2023-11-09T14:49:54-06:00 2022-12-31 450250958 Eide Bailly LLP 1730 Burnt Boat Loop Ste 100 Bismarck ND 585030886 990 2022-01-01 472142727 Sacred Heart Foundation SACR 2187730877 200 3rd St NW East Grand Forks MN 567211806 Carl Adolphson Executive Director 2187730877 2023-11-09 1 Carl Adolphson 999009999 1 Lisa Chaffee CPA P00193453 7012551091 2023-11-09 2 AAL1 IAL1 2022 2023-04-26 12:10:37Z Erin O'Leary 200 3rd St NW East Grand Forks MN 567211806 638178 0 X shfoundationegf.org X 2014 MN Provide support by managing assets, governing fundraising activities & making grants to SHSC. 6 6 2 15 0 0 436844 323006 0 0 224301 -1110353 0 0 661145 -787347 411097 391458 0 0 52250 52163 0 0 52731 90534 81553 553881 525174 107264 -1312521 9666058 8391157 542 331 9665516 8390826 The Sacred Heart Foundation exists to provide opportunities for giving at Sacred Heart that will lead to a sustainable financial foundation for generations to come. 0 0 391458 391458 Support was provided to the Sacred Heart Church School for student scholarships and operational support. 391458 1 1 0 0 0 0 0 0 0 1 0 0 0 0 0 1 1 0 0 0 0 0 0 0 0 0 0 1 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 1 1 0 1 2 1 0 0 0 0 0 0 0 0 0 0 0 0 X 6 6 0 0 0 0 0 0 0 1 1 0 0 1 1 1 1 1 0 1 0 0 MN X Carl Adolphson 2187730877 200 3rd St SW East Grand Forks MN 56721 Erin O'Leary President 4.00 X X 0 0 0 Daniel Zavoral Vice President 4.00 X X 0 0 0 Joe Martin Secretary/Treasurer 3.00 X X 0 0 0 John Jeffrey Member 3.00 X 0 0 0 Jackie Gaddie Tietruszewski Member 3.00 X 0 0 0 Sarah Post Member 3.00 X 0 0 0 Dennis DeMers Executive Director 20.00 X 29400 0 0 29400 0 0 0 0 0 0 0 323006 323006 192165 192165 123007 1425525 -1302518 -1302518 -1302518 -787347 0 0 -1110353 391458 391458 29400 7350 22050 18900 18900 3863 1176 2687 4130 4130 49070 49070 15235 14410 825 5433 3794 1639 4471 4471 1614 1614 1055 1055 Hospitality 545 545 525174 391458 80985 52731 1140248 1230172 441048 217396 3260 2703 0 0 20000 0 8029468 6919663 32034 21223 9666058 8391157 542 331 542 331 X 0 9665516 8390826 9665516 8390826 9666058 8391157 X -1312521 41439 -3608 X 0 1 X 1 0 X 6233059 1055367 746655 436844 323006 8794931 6233059 1055367 746655 436844 323006 8794931 3138946 5655985 117426 143972 161542 178864 192165 793969 9588900 0.58980 0.61980 X RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED 8007855 160454 -1187188 268471 3020 6709630 7207379 287710 765878 235163 17949 8007855 6611899 294052 482152 98317 82407 7207379 5676934 402845 689186 157066 6611899 5643774 2925117 -200139 2662479 638 28701 5676934 0.00000 1.00000 0.00000 0 0 0 X -794978 41439 41439 -836417 49070 49070 -787347 479712 3608 3608 476104 49070 49070 525174 Part V, Line 4: Endowments are held for the purpose of scholarships and operations for the Sacred Heart School & Church. From time to time, certain donor-restricted endowment funds may have fair values less than the amount required to be maintained by donors or by law (underwater endowments). The Foundation has interpreted UPMIFA to permit spending from underwater endowments in accordance with prudent measures required under law. At December 31, 2022, funds with original gift values of $6,990,523, fair values of $6,702,342, and deficiencies of $42,677 were reported in net assets with donor restrictions. These amount are expected to be fully recovered during 2023 due to favorable market fluctuations. Estimated percentage of year end balance should be as follows: Board designated: 0% Permanent endowment: 104.30% Temporarily restricted: -4.30% A number below zero is not allowed for electronic filing therefore the negative temporarily restricted figure as shown above was netted with the permanent figure for return presentation purposes. Part X, Line 2: Management believes that the Foundation has appropriate support for any tax positions taken affecting its annual filing requirements, and as such, does not have any uncertain tax positions that are material to the financial statements. The Foundation would recognize future accrued interest and penalties related to unrecognized tax benefits and liabilities in income tax expense if such interest and penalties are incurred. Part XII, Line 2d - Other Adjustments: Loss on uncollectable promises to give 3,608. 0 Sacred Heart Schools and Church 200 3rd Street NW East Grand Forks MN 56721 410773774 501(c)(3) 391458 0 To support the students who are in need of financial assistance to be able to attend Sacred Heart School. 1 0 Part I, Line 2: A scholarship committee of Sacred Heart School determines the award amounts based on the Foundation's availability of funds. Other projects are submitted to the Foundation and approved based on availability of funds. Form 990, Part VI, Section A, line 1a There is an Executive Committee that acts on behalf of the board when the full board is not able to meet. The Executive Committee consists of the President, Vice President, and Secretary. Form 990, Part VI, Section B, line 11b The 990 is circulated to board members for their approval prior to being filed. Form 990, Part VI, Section B, line 12c All board members and employees are required to comply with and annually compete a conflict of interest form. Potential conflicts are reviewed by the independent members of the Board of Directors. Board members with conflicts will abstain from voting on issues in which they have a conflict. Form 990, Part VI, Section B, line 15a Compensation for the Executive Director is approved by the board of directors on an annual basis using comparable local, regional and national wage reports. Form 990, Part VI, Section C, line 19 The documents are maintained on site and available upon request during regular business hours. Form 990, Part XI, line 9: Uncollectable Promises to Give -3,608.