GREATER LAKE CITY COMMUNITY FOUNDATION

EIN: 455337894 501(c)(3) Community Improvement

LAKE CITY, MN

Total Revenue
$249,796
Total Expenses
$101,174
Total Assets
$1,077,714
Net Assets
$1,077,714
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Financial Vulnerability Assessment (Tuckman-Chang)

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Financial Trends

Organization Details

Formation Year
2012
Legal Domicile
MN
Principal Officer
BRUCE CARLSTROM
Phone
6513803312
Tax Period
2025-01-01 to 2025-12-31

GREATER LAKE CITY COMMUNITY FOUNDATION, founded in 2012, is a small nonprofit in the Community Improvement sector that reported $250K in total revenue in fiscal year 2025. Revenue decreased 13% compared to the prior year. The organization ran a surplus of $149K, a strong 59% operating margin.

Mission

Community Foundation providing assistance for the betterment of the community. Pillars are Education, Community and Economic Development, Arts and Environment.

Program Service Accomplishments

Program 1
Expenses: $10,000

United Way of Goodhue, Wabasha, and Pierce Counties for Lake City Packing for the Weekend. Childrens food program

Program 2
Expenses: $15,000

First Luthern Church - Lake City

Program 3
Expenses: $7,500

Lake City Area Arts - Arts Programming

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Trantor Score

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 (2025)

Revenue Breakdown

Contributions & Grants $193,248
Program Service Revenue $0
Investment Income $56,548
Other Revenue $0
TOTAL REVENUE $249,796

Expense Breakdown

Grants Paid $76,265
Salaries & Benefits $0
Fundraising Expenses $0
Program Expenses $76,265
Other Expenses $24,909
TOTAL EXPENSES $101,174

Year-over-Year Comparison

2025 2024 Change
Revenue $249,796 $288,254 -0.1%
Expenses $101,174 $49,320 +1.1%
Net Income $148,622 $238,934 -0.4%
Key Indicators
✓ Grants to Organizations ✗ Grants to Individuals ✗ Lobbying ✗ Political Activity ✗ Foreign Activities ✓ Donor Advised Fund ✗ Schedule B Required
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Financial Health Indicators

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Governance

Voting Members
10
Independent Members
10
Employees
N/A
Volunteers
N/A

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
6
$12,000
Total Directors
10
$0
Key Employees
0
$0
Highest Compensated
0
reported
Name Title Hours/Week Role Reportable Comp Other Comp Total
BRUCE CARLSTROM SECRETARY 020.00
Officer
$12,000 $0 $12,000
PETER COYLE CHAIRMAN 005.00
Officer Director
$0 $0 $0
BETH KREHBIEL PRESIDENT 001.00
Officer Director
$0 $0 $0
MARK NICHOLS DIRECTOR 005.00
Officer Director
$0 $0 $0
STEVEN LANG TREASURER 005.00
Officer Director
$0 $0 $0
HEATHER BANKS ASST TREASURER 001.00
Officer Director
$0 $0 $0
GREGORY LANGFIELD DIRECTOR 002.00
Director
$0 $0 $0
JOLENE HARVEY DIRECTOR 001.00
Director
$0 $0 $0
SARAH BLASER DIRECTOR 001.00
Director
$0 $0 $0
PEG MATTKE DIRECTOR 001.00
Director
$0 $0 $0
ANN NIBBE DIRECTOR 001.00
Director
$0 $0 $0
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
2025 $249,796 $101,174 $1,077,714 $148,622
2024 No data No data No data No data
2023 $138,930 $40,408 $547,704 $98,522
2022 $95,037 $35,094 $379,013 $59,943
2021 $145,094 $21,212 $414,083 $123,882
2020 $50,019 $15,574 $256,838 $34,445
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