Civic Intelligence

Grace Foundation Inc of Albert Lea

EIN 41-1448611 • 501(c)3 • Albert Lea, MN

Profile

Support of church & ministry

918 Garfield AveAlbert Lea, MN 56007
Siviq Scores

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

Liabilities / Assets

19th percentile

0.00x

Tied with the lowest-debt nonprofits in its peer group.

501(c)3 • $1M-$5M nonprofits • Source year 2024

Liabilities / Revenue

20th percentile

0.00x

Tied with the lowest-debt nonprofits in its peer group.

501(c)3 • $1M-$5M nonprofits • Source year 2024

Net Margin

71st percentile

18%

Higher net margin than 71% of similar nonprofits.

501(c)3 • $1M-$5M nonprofits • Source year 2024

Top Officer Pay

40th percentile

$0

Higher top officer pay than 40% of similar nonprofits.

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

501(c)3 • $1M-$5M nonprofits • Source year 2024

Asset Growth

78th percentile

19%

Faster asset growth than 78% of similar nonprofits.

501(c)3 • $1M-$5M nonprofits • Annualized from 2023 to 2024

Revenue Growth

76th percentile

32%

Faster revenue growth than 76% of similar nonprofits.

501(c)3 • $1M-$5M nonprofits • Annualized from 2023 to 2024

Balance Sheet
Liabilities / Assets19th percentile

Assets

Up

$1,909,200

Up $307,914 (+19%) from 2023

Liabilities

Flat

$0

Flat from 2023

Net Assets

Up

$1,909,200

Up $307,914 (+19%) from 2023

Operations
Liabilities / Revenue20th percentileNet Margin71st percentile

Revenue

Up

$50,483

Up $12,183 (+32%) from 2023

Expenses

Down

$41,297

Down $235 (-0.6%) from 2023

Net Income

Up

$9,186

Up $12,418 (+384%) from 2023

Trend Graphs

Balance Sheet Trend

Asset Growth78th percentile

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

$2.0M$1.5M$1.0M$500K$0Assets 2011: $639,482Liabilities 2011: $0Net Assets 2011: $639,4822011Assets 2012: $1,070,089Liabilities 2012: $0Net Assets 2012: $1,070,0892012Assets 2013: $1,231,890Liabilities 2013: $0Net Assets 2013: $1,231,8902013Assets 2014: $1,600,576Liabilities 2014: $0Net Assets 2014: $1,600,5762014Assets 2015: $1,722,864Liabilities 2015: $0Net Assets 2015: $1,722,8642015Assets 2016: $1,634,185Liabilities 2016: $0Net Assets 2016: $1,634,1852016Assets 2017: $1,569,366Liabilities 2017: $0Net Assets 2017: $1,569,3662017Assets 2018: $1,459,818Liabilities 2018: $0Net Assets 2018: $1,459,8182018Assets 2019: $1,470,895Liabilities 2019: $0Net Assets 2019: $1,470,8952019Assets 2020: $1,387,002Liabilities 2020: $0Net Assets 2020: $1,387,0022020Assets 2021: $1,402,593Liabilities 2021: $0Net Assets 2021: $1,402,5932021Assets 2022: $1,385,091Liabilities 2022: $0Net Assets 2022: $1,385,0912022Assets 2023: $1,601,286Liabilities 2023: $0Net Assets 2023: $1,601,2862023Assets 2024: $1,909,200Liabilities 2024: $0Net Assets 2024: $1,909,2002024

Highlighted filing

2024

Assets$1,909,200
Liabilities$0
Net Assets$1,909,200
Open 2024 Filing

Operations Trend

Revenue Growth76th percentile

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

$100K$50K$0-$50K-$100KExpenses 2011: $11,7912011Expenses 2012: $28,7822012Revenue 2013: $46,665Expenses 2013: $11,212Net Income 2013: $35,4532013Revenue 2014: $45,423Expenses 2014: $8,646Net Income 2014: $36,7772014Revenue 2015: $41,106Expenses 2015: $21,958Net Income 2015: $19,1482015Revenue 2016: $39,361Expenses 2016: $7,757Net Income 2016: $31,6042016Revenue 2017: $35,557Expenses 2017: $58,116Net Income 2017: -$22,5592017Revenue 2018: $41,320Expenses 2018: $43,882Net Income 2018: -$2,5622018Revenue 2019: $49,084Expenses 2019: $42,038Net Income 2019: $7,0462019Revenue 2020: $39,344Expenses 2020: $91,101Net Income 2020: -$51,7572020Revenue 2021: $51,205Expenses 2021: $46,608Net Income 2021: $4,5972021Revenue 2022: $40,719Expenses 2022: $35,211Net Income 2022: $5,5082022Revenue 2023: $38,300Expenses 2023: $41,532Net Income 2023: -$3,2322023Revenue 2024: $50,483Expenses 2024: $41,297Net Income 2024: $9,1862024

Highlighted filing

2024

Revenue$50,483
Expenses$41,297
Net Income$9,186
Open 2024 Filing

Filings

Most recent year

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

Open filing
Assets
$1,909,200
Liabilities
$0
Net assets
$1,909,200
Revenue
$50,483
Expenses
$41,297
Net income
$9,186
Balance SheetOperations
YearAssetsLiabilitiesNet AssetsRevenueExpensesNet Income
2024Detailed filing. Detailed filing data is available for this year.$1.91$0.00$1.91$0.05$0.04$0.01
2023XML pending. An XML filing is linked for this year, but detailed extraction is still pending.$1.60$0.00$1.60$0.04$0.04$0.00
2022Detailed filing. Detailed filing data is available for this year.$1.39$0.00$1.39$0.04$0.04$0.01
2021Detailed filing. Detailed filing data is available for this year.$1.40$0.00$1.40$0.05$0.05$0.00
2020Detailed filing. Detailed filing data is available for this year.$1.39$0.00$1.39$0.04$0.09$0.05
2019Detailed filing. Detailed filing data is available for this year.$1.47$0.00$1.47$0.05$0.04$0.01
2018Detailed filing. Detailed filing data is available for this year.$1.46$0.00$1.46$0.04$0.04$0.00
2017Detailed filing. Detailed filing data is available for this year.$1.57$0.00$1.57$0.04$0.06$0.02
2016Detailed filing. Detailed filing data is available for this year.$1.63$0.00$1.63$0.04$0.01$0.03
2015Detailed filing. Detailed filing data is available for this year.$1.72$0.00$1.72$0.04$0.02$0.02
2014XML pending. An XML filing is linked for this year, but detailed extraction is still pending.$1.60$0.00$1.60$0.05$0.01$0.04
2013Detailed filing. Detailed filing data is available for this year.$1.23$0.00$1.23$0.05$0.01$0.04
2012Facts available. Structured filing facts are available, but richer extracted sections are limited.$1.07$0.00$1.07$0.03
2011Facts available. Structured filing facts are available, but richer extracted sections are limited.$0.64$0.00$0.64$0.01
Latest Filing Detail
Jump To
Filing Snapshot
Filing Period
Jan 1, 2024 to Dec 31, 2024
Signed
Jul 23, 2025
Return Version
2024v5.0
Gross Receipts
$76,748
Mission and Program Overview

Mission

Support of church & ministry

Balance Sheet Detail
LineBeginningEndChange
Assets
Land, Buildings, and Equipment, Net$1,150,800$1,438,400▲ $287,600
Investments in Publicly Traded Securities$307,749$330,982▲ $23,233
Savings and Temporary Cash Investments$120,779$120,779→ $0
Cash and Non-Interest-Bearing Accounts$21,958$19,039▼ $2,919
Total Assets$1,601,286$1,909,200▲ $307,914
Liabilities
Total Liabilities$0$0→ $0
Net Assets / Fund Balance
Net Assets Without Donor Restrictions$1,496,917$1,804,831▲ $307,914
Net Assets With Donor Restrictions$104,369$104,369→ $0
Total Net Assets Fund Balance$1,601,286$1,909,200▲ $307,914
Total Liabilities and Net Assets / Fund Balance$1,601,286$1,909,200▲ $307,914

Asset Categories

AssetBook ValueDepreciationBasis
Land$1,438,400-$1,438,400
Compensation and Service Providers
Top Officer Pay40th percentile

Board Members and Trustees

NameTitle
Bruce OlsonChair
Karen HendricksonVice Chair
Steve SchultzBoard Treasu
Jerry DahlDirector
Paul AndersenDirector
Roy PageDirector
Dale BuendorfSecretary
Revenue and Support

Revenue Composition

Contributions and Grants
$250
Program Service Revenue
$0
Investment Income
$22,904
Other Revenue
$27,329
All Other Contributions
$250
Change in Net Assets
$9,186
Expenses and Functional Allocation

Major Expense Lines

Line ItemAmount
Grants and Similar Amounts Paid$38,321
Other Expenses$2,976
Professional Fundraising Fees$0
Salaries, Compensation, and Employee Benefits$0
Total Fundraising Expense$0

Functional Expense Allocation

Line ItemProgramManagementFundraisingTotal
Grants to Domestic Orgs$38,321--$38,321
Fees for Services Accounting-$2,892-$2,892
Fees for Service Investment Mgmnt Fees-$69-$69
Other Expenses-$15-$15
Total Functional Expenses$38,321$2,976$0$41,297
International Activity

Grant and Assistance Recipients

RecipientLocationCategoryPurposeAmount
Grace Lutheran ChurchAlbert Lea, MN501c3-$38,321
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
Governance and Compliance

Governance Checklist

Compiled or reviewed by an accountant
No
Annual disclosure for covered persons
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
Yes
Audited financial statements prepared
No
Key decisions subject to board approval
No
Management duties delegated
No

Governance Explanations

Form 990, Part VI

“Ceo, executive director, top management comp (part vi, line 15a) at present time no board member receives any compensation or benefits. We have no intention of changing this policy of providing compensation. If we were to provide compensation it would require approval of the board.”

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

“Completed 990 is presented for review prior to being filed. Form 990 is explained and questions answered. Organization approves acceptance of form 990 and authorizes it filing with irs before it is filed.”

Form 990, Page 6, Part VI, Line 12C

“Conflict of interest policy was approved in previous years. This is reviewed annually with all board members and any conflicts of interest are discussed and approved by the board. In the future any conflicts of interest that arise will be addressed by the board of directors at the next board meeting.”

Form 990, Page 6, Part VI, Line 19

“Anyone wishing to review the form 990 can contact any board member who will set up a time to meet and show the interested party the form 990 tax return.”

Filing and Contact Details

Filer

Filer Name
Grace Foundation Inc of Albert Lea
EIN
41-1448611
Phone
5073736496
Address
918 GARFIELD AVE, ALBERT LEA, MN 56007

Signing Officer

Name
Marsha Smith
Title
Treasurer
Phone
5073736496
Signed
2025-07-23
Discuss with paid preparer
Yes

Organization Details

Principal Officer
Bruce Olson
Formed
1982
Legal Domicile
Mn
Voting Board Members
7
Independent Board Members
7
Employees
0

Preparer

Firm
Tri-state Tax & Accounting
Address
1425 SAINT JOHN AVE, ALBERT LEA, MN 56007-3156
Preparer
Jennifer L Davenport
Phone
5073732185
Supplemental Narrative

Additional Explanations

Form 990, Part XI

“In 2012, a change was made to report the value of farmland at market value instead of cost. It was decided to use the county assessors value for property tax purposes as the financial statement value. The 2024 appraised property tax valuation for this farmland was 1,438,400, an increase of 287,600 from the 2023 apprasied property tax valuation. This increase of 287,600 is shown as an other change to net assets on part xi of form 990.”

Form 990, Part XI, Line 9

“Land fmv increase 287,600 investment adj to fmv 11,128 total 298,728”

Raw XML Appendix340 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.

Path#Value
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IRS990/Form990PartVIISectionAGrp/OtherCompensationAmt10
IRS990/Form990PartVIISectionAGrp/OtherCompensationAmt20
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IRS990ScheduleA/Form990ScheduleAPartVIGrp/ExplanationTxt0SUPPORTED ORGANIZATION WAS GRACE LUTHERAN CHURCH. ITEMS SUPPORTED WERE VACATION BIBLE SCHOOL EXPENSE FOR CHILDREN OF CHURCH MEMBERS AND EDUCATION EXPENSES FOR SOME CHURCH STAFF MEMBERS. FOUNDATIONS SUPPORT ALLOWED CHURCH TO CONTINUE TO OFFER VACATION BIBLE SCHOOL AND EDUCATION OPPORTUNITIES FOR STAFF.
IRS990ScheduleA/Form990ScheduleAPartVIGrp/ExplanationTxt1WITHOUT FOUNDATION HELP FOR THESE VARIOUS CHURCH ACTIVITIES THE CHURCH WOULD STILL DO THE ACTIVITIES, ALTHOUGH ON A MUCH MORE LIMITED SCOPE AND SCALE. THE FOUNDATIONS SUPPORT OF THESE ACTIVITIES ALLOWS THE CHURCH TO DIRECT ITS INCOME TOWARDS OTHER OPERATIONS AND ACTIVITES OF THE CHURCH.
IRS990ScheduleA/Form990ScheduleAPartVIGrp/FormAndLineReferenceDesc0PART IV, SECTION E, LINE 2A
IRS990ScheduleA/Form990ScheduleAPartVIGrp/FormAndLineReferenceDesc1PART IV, SECTION E, LINE 2B
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IRS990ScheduleI/RecipientTable/USAddress/AddressLine1Txt0918 GARFIELD AVE
IRS990ScheduleI/RecipientTable/USAddress/CityNm0ALBERT LEA
IRS990ScheduleI/RecipientTable/USAddress/StateAbbreviationCd0MN
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IRS990ScheduleI/SupplementalInformationDetail/ExplanationTxt0CHURCH AND OTHER ORGANIZATIONS APPLY TO FOUNDATION TO ASK FOR FUNDS FOR VARIOUS PROJECTS OR PURCHASES. DEPENDING ON SITUATION, THESE REQUESTS CAN BE EITHER A REQUEST FOR REIMBURSEMENT OR A REQUEST FOR UPCOMING EXPENSES. APPLICATION INCLUDES A BREAKDOWN BUDGET OF ITEMS THEY ARE REQUESTING OR QUOTES AND ESTIMATES FOR ITEMS BEING REQUESTED. FOUNDATION DOES A FOLLOW UP REVIEW FOR THOSE APPROVALS TO VERIFY THAT MONIES WERE USED IN ACCORDANCE WITH THE ORGANIZATIONS REQUEST.
IRS990ScheduleI/SupplementalInformationDetail/FormAndLineReferenceDesc0SCHEDULE I, PAGE 1, PART I, LINE 2
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IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt0CEO, EXECUTIVE DIRECTOR, TOP MANAGEMENT COMP (PART VI, LINE 15A) AT PRESENT TIME NO BOARD MEMBER RECEIVES ANY COMPENSATION OR BENEFITS. WE HAVE NO INTENTION OF CHANGING THIS POLICY OF PROVIDING COMPENSATION. IF WE WERE TO PROVIDE COMPENSATION IT WOULD REQUIRE APPROVAL OF THE BOARD.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt1COMPLETED 990 IS PRESENTED FOR REVIEW PRIOR TO BEING FILED. FORM 990 IS EXPLAINED AND QUESTIONS ANSWERED. ORGANIZATION APPROVES ACCEPTANCE OF FORM 990 AND AUTHORIZES IT FILING WITH IRS BEFORE IT IS FILED.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt2CONFLICT OF INTEREST POLICY WAS APPROVED IN PREVIOUS YEARS. THIS IS REVIEWED ANNUALLY WITH ALL BOARD MEMBERS AND ANY CONFLICTS OF INTEREST ARE DISCUSSED AND APPROVED BY THE BOARD. IN THE FUTURE ANY CONFLICTS OF INTEREST THAT ARISE WILL BE ADDRESSED BY THE BOARD OF DIRECTORS AT THE NEXT BOARD MEETING.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt3ANYONE WISHING TO REVIEW THE FORM 990 CAN CONTACT ANY BOARD MEMBER WHO WILL SET UP A TIME TO MEET AND SHOW THE INTERESTED PARTY THE FORM 990 TAX RETURN.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt4IN 2012, A CHANGE WAS MADE TO REPORT THE VALUE OF FARMLAND AT MARKET VALUE INSTEAD OF COST. IT WAS DECIDED TO USE THE COUNTY ASSESSORS VALUE FOR PROPERTY TAX PURPOSES AS THE FINANCIAL STATEMENT VALUE. THE 2024 APPRAISED PROPERTY TAX VALUATION FOR THIS FARMLAND WAS 1,438,400, AN INCREASE OF 287,600 FROM THE 2023 APPRASIED PROPERTY TAX VALUATION. THIS INCREASE OF 287,600 IS SHOWN AS AN OTHER CHANGE TO NET ASSETS ON PART XI OF FORM 990.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt5LAND FMV INCREASE 287,600 INVESTMENT ADJ TO FMV 11,128 TOTAL 298,728
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc0FORM 990, PART VI
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc1FORM 990, PAGE 6, PART VI, LINE 11B
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc2FORM 990, PAGE 6, PART VI, LINE 12C
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc3FORM 990, PAGE 6, PART VI, LINE 19
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc4FORM 990, PART XI
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc5FORM 990, PART XI, LINE 9
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IRS990/TotalFunctionalExpensesGrp/ProgramServicesAmt038321
IRS990/TotalFunctionalExpensesGrp/TotalAmt041297
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IRS990/TotalLiabilitiesEOYAmt00
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IRS990/TotalRevenueGrp/RelatedOrExemptFuncIncomeAmt022904
IRS990/TotalRevenueGrp/TotalRevenueColumnAmt050483
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ReturnHeader/BuildTS02025-03-06 01:10:19Z
ReturnHeader/BusinessOfficerGrp/DiscussWithPaidPreparerInd0true
ReturnHeader/BusinessOfficerGrp/PersonNm0MARSHA SMITH
ReturnHeader/BusinessOfficerGrp/PersonTitleTxt0TREASURER
ReturnHeader/BusinessOfficerGrp/PhoneNum05073736496
ReturnHeader/BusinessOfficerGrp/SignatureDt02025-07-23
ReturnHeader/Filer/BusinessName/BusinessNameLine1Txt0GRACE FOUNDATION INC OF ALBERT LEA
ReturnHeader/Filer/BusinessNameControlTxt0GRAC
ReturnHeader/Filer/EIN0411448611
ReturnHeader/Filer/PhoneNum05073736496
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ReturnHeader/PreparerFirmGrp/PreparerFirmEIN0452690863
ReturnHeader/PreparerFirmGrp/PreparerFirmName/BusinessNameLine1Txt0TRI-STATE TAX & ACCOUNTING
ReturnHeader/PreparerFirmGrp/PreparerUSAddress/AddressLine1Txt01425 SAINT JOHN AVE
ReturnHeader/PreparerFirmGrp/PreparerUSAddress/CityNm0ALBERT LEA
ReturnHeader/PreparerFirmGrp/PreparerUSAddress/StateAbbreviationCd0MN
ReturnHeader/PreparerFirmGrp/PreparerUSAddress/ZIPCd0560073156
ReturnHeader/PreparerPersonGrp/PhoneNum05073732185
ReturnHeader/PreparerPersonGrp/PreparationDt02025-07-23
ReturnHeader/PreparerPersonGrp/PreparerPersonNm0JENNIFER L DAVENPORT
ReturnHeader/ReturnTs02025-07-23T11:45:00-04:00
ReturnHeader/ReturnTypeCd0990
ReturnHeader/TaxPeriodBeginDt02024-01-01
ReturnHeader/TaxPeriodEndDt02024-12-31
ReturnHeader/TaxYr02024

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