Farm Credit Foundations

Legal name: Farm Credit Foundations Welfare Benefits Trust

Nonprofit profile at a glance

EIN
486173114
IRS 990 coverage
2020–2024
Official website data refreshed
Sep 2026
Forms available
Form 990 2024
Location
St. Paul, MN, US
Phone
1-800-892-7924
Rating
86
Verdict
STRONG
Rating confidence
Moderate

Official website

Reported finances

Revenue
$231,757,891
Expenses
$236,658,996
Assets
$14,501,522
Liabilities
$16,880,722

Source: IRS Form 990. Selected filing: tax year 2024. Amounts in USD.

Leadership & pay

9 people listed

Executive titles in this filing

  • KEVIN SWAYNE (CEO)
  • JASE WAGNER (CEO)

People named in this filing

  • KIM BRUNNER (EXECUTIVE VP & CFO)
  • TIM KOCH (EXECUTIVE VP BUSINESS DEVELOP)
  • JEFF MOORE (CFO)

Selected names, not a complete roster or a statement of current roles. Open leadership details for the complete filed list.

Source: IRS Form 990. Selected filing: tax year 2024. Names and roles reflect this filing, not necessarily current officeholders.

Overview

Mission

Farm Credit Foundations is a collaboration of Farm Credit employers that provides centralized HR shared services (benefits, payroll, and HR services/consulting) to support the people of Farm Credit. Providing support and information on compensation strategy and HR compliance Farm Credit Foundations employers access HR industry thought leadership and best practices through the expertise and breadth of experience of Foundations team members located in St. Paul, MN. Employers capture the efficiencies and effectiveness of shared benefits design, administration, asset management, payroll services, and related HR offerings. Through Foundations, their organizations are able to stay ahead of an increasingly complex and competitive workforce management environment. | **MISSION.

What it reported doing in 2024

To provide health, life and disability benefits to members

Operating model

Revenue model
Earned-program. 100% of the money available for current operations came from fees and other program revenue.
Distribution model
Member-benefit provider. The nonprofit used 73% of its reported program spending for member benefits.

The verdict

STRONG - A large share of available resources goes toward mission work and the filed numbers largely add up. Expenses are high relative to revenue and total assets are small relative to annual expenses; liquid coverage is unknown.

Rating breakdown

  • Financial Efficiency: 89
  • Transparency & Controls: 90
  • Accountability: 94
  • Sustainability: 22
  • Growth: 80

Detailed rating inputs

Financial Efficiency

  • Mission deployment rate: 100%; rating input score 100
  • Program expense ratio: 100%; rating input score 100
  • Fundraising efficiency: Limited

Transparency & Controls

  • Consistency checks: 100%; rating input score 100; 68th percentile among comparable filings
  • Pay-setting controls: Limited
  • Foreign activity oversight: Limited
  • Grant itemization coverage: Limited
  • Major donor itemization: Limited
  • Related-party transparency: Limited

Accountability

  • Independent voting board: 100%; rating input score 100; 77th percentile among comparable filings
  • Governance controls: 6 of 7 controls in place; rating input score 86
    • Conflict-of-interest policy: Pass
    • Whistleblower policy: Pass
    • Document-retention policy: Pass
    • CEO compensation review process: NotApplicable
    • Other executive compensation review process: NotApplicable
    • Form 990 shared with the board: Fail
    • Board meeting minutes documented: Pass
    • Audit committee oversight: Pass
    • Independent financial-statement audit: Pass

Sustainability

  • Operating margin: -2.1%; rating input score 19; 19th percentile among comparable filings
  • Total-asset coverage ratio: 0.06; rating input score 2; 2nd percentile among comparable filings
  • Liabilities to assets ratio: 1.16; rating input score 4; 4th percentile among comparable filings
  • Officer compensation ratio: 0%; rating input score 98; 98th percentile among comparable filings

Growth

  • Program expense growth: 9.3% per year; rating input score 100; 71st percentile among comparable filings
  • Revenue growth: 7.7% per year; rating input score 100; 65th percentile among comparable filings
  • Asset growth: -25.6% per year; rating input score 0; 0th percentile among comparable filings

Details

  • What they do: 1 programs and campaigns described on the official site · 1 operating location identified
  • Where the money goes: 100% of revenue deployed · 100% of spending went to programs
  • Governance: 9 of 9 board members independent · 6 of 7 filing controls reported
  • Programs: 1 filed program accomplishment · $236.7M in reported program spending
  • Leadership: top reported pay $0 · 9 people listed
  • Consistency: 19 of 19 current checks pass
  • Schedules: 3 filed schedules
  • Filing history: 5 filing years from 2020 to 2024
  • Contacts: How to reach this organization
  • Related organizations: 1 filed related-organization link
  • Grant readiness: Federal tax and exclusion status, award history, and grant-maker relationships.
  • People: Everyone the filings name, and which of them the filings identify by more than a name.

Key Signals

Signals prioritize questions for review. They are not findings of misconduct.

  • High — Sustainability: Operating margin scored 19/100.
  • High — Sustainability: Total-asset coverage ratio scored 2/100.
  • Review — Accountability: Governance controls: Form 990 shared with the board not reported.
  • High — Growth: Asset growth scored 0/100.
  • High — Sustainability: Liabilities to assets ratio scored 4/100.