Faribault Foundation Inc

Nonprofit profile at a glance

EIN
411931735
IRS 990 coverage
2023–2025
Forms available
Form 990 2025, Form 990-N 2022
Location
Faribault, MN, USA
Phone
5078058800
Rating
75
Verdict
SUPPORTED
Rating confidence
Moderate
Sector
Public Foundations

Reported finances

Revenue
$1,859,138
Expenses
$717,175
Assets
$4,696,705
Liabilities
$128,924

Source: IRS Form 990. Selected filing: tax year 2025. Amounts in USD.

Leadership & pay

10 people listed

Executive titles in this filing

  • CHRISTINE SHAFFER-BROWN (PRESIDENT)
  • DR MICHAEL RICHIE (VICE PRESIDENT)
  • LAURA BOCK (EXECUTIVE DIRECTOR)

Highest reported compensation

  • LAURA BOCK (EXECUTIVE DIRECTOR): $87,966 total reported compensation

Source: IRS Form 990. Selected filing: tax year 2025. Names and roles reflect this filing, not necessarily current officeholders.

Overview

Mission

The faribault foundation is on a mission to impove the quality of life in faribault through the generosity of donors. To accomplish this mission we are growing our community foundation, and grants will be focused in the faribault community. Making an impact for our non profits and enhancing our communities programs. Currently our most significant activity is trying to grow our assets under management and educate the community on what a foundation does and how it can help the entire community.

What it reported doing in 2025

Fund advisor services: the faribault foundation is donor centered, providing our donor advised funds (daf) fund advisors a menu of options for making grant requests to their favorite nonprofits. Faribault foundation offers a donor portal, where fund advisors can request grants in the site. Fund advisors who are not comfortable with technology can send an email, text, phone call or simply stop by the office to get a grant request started from their daf. Our executive director is on hand to process grant requests for fund advisors in an efficient and timely manner, following our donor advised fund guidelines and activity policy for grantmaking from a daf. Donor advised funds' investments are reviewed by faribault foundation investment committee and the board of directors. Fund holder statements are sent quarterly.women who care/men on a mission: programing includes local philanthropist awarding grants to local nonprofits through the process of in-person nomination and voting. This popular program has allowed the faribault foundation to engage philanthropists large and small. Through 100 women who care or 100 men on a mission, donors can be a part of granting sizable grants that start from everyone's $100 donation.community microgrants: supports important programs and activities happening in our community. Through a simple grant application process, local nonprofits describe their programs and activities that improve the quality of life for faribault citizens. Requests are for grants of $500-$1000. Grant reports are required to keep the faribault foundation up to date on the success of the programs and activities.

Operating model

Revenue model
Donor-supported. 94% of the money available for current operations came from contributions and gifts.
Distribution model
Grant intermediary. The nonprofit sent 80% 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: 52
  • Transparency & Controls: 87
  • Accountability: 95
  • Sustainability: 79
  • Growth: 100

Detailed rating inputs

Financial Efficiency

  • Mission deployment rate: 33.6%; rating input score 34
  • Program expense ratio: 76.1%; rating input score 76
  • Fundraising efficiency: $31.11 raised per $1 spent on fundraising; rating input score 66; 66th percentile among comparable filings

Transparency & Controls

  • Consistency checks: 93.8%; rating input score 94; 25th percentile among comparable filings
  • Pay-setting controls: Limited
  • Foreign activity oversight: Limited
  • Grant itemization coverage: 85.7%; rating input score 86; 40th 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; 64th percentile among comparable filings
  • Governance controls: 7 of 8 controls in place; rating input score 88
    • Conflict-of-interest policy: Pass
    • Whistleblower policy: Pass
    • Document-retention policy: Pass
    • CEO compensation review process: Fail
    • Other executive compensation review process: NotApplicable
    • Form 990 shared with the board: Pass
    • Board meeting minutes documented: Pass
    • Audit committee oversight: Pass
    • Independent financial-statement audit: Pass

Sustainability

  • Operating margin: 61.4%; rating input score 93; 93rd percentile among comparable filings
  • Total-asset coverage ratio: 6.55; rating input score 88; 88th percentile among comparable filings
  • Liabilities to assets ratio: 0.03; rating input score 50; 50th percentile among comparable filings
  • Officer compensation ratio: 12.3%; rating input score 31; 31st percentile among comparable filings

Growth

  • Program expense growth: 91.4% per year; rating input score 100; 98th percentile among comparable filings
  • Revenue growth: 20.1% per year; rating input score 100; 83rd percentile among comparable filings
  • Asset growth: 58.1% per year; rating input score 100; 96th percentile among comparable filings

Details

  • Where the money goes: 33.6% of revenue deployed · 76.1% of spending went to programs
  • Governance: 9 of 9 board members independent · 7 of 8 filing controls reported
  • Programs: 1 filed program accomplishment · $546K in reported program spending
  • Leadership: top reported pay $88K · 10 people listed
  • Consistency: 33 of 34 current checks pass · 1 finding to review
  • Schedules: 6 filed schedules · includes major donors and grants
  • Filing history: 3 filing years from 2023 to 2025
  • Contacts: How to reach this organization
  • Money network: 13 filed money-flow records
  • Related organizations: 12 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.

  • Moderate — Financial Efficiency: Mission deployment rate scored 34/100.
  • Review — Accountability: Governance controls: CEO compensation review process not reported.
  • Review — Transparency & Controls: Domestic grant itemization did not reconcile in the filed values.
  • Moderate — Sustainability: Officer compensation ratio scored 31/100.
  • Review — Sustainability: Liabilities to assets ratio scored 50/100.