Form990-PF
Click to see attachment

Department of the Treasury
Internal Revenue Service

Return of Private Foundation
or Section 4947(a)(1) Trust Treated as Private Foundation
bulletDo not enter social security numbers on this form as it may be made public.
bulletGo to www.irs.gov/Form990PF for instructions and the latest information.
OMB No. 1545-0052
2020
Open to Public Inspection
For calendar year 2020, or tax year beginning 01-01-2020 , and ending 12-31-2020
Name of foundation
THE OLSETH FOUNDATION
 
Number and street (or P.O. box number if mail is not delivered to street address)601 CARLSON PARKWAY SUITE 1050
  Room/suite
City or town, state or province, country, and ZIP or foreign postal code
MINNETONKA, MN55305
A Employer identification number

41-1875950
B Telephone number (see instructions)

(612) 267-3287
C bullet
G Check all that apply:

D 1. Foreign organizations, check here............. bullet
2. Foreign organizations meeting the 85%
test, check here and attach computation ... bullet
E bullet
H Check type of organization:
F bullet
I Fair market value of all assets at end
of year (from Part II, col. (c),
line 16)bullet$30,004,923J Accounting method:
 
(Part I, column (d) must be on cash basis.)
Part I Analysis of Revenue and Expenses (The total of amounts in columns (b), (c), and (d) may not necessarily equal the amounts in column (a) (see instructions).) (a) Revenue and
expenses per
books 		(b) Net investment
income 		(c) Adjusted net
income 		(d) Disbursements
for charitable
purposes
(cash basis only)
Revenue 1 Contributions, gifts, grants, etc., received (attach schedule)  
2 Check bullet.............
3 Interest on savings and temporary cash investments 53,569 61,853  
4 Dividends and interest from securities... 396,667 404,962  
5a Gross rents............      
b Net rental income or (loss)  
6a Net gain or (loss) from sale of assets not on line 10 91,615
b Gross sales price for all assets on line 6a 1,208,731
7 Capital gain net income (from Part IV, line 2)... 75,019
8 Net short-term capital gain.........  
9 Income modifications...........  
10a Gross sales less returns and allowances  
b Less: Cost of goods sold....  
c Gross profit or (loss) (attach schedule).....    
11 Other income (attach schedule).......      
12 Total. Add lines 1 through 11........ 541,851 541,834  
Operating and Administrative Expenses 13 Compensation of officers, directors, trustees, etc. 284,996 0   284,996
14 Other employee salaries and wages......        
15 Pension plans, employee benefits.......        
16a Legal fees (attach schedule)......... Click to see attachment 66,000 0   66,000
b Accounting fees (attach schedule)....... Click to see attachment 24,270 0   24,270
c Other professional fees (attach schedule)....        
17 Interest...............        
18 Taxes (attach schedule) (see instructions)... Click to see attachment 30,443 10,227   22,322
19 Depreciation (attach schedule) and depletion...      
20 Occupancy..............        
21 Travel, conferences, and meetings....... 2,046 0   2,046
22 Printing and publications..........        
23 Other expenses (attach schedule)....... Click to see attachment 164,585 156,171   8,133
24 Total operating and administrative expenses.
Add lines 13 through 23.......... 572,340 166,398   407,767
25 Contributions, gifts, grants paid....... 908,000 908,000
26 Total expenses and disbursements. Add lines 24 and 25 1,480,340 166,398   1,315,767
27 Subtract line 26 from line 12:
a Excess of revenue over expenses and disbursements -938,489
b Net investment income (if negative, enter -0-) 375,436
c Adjusted net income (if negative, enter -0-)...  
For Paperwork Reduction Act Notice, see instructions.
Cat. No. 11289X Form 990-PF (2020)
Form 990-PF (2020)
Page 2
Part II Balance Sheets Attached schedules and amounts in the description column
should be for end-of-year amounts only. (See instructions.) 		Beginning of year End of year
(a) Book Value (b) Book Value (c) Fair Market Value
Assets 1 Cash—non-interest-bearing.............      
2 Savings and temporary cash investments......... 1,629,423 1,187,703 1,187,703
3 Accounts receivable bullet  
Less: allowance for doubtful accounts bullet        
4 Pledges receivable bullet  
Less: allowance for doubtful accounts bullet        
5 Grants receivable.................      
6 Receivables due from officers, directors, trustees, and other
disqualified persons (attach schedule) (see instructions).....      
7 Other notes and loans receivable (attach schedule) bullet  
Less: allowance for doubtful accounts bullet        
8 Inventories for sale or use..............      
9 Prepaid expenses and deferred charges..........      
10a Investments—U.S. and state government obligations (attach schedule)      
b Investments—corporate stock (attach schedule)....... 10,064,267 Click to see attachment9,607,906 17,049,159
c Investments—corporate bonds (attach schedule).......      
11 Investments—land, buildings, and equipment: basis bullet  
Less: accumulated depreciation (attach schedule) bullet        
12 Investments—mortgage loans.............      
13 Investments—other (attach schedule).......... 11,070,378 Click to see attachment11,029,379 11,768,061
14 Land, buildings, and equipment: basis bullet  
Less: accumulated depreciation (attach schedule) bullet        
15 Other assets (describe bullet)      
16 Total assets (to be completed by all filers—see the
instructions. Also, see page 1, item I) 22,764,068 21,824,988 30,004,923
Liabilities 17 Accounts payable and accrued expenses..........    
18 Grants payable.................    
19 Deferred revenue.................    
20 Loans from officers, directors, trustees, and other disqualified persons    
21 Mortgages and other notes payable (attach schedule)......    
22 Other liabilities (describe bullet)    
23 Total liabilities (add lines 17 through 22)......... 0 0
Net Assets or Fund Balances Foundations that follow FASB ASC 958, check here bullet
and complete lines 24, 25, 29 and 30.
24 Net assets without donor restrictions...........    
25 Net assets with donor restrictions............    
Foundations that do not follow FASB ASC 958, check here bullet
and complete lines 26 through 30.
26 Capital stock, trust principal, or current funds........ 0 0
27 Paid-in or capital surplus, or land, bldg., and equipment fund 0 0
28 Retained earnings, accumulated income, endowment, or other funds 22,764,068 21,824,988
29 Total net assets or fund balances (see instructions)..... 22,764,068 21,824,988
30 Total liabilities and net assets/fund balances (see instructions). 22,764,068 21,824,988
Part III
Analysis of Changes in Net Assets or Fund Balances
1
Total net assets or fund balances at beginning of year—Part II, column (a), line 29 (must agree with end-of-year figure reported on prior year’s return) ...............
1
22,764,068
2
Enter amount from Part I, line 27a .....................
2
-938,489
3
Other increases not included in line 2 (itemize) bullet
3
0
4
Add lines 1, 2, and 3 ..........................
4
21,825,579
5
Decreases not included in line 2 (itemize) bulletClick to see attachment
5
591
6
Total net assets or fund balances at end of year (line 4 minus line 5)—Part II, column (b), line 29 .
6
21,824,988
Form 990-PF (2020)
Form 990-PF (2020)
Page 3
Part IV
Capital Gains and Losses for Tax on Investment Income
(a) List and describe the kind(s) of property sold (e.g., real estate,
2-story brick warehouse; or common stock, 200 shs. MLC Co.)		 (b)
How acquired
P—Purchase
D—Donation 		(c)
Date acquired
(mo., day, yr.) 		(d)
Date sold
(mo., day, yr.)
1 a RBC FINANCIAL - CAPITAL GAIN DISTRIBUTION P    
b PUBLICLY TRADED SECURITIES P    
c
d
e
(e)
Gross sales price 		(f)
Depreciation allowed
(or allowable) 		(g)
Cost or other basis
plus expense of sale 		(h)
Gain or (loss)
(e) plus (f) minus (g)
a 80,942     80,942
b 1,127,789   1,133,712 -5,923
c
d
e
Complete only for assets showing gain in column (h) and owned by the foundation on 12/31/69 (l)
Gains (Col. (h) gain minus
col. (k), but not less than -0-) or
Losses (from col.(h))
(i)
F.M.V. as of 12/31/69 		(j)
Adjusted basis
as of 12/31/69 		(k)
Excess of col. (i)
over col. (j), if any
a       80,942
b       -5,923
c
d
e
2 Capital gain net income or (net capital loss) Bracket If gain, also enter in Part I, line 7
If (loss), enter -0- in Part I, line 7		 Bracket 2 75,019
3 Net short-term capital gain or (loss) as defined in sections 1222(5) and (6):
If gain, also enter in Part I, line 8, column (c) (see instructions). If (loss), enter -0-
in Part I, line 8 ................... 		Bracket 3  
Part V
Qualification Under Section 4940(e) for Reduced Tax on Net Investment Income
SECTION 4940(e) REPEALED ON DECEMBER 20, 2019 - DO NOT COMPLETE
1 Reserved
(a)
Reserved 		(b)
Reserved 		(c)
Reserved 		(d)
Reserved
2
Reserved...........................
2
3
Reserved...........................
3
4
Reserved...........................
4
5
Reserved...........................
5
6
Reserved...........................
6
7
Reserved...........................
7
8
Reserved,..........................
8
Form 990-PF (2020)
Form 990-PF (2020)
Page 4
Part VI
Excise Tax Based on Investment Income (Section 4940(a), 4940(b), 4940(e), or 4948—see instructions)
1a Exempt operating foundations described in section 4940(d)(2), check here Bullet and enter “N/A" on line 1. Bracket for line 1a
Date of ruling or determination letter:   (attach copy of letter if necessary–see instructions)
b Reserved................................ 1 5,219
c All other domestic foundations enter 1.39% of line 27b. Exempt foreign organizations enter 4% of Part I, line 12, col. (b)
2 Tax under section 511 (domestic section 4947(a)(1) trusts and taxable foundations only. Others enter -0-) 2 0
3 Add lines 1 and 2........................... 3 5,219
4 Subtitle A (income) tax (domestic section 4947(a)(1) trusts and taxable foundations only. Others enter -0-) 4 0
5 Tax based on investment income. Subtract line 4 from line 3. If zero or less, enter -0- ..... 5 5,219
6 Credits/Payments:
a 2020 estimated tax payments and 2019 overpayment credited to 2020 6a 3,800
b Exempt foreign organizations—tax withheld at source...... 6b 0
c Tax paid with application for extension of time to file (Form 8868)... 6c 0
d Backup withholding erroneously withheld ........... 6d 0
7 Total credits and payments. Add lines 6a through 6d.............. 7 3,800
8 Enter any penalty for underpayment of estimated tax. Check here if Form 2220 is attached. Click to see attachment 8 19
9 Tax due. If the total of lines 5 and 8 is more than line 7, enter amount owed.......Bullet 9 1,438
10 Overpayment. If line 7 is more than the total of lines 5 and 8, enter the amount overpaid...Bullet 10  
11 Enter the amount of line 10 to be: Credited to 2021 estimated taxBullet   RefundedBullet 11  
Part VII-A
Statements Regarding Activities
1a
During the tax year, did the foundation attempt to influence any national, state, or local legislation or did
Yes
No
it participate or intervene in any political campaign? ....................
1a
 
No
b
Did it spend more than $100 during the year (either directly or indirectly) for political purposes? See the instructions
for the definition.................................
1b
 
No
If the answer is "Yes" to 1a or 1b, attach a detailed description of the activities and copies of any materials
published or distributed by the foundation in connection with the activities.
c
Did the foundation file Form 1120-POL for this year?.....................
1c
 
No
d
Enter the amount (if any) of tax on political expenditures (section 4955) imposed during the year:
(1) On the foundation. bullet$ 0(2) On foundation managers.bullet$ 0
e
Enter the reimbursement (if any) paid by the foundation during the year for political expenditure tax imposed
on foundation managers.bullet$ 0
2
Has the foundation engaged in any activities that have not previously been reported to the IRS?.......
2
 
No
If "Yes," attach a detailed description of the activities.
3
Has the foundation made any changes, not previously reported to the IRS, in its governing instrument, articles
of incorporation, or bylaws, or other similar instruments? If "Yes," attach a conformed copy of the changes....
3
 
No
4a
Did the foundation have unrelated business gross income of $1,000 or more during the year?........
4a
 
No
b
If "Yes," has it filed a tax return on Form 990-T for this year?...................
4b
 
 
5
Was there a liquidation, termination, dissolution, or substantial contraction during the year?.........
5
 
No
If "Yes," attach the statement required by General Instruction T.
6
Are the requirements of section 508(e) (relating to sections 4941 through 4945) satisfied either:
  • By language in the governing instrument, or
  • By state legislation that effectively amends the governing instrument so that no mandatory directions
    • that conflict with the state law remain in the governing instrument?................
    6
    Yes
     
    7
    Did the foundation have at least $5,000 in assets at any time during the year? If "Yes," complete Part II, col. (c),
    and Part XV..................................
    7
    Yes
     
    8a
    Enter the states to which the foundation reports or with which it is registered (see instructions)
    bulletMN, OR
    b
    If the answer is "Yes" to line 7, has the foundation furnished a copy of Form 990-PF to the Attorney
    General (or designate) of each state as required by General Instruction G? If "No," attach explanation .
    8b
    Yes
     
    9
    Is the foundation claiming status as a private operating foundation within the meaning of section 4942(j)(3)
    or 4942(j)(5) for calendar year 2020 or the taxable year beginning in 2020? See the instructions for Part XIV.
    If "Yes," complete Part XIV .............................
    9
     
    No
    10
    Did any persons become substantial contributors during the tax year? If "Yes," attach a schedule listing their names
    and addresses. ...............................
    10
     
    No
    Form 990-PF (2020)
    Form 990-PF (2020)
    Page 5
    Part VII-A
    Statements Regarding Activities (continued)
    11
    At any time during the year, did the foundation, directly or indirectly, own a controlled entity within the
    meaning of section 512(b)(13)? If "Yes," attach schedule. See instructions .............
    11
     
    No
    12
    Did the foundation make a distribution to a donor advised fund over which the foundation or a disqualified person had
    advisory privileges? If "Yes," attach statement. See instructions.................
    12
     
    No
    13
    Did the foundation comply with the public inspection requirements for its annual returns and exemption application?
    13
    Yes
     
    Website addressbulletHTTP://WWW.OLSETHFAMILYFOUNDATION.ORG/
    14
    The books are in care ofbulletKAREN SOLOMON Telephone no.bullet (612) 802-9751

    Located atbullet601 CARLSON PARKWAY SUITE 1050MINNETONKAMN ZIP+4bullet55305
    15
    Section 4947(a)(1) nonexempt charitable trusts filing Form 990-PF in lieu of Form 1041 —check here .........bullet
    and enter the amount of tax-exempt interest received or accrued during the year ........bullet
    15
     
    16 At any time during calendar year 2020, did the foundation have an interest in or a signature or other authority over YesNo
    a bank, securities, or other financial account in a foreign country? .................
    16   No
    See the instructions for exceptions and filing requirements for FinCEN Form 114. If "Yes", enter the name of the foreign
    country bullet
    Part VII-B
    Statements Regarding Activities for Which Form 4720 May Be Required
    File Form 4720 if any item is checked in the "Yes" column, unless an exception applies.
    Yes
    No
    1a
    During the year did the foundation (either directly or indirectly):
    (1) Engage in the sale or exchange, or leasing of property with a disqualified person?
    (2) Borrow money from, lend money to, or otherwise extend credit to (or accept it from)
    a disqualified person?......................
    (3) Furnish goods, services, or facilities to (or accept them from) a disqualified person?
    (4) Pay compensation to, or pay or reimburse the expenses of, a disqualified person?
    (5) Transfer any income or assets to a disqualified person (or make any of either available
    for the benefit or use of a disqualified person)?...............
    (6) Agree to pay money or property to a government official? (Exception. Check "No"
    if the foundation agreed to make a grant to or to employ the official for a period
    after termination of government service, if terminating within 90 days.).......
    b
    If any answer is "Yes" to 1a(1)–(6), did any of the acts fail to qualify under the exceptions described in Regulations
    section 53.4941(d)-3 or in a current notice regarding disaster assistance? See instructions ........
    1b
    Yes
     
    ........bullet
    c
    Did the foundation engage in a prior year in any of the acts described in 1a, other than excepted acts,
    that were not corrected before the first day of the tax year beginning in 2020?.............
    1c
     
    No
    2
    Taxes on failure to distribute income (section 4942) (does not apply for years the foundation was a private
    operating foundation defined in section 4942(j)(3) or 4942(j)(5)):
    a
    At the end of tax year 2020, did the foundation have any undistributed income (lines 6d
    and 6e, Part XIII) for tax year(s) beginning before 2020?.............
    If "Yes," list the years bullet20, 20, 20, 20
    b
    Are there any years listed in 2a for which the foundation is not applying the provisions of section 4942(a)(2)
    (relating to incorrect valuation of assets) to the year’s undistributed income? (If applying section 4942(a)(2)
    to all years listed, answer "No" and attach statement—see instructions.) ..............
    2b
     
     
    c
    If the provisions of section 4942(a)(2) are being applied to any of the years listed in 2a, list the years here.
    bullet20, 20, 20, 20
    3a
    Did the foundation hold more than a 2% direct or indirect interest in any business enterprise at
    any time during the year?......................
    b
    If "Yes," did it have excess business holdings in 2020 as a result of (1) any purchase by the foundation
    or disqualified persons after May 26, 1969; (2) the lapse of the 5-year period (or longer period approved
    by the Commissioner under section 4943(c)(7)) to dispose of holdings acquired by gift or bequest; or (3)
    the lapse of the 10-, 15-, or 20-year first phase holding period? (Use Schedule C, Form 4720, to determine
    if the foundation had excess business holdings in 2020.)..................
    3b
     
     
    4a
    Did the foundation invest during the year any amount in a manner that would jeopardize its charitable purposes?
    4a
     
    No
    b
    Did the foundation make any investment in a prior year (but after December 31, 1969) that could jeopardize its
    charitable purpose that had not been removed from jeopardy before the first day of the tax year beginning in 2020?
    4b
     
    No
    Form 990-PF (2020)
    Form 990-PF (2020)
    Page 6
    Part VII-B
    Statements Regarding Activities for Which Form 4720 May Be Required (continued)
    5a
    During the year did the foundation pay or incur any amount to:
    Yes
    No
    (1) Carry on propaganda, or otherwise attempt to influence legislation (section 4945(e))?
    (2) Influence the outcome of any specific public election (see section 4955); or to carry
    on, directly or indirectly, any voter registration drive?.............
    (3) Provide a grant to an individual for travel, study, or other similar purposes?
    (4) Provide a grant to an organization other than a charitable, etc., organization described
    in section 4945(d)(4)(A)? See instructions................
    (5) Provide for any purpose other than religious, charitable, scientific, literary, or
    educational purposes, or for the prevention of cruelty to children or animals?.....
    b
    If any answer is "Yes" to 5a(1)–(5), did any of the transactions fail to qualify under the exceptions described in
    Regulations section 53.4945 or in a current notice regarding disaster assistance? See instructions ......
    5b
     
     
    .........bullet
    c
    If the answer is "Yes" to question 5a(4), does the foundation claim exemption from the
    tax because it maintained expenditure responsibility for the grant?..........
    If "Yes," attach the statement required by Regulations section 53.4945–5(d).
    6a
    Did the foundation, during the year, receive any funds, directly or indirectly, to pay premiums on
    a personal benefit contract?.....................
    b
    Did the foundation, during the year, pay premiums, directly or indirectly, on a personal benefit contract? ....
    6b
     
    No
    If "Yes" to 6b, file Form 8870.
    7a
    At any time during the tax year, was the foundation a party to a prohibited tax shelter transaction?
    b
    If "Yes", did the foundation receive any proceeds or have any net income attributable to the transaction? ....
    7b
     
     
    8
    Is the foundation subject to the section 4960 tax on payment(s) of more than $1,000,000 in remuneration or
    excess parachute payment during the year? .................
    Part VIII
    Information About Officers, Directors, Trustees, Foundation Managers, Highly Paid Employees,
    and Contractors
    1 List all officers, directors, trustees, foundation managers and their compensation. See instructions
    (a) Name and address (b) Title, and average
    hours per week
    devoted to position     		(c) Compensation
     (If not paid, enter
    -0-)     		(d) Contributions to employee benefit plans and deferred compensation (e) Expense account,
    other allowances
    KAREN L SOLOMON TREASURER
    20.00     		95,000 0 0
    601 CARLSON PARKWAY SUITE 1050
    MINNETONKA,MN55305
    JON P OLSETH VICE-PRESIDENT/SECRETARY
    20.00     		94,996 0 0
    601 CARLSON PARKWAY SUITE 1050
    MINNETONKA,MN55305
    CHERYL A OLSETH PRESIDENT
    20.00     		95,000 0 0
    601 CARLSON PARKWAY SUITE 1050
    MINNETONKA,MN55305
    MARGARET CRONIN ADMINISTRATIVE OFFICER
    3.60     		0 0 0
    601 CARLSON PARKWAY SUITE 1050
    MINNETONKA,MN55305
    2 Compensation of five highest-paid employees (other than those included on line 1—see instructions). If none, enter “NONE."
    (a) Name and address of each employee paid more than $50,000 (b) Title, and average
    hours per week
    devoted to position     		(c) Compensation (d) Contributions to
    employee benefit
    plans and deferred
    compensation     		(e) Expense account,
    other allowances
    NONE
    Total number of other employees paid over $50,000...................bullet 0
    Form 990-PF (2020)
    Form 990-PF (2020)
    Page 7
    Part VIII
    Information About Officers, Directors, Trustees, Foundation Managers, Highly Paid Employees,
    and Contractors (continued)
    3 Five highest-paid independent contractors for professional services (see instructions). If none, enter "NONE".
    (a) Name and address of each person paid more than $50,000 (b) Type of service (c) Compensation
    RBC CAPITAL MARKETS LLC WEALTH MANAGEMENT AND ADVISORY SERVICES 156,452
    PO BOX 1510
    MINNEAPOLIS,MN55440
    BRIDGEVIEW LEGAL ADVISORS ADVISORY SERVICES 66,000
    601 CARLSON PARKWAY SUITE 1050
    MINNETONKA,MN55305
    Total number of others receiving over $50,000 for professional services.............bullet0
    Part IX-A
    Summary of Direct Charitable Activities
    List the foundation’s four largest direct charitable activities during the tax year. Include relevant statistical information such as the number of organizations and other beneficiaries served, conferences convened, research papers produced, etc. Expenses
    1 SEE STATEMENT 9 4,500
    2   0
    3   0
    4   0
    Part IX-B
    Summary of Program-Related Investments (see instructions)
    Describe the two largest program-related investments made by the foundation during the tax year on lines 1 and 2. Amount
    1 NONE 0
    2  
    All other program-related investments. See instructions.
    3 Click to see attachment 0
    Total. Add lines 1 through 3.........................bullet0
    Form 990-PF (2020)
    Form 990-PF (2020)
    Page 8
    Part X
    Minimum Investment Return (All domestic foundations must complete this part. Foreign foundations, see instructions.)
    1
    Fair market value of assets not used (or held for use) directly in carrying out charitable, etc.,
    purposes:
    a
    Average monthly fair market value of securities...................
    1a
    25,453,890
    b
    Average of monthly cash balances.......................
    1b
    1,299,228
    c
    Fair market value of all other assets (see instructions)................
    1c
    0
    d
    Total (add lines 1a, b, and c).........................
    1d
    26,753,118
    e
    Reduction claimed for blockage or other factors reported on lines 1a and
    1c (attach detailed explanation) .............
    1e
    0
    2
    Acquisition indebtedness applicable to line 1 assets..................
    2
    0
    3
    Subtract line 2 from line 1d.........................
    3
    26,753,118
    4
    Cash deemed held for charitable activities. Enter 1 1/2% of line 3 (for greater amount, see
    instructions) .............................
    4
    401,297
    5
    Net value of noncharitable-use assets. Subtract line 4 from line 3. Enter here and on Part V, line 4
    5
    26,351,821
    6
    Minimum investment return. Enter 5% of line 5..................
    6
    1,317,591
    Part XI
    Distributable Amount (see instructions) (Section 4942(j)(3) and (j)(5) private operating foundations and certain foreign organizations check here right arrow and do not complete this part.)
    1
    Minimum investment return from Part X, line 6....................
    1
    1,317,591
    2a
    Tax on investment income for 2020 from Part VI, line 5......
    2a
    5,219
    b
    Income tax for 2020. (This does not include the tax from Part VI.)...
    2b
     
    c
    Add lines 2a and 2b............................
    2c
    5,219
    3
    Distributable amount before adjustments. Subtract line 2c from line 1............
    3
    1,312,372
    4
    Recoveries of amounts treated as qualifying distributions................
    4
    0
    5
    Add lines 3 and 4............................
    5
    1,312,372
    6
    Deduction from distributable amount (see instructions).................
    6
    0
    7
    Distributable amount as adjusted. Subtract line 6 from line 5. Enter here and on Part XIII, line 1 ...
    7
    1,312,372
    Part XII
    Qualifying Distributions (see instructions)
    1
    Amounts paid (including administrative expenses) to accomplish charitable, etc., purposes:
    a
    Expenses, contributions, gifts, etc.—total from Part I, column (d), line 26 ..........
    1a
    1,315,767
    b
    Program-related investments—total from Part IX-B..................
    1b
    0
    2
    Amounts paid to acquire assets used (or held for use) directly in carrying out charitable, etc.,
    purposes...............................
    2
     
    3
    Amounts set aside for specific charitable projects that satisfy the:
    a
    Suitability test (prior IRS approval required)....................
    3a
     
    b
    Cash distribution test (attach the required schedule) .................
    3b
     
    4
    Qualifying distributions. Add lines 1a through 3b. Enter here and on Part V, line 8, and Part XIII, line 4
    4
    1,315,767
    5
    Foundations that qualify under section 4940(e) for the reduced rate of tax on net investment
    income. Enter 1% of Part I, line 27b. See instructions.................
    5
    0
    6
    Adjusted qualifying distributions. Subtract line 5 from line 4..............
    6
    1,315,767
    Note: The amount on line 6 will be used in Part V, column (b), in subsequent years when calculating whether the foundation qualifies for
    the section 4940(e) reduction of tax in those years.
    Form 990-PF (2020)
    Form 990-PF (2020)
    Page 9
    Part XIII
    Undistributed Income (see instructions)
    (a)
    Corpus     		(b)
    Years prior to 2019     		(c)
    2019     		(d)
    2020
    1 Distributable amount for 2020 from Part XI, line 7 1,312,372
    2 Undistributed income, if any, as of the end of 2020:
    a Enter amount for 2019 only....... 0
    b Total for prior years:20, 20, 20 0
    3 Excess distributions carryover, if any, to 2020:
    a From 2015......  
    b From 2016...... 11,763
    c From 2017...... 30,914
    d From 2018...... 45,656
    e From 2019...... 11,462
    fTotal of lines 3a through e........ 99,795
    4Qualifying distributions for 2020 from Part
    XII, line 4: bullet$ 1,315,767
    a Applied to 2019, but not more than line 2a 0
    b Applied to undistributed income of prior years
    (Election required—see instructions).....     		0
    c Treated as distributions out of corpus (Election
    required—see instructions)........     		0
    d Applied to 2020 distributable amount..... 1,312,372
    e Remaining amount distributed out of corpus 3,395
    5 Excess distributions carryover applied to 2020. 0 0
    (If an amount appears in column (d), the
    same amount must be shown in column (a).)
    6Enter the net total of each column as
    indicated below:
    a Corpus. Add lines 3f, 4c, and 4e. Subtract line 5 103,190
    b Prior years’ undistributed income. Subtract
    line 4b from line 2b ..........     		0
    c Enter the amount of prior years’ undistributed
    income for which a notice of deficiency has
    been issued, or on which the section 4942(a)
    tax has been previously assessed......     		0
    d Subtract line 6c from line 6b. Taxable amount
    —see instructions ...........     		0
    e Undistributed income for 2019. Subtract line
    4a from line 2a. Taxable amount—see
    instructions .............     		0
    f Undistributed income for 2020. Subtract
    lines 4d and 5 from line 1. This amount must
    be distributed in 2021 ..........     		0
    7 Amounts treated as distributions out of
    corpus to satisfy requirements imposed by
    section 170(b)(1)(F) or 4942(g)(3) (Election may
    be required - see instructions) .......     		0
    8 Excess distributions carryover from 2015 not
    applied on line 5 or line 7 (see instructions) ...     		0
    9Excess distributions carryover to 2021.
    Subtract lines 7 and 8 from line 6a ......     		103,190
    10 Analysis of line 9:
    a Excess from 2016.... 11,763
    b Excess from 2017.... 30,914
    c Excess from 2018.... 45,656
    d Excess from 2019.... 11,462
    e Excess from 2020.... 3,395
    Form 990-PF (2020)
    Form 990-PF (2020)
    Page 10
    Part XIV
    Private Operating Foundations (see instructions and Part VII-A, question 9)
    1a If the foundation has received a ruling or determination letter that it is a private operating
    foundation, and the ruling is effective for 2020, enter the date of the ruling....... bullet
     
    b Check box to indicate whether the organization is a private operating foundation described in section or
    2a Enter the lesser of the adjusted net
    income from Part I or the minimum
    investment return from Part X for each
    year listed ..........     		Tax year Prior 3 years (e) Total
    (a) 2020 (b) 2019 (c) 2018 (d) 2017
             
    b 85% of line 2a .........          
    c Qualifying distributions from Part XII,
    line 4 for each year listed .....     		         
    d Amounts included in line 2c not used directly
    for active conduct of exempt activities ..........     		         
    e Qualifying distributions made directly
    for active conduct of exempt activities.
    Subtract line 2d from line 2c ....     		         
    3 Complete 3a, b, or c for the
    alternative test relied upon:
    a “Assets" alternative test—enter:
    (1) Value of all assets ......          
    (2) Value of assets qualifying
    under section 4942(j)(3)(B)(i)    		          
    b “Endowment" alternative test— enter 2/3
    of minimum investment return shown in
    Part X, line 6 for each year listed...     		         
    c “Support" alternative test—enter:
    (1) Total support other than gross
    investment income (interest,
    dividends, rents, payments
    on securities loans (section
    512(a)(5)), or royalties) ....     		         
    (2) Support from general public
    and 5 or more exempt
    organizations as provided in
    section 4942(j)(3)(B)(iii)....     		         
    (3) Largest amount of support
    from an exempt organization    		          
    (4) Gross investment income          
    Part XV
    Supplementary Information (Complete this part only if the foundation had $5,000 or more in
    assets at any time during the year—see instructions.)
    1Information Regarding Foundation Managers:
    aList any managers of the foundation who have contributed more than 2% of the total contributions received by the foundation
    before the close of any tax year (but only if they have contributed more than $5,000). (See section 507(d)(2).)
    bList any managers of the foundation who own 10% or more of the stock of a corporation (or an equally large portion of the
    ownership of a partnership or other entity) of which the foundation has a 10% or greater interest.
    2Information Regarding Contribution, Grant, Gift, Loan, Scholarship, etc., Programs:
    Check here bullet
    aThe name, address, and telephone number or email address of the person to whom applications should be addressed:
    bThe form in which applications should be submitted and information and materials they should include:
    cAny submission deadlines:
    dAny restrictions or limitations on awards, such as by geographical areas, charitable fields, kinds of institutions, or other
    factors:
    Form 990-PF (2020)
    Form 990-PF (2020)
    Page 11
    Part XV
    Supplementary Information (continued)
    3 Grants and Contributions Paid During the Year or Approved for Future Payment
    Recipient If recipient is an individual,
    show any relationship to
    any foundation manager
    or substantial contributor
    		 Foundation
    status of
    recipient     		Purpose of grant or
    contribution     		Amount
    Name and address (home or business)
    aPaid during the year
    AMERICAN CIVIL LIBERTIES FOUNDATION OF OREGON INC
    PO BOX 40585
    PORTLAND,OR97240     		  PC OPERATING 5,000
    CENTRAL LAKES COLLEGE FOUNDATION
    501 WEST COLLEGE DRIVE
    BRAINERD,MN56401     		  PC VERSE LIKE WATER FUND 2,000
    CITY OF NORTH MANKATO
    1001 BELGRADE AVE
    NORTH MANKATO,MN56003     		  GOV LEVEL 2 CHARGER CASWELL FIELDS 5,000
    CITY OF WHITEFISH
    PO BOX 158
    WHITEFISH,MT59937     		  GOV DAVID OLSETH MEMORIAL SKATE PARK 3,000
    COMMITTEE AGAINST DOMESTIC ABUSE INC (CADA)
    PO BOX 466
    MANKATO,MN56002     		  PC OPERATING 5,000
    DON'T SHOOT PDX
    1811 NW COUCH 303
    PORTLAND,OR97209     		  PC OPERATING 4,000
    EMERGENCY COMMUNITY HELP ORGANIZATION ECHO
    PO BOX 3212 1014 SOUTH FRONT STREET
    MANKATO,MN56002     		  PC OPERATING 5,000
    ENVIRONMENTAL INITIATIVE-SUSTAINABLE GROWTH COALITION
    211 N 1ST ST 250
    MINNEAPOLIS,MN55401     		  PC OPERATING 2,000
    FEEDING OUR COMMUNITIES PARTNERS (BACKPACK FOOD PROGRAM)
    PO BOX 5275
    MANKATO,MN56002     		  PC OPERATING 10,000
    FEED THE MASS
    2305 SE 50TH AVENUE SUITE 100
    PORTLAND,OR97215     		  PC OPERATING 5,000
    FORT LEWIS COLLEGE FOUNDATION
    1000 RIM DRIVE
    DURANGO,CO81301     		  PC OPERATING 10,000
    FREE GEEK
    1731 SE 10TH AVE
    PORTLAND,OR97214     		  PC OPERATING 20,000
    FRIENDS OF SAX-ZIMBOG
    PO BOX 3585
    DULUTH,MN55803     		  PC OPERATING 1,000
    GIVING VOICE INITIATIVE
    7801 EAST BUSH LAKE ROAD 120
    BLOOMINGTON,MN55439     		  PC OPERATING 7,500
    JUNGLE THEATRE
    2951 LYNDALE AVE S
    MINNEAPOLIS,MN55408     		  PC OPERATING 21,000
    KLAMATH-SISKIYOU WILDLANDS CENTER (KS WILD)
    PO BOX 102
    ASHLAND,OR97520     		  PC OPERATING 5,000
    MANKATO CALEDONIAN CURLING CLUB INC
    600 HOPE ST PO BOX 75
    MANKATO,MN56002     		  PC OPERATING 5,000
    MERELY PLAYERS COMMUNITY THEATRE INC
    PO BOX 3637
    MANKATO,MN56002     		  PC OPERATING 1,000
    MINNESOTA ENGATEMENT ON SHELTER & HOUSING
    740 EAST 17TH ST
    MINNEAPOLIS,MN55404     		  PC OPERATING 5,000
    MINNESOTA PUBLIC RADIO
    480 CEDAR STREET
    ST PAUL,MN55101     		  PC OPERATING 10,000
    NEIGHBORHOOD HOUSE INC
    7780 SW CAPITOL HWY
    PORTLAND,OR97219     		  PC OPERATING 5,000
    OPEN DOOR HEALTH CENTER
    309 HOLLY LANE
    MANKATO,MN56001     		  PC OPERATING 5,000
    OREGON FOOD BANK INC
    7900 NE 33RD DRIVE
    PORTLAND,OR97211     		  PC OPERATING 30,000
    OREGON INNOCENCE PROJECT
    OREGON JUSTICE RESOURCE CENTER PO
    BOX 5248
    PORTLAND,OR97208     		  PC OPERATING 2,000
    OREGON PUBLIC BROADCASTING
    7140 SW MACADAM AVENUE
    PORTLAND,OR97219     		  PC OPERATING 10,000
    OREGON NATURAL RESOURCES COUNCIL FUND (OREGON WILD)
    5825 N GREELEY AVE
    PORTLAND,OR97217     		  PC OPERATING 35,000
    OREGON WILDLIFE FOUNDATION
    901 SE OAK STREET SUITE 103
    PORTLAND,OR97214     		  PC GILCHRIST WILDLIFE UNDERPASS 5,000
    PEAR
    338 NW 6TH AVE
    PORTLAND,OR97209     		  PC OPERATING 5,000
    PLANNED PARENTHOOD COLUMBIA WILLAMETTE
    3727 NE MARTIN LUTHER KING JR BLVD
    PORTLAND,OR97212     		  PC OPERATING 25,000
    PORTLAND HOMELESS FAMILY SOLUTIONS
    6220 SE 92ND AVE
    PORTLAND,OR97266     		  PC ADOPT-A-ROOM PROGRAM 12,500
    RALALA (ROOSEVELT AND LAWRENCE LAKES ASSOCIATION)
    PO BOX 139
    OUTING,MN56662     		  PC OPERATING 2,000
    RECHARGE AMERICA
    88 DOMINGA AVE
    FAIRFAX,CA94930     		  PC OPERATING 60,000
    RECHARGE MINNESOTA
    89 DOMINGA AVE
    FAIRFAX,CA94930     		  PC OPERATING 2,500
    SATURDAY ACADEMY (FRIENDS OF SATURDAY ACADEMY)
    5000 N WILLAMETTE BLVD
    PORTLAND,OR97203     		  PC INTERNSHIPS 10,000
    SECOND HARVEST HEARTLAND
    7101 WINNETKA AVE NORTH
    BROOKLYN PARK,MN55428     		  PC OPERATING 20,000
    SOUTHWEST ENVIRONMENTAL CENTER
    275 NORTH DOWNTOWN MALL
    LAS CRUCES,NM88001     		  PC OPERATING 5,000
    ST OLAF COLLEGE
    1520 ST OLAF AVENUE
    NORTHFIELD,MN55057     		  PC SCHOLARSHIP FUND 60,000
    THE LIBRARY FOUNDATION INC SERVING THE PEOPLE OF MULTNOMAH COUNTY
    620 SW FIFTH AVENUE SUITE 1025
    PORTLAND,OR97204     		  PC OPERATING 30,000
    UNCF
    1805 7TH STREET NW
    WASHINGTON,DC20001     		  PC OPERATING 5,000
    UNIVERSITY OF WISCONSIN FOUNDATION
    1848 UNIVERSITY AVENUE
    MADISON,WI53726     		  PC PREDATOR RESEARCH ($5,000); MATH DEPARTMENT ($5,000) 10,000
    VINE FAITH IN ACTION
    421 E HICKORY ST
    MANKATO,MN56001     		  PC OPERATING 5,000
    WAVES OF CHANGE
    27010 EDGEWOOD RD
    EXCELSIOR,MN55331     		  PC OPERATING 2,000
    WORLD WILDLIFE FUND INC (WWF)
    1250 24TH ST NW
    WASHINGTON,DC20037     		  PC OPERATING 100,000
    ADVOCATES FOR HUMAN RIGHTS
    330 SECOND AVENUE SOUTH SUITE 800
    MINNEAPOLIS,MN55401     		  PC OPERATING 9,500
    CHILDREN'S MUSEUM OF SOUTHERN MINNESOTA
    224 LAMM ST
    MANKATO,MN56001     		  PC OPERATING ($10,000); LEVEL 2 CHARGER ($5,000) 15,000
    CLIMATE GENERATION A WILL STEGER LEGACY
    2801 21ST AVENUE SUITE 110
    MINNEAPOLIS,MN55407     		  PC OPERATING 30,000
    FRIENDS OF THE HENNEPIN COUNTY LIBRARY
    300 NICOLLET MALL SUITE N-290
    MINNEAPOLIS,MN55401     		  PC OPERATING 25,000
    FRESH ENERGY
    408 SAINT PETER STREET SUITE 220
    ST PAUL,MN55102     		  PC OPERATING 15,000
    GREATER MANKATO AREA UNITED WAY INC
    127 S 2ND STREET SUITE 190
    MANKATO,MN56001     		  PC OPERATING ($20,000); BOOKS FOR KIDS PROGRAM ($14,000) 34,000
    MANKATO AREA FOUNDATION
    212 E WALNUT STREET
    MANKATO,MN56001     		  PC OPERATING ($15,000); COMMUNITY COVID RELIEF ($10,000) 25,000
    MEALS ON WHEELS PEOPLE INC
    7710 SW 31ST AVENUE
    PORTLAND,OR97219     		  PC OPERATING 20,000
    MINNESOTA STATE UNIVERSITY MANKATO FOUNDATION INCORPORATED
    309 WIGLEY ADMINISTRATION CENTER
    MANKATO,MN56001     		  PC STUDENT SCHOLARSHIPS ($5,000); MAV CARES FUND ($5,000); THEATRE ($2,000) 12,000
    OFF THE BLUE COUCH
    3119 IRVING AVENUE NORTH
    MINNEAPOLIS,MN55411     		  PC OPERATING 3,000
    PEOPLE SERVING PEOPLE INC
    614 3RD STREET S
    MINNEAPOLIS,MN55415     		  PC OPERATING 10,000
    PLANNED PARENTHOOD NORTH CENTRAL STATES
    671 VANDALIA ST
    ST PAUL,MN55114     		  PC OPERATING ($50,000); UPTOWN CLINIC ($20,000) 70,000
    RIVERLAND COMMUNITY COLLEGE FOUNDATION
    1900 EIGHTH AVENUE NORTHWEST
    AUSTIN,MN55912     		  PC VERSE LIKE WATER ($10,000); SCHOLARSHIPS ($5,000); THEATER ($2,000) 17,000
    THE HISTORY THEATRE INC
    30 E 10TH ST
    ST PAUL,MN55101     		  PC OPERATING 20,000
    UNIVERSITY OF MINNESOTA FOUNDATION
    200 OAK STREET SE
    MINNEAPOLIS,MN55455     		  PC RAPTOR CENTER FUND ($5,000); STUDENT PARENT HELP CENTER ($10,000); CENTER FOR FOREST ECOLOGY ($10,000) 25,000
    Total .................................bullet 3a 908,000
    bApproved for future payment
    Total .................................bullet 3b 0
    Form 990-PF (2020)
    Form 990-PF (2020)
    Page 12
    Part XVI-A
    Analysis of Income-Producing Activities
    Enter gross amounts unless otherwise indicated. Unrelated business income Excluded by section 512, 513, or 514 (e)
    Related or exempt
    function income
    (See instructions.)
    1Program service revenue: (a)
    Business code     		(b)
    Amount     		(c)
    Exclusion code     		(d)
    Amount
    a
    b
    c
    d
    e
    f
    gFees and contracts from government agencies          
    2 Membership dues and assessments....          
    3 Interest on savings and temporary cash
    investments ...........     		    14 53,569  
    4 Dividends and interest from securities....     14 396,667  
    5 Net rental income or (loss) from real estate:
    aDebt-financed property......          
    bNot debt-financed property.....          
    6 Net rental income or (loss) from personal property          
    7 Other investment income.....          
    8 Gain or (loss) from sales of assets other than
    inventory ............     		    18 91,615  
    9 Net income or (loss) from special events:          
    10 Gross profit or (loss) from sales of inventory          
    11 Other revenue: a
    b
    c
    d
    e
    12 Subtotal. Add columns (b), (d), and (e).. 0 541,851 0
    13Total. Add line 12, columns (b), (d), and (e)..................
    13
    541,851
    (See worksheet in line 13 instructions to verify calculations.)
    Part XVI-B
    Relationship of Activities to the Accomplishment of Exempt Purposes
    Line No.
    DownArrow     		Explain below how each activity for which income is reported in column (e) of Part XVI-A contributed importantly to
    the accomplishment of the foundation’s exempt purposes (other than by providing funds for such purposes). (See
    instructions.)
    Form 990-PF (2020)
    Form 990-PF (2020)
    Page 13
    Part XVII
    Information Regarding Transfers To and Transactions and Relationships With Noncharitable Exempt Organizations
    1
    Did the organization directly or indirectly engage in any of the following with any other organization described in section 501(c) (other than section 501(c)(3) organizations) or in section 527, relating to political organizations?
    Yes
    No
    a
    Transfers from the reporting foundation to a noncharitable exempt organization of:
    (1) Cash...................................
    1a(1)
     
    No
    (2) Other assets.................................
    1a(2)
     
    No
    b
    Other transactions:
    (1) Sales of assets to a noncharitable exempt organization....................
    1b(1)
     
    No
    (2) Purchases of assets from a noncharitable exempt organization..................
    1b(2)
     
    No
    (3) Rental of facilities, equipment, or other assets.......................
    1b(3)
     
    No
    (4) Reimbursement arrangements...........................
    1b(4)
     
    No
    (5) Loans or loan guarantees.............................
    1b(5)
     
    No
    (6) Performance of services or membership or fundraising solicitations................
    1b(6)
     
    No
    c
    Sharing of facilities, equipment, mailing lists, other assets, or paid employees..............
    1c
     
    No
    d
    If the answer to any of the above is "Yes," complete the following schedule. Column (b) should always show the fair market value
    of the goods, other assets, or services given by the reporting foundation. If the foundation received less than fair market value
    in any transaction or sharing arrangement, show in column (d) the value of the goods, other assets, or services received.
    (a) Line No. (b) Amount involved (c) Name of noncharitable exempt organization (d) Description of transfers, transactions, and sharing arrangements
    2a
    Is the foundation directly or indirectly affiliated with, or related to, one or more tax-exempt organizations
    described in section 501(c) (other than section 501(c)(3)) or in section 527? ...........
    b
    If "Yes," complete the following schedule.

    (a) Name of organization (b) Type of organization (c) Description of relationship
    Sign Here
    Under penalties of perjury, I declare that I have examined this return, including accompanying schedules and statements, and to the best of my knowledge and belief, it is true, correct, and complete. Declaration of preparer (other than taxpayer) is based on all information of which preparer has any knowledge.
    Bullet Bullet
    May the IRS discuss this return
    with the preparer shown below?
    See instructions.
    Signature of officer or trustee Date Title
    Paid Preparer Use Only Print/Type preparer's name Preparer's Signature Date PTIN
    Firm's name SmallBullet
    		 Firm's EIN SmallBullet
    Firm's address SmallBullet


    		 Phone no.
    Form 990-PF (2020)
    Additional Data


    Software ID:  
    Software Version:  


    Form 990PF - Special Condition Description:
    Special Condition Description

    TY 2020 AccountingFeesSchedule
    Name:
    THE OLSETH FOUNDATION
    EIN:
    41-1875950
    Category Amount Net Investment Income Adjusted Net Income Disbursements for Charitable Purposes
    ACCOUNTING FEES 24,270 0   24,270

    TY 2020 AllOthProgRltdInvestmentsSch
    Name:
    THE OLSETH FOUNDATION
    EIN:
    41-1875950
    Category Amount
    NONE 0

    TY 2020 GeneralExplanationAttachment
    Name:
    THE OLSETH FOUNDATION
    EIN:
    41-1875950
    Identifier Return Reference Explanation
    SUMMARY OF DIRECT CHARITABLE ACTIVITY FORM 990-PF, PART IX-A, LINE 1 THE OLSETH FOUNDATION CONTINUED TO ENGAGE IN SEVERAL DIRECT CHARITABLE ACTIVITIES DURING THE YEAR 2020. IN-PERSON EVENTS AND ACTIVITIES WERE LIMITED DUE TO COVID-19, BUT THE FOUNDATION WAS STILL ABLE TO DIRECTLY SUPPORT ITS MISSION THROUGH CHARITABLE ACTIVITIES AND VIRTUAL EVENTS. A SIGNIFICANT DIRECT CHARITABLE ACTIVITY LEAD BY FOUNDATION BOARD MEMBER/OFFICER JON OLSETH WAS AN INAUGURAL RECHARGE MINNESOTA RECOGNITION EVENT HELD ON SEPTEMBER 22, 2020 TO ACKNOWLEDGE ORGANIZATIONS IN MINNESOTA WHO HAVE EACH PLEDGED TO TAKE POSITIVE ACTIONS RELATED TO ELECTRIC VEHICLES THAT FIT THEIR CIRCUMSTANCE AND SHARE THEIR EXPERIENCES TO HELP OTHERS LEARN. MORE INFORMATION REGARDING RECHARGE MINNESOTA AND THE RECOGNITION EVENT IS LOCATED HERE: HTTPS://WWW.RECHARGE-MINNESOTA.ORG. THIS RECOGNITION EVENT IS A MODEL THAT THE FOUNDATION IS HOPING TO BRING TO OTHER COMMUNITIES IN MINNESOTA AND THROUGHOUT THE UNITED STATES. IN ADDITION, THE FOUNDATION HAS CONTINUED TO DEVELOP PHILANTHROPIC, COMMUNITY, EDUCATIONAL, AND GOVERNMENTAL COLLABORATIONS DESIGNED TO BUILD AWARENESS OF THE ECONOMIC AND ENVIRONMENTAL BENEFITS OF ELECTRIC VEHICLES AND SUPPORT THE INFRASTRUCTURE THAT WILL ALLOW ELECTRIC VEHICLES TO BECOME MORE WIDELY ADOPTED. CHERYL OLSETH COMPLETED CLIMATE CHANGE EDUCATION TRAINING WITH CLIMATE REALITY PROJECT IN 2019 AND CONTINUES TO GIVE EDUCATIONAL PRESENTATIONS ON CLIMATE CHANGE TO LOCAL GROUPS.ANOTHER DIRECT CHARITABLE ACTIVITY OF THE FOUNDATION IN 2020 WAS A PARTNERSHIP BETWEEN THE FOUNDATION AND CENTRAL LAKE COLLEGE'S VERSE LIKE WATER PROGRAM TO DELIVER 1,000 COPIES OF POET LAUREATE JOY HARJO'S BOOK TO STUDENTS IN THE BRAINERD LAKES AREA OF MINNESOTA (HTTPS://WWW.BRAINERDDISPATCH.COM/ENTERTAINMENT/BOOKS/6750199-VERSE-LIKE-WATER-PRESENTS-U.S.-POET-LAUREATE-JOY-HARJO-IN-VIRTUAL-EVENT). THE FOUNDATION'S BOOK DISTRIBUTION WAS ACCOMPANIED BY A VIRTUAL POETRY READING EVENT FEATURING JOY HARJO.THESE DIRECT CHARITABLE ACTIVITIES FURTHER THE EXEMPT PURPOSES OF THE OLSETH FOUNDATION.
    CHARITABLE MISSION OF THE OLSETH FOUNDATION FORM 990-PF THE CHARITABLE MISSION OF THE OLSETH FOUNDATION IS TO WORK TO IMPROVE OUR COMMUNITIES THROUGH SUPPORT OF THE ARTS, EDUCATION, THE ENVIRONMENT, AND THE UNDERSERVED. THE OLSETH FOUNDATION BOARD MEMBERS DEMONSTRATE THEIR COMMITMENT TO THE FOUR PILLARS OF THEIR MISSION THROUGH BOARD SERVICE AND COLLABORATION WITH OTHER CHARITABLE ORGANIZATIONS WHOSE CHARITABLE OBJECTIVES ARE SIMILAR IN FOCUS. BOARD MEMBERS OF THE OLSETH FOUNDATION SERVE AS BOARD MEMBERS OR ADVISORS OF WORLD WILDLIFE FUND (WWF), WWF NORTHERN GREAT PLAINS, PLANNED PARENTHOOD NORTH CENTRAL STATES, FRIENDS OF THE HENNEPIN COUNTY LIBRARY, CLIMATE GENERATION, AND RECHARGE AMERICA. THEY PROVIDE EDUCATIONAL TRAINING ON CLIMATE CHANGE TO GROUPS OF ALL AGES. IN PARTNERSHIP WITH THEIR GRANTEES, THEY AUTHOR ARTICLES ON ELECTRIC VEHICLE USE, FOOD INSECURITY AND RACIAL INJUSTICE. THEY ARE LEADERS IN THE EFFORT TO EXPAND THE ADOPTION OF ELECTRIC VEHICLES IN THE COMMUNITY OF MANKATO, THROUGHOUT THE STATE OF MINNESOTA, AND NATIONALLY. PLEASE VISIT WWW.OLSETHFAMILYFOUNDATION.ORG FOR MORE INFORMATION ABOUT THE CHARITABLE PARTNERSHIPS AND COLLABORATIONS OF THE OLSETH FOUNDATION.

    TY 2020 InvestmentsCorpStockSchedule
    Name:
    THE OLSETH FOUNDATION
    EIN:
    41-1875950
    Name of Stock End of Year Book Value End of Year Fair Market Value
    ALGER SMALL CAP FOCUS FUND CL Z 600,000 930,086
    APPLE INC 344,081 1,857,660
    AT&T INC 235,877 201,320
    BERKSHIRE HATHAWAY INC DEL CL B 259,556 463,740
    BROWN ADVISORY SUSTAINABLE GROWTH FUND INST CLASS 618,256 1,462,935
    QUALCOMM INC 148,310 457,020
    STARBUCKS CORP 97,407 187,215
    SURMODICS INC 345,173 631,040
    TORO CO 256,920 758,720
    TOUCHSTONE MID CAP FUND GROUP TR MID CAP FD Y 454,181 799,977
    TOUCHSTONE SANDS CAPITAL SELECT GROWTH FUND CL Y 284,698 403,525
    VANGUARD INDEX FUNDS VANGUARD MIDCAP ETF 145,995 258,463
    VANGUARD INDEX FUNDS VANGUARD GROWTH ETF 276,826 633,350
    VANGUARD INDEX FUNDS VANGUARD SMALLCAP ETF 272,005 486,700
    VANGUARD SPECIALIZED FUNDS VANGUARD DIVIDEND APPRECIATION ETF 437,456 705,850
    BANK OF MONTREAL 104,484 152,060
    FIDELITY INVT TR ADVISOR TOTAL EMERGING MKTS FD CL I 383,125 459,163
    MEDTRONIC PLC COM 908,015 1,405,680
    MFS SER TR X INTERNATIONAL DIVERSIFICATION FUND CL I 1,440,155 2,138,815
    NVENT ELECTRIC PLC ORDINARY SHARES 41,545 58,225
    PENTAIR PLC SHS 81,957 132,725
    TOUCHSTONE STRATEGIC TR SNDS CAP EMRNG MKTS GRWTH CL Y 400,000 680,421
    TOUCHSTONE STRATEGIC TR GLOBAL ESG EQUITY FUND CLASS Y 1,178,683 1,377,519
    VANGUARD INTERNATIONAL DIVIDEND APPRECIATION ETF 293,201 406,950

    TY 2020 InvestmentsOtherSchedule2
    Name:
    THE OLSETH FOUNDATION
    EIN:
    41-1875950
    Category/ Item Listed at Cost or FMV Book Value End of Year Fair Market Value
    VANGUARD TREASURY MONEY MARKET FUND INVESTOR SHARES AT COST 750,000 750,000
    BARINGS FDS TR GLOBAL FLTG RATE FD CL Y AT COST 250,000 250,820
    HARTFORD MUT FDS INCWORLD BD FD CL I AT COST 953,919 981,591
    LORD ABBETT INVT TR ULTRA SHORT BD FD CL F AT COST 451,098 452,450
    DWS GLOBAL HIGH INCOME FUND INST AT COST 755,000 764,703
    PIMCO ENHANCED SHORT MATURITY ACTIVE EXCHANGE TRADED FUND AT COST 253,988 255,100
    MFS TOTAL RETURN BOND FUND CL I AT COST 1,550,000 1,699,820
    NEUBERGER BERMAN STRATEGIC INCOME FD INSTL CL AT COST 845,672 910,908
    AMERICAN BEACON FDS SOUND POINT FLTG RATE INCM Y AT COST 193,980 181,143
    ALLY FINL INC FR 3.6%031521 FULL CALL 01/15/21 AT 100.000 MOODY N/R S&P BBB AT COST 99,450 99,977
    GENERAL MTRS FINL CO INC MTN AT COST 49,738 50,040
    BEMIS COMPANY INC SR UNSECURED AT COST 114,845 115,449
    GENERAL MOTORS FINANCIAL CO SENIOR UNSECURED AT COST 50,228 51,338
    HUNTINGTON BANCSHARES INC AT COST 97,719 101,801
    LABORATORY CORP AMER HLDGS SR NOTES AT COST 99,840 102,976
    AT&T INC SENIOR NOTES AT COST 49,374 51,747
    EATON CORP OHIO AT COST 97,550 104,345
    PEOPLES UTD FINL INC AT COST 101,124 104,751
    WELLS FARGO & CO AT COST 50,699 52,988
    APPLE INC AT COST 99,640 104,896
    LEUCADIA NATL CORP SR NT AT COST 47,250 55,060
    AMERICAN EXPRESS CO AT COST 101,932 110,964
    BANK OF NOVA SCOTIA AT COST 109,252 128,253
    FORD MOTOR CREDIT COMPANY AT COST 49,450 49,372
    CITIGROUP INC AT COST 102,288 117,189
    UNDER ARMOUR INC SR UNSECURED AT COST 89,806 90,563
    LAZARD GROUP LLC SR NT AT COST 99,430 109,947
    MINNESOTA HSG FIN AGY MTG BACKED SECS PROG AT COST 25,062 25,390
    DWS RREEF REAL ASSETS FUND INST AT COST 765,917 862,176
    FIRST EAGLE GLOBAL FUND CL I AT COST 1,115,010 1,287,815
    THORNBURG INVT TR INVT INCOME BUILDER FD CL I AT COST 1,360,118 1,452,547
    MFS SER TR XIII GLOBAL REAL ESTATE FD CL I AT COST 250,000 291,942

    TY 2020 LegalFeesSchedule
    Name:
    THE OLSETH FOUNDATION
    EIN:
    41-1875950
    Category Amount Net Investment Income Adjusted Net Income Disbursements for Charitable Purposes
    LEGAL FEES 66,000 0   66,000


    TY 2020 OtherDecreasesSchedule
    Name:
    THE OLSETH FOUNDATION
    EIN:
    41-1875950
    Description Amount
    COST BASIS ADJUSTMENT 591


    TY 2020 OtherExpensesSchedule
    Name:
    THE OLSETH FOUNDATION
    EIN:
    41-1875950
    Description Revenue and Expenses per Books Net Investment Income Adjusted Net Income Disbursements for Charitable Purposes
    RBC MANAGEMENT FEES 156,392 156,111   0
    RBC INVESTMENT FEES 60 60   0
    DUES & SUBSCRIPTIONS 2,141 0   2,141
    OTHER GENERAL AND ADMIN EXPENSES 3,092 0   3,092
    PROFESSIONAL FEES - WEB DESIGN 2,900 0   2,900


    TY 2020 TaxesSchedule
    Name:
    THE OLSETH FOUNDATION
    EIN:
    41-1875950
    Category Amount Net Investment Income Adjusted Net Income Disbursements for Charitable Purposes
    MN ATTORNEY GENERAL FEE 25 0   25
    FOREIGN TAX PAID 955 10,227   0
    FEDERAL PAYMENTS 7,166 0   0
    PAYROLL TAXES 22,277 0   22,277
    OREGON DEPARTMENT OF JUSTICE 20 0   20