It has been a busy last half of the year. Setting up a new non-profit corporation and getting 501(c)(3) designation is a time-consuming process. Since the new board took over control of Gammelgården on September 27, 2022, we have been working on several items:
1. We changed the name of the non-profit with the State of Minnesota from Gammelgården of Scandia to Gammelgården Museum of Scandia. Once the name was changed with the state, we needed to inform the IRS and the State Tax Revenue Department of the change. The necessary paperwork to do this has been filed with the IRS and the Minnesota Department of Revenue.
2. We transferred control of the Edward Jones investment accounts and the Security State Bank bank accounts from the old board to the new Board President (Jim Thorson) and the Board Treasurer (Dianne Johnson). This includes both the General Fund and the Endowment Fund.
3. We reviewed and updated the lease with Elim Lutheran Church; and it was approved and signed by both Elim Lutheran Church and Gammelgården Museum of Scandia.
4. We updated an Endowment Policy to allow up to a maximum of 5% of the asset value of the endowment fund to be transferred annually to the General Fund. This change will allow more predictable funding of the operating budget of the museum.
5. We hired an outside firm to do the daily bookkeeping for the museum.
6. We have completed the application for 501(c)(3) status and submitted it to the IRS.