Lagro Canal Foundation Inc
Nonprofit profile at a glance
- EIN
- 821768966
- IRS 990 coverage
- 2024–2024
- Forms available
- Form 990 2024, Form 990-EZ 2023, Form 990-N 2020
- Location
- Lagro, IN, USA
- Phone
- 2605710307
- Rating
- 42
- Verdict
- MIXED
- Rating confidence
- Moderate
- Sector
- Historical Societies, Related Historical Activities
Reported finances
- Revenue
- $92,010
- Expenses
- $18,439
- Assets
- $446,810
- Liabilities
- $0
Source: IRS Form 990. Selected filing: tax year 2024. Amounts in USD.
Leadership & pay
13 people listed
Executive titles in this filing
- BETH GILLESPIE (PRESIDENT)
People named in this filing
- PEGGY EADS (DIRECTOR)
- SCOTT EADS (DIRECTOR)
- JUSTIN GILLESPIE (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 2024. Names and roles reflect this filing, not necessarily current officeholders.
Overview
Mission
The purpose for which this corporation is organized are to stimulate revitalization in the community of lagro, Indiana through the following activities: 1) development (renovating historic structions and engaging in other placemaking activities); 2) organization (encouraging cooperation and building leadership in the community); 3) promotion (creating a positive image for the community and its natural amenities); 4) design (improving the appearance of the community); 5) education (sharing information about the history of lagro and its people); 6) to receive, administer, and distribute funds in connection with any activities related to the above purposes; provided, however, that the corporation shall only engage in activities that are in the purview of section 501(c)3 of the internal revenue code of 1954 or corresponding section of any prior or future law.
What it reported doing in 2024
Revitalization of downtown lagro Indiana by development and rehabilitation of historic buildings.
Operating model
- Revenue model
- Donor-supported. 99% of the money available for current operations came from contributions and gifts.
- Distribution model
- No current program activity. The filing reports no program spending for the current year.
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: 0
- Transparency & Controls: 81
- Accountability: 64
- Sustainability: 85
- Growth: 20
Detailed rating inputs
Financial Efficiency
- Mission deployment rate: 0%; rating input score 0
- Program expense ratio: 0%; rating input score 0
- Fundraising efficiency: Limited
Transparency & Controls
- Consistency checks: 90%; rating input score 90; 13th 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: 100%; rating input score 100; 64th 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: 80%; rating input score 96; 96th percentile among comparable filings
- Total-asset coverage ratio: 24.23; rating input score 83; 83rd percentile among comparable filings
- Liabilities to assets ratio: 0; rating input score 69; 69th percentile among comparable filings
- Officer compensation ratio: 0%; rating input score 60; 60th percentile among comparable filings
Growth
- Program expense growth: Limited
- Revenue growth: -2.2% per year; rating input score 0; 51st percentile among comparable filings
- Asset growth: 17.9% per year; rating input score 100; 89th percentile among comparable filings
Details
- Where the money goes: 0% of revenue deployed · 0% of spending went to programs
- Governance: 13 of 13 board members independent · 1 of 7 filing controls reported
- Programs: 1 filed program accomplishment
- Leadership: top reported pay $0 · 13 people listed
- Consistency: 16 of 17 current checks pass · 1 finding to review
- Schedules: 3 filed schedules
- Contacts: How to reach this organization
- 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 0/100.
- High — Financial Efficiency: Program expense ratio scored 0/100.
- High — Accountability: Governance controls: 5 of 6 not reported.
- High — Growth: Revenue growth scored 0/100.
- Moderate — Transparency & Controls: Schedule D land buildings reconciliation did not reconcile in the filed values.