$1,460$28.4$1,432$29.6$18.6$11.0
2019Summary only. Only limited summary data is available for this year.$1,367$31.3$1,336$76.8$21.1$55.7
2018Summary only. Only limited summary data is available for this year.$1,335$52.5$1,282$25.4$26.5$1.10
2017Summary only. Only limited summary data is available for this year.$1,089$45.9$1,043$27.3$16.8$10.6
2016Summary only. Only limited summary data is available for this year.$1,017$46.3$971$21.7$39.5$17.8
2015Summary only. Only limited summary data is available for this year.$1,113$34.4$1,078$44.6$19.6$25.0
2014Summary only. Only limited summary data is available for this year.$820$47.1$773$18.8$25.1$6.29
2013Summary only. Only limited summary data is available for this year.$704$37.6$666$13.2$32.7$19.5
2012Summary only. Only limited summary data is available for this year.$500$15.9$484$57.9$9.51$48.4
2011Summary only. Only limited summary data is available for this year.$442$21.9$421$9.61$10.5$0.90
Peer Organizations

Similar nonprofits based on the same Siviq industry and scale cohort. 2020 filings • 501(c)3 • $1B+ nonprofits