Ely Educational Foundation Inc

Nonprofit profile at a glance

EIN
411622190
IRS 990 coverage
2012–2024
Forms available
Form 990 2024
Location
ELY, MN, USA
Phone
2183433610
Rating
69
Verdict
SUPPORTED
Rating confidence
Moderate

Reported finances

Revenue
$1,479,840
Expenses
$154,990
Assets
$2,503,620
Liabilities
$0

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

Leadership & pay

9 people listed

Executive titles in this filing

  • RYAN ANDERSON (Vice President)
  • ROBERT LATOURELL JR (President)

People named in this filing

  • DARLENE NEMANICH (Director)
  • PAM TURNBULL (Director)
  • MIKE HEIMAN (Director)

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

Enhancing and advancing educational opportunities of present and future graduates of Ely Memorial High School, to support special projects within the School District 696, and to promote the schools within the Ely area.

What it reported doing in 2024

Amounts contributed for items requested by teachers of ely memorial high school for educational purposes. Items include textbooks, school supplies, and other educational tools. Also other expenses related to support ely educational foundation's mission.

Operating model

Revenue model
Donor-supported. 95% of the money available for current operations came from contributions and gifts.
Distribution model
Grant intermediary. The nonprofit sent 97% of its reported program spending out as grants.
  • Includes noncash contributions: Reported contributions include donated property or goods.

The verdict

SUPPORTED - The filed numbers largely add up and most voting board members are independent. A relatively small share of available resources goes toward mission work and some filing-based governance responses are negative or unanswered.

Rating breakdown

  • Financial Efficiency: 40
  • Transparency & Controls: 89
  • Accountability: 82
  • Sustainability: 95
  • Growth: 100

Detailed rating inputs

Financial Efficiency

  • Mission deployment rate: 14.3%; rating input score 14
  • Program expense ratio: 95.8%; rating input score 96
  • Fundraising efficiency: Limited

Transparency & Controls

  • Consistency checks: 92.3%; rating input score 92; 16th percentile among comparable filings
  • Pay-setting controls: Limited
  • Foreign activity oversight: Limited
  • Grant itemization coverage: 99.7%; rating input score 100; 50th 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: 4 of 7 controls in place; rating input score 57
    • 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: Pass
    • Independent financial-statement audit: Pass

Sustainability

  • Operating margin: 89.5%; rating input score 99; 99th percentile among comparable filings
  • Total-asset coverage ratio: 16.15; rating input score 95; 95th percentile among comparable filings
  • Liabilities to assets ratio: 0; rating input score 91; 91st percentile among comparable filings
  • Officer compensation ratio: 0%; rating input score 81; 81st percentile among comparable filings

Growth

  • Program expense growth: 8.4% per year; rating input score 100; 57th percentile among comparable filings
  • Revenue growth: 17.1% per year; rating input score 100; 82nd percentile among comparable filings
  • Asset growth: 5.7% per year; rating input score 100; 42nd percentile among comparable filings

Details

  • Where the money goes: 14.3% of revenue deployed · 95.8% of spending went to programs
  • Governance: 9 of 9 board members independent · 4 of 7 filing controls reported
  • Programs: 4 filed program accomplishments · $148K in reported program spending
  • Leadership: top reported pay $0 · 9 people listed
  • Consistency: 19 of 20 current checks pass · 1 finding to review
  • Schedules: 6 filed schedules · includes major donors and grants
  • Filing history: 13 filing years from 2012 to 2024
  • Contacts: How to reach this organization
  • Money network: 2 filed money-flow records
  • Related organizations: 2 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.

Key Signals

Signals prioritize questions for review. They are not findings of misconduct.

  • High — Financial Efficiency: Mission deployment rate scored 14/100.
  • Review — Accountability: Governance controls: 3 of 7 not reported.
  • Moderate — Transparency & Controls: Schedule A contributions reconciliation did not reconcile in the filed values.