Civic Intelligence

Greater Mankato Growth Inc Foundation

EIN 47-2790832 • 501(c)3 • Mankato, MN

Profile

The organization provides support for various charitable causes within the greater community of mankato, minnesota in order to contribute to the growth, betterment and vitality of the community.

3 Civic Center Plaza Suite 100Mankato, MN 56001

n/A

Siviq Scores

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

Liabilities / Assets

92nd percentile

0.87x

Higher debt load relative to assets than 92% of similar nonprofits.

501(c)3 • $500k-$1M nonprofits • Source year 2024

Liabilities / Revenue

99th percentile

9.09x

Higher debt load relative to revenue than 99% of similar nonprofits.

501(c)3 • $500k-$1M nonprofits • Source year 2024

Net Margin

40th percentile

0.0%

Higher net margin than 40% of similar nonprofits.

501(c)3 • $500k-$1M nonprofits • Source year 2024

Top Officer Pay

75th percentile

$0

Higher top officer pay than 75% of similar nonprofits.

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

501(c)3 • $500k-$1M nonprofits • Source year 2022

Asset Growth

8th percentile

-32%

Faster asset growth than 8% of similar nonprofits.

501(c)3 • $500k-$1M nonprofits • Annualized from 2023 to 2024

Revenue Growth

41st percentile

2.0%

Faster revenue growth than 41% of similar nonprofits.

501(c)3 • $500k-$1M nonprofits • Annualized from 2023 to 2024

Assets

Down

$748,110

Down $345,741 (-32%) from 2023

Liabilities

Down

$650,587

Down $339,676 (-34%) from 2023

Net Assets

Down

$97,523

Down $6,065 (-5.9%) from 2023

Revenue

Up

$71,557

Up $1,420 (+2.0%) from 2023

Expenses

Down

$71,557

Down $8,508 (-11%) from 2023

Net Income

Up

$0

Up $9,928 (+100%) from 2023

Trend Graphs

Balance Sheet Trend

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

$1.5M$1.0M$500K$0Assets 2014: $1Liabilities 2014: $02014Assets 2015: $9,981Liabilities 2015: $0Net Assets 2015: $9,9812015Assets 2016: $65Liabilities 2016: $0Net Assets 2016: $652016Assets 2017: $8,065Liabilities 2017: $8,000Net Assets 2017: $652017Assets 2018: $70,738Net Assets 2018: $70,7382018Assets 2019: $170,420Liabilities 2019: $5,731Net Assets 2019: $164,6892019Assets 2020: $119,753Net Assets 2020: $119,7532020Assets 2021: $152,030Liabilities 2021: $28,500Net Assets 2021: $123,5302021Assets 2022: $127,740Liabilities 2022: $20,613Net Assets 2022: $107,1272022Assets 2023: $1,093,851Liabilities 2023: $990,263Net Assets 2023: $103,5882023Assets 2024: $748,110Liabilities 2024: $650,587Net Assets 2024: $97,5232024

Highlighted filing

2024

Assets$748,110
Liabilities$650,587
Net Assets$97,523

Operations Trend

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

$150K$100K$50K$0-$50KRevenue 2014: $0Expenses 2014: $0Net Income 2014: $02014Revenue 2015: $10,000Expenses 2015: $19Net Income 2015: $9,9812015Revenue 2016: $88,577Expenses 2016: $98,493Net Income 2016: -$9,9162016Revenue 2017: $14,400Expenses 2017: $14,400Net Income 2017: $02017Revenue 2018: $64,541Expenses 2018: $16,000Net Income 2018: $48,5412018Revenue 2019: $129,578Expenses 2019: $35,627Net Income 2019: $93,9512019Revenue 2020: $29,500Expenses 2020: $29,381Net Income 2020: $1192020Revenue 2021: $26,199Expenses 2021: $46,674Net Income 2021: -$20,4752021Revenue 2022: $94,550Expenses 2022: $124,442Net Income 2022: -$29,8922022Revenue 2023: $70,137Expenses 2023: $80,065Net Income 2023: -$9,9282023Revenue 2024: $71,557Expenses 2024: $71,557Net Income 2024: $02024

Highlighted filing

2024

Revenue$71,557
Expenses$71,557
Net Income$0

Filings

Latest Filing Detail
Jump To
Filing Snapshot
Filing Period
Jan 1, 2024 to Dec 31, 2024
Signed
Aug 13, 2025
Return Version
2024v5.0
Gross Receipts
$71,557
Mission and Program Overview

Mission

The organization provides support for various charitable causes within the greater community of mankato, minnesota in order to contribute to the growth, betterment, and vitality of the community.

SEE PART III, LINE 1

Balance Sheet Detail
LineBeginningEndChange
Assets
Savings and Temporary Cash Investments$801,035$406,716▼ $394,319
Cash and Non-Interest-Bearing Accounts$189,325$243,968▲ $54,643
Total Assets$1,093,851$748,110▼ $345,741
Other Assets Total$103,491$97,426▼ $6,065
Liabilities
Other Liabilities$990,263$650,587▼ $339,676
Total Liabilities$990,263$650,587▼ $339,676
Net Assets / Fund Balance
Net Assets Without Donor Restrictions$101,195$75,506▼ $25,689
Net Assets With Donor Restrictions$2,393$22,017▲ $19,624
Total Net Assets Fund Balance$103,588$97,523▼ $6,065
Total Liabilities and Net Assets / Fund Balance$1,093,851$748,110▼ $345,741

Asset Categories

AssetBook ValueDepreciationBasis
Other Assets Org$97,426--
Compensation and Service Providers

Board Members and Trustees

NameTitle
David KrauseChair
Charlie WhitakerPast Chair
David KimVice Chair
Della SchmidtBoard Member
Dr James Hebl MdBoard Member
Liz UlmanBoard Member
Samantha BoeckBoard Member
Wesley OttoBoard Member
Ben EllingsonTreasurer/se
Revenue and Support

Revenue Composition

Contributions and Grants
$19,000
Program Service Revenue
$46,875
Investment Income
$5,682
Other Revenue
$0
All Other Contributions
$19,000
Change in Net Assets
$0

Audited Revenue Reconciliation

Revenue per Audited Statements
$71,557
Total Revenue per Audited Statements
$71,557
Total Revenue per Form 990
$71,557
Expenses and Functional Allocation

Major Expense Lines

Line ItemAmount
Grants and Similar Amounts Paid$65,875
Other Expenses$5,682
Professional Fundraising Fees$0
Salaries, Compensation, and Employee Benefits$0
Total Fundraising Expense$0

Functional Expense Allocation

Line ItemProgramManagementFundraisingTotal
Grants to Domestic Orgs$65,875--$65,875
Other Expenses$3,769$887-$4,656
Fees for Services Other$830$196-$1,026
Total Functional Expenses$70,474$1,083$0$71,557

Audited Expense Reconciliation

Line ItemAmount
Total Expenses per Audited Statements$77,622
Expenses per Audited Statements$71,557
Total Expenses per Form 990$71,557
Expenses Not Reported on Form 990$6,065
International Activity

Grant and Assistance Recipients

RecipientLocationCategoryPurposeAmount
Cityart LLCMankato, MN3Financial Assistance$46,875
Prairie Lakes Regional Arts CouncilWaseca, MN3Financial Assistance$9,000
City Center Partnership LLCMankato, MN6Financial Assistance$7,500
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

Other Reported Liabilities

LiabilityAmount
Agency Obligation$645,931
Due to Related Party$4,656
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
No
Management duties delegated
No

Governance Explanations

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

The finance and benefits manager and vice president review the 990. Then provide to board to accepts on a consent agenda.

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

A conflict-of-interest disclosure statement is completed by all board members and executive officers of greater mankato growth foundation. This policy pertains to directors and officers who can influence the actions of greater mankato growth foundation. Disclosure of potential conflict should be made to the chief executive officer (or if the ceo has the conflict, then to the board chair), who shall bring the matter to the attention of the board or a duly constituted committee thereof. Disclosure involving directors should be made to the board chair (or if the board chair has a conflict, then to the board vice-chair) who shall bring these matters to the board or a duly constituted committee thereof. The board or a duly constituted committee thereof shall determine whether a conflict exists and in the case of an existing conflict, whether the contemplated transaction may be authorized as just, fair and reasonable to greater mankato growth foundation. The decision of the board or a duly constituted committee thereof on these matters will rest in their sole discretion and their concern must be the welfare of greater mankato growth foundation and the advancement of its purpose. Transactions with parties with whom a conflicting interest exists may be undertaken only if all of the following are observed: 1.the conflicting interest is fully disclosed; 2.the person with the conflict of interest is excluded from the discussion and approval of such transaction; 3.a competitive bid or comparable valuation exists and; 4.the board or a duly constituted committee thereof has determined that the transaction is in the best interest of the organization. It is the continuing responsibility of the board, officers, and management employees to scrutinize their transactions and outside business interests and relationships for potential conflicts and to immediately make such disclosures.

Form 990, Page 6, Part VI, Line 19

The organization's governing documents are available upon request; however, no request was made in the current year.

Filing and Contact Details

Filer

Filer Name
Greater Mankato Growth Inc
EIN
47-2790832
Phone
5073856645
Address
3 CIVIC CENTER PLAZA SUITE 100, MANKATO, MN 56001

Signing Officer

Name
David Krause
Title
Chair
Phone
5073856640
Signed
2025-08-13
Discuss with paid preparer
Yes

Organization Details

Principal Officer
David Krause
Formed
2015
Legal Domicile
Mn
Voting Board Members
9
Independent Board Members
9
Employees
0
Volunteers
9

Preparer

Firm
Burkhardt & Burkhardt Ltd
Address
430 S BROAD ST STE 100, MANKATO, MN 56001
Preparer
Jeffrey Burkhardt
Phone
5073871338
Supplemental Narrative

Additional Explanations

Form 990, Part XI, Line 9

Unrealized earnings from affiliate -6,065

Financial Statement Notes

Schedule D, Page 3, Part X

Greater mankato growth inc foundation (gmgif) is organized as a minnesota nonprofit corporation and is recognized by the internal revenue service (irs) as exempt from income taxes under section 501(c)(3) of the internal revenue code. In addition, gmgif has been determined by the internal revenue service not to be a private foundation within the meaning of section 509(a) of the internal revenue code and qualifies for the charitable contribution deduction under section 170(b)(i)(a)(vi). Gmgif is annually required to file a return of organization exempt from income tax (form 990) with the irs. In addition, gmgif is subject to income tax on net income that is derived from business activities unrelated to its exempt purposes. Management has determined that gmgif is not subjected to unrelated business income tax and has not filed an exempt organization business income return (form 990-t) with the irs. The organization's policy is to recognize interest expense and penalties related to income tax matters within its provision for income taxes. Management of the organization believes there is 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.

Schedule D, Page 4, Part XII, Line 2D

Unrealized earnings from affiliate 6,065

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IRS990ScheduleD/SupplementalInformationDetail/ExplanationTxt0GREATER MANKATO GROWTH INC FOUNDATION (GMGIF) IS ORGANIZED AS A MINNESOTA NONPROFIT CORPORATION AND IS RECOGNIZED BY THE INTERNAL REVENUE SERVICE (IRS) AS EXEMPT FROM INCOME TAXES UNDER SECTION 501(C)(3) OF THE INTERNAL REVENUE CODE. IN ADDITION, GMGIF HAS BEEN DETERMINED BY THE INTERNAL REVENUE SERVICE NOT TO BE A PRIVATE FOUNDATION WITHIN THE MEANING OF SECTION 509(A) OF THE INTERNAL REVENUE CODE AND QUALIFIES FOR THE CHARITABLE CONTRIBUTION DEDUCTION UNDER SECTION 170(B)(I)(A)(VI). GMGIF IS ANNUALLY REQUIRED TO FILE A RETURN OF ORGANIZATION EXEMPT FROM INCOME TAX (FORM 990) WITH THE IRS. IN ADDITION, GMGIF IS SUBJECT TO INCOME TAX ON NET INCOME THAT IS DERIVED FROM BUSINESS ACTIVITIES UNRELATED TO ITS EXEMPT PURPOSES. MANAGEMENT HAS DETERMINED THAT GMGIF IS NOT SUBJECTED TO UNRELATED BUSINESS INCOME TAX AND HAS NOT FILED AN EXEMPT ORGANIZATION BUSINESS INCOME RETURN (FORM 990-T) WITH THE IRS. THE ORGANIZATION'S POLICY IS TO RECOGNIZE INTEREST EXPENSE AND PENALTIES RELATED TO INCOME TAX MATTERS WITHIN ITS PROVISION FOR INCOME TAXES. MANAGEMENT OF THE ORGANIZATION BELIEVES THERE IS 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.
IRS990ScheduleD/SupplementalInformationDetail/ExplanationTxt1UNREALIZED EARNINGS FROM AFFILIATE 6,065
IRS990ScheduleD/SupplementalInformationDetail/FormAndLineReferenceDesc0SCHEDULE D, PAGE 3, PART X
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IRS990ScheduleI/RecipientTable/PurposeOfGrantTxt2FINANCIAL ASSISTANCE
IRS990ScheduleI/RecipientTable/RecipientBusinessName/BusinessNameLine1Txt0PRAIRIE LAKES REGIONAL ARTS COUNCIL
IRS990ScheduleI/RecipientTable/RecipientBusinessName/BusinessNameLine1Txt1CITY CENTER PARTNERSHIP LLC
IRS990ScheduleI/RecipientTable/RecipientBusinessName/BusinessNameLine1Txt2CITYART LLC
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IRS990ScheduleI/SupplementalInformationDetail/ExplanationTxt0THE ORGANIZATION RECEIVES CONFIRMATION FROM GRANTEES THAT THE GRANTS WERE USED FOR THE DEFINED PURPOSE.
IRS990ScheduleI/SupplementalInformationDetail/FormAndLineReferenceDesc0SCHEDULE I, PAGE 4, PART IV
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IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt0THE FINANCE AND BENEFITS MANAGER AND VICE PRESIDENT REVIEW THE 990. THEN PROVIDE TO BOARD TO ACCEPTS ON A CONSENT AGENDA.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt1A CONFLICT-OF-INTEREST DISCLOSURE STATEMENT IS COMPLETED BY ALL BOARD MEMBERS AND EXECUTIVE OFFICERS OF GREATER MANKATO GROWTH FOUNDATION. THIS POLICY PERTAINS TO DIRECTORS AND OFFICERS WHO CAN INFLUENCE THE ACTIONS OF GREATER MANKATO GROWTH FOUNDATION. DISCLOSURE OF POTENTIAL CONFLICT SHOULD BE MADE TO THE CHIEF EXECUTIVE OFFICER (OR IF THE CEO HAS THE CONFLICT, THEN TO THE BOARD CHAIR), WHO SHALL BRING THE MATTER TO THE ATTENTION OF THE BOARD OR A DULY CONSTITUTED COMMITTEE THEREOF. DISCLOSURE INVOLVING DIRECTORS SHOULD BE MADE TO THE BOARD CHAIR (OR IF THE BOARD CHAIR HAS A CONFLICT, THEN TO THE BOARD VICE-CHAIR) WHO SHALL BRING THESE MATTERS TO THE BOARD OR A DULY CONSTITUTED COMMITTEE THEREOF. THE BOARD OR A DULY CONSTITUTED COMMITTEE THEREOF SHALL DETERMINE WHETHER A CONFLICT EXISTS AND IN THE CASE OF AN EXISTING CONFLICT, WHETHER THE CONTEMPLATED TRANSACTION MAY BE AUTHORIZED AS JUST, FAIR AND REASONABLE TO GREATER MANKATO GROWTH FOUNDATION. THE DECISION OF THE BOARD OR A DULY CONSTITUTED COMMITTEE THEREOF ON THESE MATTERS WILL REST IN THEIR SOLE DISCRETION AND THEIR CONCERN MUST BE THE WELFARE OF GREATER MANKATO GROWTH FOUNDATION AND THE ADVANCEMENT OF ITS PURPOSE. TRANSACTIONS WITH PARTIES WITH WHOM A CONFLICTING INTEREST EXISTS MAY BE UNDERTAKEN ONLY IF ALL OF THE FOLLOWING ARE OBSERVED: 1.THE CONFLICTING INTEREST IS FULLY DISCLOSED; 2.THE PERSON WITH THE CONFLICT OF INTEREST IS EXCLUDED FROM THE DISCUSSION AND APPROVAL OF SUCH TRANSACTION; 3.A COMPETITIVE BID OR COMPARABLE VALUATION EXISTS AND; 4.THE BOARD OR A DULY CONSTITUTED COMMITTEE THEREOF HAS DETERMINED THAT THE TRANSACTION IS IN THE BEST INTEREST OF THE ORGANIZATION. IT IS THE CONTINUING RESPONSIBILITY OF THE BOARD, OFFICERS, AND MANAGEMENT EMPLOYEES TO SCRUTINIZE THEIR TRANSACTIONS AND OUTSIDE BUSINESS INTERESTS AND RELATIONSHIPS FOR POTENTIAL CONFLICTS AND TO IMMEDIATELY MAKE SUCH DISCLOSURES.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt2THE ORGANIZATION'S GOVERNING DOCUMENTS ARE AVAILABLE UPON REQUEST; HOWEVER, NO REQUEST WAS MADE IN THE CURRENT YEAR.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt3UNREALIZED EARNINGS FROM AFFILIATE -6,065
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc0FORM 990, PAGE 6, PART VI, LINE 11B
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc1FORM 990, PAGE 6, PART VI, LINE 12C
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc2FORM 990, PAGE 6, PART VI, LINE 19
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc3FORM 990, PART XI, LINE 9
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