Civic Intelligence

Cokato Charitable Trust

990 • Fiscal year 2022 • EIN 41-1456124

Oct 01, 2021 to Sep 30, 2022 • Filed on Aug 01, 2023

Organization Profilewww.cokatoseniorcare.com
182 Sunset AvenueCokato, MN 55321

(320) 286-2158

Siviq Scores

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

Liabilities / Assets

84th percentile

0.60x

Higher debt load relative to assets than 84% of similar nonprofits.

2022 filings • 501(c)3 • $5M-$10M nonprofits • Source year 2022

Liabilities / Revenue

77th percentile

0.62x

Higher debt load relative to revenue than 77% of similar nonprofits.

2022 filings • 501(c)3 • $5M-$10M nonprofits • Source year 2022

Net Margin

56th percentile

10.0%

Higher net margin than 56% of similar nonprofits.

2022 filings • 501(c)3 • $5M-$10M nonprofits • Source year 2022

Top Officer Pay

49th percentile

$120,071

Higher top officer pay than 49% of similar nonprofits.

Top officer pay equals 1.4% of source-year revenue.

2022 filings • 501(c)3 • $5M-$10M nonprofits • Source year 2022

Asset Growth

49th percentile

0.3%

Faster asset growth than 49% of similar nonprofits.

2022 filings • 501(c)3 • $5M-$10M nonprofits • Annualized from 2021 to 2022

Revenue Growth

44th percentile

1.2%

Faster revenue growth than 44% of similar nonprofits.

2022 filings • 501(c)3 • $5M-$10M nonprofits • Annualized from 2021 to 2022

Balance Sheet
Liabilities / Assets84th percentile

Assets

Up

$9,130,389

Up $26,973 (+0.3%) from 2021

Net Assets

Up

$3,631,460

Up $641,449 (+21%) from 2021

Liabilities

Down

$5,498,929

Down $614,476 (-10%) from 2021

Revenue And Expenses
Liabilities / Revenue77th percentileNet Margin56th percentile

Revenue

Up

$8,893,560

Up $108,254 (+1.2%) from 2021

Expenses

Down

$8,004,275

Down $254,022 (-3.1%) from 2021

Net Income

Up

$889,285

Up $362,276 (+69%) from 2021

Historical Trend

Balance Sheet Trend

Asset Growth49th percentile

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

$15M$10M$5.0M$0Assets 2010: $10,300,800Liabilities 2010: $10,080,805Net Assets 2010: $219,9952010Assets 2011: $10,590,194Liabilities 2011: $9,784,981Net Assets 2011: $805,2132011Assets 2012: $10,787,081Liabilities 2012: $9,560,166Net Assets 2012: $1,226,9152012Assets 2013: $10,804,572Liabilities 2013: $9,276,581Net Assets 2013: $1,527,9912013Assets 2014: $10,411,336Liabilities 2014: $8,832,019Net Assets 2014: $1,579,3172014Assets 2015: $10,103,000Liabilities 2015: $8,452,307Net Assets 2015: $1,650,6932015Assets 2016: $9,797,741Liabilities 2016: $8,122,804Net Assets 2016: $1,674,9372016Assets 2017: $9,609,709Liabilities 2017: $7,543,330Net Assets 2017: $2,066,3792017Assets 2018: $9,485,635Liabilities 2018: $7,084,370Net Assets 2018: $2,401,2652018Assets 2019: $9,192,499Liabilities 2019: $6,783,303Net Assets 2019: $2,409,1962019Assets 2020: $10,048,520Liabilities 2020: $7,633,746Net Assets 2020: $2,414,7742020Assets 2021: $9,103,416Liabilities 2021: $6,113,405Net Assets 2021: $2,990,0112021Assets 2022: $9,130,389Liabilities 2022: $5,498,929Net Assets 2022: $3,631,4602022Assets 2023: $9,656,815Liabilities 2023: $5,176,271Net Assets 2023: $4,480,5442023Assets 2024: $11,205,917Liabilities 2024: $4,606,301Net Assets 2024: $6,599,6162024

Highlighted filing

2022

Assets$9,130,389
Liabilities$5,498,929
Net Assets$3,631,460
Open 2022 Filing

Operations Trend

Revenue Growth44th percentile

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

$10M$5.0M$0-$5.0MExpenses 2010: $6,038,4492010Expenses 2011: $6,058,7112011Expenses 2012: $6,132,0942012Revenue 2013: $6,538,073Expenses 2013: $6,204,757Net Income 2013: $333,3162013Revenue 2014: $6,202,772Expenses 2014: $6,157,275Net Income 2014: $45,4972014Revenue 2015: $6,566,072Expenses 2015: $6,480,018Net Income 2015: $86,0542015Revenue 2016: $6,682,730Expenses 2016: $6,670,234Net Income 2016: $12,4962016Revenue 2017: $7,451,365Expenses 2017: $7,034,158Net Income 2017: $417,2072017Revenue 2018: $7,519,201Expenses 2018: $7,139,088Net Income 2018: $380,1132018Revenue 2019: $7,776,374Expenses 2019: $7,802,065Net Income 2019: -$25,6912019Revenue 2020: $7,856,214Expenses 2020: $7,879,868Net Income 2020: -$23,6542020Revenue 2021: $8,785,306Expenses 2021: $8,258,297Net Income 2021: $527,0092021Revenue 2022: $8,893,560Expenses 2022: $8,004,275Net Income 2022: $889,2852022Revenue 2023: $8,056,289Expenses 2023: $7,223,267Net Income 2023: $833,0222023Revenue 2024: $9,850,110Expenses 2024: $7,888,791Net Income 2024: $1,961,3192024

Highlighted filing

2022

Revenue$8,893,560
Expenses$8,004,275
Net Income$889,285
Open 2022 Filing
Jump To
Filing Snapshot
Filing Period
Oct 1, 2021 to Sep 30, 2022
Signed
Aug 1, 2023
Return Version
2021v4.2
Gross Receipts
$8,893,560
Mission and Program Overview

Mission

The purpose of cokato charitable trust division is to provide quality health and housing services that enhance the quality of life and maintain a maximum level of functioning for our customers.

Provide elderly persons housing and services to meet physical, social, and psychological needs.

Balance Sheet Detail
LineBeginningEndChange
Assets
Land, Buildings, and Equipment, Net$4,238,164$3,914,684▼ $323,480
Accounts Receivable$524,641$3,027,442▲ $2,502,801
Investments in Publicly Traded Securities$2,837,052$1,764,699▼ $1,072,353
Savings and Temporary Cash Investments$1,469,462$387,208▼ $1,082,254
Prepaid Expenses and Deferred Charges$34,097$36,356▲ $2,259
Total Assets$9,103,416$9,130,389▲ $26,973
Liabilities
Tax Exempt Bond Liabilities$5,258,655$4,790,646▼ $468,009
Accounts Payable and Accrued Expenses$696,034$697,931▲ $1,897
Other Liabilities$147,337$0▼ $147,337
Escrow Account Liability$11,379$10,352▼ $1,027
Total Liabilities$6,113,405$5,498,929▼ $614,476
Net Assets / Fund Balance
Net Assets Without Donor Restrictions$2,990,011$3,631,460▲ $641,449
Total Net Assets Fund Balance$2,990,011$3,631,460▲ $641,449
Total Liabilities and Net Assets / Fund Balance$9,103,416$9,130,389▲ $26,973

Asset Categories

AssetBook ValueDepreciationBasis
Buildings$3,065,827$8,473,754$11,539,581
Equipment$437,358$1,091,488$1,528,846
Other Land Buildings$220,874$210,063$430,937
Land$190,625-$190,625
Compensation and Service Providers
Top Officer Pay49th percentile

Employees

NameTitleFull / Part TimeBaseOtherTotal
James BroichFormerAdministrator/Finance DirectorFT$120,071-$120,071
Tresha MelquistAdministrator/CEOFT$90,581$12,341$102,922
Jamie ChristiansonOffice ManagerFT$61,020$7,938$68,958

Board Members and Trustees

NameTitle
Steven HansonChair
Lyle SeversonVice Chair
Allan AndersonTrustee
Cindy LuhmanTrustee
Dean SvelaTrustee
Jesse CarlsonTrustee
Peter BortnemTrustee
Peggy CarlsonSecretary/Treasurer

Highest Paid Contractors

ContractorServicesLocationCompensation
Fusion Medical StaffingPool Nursing ServicesPO Box 30133, Omaha, NE 68103$253,856
Pro RehabTherapy Services19 Central Ave, Buffalo, MN 55313$207,139
Health Professional NetworkPool Nursing ServicesPO Box 440242, Nashville, TN 37244$119,297
Revenue and Support

Revenue Composition

Contributions and Grants
$561,329
Program Service Revenue
$5,819,552
Investment Income
$59,507
Other Revenue
$2,453,172
All Other Contributions
$6,601
Change in Net Assets
$889,285

Audited Revenue Reconciliation

Revenue per Audited Statements
$8,893,560
Revenue Not Reported on Financial Statements
$0
Revenue Not Reported on Form 990
$-247,836
Total Revenue per Audited Statements
$8,645,724
Total Revenue per Form 990
$8,893,560
Expenses and Functional Allocation

Major Expense Lines

Line ItemAmount
Salaries, Compensation, and Employee Benefits$4,650,291
Other Expenses$3,323,511
Grants and Similar Amounts Paid$30,473
Professional Fundraising Fees$0
Total Fundraising Expense$0

Functional Expense Allocation

Line ItemProgramManagementFundraisingTotal
Other Salaries and Wages$3,561,776$113,218-$3,674,994
Fees for Services Other$870,172$1,425-$871,597
Depreciation Depletion$485,228$29,864-$515,092
Office Expenses$463,159$22,436-$485,595
Other Employee Benefits$397,827$13,870-$411,697
Occupancy$359,239$17,087-$376,326
Fees for Services Accounting-$301,437-$301,437
Payroll Taxes$273,214$23,533-$296,747
Interest$235,952$13,303-$249,255
Current Officers, Directors, Trustees, and Key Employees-$212,424-$212,424
Insurance$78,086$4,806-$82,892
All Other Expenses$32,424$37,044-$69,468
Comp Disqual Persons-$54,429-$54,429
Advertising-$34,139-$34,139
Grants to Domestic Individuals$30,473--$30,473
Other Expenses$21,533$29,968-$21,533
Travel$12,767$3,513-$16,280
Fees for Services Legal-$11,362-$11,362
Conferences and Meetings$1,501$7,713-$9,214
Total Functional Expenses$7,072,704$931,571$0$8,004,275

Audited Expense Reconciliation

Line ItemAmount
Expenses per Audited Statements$8,004,275
Total Expenses per Audited Statements$8,004,275
Total Expenses per Form 990$8,004,275
Expenses Not Reported on Financial Statements$0
Expenses Not Reported on Form 990$0
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

Bond Issues

BondIssuerIssuedIssue PricePurpose
BCity of Cokato2006-11-01$5,077,872Refund bonds issued 7/8/1999 & renovations to nursing facility
ACity of Cokato2012-12-27$4,052,282Refund bonds issued 4/29/2004

Bond Proceeds

BondTotal ProceedsSpentRetiredIssuance Costs
B$5,077,872$2,392,243$1,997,872$101,557
A$4,052,282$3,796,185$2,227,282$81,046

Bond Financing Compliance

No rebate due
No
Rebate not yet due
No
Form 8038-T filed
No
Gross proceeds invested
No
Gross proceeds invested in GIC
No
Exception to rebate
Yes
Corrective action procedures
Yes
Governance and Compliance

Governance Checklist

Compiled or reviewed by an accountant
No
Annual disclosure for covered persons
Yes
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
Yes
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, Section A, line 8B

“There are no committees with the authority to act on behalf of the board.”

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

“The Administrator reviews the Form 990, addressing any comments or changes. Before the return is filed, a copy is provided to the board.”

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

“Cokato Charitable Trust (CCT) has a conflict of interest policy to protect the interest of the organization when contemplating entering into a transaction or arrangement that might benefit the private interest of a member of the Board or key staff of CCT or might result in a possible excess benefit transaction. On an annual basis interested persons, any board member or staff member of CCT who has a direct or indirect financial interest, disclose any conflicts. After disclosure of a financial interest and all material facts, and after any discussion with the interested person, he/she shall leave the governing board meeting while the determination of a conflict of interest is discussed and voted upon. Any disclosed conflicts are addressed by the governing board that determines if the transaction or arrangement is in CCT's best interest, for its own benefit, and whether it is fair and reasonable.”

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

“The Board of Directors used comparative salary information from data compiled by LeadingAge Minnesota in determining compensation. This was completed during this fiscal year.”

Form 990, Part VI, Section C, line 19

“The organization does not make these documents available to the general public.”

Filing and Contact Details

Filer

Filer Name
Cokato Charitable Trust
EIN
41-1456124
Phone
3202862158
Address
182 Sunset Avenue, Cokato, MN 55321

Signing Officer

Name
Tresha Melquist
Title
Administrator
Phone
3202862158
Signed
2023-08-01
Discuss with paid preparer
Yes

Organization Details

Principal Officer
Tresha Melquist
Formed
1983
Legal Domicile
Mn
Voting Board Members
8
Independent Board Members
8
Employees
228
Volunteers
20

Preparer

Firm
Eide Bailly LLP
Address
800 Nicollet Mall Ste 1300, Minneapolis, MN 55402-7033
Preparer
Deb Nelson CPA
Phone
6122536500
Supplemental Narrative

Additional Explanations

Form 990, Part III, line 3

“The Organization ceased the Cokato Manor Home Health program.”

Form 990, Part IX, line 11G

“Purchased Services: Program service expenses 870,172. Management and general expenses 1,425. Fundraising expenses 0. Total expenses 871,597.”

Financial Statement Notes

Part IV, Line 2B:

“The Trust acts as custodian for the funds of the residents.”

Part X, Line 2:

“The Trust believes that it has appropriate support for any tax positions taken affecting its annual filing requirements, and, as such, does not have any uncertain tax positions that are material to the financial statements. The Trust would recognize future accrued interest and penalties related to unrecognized tax benefits and liabilities in income tax expense if such interest and penalties are incurred.”

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IRS990/OtherExpensesGrp/ProgramServicesAmt0163983
IRS990/OtherExpensesGrp/ProgramServicesAmt185370
IRS990/OtherExpensesGrp/ProgramServicesAmt221533
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IRS990/OtherSalariesAndWagesGrp/TotalAmt03674994
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IRS990/PayrollTaxesGrp/ManagementAndGeneralAmt023533
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IRS990/PayrollTaxesGrp/TotalAmt0296747
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IRS990/PrincipalOfficerNm0Tresha Melquist
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Filings

Displayed year

2022 • Form 990Detailed filing. Detailed filing data is available for this year.

Open filing
Assets
$9,130,389
Liabilities
$5,498,929
Net assets
$3,631,460
Revenue
$8,893,560
Expenses
$8,004,275
Net income
$889,285
Balance SheetOperations
YearAssetsLiabilitiesNet AssetsRevenueExpensesNet Income
2024Detailed filing. Detailed filing data is available for this year.$11.2$4.61$6.60$9.85$7.89$1.96
2023Detailed filing. Detailed filing data is available for this year.$9.66$5.18$4.48$8.06$7.22$0.83
2022Detailed filing. Detailed filing data is available for this year.$9.13$5.50$3.63$8.89$8.00$0.89
2021Detailed filing. Detailed filing data is available for this year.$9.10$6.11$2.99$8.79$8.26$0.53
2020Detailed filing. Detailed filing data is available for this year.$10.0$7.63$2.41$7.86$7.88$0.02
2019Detailed filing. Detailed filing data is available for this year.$9.19$6.78$2.41$7.78$7.80$0.03
2018Detailed filing. Detailed filing data is available for this year.$9.49$7.08$2.40$7.52$7.14$0.38
2017Detailed filing. Detailed filing data is available for this year.$9.61$7.54$2.07$7.45$7.03$0.42
2016Detailed filing. Detailed filing data is available for this year.$9.80$8.12$1.67$6.68$6.67$0.01
2015Detailed filing. Detailed filing data is available for this year.$10.1$8.45$1.65$6.57$6.48$0.09
2014Detailed filing. Detailed filing data is available for this year.$10.4$8.83$1.58$6.20$6.16$0.05
2013Facts available. Structured filing facts are available, but richer extracted sections are limited.$10.8$9.28$1.53$6.54$6.20$0.33
2012Facts available. Structured filing facts are available, but richer extracted sections are limited.$10.8$9.56$1.23$6.13
2011Facts available. Structured filing facts are available, but richer extracted sections are limited.$10.6$9.78$0.81$6.06
2010Facts available. Structured filing facts are available, but richer extracted sections are limited.$10.3$10.1$0.22$6.04
Peer Organizations

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