Lake County Chamber of Commerce
Nonprofit profile at a glance
- EIN
- 410827278
- IRS 990 coverage
- 2019–2025
- Forms available
- Form 990 2025
- Location
- Two Harbors, MN, USA
- Phone
- 2188342600
- Rating
- 49
- Verdict
- MIXED
- Rating confidence
- Moderate
Reported finances
- Revenue
- $248,677
- Expenses
- $247,506
- Assets
- $74,416
- Liabilities
- $11,746
Source: IRS Form 990. Selected filing: tax year 2025. Amounts in USD.
Leadership & pay
15 people listed
Executive titles in this filing
- Janelle A Jones (President and CEO)
Highest reported compensation
- Janelle A Jones (President and CEO): $61,267 total reported compensation
Source: IRS Form 990. Selected filing: tax year 2025. Names and roles reflect this filing, not necessarily current officeholders.
Overview
Mission
To create and enhance a business climate in which the Chamber members will prosper
What it reported doing in 2025
The Chambers mission is to create and enhance a business climate in which members will prosper. The Chamber is an advocate for Minnesotas Lake Superior shoreline businesses and area communities. The Chamber promotes the area and provides information to visitors by marketing historical, geological, scenic and other area attractions. This is accomplished through tourist information centers and various marketing and media campaigns.
Operating model
- Revenue model
- Mixed. Its operating money came from several sources; no one source provided a clear majority.
- Distribution model
- Cannot be determined from the filing. The filing does not provide enough consistent spending detail to tell whether the nonprofit works directly or through others.
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: 90
- Accountability: 90
- Sustainability: 26
- Growth: 60
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: 100%; rating input score 100; 64th 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: 6 of 8 controls in place; rating input score 75
- 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: Missing
- Independent financial-statement audit: Fail
Sustainability
- Operating margin: 0.5%; rating input score 37; 37th percentile among comparable filings
- Total-asset coverage ratio: 0.3; rating input score 17; 17th percentile among comparable filings
- Liabilities to assets ratio: 0.16; rating input score 18; 18th percentile among comparable filings
- Officer compensation ratio: 24.8%; rating input score 14; 14th percentile among comparable filings
Growth
- Program expense growth: Limited
- Revenue growth: 11.7% per year; rating input score 100; 73rd percentile among comparable filings
- Asset growth: 21% per year; rating input score 100; 84th percentile among comparable filings
Details
- Where the money goes: 0% of revenue deployed · 0% of spending went to programs
- Governance: 14 of 14 board members independent · 6 of 8 filing controls reported
- Programs: 1 filed program accomplishment
- Leadership: top reported pay $61K · 15 people listed
- Consistency: 9 of 18 current checks pass · 9 findings to review
- Schedules: 3 filed schedules
- Filing history: 7 filing years from 2019 to 2025
- 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.
- High — Financial Efficiency: Mission deployment rate scored 0/100.
- High — Financial Efficiency: Program expense ratio scored 0/100.
- Moderate — Transparency & Controls: Functional expense sum did not reconcile in the filed values.
- Moderate — Transparency & Controls: Part IX Advertising column sum did not reconcile in the filed values.
- Moderate — Transparency & Controls: Part IX AllOtherExpenses column sum did not reconcile in the filed values.
- Moderate — Transparency & Controls: Part IX CompCurrentOfficersDirectors column sum did not reconcile in the filed values.
- Moderate — Transparency & Controls: Part IX Insurance column sum did not reconcile in the filed values.
- Moderate — Transparency & Controls: Part IX OfficeExpenses column sum did not reconcile in the filed values.
- Moderate — Transparency & Controls: Part IX OtherSalariesAndWages column sum did not reconcile in the filed values.
- Moderate — Transparency & Controls: Part IX PayrollTaxes column sum did not reconcile in the filed values.
- Moderate — Transparency & Controls: Part IX Travel column sum did not reconcile in the filed values.
- Moderate — Sustainability: Operating margin scored 37/100.
- High — Sustainability: Total-asset coverage ratio scored 17/100.
- Review — Accountability: Governance controls: Independent financial-statement audit not reported.
- High — Sustainability: Officer compensation ratio scored 14/100.
- High — Sustainability: Liabilities to assets ratio scored 18/100.