Civic Intelligence

Waseca Area Foundation

990 • Fiscal year 2023 • EIN 84-3923114

Jan 01, 2023 to Dec 31, 2023 • Filed on Nov 15, 2024

Organization ProfileN/A
501 East Elm Ave 126Waseca, MN 56093

(507) 835-5990

Siviq Scores

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

Liabilities / Assets

96th percentile

1.48x

Higher debt load relative to assets than 96% of similar nonprofits.

2023 filings • 501(c)3 • <$500k nonprofits • Source year 2023

Liabilities / Revenue

92nd percentile

0.48x

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

2023 filings • 501(c)3 • <$500k nonprofits • Source year 2023

Net Margin

13th percentile

-36%

Higher net margin than 13% of similar nonprofits.

2023 filings • 501(c)3 • <$500k nonprofits • Source year 2023

Top Officer Pay

89th percentile

$34,004

Higher top officer pay than 89% of similar nonprofits.

Top officer pay equals 7.5% of source-year revenue.

2023 filings • 501(c)3 • <$500k nonprofits • Source year 2023

Asset Growth

9th percentile

-55%

Faster asset growth than 9% of similar nonprofits.

2023 filings • 501(c)3 • <$500k nonprofits • Annualized from 2022 to 2023

Revenue Growth

79th percentile

45%

Faster revenue growth than 79% of similar nonprofits.

2023 filings • 501(c)3 • <$500k nonprofits • Annualized from 2022 to 2023

Balance Sheet
Liabilities / Assets96th percentile

Assets

Down

$147,205

Down $181,292 (-55%) from 2022

Net Assets

Down

-$70,807

Down $165,319 (-175%) from 2022

Liabilities

Down

$218,012

Down $15,973 (-6.8%) from 2022

Revenue And Expenses
Liabilities / Revenue92nd percentileNet Margin13th percentile

Revenue

Up

$453,307

Up $140,235 (+45%) from 2022

Expenses

Up

$618,626

Up $308,266 (+99%) from 2022

Net Income

Down

-$165,319

Down $168,031 (-6196%) from 2022

Historical Trend

Balance Sheet Trend

Asset Growth9th percentile

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

$3.0M$2.0M$1.0M$0-$1.0MAssets 2022: $328,497Liabilities 2022: $233,985Net Assets 2022: $94,5122022Assets 2023: $147,205Liabilities 2023: $218,012Net Assets 2023: -$70,8072023Assets 2024: $2,730,996Liabilities 2024: $350Net Assets 2024: $2,730,6462024

Highlighted filing

2023

Assets$147,205
Liabilities$218,012
Net Assets-$70,807
Open 2023 Filing

Operations Trend

Revenue Growth79th percentile

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

$800K$600K$400K$200K$0-$200KRevenue 2022: $313,072Expenses 2022: $310,360Net Income 2022: $2,7122022Revenue 2023: $453,307Expenses 2023: $618,626Net Income 2023: -$165,3192023Revenue 2024: $449,927Expenses 2024: $348,176Net Income 2024: $101,7512024

Highlighted filing

2023

Revenue$453,307
Expenses$618,626
Net Income-$165,319
Open 2023 Filing
Jump To
Filing Snapshot
Filing Period
Jan 1, 2023 to Dec 31, 2023
Signed
Nov 15, 2024
Return Version
2023v5.1
Gross Receipts
$453,307
Mission and Program Overview

Mission

Our mission is to provide an opportunity for groups or individuals to leave a legacy through contributions which build a permanent community fund committed to meeting the changing needs of the Waseca area.

Balance Sheet Detail
LineBeginningEndChange
Assets
Savings and Temporary Cash Investments$302,173$145,870▼ $156,303
Cash and Non-Interest-Bearing Accounts$26,324$1,335▼ $24,989
Accounts Receivable-$0-
Other Notes and Loans Receivable, Net-$0-
Pledges and Grants Receivable-$0-
Receivable From Disqualified Prsn-$0-
Receivables From Officers Etc-$0-
Investments Other Securities-$0-
Investments Program Related-$0-
Investments in Publicly Traded Securities-$0-
Land, Buildings, and Equipment, Net-$0-
Intangible Assets-$0-
Inventories for Sale or Use-$0-
Prepaid Expenses and Deferred Charges-$0-
Total Assets$328,497$147,205▼ $181,292
Other Assets Total-$0-
Liabilities
Other Liabilities$232,650$216,169▼ $16,481
Accounts Payable and Accrued Expenses$1,335$1,843▲ $508
Total Liabilities$233,985$218,012▼ $15,973
Net Assets / Fund Balance
Net Assets Without Donor Restrictions$94,512$-70,807▼ $165,319
Total Net Assets Fund Balance$94,512$-70,807▼ $165,319
Total Liabilities and Net Assets / Fund Balance$328,497$147,205▼ $181,292
Compensation and Service Providers
Top Officer Pay89th percentile

Employees

NameTitleBaseTotal
Amy PotterExecutive Director$34,004$34,004

Board Members and Trustees

NameTitle
Dave DunnChairman
David OraskovichPast Chair
Katie YoungbergVice Chair
Roy SrpAdjunct
Rosalie GramsJaf Rep
Al KingsleyMember
Ann GaytkoMember
Brad ConnorsMember
Emily KnudsenMember
Eric HudspethMember
John HansonMember
Lauren SwanbergMember
Molly ErdmanMember
Penny VoughtMember
Roger AshlandMember
Tim WenzelMember
Karla ChristophersonNraf Rep
Michelle PriebeSecretary
Peggy HildebrandtTreasurer
Revenue and Support

Revenue Composition

Contributions and Grants
$401,668
Program Service Revenue
$46,238
Investment Income
$5,401
Other Revenue
$0
All Other Contributions
$401,668
Change in Net Assets
$-165,319
Expenses and Functional Allocation

Major Expense Lines

Line ItemAmount
Grants and Similar Amounts Paid$545,133
Salaries, Compensation, and Employee Benefits$39,879
Other Expenses$33,614
Professional Fundraising Fees$0
Total Fundraising Expense$0

Functional Expense Allocation

Line ItemProgramManagementFundraisingTotal
Grants to Domestic Orgs$545,133--$545,133
Current Officers, Directors, Trustees, and Key Employees$32,304$1,700-$34,004
Occupancy$4,115$217-$4,332
Other Salaries and Wages$3,659$193-$3,852
All Other Expenses$2,547$134-$2,681
Insurance$2,434$128-$2,562
Payroll Taxes$1,922$101-$2,023
Fees for Services Legal$1,899$100-$1,999
Advertising$1,373$72-$1,445
Information Technology$1,321$70-$1,391
Other Expenses$1,276$68-$1,276
Office Expenses$917$48-$965
Fees for Services Accounting$907$48-$955
Fees for Services Other$67$3-$70
Total Functional Expenses$615,015$3,611$0$618,626
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
Insider Transactions and Loans

Loans and Receivables

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

Other Reported Liabilities

LiabilityAmount
Waf Family of Funds$216,169
Governance and Compliance

Governance Checklist

Compiled or reviewed by an accountant
No
Annual disclosure for covered persons
Yes
Backup withholding compliance
No
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
Yes
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 B, Line 11B

“Reviewed at a board meeting.”

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

“Reviewed annually per the bylaws and meetings of the Organization.”

Form 990, Part VI, Section B, Line 15B

“Reviewed at executive board meetings.”

Form 990, Part VI, Section C, Line 19

“Reviewed at a board meeting.”

Filing and Contact Details

Filer

Filer Name
Waseca Area Foundation
EIN
84-3923114
Phone
5078355990
Address
501 EAST ELM AVE 126, WASECA, MN 56093

Signing Officer

Name
Dave Dunn
Title
Chairman
Signed
2024-11-15
Discuss with paid preparer
Yes

Organization Details

Principal Officer
Dave Dunn
Formed
2019
Legal Domicile
Mn
Voting Board Members
31
Independent Board Members
30
Employees
2

Preparer

Firm
Michael D Kubat CPA LLC
Address
204 N State St PO Box 481, Waseca, MN 56093
Preparer
Michael D Kubat
Phone
5078331435
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Document Assets

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Filings

Displayed year

2023 • Form 990Detailed filing. Detailed filing data is available for this year.

Open filing
Assets
$147,205
Liabilities
$218,012
Net assets
-$70,807
Revenue
$453,307
Expenses
$618,626
Net income
-$165,319
Balance SheetOperations
YearAssetsLiabilitiesNet AssetsRevenueExpensesNet Income
2024Facts available. Structured filing facts are available, but richer extracted sections are limited.$2.73$0.00$2.73$0.45$0.35$0.10
2023Detailed filing. Detailed filing data is available for this year.$0.15$0.22$0.07$0.45$0.62$0.17
2022Detailed filing. Detailed filing data is available for this year.$0.33$0.23$0.09$0.31$0.31$0.00