Walter C Rasmussen - Northeast Bank
The Walter C. Rasmussen - Northeast Bank Foundation is a private foundation based in Minneapolis, Minnesota. Founded to honor the legacy of Walter C. Rasmussen, the late Chairman of Northeast Bank, the foundation carries forward his commitment to community engagement and development. The foundation operates with a volunteer board of directors and maintains close ties to Northeast Bank's community mission.
Financial Overview
From 2024 IRS Form 990-PF · View filing
Total Assets
—
Annual Giving
$408K
+74.5% YoY
Grant Count
133
+9.0% YoY
Avg Grant Size
$3K
+60.1% YoY
Mission & Focus Areas
The foundation is committed to making a difference by supporting initiatives that strengthen communities. According to its charitable giving guidelines, the foundation considers requests that benefit:
- Education — encouraging youth development through strengthening of education
- Housing — serving housing needs, particularly those relating to children and families, that encourage self-sufficiency and provide opportunities for the economically disadvantaged
- Culture — cultural initiatives that strengthen communities
- Environmental — environmental concerns and initiatives
- Health — cost-effective programs that enhance excellence in health care, with particular emphasis on cardiac research, treatment, and preventative care
The foundation emphasizes strategies that respond effectively to community needs, with particular focus on Hennepin, Ramsey, and Anoka counties.
Grantmaking
Applicants should submit a single-page proposal including:
Grant Range
& Range:**
Average Grant
$2,133 (General Support)
How to Apply
**
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Geographic Focus
Where this funder awards grants
The foundation primarily supports communities in:
- Minnesota — with emphasis on Hennepl, Ramsey, and Anoka counties, including Minneapolis, St. Paul, and Bloomington
- New York
The foundation restricts applications to in-state organizations.
Grant Distribution by State
Cities
Financial History
Multi-year comparison from IRS filings
Most Recent Data (2024):
- Total Assets: $87,861
- Total Revenue: $492,188
- Total Expenses: $411,480
- Total Giving: $407,739
- Net Income: $80,708
Previous Year Data (2023):
- Total Assets: $7,153
- Total Revenue: $247,937
- Total Expenses: $242,704
- Total Giving: $233,642–$234,000
The foundation maintains a giving rate exceeding 100% of assets, indicating it distributes more annually than its asset base.
| Metric | 2024 | 2023 | 2022 |
|---|---|---|---|
| Total Assets | — | — | — |
| Revenue | — | — | — |
| Expenses | — | — | — |
| Qualifying Distributions | — | — | — |
| Net Investment Income | — | — | — |
| 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
250 grants across all recorded years
Open Grants
1 open opportunity from Walter C Rasmussen - Northeast Bank
Giving History
Grant recipients and amounts by year
No grants recorded for .
Leadership & Key People
Leadership team and compensation from IRS filings
The foundation is led by a volunteer board of directors:
- Belva H. Rasmussen — Board Chair/President
- Benjamin T. Rasmussen — Director/Vice President
- Pamela M. Harris — Director/Secretary
- Robert A. Guzy — Director/Treasurer
- Eva B. Rasmussen — Director
- Charles L. Huntley — Director
- Thomas M Beck — Director
- Suzanne M Sjoselius — Director
- Julia Rasmussen — Director
- Scott D. Hudson — Director
All directors serve on a volunteer basis with no compensation reported.
Compensation Overview
From 2024 IRS filing
From 2024 filing
| Name | Title | Hours | Compensation |
|---|---|---|---|
| BENJAMIN T RASMUSSEN | DIRECTOR/VICE PRESIDENT | 0.02 | — |
| PAMELA M HARRIS | DIRECTOR/SECRETARY | 0.5 | — |
| ROBERT A GUZY | DIRECTOR/TREASURER | 0.02 | — |
| EVA B RASMUSSEN | BOARD CHAIR/PRESIDENT | 0.02 | — |
| CHARLES L HUNTLEY | DIRECTOR | 0.02 | — |
| THOMAS M BECK | DIRECTOR | 0.02 | — |
| SUZANNE M SJOSELIUS | DIRECTOR | 2 | — |
| JULIA RASMUSSEN | DIRECTOR | 0.2 | — |
| SCOTT D HUDSON | DIRECTOR | 0.2 | — |
| SARA D BOGENREIF | DIRECTOR | 0.2 | — |
| MICHAEL F SCHOLL | DIRECTOR | 0.2 | — |
| JANICE DEGAETANO | DIRECTOR | 0.2 | — |
| CATHY HAMMETT | DIRECTOR | 0.2 | — |
| DAVE LARSON | DIRECTOR | 0.2 | — |
| DANIEL THOMSEN | DIRECTOR | 0.2 | — |
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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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