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Southern Minnesota Initiative Foundation

OWATONNA, MN EIN: 36-3454285 Website
Community Improvement & Capacity Building

Southern Minnesota Initiative Foundation (SMIF) is a regional development and philanthropic organization headquartered in Owatonna, Minnesota. Founded in 1986, SMIF operates as a 501(c)(3) nonprofit that fosters economic and community vitality across 20 counties in south central and southeastern Minnesota. The organization employs 22-24 staff members and provides grants, loans, programming, and technical assistance to support economic growth, early childhood development, and community vitality.

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Financial Overview

From 2024 IRS Form 990-PF · View filing

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

Research compiled by Grantable AI from public sources. Last updated April 2026.

Mission & Focus Areas

SMIF's mission is to promote regional economic opportunities and collaborations with a focus on entrepreneurs and early childhood development. The organization operates through a culture of collaboration and partnership to foster economic and community vitality.

Primary focus areas include:

  • Economic Development & Entrepreneurship: Supporting business start-ups and expansion, with emphasis on inclusive and equitable entrepreneurial communities
  • Early Childhood Development: Providing grants, educational resources, and technical assistance to strengthen early childhood education and care services
  • Community Development: Supporting local governments, nonprofit organizations, and community partnerships in regional development initiatives

Grantmaking

SMIF administers multiple grant programs:

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Geographic Focus

Where this funder awards grants

SMIF serves 20 counties in south central and southeastern Minnesota, including communities such as Owatonna, Mankato, Faribault, and surrounding areas.

Grant Distribution by State

5states

States

IndianaKansasMassachusettsMinnesotaPennsylvania

Cities

Albert LeaAldenAmboyArlingtonAustinBlooming PrairieBlue EarthByronCaledoniaCambridgeCannon FallsCantonChatfieldClaremontClevelandCrookstonDodge CityDoverEagle LakeEdina

Financial History

Multi-year comparison from IRS filings

Most Recent Financial Data (2024):

  • Total Assets: $75,903,981
  • Total Revenues: $8,360,704
  • Total Expenses: $6,906,181
  • Employees: 24

Historical Financial Data (2023):

  • Total Assets: $69.7M
  • Total Liabilities: $8.76M
  • Revenue: $5.88M
  • Expenses: $6.49M

Annual Revenue (General): $22.8M

Revenue
Expenses
Qualifying Distributions
Net Investment Income
$0$6M$12M$18M$24M201920202021202220232024
Metric202420232022
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

$0$444K$888K$1M$2M43 grants201970 grants202099 grants202170 grants202270 grants202397 grants2024

Grant Insights

How this funder distributes its grants

Top Recipients

Top 10 recipients in 2024

CITY OF WABASHA$97KCHURCH OF ST ANNE OF LE …$50KCITY OF BYRON$44KLEO AUGUSTA CHILDREN'S A…$35KFILLMORE CENTRAL PUBLIC …$32KCITY OF PLAINVIEW$30KCITY OF MAPLETON$25KCITY OF RED WING$25KCANTON HISTORICAL SOCIETY$20KCITY OF RUSHFORD$20K

Grant Size Distribution

250 grants across all recorded years

235<$50K12$50–100K2$100–250K1$250–500K$500K–1M$1–5M$5M+

Open Grants

13 open opportunities from Southern Minnesota Initiative Foundation

Show all 13 →
Foundation

Community Responsive Grants (Otto Bremer Trust)

SOUTHERN MINNESOTA INITIATIVE FOUNDATION

Amount

Varies

Deadline

Rolling / Open

Foundation

Early Care and Education Grant Program

SOUTHERN MINNESOTA INITIATIVE FOUNDATION

Amount

Up to US $20,000

Deadline

Rolling / Open

Foundation

Early Care and Education Grants

SOUTHERN MINNESOTA INITIATIVE FOUNDATION

Amount

Varies

Deadline

Rolling / Open

Giving History

Grant recipients and amounts by year

No grants recorded for .

Leadership & Key People

Leadership team and compensation from IRS filings

Key executives include:

  • Timothy Penny: President & CEO
  • Kelly Fluharty: Vice President of Early Childhood
  • Pam Bishop: Vice President
  • Alissa Oeltjenbruns: Vice President
  • Marcia Haley: Senior Lending Director
  • Brandi Grunzke: Lending Director
  • Peggy Paul: Entrepreneurship Director
  • Katie Godfrey Demmer: Communications Director

Compensation Overview

From 2024 IRS filing

TIMOTHY PENNYPRESIDENT/CEO$164KBRIAN CONZEMIUSVICE PRESIDENT/CFO$131KRAE JEAN HANSENVP OF EARLY CHILDHOOD$115KPAMELA BISHOPVP OF ECONOMIC DEVELOPMENT$108K

From 2024 filing

NameTitleHoursCompensation
TIMOTHY PENNYPRESIDENT/CEO40$164,038
BRIAN CONZEMIUSVICE PRESIDENT/CFO40$131,445
PAMELA BISHOPVP OF ECONOMIC DEVELOPMENT40$108,156
RAE JEAN HANSENVP OF EARLY CHILDHOOD40$115,107
JAKE ANDERSONTREASURER2—
CHRIS SCHADSECRETERY2—
SHAWN VOGT SWEENCHAIR2—
ERIN MEIERVICE CHAIR2—
ERIN BAILEYMEMBER AT LARGE2—
BOB MANNMEMBER AT LARGE2—
IAN BENTSMEMBER AT LARGE2—
MATT COYMEMBER AT LARGE2—
BRAD HOINESSMEMBER AT LARGE2—
IBRAHIM HUSSEINMEMBER AT LARGE2—
HEATHER MILLARDMEMBER AT LARGE2—
ANGEL URIBEMEMBER AT LARGE2—
XAVIER FRIGOLADIRECTOR2—
MATT GOLDADEDIRECTOR2—
JAMILA IBRAHIMDIRECTOR2—

Recent News & Activity

Recent developments and announcements

2026

**February 2026**: SMIF approved $279,800 for 22 Early Childhood projects, with individual awards ranging from $4,675 to $20,000 to organizations including Children's Museum of Southern Minnesota, Faribault Public Schools, Mankato Area Public Schools, and YWCA Mankato

SMIF awards $279,800 to support the success of young children - Southern
2025

**November 2025**: Southern Minnesota Initiative Foundation awarded $200,000 in Small Town Grants

SMIF Awards $25,000 in Grants to Support Youth Mental Health in Rural Minnesota
2023

**2023**: SMIF was actively accepting applications for the Inclusive and Equitable Communities Grant program, focusing on catalyzing initiatives that grow racial diversity, equity, and inclusion opportunities in entrepreneurship

Subject Areas

Focus areas based on grantmaking activity

Community Improvement & Capacity Building

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Data last updated April 2026. Sourced from IRS Form 990-PF filings. Research dossier generated April 2026.

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