Southern Minnesota Initiative Foundation
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.
Financial Overview
From 2024 IRS Form 990-PF
Total Assets
$75.9M
+8.8% YoY
Annual Giving
$1.8M
+1.0% YoY
Grant Count
97
+38.6% YoY
Avg Grant Size
$18K
-27.1% YoY
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Financial History
Multi-year comparison from IRS filings
| Metric | 2024 | 2023 | 2022 |
|---|---|---|---|
| Total Assets | $75,903,981 | $69,745,601 | $67,371,961 |
| Revenue | $8,360,704 | $5,876,900 | $22,164,085 |
| Expenses | $6,906,181 | $6,487,380 | $16,755,144 |
| Qualifying Distributions | — | — | — |
| Net Investment Income | $2,030,453 | $927,741 | $3,778,487 |
| Distributable Amount | — | — | — |
Giving Over Time
Total grant dollars and number of grants per year
Grant Insights
How this funder distributes its grants
Top Recipients
Top 10 recipients in 2024
Grant Size Distribution
449 grants across all recorded years
Giving History
Grant recipients and amounts by year
No grants recorded for .
Who else does Southern Minnesota Initiative Foundation fund?
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Key People
Officers and directors from IRS filings
Compensation Overview
From 2024 IRS filing
From 2024 filing
| Name | Title | Hours | Compensation |
|---|---|---|---|
| TIMOTHY PENNY | PRESIDENT/CEO | 40 | $164,038 |
| BRIAN CONZEMIUS | VICE PRESIDENT/CFO | 40 | $131,445 |
| PAMELA BISHOP | VP OF ECONOMIC DEVELOPMENT | 40 | $108,156 |
| RAE JEAN HANSEN | VP OF EARLY CHILDHOOD | 40 | $115,107 |
| JAKE ANDERSON | TREASURER | 2 | — |
| CHRIS SCHAD | SECRETERY | 2 | — |
| SHAWN VOGT SWEEN | CHAIR | 2 | — |
| ERIN MEIER | VICE CHAIR | 2 | — |
| ERIN BAILEY | MEMBER AT LARGE | 2 | — |
| BOB MANN | MEMBER AT LARGE | 2 | — |
| IAN BENTS | MEMBER AT LARGE | 2 | — |
| MATT COY | MEMBER AT LARGE | 2 | — |
| BRAD HOINESS | MEMBER AT LARGE | 2 | — |
| IBRAHIM HUSSEIN | MEMBER AT LARGE | 2 | — |
| HEATHER MILLARD | MEMBER AT LARGE | 2 | — |
| ANGEL URIBE | MEMBER AT LARGE | 2 | — |
| XAVIER FRIGOLA | DIRECTOR | 2 | — |
| MATT GOLDADE | DIRECTOR | 2 | — |
| JAMILA IBRAHIM | DIRECTOR | 2 | — |
Geographic Focus
Where this funder has awarded grants
Grant Distribution by State
Cities
Data last updated March 2026. Sourced from IRS Form 990-PF filings.
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