Civic Intelligence

Grand Itasca Foundation

990 • Fiscal year 2021 • EIN 41-1560554

Jan 01, 2021 to Dec 31, 2021 • Filed on Nov 07, 2022

Organization Profilewww.granditasca.org/Foundation
1601 Golf Course RoadGrand Rapids, MN 55744

(218) 999-1702

Siviq Scores

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

Liabilities / Assets

63rd percentile

0.15x

Higher debt load relative to assets than 63% of similar nonprofits.

2021 filings • 501(c)3 • $1M-$5M nonprofits • Source year 2021

Liabilities / Revenue

79th percentile

0.49x

Higher debt load relative to revenue than 79% of similar nonprofits.

2021 filings • 501(c)3 • $1M-$5M nonprofits • Source year 2021

Net Margin

95th percentile

78%

Higher net margin than 95% of similar nonprofits.

2021 filings • 501(c)3 • $1M-$5M nonprofits • Source year 2021

Top Officer Pay

100th percentile

$2,775,098

Higher top officer pay than 100% of similar nonprofits.

Top officer pay equals 518.4% of source-year revenue.

2021 filings • 501(c)3 • $1M-$5M nonprofits • Source year 2021

Asset Growth

79th percentile

33%

Faster asset growth than 79% of similar nonprofits.

2021 filings • 501(c)3 • $1M-$5M nonprofits • Annualized from 2020 to 2021

Revenue Growth

48th percentile

11%

Faster revenue growth than 48% of similar nonprofits.

2021 filings • 501(c)3 • $1M-$5M nonprofits • Annualized from 2020 to 2021

Balance Sheet
Liabilities / Assets63rd percentile

Assets

Up

$1,726,764

Up $423,836 (+33%) from 2020

Net Assets

Up

$1,464,307

Up $423,382 (+41%) from 2020

Liabilities

Up

$262,457

Up $454 (+0.2%) from 2020

Revenue And Expenses
Liabilities / Revenue79th percentileNet Margin95th percentile

Revenue

Up

$535,306

Up $52,487 (+11%) from 2020

Expenses

Down

$117,663

Down $400,846 (-77%) from 2020

Net Income

Up

$417,643

Up $453,333 (+1270%) from 2020

Historical Trend

Balance Sheet Trend

Asset Growth79th percentile

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

$3.0M$2.0M$1.0M$0Assets 2010: $1,067,109Liabilities 2010: $0Net Assets 2010: $1,067,1092010Assets 2011: $533,103Liabilities 2011: $0Net Assets 2011: $533,1032011Assets 2012: $507,896Liabilities 2012: $11,054Net Assets 2012: $496,8422012Assets 2013: $549,057Liabilities 2013: $12,993Net Assets 2013: $536,0642013Assets 2014: $487,762Liabilities 2014: $23,813Net Assets 2014: $463,9492014Assets 2015: $478,599Liabilities 2015: $21,988Net Assets 2015: $456,6112015Assets 2016: $943,038Liabilities 2016: $22,164Net Assets 2016: $920,8742016Assets 2017: $2,330,351Liabilities 2017: $140,370Net Assets 2017: $2,189,9812017Assets 2018: $1,433,229Liabilities 2018: $557,700Net Assets 2018: $875,5292018Assets 2019: $1,086,497Liabilities 2019: $133,507Net Assets 2019: $952,9902019Assets 2020: $1,302,928Liabilities 2020: $262,003Net Assets 2020: $1,040,9252020Assets 2021: $1,726,764Liabilities 2021: $262,457Net Assets 2021: $1,464,3072021Assets 2022: $1,724,500Liabilities 2022: $262,140Net Assets 2022: $1,462,3602022Assets 2023: $1,750,233Liabilities 2023: $262,166Net Assets 2023: $1,488,0672023Assets 2024: $1,433,236Liabilities 2024: $272,436Net Assets 2024: $1,160,8002024

Highlighted filing

2021

Assets$1,726,764
Liabilities$262,457
Net Assets$1,464,307
Open 2021 Filing

Operations Trend

Revenue Growth48th percentile

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

$2.0M$1.0M$0-$1.0M-$2.0MExpenses 2010: $54,3382010Expenses 2011: $46,2422011Revenue 2012: $76,298Expenses 2012: $37,095Net Income 2012: $39,2032012Revenue 2013: $99,197Expenses 2013: $54,629Net Income 2013: $44,5682013Revenue 2014: $118,324Expenses 2014: $95,288Net Income 2014: $23,0362014Revenue 2015: $139,197Expenses 2015: $106,724Net Income 2015: $32,4732015Revenue 2016: $698,719Expenses 2016: $222,766Net Income 2016: $475,9532016Revenue 2017: $1,433,621Expenses 2017: $153,806Net Income 2017: $1,279,8152017Revenue 2018: $417,122Expenses 2018: $1,446,786Net Income 2018: -$1,029,6642018Revenue 2019: $735,415Expenses 2019: $657,954Net Income 2019: $77,4612019Revenue 2020: $482,819Expenses 2020: $518,509Net Income 2020: -$35,6902020Revenue 2021: $535,306Expenses 2021: $117,663Net Income 2021: $417,6432021Revenue 2022: $237,361Expenses 2022: $234,208Net Income 2022: $3,1532022Revenue 2023: $229,153Expenses 2023: $203,446Net Income 2023: $25,7072023Revenue 2024: $272,620Expenses 2024: $347,207Net Income 2024: -$74,5872024

Highlighted filing

2021

Revenue$535,306
Expenses$117,663
Net Income$417,643
Open 2021 Filing
Jump To
Filing Snapshot
Filing Period
Jan 1, 2021 to Dec 31, 2021
Signed
Nov 7, 2022
Return Version
2021v4.2
Gross Receipts
$563,647
Mission and Program Overview

Mission

To benefit grand itasca clinic and hospital

To build philanthropic partnerships to support the mission of Grand Itasca Clinic and Hospital.

Balance Sheet Detail
LineBeginningEndChange
Assets
Cash and Non-Interest-Bearing Accounts$1,069,416$1,440,678▲ $371,262
Savings and Temporary Cash Investments$231,649--
Pledges and Grants Receivable$1,863$2,205▲ $342
Receivable From Disqualified Prsn$0$0→ $0
Receivables From Officers Etc$0$0→ $0
Investments Other Securities$0--
Investments Program Related$0--
Land, Buildings, and Equipment, Net$0$0→ $0
Loans From Officers Directors$0$0→ $0
Total Assets$1,302,928$1,726,764▲ $423,836
Other Assets Total$0$283,881▲ $283,881
Liabilities
Other Liabilities$261,770$261,886▲ $116
Accounts Payable and Accrued Expenses$233$571▲ $338
Total Liabilities$262,003$262,457▲ $454
Net Assets / Fund Balance
Net Assets With Donor Restrictions$1,159,296$1,617,265▲ $457,969
Net Assets Without Donor Restrictions$-118,371$-152,958▼ $34,587
Total Net Assets Fund Balance$1,040,925$1,464,307▲ $423,382
Total Liabilities and Net Assets / Fund Balance$1,302,928$1,726,764▲ $423,836

Asset Categories

AssetBook ValueDepreciationBasis
Other Assets Org$283,881--
Compensation and Service Providers
Top Officer Pay100th percentile

Employees

NameTitleFull / Part TimeOtherTotal
-Foundation DirectorFT$145,265$145,265

Board Members and Trustees

NameTitle
-Chair
-President & CEO
-Vice Chair
-Director
-Director, end 12-31-2021
-Director, new 1-1-2021
-Officer
-Secretary
Revenue and Support

Revenue Composition

Contributions and Grants
$426,358
Program Service Revenue
$0
Investment Income
$1,693
Other Revenue
$107,255
All Other Contributions
$172,269
Change in Net Assets
$417,643
Expenses and Functional Allocation

Major Expense Lines

Line ItemAmount
Grants and Similar Amounts Paid$105,678
Other Expenses$11,985
Professional Fundraising Fees$0
Salaries, Compensation, and Employee Benefits$0
Total Fundraising Expense$0

Functional Expense Allocation

Line ItemProgramManagementFundraisingTotal
Grants to Domestic Orgs$77,678--$77,678
Grants to Domestic Individuals$28,000--$28,000
Fees for Services Other$8,314$0$0$8,314
Office Expenses$3,671--$3,671
Total Functional Expenses$117,663$0$0$117,663
International Activity

Grant and Assistance Recipients

RecipientLocationCategoryPurposeAmount
Grand Itasca Clinic and HospitalGrand Rapids, MN501c(3)To support the program services of the hospital$77,678
Fundraising, Events, and Gaming
Fundraising activities
Yes
Gaming activities
No
Professional fundraiser used
No

Fundraising and Gaming Totals

Line ItemAmount
Fundraising Gross Income$135,596
Fundraising Direct Expenses$28,341
Professional Fundraising Fees$0

Fundraising Events

EventGross ReceiptsGross RevenueDirect ExpensesNet Income
Caring Fore Kids Golf Tournament$139,685$135,596$13,568$122,028
Event 2-$0-$0
Total Events$139,685$135,596$28,341$107,255
Political and Lobbying Activity
Political campaign activity
No
Lobbying activity
No
Insider Transactions and Loans

Loans and Receivables

Line ItemBeginningEndChange
Loans from Officers, Directors, Trustees, and Key Employees$0$0→ $0
Receivables from Disqualified Persons$0$0→ $0
Receivables from Officers, Directors, Trustees, and Key Employees$0$0→ $0
Debt and Bond Financing

Other Reported Liabilities

LiabilityAmount
Intercompany Payable$261,886
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
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
Yes
Key decisions subject to board approval
Yes
Management duties delegated
No

Governance Explanations

Form 990, Part VI, Line 6 Classes of members or stockholders

“Grand Itasca Clinic & Hospital, a Minnesota nonprofit corporation, is the sole member of Grand Itasca Foundation.”

Form 990, Part VI, Line 7A Members or stockholders electing members of governing body

“Grand Itasca Clinic & Hospital, as the only voting member of Grand Itasca Foundation, has the authority to elect and remove the directors of Grand Itasca Foundation with or without cause, at any time.”

Form 990, Part VI, Line 7B Decisions requiring approval by members or stockholders

“Various powers, as stated in Section 4.4 of Grand Itasca Foundation's bylaws, are reserved for Grand Itasca Clinic & Hospital, the one voting member of Grand Itasca Foundation”

Form 990, Part VI, Line 11B Review of form 990 by governing body

“Form 990 is reviewed by the Board of Directors and the Foundation director prior to filing with the IRS.”

Form 990, Part VI, Line 12C Conflict of interest policy

“Conflict of Interest policies are reviewed annually. Conflict of Interest forms are signed annually by all board members.”

Form 990, Part VI, Line 19 Required documents available to the public

“Financial statements, conflict of interest policy and governing documents are available upon request for the same period of disclosure as set forth in Section 6104(D).”

Filing and Contact Details

Filer

Filer Name
Grand Itasca Foundation
EIN
41-1560554
Address
1601 Golf Course Road, Grand Rapids, MN 55744

Signing Officer

Name
Jean MacDonell
Title
President & CEO
Signed
2022-11-07

Organization Details

Formed
1986
Legal Domicile
Mn
Voting Board Members
15
Independent Board Members
11
Employees
0
Volunteers
0
Supplemental Narrative

Financial Statement Notes

Schedule D, Part X, Line 2 FIN 48 (ASC 740) footnote

“Grand Itasca Foundation as part of Fairview recognizes all tax positions, including those positions in a previously filed tax return or a position expected to be taken in a future tax filing that is reflected in measuring current or deferred income tax assets and liabilities, when it is more likely than not (likelihood of greater than 50%) that, based on technical merits, the position will be sustained upon examination. There are $14,540 and $0 uncertain tax positions recorded on the consolidated balance sheets as of December 31, 2021 and 2020, respectively. Fairview has made reasonable estimates of the provision for income taxes and on existing deferred tax balances based on accounting guidance included in ASC 740, Income Taxes. Fairview does not expect that there will be a significant change in the total amount of unrecognized tax benefits within the next 12 months.”

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IRS990/Form990PartVIISectionAGrp/TitleTxt3Director
IRS990/Form990PartVIISectionAGrp/TitleTxt4Director
IRS990/Form990PartVIISectionAGrp/TitleTxt5Chair
IRS990/Form990PartVIISectionAGrp/TitleTxt6Director
IRS990/Form990PartVIISectionAGrp/TitleTxt7Director
IRS990/Form990PartVIISectionAGrp/TitleTxt8Director
IRS990/Form990PartVIISectionAGrp/TitleTxt9Director, end 12-31-2021
IRS990/Form990PartVIISectionAGrp/TitleTxt10Director
IRS990/Form990PartVIISectionAGrp/TitleTxt11Director
IRS990/Form990PartVIISectionAGrp/TitleTxt12Director
IRS990/Form990PartVIISectionAGrp/TitleTxt13Director, new 1-1-2021
IRS990/Form990PartVIISectionAGrp/TitleTxt14Director
IRS990/Form990PartVIISectionAGrp/TitleTxt15Foundation Director
IRS990/Form990PartVIISectionAGrp/TitleTxt16Officer
IRS990/Form990PartVIISectionAGrp/TitleTxt17President & CEO
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IRS990/PrincipalOfcrBusinessName/BusinessNameLine1Txt0Jean MacDonell
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IRS990ScheduleA/SupportedOrgInformationGrp/SupportedOrganizationName/BusinessNameLine1Txt0Grand Itasca Clinic and Hospital
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IRS990ScheduleD/OtherLiabilitiesOrgGrp/Desc0Intercompany Payable
IRS990ScheduleD/SupplementalInformationDetail/ExplanationTxt0Grand Itasca Foundation as part of Fairview recognizes all tax positions, including those positions in a previously filed tax return or a position expected to be taken in a future tax filing that is reflected in measuring current or deferred income tax assets and liabilities, when it is more likely than not (likelihood of greater than 50%) that, based on technical merits, the position will be sustained upon examination. There are $14,540 and $0 uncertain tax positions recorded on the consolidated balance sheets as of December 31, 2021 and 2020, respectively. Fairview has made reasonable estimates of the provision for income taxes and on existing deferred tax balances based on accounting guidance included in ASC 740, Income Taxes. Fairview does not expect that there will be a significant change in the total amount of unrecognized tax benefits within the next 12 months.
IRS990ScheduleD/SupplementalInformationDetail/FormAndLineReferenceDesc0Schedule D, Part X, Line 2 FIN 48 (ASC 740) footnote
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IRS990ScheduleD/TotalLiabilityAmt0261886
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IRS990ScheduleG/FundraisingEventInformationGrp/CashPrizesTotalEventsAmt03500
IRS990ScheduleG/FundraisingEventInformationGrp/CharitableContributionsTotAmt04089
IRS990ScheduleG/FundraisingEventInformationGrp/CharitableContriEvent1Amt04089
IRS990ScheduleG/FundraisingEventInformationGrp/DirectExpenseSummaryEventsAmt028341
IRS990ScheduleG/FundraisingEventInformationGrp/Event1Nm0Caring Fore Kids Golf Tournament
IRS990ScheduleG/FundraisingEventInformationGrp/FoodAndBeverageEvent1Amt06272
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IRS990ScheduleG/FundraisingEventInformationGrp/GrossReceiptsEvent1Amt0139685
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IRS990ScheduleG/FundraisingEventInformationGrp/GrossRevenueOtherEventsAmt00
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IRS990ScheduleG/FundraisingEventInformationGrp/NetIncomeSummaryAmt0107255
IRS990ScheduleG/FundraisingEventInformationGrp/NonCashPrizesEvent1Amt05001
IRS990ScheduleG/FundraisingEventInformationGrp/NonCashPrizesTotalEventsAmt05001
IRS990ScheduleG/FundraisingEventInformationGrp/OthDirectExpnssTotalEventsAmt013568

Document Assets

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Filings

Displayed year

2021 • Form 990Detailed filing. Detailed filing data is available for this year.

Open filing
Assets
$1,726,764
Liabilities
$262,457
Net assets
$1,464,307
Revenue
$535,306
Expenses
$117,663
Net income
$417,643
Balance SheetOperations
YearAssetsLiabilitiesNet AssetsRevenueExpensesNet Income
2024Detailed filing. Detailed filing data is available for this year.$1.43$0.27$1.16$0.27$0.35$0.07
2023Detailed filing. Detailed filing data is available for this year.$1.75$0.26$1.49$0.23$0.20$0.03
2022Detailed filing. Detailed filing data is available for this year.$1.72$0.26$1.46$0.24$0.23$0.00
2021Detailed filing. Detailed filing data is available for this year.$1.73$0.26$1.46$0.54$0.12$0.42
2020Detailed filing. Detailed filing data is available for this year.$1.30$0.26$1.04$0.48$0.52$0.04
2019Detailed filing. Detailed filing data is available for this year.$1.09$0.13$0.95$0.74$0.66$0.08
2018Detailed filing. Detailed filing data is available for this year.$1.43$0.56$0.88$0.42$1.45$1.03
2017Detailed filing. Detailed filing data is available for this year.$2.33$0.14$2.19$1.43$0.15$1.28
2016Detailed filing. Detailed filing data is available for this year.$0.94$0.02$0.92$0.70$0.22$0.48
2015Detailed filing. Detailed filing data is available for this year.$0.48$0.02$0.46$0.14$0.11$0.03
2014Detailed filing. Detailed filing data is available for this year.$0.49$0.02$0.46$0.12$0.10$0.02
2013Detailed filing. Detailed filing data is available for this year.$0.55$0.01$0.54$0.10$0.05$0.04
2012Summary only. Only limited summary data is available for this year.$0.51$0.01$0.50$0.08$0.04$0.04
2011Facts available. Structured filing facts are available, but richer extracted sections are limited.$0.53$0.00$0.53$0.05
2010Facts available. Structured filing facts are available, but richer extracted sections are limited.$1.07$0.00$1.07$0.05