Form990-PF

Department of the Treasury
Internal Revenue Service

Return of Private Foundation
or Section 4947(a)(1) Trust Treated as Private Foundation
right arrowDo not enter social security numbers on this form as it may be made public.
right arrowGo to www.irs.gov/Form990PF for instructions and the latest information.
OMB No. 1545-0047
2023
Open to Public Inspection
For calendar year 2023, or tax year beginning 01-01-2023 , and ending 12-31-2023
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 right arrow
G Check all that apply:

D 1. Foreign organizations, check here............. right arrow
2. Foreign organizations meeting the 85%
test, check here and attach computation ... right arrow
E right arrow
H Check type of organization:
F right arrow
I Fair market value of all assets at end
of year (from Part II, col. (c),
line 16)right arrow$27,044,969J 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 right arrow.............
3 Interest on savings and temporary cash investments 102,349 118,222  
4 Dividends and interest from securities... 483,604 528,704  
5a Gross rents............      
b Net rental income or (loss)  
6a Net gain or (loss) from sale of assets not on line 10 564,591
b Gross sales price for all assets on line 6a 2,291,701
7 Capital gain net income (from Part IV, line 2)... 511,814
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)....... Click to see attachment
List of Attached Documents:
// Content
116 116  
12 Total. Add lines 1 through 11........ 1,150,660 1,158,856  
Operating and Administrative Expenses 13 Compensation of officers, directors, trustees, etc. 222,283 0   222,283
14 Other employee salaries and wages......        
15 Pension plans, employee benefits....... 133,830 0   133,830
16a Legal fees (attach schedule)......... Click to see attachment
List of Attached Documents:
// Content
74,391 0   74,391
b Accounting fees (attach schedule)....... Click to see attachment
List of Attached Documents:
// Content
17,468 0   17,468
c Other professional fees (attach schedule).... Click to see attachment
List of Attached Documents:
// Content
158,061 152,790   5,271
17 Interest...............        
18 Taxes (attach schedule) (see instructions)... Click to see attachment
List of Attached Documents:
// Content
6,261 11,085   25
19 Depreciation (attach schedule) and depletion...      
20 Occupancy..............        
21 Travel, conferences, and meetings....... 21,929 0   21,929
22 Printing and publications..........        
23 Other expenses (attach schedule)....... Click to see attachment
List of Attached Documents:
// Content
1,445 0   1,445
24 Total operating and administrative expenses.
Add lines 13 through 23.......... 635,668 163,875   476,642
25 Contributions, gifts, grants paid....... 907,277 907,277
26 Total expenses and disbursements. Add lines 24 and 25 1,542,945 163,875   1,383,919
27 Subtract line 26 from line 12:
a Excess of revenue over expenses and disbursements -392,285
b Net investment income (if negative, enter -0-) 994,981
c Adjusted net income (if negative, enter -0-)...  
For Paperwork Reduction Act Notice, see instructions.
Cat. No. 11289X Form 990-PF (2023)
Form 990-PF (2023)
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......... 2,428,824 1,324,994 1,332,613
3 Accounts receivable right arrow  
Less: allowance for doubtful accounts right arrow        
4 Pledges receivable right arrow  
Less: allowance for doubtful accounts right arrow        
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) right arrow  
Less: allowance for doubtful accounts right arrow        
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)....... 6,334,106 Click to see attachment
List of Attached Documents:
// Content
6,012,278 		11,869,793
c Investments—corporate bonds (attach schedule)....... 2,752,216 Click to see attachment
List of Attached Documents:
// Content
3,197,762 		3,158,728
11 Investments—land, buildings, and equipment: basis right arrow  
Less: accumulated depreciation (attach schedule) right arrow        
12 Investments—mortgage loans.............      
13 Investments—other (attach schedule).......... 7,914,676 Click to see attachment
List of Attached Documents:
// Content
8,501,988 		10,683,835
14 Land, buildings, and equipment: basis right arrow  
Less: accumulated depreciation (attach schedule) right arrow        
15 Other assets (describe right arrow)      
16 Total assets (to be completed by all filers—see the
instructions. Also, see page 1, item I) 19,429,822 19,037,022 27,044,969
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 right arrow)    
23 Total liabilities (add lines 17 through 22)......... 0 0
Net Assets or Fund Balances Foundations that follow FASB ASC 958, check here right arrow
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 right arrow
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 19,429,822 19,037,022
29 Total net assets or fund balances (see instructions)..... 19,429,822 19,037,022
30 Total liabilities and net assets/fund balances (see instructions). 19,429,822 19,037,022
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
19,429,822
2
Enter amount from Part I, line 27a .....................
2
-392,285
3
Other increases not included in line 2 (itemize) right arrow
3
0
4
Add lines 1, 2, and 3 ..........................
4
19,037,537
5
Decreases not included in line 2 (itemize) right arrowClick to see attachment
List of Attached Documents:
// Content
5
515
6
Total net assets or fund balances at end of year (line 4 minus line 5)—Part II, column (b), line 29 .
6
19,037,022
Form 990-PF (2023)
Form 990-PF (2023)
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 62,908     62,908
b 2,228,793   1,779,887 448,906
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       62,908
b       448,906
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 2 511,814
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
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 right arrow 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) 1 13,830
b All other domestic foundations enter 1.39% (0.0139) of line 27b. Exempt foreign organizations enter 4% (0.04) 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 13,830
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 13,830
6 Credits/Payments:
a 2023 estimated tax payments and 2022 overpayment credited to 2023 6a 4,700
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 4,700
8 Enter any penalty for underpayment of estimated tax. Check here if Form 2220 is attached. Click to see attachment
List of Attached Documents:
// Content
8 0
9 Tax due. If the total of lines 5 and 8 is more than line 7, enter amount owed.......right arrow 9 9,130
10 Overpayment. If line 7 is more than the total of lines 5 and 8, enter the amount overpaid...right arrow 10  
11 Enter the amount of line 10 to be: Credited to 2024 estimated taxright arrow   Refundedright arrow 11  
Form 990-PF (2023)
Form 990-PF (2023)
Page 4
Part VI-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. right arrow$ 0(2) On foundation managers.right arrow$ 0
e
Enter the reimbursement (if any) paid by the foundation during the year for political expenditure tax imposed
on foundation managers.right arrow$ 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:
round bullet By language in the governing instrument, or
round bullet 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 XIV..................................
7
Yes
 
8a
Enter the states to which the foundation reports or with which it is registered (see instructions)
right arrowMN, 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 2023 or the taxable year beginning in 2023? See the instructions for Part XIII.
If "Yes," complete Part XIII .............................
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
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 addressright arrowHTTP://WWW.OLSETHFAMILYFOUNDATION.ORG/
14
The books are in care ofright arrowKAREN SOLOMON Telephone no.right arrow (612) 802-9751

Located atright arrow601 CARLSON PARKWAY SUITE 1050MINNETONKAMN ZIP+4right arrow55305
15
Section 4947(a)(1) nonexempt charitable trusts filing Form 990-PF in lieu of Form 1041 —check here .........right arrow
and enter the amount of tax-exempt interest received or accrued during the year ........right arrow
15
 
16 At any time during calendar year 2023, 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 right arrow
Form 990-PF (2023)
Form 990-PF (2023)
Page 5
Part VI-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? ...........
1a(1)
 
No
(2) Borrow money from, lend money to, or otherwise extend credit to (or accept it from)
a disqualified person? ..............................
1a(2)
 
No
(3) Furnish goods, services, or facilities to (or accept them from) a disqualified person? ...........
1a(3)
 
No
(4) Pay compensation to, or pay or reimburse the expenses of, a disqualified person? ............
1a(4)
Yes
 
(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)? ......................
1a(5)
 
No
(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.) ...............
1a(6)
 
No
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
 
No
c
Organizations relying on a current notice regarding disaster assistance check here ........right arrow
d
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 2023? .............
1d
 
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 2023, did the foundation have any undistributed income (Part XII, lines 6d
and 6e) for tax year(s) beginning before 2023?....................
2a
 
No
If "Yes," list the years right arrow20, 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.
right arrow20, 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? ..............................
3a
 
No
b
If "Yes," did it have excess business holdings in 2023 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 2023.) .....................
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 2023? ..
4b
 
No
Form 990-PF (2023)
Form 990-PF (2023)
Page 6
Part VI-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))? ..........
5a(1)
 
No
(2) Influence the outcome of any specific public election (see section 4955); or to carry
on, directly or indirectly, any voter registration drive? ....................
5a(2)
 
No
(3) Provide a grant to an individual for travel, study, or other similar purposes? .............
5a(3)
 
No
(4) Provide a grant to an organization other than a charitable, etc., organization described
in section 4945(d)(4)(A)? See instructions ........................
5a(4)
 
No
(5) Provide for any purpose other than religious, charitable, scientific, literary, or
educational purposes, or for the prevention of cruelty to children or animals? .............
5a(5)
 
No
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
 
 
c
Organizations relying on a current notice regarding disaster assistance check .........right arrow
d
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? .................
5d
 
 
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? .............................
6a
 
No
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?
7a
 
No
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? .........................
8
 
No
Part VII
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 		104,807 5,708 0
601 CARLSON PARKWAY SUITE 1050
MINNETONKA,MN55305
JON P OLSETH VICE-PRESIDENT/SECRETARY
20.00 		104,807 5,708 0
601 CARLSON PARKWAY SUITE 1050
MINNETONKA,MN55305
CHERYL A OLSETH PRESIDENT
20.00 		104,807 5,709 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...................right arrow 0
Form 990-PF (2023)
Form 990-PF (2023)
Page 7
Part VII
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 152,790
PO BOX 1510
MINNEAPOLIS,MN55440
BRIDGEVIEW LEGAL ADVISORS ADVISORY SERVICES 74,391
601 CARLSON PARKWAY SUITE 1050
MINNETONKA,MN55305
Total number of others receiving over $50,000 for professional services.............right arrow0
Part VIII-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 91,750
2  
3  
4  
Part VIII-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
List of Attached Documents:
// Content
0
Total. Add lines 1 through 3.........................right arrow0
Form 990-PF (2023)
Form 990-PF (2023)
Page 8
Part IX
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
25,032,521
b
Average of monthly cash balances.......................
1b
819,738
c
Fair market value of all other assets (see instructions)................
1c
0
d
Total (add lines 1a, b, and c).........................
1d
25,852,259
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
25,852,259
4
Cash deemed held for charitable activities. Enter 1.5% (0.015) of line 3 (for greater amount, see
instructions) .............................
4
387,784
5
Net value of noncharitable-use assets. Subtract line 4 from line 3. ............
5
25,464,475
6
Minimum investment return. Enter 5% (0.05) of line 5................
6
1,273,224
Part X
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 IX, line 6..................
1
1,273,224
2a
Tax on investment income for 2022 from Part V, line 5.......
2a
13,830
b
Income tax for 2022. (This does not include the tax from Part V.) ...
2b
 
c
Add lines 2a and 2b............................
2c
13,830
3
Distributable amount before adjustments. Subtract line 2c from line 1............
3
1,259,394
4
Recoveries of amounts treated as qualifying distributions................
4
0
5
Add lines 3 and 4............................
5
1,259,394
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 XII, line 1 ...
7
1,259,394
Part XI
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
1,383,919
b
Program-related investments—total from Part VIII-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 XII, line 4. .......
4
1,383,919
Form 990-PF (2023)
Form 990-PF (2023)
Page 9
Part XII
Undistributed Income (see instructions)
(a)
Corpus 		(b)
Years prior to 2022 		(c)
2022 		(d)
2023
1 Distributable amount for 2023 from Part X, line 7 1,259,394
2 Undistributed income, if any, as of the end of 2022:
a Enter amount for 2022 only....... 0
b Total for prior years:20 , 20, 20 0
3 Excess distributions carryover, if any, to 2022:
a From 2018...... 45,656
b From 2019...... 11,462
c From 2020...... 3,395
d From 2021...... 1,490
e From 2022...... 52,319
f Total of lines 3a through e ........ 114,322
4Qualifying distributions for 2023 from Part
XI, line 4: right arrow$ 1,383,919
a Applied to 2022, 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 2023 distributable amount..... 1,259,394
e Remaining amount distributed out of corpus 124,525
5 Excess distributions carryover applied to 2023. 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 5 238,847
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 2022. Subtract line
4a from line 2a. Taxable amount—see
instructions ............. 		0
f Undistributed income for 2023. Subtract
lines 4d and 5 from line 1. This amount must
be distributed in 2024 .......... 		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 2018 not
applied on line 5 or line 7 (see instructions) ... 		45,656
9 Excess distributions carryover to 2024.
Subtract lines 7 and 8 from line 6a ...... 		193,191
10 Analysis of line 9:
a Excess from 2019.... 11,462
b Excess from 2020.... 3,395
c Excess from 2021.... 1,490
d Excess from 2022.... 52,319
e Excess from 2023.... 124,525
Form 990-PF (2023)
Form 990-PF (2023)
Page 10
Part XIII
Private Operating Foundations (see instructions and Part VI-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 2023, enter the date of the ruling ...... right arrow
 
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 IX for each
year listed .......... 		Tax year Prior 3 years (e) Total
(a) 2023 (b) 2022 (c) 2021 (d) 2020
         
b 85% (0.85) of line 2a .........          
c Qualifying distributions from Part XI,
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 IX, 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 XIV
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 right arrow
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 (2023)
Form 990-PF (2023)
Page 11
Part XIV
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

ADVOCATES FOR HUMAN RIGHTS

330 SECOND AVENUE SOUTH SUITE 800
MINNEAPOLIS,MN55401 		  PC OPERATING ($37,500), UN ADVOCACY TRIP ($4,500), WOMEN'S RIGHTS PROGRAM ($7,500) 49,500

CHILDREN'S MUSEUM OF SOUTHERN MINNESOTA

224 LAMM ST
MANKATO,MN56001 		  PC OPERATING 10,000

COMMITTEE AGAINST DOMESTIC ABUSE INC (CADA)

PO BOX 466
MANKATO,MN56002 		  PC OPERATING 15,000

COUNCIL OF CONTRIBUTORS INC

4009 93RD AVE N
MINNEAPOLIS,MN55443 		  PC OPERATING 5,000

EMERGENCY COMMUNITY HELP ORGANIZATION ECHO

PO BOX 3212 1014 SOUTH FRONT STREET
MANKATO,MN56002 		  PC OPERATING 5,000

FEEDING OUR COMMUNITIES PARTNERS

PO BOX 5275
MANKATO,MN56002 		  PC BACKPACK FOOD PROGRAM 10,000

FORT LEWIS COLLEGE FOUNDATION

1000 RIM DRIVE
DURANGO,CO81301 		  PC OPERATING 5,000

FRIENDS OF THE HENNEPIN COUNTY LIBRARY

300 NICOLLET MALL SUITE N-290
MINNEAPOLIS,MN55401 		  PC OPERATING 20,000

FRESH ENERGY

408 SAINT PETER STREET SUITE 220
ST PAUL,MN55102 		  PC OPERATING 10,000

GIVING VOICE INITIATIVE

7801 EAST BUSH LAKE ROAD 120
BLOOMINGTON,MN55439 		  PC OPERATING 5,000

GREATER MANKATO AREA UNITED WAY INC

127 S 2ND STREET SUITE 190
MANKATO,MN56001 		  PC OPERATING ($20,000), BOOKS FOR KIDS PROGRAM ($17,300), KINDNESS BOOK PROJECT ($2,000) 39,300

JUNGLE THEATER

2951 LYNDALE AVE S
MINNEAPOLIS,MN55408 		  PC OPERATING 20,000

KLAMATH-SISKIYOU WILDLANDS CENTER (KS WILD)

PO BOX 102
ASHLAND,OR97520 		  PC OPERATING 5,000

LIVING EARTH CENTER

170 GOOD COUNSEL DR STE 104
MANKATO,MN56001 		  PC OPERATING 5,000

MANKATO AREA FOUNDATION

212 E WALNUT STREET
MANKATO,MN56001 		  PC OPERATING ($20,000); RECHARGE FUND ($5,000) 25,000

MEALS ON WHEELS PEOPLE INC

7710 SW 31ST AVENUE
PORTLAND,OR97219 		  PC OPERATING 20,000

MINNESOTA ENGAGEMENT ON SHELTER & HOUSING

740 EAST 17TH ST
MINNEAPOLIS,MN55404 		  PC OPERATING 5,000

MINNESOTA STATE UNIVERSITY MANKATO FOUNDATION INCORPORATED

309 WIGLEY ADMINISTRATION CENTER
MANKATO,MN56001 		  PC STUDENT SCHOLARSHIPS ($5,000); AUTOMOTIVE TECHNOLOGY ($5,000); THEATRE ($2,000) 12,000

MULTNOMAH ARTS CENTER ASSOCIATION

7688 SW CAPITOL HWY
PORTLAND,OR97219 		  SO I ART PODS 10,000

MANKATO YOUTH PLACE INC (MY PLACE)

709 S BROAD ST
MANKATO,MN56001 		  PC OPERATING 5,000

NEIGHBORHOOD HOUSE INC

7780 SW CAPITOL HWY
PORTLAND,OR97219 		  PC OPERATING 5,000

OFF THE BLUE COUCH

3119 IRVING AVENUE NORTH
MINNEAPOLIS,MN55411 		  PC OPERATING 5,000

OREGON FOOD BANK INC

7900 NE 33RD DRIVE
PORTLAND,OR97211 		  PC OPERATING 20,000

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 WILDLIFE FEASIBILITY STUDY 25,000

PEAR

338 NW 6TH AVE
PORTLAND,OR97209 		  PC OPERATING 15,000

PEOPLE SERVING PEOPLE INC

614 3RD STREET S
MINNEAPOLIS,MN55415 		  PC OPERATING 20,000

PLANNED PARENTHOOD COLUMBIA WILLAMETTE

3727 NE MARTIN LUTHER KING JR BLVD
PORTLAND,OR97212 		  PC OPERATING 20,000

PLANNED PARENTHOOD NORTH CENTRAL STATES

671 VANDALIA ST
ST PAUL,MN55114 		  PC METRO TEEN COUNCIL ($20,000); UPTOWN CLINIC ($20,000) 40,000

PATH HOME (FORMERLY PHFS)

6220 SE 92ND AVE
PORTLAND,OR97266 		  PC GENERAL OPERATING ($20,000); PREVENTION PROGRAM ($10,000) 30,000

PLAYWRIGHT'S CENTER

2301 EAST FRANKLIN AVENUE
MINNEAPOLIS,MN55406 		  PC OPERATING 15,000

RECHARGE AMERICA INC

88 DOMINGA AVE
FAIRFAX,CA94930 		  PC AMERICA/ MINNESOTA/ MANKATO 90,000

RIVERLAND COMMUNITY COLLEGE FOUNDATION

1900 EIGHTH AVENUE NORTHWEST
AUSTIN,MN55912 		  PC SCHOLARSHIPS ($5,000); THEATER ($2,000) 7,000

FRIENDS OF SATURDAY ACADEMY

5000 N WILLAMETTE BLVD
PORTLAND,OR97203 		  PC SCHOOL RESIDENCY CLASSES 20,000

STEGER CENTER FOR INNOVATION & LEADERSHIP

2008 PORTLAND AVENUE
ST PAUL,MN55104 		  PC OPERATING 20,000

ST OLAF COLLEGE

1520 ST OLAF AVENUE
NORTHFIELD,MN55057 		  PC SCHOLARSHIP FUND 60,000

THE HISTORY THEATRE INC

30 E 10TH ST
ST PAUL,MN55101 		  PC OPERATING 10,000

THE LIBRARY FOUNDATION INC SERVING THE PEOPLE OF MULTNOMAH COUNTY

620 SW FIFTH AVENUE SUITE 1025
PORTLAND,OR97204 		  PC OPERATING 30,000

THE NATURE CONSERVANCY

1101 W RIVER PARKWAY 200
MINNEAPOLIS,MN55415 		  PC NATURAL CLIMATE SOLUTIONS 10,000

UNIVERSITY OF MINNESOTA FOUNDATION

200 OAK STREET SE
MINNEAPOLIS,MN55455 		  PC RAPTOR CENTER FUND ($5,000); CENTER FOR FOREST ECOLOGY ($10,000), FUND FOR EXCELLENCE IN EDUCATION ($4,477) 19,477

UNIVERSITY OF WISCONSIN FOUNDATION

1848 UNIVERSITY AVENUE
MADISON,WI53726 		  PC PREDATOR RESEARCH 5,000

WHITEFISH SKATEPARK ASSOCIATION

835 10TH STREET WEST
COLUMBIA FALLS,MT59912 		  PC OPERATING 10,000

WORLD WILDLIFE FUND INC (WWF)

1250 24TH ST NW
WASHINGTON,DC20037 		  PC OPERATING 100,000
Total .................................right arrow 3a 907,277
bApproved for future payment
Total ................................. right arrow 3b 0
Form 990-PF (2023)
Form 990-PF (2023)
Page 12
Part XV-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 ........... 		    14 102,349  
4 Dividends and interest from securities ....     14 483,604  
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 .....     14 116  
8 Gain or (loss) from sales of assets other than
inventory ............ 		    18 564,591  
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 1,150,660 0
13Total. Add line 12, columns (b), (d), and (e)..................
13
1,150,660
(See worksheet in line 13 instructions to verify calculations.)
Part XV-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 XV-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 (2023)
Form 990-PF (2023)
Page 13
Part XVI
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.
right arrow right arrow
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 Check if self-
employed right arrow		 PTIN
Firm's name SmallBullet
 Firm's EIN SmallBullet
Firm's address SmallBullet


 Phone no.
Form 990-PF (2023)
Additional Data


Software ID:  
Software Version:  


Form 990PF - Special Condition Description:
Special Condition Description

TY 2023 AccountingFeesSchedule
Name:
THE OLSETH FOUNDATION
EIN:
41-1875950
Category Amount Net Investment Income Adjusted Net Income Disbursements for Charitable Purposes
ACCOUNTING FEES 17,468 0   17,468

TY 2023 AllOthProgRltdInvestmentsSch
Name:
THE OLSETH FOUNDATION
EIN:
41-1875950
Category Amount
NONE 0

TY 2023 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 2023. LED BY BOARD MEMBER/OFFICER JON OLSETH, THE OLSETH FOUNDATION HAS BEEN ACTIVELY ENGAGED WITH THE WORK OF RECHARGE AMERICA (HTTPS://WWW.RECHARGE-MINNESOTA.ORG) SINCE ITS INCEPTION. THE MISSION OF RECHARGE AMERICA IS TO ACCELERATE THE ADOPTION OF ELECTRIC VEHICLES (EV) AND SUPPORT EXPANDED INFRASTRUCTURE DEVELOPMENT THROUGH THE UTILIZATION OF HIGH-IMPACT COMMUNITY ENGAGEMENT. IN 2018, MINNESOTA STATE UNIVERSITY HOSTED THE FIRST ANNUAL RECHARGE RIDE & DRIVE EVENT IN MANKATO, MINNESOTA, GATHERING SUPPORT FOR EV ADOPTION FROM A WIDE VARIETY OF COMMUNITY STAKEHOLDERS. RECHARGE MINNESOTA, A BRANCH OF RECHARGE AMERICA THAT IS FOCUSED ON EV ADOPTION IN THE STATE OF MINNESOTA, HAS CONTINUED TO BUILD MOMENTUM AND EXPAND EACH YEAR WITH THE OLSETH FAMILY FOUNDATION'S ACTIVE SUPPORT. IN 2023, RECHARGE MINNESOTA'S COMMUNITY ENGAGEMENT INCLUDED:MOBILIZING MINNESOTA: FORGING AN EQUITABLE PATH TO ELECTRIFICATION: A FULL-DAY SYMPOSIUM ON MARCH 22, 2023 DESIGNED TO 1) CONSTRUCT A COMPELLING STORY FOR HOW TRANSPORTATION ELECTRIFICATION AND RENEWABLE ENERGY REINFORCE EACH OTHER TO SECURE EQUITABLE ECONOMIC PROSPECTS FOR EVERYONE IN MINNESOTA; 2) PROVIDE A PLATFORM FOR LEADERS IN BUSINESS, NON-PROFIT, ACADEMIA AND GOVERNMENT TO STRATEGIZE WAYS FOR EQUITY TO REMAIN CENTRAL TO TRANSPORTATION ELECTRIFICATION AND ENERGY PLANNING; AND 3) RECOGNIZE AND CELEBRATE PROGRESS MADE BY RECHARGE MINNESOTA PARTICIPANTS.RECHARGE ALBERT LEA: AN EV EXPO AND TEST DRIVE EVENT ON MAY 6, 2023 BRINGING TOGETHER COMMUNITY STAKEHOLDERS AND HELD AT DESIGN READY CONTROLS, AN ALBERT LEA, MINNESOTA BASED BUSINESS THAT MANUFACTURES EV CHARGERS.ELK RIVER ELECTRIFUNCATION & EV TEST DRIVE EVENT: AN EV EXPO AND TEST DRIVE EVENT ON AUGUST 5, 2023 IN ELK RIVER, MINNESOTA BRINGING TOGETHER COMMUNITY STAKEHOLDERS AND DEMONSTRATING THAT EVS CAN BE BOTH FUN AND BENEFICIAL FOR THE ENVIRONMENT.WINONA EV TEST DRIVE & EXPO: AN EV EXPO AND TEST DRIVE EVENT ON SEPTEMBER 16, 2023 IN WINONA, MINNESOTA PROVIDING COMMUNITY MEMBERS WITH THE OPPORTUNITY TO TAKE AN EV FOR A SPIN, TRY OUT AN E-BIKE OR ELECTRIC SCOOTER, LEARN MORE ABOUT SOLAR PANELS, AND DISCOVER CLEAN ENERGY CAREER OPPORTUNITIES.ELECTRIFUN FARIBAULT: AN EV EXPO AND TEST DRIVE EVENT ON SEPTEMBER 23, 2023 IN FARIBAULT, MINNESOTA PROVIDING COMMUNITY MEMBERS WITH THE OPPORTUNITY TO DRIVE AN EV, RIDE AN ELECTRIC BIKE, RUN ELECTRIC TOOLS; AND TAKE A TOUR OF THE TRYSTAR ELECTRIC CABLE AND POWER DISTRIBUTION MANUFACTURING FACILITY.EACH EV EXPO FOSTERS EV ADOPTION AND AWARENESS. RECHARGE MINNESOTA SEEKS TO CAPTURE THE FULL "ELECTRIC ECOSYSTEM" BY CREATING A SPACE TO EXPLORE A VARIETY OF HANDS-ON EXPERIENCES THAT INCLUDE TEST DRIVING THE LATEST EV MODELS, INTERACTING WITH CHARGING OPTIONS, ELECTRIC BIKES, AND OTHER FORMS OF ELECTRIC MOBILITY, WHILE LEARNING FROM INDUSTRY EXPERTS AND LOCAL EV OWNERS ABOUT THE BENEFITS OF DRIVING ELECTRIC.IN 2023, THE RECHARGE AMERICA/RECHARGE MINNESOTA TEAM CONTINUED TO DEVELOP PLANS FOR REGIONAL RECOGNITION PROGRAMS ACKNOWLEDGING THE WORK OF LOCAL GOVERNMENT, LOCAL BUSINESSES, AND COMMUNITY PARTNERS IN FOSTERING EV ADOPTION. IN 2023, BOARD MEMBER/OFFICER CHERYL OLSETH EXPANDED THE FOUNDATION'S INVOLVEMENT IN SUPPORT OF INTERNATIONAL HUMAN RIGHTS. AS A REPRESENTATIVE OF THE ADVOCATES FOR HUMAN RIGHTS, SHE ATTENDED THE UNITED NATION'S SIXTY-SEVENTH COMMISSION ON THE STATUS OF WOMEN. IN ADDITION, SHE HOSTED LOCAL EVENTS TO PROMOTE THE PROGRAMS OF THE ADVOCATES FOR HUMAN RIGHTS. IN 2023, CHERYL OLSETH ALSO FURTHERED THE FOUNDATION'S ENVIRONMENTAL INITIATIVES IN HER NEW ROLE AS CHAIR OF THE WORLD WILDLIFE FUND (WWF) NORTHERN GREAT PLAINS COMMITTEE.THESE DIRECT CHARITABLE ACTIVITIES FURTHER THE EXEMPT PURPOSES OF THE OLSETH FAMILY 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, THE ADVOCATES FOR HUMAN RIGHTS, CLIMATE GENERATION, AND RECHARGE AMERICA. IN PARTNERSHIP WITH THEIR GRANTEES, THEY DEVELOP CONTENT ON ELECTRIC VEHICLE USE, FOOD INSECURITY, HUMAN RIGHTS, 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. IN 2023, THE OLSETH FOUNDATION CONTINUED TO STREAMLINE ITS CHARITABLE ACTIVITIES AROUND FIVE INITIATIVES THAT ALIGN DIRECTLY WITH ITS MISSION, INCLUDING: SPECIES CONSERVATION, CARBON REDUCTION AND CLEAN ENERGY, ENGENDERING DIGNITY, RESPECT AND EQUALITY, SECURING FOOD AND HOUSING, AND USING ART, CULTURE, LITERATURE, AND EXTRACURRICULAR EXPERIENCES TO BROADEN PERSPECTIVES.PLEASE VISIT WWW.OLSETHFAMILYFOUNDATION.ORG FOR MORE INFORMATION ABOUT THE INITIATIVES, CHARITABLE PARTNERSHIPS AND COLLABORATIONS OF THE OLSETH FOUNDATION.

TY 2023 InvestmentsCorpBondsSchedule
Name:
THE OLSETH FOUNDATION
EIN:
41-1875950
Name of Bond End of Year Book Value End of Year Fair Market Value
BANK OF NEW YORK MELLON CALLABLE 24,213 24,369
CHEVRON SENIOR UNSECURED CALLABLE 47,126 47,952
COMERICA HYBRID PREFERRED 222,000 212,054
DEER PARK TOTAL RETURN CREDIT 732,927 704,719
FIDELITY FLOATING RATE HIGH INCOME 382,146 387,520
JP MORGAN CALLABLE 249,875 248,513
JP MORGAN STRATEGIC INCOME OPPS 750,000 747,257
METLIFE INC. JR SUBORDINATED 90,000 94,662
SCHWAB HYBRID PREFERRED 225,191 221,976
SPDR INV. GRADE FLOATING RATE 227,150 229,425
TRUIST HYBRID PREFERRED 199,500 191,486
VISA INC. SENIOR NOTES 47,634 48,795

TY 2023 InvestmentsCorpStockSchedule
Name:
THE OLSETH FOUNDATION
EIN:
41-1875950
Name of Stock End of Year Book Value End of Year Fair Market Value
APPLE INC 261,023 2,117,830
BANK OF MONTREAL 104,484 197,880
BERKSHIRE HATHAWAY INC DEL CL B 259,556 713,320
BROWN ADVISORY SUSTAINABLE GROWTH FUND INST CLASS 618,256 1,794,623
ECOLAB 109,620 148,763
MEDTRONIC PLC COM 832,347 906,180
MFS SER TR X INTERNATIONAL DIVERSIFICATION FUND CL I 1,440,155 1,988,409
NVENT ELECTRIC PLC ORDINARY SHARES 41,545 147,725
PENTAIR PLC SHS 81,957 181,775
STARBUCKS CORP 97,407 168,018
SURMODICS INC 344,982 526,784
TORO CO 256,920 767,920
TOUCHSTONE MID CAP FUND GROUP TR MID CAP FD Y 454,181 941,798
TOUCHSTONE STRATEGIC TR GLOBAL ESG EQUITY FUND CLASS Y 1,109,845 1,268,768

TY 2023 InvestmentsOtherSchedule2
Name:
THE OLSETH FOUNDATION
EIN:
41-1875950
Category/ Item Listed at Cost or FMV Book Value End of Year Fair Market Value
AMERICAN EXPRESS CO AT COST 100,480 98,345
BANK OF NOVA SCOTIA AT COST 109,252 108,215
BONDBLOXX ETF TRUST, BONDBLOXX BLOOMBERG ONE YEAR AT COST 248,847 248,900
BONDBLOXX ETF TRUST, BONDBLOXX BLOOMBERG SIX MONTH AT COST 250,929 251,000
CITIGROUP INC AT COST 101,026 98,749
DWS RREEF REAL ASSETS FUND INST AT COST 871,917 1,004,029
FIRST EAGLE GLOBAL FUND CL I AT COST 1,115,010 1,327,144
FRANKLIN TEMPLETON HIGH YIELD CORPORATE ETF AT COST 449,717 468,800
LAZARD GROUP LLC SR NT AT COST 99,430 94,668
MFS SER TR XIII GLOBAL REAL ESTATE FD CL I AT COST 475,000 464,791
PACER US CASH COW 100 ETF AT COST 650,788 779,850
PACER US SMALL CAP CASH COW ETF AT COST 748,096 960,600
PRINCIPAL EXCHANGE TRADED FDS AT COST 336,411 350,200
THORNBURG INVT TR INVT INCOME BUILDER FD CL I AT COST 1,337,670 1,594,123
TOUCHSTONE STRATEGIC TR SNDS CAP EMRNG MKTS GRWTH CL Y AT COST 475,000 510,531
VANGUARD INDEX FUNDS HIGH DIVIDEND YIELD ETF AT COST 111,560 111,630
VANGUARD INDEX FUNDS VANGUARD GROWTH ETF AT COST 276,826 777,200
VANGUARD INDEX FUNDS VANGUARD MIDCAP ETF AT COST 145,995 290,800
VANGUARD INDEX FUNDS VANGUARD SMALLCAP ETF AT COST 272,005 533,325
VANGUARD INTERNATIONAL HIGH DIVIDEND YIELD ETF AT COST 99,720 99,735
VANGUARD SPECIALIZED FUNDS VANGUARD DIVIDEND APPRECIATION ETF AT COST 226,309 511,200

TY 2023 LegalFeesSchedule
Name:
THE OLSETH FOUNDATION
EIN:
41-1875950
Category Amount Net Investment Income Adjusted Net Income Disbursements for Charitable Purposes
LEGAL FEES 74,391 0   74,391


TY 2023 OtherDecreasesSchedule
Name:
THE OLSETH FOUNDATION
EIN:
41-1875950
Description Amount
COST BASIS ADJUSTMENT 515


TY 2023 OtherExpensesSchedule
Name:
THE OLSETH FOUNDATION
EIN:
41-1875950
Description Revenue and Expenses per Books Net Investment Income Adjusted Net Income Disbursements for Charitable Purposes
EVENT EXPENSES 250 0   250
DUES & SUBSCRIPTIONS 1,096 0   1,096
OTHER GENERAL AND ADMIN EXPENSES 99 0   99


TY 2023 OtherIncomeSchedule2
Name:
THE OLSETH FOUNDATION
EIN:
41-1875950
Description Revenue And Expenses Per Books Net Investment Income Adjusted Net Income
OTHER INCOME 116 116 116


TY 2023 OtherProfessionalFeesSchedule
Name:
THE OLSETH FOUNDATION
EIN:
41-1875950
Category Amount Net Investment Income Adjusted Net Income Disbursements for Charitable Purposes
RBC MANAGEMENT FEES 152,538 152,538   0
RBC INVESTMENT FEES 252 252   0
PROFESSIONAL FEES - WEB 1,600 0   1,600
PAYROLL ADMINISTRATIVE FEES 3,671 0   3,671


TY 2023 TaxesSchedule
Name:
THE OLSETH FOUNDATION
EIN:
41-1875950
Category Amount Net Investment Income Adjusted Net Income Disbursements for Charitable Purposes
OR SECRETARY OF STATE FEE 25 0   25
FOREIGN TAX PAID 1,279 11,085   0
FEDERAL PAYMENTS 4,957 0   0