Walter C Rasmussen - Northeast Bank Foundation
The Walter C. Rasmussen-Northeast Bank Foundation is a private foundation based in Minneapolis, Minnesota. Formed by Belva Rasmussen to continue the community-building work of Walter C. Rasmussen, Northeast Bank’s late chairman, it supports initiatives in education, housing, culture, the environment, and health.
Key facts about Walter C Rasmussen - Northeast Bank Foundation
In short: Walter C Rasmussen - Northeast Bank Foundation gave $408K across 133 grants in 2024 (avg $3K), mostly in Minnesota. 10% of 2024 grantees were new. Source: 2024 IRS Form 990-PF.
- EIN
- 41-6373302
- Latest 990 filing
- Form 990-PF, 2024
- Annual giving (2024)
- $407,739
- Grants made (2024)
- 133
- Average grant
- $3,066
- Median grant
- $1,000
- New grantees (estimate)
- 10% first-time grantees (13 of 130, 2024)
- Total assets
- $87,861
- Primary geography
- Minnesota (100% of itemized 2024 grant dollars)
- How to apply
- The foundation accepts requests for consideration through a single-page proposal with the materials described above. Full details ↓
- Deadline
- September 15.
Data from IRS Form 990-PF, 2024; updated October 2026. New grantees are estimated by matching recipient names across years (methodology). Application details from Grantable's research on the foundation's public materials; confirm on its website before applying.
Financial Overview
From 2024 IRS Form 990-PF · View filing
Total Assets
$88K
+1128.3% YoY
Annual Giving
$408K
+74.5% YoY
Grant Count
133
+9.0% YoY
Avg Grant Size
$3K
+60.1% YoY
Under IRS private-foundation payout rules, Walter C Rasmussen - Northeast Bank Foundation reported a distributable amount of $4K for 2024 — the minimum it must pay out in qualifying distributions.
Is Walter C Rasmussen - Northeast Bank Foundation open to new grantees?
10%
first-time grantees, 2024
In 2024, 13 of 130 grantees (10%) were first-time recipients. First grants averaged $1K; repeat grants $3K. How we count
Medians: $500 first-time, $1K repeat.
- 88% of 2024 grantees were also funded in 2023. Method
- Giving grew 84% from 2021 to 2024. Method
- In 2024 it paid out well above its IRS minimum distribution (the 5% rule). Method
Estimate from itemized grant lists in IRS Form 990-PF filings (2020–2024). Recipient names are matched across years, so a renamed or misspelled grantee can look new; grants to individuals are left out. Methodology.
Mission & Focus Areas
The foundation’s website describes its commitment as supporting education, housing, cultural, environmental, and health initiatives. Its guidelines highlight housing programs—particularly those serving children and families—that encourage self-sufficiency and help economically disadvantaged people participate in society. They also emphasize youth development through education and cost-effective health care programs, especially cardiac research, treatment, and prevention.
The 2024 grants included support for organizations working in community development, health, housing, youth development, and other areas. For example, East Side Neighborhood Services describes its mission as building pathways toward equity by disrupting social and economic barriers; Allina Health Foundation says it raises philanthropic support to advance community health care; and My Very Own Bed provides new beds and linens to children whose families have recently secured stable housing. These are the grantees’ descriptions of their own work.
Grantmaking
In filing year 2024, the foundation made 133 grants totaling $407,739. Grants ranged from $250 to $56,000, with a median grant of $1,000.
Largest reported awards included $56,000 to East Side Neighborhood Services for community development; $45,000 to The Beta Group for general support; $29,000 to SACA for general support; $27,500 to The Camden Promise for community development; and $25,000 to Allina Health Foundation for community development. Other reported awards included $24,000 to Lee Carlson Center for general support, $13,000 to My Very Own Bed for community development, and $10,000 to Friends of Ramsey Library (NB) for community development.
The foundation’s website says requests are reviewed annually and calls for a single-page proposal describing the amount requested, use of funds, total project budget if applicable, and how the proposal meets the foundation’s funding priorities. Its 2024 filing specifies that awards are restricted to Minnesota.
Review Cycle
September 15. The website says requests should be mailed by that date; the 2024 filing also lists September 15. The sources do not specify a year for this deadline.
How to Apply
The foundation accepts requests for consideration through a single-page proposal with the materials described above.
Open Grants
1 open opportunity from Walter C Rasmussen - Northeast Bank Foundation
Ready to take the next step with Walter C Rasmussen - Northeast Bank Foundation?
Geographic Focus
Where this funder awards grants
The foundation’s website emphasizes community needs in Hennepin, Ramsey, and Anoka counties. Its 2024 filing restricts awards to Minnesota, and all reported 2024 grant dollars went to recipients in Minnesota.
Grant Distribution by State
Share of 2024 grant dollars across all 133 itemized grants.
Cities
Giving Over Time
Total grant dollars and number of grants per year
From 2020 to 2024, annual grant giving ranged from $212K (2020) to $408K (2024). In 2024 it made 133 grants totaling $408K.
Grant Insights
How this funder distributes its grants
Top Recipients
Top 10 recipients in 2024
The largest 2024 recipient was East Side Neighborhood Services ($56K). Together the top 10 received $255K.
Grant Size Distribution
579 grants across all recorded years
The most common grant size was under $50K: 576 grants of 579 (99%).
Giving History
Grant recipients and amounts by year
| Recipient | Purpose | Amount |
|---|---|---|
| East Side Neighborhood Services Minneapolis, MN | Community Development | $56,000 |
| The Beta Group Minneapolis, MN | General Support | $45,000 |
| Saca Columbia Heights, MN | General Support | $29,000 |
| The Camden Promise Minneapolis, MN | Community Development | $27,500 |
| Allina Health Foundation Minneapolis, MN | Community Development | $25,000 |
| Lee Carlson Center Fridley, MN | General Support | $24,000 |
| My Very Own Bed Minneapolis, MN | Community Development | $13,000 |
| Saca Columbia Heights, MN | Revitalize/Stabilize | $10,500 |
| Friends of Ramsey Library (NB) Shoreview, MN | Community Development | $10,000 |
| ISD #13 Columbia Heights, MN | Community Development | $8,536 |
Financial History
Multi-year comparison from IRS filings
| Filing year | Assets | Revenue | Expenses | Grants | Grant count |
|---|---|---|---|---|---|
| 2024 | $87,861 | $492,188 | $411,480 | $407,739 | 133 |
| 2023 | $7,153 | $247,937 | $242,704 | $233,642 | 122 |
| 2022 | $1,920 | $220,786 | $249,310 | $241,636 | 113 |
| Metric | 2024 | 2023 | 2022 |
|---|---|---|---|
| Total Assets | $87,861 | $7,153 | $1,920 |
| Revenue | $492,188 | $247,937 | $220,786 |
| Expenses | $411,480 | $242,704 | $249,310 |
| Qualifying Distributions | $407,739 | $233,642 | $241,636 |
| Net Investment Income | $40 | $12 | $22 |
| Distributable Amount | $3,659 | $12 | $1,692 |
Data update history
When this profile's IRS filing data changed on Grantable
- Updated Form 990-PF for fiscal year 2020 (received by the IRS November 15, 2021)
- Updated Form 990-PF for fiscal year 2021 (received by the IRS September 21, 2022)
- Updated Form 990-PF for fiscal year 2022 (received by the IRS November 6, 2023)
- Updated Form 990-PF for fiscal year 2023 (received by the IRS November 14, 2024)
- Updated Form 990-PF for fiscal year 2024 (received by the IRS November 14, 2025)
- IRS filings on file for fiscal years 2020–2024
Leadership & Key People
Leadership team and compensation from IRS filings
The 2024 filing lists Eva B. Rasmussen as board chair/president; Benjamin T. Rasmussen as director/vice president; Pamela M. Harris as director/secretary; and Robert A. Guzy as director/treasurer. Other listed directors are Charles L. Huntley, Thomas M. Beck, Suzanne M. Sjoselius, Julia Rasmussen, Scott D. Hudson, and Sara D. Bogenreif.
Walter C Rasmussen - Northeast Bank Foundation is led by Eva B. Rasmussen, Board Chair & President since 2024 (on filings since 2020); none of the 15 officers listed in 2024 report compensation.
Officers on the 2024 filing
Eva B. Rasmussen
Board Chair & President
Director → Board Chair & President, 2024
On filings since 2020
0 hrs/week
No compensation reported
Benjamin T. Rasmussen
Director & Vice President
On filings since 2020
0 hrs/week
No compensation reported
Charles L. Huntley
Director
On filings since 2020
0 hrs/week
No compensation reported
Julia Rasmussen
Director
On filings since 2020
0.2 hrs/week
No compensation reported
Pamela M. Harris
Director & Secretary
On filings since 2020
0.5 hrs/week
No compensation reported
Robert A. Guzy
Director & Treasurer
On filings since 2020
0 hrs/week
No compensation reported
Suzanne M. Sjoselius
Director
On filings since 2020
2 hrs/week
No compensation reported
Thomas M. Beck
Director
On filings since 2020
0 hrs/week
No compensation reported
Michael F. Scholl
Director
On filings since 2023
0.2 hrs/week
No compensation reported
Sara D. Bogenreif
Director
On filings since 2023
0.2 hrs/week
No compensation reported
Scott D. Hudson
Director
On filings since 2023
0.2 hrs/week
No compensation reported
Cathy Hammett
Director
New on the 2024 filing
0.2 hrs/week
No compensation reported
Daniel Thomsen
Director
New on the 2024 filing
0.2 hrs/week
No compensation reported
Dave Larson
Director
New on the 2024 filing
0.2 hrs/week
No compensation reported
Janice Degaetano
Director
New on the 2024 filing
0.2 hrs/week
No compensation reported
Former officers (1)
- Former: Belva H. Rasmussen (2020–2023) — Board Chair & President
Data from IRS Form 990 filings, 2020–2024. "On filings since" is the earliest filing we hold that lists the person; hours are average hours per week as reported.
Contact
Application contact: Suzanne Sjoselius
Mailing address: 77 Broadway St Ne, Minneapolis, MN 55413
Phone: (612) 362-3219
Frequently asked questions about Walter C Rasmussen - Northeast Bank Foundation
How much does Walter C Rasmussen - Northeast Bank Foundation give each year?
Walter C Rasmussen - Northeast Bank Foundation gave $408K across 133 grants in 2024, according to its 2024 IRS Form 990-PF. In 2023 it gave $234K across 122 grants.
What is Walter C Rasmussen - Northeast Bank Foundation's typical grant size?
Walter C Rasmussen - Northeast Bank Foundation's median grant in 2024 was $1,000, and its average grant was $3,066, across 133 grants on its 2024 IRS Form 990-PF. Organizations receiving their first grant from Walter C Rasmussen - Northeast Bank Foundation that year got $1K on average.
Where does Walter C Rasmussen - Northeast Bank Foundation give grants?
Walter C Rasmussen - Northeast Bank Foundation gives mostly in Minnesota: 100% of the grant dollars itemized on its 2024 IRS Form 990-PF went to recipients there. The most frequent recipient cities were Minneapolis, MN (74 grants), St. Paul, MN (11 grants), Columbia Heights, MN (7 grants) and Blaine, MN (5 grants).
Does Walter C Rasmussen - Northeast Bank Foundation give general operating support?
Yes: 45% of Walter C Rasmussen - Northeast Bank Foundation's 2024 grants with a stated purpose (60 of 133) were for general or operating support, per its 2024 IRS Form 990-PF. Recurring purposes include "Community Development" (44 grants), "Affordable Housing" (10 grants) and "Revitalize/Stabilize" (7 grants).
Who are Walter C Rasmussen - Northeast Bank Foundation's largest grantees?
Walter C Rasmussen - Northeast Bank Foundation's largest 2024 grantees include East Side Neighborhood Services ($56,000), The Beta Group ($45,000) and Saca ($39,500 across 2 grants), according to its 2024 IRS Form 990-PF. Together they received 34% of its itemized 2024 grant dollars.
How large is Walter C Rasmussen - Northeast Bank Foundation?
Walter C Rasmussen - Northeast Bank Foundation reported $88K in total assets on its 2024 IRS Form 990-PF. It paid out $408K in qualifying distributions that year, against a required minimum of $4K (roughly 5% of its investment assets).
What does Walter C Rasmussen - Northeast Bank Foundation fund?
The foundation’s website describes its commitment as supporting education, housing, cultural, environmental, and health initiatives. See mission & focus areas ↑
How do I apply for a grant from Walter C Rasmussen - Northeast Bank Foundation?
The foundation accepts requests for consideration through a single-page proposal with the materials described above. Eligibility and process details are in the grantmaking section of this profile. See how to apply ↑
What is Walter C Rasmussen - Northeast Bank Foundation's EIN?
Walter C Rasmussen - Northeast Bank Foundation's EIN (Employer Identification Number) is 41-6373302. IRS Form 990 filing data is available on this page for 2020–2024.
Data last updated October 2026. Sourced from IRS Form 990-PF filings. Research dossier generated October 2026.
Here's the math on researching Walter C Rasmussen - Northeast Bank Foundation by hand.
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