Forest Lake Area Chamber of Commerc

Nonprofit profile at a glance

EIN
410859790
IRS 990 coverage
2023–2023
Forms available
Form 990 2023, Form 990-EZ 2022
Location
Forest Lake, MN, USA
Phone
6514643200
Rating
47
Verdict
MIXED
Rating confidence
Moderate

Official website

Reported finances

Revenue
$205,602
Expenses
$190,759
Assets
$175,342
Liabilities
$67,119

Source: IRS Form 990. Selected filing: tax year 2023. Amounts in USD.

Leadership & pay

11 people listed

People named in this filing

  • MIKE BOHNSACK (DIRECTOR)
  • CC CLARK (DIRECTOR)
  • ROB COLLINS (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 2023. Names and roles reflect this filing, not necessarily current officeholders.

Overview

Mission

Businesses working together to advance the economic wellbeing of its members

What it reported doing in 2023

Organize annual event to bring together chamber members, local public school administrators & educators; welcomes new educators to the area and encourages them to purchase goods & service from local businesses; strengthens relationships between local businesses & school district. 200 chamber members benefitted

Operating model

Revenue model
Earned-program. 65% of the money available for current operations came from fees and other program revenue.
Distribution model
Direct operator. The filing allocates 100% of reported program-service expenses outside its grant, affiliate-payment, and member-benefit lines. This expense classification does not rule out separately announced grant awards.

The verdict

MIXED - The filed numbers largely add up and revenue has grown recently. A relatively small share of available resources goes toward mission work and a relatively small share of voting board members are independent.

Rating breakdown

  • Financial Efficiency: 33
  • Transparency & Controls: 90
  • Accountability: 6
  • Sustainability: 47
  • Growth: 60

Detailed rating inputs

Financial Efficiency

  • Mission deployment rate: 35%; rating input score 35
  • Program expense ratio: 38.8%; rating input score 39
  • Fundraising efficiency: $0.43 raised per $1 spent on fundraising; rating input score 4; 4th percentile among comparable filings

Transparency & Controls

  • Consistency checks: 100%; rating input score 100; 63rd 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: 0%; rating input score 0; 7th percentile among comparable filings
  • Governance controls: 1 of 7 controls in place; rating input score 14
    • Conflict-of-interest policy: Fail
    • 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: Missing
    • Independent financial-statement audit: Fail

Sustainability

  • Operating margin: 7.2%; rating input score 56; 56th percentile among comparable filings
  • Total-asset coverage ratio: 0.92; rating input score 38; 38th percentile among comparable filings
  • Liabilities to assets ratio: 0.38; rating input score 14; 14th percentile among comparable filings
  • Officer compensation ratio: 0%; rating input score 69; 69th percentile among comparable filings

Growth

  • Program expense growth: Limited
  • Revenue growth: 8.1% per year; rating input score 100; 67th percentile among comparable filings
  • Asset growth: 13.8% per year; rating input score 100; 74th percentile among comparable filings

Details

  • Where the money goes: 35% of revenue deployed · 38.8% of spending went to programs
  • Governance: 0 of 11 board members independent · 1 of 7 filing controls reported
  • Programs: 4 filed program accomplishments
  • Leadership: top reported pay $0 · 11 people listed
  • Consistency: 23 of 23 current checks pass
  • Schedules: 3 filed schedules
  • Contacts: How to reach this organization
  • Money network: 1 filed money-flow record
  • 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 35/100.
  • High — Accountability: Independent voting board scored 0/100.
  • Moderate — Financial Efficiency: Program expense ratio scored 39/100.
  • High — Accountability: Governance controls: 5 of 6 not reported.
  • High — Financial Efficiency: Fundraising efficiency scored 4/100.
  • Review — Sustainability: Operating margin scored 56/100.
  • Moderate — Sustainability: Total-asset coverage ratio scored 38/100.
  • High — Sustainability: Liabilities to assets ratio scored 14/100.