Lanesboro Arts Center

Nonprofit profile at a glance

EIN
411731338
IRS 990 coverage
2019–2024
Forms available
Form 990 2024
Location
Lanesboro, MN, USA
Phone
5074672446
Rating
78
Verdict
SUPPORTED
Rating confidence
Moderate
Sector
Visual Arts Organizations

Official website

Reported finances

Revenue
$471,626
Expenses
$442,254
Assets
$806,746
Liabilities
$10,460

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

Leadership & pay

10 people listed

Highest reported compensation

  • KARA MALONEY (EXECUTIVE DI): $60,500 total reported compensation

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

Overview

Mission

Lanesboro arts center serves as a regional catalyst for artistic excellence and educational development in providing diverse art experiences for people of all ages.

What it reported doing in 2024

Lanesboro arts continued to activate the people and places of lanesboro in 2024 through its outreach and engagement initiatives, including: art in the park annual fine art festival in sylvan park, artist residencies that focused on place-based community engagement, maintaining a consignment sales gallery in person and online supporting nearly 100 artists, offering youth art education programs, installing community based public art, and presenting performing arts events at the st. Mane theatre and in gateway park, including a diverse range of concerts and dramatic theater performances.

Operating model

Revenue model
Mixed. Its operating money came from several sources; no one source provided a clear majority.
Distribution model
Direct operator. The filing allocates 99% 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.
  • Includes noncash contributions: Reported contributions include donated property or goods.

The verdict

SUPPORTED - A large share of available resources goes toward mission work and the filed numbers largely add up. Some filing-based governance responses are negative or unanswered and fundraising costs are high for each dollar raised.

Rating breakdown

  • Financial Efficiency: 71
  • Transparency & Controls: 92
  • Accountability: 79
  • Sustainability: 50
  • Growth: 80

Detailed rating inputs

Financial Efficiency

  • Mission deployment rate: 73%; rating input score 73
  • Program expense ratio: 77.2%; rating input score 77
  • Fundraising efficiency: $11.33 raised per $1 spent on fundraising; rating input score 43; 43rd percentile among comparable filings

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: 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: 4 of 8 controls in place; rating input score 50
    • Conflict-of-interest policy: Pass
    • Whistleblower policy: Pass
    • Document-retention policy: Pass
    • CEO compensation review process: NotApplicable
    • Other executive compensation review process: Fail
    • Form 990 shared with the board: Fail
    • Board meeting minutes documented: Pass
    • Audit committee oversight: Missing
    • Independent financial-statement audit: Fail

Sustainability

  • Operating margin: 6.2%; rating input score 53; 53rd percentile among comparable filings
  • Total-asset coverage ratio: 1.82; rating input score 57; 57th percentile among comparable filings
  • Liabilities to assets ratio: 0.01; rating input score 43; 43rd percentile among comparable filings
  • Officer compensation ratio: 13.7%; rating input score 25; 25th percentile among comparable filings

Growth

  • Program expense growth: 8.2% per year; rating input score 100; 65th percentile among comparable filings
  • Revenue growth: 7.1% per year; rating input score 100; 62nd percentile among comparable filings
  • Asset growth: -4.3% per year; rating input score 0; 12th percentile among comparable filings

Details

  • Where the money goes: 73% of revenue deployed · 77.2% of spending went to programs
  • Governance: 9 of 9 board members independent · 4 of 8 filing controls reported
  • Programs: 1 filed program accomplishment · $341K in reported program spending
  • Leadership: top reported pay $60K · 10 people listed
  • Consistency: 26 of 26 current checks pass
  • Schedules: 4 filed schedules · includes major donors
  • Filing history: 5 filing years from 2019 to 2024
  • 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.

  • Review — Accountability: Governance controls: 3 of 7 not reported.
  • Moderate — Financial Efficiency: Fundraising efficiency scored 43/100.
  • Review — Sustainability: Operating margin scored 53/100.
  • High — Growth: Asset growth scored 0/100.
  • Review — Sustainability: Total-asset coverage ratio scored 57/100.
  • High — Sustainability: Officer compensation ratio scored 25/100.
  • Moderate — Sustainability: Liabilities to assets ratio scored 43/100.