Virginia Community Foundation

EIN: 311739538 501(c)(3) Philanthropy & Grantmaking

Virginia, MN

Total Revenue
$2,575,803
Total Expenses
$2,561,649
Total Assets
$5,239,484
Net Assets
$5,215,964
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Financial Trends

Organization Details

Formation Year
2000
Legal Domicile
MN
Principal Officer
Greg Gilness
Phone
2187498239
Tax Period
2023-01-01 to 2023-12-31

Virginia Community Foundation, founded in 2000, is a community nonprofit in the Philanthropy & Grantmaking sector that reported $2.6M in total revenue in fiscal year 2023. Revenue surged 463% from the prior year, signaling strong growth momentum. Net assets of $5.2M represent 24 months of operating reserves.

Mission

The Virginia Community Foundation is a catalyst for investment of charitable giving through grantmaking and leadership initiatives that strengthen and revitalize our community.

Program Service Accomplishments

Program 1
Expenses: $2,434,157 Revenue: $0

Lou's ClosetFunds from Lou's Closet are designated to students enrolled at ISD 2909. The purpose of these funds are used to promote the attendance and achievement of low-income students or for...

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Lou's ClosetFunds from Lou's Closet are designated to students enrolled at ISD 2909. The purpose of these funds are used to promote the attendance and achievement of low-income students or for students who are experiencing a crisis. The clothes closets throughout the schools provide quality, functional items of seasonally appropriate school clothing to students whose families or guardians lack the resources to provide such items. Funds are also used to provide corrective eyewear and other necessary items for eligible students to improve and encourage their educational outcomes.Chamber Music ProgramNorthern Lights Music Festival requested support for its many activities in the City of Virginia, including presentation of professional concerts; maintenance of historic B'nai Abraham Cultural Center; children's concerts at the Virginia library; lectures at B'nai Abraham; and utilization of the dorms at Mesabi Range College. Ultimately the funds were used to pay for a performance by Mikhail Voskressensky, and a lecture by Hibbing historian, Mary Palcich, Keyes.Performance Shelter at Market SquareMusic brings folks together and having music at the farmers' market creates an atmosphere of community and celebration. The benches and performance shelter also serve as a needed rest for elders who need a seat during their market shopping.Downtown Arts Virginia Lyric CenterWe were able to keep our art supply cupboards full with paints, brushes, paper, canvas board, and more, for the entirety of our Open Art Club for the summer with supplies remaining to sustain us to stay open for the next couple of seasons. Providing a safe space to create art at no cost is crucial for the community. Having this opportunity available without turning anyone away has helped us achieve this goal and providing our visitors with supplies keeps them coming back. Olcott Park Entrance ProjectA historically inspired entrance was constructed on the northern side of the park. In addition to making the entrance safe, widening it allows traffic to safely enter and exit the park.Goodman Farewell ConcertThe Goodman Farewell Committee planned one final concert at the historic Goodman Auditorium, before it was decommissioned. The committee purchased the final notation of The Sleeping Giant, composed by Dr. Renee Clausen for its world premiere at Goodman Auditorium. The performance featured members of vocal groups: The Choral Aires, Range of Voices, The Sectionals, Voices of Reason, Virginia High School Choir, and various alumni vocalists; accompanied by the Mesabi Symphony Orchestra and Rock Ridge High School Orchestra.Spay/Neuter ProjectThe grant was used for the spay/neuter program which states all animals must be spayed or neutered before they can be adopted out.Rock Ridge and Wolverine Pride FundsThese two funds, dedicated to Rock Ridge Public School, provide valuable resources that we then leverage to make the experiences for our students the best they can possibly be each year.Friends of the Library Circulation Desk ReplacementErgonomically correct workstations were needed for the staff at the "front desk", in order to comply with OSHA standards. This space also allowed a seated option for handicapped and/or elderly patrons to use while completing forms with front desk staff. Lunch Buddies Mentoring Program United WayThe goal of Lunch Buddies is to provide support for at-risk children in United Way of Northeaster Minnesota's service territory by way of connecting trained, caring adult mentors with children, helping to improve social-emotional skills and improve their overall mental wellbeing. We achieved our goal of being in 10 local schools. Lunch Buddies helps students to feel cared for by an additional supportive adult. The program helps students gain and improve their social and emotional skills, improve their self-esteem, and become overall happier kids.

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Financial Health Score (300–850) · Liquidity · Solvency · Sustainability · Efficiency

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Liquidity (40%) • Solvency (30%) • Sustainability (20%) • Efficiency (10%)

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Financial Overview (2023)

Revenue Breakdown

Contributions & Grants $2,505,890
Program Service Revenue $0
Investment Income $111,450
Other Revenue $-41,537
TOTAL REVENUE $2,575,803

Expense Breakdown

Grants Paid $2,380,580
Salaries & Benefits $75,464
Fundraising Expenses $50,468
Program Expenses $2,434,157
Other Expenses $105,605
TOTAL EXPENSES $2,561,649

Year-over-Year Comparison

2023 2022 Change
Revenue $2,575,803 $457,686 +4.6%
Expenses $2,561,649 $291,617 +7.8%
Net Income $14,154 $166,069 -0.9%
Key Indicators
Grants to Organizations Grants to Individuals Lobbying Political Activity Foreign Activities Donor Advised Fund Schedule B Required
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Governance

Voting Members
14
Independent Members
14
Employees
2
Volunteers
20

Governance Policies

Conflict of Interest Policy
Whistleblower Policy
Document Retention Policy

Special Practices & Reported Activities

Operated a School
Operated a Hospital
Provided First Class Travel
Reported Conflict of Interest
Reported Asset Diversion
Excess Benefit Transaction
Made Political Expenditures
Engaged in Lobbying
Operated Donor Advised Fund
Maintained Art Collections
Filed Form 720

Compensation of Officers, Directors & Key Employees

Total Officers
5
$40,500
Total Directors
14
$0
Key Employees
0
$0
Highest Compensated
0
reported
Name Title Hours/Week Role Reportable Comp Other Comp Total
Greg Gilness Board Chair 2.50
Officer Director
$0 $0 $0
Mark Kovacich Vice Chair 2.50
Officer Director
$0 $0 $0
Marieta Johnson Secretary 2.50
Officer Director
$0 $0 $0
Polly Podpeskar Treasurer 2.50
Officer Director
$0 $0 $0
Dominick Olivanti Board Member 2.50
Director
$0 $0 $0
Brenda Skorich Board Member 2.50
Director
$0 $0 $0
Brad Scott Board Member 2.50
Director
$0 $0 $0
Tucker Nelson Board Member 2.50
Director
$0 $0 $0
Leah Ryan Board Member 2.50
Director
$0 $0 $0
Tony Harkonen Board Member 2.50
Director
$0 $0 $0
Carolyn Dinneen Board Member 2.50
Director
$0 $0 $0
Tim Riordan Board Member 2.50
Director
$0 $0 $0
Eleanor Anshus Board Member 2.50
Director
$0 $0 $0
Bill Culbert Board Member 2.50
Director
$0 $0 $0
Holly Lundgren Former Executive Director 40.00
Officer
$40,500 $0 $40,500
Note: Compensation data is self-reported by the organization on their Form 990. "Reportable Comp" includes salary, bonuses, and other reportable compensation from the organization and related organizations. "Other Comp" includes benefits, deferred compensation, and non-taxable benefits.

Historical Data

Year Revenue Expenses Assets Net Income
2023 $2,575,803 $2,561,649 $5,239,484 $14,154
2022 $457,686 $291,617 $4,689,105 $166,069
2021 $486,282 $271,747 $5,405,748 $214,535
2020 $233,626 $414,428 $4,787,598 $-180,802
2019 $296,549 $425,539 $4,585,590 $-128,990
2018 $433,006 $423,153 $4,063,197 $9,853
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