Hastings Area Chamber of Commerce and Tourism Bureau

Nonprofit profile at a glance

EIN
410940039
IRS 990 coverage
2012–2024
Forms available
Form 990 2024
Location
Hastings, MN, USA
Phone
6514376775
Rating
79
Verdict
SUPPORTED
Rating confidence
Moderate

Official website

Reported finances

Revenue
$605,362
Expenses
$548,133
Assets
$283,265
Liabilities
$2,106

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

Leadership & pay

12 people listed

Executive titles in this filing

  • KRISTY BARSE (PRESIDENT)

Highest reported compensation

  • KRISTY BARSE (PRESIDENT): $90,623 total reported compensation

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

Overview

Mission

To lead, promote, and advocate for the hastings area business community to reinforce a strong local economy.

What it reported doing in 2024

Programs include: -community events like rivertown days that drive tourism traffic and attract over 15,000 guests to the city of hastings each year -educational events for members on topics like workforce development, leadership, workplace mandates and more -networking events that provide opportunities for chamber members to connect with each other and community stakeholders -business in the classroom programs that connect business owners with students for learning opportunities on soft skills, time management, communication and more -business promotion programs that inform community members of the products and services provided by local businesses

Operating model

Revenue model
Earned-program. 78% 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

SUPPORTED - The filed numbers largely add up and a large share of available resources goes toward mission work. Fundraising costs are high for each dollar raised and total assets are small relative to annual expenses; liquid coverage is unknown.

Rating breakdown

  • Financial Efficiency: 65
  • Transparency & Controls: 90
  • Accountability: 95
  • Sustainability: 46
  • Growth: 100

Detailed rating inputs

Financial Efficiency

  • Mission deployment rate: 68.2%; rating input score 68
  • Program expense ratio: 75.7%; rating input score 76
  • Fundraising efficiency: $5.39 raised per $1 spent on fundraising; rating input score 20; 20th 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: 91.7%; rating input score 92; 24th percentile among comparable filings
  • Governance controls: 8 of 8 controls in place; rating input score 100
    • Conflict-of-interest policy: Pass
    • Whistleblower policy: Pass
    • Document-retention policy: Pass
    • CEO compensation review process: Pass
    • 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: 9.5%; rating input score 60; 60th percentile among comparable filings
  • Total-asset coverage ratio: 0.52; rating input score 24; 24th percentile among comparable filings
  • Liabilities to assets ratio: 0.01; rating input score 71; 71st percentile among comparable filings
  • Officer compensation ratio: 16.5%; rating input score 20; 20th percentile among comparable filings

Growth

  • Program expense growth: 8.1% per year; rating input score 100; 56th percentile among comparable filings
  • Revenue growth: 6.1% per year; rating input score 100; 50th percentile among comparable filings
  • Asset growth: 9.5% per year; rating input score 100; 57th percentile among comparable filings

Details

  • Where the money goes: 68.2% of revenue deployed · 75.7% of spending went to programs
  • Governance: 11 of 12 board members independent · 8 of 8 filing controls reported
  • Programs: 1 filed program accomplishment · $415K in reported program spending
  • Leadership: top reported pay $91K · 12 people listed
  • Consistency: 25 of 25 current checks pass
  • Schedules: 3 filed schedules
  • Filing history: 13 filing years from 2012 to 2024
  • 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.

  • High — Financial Efficiency: Fundraising efficiency scored 20/100.
  • High — Sustainability: Total-asset coverage ratio scored 24/100.
  • High — Sustainability: Officer compensation ratio scored 20/100.