Albert Lea Freeborn County Chamber Commerce

Nonprofit profile at a glance

EIN
410117928
IRS 990 coverage
2014–2024
Forms available
Form 990 2024
Location
Albert Lea, MN, USA
Phone
5073733938
Rating
75
Verdict
SUPPORTED
Rating confidence
Moderate

Official website

Reported finances

Revenue
$179,810
Expenses
$209,345
Assets
$90,475
Liabilities
$29,079

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

Leadership & pay

12 people listed

Highest reported compensation

  • SHARI JENSEN (EXC DIRECTOR): $71,732 total reported compensation

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

Overview

Mission

Promote and develop a healthy and positive business climate and improve the quality of life in the albert lea-freeborn county area.

What it reported doing in 2024

Provide information services & seminars to members & nonmembers, provide services for community development, promotion and industry expansion. Approximate members = 500

Operating model

Revenue model
Mixed. Its operating money came from several sources; no one source provided a clear majority.
Distribution model
Direct operator. The filing allocates 100% of reported program-service expenses outside its grant, affiliate-payment, and member-benefit lines. This expense classification does not rule out separately announced grant awards.

The verdict

SUPPORTED - A large share of available resources goes toward mission work and the filed numbers largely add up. Some filing-based governance responses are negative or unanswered and fundraising costs are high for each dollar raised.

Rating breakdown

  • Financial Efficiency: 82
  • Transparency & Controls: 90
  • Accountability: 69
  • Sustainability: 17
  • Growth: 20

Detailed rating inputs

Financial Efficiency

  • Mission deployment rate: 92.3%; rating input score 92
  • Program expense ratio: 79.2%; rating input score 79
  • Fundraising efficiency: $10.16 raised per $1 spent on fundraising; rating input score 40; 40th percentile among comparable filings

Transparency & Controls

  • Consistency checks: 100%; rating input score 100; 64th 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; 63rd percentile among comparable filings
  • Governance controls: 2 of 8 controls in place; rating input score 25
    • Conflict-of-interest policy: Pass
    • Whistleblower policy: Fail
    • Document-retention policy: Fail
    • CEO compensation review process: NotApplicable
    • Other executive compensation review process: Fail
    • Form 990 shared with the board: Fail
    • Board meeting minutes documented: Pass
    • Audit committee oversight: Missing
    • Independent financial-statement audit: Fail

Sustainability

  • Operating margin: -16.4%; rating input score 16; 16th percentile among comparable filings
  • Total-asset coverage ratio: 0.43; rating input score 22; 22nd percentile among comparable filings
  • Liabilities to assets ratio: 0.32; rating input score 15; 15th percentile among comparable filings
  • Officer compensation ratio: 34.3%; rating input score 9; 9th percentile among comparable filings

Growth

  • Program expense growth: -3.1% per year; rating input score 0; 21st percentile among comparable filings
  • Revenue growth: -3.8% per year; rating input score 0; 12th percentile among comparable filings
  • Asset growth: 1% per year; rating input score 100; 29th percentile among comparable filings

Details

  • Where the money goes: 92.3% of revenue deployed · 79.2% of spending went to programs
  • Governance: 12 of 12 board members independent · 2 of 8 filing controls reported
  • Programs: 1 filed program accomplishment · $166K in reported program spending
  • Leadership: top reported pay $72K · 12 people listed
  • Consistency: 22 of 22 current checks pass
  • Schedules: 3 filed schedules
  • Filing history: 11 filing years from 2014 to 2024
  • Contacts: How to reach this organization
  • Money network: 1 filed money-flow record
  • Related organizations: Filed and resolved organization relationships.
  • 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 — Accountability: Governance controls: 5 of 7 not reported.
  • Moderate — Financial Efficiency: Fundraising efficiency scored 40/100.
  • High — Growth: Program expense growth scored 0/100.
  • High — Growth: Revenue growth scored 0/100.
  • High — Sustainability: Operating margin scored 16/100.
  • High — Sustainability: Total-asset coverage ratio scored 22/100.
  • High — Sustainability: Officer compensation ratio scored 9/100.
  • High — Sustainability: Liabilities to assets ratio scored 15/100.