Greater Oelwein Area Charitable Foundation Inc

Nonprofit profile at a glance

EIN
421506967
IRS 990 coverage
2010–2023
Forms available
Form 990 2023, Form 990-N 2015
Location
Oelwein, IA, USA
Rating
80
Verdict
STRONG
Rating confidence
Moderate
Sector
Community Recreational Centers

Reported finances

Revenue
$26,547
Expenses
$64,792
Assets
$3,152,490
Liabilities
$423,618

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

Leadership & pay

7 people listed

Executive titles in this filing

  • Jenna Shares (Vice President)

People named in this filing

  • Jon King (Treasurer)
  • Jenna Shares (Vice President)
  • JOSH EHN (Chairman)

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

Charitable and educational purposes - (1) to raise money for the construction and operation of a community arts/performance center and a recreation/wellness center. To be operated by a 28e committee composed of the city of oelwein & the oelwein community school district. Will benefit over 10,000 residents of the surrounding area.(2) to raise money and construct a regional academy for math and science to be operated by a 28e agreement composed of the foundation, the oelwein community school district and northeast Iowa community college.the foundation leases the academy to the northeast Iowa community college with the proceeds going to pay the debt service owed to the usda-rd.3) miscellaneous contributions are received to support wellness scholarships, and other charitable and educational projects.

What it reported doing in 2023

The original purpose of the organization was to raise money to construct a performing arts center and a recreation and wellness center. Pledges collected during the years 2000 - 2005 are applied to $2000000 of revenue bonds used to construct the facility. When the entire debt is retired, the facility will be donated to the city and school district.there remains $5000 on the debt service.the current purpose of the organization is to raise money and construct a regional academy for math and science to be owned by the "foundation and operated under a 28e agreement with the oelwein community school district and northeast Iowa community college.the community college leases the regional academy from the foundation for $30000 annually which then is applied to the debt service the foundation has with the usda.the foundation also supports local nonprofit civic organizations.

Operating model

Revenue model
Donor-supported. 100% of the money available for current operations came from contributions and gifts.
Distribution model
Grant intermediary. The nonprofit sent 100% of its reported program spending out as grants.

The verdict

STRONG - 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: 89
  • Transparency & Controls: 86
  • Accountability: 70
  • Sustainability: 44
  • Growth: 40

Detailed rating inputs

Financial Efficiency

  • Mission deployment rate: 100%; rating input score 100
  • Program expense ratio: 100%; rating input score 100
  • Fundraising efficiency: Limited

Transparency & Controls

  • Consistency checks: 92.3%; rating input score 92; 24th percentile among comparable filings
  • Pay-setting controls: Limited
  • Foreign activity oversight: Limited
  • Grant itemization coverage: 94.6%; rating input score 95; 56th percentile among comparable filings
  • Major donor itemization: Limited
  • Related-party transparency: Limited

Accountability

  • Independent voting board: 100%; rating input score 100; 64th percentile among comparable filings
  • Governance controls: 2 of 7 controls in place; rating input score 29
    • 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: Fail
    • Audit committee oversight: Fail
    • Independent financial-statement audit: Fail

Sustainability

  • Operating margin: -144.1%; rating input score 17; 17th percentile among comparable filings
  • Total-asset coverage ratio: 48.66; rating input score 91; 91st percentile among comparable filings
  • Liabilities to assets ratio: 0.13; rating input score 17; 17th percentile among comparable filings
  • Officer compensation ratio: 0%; rating input score 60; 60th percentile among comparable filings

Growth

  • Program expense growth: 21.4% per year; rating input score 100; 85th percentile among comparable filings
  • Revenue growth: -10.1% per year; rating input score 0; 33rd percentile among comparable filings
  • Asset growth: -0.9% per year; rating input score 0; 36th percentile among comparable filings

Details

  • Where the money goes: 100% of revenue deployed · 100% of spending went to programs
  • Governance: 7 of 7 board members independent · 2 of 7 filing controls reported
  • Programs: 1 filed program accomplishment · $65K in reported program spending
  • Leadership: top reported pay $0 · 7 people listed
  • Consistency: 14 of 15 current checks pass · 1 finding to review
  • Schedules: 4 filed schedules · includes grants
  • Filing history: 11 filing years from 2010 to 2023
  • Contacts: How to reach this organization
  • Money network: 4 filed money-flow records
  • 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 7 not reported.
  • High — Growth: Revenue growth scored 0/100.
  • High — Sustainability: Operating margin scored 17/100.
  • Review — Transparency & Controls: Domestic grant itemization did not reconcile in the filed values.
  • High — Growth: Asset growth scored 0/100.
  • High — Sustainability: Liabilities to assets ratio scored 17/100.