Lake View Memorial Hospital Foundation of Northeast Minnesota

Nonprofit profile at a glance

EIN
411700972
IRS 990 coverage
2017–2024
Forms available
Form 990 2024, Form 990-EZ 2016, Form 990-N 2012
Location
Two Harbors, MN, USA
Phone
7158472118
Rating
66
Verdict
SUPPORTED
Rating confidence
Moderate
Sector
Philanthropy, Voluntarism, and Grantmaking Foundations N.E.C.

Reported finances

Revenue
$25,729
Expenses
$6,905
Assets
$1,012,447
Liabilities
$0

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

Leadership & pay

14 people listed

Executive titles in this filing

  • MATTHEW HEYWOOD (PRESIDENT & CEO ASPIRUS)
  • ERIC LOHN (CO-PRES./CEO & CFO (THRU 09/24))
  • NICHOLAS VAN DEELEN MD (CO-PRESIDENT/CEO & CMO)
  • CATHERINE CARTER HUBER (EXECUTIVE DIRECTOR/CDO)

Highest reported compensation

  • MATTHEW HEYWOOD (PRESIDENT & CEO ASPIRUS): $4,230,174 total reported compensation
  • ERIC LOHN (CO-PRES./CEO & CFO (THRU 09/24)): $1,331,301 total reported compensation
  • NICHOLAS VAN DEELEN MD (CO-PRESIDENT/CEO & CMO): $1,169,080 total reported compensation

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

Overview

Mission

Provides charitable financial support to lake view memorial hospital, inc. To advance compassionate patient care and improve the health of the community.

What it reported doing in 2024

Charitable support to lake view memorial hospital to advance compassionate and high-quality patient care and improve the health of the community.

Operating model

Revenue model
Donor-supported. 63% of the money available for current operations came from contributions and gifts.
Distribution model
Grant intermediary. The nonprofit sent 100% of its reported program spending out as grants.

The verdict

SUPPORTED - Most voting board members are independent and revenue comfortably covers expenses. A relatively small share of available resources goes toward mission work and revenue has declined or grown slowly.

Rating breakdown

  • Financial Efficiency: 55
  • Transparency & Controls: 59
  • Accountability: 95
  • Sustainability: 81
  • Growth: 60

Detailed rating inputs

Financial Efficiency

  • Mission deployment rate: 41.6%; rating input score 42
  • Program expense ratio: 94.9%; rating input score 95
  • Fundraising efficiency: Limited

Transparency & Controls

  • Consistency checks: 80%; rating input score 80; 2nd percentile among comparable filings
  • Pay-setting controls: 1 of 6 controls in place; rating input score 17
    • Compensation committee: Missing
    • Independent consultant: Missing
    • Other Form 990s reviewed: Missing
    • Written employment contract: Missing
    • Compensation survey or study: Missing
    • Board or committee approval: Pass
  • Foreign activity oversight: Limited
  • Grant itemization coverage: Limited
  • Major donor itemization: Yes; rating input score 100
  • Related-party transparency: No; rating input score 0

Accountability

  • Independent voting board: 100%; rating input score 100; 64th 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: Fail
    • Form 990 shared with the board: Pass
    • Board meeting minutes documented: Pass
    • Audit committee oversight: Pass
    • Independent financial-statement audit: Pass

Sustainability

  • Operating margin: 73.2%; rating input score 95; 95th percentile among comparable filings
  • Total-asset coverage ratio: 146.63; rating input score 96; 96th percentile among comparable filings
  • Liabilities to assets ratio: 0; rating input score 69; 69th percentile among comparable filings
  • Officer compensation ratio: 15,283.7%; rating input score 0; 0th percentile among comparable filings

Growth

  • Program expense growth: 13.7% per year; rating input score 100; 80th percentile among comparable filings
  • Revenue growth: -1.8% per year; rating input score 0; 53rd percentile among comparable filings
  • Asset growth: 9% per year; rating input score 100; 78th percentile among comparable filings

Details

  • Where the money goes: 41.6% of revenue deployed · 94.9% of spending went to programs
  • Governance: 5 of 5 board members independent · 8 of 9 filing controls reported
  • Programs: 1 filed program accomplishment · $7K in reported program spending
  • Leadership: top reported pay $4.2M · 14 people listed · 1 of 6 pay-setting controls reported
  • Consistency: 13 of 14 current checks pass · 1 finding to review
  • Schedules: 6 filed schedules · includes major donors and executive pay
  • Filing history: 7 filing years from 2017 to 2024
  • Contacts: How to reach this organization
  • Money network: 1 filed money-flow record
  • Related organizations: 27 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.

  • Moderate — Financial Efficiency: Mission deployment rate scored 42/100.
  • High — Growth: Revenue growth scored 0/100.
  • High — Transparency & Controls: Related-party transparency scored 0/100.
  • Review — Transparency & Controls: Schedule R controlled transactions itemized did not reconcile in the filed values.
  • Review — Accountability: Governance controls: Other executive compensation review process not reported.
  • High — Sustainability: Officer compensation ratio scored 0/100.