Lakes Regional Healthcare Foundation

Nonprofit profile at a glance

EIN
275079693
IRS 990 coverage
2011–2024
Forms available
Form 990 2024, Form 990-EZ 2015
Location
Spirit Lake, IA, USA
Phone
7123368791
Rating
71
Verdict
SUPPORTED
Rating confidence
Moderate
Sector
Single Organization Support

Reported finances

Revenue
$579,605
Expenses
$89,859
Assets
$1,736,729
Liabilities
$0

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

Leadership & pay

9 people listed

Executive titles in this filing

  • MICHAEL SANDY (PRESIDENT)

People named in this filing

  • KEITH DEITERING (DIRECTOR)
  • KATHRYN FAHY (DIRECTOR)
  • GRETA GRUYS (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

To solicit and receive contributions, gifts, grants, devises, or bequests of real or personal property or both from individuals, foundations, and public and private entities; and to maintain, use and apply, directly or indirectly, the whole or any part of the income therefrom and the principal thereof, exclusively for the benefit of, to perform the functions of, or to carry out the purposes of lakes regional healthcare, an Iowa county hospital, including the purposes of lakes regional healthcare to recruit qualified health care practitioners to serve the residents of the service area of lakes regional healthcare.

What it reported doing in 2024

Lakes regional healthcare foundation demonstrated its commitment to fostering the next generation of healthcare professionals by providing scholarships to students and staff pursuing advanced careers in health- related fields. During the fiscal year, the foundation awarded 33,384 in scholarships to students and staff. These scholarships were designed to alleviate financial barriers and support academic achievement, allowing recipients to focus on their studies and professional development. Scholarship recipients were selected based on their academic excellence, financial need, and dedication to serving their community in the healthcare field. By investing in education, the foundation aims to address the growing demand for skilled healthcare professionals and ensure that the community has access to high-quality care in the future.

Operating model

Revenue model
Donor-supported. 81% of the money available for current operations came from contributions and gifts.
Distribution model
Hybrid. The nonprofit split its reported program spending across 58% for direct work, and 42% for grants.

The verdict

SUPPORTED - 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 some filing-based governance responses are negative or unanswered.

Rating breakdown

  • Financial Efficiency: 39
  • Transparency & Controls: 94
  • Accountability: 88
  • Sustainability: 95
  • Growth: 100

Detailed rating inputs

Financial Efficiency

  • Mission deployment rate: 16.8%; rating input score 17
  • Program expense ratio: 89.2%; rating input score 89
  • Fundraising efficiency: Limited

Transparency & Controls

  • Consistency checks: 100%; rating input score 100; 63rd percentile among comparable filings
  • Pay-setting controls: Limited
  • Foreign activity oversight: Limited
  • Grant itemization coverage: 100%; rating input score 100; 76th percentile among comparable filings
  • Major donor itemization: Yes; rating input score 100
  • Related-party transparency: Limited

Accountability

  • Independent voting board: 100%; rating input score 100; 63rd percentile among comparable filings
  • Governance controls: 5 of 7 controls in place; rating input score 71
    • Conflict-of-interest policy: Pass
    • Whistleblower policy: Pass
    • Document-retention policy: Pass
    • CEO compensation review process: NotApplicable
    • 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: 84.5%; rating input score 98; 98th percentile among comparable filings
  • Total-asset coverage ratio: 19.33; rating input score 96; 96th percentile among comparable filings
  • Liabilities to assets ratio: 0; rating input score 91; 91st percentile among comparable filings
  • Officer compensation ratio: 0%; rating input score 81; 81st percentile among comparable filings

Growth

  • Program expense growth: 3.7% per year; rating input score 100; 35th percentile among comparable filings
  • Revenue growth: 9.5% per year; rating input score 100; 65th percentile among comparable filings
  • Asset growth: 12.6% per year; rating input score 100; 66th percentile among comparable filings

Details

  • Where the money goes: 16.8% of revenue deployed · 89.2% of spending went to programs
  • Governance: 9 of 9 board members independent · 5 of 7 filing controls reported
  • Programs: 3 filed program accomplishments · $80K in reported program spending
  • Leadership: top reported pay $0 · 9 people listed
  • Consistency: 17 of 17 current checks pass
  • Schedules: 5 filed schedules · includes major donors and grants
  • Filing history: 10 filing years from 2011 to 2024
  • Contacts: How to reach this organization
  • Money network: 2 filed money-flow records
  • 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 17/100.
  • Review — Accountability: Governance controls: Independent financial-statement audit not reported.