Faribault Area Training and Education Foundation

Nonprofit profile at a glance

EIN
411451735
IRS 990 coverage
2010–2024
Forms available
Form 990 2024
Location
Faribault, MN, USA
Phone
5073325808
Rating
74
Verdict
SUPPORTED
Rating confidence
Moderate

Official website

Reported finances

Revenue
$246,734
Expenses
$233,092
Assets
$3,560,870
Liabilities
$100,220

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

Leadership & pay

14 people listed

Executive titles in this filing

  • RICK MILLER (PRESIDENT)

Highest reported compensation

  • GAIL KADERLIK (EXECUTIVE DI): $72,608 total reported compensation

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

Overview

Mission

Supporting post-secondary education

What it reported doing in 2024

Provided scholarship funds to south central college faribault campus students

Operating model

Revenue model
Investment-supported. 61% of the money available for current operations came from recurring investment income.
Distribution model
Grant intermediary. The nonprofit sent 99% of its reported program spending out as grants.

The verdict

SUPPORTED - A large share of available resources goes toward mission work and the filed numbers largely add up. A relatively small share of total spending goes to programs and some filing-based governance responses are negative or unanswered.

Rating breakdown

  • Financial Efficiency: 67
  • Transparency & Controls: 87
  • Accountability: 76
  • Sustainability: 57
  • Growth: 60

Detailed rating inputs

Financial Efficiency

  • Mission deployment rate: 90.1%; rating input score 90
  • Program expense ratio: 50.7%; rating input score 51
  • Fundraising efficiency: Limited

Transparency & Controls

  • Consistency checks: 92.9%; rating input score 93; 25th percentile among comparable filings
  • Pay-setting controls: Limited
  • Foreign activity oversight: Limited
  • Grant itemization coverage: 95.7%; rating input score 96; 55th percentile among comparable filings
  • Major donor itemization: Limited
  • Related-party transparency: Limited

Accountability

  • Independent voting board: 100%; rating input score 100; 63rd percentile among comparable filings
  • Governance controls: 3 of 7 controls in place; rating input score 43
    • 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: Pass
    • Board meeting minutes documented: Pass
    • Audit committee oversight: Missing
    • Independent financial-statement audit: Fail

Sustainability

  • Operating margin: 5.5%; rating input score 52; 52nd percentile among comparable filings
  • Total-asset coverage ratio: 15.28; rating input score 93; 93rd percentile among comparable filings
  • Liabilities to assets ratio: 0.03; rating input score 37; 37th percentile among comparable filings
  • Officer compensation ratio: 31.1%; rating input score 10; 10th percentile among comparable filings

Growth

  • Program expense growth: 0.3% per year; rating input score 100; 32nd percentile among comparable filings
  • Revenue growth: -5.9% per year; rating input score 0; 9th percentile among comparable filings
  • Asset growth: 6.7% per year; rating input score 100; 54th percentile among comparable filings

Details

  • Where the money goes: 90.1% of revenue deployed · 50.7% of spending went to programs
  • Governance: 12 of 12 board members independent · 3 of 7 filing controls reported
  • Programs: 1 filed program accomplishment · $118K in reported program spending
  • Leadership: top reported pay $73K · 14 people listed
  • Consistency: 23 of 24 current checks pass · 1 finding to review
  • Schedules: 4 filed schedules · includes grants
  • Filing history: 14 filing years from 2010 to 2024
  • Contacts: How to reach this organization
  • Money network: 2 filed money-flow records
  • Related organizations: 1 filed related-organization link
  • 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.

  • Review — Financial Efficiency: Program expense ratio scored 51/100.
  • Moderate — Accountability: Governance controls: 3 of 6 not reported.
  • High — Growth: Revenue growth scored 0/100.
  • Review — Sustainability: Operating margin scored 52/100.
  • Review — Transparency & Controls: Domestic grant itemization did not reconcile in the filed values.
  • High — Sustainability: Officer compensation ratio scored 10/100.
  • Moderate — Sustainability: Liabilities to assets ratio scored 37/100.