Liabilities / Assets
12th percentile
Higher debt load relative to assets than 12% of similar nonprofits.
Siviq Scores
Precomputed percentiles for this filing year versus similar nonprofits in the same peer cohort.
0.02x
Liabilities / Revenue
40th percentile
Higher debt load relative to revenue than 40% of similar nonprofits.
Net Margin
13th percentile
Higher net margin than 13% of similar nonprofits.
Top Officer Pay
33rd percentile
Higher top officer pay than 33% of similar nonprofits.
Top officer pay equals 24.7% of source-year revenue.
Asset Growth
44th percentile
Faster asset growth than 44% of similar nonprofits.
Revenue Growth
1st percentile
Faster revenue growth than 1% of similar nonprofits.
Balance Sheet
Assets
Up$9,494,781
Up $323,197 (+3.5%) from 2012
Net Assets
Up$9,333,056
Up $320,529 (+3.6%) from 2012
Liabilities
Up$161,725
Up $2,668 (+1.7%) from 2012
Revenue And Expenses
Revenue
Down$709,576
Down $6,983,913 (-91%) from 2012
Expenses
Up$783,258
Up $636,253 (+433%) from 2012
Net Income
Down-$73,682
Down $7,620,166 (-101%) from 2012
Historical Trend
Jump To
Filing Snapshot
- Filing Period
- Jan 1, 2013 to Dec 31, 2013
- Signed
- Nov 12, 2014
- Return Version
- 2013v3.0
- Gross Receipts
- $29,969,897
Mission and Program Overview
Mission
To hold and manage investments and other property for the benefit of true friends.
Balance Sheet Detail
| Line | Beginning | End | Change |
|---|---|---|---|
| Assets | |||
| Investments in Publicly Traded Securities | $1,332,639 | $8,111,114 | ▲ $6,778,475 |
| Accounts Receivable | $5,910,604 | - | - |
| Savings and Temporary Cash Investments | $1,686,647 | $817,750 | ▼ $868,897 |
| Investments Program Related | $220,884 | $557,187 | ▲ $336,303 |
| Pledges and Grants Receivable | $20,810 | $8,730 | ▼ $12,080 |
| Total Assets | $9,171,584 | $9,494,781 | ▲ $323,197 |
| Liabilities | |||
| Other Liabilities | $113,227 | $119,612 | ▲ $6,385 |
| Deferred Revenue | $45,830 | $42,113 | ▼ $3,717 |
| Total Liabilities | $159,057 | $161,725 | ▲ $2,668 |
| Net Assets / Fund Balance | |||
| Unrestricted Net Assets | $8,460,117 | $8,759,634 | ▲ $299,517 |
| Permanently Rstr Net Assets | $541,333 | $554,020 | ▲ $12,687 |
| Temporarily Rstr Net Assets | $11,077 | $19,402 | ▲ $8,325 |
| Total Net Assets Fund Balance | $9,012,527 | $9,333,056 | ▲ $320,529 |
| Total Liabilities and Net Assets / Fund Balance | $9,171,584 | $9,494,781 | ▲ $323,197 |
Asset Categories
| Asset | Book Value | Depreciation | Basis |
|---|---|---|---|
| Investment Program Related Org | $557,187 | - | - |
Endowment Activity
| Period | Beginning | Contrib. | Gain/Loss | Other Uses | End |
|---|---|---|---|---|---|
| 2013 | $7,817,884 | $85,437 | ▲ $786,987 | - | $7,938,518 |
| 2012 | $446,606 | $7,346,689 | ▲ $49,572 | - | $7,817,884 |
| 2011 | $468,940 | $12,935 | ▼ $12,327 | - | $446,606 |
| 2010 | $397,602 | $46,284 | ▲ $46,456 | - | $468,940 |
| 2009 | $333,535 | $19,256 | ▲ $64,355 | - | $397,602 |
Compensation and Service Providers
Employees
| Name | Title | Full / Part Time | Base | Other | Total |
|---|---|---|---|---|---|
| Edward Stracke | President, CEO | PT | $35,164 | $3,474 | $38,638 |
Board Members and Trustees
| Name | Title |
|---|---|
| John Kokula | Chair |
| David Jones | Board Member |
| Floyd Adelman | Board Member |
| Greg Wallace | Board Member |
| Jean Grossman | Board Member |
| John Tollefsrud | Board Member |
| Mark Steen | Board Member |
| Rebecca Hafner Fogarty | Board Member |
| Robert Harnett | Treasurer/secretary |
Revenue and Support
Revenue Composition
- Contributions and Grants
- $150,161
- Program Service Revenue
- $18,647
- Investment Income
- $486,238
- Other Revenue
- $54,530
- All Other Contributions
- $150,161
- Change in Net Assets
- $-73,682
Expenses and Functional Allocation
Major Expense Lines
| Line Item | Amount |
|---|---|
| Grants and Similar Amounts Paid | $741,867 |
| Total Fundraising Expense | $40,957 |
| Salaries, Compensation, and Employee Benefits | $38,821 |
| Other Expenses | $2,570 |
| Professional Fundraising Fees | $0 |
Functional Expense Allocation
| Line Item | Program | Management | Fundraising | Total |
|---|---|---|---|---|
| Grants to Domestic Orgs | $741,867 | - | - | $741,867 |
| Current Officers, Directors, Trustees, and Key Employees | - | - | $38,638 | $38,638 |
| Office Expenses | - | $69 | $309 | $378 |
| Fees for Services Other | - | $118 | $200 | $318 |
| Payroll Taxes | - | - | $183 | $183 |
| Occupancy | - | $70 | $81 | $151 |
| Insurance | - | $84 | $38 | $122 |
| Travel | - | $17 | $74 | $91 |
| Advertising | - | - | $39 | $39 |
| Other Expenses | - | $3 | $9 | $12 |
| Total Functional Expenses | $741,867 | $434 | $40,957 | $783,258 |
International Activity
Grant and Assistance Recipients
| Recipient | Location | Category | Purpose | Amount |
|---|---|---|---|---|
| 41-1543013 | - | 501(c)(3) | General/fee Abatement Program | $741,867 |
Fundraising, Events, and Gaming
- Fundraising activities
- No
- Gaming activities
- No
- Professional fundraiser used
- No
Fundraising and Gaming Totals
| Line Item | Amount |
|---|---|
| Professional Fundraising Fees | $0 |
Political and Lobbying Activity
- Political campaign activity
- No
- Lobbying activity
- No
- Subject to proxy tax
- No
Debt and Bond Financing
Other Reported Liabilities
| Liability | Amount |
|---|---|
| Endowment Due to True Friends | $100,000 |
| Due to Ventures Travel | $19,612 |
Governance and Compliance
Governance Checklist
- Compiled or reviewed by an accountant
- No
- Annual disclosure for covered persons
- Yes
- Audit committee
- Yes
- 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
- Yes
- Key decisions subject to board approval
- No
- Management duties delegated
- No
Governance Explanations
Form 990, Part VI, Section B, Line 11
“Prior to the filing of the form 990, a complete draft is reviewed and approved by the friendship foundation board of directors, upon approval the accounting firm prepares and submits the final copy which is signed and filed.”
Form 990, Part VI, Section B, Line 12C
“Each year all board members, including the incumbent president/ceo, sign a "conflict of interest" form identifying any possible conflict of interest that may exist. If a topic is discussed that involves a current board member, the board member and/or the board chair must disclose the conflict and the board member must refrain from participating in the discussion and abstain from voting as reflected in the board minutes. If a conflict of interest arises after a vote, the board would need to revisit the issue.”
Form 990, Part VI, Section B, Line 15A
“Consistent with article ii, section 2.2 of the by-laws of true friends and article iii, section 5 of the by-laws of friendship foundation, the ceo committee will consist of persons who are incumbent joint members of the board of directors of both true friends and friendship foundation, except that the president & ceo of both organizations shall not be a member of the committee. A quorum for any meeting of the committee shall be the majority of members. The committee will elect a chairperson. All performance data required for evalutaion will be completed no later than the end of february. The evaluation, bonus and salary change recommendations, will be completed by the committee by the end of march and implemented in april. The committee will have the authority to complete the process and report to the respective boards as soon as possible. Increases to the compensation will be based on overall performance of both the job description and other predetermined objectives. The pay schedule will be evaluated annually and compared to related external industry data. Any compensation is at the discretion of the ceo committee and the board chairs and can be amended, made temporarily inactive or voided at any time based on financial position of either true friends or friendship foundation. The last time this process was undertaken was may 2013”
Form 990, Part VI, Section C, Line 19
“The articles of incorporation, by-laws and conflict of interest policy are available to the public upon request, but it's not stated publicly. The financial statements are available upon request which is publicly stated in the annual report.”
Filing and Contact Details
Filer
- EIN
- 41-1645512
- Phone
- 9528520101
Signing Officer
- Name
- Edward Stracke
- Title
- Board Member
- Phone
- 9528520101
- Signed
- 2014-11-12
- Discuss with paid preparer
- Yes
Organization Details
- Formed
- 1989
- Legal Domicile
- Mn
- Voting Board Members
- 9
- Independent Board Members
- 9
- Employees
- 0
- Volunteers
- 0
Preparer
- Preparer
- Bruce Thiel
- Phone
- 6123397811
Supplemental Narrative
Additional Explanations
Part XII Line 2C
“The organization did not change its oversight process or selection process during the year for oversight of the audit and selection of an independent accountant.”
Financial Statement Notes
PART X, LINE 2:
“Explanation: the accounting standard on accounting for uncertainty in income taxes addresses the determination of whether tax benefits claimed or expected to be claimed on a tax return should be recorded in the financial statements. Under that guidance, the organization may recognize the tax benefit from an uncertain tax position only if it is more likely than not that the tax position will be sustained on examination by taxing authorities based on the technical merits of the position. Examples of tax positions include the tax-exempt status of the organization and various positions related to the potential sources of unrelated business taxable income (ubit). The tax benefits recognized in the financial statements from such a position are measured based on the largest benefit that has a greater than 50 percent likelihood of being realized upon ultimate settlement. There were no unrecognized tax benefits identified or recorded as liabilities for the years ended december 31, 2013 and 2012. The organization files form 990 in the us federal jurisdication and the state of minnesota. The organization's returns are generally no longer subject to examination by the internal revenue service three years after the date of filing, including extensions.”
From 990, Schedule D, Part V, Line 4
“From 990, schedule d, part v, line 4 the organization has various memorial scholarship funds which provide opportunities through abatement of fees for people with disabilities to enjoy outdoor recreational leisure activities through camps operated by true friends. The organization also has general endowments which help support organization programs.”
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| IRS990/Desc | 0 | THIS FOUNDATION IS ORGANIZED EXCLUSIVELY FOR THE BENEFIT OFTRUE FRIENDS, A MINNESOTA CORPORATION, AND TO THESE ENDSTO TAKE HOLD BY BEQUEST, DEVISE, GIFT, GRANT, PURCHASE, LEASE OROTHERWISE ANY PROPERTY, REAL OR PERSONAL, TANGIBLE OR INTANGIBLEAND TO SELL, CONVEY OR OTHERWISE DISPOSE OF SUCH PROPERTY ANDINVEST, REINVEST OR DEAL WITH SUCH PROPERTY IN A MANNER WHICHPROMOTES THE PURPOSES HEREIN MENTIONED. |
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| IRS990/OperateHospitalInd | 0 | 0 |
| IRS990/Organization501c3Ind | 0 | X |
| IRS990/OrganizationFollowsSFAS117Ind | 0 | X |
| IRS990/OtherChangesInNetAssetsAmt | 0 | 0 |
| IRS990/OtherExpensesGrp/Desc | 0 | CONTRACT SERVICES |
| IRS990/OtherExpensesGrp/Desc | 1 | BAD DEBTS |
| IRS990/OtherExpensesGrp/Desc | 2 | DUES AND SUBSCRIPTIONS |
| IRS990/OtherExpensesGrp/Desc | 3 | STAFF DEV/RECOGNITION |
| IRS990/OtherExpensesGrp/FundraisingAmt | 0 | 1298 |
| IRS990/OtherExpensesGrp/FundraisingAmt | 1 | 78 |
| IRS990/OtherExpensesGrp/FundraisingAmt | 2 | 10 |
| IRS990/OtherExpensesGrp/FundraisingAmt | 3 | 9 |
| IRS990/OtherExpensesGrp/ManagementAndGeneralAmt | 0 | 65 |
| IRS990/OtherExpensesGrp/ManagementAndGeneralAmt | 1 | 8 |
| IRS990/OtherExpensesGrp/ManagementAndGeneralAmt | 2 | 3 |
| IRS990/OtherExpensesGrp/TotalAmt | 0 | 1363 |
| IRS990/OtherExpensesGrp/TotalAmt | 1 | 78 |
| IRS990/OtherExpensesGrp/TotalAmt | 2 | 18 |
| IRS990/OtherExpensesGrp/TotalAmt | 3 | 12 |
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| IRS990/OtherLiabilitiesGrp/EOYAmt | 0 | 119612 |
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| IRS990/OtherRevenueMiscGrp/TotalRevenueColumnAmt | 0 | 54530 |
| IRS990/OtherRevenueTotalAmt | 0 | 54530 |
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| IRS990/PayPremiumsPrsnlBnftCntrctInd | 0 | 0 |
| IRS990/PayrollTaxesGrp/FundraisingAmt | 0 | 183 |
| IRS990/PayrollTaxesGrp/TotalAmt | 0 | 183 |
| IRS990/PermanentlyRstrNetAssetsGrp/BOYAmt | 0 | 541333 |
| IRS990/PermanentlyRstrNetAssetsGrp/EOYAmt | 0 | 554020 |
| IRS990/PledgesAndGrantsReceivableGrp/BOYAmt | 0 | 20810 |
| IRS990/PledgesAndGrantsReceivableGrp/EOYAmt | 0 | 8730 |
| IRS990/PoliticalCampaignActyInd | 0 | 0 |
| IRS990/ProfessionalFundraisingInd | 0 | 0 |
| IRS990/ProgramServiceRevenueGrp/BusinessCd | 0 | 900099 |
| IRS990/ProgramServiceRevenueGrp/Desc | 0 | PRGM RELATED INT INC. |
| IRS990/ProgramServiceRevenueGrp/RelatedOrExemptFuncIncomeAmt | 0 | 18647 |
| IRS990/ProgramServiceRevenueGrp/TotalRevenueColumnAmt | 0 | 18647 |
| IRS990/ProhibitedTaxShelterTransInd | 0 | 0 |
| IRS990/PYBenefitsPaidToMembersAmt | 0 | 0 |
| IRS990/PYContributionsGrantsAmt | 0 | 7572135 |
| IRS990/PYExcessBenefitTransInd | 0 | 0 |
| IRS990/PYGrantsAndSimilarPaidAmt | 0 | 110204 |
| IRS990/PYInvestmentIncomeAmt | 0 | 51766 |
| IRS990/PYOtherExpensesAmt | 0 | 8398 |
| IRS990/PYOtherRevenueAmt | 0 | 57414 |
| IRS990/PYProgramServiceRevenueAmt | 0 | 12174 |
| IRS990/PYRevenuesLessExpensesAmt | 0 | 7546484 |
| IRS990/PYSalariesCompEmpBnftPaidAmt | 0 | 28403 |
| IRS990/PYTotalExpensesAmt | 0 | 147005 |
| IRS990/PYTotalProfFndrsngExpnsAmt | 0 | 0 |
| IRS990/PYTotalRevenueAmt | 0 | 7693489 |
| IRS990/QuidProQuoContributionsInd | 0 | 0 |
| IRS990/RcvFndsToPayPrsnlBnftCntrctInd | 0 | 0 |
| IRS990/ReconcilationRevenueExpnssAmt | 0 | -73682 |
| IRS990/RegularMonitoringEnfrcInd | 0 | 1 |
| IRS990/RelatedEntityInd | 0 | 1 |
| IRS990/RelatedOrganizationCtrlEntInd | 0 | 0 |
| IRS990/ReportInvestmentsOtherSecInd | 0 | 0 |
| IRS990/ReportLandBuildingEquipmentInd | 0 | 0 |
| IRS990/ReportOtherAssetsInd | 0 | 0 |
| IRS990/ReportOtherLiabilitiesInd | 0 | 1 |
| IRS990/ReportProgramRelatedInvstInd | 0 | 1 |
| IRS990/RevenueAmt | 0 | 18647 |
| IRS990/SavingsAndTempCashInvstGrp/BOYAmt | 0 | 1686647 |
| IRS990/SavingsAndTempCashInvstGrp/EOYAmt | 0 | 817750 |
| IRS990ScheduleA/CertificationInd | 0 | X |
| IRS990ScheduleA/Contribution35ControlledInd | 0 | 0 |
| IRS990ScheduleA/ContributionControllerInd | 0 | 0 |
| IRS990ScheduleA/ContributionFamilyInd | 0 | 0 |
| IRS990ScheduleA/SupportedOrganizationsTotalCnt | 0 | 1 |
| IRS990ScheduleA/SupportedOrgInformationGrp/EIN | 0 | 411543013 |
| IRS990ScheduleA/SupportedOrgInformationGrp/GoverningDocumentListedInd | 0 | 1 |
| IRS990ScheduleA/SupportedOrgInformationGrp/OrganizationTypeDesc | 0 | 7 |
| IRS990ScheduleA/SupportedOrgInformationGrp/SupportAmt | 0 | 741867 |
| IRS990ScheduleA/SupportedOrgInformationGrp/SupportedOrganizationName/BusinessNameLine1 | 0 | TRUE FRIENDS |
| IRS990ScheduleA/SupportedOrgInformationGrp/SupportedOrgNotifiedInd | 0 | 1 |
| IRS990ScheduleA/SupportedOrgInformationGrp/USOrganizedInd | 0 | 1 |
| IRS990ScheduleA/SupportingOrganization509a3Ind | 0 | X |
| IRS990ScheduleA/SupportingOrgType1Ind | 0 | X |
| IRS990ScheduleA/SupportSumAmt | 0 | 741867 |
| IRS990ScheduleB/ContributorInformationGrp/ContributorBusinessName/BusinessNameLine1 | 0 | RESTRICTED |
| IRS990ScheduleB/ContributorInformationGrp/ContributorNum | 0 | RESTRICTED |
| IRS990ScheduleB/ContributorInformationGrp/ContributorUSAddress/AddressLine1 | 0 | RESTRICTED |
| IRS990ScheduleB/ContributorInformationGrp/ContributorUSAddress/AddressLine2 | 0 | RESTRICTED |
| IRS990ScheduleB/ContributorInformationGrp/ContributorUSAddress/City | 0 | RESTRICTED |
| IRS990ScheduleB/ContributorInformationGrp/ContributorUSAddress/State | 0 | RESTRICTED |
| IRS990ScheduleB/ContributorInformationGrp/ContributorUSAddress/ZIPCode | 0 | RESTRICTED |
| IRS990ScheduleB/ContributorInformationGrp/TotalContributionsAmt | 0 | RESTRICTED |
| IRS990/ScheduleBRequiredInd | 0 | 1 |
| IRS990ScheduleD/BoardDesignatedBalanceEOYPct | 0 | 0.92790 |
| IRS990ScheduleD/CYEndwmtFundGrp/BeginningYearBalanceAmt | 0 | 7817884 |
| IRS990ScheduleD/CYEndwmtFundGrp/ContributionsAmt | 0 | 85437 |
| IRS990ScheduleD/CYEndwmtFundGrp/EndYearBalanceAmt | 0 | 7938518 |
| IRS990ScheduleD/CYEndwmtFundGrp/GrantsOrScholarshipsAmt | 0 | 751790 |
| IRS990ScheduleD/CYEndwmtFundGrp/InvestmentEarningsOrLossesAmt | 0 | 786987 |
| IRS990ScheduleD/CYMinus1YrEndwmtFundGrp/BeginningYearBalanceAmt | 0 | 446606 |
| IRS990ScheduleD/CYMinus1YrEndwmtFundGrp/ContributionsAmt | 0 | 7346689 |
| IRS990ScheduleD/CYMinus1YrEndwmtFundGrp/EndYearBalanceAmt | 0 | 7817884 |
| IRS990ScheduleD/CYMinus1YrEndwmtFundGrp/GrantsOrScholarshipsAmt | 0 | 24983 |
| IRS990ScheduleD/CYMinus1YrEndwmtFundGrp/InvestmentEarningsOrLossesAmt | 0 | 49572 |
| IRS990ScheduleD/CYMinus2YrEndwmtFundGrp/BeginningYearBalanceAmt | 0 | 468940 |
| IRS990ScheduleD/CYMinus2YrEndwmtFundGrp/ContributionsAmt | 0 | 12935 |
| IRS990ScheduleD/CYMinus2YrEndwmtFundGrp/EndYearBalanceAmt | 0 | 446606 |
| IRS990ScheduleD/CYMinus2YrEndwmtFundGrp/GrantsOrScholarshipsAmt | 0 | 22942 |
| IRS990ScheduleD/CYMinus2YrEndwmtFundGrp/InvestmentEarningsOrLossesAmt | 0 | -12327 |
| IRS990ScheduleD/CYMinus3YrEndwmtFundGrp/BeginningYearBalanceAmt | 0 | 397602 |
| IRS990ScheduleD/CYMinus3YrEndwmtFundGrp/ContributionsAmt | 0 | 46284 |
| IRS990ScheduleD/CYMinus3YrEndwmtFundGrp/EndYearBalanceAmt | 0 | 468940 |
| IRS990ScheduleD/CYMinus3YrEndwmtFundGrp/GrantsOrScholarshipsAmt | 0 | 21402 |
| IRS990ScheduleD/CYMinus3YrEndwmtFundGrp/InvestmentEarningsOrLossesAmt | 0 | 46456 |
| IRS990ScheduleD/CYMinus4YrEndwmtFundGrp/BeginningYearBalanceAmt | 0 | 333535 |
| IRS990ScheduleD/CYMinus4YrEndwmtFundGrp/ContributionsAmt | 0 | 19256 |
| IRS990ScheduleD/CYMinus4YrEndwmtFundGrp/EndYearBalanceAmt | 0 | 397602 |
| IRS990ScheduleD/CYMinus4YrEndwmtFundGrp/GrantsOrScholarshipsAmt | 0 | 19544 |
| IRS990ScheduleD/CYMinus4YrEndwmtFundGrp/InvestmentEarningsOrLossesAmt | 0 | 64355 |
| IRS990ScheduleD/EndowmentsHeldRelatedOrgInd | 0 | 0 |
| IRS990ScheduleD/EndowmentsHeldUnrelatedOrgInd | 0 | 0 |
| IRS990ScheduleD/FootnoteTextInd | 0 | X |
| IRS990ScheduleD/InvstProgramRelatedOrgGrp/BookValueAmt | 0 | 557187 |
| IRS990ScheduleD/InvstProgramRelatedOrgGrp/Desc | 0 | LOAN REC-TRUE FRIENDS |
| IRS990ScheduleD/InvstProgramRelatedOrgGrp/MethodValuationCd | 0 | C |
| IRS990ScheduleD/OtherLiabilitiesOrgGrp/Amt | 0 | 100000 |
| IRS990ScheduleD/OtherLiabilitiesOrgGrp/Amt | 1 | 19612 |
| IRS990ScheduleD/OtherLiabilitiesOrgGrp/Desc | 0 | ENDOWMENT DUE TO TRUE FRIENDS |
| IRS990ScheduleD/OtherLiabilitiesOrgGrp/Desc | 1 | DUE TO VENTURES TRAVEL |
| IRS990ScheduleD/PrmnntEndowmentBalanceEOYPct | 0 | 0.06970 |
| IRS990ScheduleD/SupplementalInformationDetail/ExplanationTxt | 0 | EXPLANATION: THE ACCOUNTING STANDARD ON ACCOUNTING FOR UNCERTAINTY IN INCOME TAXES ADDRESSES THE DETERMINATION OF WHETHER TAX BENEFITS CLAIMED OR EXPECTED TO BE CLAIMED ON A TAX RETURN SHOULD BE RECORDED IN THE FINANCIAL STATEMENTS. UNDER THAT GUIDANCE, THE ORGANIZATION MAY RECOGNIZE THE TAX BENEFIT FROM AN UNCERTAIN TAX POSITION ONLY IF IT IS MORE LIKELY THAN NOT THAT THE TAX POSITION WILL BE SUSTAINED ON EXAMINATION BY TAXING AUTHORITIES BASED ON THE TECHNICAL MERITS OF THE POSITION. EXAMPLES OF TAX POSITIONS INCLUDE THE TAX-EXEMPT STATUS OF THE ORGANIZATION AND VARIOUS POSITIONS RELATED TO THE POTENTIAL SOURCES OF UNRELATED BUSINESS TAXABLE INCOME (UBIT). THE TAX BENEFITS RECOGNIZED IN THE FINANCIAL STATEMENTS FROM SUCH A POSITION ARE MEASURED BASED ON THE LARGEST BENEFIT THAT HAS A GREATER THAN 50 PERCENT LIKELIHOOD OF BEING REALIZED UPON ULTIMATE SETTLEMENT. THERE WERE NO UNRECOGNIZED TAX BENEFITS IDENTIFIED OR RECORDED AS LIABILITIES FOR THE YEARS ENDED DECEMBER 31, 2013 AND 2012. THE ORGANIZATION FILES FORM 990 IN THE US FEDERAL JURISDICATION AND THE STATE OF MINNESOTA. THE ORGANIZATION'S RETURNS ARE GENERALLY NO LONGER SUBJECT TO EXAMINATION BY THE INTERNAL REVENUE SERVICE THREE YEARS AFTER THE DATE OF FILING, INCLUDING EXTENSIONS. |
| IRS990ScheduleD/SupplementalInformationDetail/ExplanationTxt | 1 | FROM 990, SCHEDULE D, PART V, LINE 4 THE ORGANIZATION HAS VARIOUS MEMORIAL SCHOLARSHIP FUNDS WHICH PROVIDE OPPORTUNITIES THROUGH ABATEMENT OF FEES FOR PEOPLE WITH DISABILITIES TO ENJOY OUTDOOR RECREATIONAL LEISURE ACTIVITIES THROUGH CAMPS OPERATED BY TRUE FRIENDS. THE ORGANIZATION ALSO HAS GENERAL ENDOWMENTS WHICH HELP SUPPORT ORGANIZATION PROGRAMS. |
| IRS990ScheduleD/SupplementalInformationDetail/FormAndLineReferenceDesc | 0 | PART X, LINE 2: |
| IRS990ScheduleD/SupplementalInformationDetail/FormAndLineReferenceDesc | 1 | FROM 990, SCHEDULE D, PART V, LINE 4 |
| IRS990ScheduleD/TermEndowmentBalanceEOYPct | 0 | 0.00240 |
| IRS990ScheduleD/TotalBookValueLandBuildingsAmt | 0 | 0 |
| IRS990ScheduleD/TotalBookValueProgramRltdAmt | 0 | 557187 |
| IRS990ScheduleD/TotalLiabilityAmt | 0 | 119612 |
| IRS990ScheduleI/GrantRecordsMaintainedInd | 0 | 0 |
| IRS990ScheduleI/RecipientTable/CashGrantAmt | 0 | 741867 |
| IRS990ScheduleI/RecipientTable/IRCSectionDesc | 0 | 501(C)(3) |
| IRS990ScheduleI/RecipientTable/PurposeOfGrantTxt | 0 | GENERAL/FEE ABATEMENT PROGRAM |
| IRS990ScheduleI/RecipientTable/RecipientBusinessName/BusinessNameLine1 | 0 | TRUE FRIENDS |
| IRS990ScheduleI/RecipientTable/RecipientEIN | 0 | 411543013 |
| IRS990ScheduleI/RecipientTable/USAddress/AddressLine1 | 0 | 10509 108TH STREET NW |
| IRS990ScheduleI/RecipientTable/USAddress/City | 0 | ANNANDALE |
| IRS990ScheduleI/RecipientTable/USAddress/State | 0 | MN |
| IRS990ScheduleI/RecipientTable/USAddress/ZIPCode | 0 | 55302 |
| IRS990ScheduleI/SupplementalInformationDetail/ExplanationTxt | 0 | FRIENDSHIP FOUNDATION IS A 509(A)(3) SUPPORTING ORGANIZATION OF TRUE FRIENDS, A 501(C)(3) PUBLIC CHARITABLE ORGANIZATION. FRIENDSHIP FOUNDATION IS ORGANIZED EXCLUSIVELY FOR THE BENEFIT OF TRUE FRIENDS AND MANAGES INVESTMENTS FOR THEM. THE TWO ORGANIZATIONS ARE UNDER COMMON MANAGEMENT. |
| IRS990ScheduleI/SupplementalInformationDetail/FormAndLineReferenceDesc | 0 | SCHEDULE 1, PART 1, LINE 2: FRIENDSHIP FOUNDATION |
| IRS990ScheduleI/Total501c3OrgCnt | 0 | 1 |
| IRS990ScheduleI/TotalOtherOrgCnt | 0 | 0 |
| IRS990ScheduleJ/AnyNonFixedPaymentsInd | 0 | 0 |
| IRS990ScheduleJ/BoardOrCommitteeApprovalInd | 0 | X |
| IRS990ScheduleJ/CompBasedOnRevenueOfFlngOrgInd | 0 | 0 |
| IRS990ScheduleJ/CompBsdNetEarnsFlngOrgInd | 0 | 0 |
| IRS990ScheduleJ/CompBsdNetEarnsRltdOrgsInd | 0 | 0 |
| IRS990ScheduleJ/CompBsdOnRevRelatedOrgsInd | 0 | 0 |
| IRS990ScheduleJ/CompensationCommitteeInd | 0 | X |
| IRS990ScheduleJ/CompensationSurveyInd | 0 | X |
| IRS990ScheduleJ/EquityBasedCompArrngmInd | 0 | 0 |
| IRS990ScheduleJ/InitialContractExceptionInd | 0 | 0 |
| IRS990/ScheduleJRequiredInd | 0 | 1 |
| IRS990ScheduleJ/RltdOrgOfficerTrstKeyEmplGrp/BaseCompensationFilingOrgAmt | 0 | 35164 |
| IRS990ScheduleJ/RltdOrgOfficerTrstKeyEmplGrp/BonusFilingOrganizationAmount | 0 | 0 |
| IRS990ScheduleJ/RltdOrgOfficerTrstKeyEmplGrp/BonusRelatedOrganizationsAmt | 0 | 23845 |
| IRS990ScheduleJ/RltdOrgOfficerTrstKeyEmplGrp/CompensationBasedOnRltdOrgsAmt | 0 | 98810 |
| IRS990ScheduleJ/RltdOrgOfficerTrstKeyEmplGrp/CompReportPrior990FilingOrgAmt | 0 | 0 |
| IRS990ScheduleJ/RltdOrgOfficerTrstKeyEmplGrp/CompReportPrior990RltdOrgsAmt | 0 | 0 |
| IRS990ScheduleJ/RltdOrgOfficerTrstKeyEmplGrp/DeferredCompensationFlngOrgAmt | 0 | 1055 |
| IRS990ScheduleJ/RltdOrgOfficerTrstKeyEmplGrp/DeferredCompRltdOrgsAmt | 0 | 3680 |
| IRS990ScheduleJ/RltdOrgOfficerTrstKeyEmplGrp/NontaxableBenefitsFilingOrgAmt | 0 | 2419 |
| IRS990ScheduleJ/RltdOrgOfficerTrstKeyEmplGrp/NontaxableBenefitsRltdOrgsAmt | 0 | 10217 |
| IRS990ScheduleJ/RltdOrgOfficerTrstKeyEmplGrp/OtherCompensationFilingOrgAmt | 0 | 0 |
| IRS990ScheduleJ/RltdOrgOfficerTrstKeyEmplGrp/OtherCompensationRltdOrgsAmt | 0 | 0 |
| IRS990ScheduleJ/RltdOrgOfficerTrstKeyEmplGrp/PersonNm | 0 | EDWARD STRACKE |
| IRS990ScheduleJ/RltdOrgOfficerTrstKeyEmplGrp/TitleTxt | 0 | PRESIDENT, CEO |
| IRS990ScheduleJ/RltdOrgOfficerTrstKeyEmplGrp/TotalCompensationFilingOrgAmt | 0 | 38638 |
| IRS990ScheduleJ/RltdOrgOfficerTrstKeyEmplGrp/TotalCompensationRltdOrgsAmt | 0 | 136552 |
| IRS990ScheduleJ/SeverancePaymentInd | 0 | 0 |
| IRS990ScheduleJ/SupplementalNonqualRtrPlanInd | 0 | 0 |
| IRS990/ScheduleORequiredInd | 0 | 1 |
| IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt | 0 | PRIOR TO THE FILING OF THE FORM 990, A COMPLETE DRAFT IS REVIEWED AND APPROVED BY THE FRIENDSHIP FOUNDATION BOARD OF DIRECTORS, UPON APPROVAL THE ACCOUNTING FIRM PREPARES AND SUBMITS THE FINAL COPY WHICH IS SIGNED AND FILED. |
| IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt | 1 | EACH YEAR ALL BOARD MEMBERS, INCLUDING THE INCUMBENT PRESIDENT/CEO, SIGN A "CONFLICT OF INTEREST" FORM IDENTIFYING ANY POSSIBLE CONFLICT OF INTEREST THAT MAY EXIST. IF A TOPIC IS DISCUSSED THAT INVOLVES A CURRENT BOARD MEMBER, THE BOARD MEMBER AND/OR THE BOARD CHAIR MUST DISCLOSE THE CONFLICT AND THE BOARD MEMBER MUST REFRAIN FROM PARTICIPATING IN THE DISCUSSION AND ABSTAIN FROM VOTING AS REFLECTED IN THE BOARD MINUTES. IF A CONFLICT OF INTEREST ARISES AFTER A VOTE, THE BOARD WOULD NEED TO REVISIT THE ISSUE. |
| IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt | 2 | CONSISTENT WITH ARTICLE II, SECTION 2.2 OF THE BY-LAWS OF TRUE FRIENDS AND ARTICLE III, SECTION 5 OF THE BY-LAWS OF FRIENDSHIP FOUNDATION, THE CEO COMMITTEE WILL CONSIST OF PERSONS WHO ARE INCUMBENT JOINT MEMBERS OF THE BOARD OF DIRECTORS OF BOTH TRUE FRIENDS AND FRIENDSHIP FOUNDATION, EXCEPT THAT THE PRESIDENT & CEO OF BOTH ORGANIZATIONS SHALL NOT BE A MEMBER OF THE COMMITTEE. A QUORUM FOR ANY MEETING OF THE COMMITTEE SHALL BE THE MAJORITY OF MEMBERS. THE COMMITTEE WILL ELECT A CHAIRPERSON. ALL PERFORMANCE DATA REQUIRED FOR EVALUTAION WILL BE COMPLETED NO LATER THAN THE END OF FEBRUARY. THE EVALUATION, BONUS AND SALARY CHANGE RECOMMENDATIONS, WILL BE COMPLETED BY THE COMMITTEE BY THE END OF MARCH AND IMPLEMENTED IN APRIL. THE COMMITTEE WILL HAVE THE AUTHORITY TO COMPLETE THE PROCESS AND REPORT TO THE RESPECTIVE BOARDS AS SOON AS POSSIBLE. INCREASES TO THE COMPENSATION WILL BE BASED ON OVERALL PERFORMANCE OF BOTH THE JOB DESCRIPTION AND OTHER PREDETERMINED OBJECTIVES. THE PAY SCHEDULE WILL BE EVALUATED ANNUALLY AND COMPARED TO RELATED EXTERNAL INDUSTRY DATA. ANY COMPENSATION IS AT THE DISCRETION OF THE CEO COMMITTEE AND THE BOARD CHAIRS AND CAN BE AMENDED, MADE TEMPORARILY INACTIVE OR VOIDED AT ANY TIME BASED ON FINANCIAL POSITION OF EITHER TRUE FRIENDS OR FRIENDSHIP FOUNDATION. THE LAST TIME THIS PROCESS WAS UNDERTAKEN WAS MAY 2013 |
| IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt | 3 | THE ARTICLES OF INCORPORATION, BY-LAWS AND CONFLICT OF INTEREST POLICY ARE AVAILABLE TO THE PUBLIC UPON REQUEST, BUT IT'S NOT STATED PUBLICLY. THE FINANCIAL STATEMENTS ARE AVAILABLE UPON REQUEST WHICH IS PUBLICLY STATED IN THE ANNUAL REPORT. |
| IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt | 4 | THE ORGANIZATION DID NOT CHANGE ITS OVERSIGHT PROCESS OR SELECTION PROCESS DURING THE YEAR FOR OVERSIGHT OF THE AUDIT AND SELECTION OF AN INDEPENDENT ACCOUNTANT. |
| IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc | 0 | FORM 990, PART VI, SECTION B, LINE 11 |
| IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc | 1 | FORM 990, PART VI, SECTION B, LINE 12C |
| IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc | 2 | FORM 990, PART VI, SECTION B, LINE 15A |
| IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc | 3 | FORM 990, PART VI, SECTION C, LINE 19 |
| IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc | 4 | PART XII LINE 2C |
| IRS990ScheduleR/AssetExchangeInd | 0 | 0 |
| IRS990ScheduleR/AssetPurchaseFromOtherOrgInd | 0 | 0 |
Document Assets
No mirrored PDF or thumbnail assets are attached yet.
Filings
Displayed year
2013 • Form 990Detailed filing. Detailed filing data is available for this year.
- Assets
- $9,494,781
- Liabilities
- $161,725
- Net assets
- $9,333,056
- Revenue
- $709,576
- Expenses
- $783,258
- Net income
- -$73,682