Nonprofit · EIN 36-3454285
SOUTHERN MINNESOTA INITIATIVE FOUNDATION
Tax-exempt · OWATONNA, MN 55060
Financials
| Year ended | Form | Revenue | Expenses | Net income | Total assets | Liabilities | Net assets |
|---|---|---|---|---|---|---|---|
| June 30, 2025 | 990 | $10,999,337 | $8,218,110 | $2,781,227 | $80,878,325 | $9,024,009 | $71,854,316 |
| June 30, 2024 | 990 | $8,360,704 | $6,906,181 | $1,454,523 | $75,903,981 | $9,058,949 | $66,845,032 |
| June 30, 2023 | 990 | $5,876,900 | $6,487,380 | -$610,480 | $69,745,601 | $8,760,569 | $60,985,032 |
Financial details: 990 for the year ended June 30, 2025
Revenue
- Contributions, gifts and grants
- $6,473,500
- of which government grants
- $2,033,094
- Program service revenue
- $222,811
- Investment income
- $4,312,979
- Net gain from sales of assets
- $2,419,004
- Other revenue
- -$9,953
Expenses
- Grants and similar amounts paid
- $4,432,085
- Compensation of officers, directors and key employees
- $361,198
- Other salaries and wages
- $1,292,589
- Salaries, compensation and benefits (total)
- $1,971,735
- Professional fundraising fees
- $0
- Legal fees
- $20,365
- Accounting fees
- $75,568
- Occupancy
- $7,030
- Travel
- $53,478
- Depreciation
- $31,313
- Program services (functional)
- $6,995,537
- Management and general (functional)
- $927,465
- Fundraising (functional)
- $295,108
Balance sheet and other
- Total assets, start of year
- $75,903,981
- Total assets, end of year
- $80,878,325
- Total liabilities, end of year
- $9,024,009
- Net assets, end of year
- $71,854,316
- Land, buildings and equipment
- $432,046
- Net assets without donor restrictions
- $30,250,576
- Net assets with donor restrictions
- $41,603,740
- Gross unrelated business income
- -$9,953
- Gross receipts
- $34,261,050
- Employees
- 22
- Volunteers
- 15
- Year formed
- 1986
- State of legal domicile
- MN
From the e-filed returns the IRS publishes as XML (latest three processing years; amended returns replace the original). PDF copies at the IRS.
Officers, directors and key employees
As listed on the 990 for the year ended June 30, 2025, highest compensation first.
| Name | Title | Hours / week | Compensation | Other / benefits |
|---|---|---|---|---|
| TIMOTHY PENNY | PRESIDENT/CEO Officer | 40 | $164,514 | $37,411 |
| BRIAN CONZEMIUS | VICE PRESIDENT/CFO Officer | 40 | $139,310 | $18,749 |
| PAMELA BISHOP | VP OF ECONOMIC DEVELOPMENT Highest-paid employee | 40 | $110,988 | $36,617 |
| RAE JEAN HANSEN | VP OF EARLY CHILDHOOD Highest-paid employee | 40 | $123,228 | $7,630 |
| ALISSA OELTJENBRUNS | VP OF PHILANTHROPHY Highest-paid employee | 40 | $104,700 | $5,235 |
| JAKE ANDERSON | TREASURER Trustee or director, Officer | 2 | $0 | $0 |
| CHRIS SCHAD | SECRETARY Trustee or director, Officer | 2 | $0 | $0 |
| SHAWN VOGT SWEEN | CHAIR Trustee or director, Officer | 2 | $0 | $0 |
| ERIN BAILEY | VICE CHAIR Trustee or director, Officer | 2 | $0 | $0 |
| DR ROBERT ALBRIGHT | MEMBER AT LARGE Trustee or director | 2 | $0 | $0 |
| BETH BENIKE | MEMBER AT LARGE Trustee or director | 2 | $0 | $0 |
| BOB MANN | MEMBER AT LARGE Trustee or director | 2 | $0 | $0 |
| IAN BENTS | MEMBER AT LARGE Trustee or director | 2 | $0 | $0 |
| MATT COY | MEMBER AT LARGE Trustee or director | 2 | $0 | $0 |
| BRAD HOINESS | MEMBER AT LARGE Trustee or director | 2 | $0 | $0 |
6 more people on this return
| Name | Title | Hours / week | Compensation |
|---|---|---|---|
| IBRAHIM HUSSEIN | MEMBER AT LARGE Trustee or director | 2 | $0 |
| HEATHER MILLARD | MEMBER AT LARGE Trustee or director | 2 | $0 |
| ANGEL URIBE | MEMBER AT LARGE Trustee or director | 2 | $0 |
| ALISSA BREKKE | DIRECTOR Trustee or director | 2 | $0 |
| MATT GOLDADE | DIRECTOR Trustee or director | 2 | $0 |
| JAMILA IBRAHIM | DIRECTOR Trustee or director | 2 | $0 |
990 for the year ended June 30, 2024: 19 people
| Name | Title | Hours / week | Compensation | Other / benefits |
|---|---|---|---|---|
| TIMOTHY PENNY | PRESIDENT/CEO Officer | 40 | $164,038 | $42,110 |
| PAMELA BISHOP | VP OF ECONOMIC DEVELOPMENT Highest-paid employee | 40 | $108,156 | $43,403 |
| BRIAN CONZEMIUS | VICE PRESIDENT/CFO Officer | 40 | $131,445 | $17,162 |
| RAE JEAN HANSEN | VP OF EARLY CHILDHOOD Highest-paid employee | 40 | $115,107 | $7,085 |
| JAKE ANDERSON | TREASURER Trustee or director, Officer | 2 | $0 | $0 |
| CHRIS SCHAD | SECRETERY Trustee or director, Officer | 2 | $0 | $0 |
| SHAWN VOGT SWEEN | CHAIR Trustee or director, Officer | 2 | $0 | $0 |
| ERIN MEIER | VICE CHAIR Trustee or director, Officer | 2 | $0 | $0 |
| ERIN BAILEY | MEMBER AT LARGE Trustee or director, Officer | 2 | $0 | $0 |
| BOB MANN | MEMBER AT LARGE Trustee or director, Officer | 2 | $0 | $0 |
| IAN BENTS | MEMBER AT LARGE Trustee or director | 2 | $0 | $0 |
| MATT COY | MEMBER AT LARGE Trustee or director | 2 | $0 | $0 |
| BRAD HOINESS | MEMBER AT LARGE Trustee or director | 2 | $0 | $0 |
| IBRAHIM HUSSEIN | MEMBER AT LARGE Trustee or director | 2 | $0 | $0 |
| HEATHER MILLARD | MEMBER AT LARGE Trustee or director | 2 | $0 | $0 |
| ANGEL URIBE | MEMBER AT LARGE Trustee or director | 2 | $0 | $0 |
| XAVIER FRIGOLA | DIRECTOR Trustee or director | 2 | $0 | $0 |
| MATT GOLDADE | DIRECTOR Trustee or director | 2 | $0 | $0 |
| JAMILA IBRAHIM | DIRECTOR Trustee or director | 2 | $0 | $0 |
990 for the year ended June 30, 2023: 19 people
| Name | Title | Hours / week | Compensation | Other / benefits |
|---|---|---|---|---|
| TIMOTHY PENNY | PRESIDENT/CEO Officer | 40 | $163,258 | $39,664 |
| BRIAN CONZEMIUS | VICE PRESIDENT/CFO Officer | 40 | $133,350 | $14,876 |
| PAMELA BISHOP | VP OF ECONOMIC DEVELOPMENT Highest-paid employee | 40 | $110,771 | $31,850 |
| RAE JEAN HANSEN | VP OF EARLY CHILDHOOD Highest-paid employee | 40 | $116,753 | $6,661 |
| CARISA BUEGLER | MEMBER AT LARGE Trustee or director | 2 | $0 | $0 |
| MATT COY | MEMBER AT LARGE Trustee or director | 2 | $0 | $0 |
| XAVIER FRIGOLA | DIRECTOR Trustee or director | 2 | $0 | $0 |
| MATT GOLDADE | DIRECTOR Trustee or director | 2 | $0 | $0 |
| BRAD HOINESS | MEMBER AT LARGE Trustee or director | 2 | $0 | $0 |
| IBRAHIM HUSSEIN | MEMBER AT LARGE Trustee or director | 2 | $0 | $0 |
| JAMILA IBRAHIM | DIRECTOR Trustee or director | 2 | $0 | $0 |
| HEATHER MILLARD | MEMBER AT LARGE Trustee or director | 2 | $0 | $0 |
| ANGEL URIBE | MEMBER AT LARGE Trustee or director | 2 | $0 | $0 |
| JAKE ANDERSON | TREASURER Trustee or director, Officer | 2 | $0 | $0 |
| ERIN BAILEY | SECRETERY Trustee or director, Officer | 2 | $0 | $0 |
| CASSIE HARRINGTON | CHAIR (OFFICER) Trustee or director, Officer | 2 | $0 | $0 |
| ERIN MEIER | SECRETERY Trustee or director, Officer | 2 | $0 | $0 |
| CHRIS SCHAD | DIRECTOR Trustee or director, Officer | 2 | $0 | $0 |
| SHAWN VOGT SWEEN | VICE CHAIR Trustee or director, Officer | 2 | $0 | $0 |
Address and contacts
- Address (IRS master file)
- 525 FLORENCE AVE, OWATONNA, MN 55060-4754
- Principal officer (990 for 2024)
- BENYA KRAUS, 525 FLORENCE AVE, OWATONNA, MN 55060
- Signed the 990
- BRIAN CONZEMIUS, VICE PRESIDENT/CFO
- Phone
- (507) 455-3215
- Website
- WWW.SMIFOUNDATION.ORG
- Return prepared by
- RSM US LLP
Mission
SOUTHERN MINNESOTA INITIATIVE FOUNDATION IS A REGIONAL DEVELOPMENT AND PHILANTHROPIC ORGANIZATION THAT FOSTERS ECONOMIC AND COMMUNITY VITALITY IN 20 COUNTIES OF SOUTHERN MINNESOTA THROUGH A CULTURE OF COLLABORATION AND PARTNERSHIP, WITH A FOCUS ON ENTREPRENEURS AND EARLY CHILDHOOD DEVELOPMENT.
Program accomplishments
- SOUTHERN MINNESOTA INITIATIVE FOUNDATION PROVIDES GRANTS, LOANS AND TECHNICAL ASSISTANCE TO BUSINESSES, LOCAL GOVERNMENTS AND NONPROFIT ORGANIZATIONS THAT ACCELERATE THE CREATION OF NEW BUSINESSES AND INNOVATIVE VENTURES THAT WILL SHAPE OUR ECONOMY THROUGH PARTNERSHIPS IN OUR REGION.Expenses $3,872,279 · grants $2,052,518 · revenue $222,811
- SOUTHERN MINNESOTA INITIATIVE FOUNDATION PROVIDES GRANTS, EDUCATIONAL RESOURCES AND TECHNICAL ASSISTANCE TO LOCAL GOVERNMENTS, COMMUNITY PARTNERSHIPS AND NONPROFIT ORGANIZATIONS IN EARLY CHILDHOOD EDUCATION. THE EARLY CHILDHOOD PROGRAM PROVIDES RESOURCES THAT STRENGTHEN EARLY CHILDHOOD EFFORTS SO THAT YOUNG CHILDREN WILL HAVE A HEALTHY LIFE OF LEARNING, ACHIEVING AND SUCCEEDING.Expenses $3,123,258 · grants $2,379,567
What it must file and when
IRS records say it files Form 990 or 990-EZ. Based on its last return; a smaller organization may file the 990-N. Its accounting year ends in June, so each return is due on the 15th day of the 5th month after that.
| Tax year | Year ended | Due | IRS public records |
|---|---|---|---|
| 2025 | June 30, 2026 | November 16, 2026 | Not due yet |
| 2024 | June 30, 2025 | November 17, 2025 | 990 on file |
| 2023 | June 30, 2024 | November 15, 2024 | 990 on file |
IRS record
- EIN
- 36-3454285
- Tax-exempt status
- 501(c)(3): Charitable, religious, educational or scientific organization
- Foundation status
- Publicly supported organization (170(b)(1)(A)(vi))
- Donations deductible (Pub 78)
- Public charity, 50% deduction limit
- Exempt since
- 1986
- Accounting year ends
- June
- Files
- Form 990 or 990-EZ
- Category (NTEE)
- Community improvement and capacity building (S300)
- Assets (IRS master file)
- $80,878,325
- Income (IRS master file)
- $34,261,050
Filing history
| Form | Year ended | Revenue | Expenses | Assets | Return |
|---|---|---|---|---|---|
| 990 | June 2025 | $10,999,337 | $8,218,110 | $80,878,325 | IRS |
| 990-T | June 2025 | – | – | – | IRS |
| 990 | June 2024 | $8,360,704 | $6,906,181 | $75,903,981 | XML |
| 990-T | June 2024 | – | – | – | IRS |
| 990 | June 2023 | $5,876,900 | $6,487,380 | $69,745,601 | XML |
| 990-T | June 2023 | – | – | – | IRS |
| 990 | June 2022 | $22,164,085 | $16,755,144 | $67,371,961 | IRS |
| 990-T | June 2022 | – | – | – | IRS |
| 990 | June 2021 | – | – | – | IRS |
| 990 | June 2020 | – | – | – | IRS |
| 990 | June 2019 | – | – | – | IRS |
| 990 | June 2018 | – | – | – | IRS |
990-N: the IRS bulk file holds only the latest e-Postcard per organization; earlier years come from archived copies of that file since 2020 and can have gaps (the IRS e-Postcard search lists every one). 990, 990-EZ, 990-PF, 990-T: every e-filed return in the IRS e-file index since 2019; XML for the latest three processing years, amounts from the IRS Statistics of Income extracts before that. PDF copies and determination letters at the IRS (search EIN 36-3454285).
Questions about SOUTHERN MINNESOTA INITIATIVE FOUNDATION
- What is the EIN of SOUTHERN MINNESOTA INITIATIVE FOUNDATION?
- The employer identification number (EIN) of SOUTHERN MINNESOTA INITIATIVE FOUNDATION is 36-3454285.
- Is SOUTHERN MINNESOTA INITIATIVE FOUNDATION tax-exempt?
- Yes. The IRS lists it as tax-exempt under section 501(c)(3) since 1986.
- Are donations to SOUTHERN MINNESOTA INITIATIVE FOUNDATION tax-deductible?
- Yes. It is listed in IRS Publication 78 (Public charity, 50% deduction limit).
- Which annual return does SOUTHERN MINNESOTA INITIATIVE FOUNDATION file?
- Form 990 or 990-EZ. Based on its last return; a smaller organization may file the 990-N.
- When is the next return of SOUTHERN MINNESOTA INITIATIVE FOUNDATION due?
- The return for tax year 2025 (the year ending June 30, 2026) is due November 16, 2026. Form 8868 extends it by six months; the 990-N cannot be extended.
- When did SOUTHERN MINNESOTA INITIATIVE FOUNDATION last file with the IRS?
- The latest return in the IRS public files is the 990 for the year ended June 2025.
- Who is the principal officer of SOUTHERN MINNESOTA INITIATIVE FOUNDATION?
- The 990 for the year ended June 30, 2025 names BENYA KRAUS.
- Who are the officers and directors of SOUTHERN MINNESOTA INITIATIVE FOUNDATION?
- The 990 for the year ended June 30, 2025 lists 21 people; 5 received compensation from the organization, the highest $164,514 (TIMOTHY PENNY, PRESIDENT/CEO).
- How much revenue does SOUTHERN MINNESOTA INITIATIVE FOUNDATION have?
- On its 990 for the year ended June 30, 2025 it reported revenue of $10,999,337, expenses of $8,218,110 and total assets of $80,878,325 at year end.
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All nonprofits in OWATONNA · Minnesota · Community improvement and capacity building