Florence Lake Charitable Trust 20000701

Nonprofit profile at a glance

EIN
456081104
IRS 990 coverage
2020–2024
Forms available
Form 990 2024
Location
Grand Forks, ND, USA
Phone
7017953212
Rating
78
Verdict
SUPPORTED
Rating confidence
Moderate

Reported finances

Revenue
$155,680
Expenses
$133,326
Assets
$3,030,420
Liabilities
$0

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

Leadership & pay

3 people listed

Highest reported compensation

  • Alerus Financial (Co-Trustee): $18,226 total reported compensation

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

Overview

Mission

There is no formal Mission Statement. The Last Will and Testament of Florence Lake created this charitable trust. The Will specifically lists the three organizations that are to receive annually one third of the trust income. The Will further states that the Central Institute for the Deaf and the Community College are to use the funds to establish scholarship fund to help students, The Will states that the amounts paid each year must be distributed annually for scholarships. The Devils Lake Foundation is to use the annual payment for qualified charitable purposes and such funds are to be distributed annually. The Trust holds annual meetings. The meetings are attended by members of the supported organizations. These organizations submit an annual report regarding the use of the funds

What it reported doing in 2024

Support for the Lake Region Community College Foundation of Devils Lake

Operating model

Revenue model
Investment-supported. 99% of the money available for current operations came from recurring investment income.
Distribution model
Grant intermediary. The nonprofit sent 85% 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. Some filing-based governance responses are negative or unanswered and revenue has declined or grown slowly.

Rating breakdown

  • Financial Efficiency: 86
  • Transparency & Controls: 93
  • Accountability: 45
  • Sustainability: 72
  • Growth: 60

Detailed rating inputs

Financial Efficiency

  • Mission deployment rate: 100%; rating input score 100
  • Program expense ratio: 91.4%; rating input score 91
  • 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: 100%; rating input score 100; 80th percentile among comparable filings
  • Major donor itemization: Limited
  • Related-party transparency: Limited

Accountability

  • Independent voting board: 66.7%; rating input score 67; 18th percentile among comparable filings
  • Governance controls: 1 of 9 controls in place; rating input score 14
    • Conflict-of-interest policy: Fail
    • Whistleblower policy: Fail
    • Document-retention policy: Fail
    • CEO compensation review process: Limited
    • Other executive compensation review process: Limited
    • Form 990 shared with the board: Fail
    • Board meeting minutes documented: Pass
    • Audit committee oversight: Missing
    • Independent financial-statement audit: Fail

Sustainability

  • Operating margin: 14.4%; rating input score 67; 67th percentile among comparable filings
  • Total-asset coverage ratio: 22.73; rating input score 96; 96th percentile among comparable filings
  • Liabilities to assets ratio: 0; rating input score 80; 80th percentile among comparable filings
  • Officer compensation ratio: 13.7%; rating input score 25; 25th percentile among comparable filings

Growth

  • Program expense growth: 4.1% per year; rating input score 100; 50th percentile among comparable filings
  • Revenue growth: -11.6% per year; rating input score 0; 5th percentile among comparable filings
  • Asset growth: 2% per year; rating input score 100; 33rd percentile among comparable filings

Details

  • Where the money goes: 100% of revenue deployed · 91.4% of spending went to programs
  • Governance: 2 of 3 board members independent · 1 of 9 filing controls reported
  • Programs: 3 filed program accomplishments · $122K in reported program spending
  • Leadership: top reported pay $18K · 3 people listed
  • Consistency: 16 of 16 current checks pass
  • Schedules: 4 filed schedules · includes grants
  • Filing history: 4 filing years from 2020 to 2024
  • Contacts: How to reach this organization
  • Money network: 5 filed money-flow records
  • Related organizations: 6 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 — Accountability: Governance controls: 5 of 6 not reported.
  • High — Growth: Revenue growth scored 0/100.
  • High — Sustainability: Officer compensation ratio scored 25/100.