Civic Intelligence

Ridgewater College Foundation

990 • Fiscal year 2020 • EIN 41-1847315

Jul 01, 2019 to Jun 30, 2020 • Filed on Sep 03, 2020

Organization ProfileWWW.RIDGEWATER.MNSCU.EDU
2101 15th Ave NW PO Box 1097Willmar, MN 56201

(320) 222-6095

Siviq Scores

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

Liabilities / Assets

43rd percentile

0.06x

Higher debt load relative to assets than 43% of similar nonprofits.

2020 filings • 501(c)3 • $1M-$5M nonprofits • Source year 2020

Liabilities / Revenue

46th percentile

0.11x

Higher debt load relative to revenue than 46% of similar nonprofits.

2020 filings • 501(c)3 • $1M-$5M nonprofits • Source year 2020

Net Margin

37th percentile

-0.1%

Higher net margin than 37% of similar nonprofits.

2020 filings • 501(c)3 • $1M-$5M nonprofits • Source year 2020

Top Officer Pay

73rd percentile

$110,939

Higher top officer pay than 73% of similar nonprofits.

Top officer pay equals 7.4% of source-year revenue.

2020 filings • 501(c)3 • $1M-$5M nonprofits • Source year 2020

Asset Growth

35th percentile

0.8%

Faster asset growth than 35% of similar nonprofits.

2020 filings • 501(c)3 • $1M-$5M nonprofits • Annualized from 2019 to 2020

Revenue Growth

75th percentile

20%

Faster revenue growth than 75% of similar nonprofits.

2020 filings • 501(c)3 • $1M-$5M nonprofits • Annualized from 2019 to 2020

Balance Sheet
Liabilities / Assets43rd percentile

Assets

Up

$2,775,136

Up $21,671 (+0.8%) from 2019

Net Assets

Up

$2,607,656

Up $2,862 (+0.1%) from 2019

Liabilities

Up

$167,480

Up $18,809 (+13%) from 2019

Revenue And Expenses
Liabilities / Revenue46th percentileNet Margin37th percentile

Revenue

Up

$1,489,330

Up $252,538 (+20%) from 2019

Expenses

Up

$1,491,078

Up $215,711 (+17%) from 2019

Net Income

Up

-$1,748

Up $36,827 (+95%) from 2019

Historical Trend

Balance Sheet Trend

Asset Growth35th percentile

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

$6.0M$4.0M$2.0M$0Assets 2012: $2,212,202Liabilities 2012: $154,647Net Assets 2012: $2,057,5552012Assets 2013: $2,291,606Liabilities 2013: $157,603Net Assets 2013: $2,134,0032013Assets 2014: $2,696,220Liabilities 2014: $173,873Net Assets 2014: $2,522,3472014Assets 2015: $2,592,854Liabilities 2015: $229,870Net Assets 2015: $2,362,9842015Assets 2016: $2,365,687Liabilities 2016: $214,826Net Assets 2016: $2,150,8612016Assets 2017: $2,635,906Liabilities 2017: $216,473Net Assets 2017: $2,419,4332017Assets 2018: $2,804,091Liabilities 2018: $226,311Net Assets 2018: $2,577,7802018Assets 2019: $2,753,465Liabilities 2019: $148,671Net Assets 2019: $2,604,7942019Assets 2020: $2,775,136Liabilities 2020: $167,480Net Assets 2020: $2,607,6562020Assets 2021: $3,638,599Liabilities 2021: $184,628Net Assets 2021: $3,453,9712021Assets 2022: $2,924,847Liabilities 2022: $209,114Net Assets 2022: $2,715,7332022Assets 2023: $4,096,939Liabilities 2023: $244,488Net Assets 2023: $3,852,4512023Assets 2024: $4,382,479Liabilities 2024: $206,531Net Assets 2024: $4,175,9482024Assets 2025: $4,551,534Liabilities 2025: $208,300Net Assets 2025: $4,343,2342025

Highlighted filing

2020

Assets$2,775,136
Liabilities$167,480
Net Assets$2,607,656
Open 2020 Filing

Operations Trend

Revenue Growth75th percentile

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

$3.0M$2.0M$1.0M$0-$1.0MRevenue 2012: $521,602Expenses 2012: $636,393Net Income 2012: -$114,7912012Revenue 2013: $600,216Expenses 2013: $643,190Net Income 2013: -$42,9742013Revenue 2014: $1,104,837Expenses 2014: $874,812Net Income 2014: $230,0252014Revenue 2015: $1,170,543Expenses 2015: $1,195,378Net Income 2015: -$24,8352015Revenue 2016: $1,134,604Expenses 2016: $1,237,906Net Income 2016: -$103,3022016Revenue 2017: $1,919,507Expenses 2017: $1,784,094Net Income 2017: $135,4132017Revenue 2018: $1,598,248Expenses 2018: $1,548,851Net Income 2018: $49,3972018Revenue 2019: $1,236,792Expenses 2019: $1,275,367Net Income 2019: -$38,5752019Revenue 2020: $1,489,330Expenses 2020: $1,491,078Net Income 2020: -$1,7482020Revenue 2021: $1,607,575Expenses 2021: $1,463,822Net Income 2021: $143,7532021Revenue 2022: $1,475,691Expenses 2022: $1,338,985Net Income 2022: $136,7062022Revenue 2023: $2,719,233Expenses 2023: $1,768,311Net Income 2023: $950,9222023Revenue 2024: $1,859,802Expenses 2024: $1,588,194Net Income 2024: $271,6082024Revenue 2025: $1,380,782Expenses 2025: $1,240,788Net Income 2025: $139,9942025

Highlighted filing

2020

Revenue$1,489,330
Expenses$1,491,078
Net Income-$1,748
Open 2020 Filing
Jump To
Filing Snapshot
Filing Period
Jul 1, 2019 to Jun 30, 2020
Signed
Sep 3, 2020
Return Version
2019v5.0
Gross Receipts
$2,134,890
Mission and Program Overview

Mission

To expand educational opportunities and enhance academic excellence at ridgewater college by providing financial and community support. The foundation accomplishes its mission through its annual and capital fundraising campaigns, which raise funds for scholarships for students, program support for college departments and programs and a state-of-the-art mobile simulation laboratory which will provide health care training throughout the region.

Balance Sheet Detail
LineBeginningEndChange
Assets
Investments in Publicly Traded Securities$2,606,481$2,643,100▲ $36,619
Savings and Temporary Cash Investments$108,187$100,656▼ $7,531
Pledges and Grants Receivable$30,250$22,833▼ $7,417
Total Assets$2,753,465$2,775,136▲ $21,671
Other Assets Total$8,547$8,547→ $0
Liabilities
Accounts Payable and Accrued Expenses$148,671$167,480▲ $18,809
Total Liabilities$148,671$167,480▲ $18,809
Net Assets / Fund Balance
Net Assets With Donor Restrictions$2,491,446$2,528,234▲ $36,788
Net Assets Without Donor Restrictions$113,348$79,422▼ $33,926
Total Net Assets Fund Balance$2,604,794$2,607,656▲ $2,862
Total Liabilities and Net Assets / Fund Balance$2,753,465$2,775,136▲ $21,671

Asset Categories

AssetBook ValueDepreciationBasis
Other Land Buildings-$21,122$21,122

Endowment Activity

PeriodBeginningContrib.Gain/LossOther UsesEnd
2019$2,462,883$809▲ $96,620$67,883$2,421,534
2018$2,384,210$73,520▲ $167,691$68,950$2,462,883
2017$2,242,991$77,845▲ $286,494$76,075$2,384,210
2016$2,076,422$2,778▲ $332,219$34,612$2,242,991
2015$2,342,052$52,866▼ $72,410$97,365$2,076,422
Compensation and Service Providers
Top Officer Pay73rd percentile

Employees

NameTitleFull / Part TimeBaseOtherTotal
Kelly MagnusonFoundation MPT$27,735$83,204$110,939

Board Members and Trustees

NameTitle
Diane KnorrPresident
Cliff CleveringaDirector
Colleen Thompson MichaelsDirector
Dr Steve MulderDirector
Eric LipkeDirector
Erika KellenDirector
Jennifer LownsburyDirector
Joe NelsonDirector
Rob HantgeDirector
Roger GauquieDirector
Shane JohnsonDirector
Mark a OlsonTreasurer
Revenue and Support

Revenue Composition

Contributions and Grants
$1,370,520
Program Service Revenue
$0
Investment Income
$118,777
Other Revenue
$33
All Other Contributions
$1,370,520
Change in Net Assets
$-1,748

Noncash Contribution Practices

Property subject to holding requirements
No
Reviewed unusual noncash gifts
No
Third parties used for noncash contributions
No

Noncash Contributions

Contribution TypeContribution CountReported Amount
Other Non Cash Contri Table101$665,382
Other Non Cash Contri Table1$72,505
Cars and Other Vehicles9$19,849
Other Non Cash Contri Table1$6,500
Other Non Cash Contri Table1$3,500
Total Noncash Contributions113$767,736

Audited Revenue Reconciliation

Revenue per Audited Statements
$1,489,330
Revenue Not Reported on Form 990
$4,610
Total Revenue per Audited Statements
$1,493,940
Total Revenue per Form 990
$1,489,330
Expenses and Functional Allocation

Major Expense Lines

Line ItemAmount
Grants and Similar Amounts Paid$1,238,277
Salaries, Compensation, and Employee Benefits$180,318
Other Expenses$72,483
Total Fundraising Expense$66,788
Professional Fundraising Fees$0

Functional Expense Allocation

Line ItemProgramManagementFundraisingTotal
Grants to Domestic Orgs$1,238,277--$1,238,277
Other Salaries and Wages-$106,562$34,057$140,619
Current Officers, Directors, Trustees, and Key Employees-$20,064$19,635$39,699
Fees for Services Other-$19,465-$19,465
Advertising--$12,039$12,039
Occupancy-$6,500-$6,500
Office Expenses-$4,883-$4,883
Travel-$1,772$306$2,078
Other Expenses-$26,767$751$751
Total Functional Expenses$1,238,277$186,013$66,788$1,491,078

Audited Expense Reconciliation

Line ItemAmount
Expenses per Audited Statements$1,491,078
Total Expenses per Audited Statements$1,491,078
Total Expenses per Form 990$1,491,078
International Activity

Grant and Assistance Recipients

RecipientLocationCategoryPurposeAmount
Ridgewater CollegeWillmar, MN-Scholarships to Stud$553,047
Fundraising, Events, and Gaming
Fundraising activities
No
Gaming activities
No
Professional fundraiser used
No

Fundraising and Gaming Totals

Line ItemAmount
Fundraising Gross Income$1,465
Fundraising Direct Expenses$1,432
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
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
No
Key decisions subject to board approval
No
Management duties delegated
No

Governance Explanations

Form 990, Page 6, Part VI, Line 6

“Organization has a board of directors”

Form 990, Page 6, Part VI, Line 7A

“Board members nominate individuals to fill vacancies on the board and the board votes to approve new members.”

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

“A copy of the 990 is given to the board to read and approve.”

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

“Board members are required to complete a conflict of interest disclosure form annually.”

Form 990, Page 6, Part VI, Line 19

“Public may request to view documents during regular business hours at the foundation's place of business.”

Filing and Contact Details

Filer

Filer Name
Ridgewater College Foundation
EIN
41-1847315
Phone
3202226095
Address
2101 15TH AVE NW PO BOX 1097, WILLMAR, MN 56201

Signing Officer

Name
Diane Knorr
Title
President
Phone
3202226095
Signed
2020-09-03

Organization Details

Principal Officer
Diane Knorr
Legal Domicile
Mn
Voting Board Members
12
Independent Board Members
12
Employees
3

Preparer

Firm
Westberg-eischens Pllp
Address
PO BOX 362, WILLMAR, MN 56201-0362
Preparer
Travis Steffensen CPA
Phone
3202353727
Supplemental Narrative

Additional Explanations

FORM 990 - ORGANIZATION'S MISSION

“To expand educational opportunities and enhance academic excellence at ridgewater college by providing financial and community support. The foundation accomplishes its mission through its annual and capital fundraising campaigns, which raise funds for scholarships for students, program support for college departments and programs and a state-of-the-art mobile simulation laboratory which will provide health care training throughout the region.”

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IRS990ScheduleA/TotalSupportAmt06972887
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IRS990ScheduleD/CYMinus3YrEndwmtFundGrp/OtherExpendituresAmt034612
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IRS990ScheduleD/CYMinus4YrEndwmtFundGrp/OtherExpendituresAmt097365
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Filings

Displayed year

2020 • Form 990Detailed filing. Detailed filing data is available for this year.

Open filing
Assets
$2,775,136
Liabilities
$167,480
Net assets
$2,607,656
Revenue
$1,489,330
Expenses
$1,491,078
Net income
-$1,748
Balance SheetOperations
YearAssetsLiabilitiesNet AssetsRevenueExpensesNet Income
2025Detailed filing. Detailed filing data is available for this year.$4.55$0.21$4.34$1.38$1.24$0.14
2024Detailed filing. Detailed filing data is available for this year.$4.38$0.21$4.18$1.86$1.59$0.27
2023Detailed filing. Detailed filing data is available for this year.$4.10$0.24$3.85$2.72$1.77$0.95
2022Detailed filing. Detailed filing data is available for this year.$2.92$0.21$2.72$1.48$1.34$0.14
2021Facts available. Structured filing facts are available, but richer extracted sections are limited.$3.64$0.18$3.45$1.61$1.46$0.14
2020Detailed filing. Detailed filing data is available for this year.$2.78$0.17$2.61$1.49$1.49$0.00
2019Detailed filing. Detailed filing data is available for this year.$2.75$0.15$2.60$1.24$1.28$0.04
2018Detailed filing. Detailed filing data is available for this year.$2.80$0.23$2.58$1.60$1.55$0.05
2017Detailed filing. Detailed filing data is available for this year.$2.64$0.22$2.42$1.92$1.78$0.14
2016Detailed filing. Detailed filing data is available for this year.$2.37$0.21$2.15$1.13$1.24$0.10
2015Summary only. Only limited summary data is available for this year.$2.59$0.23$2.36$1.17$1.20$0.02
2014Summary only. Only limited summary data is available for this year.$2.70$0.17$2.52$1.10$0.87$0.23
2013Summary only. Only limited summary data is available for this year.$2.29$0.16$2.13$0.60$0.64$0.04
2012Summary only. Only limited summary data is available for this year.$2.21$0.15$2.06$0.52$0.64$0.11