Duluth-superior Area Community Foundation

What it reported doing in 2024

In 2024, as part of ongoing strategic planning efforts, boreal waters made significant improvements to grantmaking designed to better align resources with the needs of the communities served. This involved restructuring committees to include community members with lived experience and expertise in the areas where funds are directed (e.g., childhood poverty, missing a sense of belonging, etc.). The focus areas of opportunity, resilience, belonging and transformation were better defined through community feedback and research to ensure efforts are impactful and sustainable. The second request for proposals was also made more accessible by creating a letter of intent process, which allowed for us to get back to organizations faster. These changes are part of the broader strategy to enhance the effectiveness and reach of boreal water's grantmaking, ensuring that not only needs are met, but efforts focus on meaningful, lasting improvements.boreal waters continued to be responsive to community needs and opportunities. Leadership initiatives were developed with collaborating organizations, such as nonprofits at noon, be on board, and other programs to help nonprofits build skills and provide professional development. Additional community leadership sought to fill a gap for local nonprofits in recruiting volunteers to serve as trustees. Community impact programming is in addition to boreal waters on-going grant and scholarship activity.

Financial Efficiency

• Mission deployment rate: 100%; rating input score 100
• Program expense ratio: 88.9%; rating input score 89
• Fundraising efficiency: $7.68 raised per $1 spent on fundraising; rating input score 29; 29th percentile among comparable filings

Transparency & Controls

• Consistency checks: 94.4%; rating input score 94; 24th percentile among comparable filings
• Pay-setting controls: 2 of 6 controls in place; rating input score 33
  • Compensation committee: Missing
  • Independent consultant: Missing
  • Other Form 990s reviewed: Missing
  • Written employment contract: Missing
  • Compensation survey or study: Pass
  • Board or committee approval: Pass
• Foreign activity oversight: Limited
• Grant itemization coverage: 93.2%; rating input score 93; 28th 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: -10.1%; rating input score 13; 13th percentile among comparable filings
• Total-asset coverage ratio: 16.7; rating input score 95; 95th percentile among comparable filings
• Liabilities to assets ratio: 0.07; rating input score 66; 66th percentile among comparable filings
• Officer compensation ratio: 4.3%; rating input score 58; 58th percentile among comparable filings

Growth

• Program expense growth: 5.1% per year; rating input score 100; 40th percentile among comparable filings
• Revenue growth: -2.4% per year; rating input score 0; 6th percentile among comparable filings
• Asset growth: 6.2% per year; rating input score 100; 41st percentile among comparable filings