Florence B & Cornelia A Palmer Foundation

Elgin, IL
Tax-exempt since Jan. 1998
EIN: 36-4171713

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Type of Nonprofit

Designated as a 501(c)(3) Organizations for any of the following purposes: religious, educational, charitable, scientific, literary, testing for public safety, fostering national or international amateur sports competition (as long as it doesn't provide athletic facilities or equipment), or the prevention of cruelty to children or animals.

Category: Philanthropy, Voluntarism, and Grantmaking Foundations N.E.C. (NTEE)

Donations to this organization are not tax deductible.

Revenue

$135k (2024)

Expenses

$284k (2024)

Total Assets

$962k (2024)

Total Liabilities

$0 (2024)

Source: Form 990 tax filings from 2011 to 2024

Tax Filings by Year

Form 990 is an information return that most organizations claiming federal tax-exempt status must file yearly with the IRS. Nonprofit Explorer has IRS digitized Form 990 data for filings processed in 2012 and later. If this organization filed an amended return, it may not be reflected below. Duplicate download links may indicate a resubmission or amendment to this organization's original return. Form 990 data is from the IRS.

Fiscal Year Ending Dec.
2024

Revenue

$134,929

Expenses

$283,535

Net Income

-$148,606

Net Assets

$961,878

Notable Sources of Revenue		Percent of Total Revenue
Contributions Received	$0
Interest Revenue	$0
Dividends	$28,950	21.5%
Sales of Assets	$105,904	78.5%
Other Income	$75	0.1%

Notable Expenses		Percent of Total Expenses
Charitable Disbursements	$262,438	92.6%
Compensation of Officers*	$175,000	61.7%
* Officer compensation may be included in charitable disbursements, so Percent of Total Expenses may add up to greater than 100%.

Assets/Debt
Total Assets	$961,878
Total Liabilities	$0
Net Assets	$961,878

Compensation

Key Employees and Officers	Compensation	Other
Frederick J Steffen (Co Trustee A)	$125,000	$0
Robert Steffen (Co Trustee)	$25,000	$0
Donald Hopp (Co Trustee)	$25,000	$0

990-PF

Filed on May 14, 2025

Primary tax return for a private foundation's activities, finances, and governance

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Schedules ▼

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Fiscal Year Ending Dec.
2023

Revenue

$54,106

Expenses

$221,478

Net Income

-$167,372

Net Assets

$1,111,284

Notable Sources of Revenue		Percent of Total Revenue
Contributions Received	$0
Interest Revenue	$0
Dividends	$28,313	52.3%
Sales of Assets	$25,521	47.2%
Other Income	$272	0.5%

Notable Expenses		Percent of Total Expenses
Charitable Disbursements	$199,848	90.2%
Compensation of Officers*	$125,000	56.4%
* Officer compensation may be included in charitable disbursements, so Percent of Total Expenses may add up to greater than 100%.

Assets/Debt
Total Assets	$1,111,284
Total Liabilities	$0
Net Assets	$1,111,284

Compensation

Key Employees and Officers	Compensation	Other
Frederick J Steffen (Co Trustee A)	$100,000	$0
Donald Hopp (Co Trustee)	$25,000	$0
Robert Steffen (Co Trustee)	$0	$0

990-PF

Filed on Nov. 12, 2024

Primary tax return for a private foundation's activities, finances, and governance

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Schedules ▼

PDF XML

Fiscal Year Ending Dec.
2022

Revenue

$96,435

Expenses

$287,227

Net Income

-$190,792

Net Assets

$1,278,656

Notable Sources of Revenue		Percent of Total Revenue
Contributions Received	$0
Interest Revenue	$1	0.0%
Dividends	$29,700	30.8%
Sales of Assets	$66,734	69.2%
Other Income	$0

Notable Expenses		Percent of Total Expenses
Charitable Disbursements	$256,883	89.4%
Compensation of Officers*	$140,000	48.7%
* Officer compensation may be included in charitable disbursements, so Percent of Total Expenses may add up to greater than 100%.

Assets/Debt
Total Assets	$1,303,656
Total Liabilities	$25,000
Net Assets	$1,278,656

Compensation

Key Employees and Officers	Compensation	Other
Frederick J Steffen (Co Trustee A)	$100,000	$0
Robert Steffen (Co Trustee)	$25,000	$0
Donald Hopp (Co Trustee)	$15,000	$0

990-PF

Filed on June 28, 2023

Primary tax return for a private foundation's activities, finances, and governance

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Schedules ▼

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Fiscal Year Ending Dec.
2021

Revenue

$190,296

Expenses

$203,792

Net Income

-$13,496

Net Assets

$1,469,631

Notable Sources of Revenue		Percent of Total Revenue
Contributions Received	$0
Interest Revenue	$0
Dividends	$30,755	16.2%
Sales of Assets	$159,541	83.8%
Other Income	$0

Notable Expenses		Percent of Total Expenses
Charitable Disbursements	$168,564	82.7%
Compensation of Officers*	$150,000	73.6%
* Officer compensation may be included in charitable disbursements, so Percent of Total Expenses may add up to greater than 100%.

Assets/Debt
Total Assets	$1,469,631
Total Liabilities	$0
Net Assets	$1,469,631

Compensation

Key Employees and Officers	Compensation	Other
Frederick J Steffen (Co Trustee A)	$100,000	$0
Robert Steffen (Co Trustee)	$25,000	$0
Donald Hopp (Co Trustee)	$25,000	$0

990-PF

Filed on Nov. 14, 2022

Primary tax return for a private foundation's activities, finances, and governance

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Schedules ▼

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Fiscal Year Ending Dec.
2020

Revenue

$75,884

Expenses

$230,732

Net Income

-$154,848

Net Assets

$1,483,576

Notable Sources of Revenue		Percent of Total Revenue
Contributions Received	$0
Interest Revenue	$2	0.0%
Dividends	$33,853	44.6%
Sales of Assets	$42,029	55.4%
Other Income	$0

Notable Expenses		Percent of Total Expenses
Charitable Disbursements	$199,316	86.4%
Compensation of Officers*	$130,000	56.3%
* Officer compensation may be included in charitable disbursements, so Percent of Total Expenses may add up to greater than 100%.

Assets/Debt
Total Assets	$1,483,577
Total Liabilities	$1
Net Assets	$1,483,576

Compensation

Key Employees and Officers	Compensation	Other
Frederick J Steffen (Co Trustee A)	$95,000	$0
Robert Steffen (Co Trustee)	$25,000	$0
Donald Hopp (Co Trustee)	$10,000	$0

990-PF

Filed on Nov. 15, 2021

Primary tax return for a private foundation's activities, finances, and governance

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Fiscal Year Ending Dec.
2019

Revenue

$95,164

Expenses

$248,406

Net Income

-$153,242

Net Assets

$1,638,424

Notable Sources of Revenue		Percent of Total Revenue
Contributions Received	$0
Interest Revenue	$15	0.0%
Dividends	$40,998	43.1%
Sales of Assets	$54,151	56.9%
Other Income	$0

Notable Expenses		Percent of Total Expenses
Charitable Disbursements	$230,519	92.8%
Compensation of Officers*	$105,000	42.3%
* Officer compensation may be included in charitable disbursements, so Percent of Total Expenses may add up to greater than 100%.

Assets/Debt
Total Assets	$1,638,425
Total Liabilities	$1
Net Assets	$1,638,424

Compensation

Key Employees and Officers	Compensation	Other
Frederick J Steffen (Co Trustee A)	$85,000	$0
Robert Steffen (Co Trustee)	$10,000	$0
Donald Hopp (Co Trustee)	$10,000	$0

990-PF

Filed on Oct. 6, 2020

Primary tax return for a private foundation's activities, finances, and governance

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XML

Fiscal Year Ending Dec.
2018

Revenue

$158,525

Expenses

$264,158

Net Income

-$105,633

Net Assets

$1,792,967

Notable Sources of Revenue		Percent of Total Revenue
Contributions Received	$0
Interest Revenue	$77	0.0%
Dividends	$40,464	25.5%
Sales of Assets	$117,984	74.4%
Other Income	$0

Notable Expenses		Percent of Total Expenses
Charitable Disbursements	$248,746	94.2%
Compensation of Officers*	$105,000	39.7%
* Officer compensation may be included in charitable disbursements, so Percent of Total Expenses may add up to greater than 100%.

Assets/Debt
Total Assets	$1,792,967
Total Liabilities	$0
Net Assets	$1,792,967

Compensation

Key Employees and Officers	Compensation	Other
Frederick J Steffen (Co Trustee A)	$85,000	$0
Robert Steffen (Co Trustee)	$10,000	$0
Donald Hopp (Co Trustee)	$10,000	$0

990-PF

Filed on Sept. 20, 2019

Primary tax return for a private foundation's activities, finances, and governance

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Fiscal Year Ending Dec.
2017

Revenue

$125,109

Expenses

$280,250

Net Income

-$155,141

Net Assets

$1,898,600

Notable Sources of Revenue		Percent of Total Revenue
Contributions Received	$0
Interest Revenue	$19	0.0%
Dividends	$37,536	30.0%
Sales of Assets	$87,554	70.0%
Other Income	$0

Notable Expenses		Percent of Total Expenses
Charitable Disbursements	$258,242	92.1%
Compensation of Officers*	$110,000	39.3%
* Officer compensation may be included in charitable disbursements, so Percent of Total Expenses may add up to greater than 100%.

Assets/Debt
Total Assets	$1,898,600
Total Liabilities	$0
Net Assets	$1,898,600

Compensation

Key Employees and Officers	Compensation	Other
Frederick J Steffen (Co Trustee A)	$85,000	$0
Robert Steffen (Co Trustee)	$15,000	$0
Donald Hopp (Co Trustee)	$10,000	$0

990-PF

Filed on May 14, 2018

Primary tax return for a private foundation's activities, finances, and governance

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Schedules ▼

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Fiscal Year Ending Dec.
2016

Revenue

$175,121

Expenses

$271,959

Net Income

-$96,838

Net Assets

$2,046,060

Notable Sources of Revenue		Percent of Total Revenue
Contributions Received	$0
Interest Revenue	$97,686	55.8%
Dividends	$30,290	17.3%
Sales of Assets	$47,145	26.9%
Other Income	$0

Notable Expenses		Percent of Total Expenses
Charitable Disbursements	$243,518	89.5%
Compensation of Officers*	$102,500	37.7%
* Officer compensation may be included in charitable disbursements, so Percent of Total Expenses may add up to greater than 100%.

Assets/Debt
Total Assets	$2,046,060
Total Liabilities	$0
Net Assets	$2,046,060

Compensation

Key Employees and Officers	Compensation	Other
Frederick J Steffen (Co Trustee A)	$85,000	$0
Donald Hopp (Co Trustee)	$10,000	$0
Frederick Steffen (Co Trustee)	$7,500	$0

990-PF

Filed on May 15, 2017

Primary tax return for a private foundation's activities, finances, and governance

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Fiscal Year Ending Dec.
2015

Revenue

$147,432

Expenses

$280,009

Net Income

-$132,577

Net Assets

$2,144,160

Notable Sources of Revenue		Percent of Total Revenue
Contributions Received	$0
Interest Revenue	$1,429	1.0%
Dividends	$33,438	22.7%
Sales of Assets	$112,565	76.4%
Other Income	$0

Notable Expenses		Percent of Total Expenses
Charitable Disbursements	$251,453	89.8%
Compensation of Officers*	$110,000	39.3%
* Officer compensation may be included in charitable disbursements, so Percent of Total Expenses may add up to greater than 100%.

Assets/Debt
Total Assets	$2,144,160
Total Liabilities	$0
Net Assets	$2,144,160

Compensation

Key Employees and Officers	Compensation	Other
Frederick J Steffen (Co Trustee)	$85,000	$0
Frederick Steffen (Co Trustee)	$12,500	$0
Donald Hopp (Co Trustee)	$12,500	$0

990-PF

Filed on May 12, 2016

Primary tax return for a private foundation's activities, finances, and governance

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Fiscal Year Ending Dec.
2014

Revenue

$142,920

Expenses

$250,337

Net Income

-$107,417

Net Assets

$2,277,846

Notable Sources of Revenue		Percent of Total Revenue
Contributions Received	$0
Interest Revenue	$1,538	1.1%
Dividends	$46,639	32.6%
Sales of Assets	$94,743	66.3%
Other Income	$0

Notable Expenses		Percent of Total Expenses
Charitable Disbursements	$234,011	93.5%
Compensation of Officers*	$100,000	39.9%
* Officer compensation may be included in charitable disbursements, so Percent of Total Expenses may add up to greater than 100%.

Assets/Debt
Total Assets	$2,277,846
Total Liabilities	$0
Net Assets	$2,277,846

Compensation

Key Employees and Officers	Compensation	Other
Frederick J Steffen (Co Trustee)	$85,000	$0
Frederick Steffen (Co Trustee)	$7,500	$0
Donald Hopp (Co Trustee)	$7,500	$0

990-PF

Filed on May 15, 2015

Primary tax return for a private foundation's activities, finances, and governance

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Fiscal Year Ending Dec.
2013

Revenue

$87,780

Expenses

$235,600

Net Income

-$147,820

Net Assets

$2,386,076

Notable Sources of Revenue		Percent of Total Revenue
Contributions Received	$0
Interest Revenue	$3,858	4.4%
Dividends	$38,845	44.3%
Sales of Assets	$45,077	51.4%
Other Income	$0

Notable Expenses		Percent of Total Expenses
Charitable Disbursements	$157,938	67.0%
Compensation of Officers*	$72,000	30.6%
* Officer compensation may be included in charitable disbursements, so Percent of Total Expenses may add up to greater than 100%.

Assets/Debt
Total Assets	$2,386,076
Total Liabilities	$0
Net Assets	$2,386,076

Compensation

Key Employees and Officers	Compensation	Other
Frederick J Steffen (Co Trustee)	$62,000	$0
Frederick Steffen (Co Trustee)	$5,000	$0
Donald Hopp (Co Trustee)	$5,000	$0

990-PF

Filed on May 8, 2014

Primary tax return for a private foundation's activities, finances, and governance

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Fiscal Year Ending Dec.
2012

Revenue

$27,962

Expenses

$163,589

Net Income

-$135,627

Net Assets

$2,544,313

Notable Sources of Revenue		Percent of Total Revenue
Contributions Received	$0
Interest Revenue	$7,671	27.4%
Dividends	$47,391	> 100%
Sales of Assets	$0
Other Income	$0

Notable Expenses		Percent of Total Expenses
Charitable Disbursements	$135,209	82.7%
Compensation of Officers*	$59,750	36.5%
* Officer compensation may be included in charitable disbursements, so Percent of Total Expenses may add up to greater than 100%.

Assets/Debt
Total Assets	$2,544,314
Total Liabilities	$1
Net Assets	$2,544,313

990-PF

Primary tax return for a private foundation's activities, finances, and governance

PDF

Fiscal Year Ending Dec.
2011

Revenue

$44,610

Expenses

$211,542

Net Income

-$166,932

Net Assets

$2,680,408

Notable Sources of Revenue		Percent of Total Revenue
Contributions Received	$0
Interest Revenue	$9,812	22.0%
Dividends	$40,890	91.7%
Sales of Assets	$0
Other Income	$0

Notable Expenses		Percent of Total Expenses
Charitable Disbursements	$200,561	94.8%
Compensation of Officers*	$57,250	27.1%
* Officer compensation may be included in charitable disbursements, so Percent of Total Expenses may add up to greater than 100%.

Assets/Debt
Total Assets	$2,680,409
Total Liabilities	$1
Net Assets	$2,680,408

990-PF

Primary tax return for a private foundation's activities, finances, and governance

PDF (2 of 2)

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Florence B & Cornelia A Palmer Foundation

Organization summary

Type of Nonprofit

Summary charts: organization finances over time

Revenue $135k (2024)

Expenses $284k (2024)

Total Assets $962k (2024)

Total Liabilities $0 (2024)

Tax Filings by Year

Fiscal Year Ending Dec. 2024

Extracted Financial Data

Extracted Financial Data from Form 990-PF

Compensation

Document Links

990-PF

Fiscal Year Ending Dec. 2023

Extracted Financial Data

Extracted Financial Data from Form 990-PF

Compensation

Document Links

990-PF

Fiscal Year Ending Dec. 2022

Extracted Financial Data

Extracted Financial Data from Form 990-PF

Compensation

Document Links

990-PF

Fiscal Year Ending Dec. 2021

Extracted Financial Data

Extracted Financial Data from Form 990-PF

Compensation

Document Links

990-PF

Fiscal Year Ending Dec. 2020

Extracted Financial Data

Extracted Financial Data from Form 990-PF

Compensation

Document Links

990-PF

Fiscal Year Ending Dec. 2019

Extracted Financial Data

Extracted Financial Data from Form 990-PF

Compensation

Document Links

990-PF

Fiscal Year Ending Dec. 2018

Extracted Financial Data

Extracted Financial Data from Form 990-PF

Compensation

Document Links

990-PF

Fiscal Year Ending Dec. 2017

Extracted Financial Data

Extracted Financial Data from Form 990-PF

Compensation

Document Links

990-PF

Fiscal Year Ending Dec. 2016

Extracted Financial Data

Extracted Financial Data from Form 990-PF

Compensation

Document Links

990-PF

Fiscal Year Ending Dec. 2015

Extracted Financial Data

Extracted Financial Data from Form 990-PF

Compensation

Document Links

990-PF

Fiscal Year Ending Dec. 2014

Extracted Financial Data

Extracted Financial Data from Form 990-PF

Compensation

Document Links

990-PF

Fiscal Year Ending Dec. 2013

Extracted Financial Data

Extracted Financial Data from Form 990-PF

Compensation

Document Links

Revenue

$135k (2024)

Expenses

$284k (2024)

Total Assets

$962k (2024)

Total Liabilities

$0 (2024)

Fiscal Year Ending Dec.
2024

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2023

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Fiscal Year Ending Dec.
2014

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2013

Fiscal Year Ending Dec.
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