Hennepin Arts

Nonprofit profile at a glance

EIN
932894183
IRS 990 coverage
2024–2024
Forms available
Form 990 2024, Form 990-EZ 2023
Location
Minneapolis, MN, USA
Phone
6126323276
Rating
51
Verdict
MIXED
Rating confidence
Moderate
Sector
Theater

Reported finances

Revenue
$17,447,437
Expenses
$17,431,374
Assets
$22,896,994
Liabilities
$22,880,931

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

Leadership & pay

31 people listed

Executive titles in this filing

  • TODD DUESING (CEO/PRESIDENT)

Highest reported compensation

  • TODD DUESING (CEO/PRESIDENT): $385,706 total reported compensation
  • HEATHER MCGANNON (CAO): $212,799 total reported compensation
  • BROOKS BECKER (VP FINANCE): $192,256 total reported compensation

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

Overview

Mission

We are a non-profit that creates positive change through the arts by bringing together people, businesses and organizations to create and enjoy cultural experiences.

What it reported doing in 2024

Hennepin arts runs the operations of the orpheum, state, pantages, and dudley riggs theatres.

Operating model

Revenue model
Other-operating. 98% of the money available for current operations came from other operating revenue.
Distribution model
Grant intermediary. The nonprofit sent 100% of its reported program spending out as grants.

The verdict

MIXED - 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 a relatively small share of total spending goes to programs.

Rating breakdown

  • Financial Efficiency: 6
  • Transparency & Controls: 82
  • Accountability: 95
  • Sustainability: 32
  • Growth: 60

Detailed rating inputs

Financial Efficiency

  • Mission deployment rate: 8.2%; rating input score 8
  • Program expense ratio: 5.9%; rating input score 6
  • Fundraising efficiency: $0 raised per $1 spent on fundraising; rating input score 0; 0th percentile among comparable filings

Transparency & Controls

  • Consistency checks: 100%; rating input score 100; 62nd percentile among comparable filings
  • Pay-setting controls: 3 of 6 controls in place; rating input score 50
    • Compensation committee: Missing
    • Independent consultant: Missing
    • Other Form 990s reviewed: Pass
    • Written employment contract: Missing
    • Compensation survey or study: Pass
    • Board or committee approval: Pass
  • Foreign activity oversight: Limited
  • Grant itemization coverage: 100%; rating input score 100; 72nd percentile among comparable filings
  • Major donor itemization: Limited
  • Related-party transparency: Limited

Accountability

  • Independent voting board: 100%; rating input score 100; 66th percentile among comparable filings
  • Governance controls: 8 of 9 controls in place; rating input score 89
    • Conflict-of-interest policy: Pass
    • Whistleblower policy: Pass
    • Document-retention policy: Pass
    • CEO compensation review process: Pass
    • Other executive compensation review process: Pass
    • Form 990 shared with the board: Fail
    • Board meeting minutes documented: Pass
    • Audit committee oversight: Pass
    • Independent financial-statement audit: Pass

Sustainability

  • Operating margin: 0.1%; rating input score 33; 33rd percentile among comparable filings
  • Total-asset coverage ratio: 1.31; rating input score 46; 46th percentile among comparable filings
  • Liabilities to assets ratio: 1; rating input score 6; 6th percentile among comparable filings
  • Officer compensation ratio: 9.3%; rating input score 23; 23rd percentile among comparable filings

Growth

  • Program expense growth: Limited
  • Revenue growth: 200% per year; rating input score 100; 100th percentile among comparable filings
  • Asset growth: 200% per year; rating input score 100; 100th percentile among comparable filings

Details

  • Where the money goes: 8.2% of revenue deployed · 5.9% of spending went to programs
  • Governance: 23 of 23 board members independent · 8 of 9 filing controls reported
  • Programs: 1 filed program accomplishment · $1M in reported program spending
  • Leadership: top reported pay $386K · 31 people listed · 3 of 6 pay-setting controls reported
  • Consistency: 31 of 31 current checks pass
  • Schedules: 7 filed schedules · includes grants and executive pay
  • Contacts: How to reach this organization
  • Money network: 9 filed money-flow records
  • Related organizations: 4 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 — Financial Efficiency: Mission deployment rate scored 8/100.
  • High — Financial Efficiency: Program expense ratio scored 6/100.
  • High — Financial Efficiency: Fundraising efficiency scored 0/100.
  • Moderate — Sustainability: Operating margin scored 33/100.
  • Review — Accountability: Governance controls: Form 990 shared with the board not reported.
  • Moderate — Sustainability: Total-asset coverage ratio scored 46/100.
  • High — Sustainability: Liabilities to assets ratio scored 6/100.
  • High — Sustainability: Officer compensation ratio scored 23/100.