Economic Development Association of Minnesota

Nonprofit profile at a glance

EIN
411263666
IRS 990 coverage
2013–2024
Forms available
Form 990 2024, Form 990-EZ 2014
Location
Minneapolis, MN, USA
Phone
9529284640
Rating confidence
Limited

Official website

Reported finances

Revenue
$322,001
Expenses
$303,294
Assets
$335,833
Liabilities
$111,932

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

Leadership & pay

14 people listed

Executive titles in this filing

  • CHRISTY LEWIS (PRESIDENT)
  • ERIC MAASS (FIRST VICE PRESIDENT)
  • KEITH DAHL (SECOND VICE PRESIDENT)
  • KATI BACHMAYER (PAST PRESIDENT)

People named in this filing

  • CHRISTY LEWIS (PRESIDENT)
  • ERIC MAASS (FIRST VICE PRESIDENT)
  • KEITH DAHL (SECOND VICE PRESIDENT)

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 champion economic development in Minnesota through education, collaboration, and advocacy. Edam is a professional association of individuals and organizations throughout the state of Minnesota who share this mission. We pursue our mission by providing economic development professionals a forum for exchanging information and staying abreast of current economic development strategies and practices and by providing economic developers with valuable networking and educational opportunities. Edam members are leading economic developers in the state of Minnesota. Edam consults with the state on public policy issues related to economic development and helps continually define and improve the profession.

What it reported doing in 2024

Edam hosts seminars that provide networking and education to its members as well as a winter and a summer conference with breakout educational sessions that provide additional opportunities for networking and professional advancement for its members.

Operating model

Revenue model
Earned-program. 89% of the money available for current operations came from fees and other program revenue.
Distribution model
Cannot be determined from the filing. The filing does not provide enough consistent spending detail to tell whether the nonprofit works directly or through others.

The verdict

- The available evidence is not sufficient to produce an overall rating for this filing. This is not a warning sign.

Rating breakdown

  • Financial Efficiency: NotEnoughData
  • Transparency & Controls: 90
  • Accountability: 88
  • Sustainability: 47
  • Growth: 60

Detailed rating inputs

Financial Efficiency

  • Mission deployment rate: Limited
  • Program expense ratio: Limited
  • 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: Limited
  • Related-party transparency: Limited

Accountability

  • Independent voting board: 100%; rating input score 100; 63rd percentile among comparable filings
  • Governance controls: 5 of 7 controls in place; rating input score 71
    • Conflict-of-interest policy: Pass
    • Whistleblower policy: Pass
    • Document-retention policy: Pass
    • CEO compensation review process: NotApplicable
    • Other executive compensation review process: NotApplicable
    • Form 990 shared with the board: Pass
    • Board meeting minutes documented: Pass
    • Audit committee oversight: Missing
    • Independent financial-statement audit: Fail

Sustainability

  • Operating margin: 5.8%; rating input score 52; 52nd percentile among comparable filings
  • Total-asset coverage ratio: 1.11; rating input score 43; 43rd percentile among comparable filings
  • Liabilities to assets ratio: 0.33; rating input score 15; 15th percentile among comparable filings
  • Officer compensation ratio: 0%; rating input score 69; 69th percentile among comparable filings

Growth

  • Program expense growth: -5.7% per year; rating input score 0; 16th percentile among comparable filings
  • Revenue growth: 4.4% per year; rating input score 100; 49th percentile among comparable filings
  • Asset growth: 9.1% per year; rating input score 100; 63rd percentile among comparable filings

Details

  • Where the money goes: Financial trends and filed revenue, expense, asset, and liability detail
  • Governance: 14 of 14 board members independent · 5 of 7 filing controls reported
  • Programs: 1 filed program accomplishment · $122K in reported program spending
  • Leadership: top reported pay $0 · 14 people listed
  • Consistency: 8 of 8 current checks pass
  • Schedules: 2 filed schedules
  • Filing history: 11 filing years from 2013 to 2024
  • Contacts: How to reach this organization
  • 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 — Growth: Program expense growth scored 0/100.
  • Review — Accountability: Governance controls: Independent financial-statement audit not reported.
  • Review — Sustainability: Operating margin scored 52/100.
  • Moderate — Sustainability: Total-asset coverage ratio scored 43/100.
  • High — Sustainability: Liabilities to assets ratio scored 15/100.