Borealis Philanthropy
400 S 4st Ste 410 Pmb 280267, Minneapolis, MN · IRS data through FY2024
Revenue, expenses and net assets
Revenue Expenses Net assets
| Tax year | Revenue | Expenses | Net assets |
|---|---|---|---|
| FY2024 | $42,473,306 | $54,652,165 | $64,069,813 |
| FY2023 | $39,366,975 | $44,560,166 | $73,069,836 |
| FY2022 | $37,532,996 | $45,590,858 | $77,170,781 |
| FY2021 | $83,860,189 | $39,182,151 | $85,005,173 |
| FY2020 | $50,610,882 | $36,411,224 | $40,316,605 |
| FY2019 | $26,194,467 | $18,403,082 | $26,114,207 |
| FY2018 | $23,433,054 | $28,187,261 | $18,322,864 |
| FY2017 | $27,148,588 | $10,260,549 | $23,077,123 |
| FY2016 | $7,141,853 | $4,070,090 | $6,189,084 |
| FY2015 | $4,400,500 | $1,383,460 | $3,117,321 |
| FY2014 | $127,541 | $27,260 | $100,281 |
Form 990 filings
The returns filed by Borealis Philanthropy (EIN 46-4598642), including Form 990 PDFs and e-file data by year, are available in ProPublica's Nonprofit Explorer. The figures on this page come from IRS data files built from those returns.
Where the revenue came from
| Source | Amount | % of revenue |
|---|---|---|
| Contributions & grants | $41,274,648 | 97% |
| Program service revenue | $0 | 0% |
| Other revenue | $1,198,658 | 3% |
Where the money was spent
| Category | Amount | % of expenses |
|---|---|---|
| Program services | $45,117,965 | 83% |
| Management & general | $8,601,630 | 16% |
| Fundraising | $932,570 | 2% |
What the numbers show
- Contributions & grants made up 97% of total revenue in FY2024.
- Program services accounted for 83% of functional expenses, management & general 16%, and fundraising 2%.
- 83% of functional expenses went to program services in FY2024. That is higher than 76.2% of 21 Arts, Culture & Humanities organizations in MN.
- Net assets covered about 14.1 months of expenses at the end of the reporting year. That puts it in the 52nd percentile among 776 Arts, Culture & Humanities organizations in MN.
- Total revenue was higher than 99.2% of 782 Arts, Culture & Humanities organizations in MN.
- Total revenue rose from $127,541 in FY2014 to $42,473,306 in FY2024. Revenue increased in 8 and decreased in 2 of 10 year-over-year comparisons.
- Expenses exceeded revenue in 4 of 11 reported years (FY2018, FY2022, FY2023, FY2024).
- The highest revenue on record here is $83,860,189 in FY2021.
- Net assets grew from $100,281 to $64,069,813 between FY2014 and FY2024.
- Listed in the IRS Publication 78 data as eligible to receive tax-deductible contributions (public charity).
Figures compared against other organizations of the same NTEE program area in the same state. See the methodology page for how these are calculated and the guide to reading nonprofit financials for their limits.
About this organization
BOREALIS PHILANTHROPY DIRECTS RESOURCES TO PEOPLE BUILDING POWERFUL, THRIVING COMMUNITIES THAT SERVE ALL OF US, WITH THOSE MOST IMPACTED BY INJUSTICE LEADING THE WAY.
IRS status
| Ruling year | 2014 |
| Subsection | 501(c)(3) |
| Classification | Public charity |
| Program area (NTEE) | A99 — Arts, Culture & Humanities (in MN) |
| Donations | Listed in the IRS Publication 78 data as eligible to receive tax-deductible contributions (public charity). |
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Source: Internal Revenue Service — Exempt Organizations Business Master File (downloaded November 4, 2026), Statistics of Income extracts, Form 990 e-file data, Publication 78 and the Automatic Revocation list. Figures are as reported by the organization; IRS processing may adjust them. This is not a charity rating and not tax advice. Confirm deductibility in IRS Tax Exempt Organization Search.
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