Lesher Family Foundation

Nonprofit profile at a glance

EIN
871858339
IRS 990 coverage
2021–2024
Forms available
Form 990 2024
Location
Rockport, ME, USA
Phone
2072308822
Rating
34
Verdict
REVIEW
Rating confidence
Moderate
Sector
Public Foundations

Official website

Reported finances

Revenue
$1,719,896
Expenses
$1,701,928
Assets
$41,808,645
Liabilities
$34,552

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

Leadership & pay

7 people listed

Executive titles in this filing

  • J GRIFFIN LESHER (PRESIDENT)
  • LINDA LESHER (VICE PRESIDENT)
  • DOMINIC PEPPER (EXECUTIVE DIRECTOR)

Highest reported compensation

  • DOMINIC PEPPER (EXECUTIVE DIRECTOR): $288,749 total reported compensation
  • MEREDITH K LESHER (DIRECTOR): $15,418 total reported compensation
  • RACHEL E LESHER (DIRECTOR): $7,809 total reported compensation

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

Overview

Mission

Lff's mission is to empower people to take an active role in positively shaping where and how they live. The foundation supports the creation of dynamic, resilient communities by making grants and investments in four focus areas: arts and culture, early childhood development, affordable housing, and land stewardship and community revitalization. Through its grantmaking , the foundation promotes educational advancement, community engagement, access to the arts, environmental conservation, and the development of equitable, sustainable public resources. The foundation's grantmaking is focused in four primary areas:1. Arts & culture-increasing public access to the arts, defending freedom of expression, and supporting diverse and historically marginalized storytellers.2. Early childhood development-expanding access to high-quality, culturally aligned childcare and early education.3. Housing-promoting affordable housing and homeownership4. Land stewardship & community revitalization

What it reported doing in 2024

Res public park development and conservancy; the foundation is leading the multi-year development of a new public park on the former rockport elementary school site in rockport, Maine. This includes funding park design, construction, and programming; facilitating public engagement; and establishing a conservancy to ensure long-term maintenance and community stewardship. The foundation has committed $3 million toward the park's capital costs and manages ongoing planning and implementation. In addition, the foundation has committed $1.5 million to fund an endowment supporting the park's long-term operations and maintenance.

Operating model

Revenue model
Investment-supported. 83% of the money available for current operations came from recurring investment income.
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

REVIEW - The strongest available result is that the filed numbers largely add up. A relatively small share of available resources goes toward mission work and a relatively small share of voting board members are independent.

Rating breakdown

  • Financial Efficiency: 26
  • Transparency & Controls: 44
  • Accountability: 31
  • Sustainability: 58
  • Growth: 20

Detailed rating inputs

Financial Efficiency

  • Mission deployment rate: 26.6%; rating input score 27
  • Program expense ratio: 32%; rating input score 32
  • Fundraising efficiency: Limited

Transparency & Controls

  • Consistency checks: 100%; rating input score 100; 63rd percentile among comparable filings
  • Pay-setting controls: 0 of 6 controls in place; rating input score 0
    • Compensation committee: Missing
    • Independent consultant: Missing
    • Other Form 990s reviewed: Missing
    • Written employment contract: Missing
    • Compensation survey or study: Missing
    • Board or committee approval: Missing
  • Foreign activity oversight: Scored; rating input score 0
  • Grant itemization coverage: 0%; rating input score 0; 13th percentile among comparable filings
  • Major donor itemization: Yes; rating input score 100
  • Related-party transparency: Limited

Accountability

  • Independent voting board: 0%; rating input score 0; 5th 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: 1%; rating input score 39; 39th percentile among comparable filings
  • Total-asset coverage ratio: 24.57; rating input score 97; 97th percentile among comparable filings
  • Liabilities to assets ratio: 0; rating input score 80; 80th percentile among comparable filings
  • Officer compensation ratio: 18.3%; rating input score 17; 17th percentile among comparable filings

Growth

  • Program expense growth: -19.6% per year; rating input score 0; 2nd percentile among comparable filings
  • Revenue growth: -96.7% per year; rating input score 0; 0th percentile among comparable filings
  • Asset growth: 4.8% per year; rating input score 100; 38th percentile among comparable filings

Details

  • Where the money goes: 26.6% of revenue deployed · 32% of spending went to programs
  • Governance: 0 of 6 board members independent · 6 of 8 filing controls reported
  • Programs: 4 filed program accomplishments · $544K in reported program spending
  • Leadership: top reported pay $289K · 7 people listed · 0 of 6 pay-setting controls reported
  • Highest-paid contractors: 2 contractors listed · $338K reported
  • Consistency: 30 of 30 current checks pass
  • Schedules: 8 filed schedules · includes major donors, foreign activity, and executive pay
  • Filing history: 4 filing years from 2021 to 2024
  • Contacts: How to reach this organization
  • Money network: 3 filed money-flow records
  • Related organizations: 1 filed related-organization link
  • 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 27/100.
  • High — Accountability: Independent voting board scored 0/100.
  • Moderate — Financial Efficiency: Program expense ratio scored 32/100.
  • High — Transparency & Controls: Pay-setting controls scored 0/100.
  • High — Transparency & Controls: Foreign activity oversight scored 0/100.
  • High — Transparency & Controls: Grant itemization coverage scored 0/100.
  • High — Growth: Program expense growth scored 0/100.
  • High — Growth: Revenue growth scored 0/100.
  • Moderate — Sustainability: Operating margin scored 39/100.
  • Review — Accountability: Governance controls: Independent financial-statement audit not reported.
  • High — Sustainability: Officer compensation ratio scored 17/100.