Lake Region Healthcare
Legal name: Lake Region Healthcare Corporation
Nonprofit profile at a glance
- EIN
- 410730602
- IRS 990 coverage
- 2009–2024
- Official website data refreshed
- Sep 2026
- Forms available
- Form 990 2024, Form 990-T 2024
- Location
- Fergus Falls, MN, USA
- Phone
- 800.439.6424
- Rating
- 83
- Verdict
- STRONG
- Rating confidence
- Moderate
- Sector
- Hospital, General
Reported finances
- Revenue
- $178,722,216
- Expenses
- $177,337,917
- Assets
- $156,787,516
- Liabilities
- $49,730,966
Source: IRS Form 990. Selected filing: tax year 2024. Amounts in USD.
Leadership & pay
29 people listed
Executive titles in this filing
- KENT MATTSON (CEO)
Highest reported compensation
- CHELSEY JOHNSON (PLASTIC SURGEON): $1,465,873 total reported compensation
- KENT MATTSON (CEO): $770,088 total reported compensation
- ROBERT KARI (CRNA): $374,285 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 partner to enrich life through health. Lead as an exemplary public citizen, demonstrated by a strong recognition of our role within the communities we serve, as a major employer, and a major contributor to the overall quality of life for residents in our service areas. People Support a values-driven culture that attracts, retains, and promotes an engaged, diverse and accountable workforce, committed to our mission and vision. Support a values-driven culture that attracts, retains, and promotes an engaged, diverse and accountable workforce, committed to our mission and vision. Quality & Safety Exceed customer expectations and continue to improve clinical excellence and safety to industry standards and beyond.
What it reported doing in 2024
Lake region healthcare corporation is a not-for-profit provider of health care services operating a 108-bed hospital comprised of a 94-bed acute hospital, a 14-bed psychiatric unit, and multiple clinic sites. Out purpose is to meet the health care needs of the people in west central Minnesota. Our vision is to be Minnesota's preeminent regional health care partner. Our core values include integrity, teamwork, compassion, and excellence. Lake region healthcare corporation is a provider of quality health care services, as noted by our accreditation by the joint commission. Services that lake region healthcare provides include medical/surgical, peds, ob gyn, iccu, radiology/interventional radiology, occupational therapy, physical therapy, speech therapy, respiratory care, social work, surgery, oncology, birthing suites, cardiac rehab/ecp, emergency services, community wellness, and laboratory.
Operating model
- Revenue model
- Earned-program. 94% 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
STRONG - A large share of available resources goes toward mission work and the filed numbers largely add up. The filing does not identify recipients for some grant dollars and expenses are high relative to revenue.
Rating breakdown
- Financial Efficiency: 76
- Transparency & Controls: 86
- Accountability: 100
- Sustainability: 38
- Growth: 100
Detailed rating inputs
Financial Efficiency
- Mission deployment rate: 84.7%; rating input score 85
- Program expense ratio: 84.7%; rating input score 85
- Fundraising efficiency: Limited
Transparency & Controls
- Consistency checks: 92.9%; rating input score 93; 17th percentile among comparable filings
- Pay-setting controls: 6 of 6 controls in place; rating input score 100
- Compensation committee: Pass
- Independent consultant: Pass
- Other Form 990s reviewed: Pass
- Written employment contract: Pass
- Compensation survey or study: Pass
- Board or committee approval: Pass
- Foreign activity oversight: Limited
- Grant itemization coverage: 42.4%; rating input score 42; 9th percentile among comparable filings
- Major donor itemization: Yes; rating input score 100
- Related-party transparency: Yes; rating input score 100
Accountability
- Independent voting board: 100%; rating input score 100; 77th percentile among comparable filings
- Governance controls: 9 of 9 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: Pass
- Form 990 shared with the board: Pass
- Board meeting minutes documented: Pass
- Audit committee oversight: Pass
- Independent financial-statement audit: Pass
Sustainability
- Operating margin: 0.8%; rating input score 36; 36th percentile among comparable filings
- Total-asset coverage ratio: 0.88; rating input score 35; 35th percentile among comparable filings
- Liabilities to assets ratio: 0.32; rating input score 54; 54th percentile among comparable filings
- Officer compensation ratio: 2.9%; rating input score 40; 40th percentile among comparable filings
Growth
- Program expense growth: 2.6% per year; rating input score 100; 19th percentile among comparable filings
- Revenue growth: 3.9% per year; rating input score 100; 31st percentile among comparable filings
- Asset growth: 2.6% per year; rating input score 100; 18th percentile among comparable filings
Details
- What they do: 1 programs and campaigns described on the official site · 1 operating location identified
- Where the money goes: 84.7% of revenue deployed · 84.7% of spending went to programs
- Governance: 15 of 15 board members independent · 9 of 9 filing controls reported
- Programs: 2 filed program accomplishments · $150.3M in reported program spending
- Leadership: top reported pay $1.5M · 29 people listed · 6 of 6 pay-setting controls reported
- Highest-paid contractors: 5 contractors listed · $39.6M reported
- Consistency: 33 of 34 current checks pass · 1 finding to review
- Schedules: 10 filed schedules · includes major donors, grants, executive pay, and related organizations
- Filing history: 16 filing years from 2009 to 2024
- Contacts: How to reach this organization
- Money network: 17 filed money-flow records
- Related organizations: 10 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.
- Staff and benefit plans: Retirement and health plans the organization files with the Department of Labor, and the people in them.
Key Signals
Signals prioritize questions for review. They are not findings of misconduct.
- Moderate — Transparency & Controls: Grant itemization coverage scored 42/100.
- Moderate — Sustainability: Operating margin scored 36/100.
- Moderate — Sustainability: Total-asset coverage ratio scored 35/100.
- Review — Transparency & Controls: Domestic grant itemization did not reconcile in the filed values.
- Moderate — Sustainability: Officer compensation ratio scored 40/100.
- Review — Sustainability: Liabilities to assets ratio scored 54/100.