Nonprofit · EIN 41-1448611
GRACE FOUNDATION INC OF ALBERT LEA
Tax-exempt · ALBERT LEA, MN 56007
Financials
| Year ended | Form | Revenue | Expenses | Net income | Total assets | Liabilities | Net assets |
|---|---|---|---|---|---|---|---|
| December 31, 2025 | 990 | $50,680 | $26,336 | $24,344 | $2,109,488 | $0 | $2,109,488 |
| December 31, 2024 | 990 | $50,483 | $41,297 | $9,186 | $1,909,200 | $0 | $1,909,200 |
| December 31, 2023 | 990 | $38,300 | $41,532 | -$3,232 | $1,601,286 | $0 | $1,601,286 |
Financial details: 990 for the year ended December 31, 2025
Revenue
- Contributions, gifts and grants
- $0
- Program service revenue
- $0
- Investment income
- $19,220
- Net rental income
- $31,460
- Other revenue
- $31,460
Expenses
- Grants and similar amounts paid
- $22,646
- Salaries, compensation and benefits (total)
- $0
- Professional fundraising fees
- $0
- Accounting fees
- $1,924
- Program services (functional)
- $22,646
- Management and general (functional)
- $3,690
Balance sheet and other
- Total assets, start of year
- $1,909,200
- Total assets, end of year
- $2,109,488
- Total liabilities, end of year
- $0
- Net assets, end of year
- $2,109,488
- Land, buildings and equipment
- $1,585,500
- Publicly traded securities
- $375,547
- Net assets without donor restrictions
- $2,005,119
- Net assets with donor restrictions
- $104,369
- Gross receipts
- $61,188
- Employees
- 0
- Year formed
- 1982
- 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 December 31, 2025, highest compensation first.
| Name | Title | Hours / week | Compensation |
|---|---|---|---|
| PAUL ANDERSEN | DIRECTOR Trustee or director | – | $0 |
| JERRY DAHL | DIRECTOR Trustee or director | – | $0 |
| ROY PAGE | DIRECTOR Trustee or director | – | $0 |
| DALE BUENDORF | SECRETARY Officer | – | $0 |
| KAREN HENDRICKSON | VICE CHAIR Officer | – | $0 |
| BRUCE OLSON | CHAIR Officer | – | $0 |
| STEVE SCHULTZ | BOARD TREASU Officer | – | $0 |
990 for the year ended December 31, 2024: 7 people
| Name | Title | Hours / week | Compensation |
|---|---|---|---|
| PAUL ANDERSEN | DIRECTOR Trustee or director | – | $0 |
| JERRY DAHL | DIRECTOR Trustee or director | – | $0 |
| ROY PAGE | DIRECTOR Trustee or director | – | $0 |
| DALE BUENDORF | SECRETARY Officer | – | $0 |
| KAREN HENDRICKSON | VICE CHAIR Officer | – | $0 |
| BRUCE OLSON | CHAIR Officer | – | $0 |
| STEVE SCHULTZ | BOARD TREASU Officer | – | $0 |
990 for the year ended December 31, 2023: 7 people
| Name | Title | Hours / week | Compensation |
|---|---|---|---|
| PAUL ANDERSEN | DIRECTOR Trustee or director | 4 | $0 |
| JERRY DAHL | DIRECTOR Trustee or director | 4 | $0 |
| ROY PAGE | DIRECTOR Trustee or director | 4 | $0 |
| DALE BUENDORF | SECRETARY Officer | 9 | $0 |
| KAREN HENDRICKSON | VICE CHAIR Officer | 6 | $0 |
| BRUCE OLSON | CHAIR Officer | 10 | $0 |
| STEVE SCHULTZ | BOARD TREASU Officer | 2 | $0 |
Address and contacts
- Address (IRS master file)
- 918 GARFIELD AVE, ALBERT LEA, MN 56007-3654
- Principal officer (990 for 2025)
- BRUCE OLSON, 918 GARFIELD AVE, ALBERT LEA, MN 56007
- Signed the 990
- MARSHA SMITH, TREASURER
- Phone
- (507) 373-6496
- Return prepared by
- TRI-STATE TAX & ACCOUNTING
Mission
SUPPORT OF CHURCH AND MINISTRY
Program accomplishments
- WE ARE A SMALL ORGANIZATION THAT PROVIDES GRANTS TO CHURCH MEMBERS WHO ARE COLLEGE STUDENTS AND ALSO TO THE CHURCH FOR SUPPORT OF ITS PROGRAMS AND FACILITIES. CHURCH AND OTHER ORGANIZATIONS APPLY TO FOUNDATION TO ASK FOR FUNDS FOR VARIOUS PROJECTS OR PURCHASES. DEPENDING ON SITUATION THESE REQUESTS CAN BE EITHER A REQUEST OR REIMBURESEMENT (AFTER EXPENSES OR PURCHASES HAVE BEEN PAID OR MADE) OR A REQUEST FOR UPCOMING EXPENSES OR PURCHASES. APPLICATION INCLUDES A BREAKDOWN BUDGET OF ITEMS THEY ARE REQUESTING OR QUOTES USED IN ACCORDANCE WITH THE ORGANIZATION REQUEST AND FOUNDATIONS APPROVAL.Expenses $22,646 · grants $22,646
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 December, so each return is due on the 15th day of the 5th month after that.
| Tax year | Year ended | Due | IRS public records |
|---|---|---|---|
| 2025 | December 31, 2025 | May 15, 2026 | 990 on file |
| 2024 | December 31, 2024 | May 15, 2025 | 990 on file |
| 2023 | December 31, 2023 | May 15, 2024 | 990 on file |
IRS record
- EIN
- 41-1448611
- Tax-exempt status
- 501(c)(3): Charitable, religious, educational or scientific organization
- Foundation status
- Supporting organization (509(a)(3))
- Donations deductible (Pub 78)
- Supporting organization of unknown type
- Exempt since
- 1983
- Accounting year ends
- December
- Files
- Form 990 or 990-EZ
- Assets (IRS master file)
- $2,109,488
- Income (IRS master file)
- $61,188
Filing history
| Form | Year ended | Revenue | Expenses | Assets | Return |
|---|---|---|---|---|---|
| 990 | December 2025 | $50,680 | $26,336 | $2,109,488 | XML |
| 990 | December 2024 | $50,483 | $41,297 | $1,909,200 | XML |
| 990 | December 2023 | $38,300 | $41,532 | $1,601,286 | XML |
| 990 | December 2022 | $40,719 | $35,211 | $1,385,091 | IRS |
| 990 | December 2021 | – | – | – | IRS |
| 990 | December 2020 | – | – | – | IRS |
| 990 | December 2019 | – | – | – | IRS |
| 990 | December 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 41-1448611).
Questions about GRACE FOUNDATION INC OF ALBERT LEA
- What is the EIN of GRACE FOUNDATION INC OF ALBERT LEA?
- The employer identification number (EIN) of GRACE FOUNDATION INC OF ALBERT LEA is 41-1448611.
- Is GRACE FOUNDATION INC OF ALBERT LEA tax-exempt?
- Yes. The IRS lists it as tax-exempt under section 501(c)(3) since 1983.
- Are donations to GRACE FOUNDATION INC OF ALBERT LEA tax-deductible?
- Yes. It is listed in IRS Publication 78 (Supporting organization of unknown type).
- Which annual return does GRACE FOUNDATION INC OF ALBERT LEA 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 GRACE FOUNDATION INC OF ALBERT LEA due?
- The return for tax year 2026 (the year ending December 31, 2026) is due May 17, 2027. Form 8868 extends it by six months; the 990-N cannot be extended.
- When did GRACE FOUNDATION INC OF ALBERT LEA last file with the IRS?
- The latest return in the IRS public files is the 990 for the year ended December 2025.
- Who is the principal officer of GRACE FOUNDATION INC OF ALBERT LEA?
- The 990 for the year ended December 31, 2025 names BRUCE OLSON.
- Who are the officers and directors of GRACE FOUNDATION INC OF ALBERT LEA?
- The 990 for the year ended December 31, 2025 lists 7 people; 0 received compensation from the organization.
- How much revenue does GRACE FOUNDATION INC OF ALBERT LEA have?
- On its 990 for the year ended December 31, 2025 it reported revenue of $50,680, expenses of $26,336 and total assets of $2,109,488 at year end.
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