Heartland Lakes Development Commiss

Nonprofit profile at a glance

EIN
204208381
IRS 990 coverage
2020–2024
Forms available
Form 990 2024
Location
Park Rapids, MN, USA
Phone
2187329713
Rating
73
Verdict
SUPPORTED
Rating confidence
Moderate
Sector
Economic Development

Reported finances

Revenue
$887,618
Expenses
$752,724
Assets
$6,754,730
Liabilities
$5,653,384

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

Leadership & pay

12 people listed

Executive titles in this filing

  • MARY THOMPSON (EXECUTIVE DIRECTOR)

Highest reported compensation

  • MARY THOMPSON (EXECUTIVE DIRECTOR): $93,200 total reported compensation

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

Overview

Mission

Inspire and retain economic growth

What it reported doing in 2024

Heartland lakes development commission provides countywide economic development in hubbard county. The goal is to encourage and support the foundational elements for a thriving economic ecosystem and actively creating access to the direct drivers for that ecosystem. Hldc is the first stop for information on a variety of business needs, works with businesses looking to start, expand or relocate in hubbard county, creates and improves access to capital for businesses and local governments and is at the forefront of creating an entrepreneurship pipeline. Hldc operates a cooperative workspace called the hangar which provides a variety of space options for entrepreneurs, soon to be entrepreneurs, small businesses and remote workers as well as networking and training opportunities. Hldc also manages a revolving loan fund for the city of park rapids and management of hubbard county hra-eda. The organization administers state and federal grants to provide resources to local businesses for rehabilitation, housing development, industrial park development, childcare support and workforce development. In support of fostering economic growth hldc, developed a multifamily housing project to provide affordable housing to the workers that local employers are working to attract. The development also included special family childcare units to increase the number of childcare slots available in the community.

Operating model

Revenue model
Grant-funded. 66% of the money available for current operations came from government grants.
Distribution model
Direct operator. The filing allocates 92% 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 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: 59
  • Transparency & Controls: 92
  • Accountability: 90
  • Sustainability: 64
  • Growth: 20

Detailed rating inputs

Financial Efficiency

  • Mission deployment rate: 53.4%; rating input score 53
  • Program expense ratio: 62.9%; rating input score 63
  • Fundraising efficiency: $60.85 raised per $1 spent on fundraising; rating input score 81; 81st 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: Yes; rating input score 100
  • Related-party transparency: Limited

Accountability

  • Independent voting board: 100%; rating input score 100; 63rd percentile among comparable filings
  • Governance controls: 6 of 8 controls in place; rating input score 75
    • Conflict-of-interest policy: Pass
    • Whistleblower policy: Fail
    • Document-retention policy: Fail
    • 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: 15.2%; rating input score 70; 70th percentile among comparable filings
  • Total-asset coverage ratio: 8.97; rating input score 91; 91st percentile among comparable filings
  • Liabilities to assets ratio: 0.84; rating input score 8; 8th percentile among comparable filings
  • Officer compensation ratio: 12.4%; rating input score 29; 29th percentile among comparable filings

Growth

  • Program expense growth: -49.6% per year; rating input score 0; 1st percentile among comparable filings
  • Revenue growth: -26.3% per year; rating input score 0; 1st percentile among comparable filings
  • Asset growth: 56.3% per year; rating input score 100; 97th percentile among comparable filings

Details

  • Where the money goes: 53.4% of revenue deployed · 62.9% of spending went to programs
  • Governance: 7 of 7 board members independent · 6 of 8 filing controls reported
  • Programs: 1 filed program accomplishment · $474K in reported program spending
  • Leadership: top reported pay $93K · 12 people listed
  • Consistency: 34 of 34 current checks pass
  • Schedules: 5 filed schedules · includes major donors
  • Filing history: 4 filing years from 2020 to 2024
  • Contacts: How to reach this organization
  • Money network: 1 filed money-flow record
  • Related organizations: Filed and resolved organization relationships.
  • 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.

  • Review — Financial Efficiency: Mission deployment rate scored 53/100.
  • Review — Accountability: Governance controls: 2 of 8 not reported.
  • High — Growth: Program expense growth scored 0/100.
  • High — Growth: Revenue growth scored 0/100.
  • High — Sustainability: Liabilities to assets ratio scored 8/100.
  • High — Sustainability: Officer compensation ratio scored 29/100.