Civic Intelligence

Howard Rasmussen Charitable Trust Dated January 1 2023

990 • Fiscal year 2023 • EIN 93-4718893

Jan 01, 2023 to Dec 31, 2023 • Filed on Sep 30, 2024

Organization Profile
8 West Main StMadelia, MN 56062

(507) 642-2800

Siviq Scores

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

Liabilities / Assets

82nd percentile

0.00x

Tied with the lowest-debt nonprofits in its peer group.

2023 filings • NTEE T22 • $1M-$5M nonprofits • Source year 2023

Liabilities / Revenue

77th percentile

0.00x

Tied with the lowest-debt nonprofits in its peer group.

2023 filings • NTEE T22 • $1M-$5M nonprofits • Source year 2023

Net Margin

77th percentile

61%

Higher net margin than 77% of similar nonprofits.

2023 filings • NTEE T22 • $1M-$5M nonprofits • Source year 2023

Top Officer Pay

82nd percentile

$2,500

Higher top officer pay than 82% of similar nonprofits.

Top officer pay equals 2.9% of source-year revenue.

2023 filings • NTEE T22 • $1M-$5M nonprofits • Source year 2023

Asset Growth

Score unavailable

No value available

No earlier valid filing was available within the previous three public years.

Source year 2023

Revenue Growth

Score unavailable

No value available

No earlier valid filing was available within the previous three public years.

Source year 2023

Balance Sheet
Liabilities / Assets82nd percentile

Assets

$3,710,651

No earlier filing loaded for comparison.

Net Assets

$3,710,651

No earlier filing loaded for comparison.

Liabilities

$0

No earlier filing loaded for comparison.

Revenue And Expenses
Liabilities / Revenue77th percentileNet Margin77th percentile

Revenue

$87,177

No earlier filing loaded for comparison.

Expenses

$34,285

No earlier filing loaded for comparison.

Net Income

$52,892

No earlier filing loaded for comparison.

Historical Trend

Balance Sheet Trend

Asset GrowthScore unavailable

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

$4.0M$3.0M$2.0M$1.0M$0Assets 2023: $3,710,651Liabilities 2023: $0Net Assets 2023: $3,710,6512023Assets 2024: $3,665,352Liabilities 2024: $0Net Assets 2024: $3,665,3522024

Highlighted filing

2023

Assets$3,710,651
Liabilities$0
Net Assets$3,710,651
Open 2023 Filing

Operations Trend

Revenue GrowthScore unavailable

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

$200K$100K$0-$100KRevenue 2023: $87,177Expenses 2023: $34,285Net Income 2023: $52,8922023Revenue 2024: $141,242Expenses 2024: $186,544Net Income 2024: -$45,3022024

Highlighted filing

2023

Revenue$87,177
Expenses$34,285
Net Income$52,892
Open 2023 Filing
Jump To
Filing Snapshot
Filing Period
Jan 1, 2023 to Dec 31, 2023
Signed
Sep 30, 2024
Return Version
2023v5.0
Gross Receipts
$103,272
Mission and Program Overview

Mission

The trust was created and it is intended that it will be operated exclusively for the charitable purposes as set forth in the internal revenue code. The trust shall make grants, or otherwise accomplish its charitable purposes, by distributing the net income of the trust property to charitable organizations in the madelia and lake crystal, minnesota geographic area.

Balance Sheet Detail
LineBeginningEndChange
Assets
Cap Stk Tr Prin Current Funds$3,621,403$3,621,403→ $0
Land, Buildings, and Equipment, Net$3,417,620$3,403,367▼ $14,253
Savings and Temporary Cash Investments$148,283$260,784▲ $112,501
Rtn Earn Endowment Incm Other Fnds-$89,248-
Total Assets$3,621,403$3,710,651▲ $89,248
Other Assets Total$55,500$46,500▼ $9,000
Liabilities
Total Liabilities$0$0→ $0
Net Assets / Fund Balance
Total Net Assets Fund Balance$3,621,403$3,710,651▲ $89,248
Total Liabilities and Net Assets / Fund Balance$3,621,403$3,710,651▲ $89,248

Asset Categories

AssetBook ValueDepreciationBasis
Land$3,225,200-$3,225,200
Other Land Buildings$178,167$35,633$213,800
Compensation and Service Providers
Top Officer Pay82nd percentile

Employees

NameTitleBaseTotal
Richard C KelseyTrustee$2,500$2,500
Steven J SorensonTrustee$1,500$1,500
Revenue and Support

Revenue Composition

Contributions and Grants
$0
Program Service Revenue
$0
Investment Income
$-33,024
Other Revenue
$120,201
Change in Net Assets
$52,892
Expenses and Functional Allocation

Major Expense Lines

Line ItemAmount
Other Expenses$30,285
Salaries, Compensation, and Employee Benefits$4,000
Grants and Similar Amounts Paid$0
Professional Fundraising Fees$0
Total Fundraising Expense$0

Functional Expense Allocation

Line ItemProgramManagementFundraisingTotal
Other Expenses-$5,478-$5,478
Fees for Services Other-$4,000-$4,000
Current Officers, Directors, Trustees, and Key Employees-$4,000-$4,000
Total Functional Expenses$0$34,285$0$34,285
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

Interested-Person Transactions

Interested PartyRelationshipDescriptionShared RevenueAmount
-TrusteeTrustee FeesNo$2,500
-LLC MemberAccountng FeesNo$1,840
Governance and Compliance

Governance Checklist

Compiled or reviewed by an accountant
No
Business relationship with 35% controlled entity
Yes
Business relationship with family members
No
Business relationship with organization members
Yes
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
No
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 11B

“No review was or will be conducted.”

Form 990, Page 6, Part VI, Line 19

“UPON REQUEST”

Filing and Contact Details

Filer

Filer Name
Howard Rasmussen Charitable Trust
EIN
93-4718893
Phone
5076422800
Address
8 WEST MAIN ST, MADELIA, MN 56062

Signing Officer

Name
Richard C Kelsey
Title
Trustee
Phone
5076422800
Signed
2024-09-30
Discuss with paid preparer
Yes

Organization Details

Principal Officer
Richard C Kelsey
Formed
2023
Legal Domicile
Mn
Voting Board Members
2
Independent Board Members
2
Employees
0

Preparer

Firm
Kelsey Arndt & Tweit Pllc
Address
8 W MAIN ST, MADELIA, MN 56062
Preparer
Darin H Tweit CPA
Phone
5076422800
Supplemental Narrative

Additional Explanations

FORM 990 - ORGANIZATION'S MISSION

“The trust was created and it is intended that it will be operated exclusively for the charitable purposes as set forth in the internal revenue code. The trust shall make grants, or otherwise accomplish its charitable purposes, by distributing the net income of the trust property to charitable organizations in the madelia and lake crystal, minnesota geographic area.”

Form 990, Part IX, Line 11G

“TRUSTEE FEES 0 4,000 0”

Raw XML Appendix268 raw XML fields

This appendix keeps the raw XML leaves available for debugging and edge-case review. The human report above is the primary experience.

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IRS990/FormationYr02023
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IRS990/GamingActivitiesInd0false
IRS990/GoverningBodyVotingMembersCnt02
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IRS990/GrossAmountSalesAssetsGrp/OtherAmt0-33029
IRS990/GrossReceiptsAmt0103272
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IRS990/IRPDocumentCnt00
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IRS990/LessRentalExpensesGrp/RealAmt016095
IRS990/LoanOutstandingInd0false
IRS990/LobbyingActivitiesInd0false
IRS990/LocalChaptersInd0false
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IRS990/MethodOfAccountingCashInd0X
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IRS990/OperateHospitalInd0false
IRS990/Organization501c3Ind0X
IRS990/OrgDoesNotFollowFASB117Ind0X
IRS990/OtherAssetsTotalGrp/BOYAmt055500
IRS990/OtherAssetsTotalGrp/EOYAmt046500
IRS990/OtherExpensesGrp/Desc0NET OPERATING LOSS C/O
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IRS990/OtherExpensesGrp/ManagementAndGeneralAmt020807
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IRS990/OtherExpensesGrp/TotalAmt15478
IRS990/PartialLiquidationInd0false
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IRS990/PriorPeriodAdjustmentsAmt036356
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IRS990/ProhibitedTaxShelterTransInd0false
IRS990/PYExcessBenefitTransInd0false
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IRS990/RelatedEntityInd0false
IRS990/RelatedOrganizationCtrlEntInd0false
IRS990/RentalIncomeOrLossGrp/RealAmt0120201
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IRS990/ReportLandBuildingEquipmentInd0true
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IRS990/RtnEarnEndowmentIncmOthFndsGrp/EOYAmt089248
IRS990/SavingsAndTempCashInvstGrp/BOYAmt0148283
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IRS990ScheduleA/GrossReceiptsRltdActivitiesAmt0136301
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IRS990ScheduleD/OtherLandBuildingsGrp/BookValueAmt0178167
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IRS990ScheduleD/OtherLandBuildingsGrp/OtherCostOrOtherBasisAmt0213800
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IRS990ScheduleL/BusTrInvolveInterestedPrsnGrp/RelationshipDescriptionTxt0LLC MEMBER
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IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt0THE TRUST WAS CREATED AND IT IS INTENDED THAT IT WILL BE OPERATED EXCLUSIVELY FOR THE CHARITABLE PURPOSES AS SET FORTH IN THE INTERNAL REVENUE CODE. THE TRUST SHALL MAKE GRANTS, OR OTHERWISE ACCOMPLISH ITS CHARITABLE PURPOSES, BY DISTRIBUTING THE NET INCOME OF THE TRUST PROPERTY TO CHARITABLE ORGANIZATIONS IN THE MADELIA AND LAKE CRYSTAL, MINNESOTA GEOGRAPHIC AREA.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt1NO REVIEW WAS OR WILL BE CONDUCTED.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt2UPON REQUEST
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt3TRUSTEE FEES 0 4,000 0
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc0FORM 990 - ORGANIZATION'S MISSION
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc1FORM 990, PAGE 6, PART VI, LINE 11B
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc2FORM 990, PAGE 6, PART VI, LINE 19
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc3FORM 990, PART IX, LINE 11G
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ReturnHeader/BuildTS02024-10-15 13:58:12Z
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ReturnHeader/BusinessOfficerGrp/PersonTitleTxt0TRUSTEE
ReturnHeader/BusinessOfficerGrp/PhoneNum05076422800
ReturnHeader/BusinessOfficerGrp/SignatureDt02024-09-30
ReturnHeader/Filer/BusinessName/BusinessNameLine1Txt0HOWARD RASMUSSEN CHARITABLE TRUST
ReturnHeader/Filer/BusinessName/BusinessNameLine2Txt0DATED JANUARY 1 2023
ReturnHeader/Filer/BusinessNameControlTxt0HOWA
ReturnHeader/Filer/EIN0934718893
ReturnHeader/Filer/PhoneNum05076422800
ReturnHeader/Filer/USAddress/AddressLine1Txt08 WEST MAIN ST
ReturnHeader/Filer/USAddress/CityNm0MADELIA
ReturnHeader/Filer/USAddress/StateAbbreviationCd0MN
ReturnHeader/Filer/USAddress/ZIPCd056062
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ReturnHeader/PreparerFirmGrp/PreparerUSAddress/AddressLine1Txt08 W MAIN ST
ReturnHeader/PreparerFirmGrp/PreparerUSAddress/CityNm0MADELIA
ReturnHeader/PreparerFirmGrp/PreparerUSAddress/StateAbbreviationCd0MN
ReturnHeader/PreparerFirmGrp/PreparerUSAddress/ZIPCd056062
ReturnHeader/PreparerPersonGrp/PhoneNum05076422800
ReturnHeader/PreparerPersonGrp/PreparationDt02024-09-30
ReturnHeader/PreparerPersonGrp/PreparerPersonNm0DARIN H TWEIT CPA
ReturnHeader/ReturnTs02024-10-01T13:36:22-04:00
ReturnHeader/ReturnTypeCd0990
ReturnHeader/TaxPeriodBeginDt02023-01-01
ReturnHeader/TaxPeriodEndDt02023-12-31
ReturnHeader/TaxYr02023

Document Assets

No mirrored PDF or thumbnail assets are attached yet.

Filings

Displayed year

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

Open filing
Assets
$3,710,651
Liabilities
$0
Net assets
$3,710,651
Revenue
$87,177
Expenses
$34,285
Net income
$52,892
Balance SheetOperations
YearAssetsLiabilitiesNet AssetsRevenueExpensesNet Income
2024Detailed filing. Detailed filing data is available for this year.$3.67$0.00$3.67$0.14$0.19$0.05
2023Detailed filing. Detailed filing data is available for this year.$3.71$0.00$3.71$0.09$0.03$0.05