Albert Lea Freeborn County Chamber Foundation

Nonprofit profile at a glance

EIN
411651705
IRS 990 coverage
2021–2024
Forms available
Form 990 2024, Form 990-EZ 2020
Location
Albert Lea, MN, USA
Phone
5073733938
Rating
83
Verdict
STRONG
Rating confidence
Moderate
Sector
Chambers of Commerce & Business Leagues

Reported finances

Revenue
$187,060
Expenses
$770,146
Assets
$453,021
Liabilities
$0

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

Leadership & pay

7 people listed

People named in this filing

  • NOELLE VIKTORA (BOARD CHAIR)
  • DON MALINSKY (VICE CHAIR)
  • VALERIE LOCKHART (SECRETARY)

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

To stimulate the establishment of funds to serve our local community now and in the future.

What it reported doing in 2024

The organization acts as a steward of donated funds which are used to support various community programs and projects to promote philanthropy and collaboration for community betterment. Current programs and projects include: fireworks display-funds are used to provide a city fireworks display on the 4th of july for the community to enjoy. Freedom rock-project to add a rock with a custom painted tribute to local veterans in honor of their service to our country next to the freeborn county veteran memorial. Activity calendar-proceeds from the sale of this calendar are donated to school district 241 for educational activities. Age friendly freeborn county-a local, collaborate effort to create a supportive environment for senions, connection resources, services, and community members to help older adults age with dignity and independence through partnerships with local organziations like senior resources, the city, and public health. Albert lea inclusive playground-funds are used to create a safe outdoor environment for people of all ages and abilities. Albert lea track boosters-funds are used to support the local high school track team. Albert lea volleyball boosters-funds are used to support the local high school volleyball team. American legion-fund is designed to allow the community to contribute to reduce the debt of the legion during difficult financial times. April sorenson memorial-funds are used to purchase benches and support the blazing star trail in memory of an albert lea native. Dog park-funds are used to support the community dog park. Lake foundation and restoration committees-funds are used to contribute to shoreline resotration and sponser annual lake clean-up days. Pickleball fund-funds are used to convert unused tennis courts into pickleball courts. The hatch-funds are used to support a makers space to educate the community; give entrepreneurial support of programs in the trades and artistic arena; and provide a place to learn, work, and collaborate with others to foster creativity. Veterans memorial-provides memorial and pavers for veterans on display by the freeborn county courthouse. Yellow ribbon-supports the families of deployed soldiers by uniting all areas within a community to create a comprehensive network that connects and coordinates agencies, organization, resources, and employers for the purpose of proactively supporting service members and military families. Young professionals-a group for emerging leaders focused on networking, community engagement, and professional development. Ce myers scholarship fund

Operating model

Revenue model
Donor-supported. 91% of the money available for current operations came from contributions and gifts.
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

STRONG - 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 expenses are high relative to revenue.

Rating breakdown

  • Financial Efficiency: 88
  • Transparency & Controls: 92
  • Accountability: 70
  • Sustainability: 26
  • Growth: 100

Detailed rating inputs

Financial Efficiency

  • Mission deployment rate: 100%; rating input score 100
  • Program expense ratio: 96%; rating input score 96
  • Fundraising efficiency: Limited

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: 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: 2 of 7 controls in place; rating input score 29
    • Conflict-of-interest policy: Pass
    • Whistleblower policy: Fail
    • Document-retention policy: Fail
    • 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: Missing
    • Independent financial-statement audit: Fail

Sustainability

  • Operating margin: -311.7%; rating input score 0; 0th percentile among comparable filings
  • Total-asset coverage ratio: 0.59; rating input score 28; 28th percentile among comparable filings
  • Liabilities to assets ratio: 0; rating input score 80; 80th percentile among comparable filings
  • Officer compensation ratio: 0%; rating input score 69; 69th percentile among comparable filings

Growth

  • Program expense growth: 89.2% per year; rating input score 100; 98th percentile among comparable filings
  • Revenue growth: 7% per year; rating input score 100; 62nd percentile among comparable filings
  • Asset growth: 9% per year; rating input score 100; 62nd percentile among comparable filings

Details

  • Where the money goes: 100% of revenue deployed · 96% of spending went to programs
  • Governance: 7 of 7 board members independent · 2 of 7 filing controls reported
  • Programs: 1 filed program accomplishment · $740K in reported program spending
  • Leadership: top reported pay $0 · 7 people listed
  • Consistency: 20 of 20 current checks pass
  • Schedules: 4 filed schedules · includes major donors
  • Filing history: 4 filing years from 2021 to 2024
  • Contacts: How to reach this organization
  • Money network: Resolved incoming and outgoing counterparties from filed money flows.
  • 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: 4 of 6 not reported.
  • High — Sustainability: Operating margin scored 0/100.
  • High — Sustainability: Total-asset coverage ratio scored 28/100.