Local Media Foundation

Overview

Mission

The local media foundation's mission is to ensure a healthy future for local journalism, which is essential to a strong democracy, by reinventing business models for news.

What it reported doing in 2024

Local news fund - supports journalism projects in communities accross the country focused on important issues such as education, poverty, health, and more. Several dozen local and national media companies are clients.

Operating model

Revenue model
Donor-supported. 63% of the money available for current operations came from contributions and gifts.
Distribution model
Hybrid. The nonprofit split its reported program spending across 41% for direct work, and 59% for grants.

Nonprofit profile at a glance

EIN
364427750
IRS 990 coverage
2010–2024
Forms available
Form 990 2024
Headquarters
Lake City, MI, USA
Phone
2318398651
Rating
80
Verdict
STRONG
Rating confidence
Moderate
Sector
Personal Social Services

Official website

The verdict

STRONG - A large share of available resources goes toward mission work and the filed numbers largely add up. Total assets are small relative to annual expenses; liquid coverage is unknown and some filed totals do not add up.

Rating breakdown

  • Financial Efficiency: 68
  • Transparency & Controls: 81
  • Accountability: 100
  • Sustainability: 64
  • Growth: 100

Detailed rating inputs

Financial Efficiency

  • Mission deployment rate: 65.7%; rating input score 66
  • Program expense ratio: 92.6%; rating input score 93
  • Fundraising efficiency: Limited

Transparency & Controls

  • Consistency checks: 92.9%; rating input score 93; 13th percentile among comparable filings
  • Pay-setting controls: 4 of 6 controls in place; rating input score 67
    • Compensation committee: Pass
    • Independent consultant: Missing
    • Other Form 990s reviewed: Pass
    • Written employment contract: Missing
    • Compensation survey or study: Pass
    • Board or committee approval: Pass
  • Foreign activity oversight: Limited
  • Grant itemization coverage: 80.8%; rating input score 81; 22nd percentile among comparable filings
  • Major donor itemization: Yes; rating input score 100
  • Related-party transparency: Limited

Accountability

  • Independent voting board: 100%; rating input score 100; 63rd percentile among comparable filings
  • Governance controls: 9 of 9 controls in place; rating input score 100
    • Conflict-of-interest policy: Pass
    • Whistleblower policy: Pass
    • Document-retention policy: Pass
    • CEO compensation review process: Pass
    • Other executive compensation review process: Pass
    • Form 990 shared with the board: Pass
    • Board meeting minutes documented: Pass
    • Audit committee oversight: Pass
    • Independent financial-statement audit: Pass

Sustainability

  • Operating margin: 29.7%; rating input score 84; 84th percentile among comparable filings
  • Total-asset coverage ratio: 0.96; rating input score 35; 35th percentile among comparable filings
  • Liabilities to assets ratio: 0.21; rating input score 43; 43rd percentile among comparable filings
  • Officer compensation ratio: 2.1%; rating input score 75; 75th percentile among comparable filings

Growth

  • Program expense growth: 29.6% per year; rating input score 100; 92nd percentile among comparable filings
  • Revenue growth: 25.9% per year; rating input score 100; 92nd percentile among comparable filings
  • Asset growth: 27.5% per year; rating input score 100; 91st percentile among comparable filings

Details

  • Where the money goes: 65.7% of revenue deployed · 92.6% of spending went to programs
  • Governance: 12 of 12 board members independent · 9 of 9 filing controls reported
  • Programs: 4 filed program accomplishments · $6.1M in reported program spending
  • Leadership: top reported pay $292K · 21 people listed · 4 of 6 pay-setting controls reported
  • Consistency: 30 of 31 current checks pass · 1 finding to review
  • Schedules: 8 filed schedules · includes major donors, grants, and executive pay
  • Filing history: 13 annual filings from 2010 to 2024
  • Contacts: How to reach this organization
  • Money network: 45 filed money-flow records
  • Related organizations: 46 filed related-organization links
  • 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.

Leadership & pay

21 people listed

Highest reported compensation

  • NANCY CAWLEY LANE (CO-CEO): $292,024 total reported compensation
  • JOHN SMALL (CO-CEO): $252,442 total reported compensation
  • FRANK MUNGEAM (CHIEF INNOVATION OFFICER): $216,439 total reported compensation

Source: IRS Form 990. Selected filing: FY2024.