Loan Repayment Assistance Program of Minnesota Inc

Nonprofit profile at a glance

EIN
411694745
IRS 990 coverage
2011–2024
Forms available
Form 990 2024, Form 990-EZ 2017
Location
Minneapolis, MN, USA
Phone
6122786315
Rating
74
Verdict
SUPPORTED
Rating confidence
Moderate
Sector
Scholarships, Student Financial Aid Services, Awards

Official website

Reported finances

Revenue
$220,201
Expenses
$165,883
Assets
$854,302
Liabilities
$6,417

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

Leadership & pay

15 people listed

Highest reported compensation

  • DEE BASKIN (EXECUTIVE DI): $75,800 total reported compensation

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

Overview

Mission

The mission of loan repayment assistance program of Minnesota (lrap Minnesota) is to help reduce the education debt burden experienced by dedicated public interest lawyers who represent low-income clients seeking legal services to secure essential needs like food, shelter and safety, and fundamental rights like equal access to justice.

What it reported doing in 2024

Lrap Minnesota enabled 38 public service attorneys to help some 7,600 low-income clients secure essential needs like food, shelter, and safety.

Operating model

Revenue model
Donor-supported. 70% of the money available for current operations came from contributions and gifts.
Distribution model
Hybrid. The nonprofit split its reported program spending across 42% for direct work, and 58% 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 fundraising costs are high for each dollar raised.

Rating breakdown

  • Financial Efficiency: 58
  • Transparency & Controls: 94
  • Accountability: 84
  • Sustainability: 66
  • Growth: 60

Detailed rating inputs

Financial Efficiency

  • Mission deployment rate: 56.1%; rating input score 56
  • Program expense ratio: 71.5%; rating input score 71
  • Fundraising efficiency: $6.69 raised per $1 spent on fundraising; rating input score 29; 29th 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: 100%; rating input score 100; 80th 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 8 controls in place; rating input score 62
    • 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: Pass
    • Board meeting minutes documented: Pass
    • Audit committee oversight: Fail
    • Independent financial-statement audit: Fail

Sustainability

  • Operating margin: 24.7%; rating input score 78; 78th percentile among comparable filings
  • Total-asset coverage ratio: 5.15; rating input score 80; 80th percentile among comparable filings
  • Liabilities to assets ratio: 0.01; rating input score 47; 47th percentile among comparable filings
  • Officer compensation ratio: 45.7%; rating input score 5; 5th percentile among comparable filings

Growth

  • Program expense growth: -2.2% per year; rating input score 0; 23rd percentile among comparable filings
  • Revenue growth: 1% per year; rating input score 100; 29th percentile among comparable filings
  • Asset growth: 3.9% per year; rating input score 100; 42nd percentile among comparable filings

Details

  • Where the money goes: 56.1% of revenue deployed · 71.5% of spending went to programs
  • Governance: 12 of 12 board members independent · 5 of 8 filing controls reported
  • Programs: 1 filed program accomplishment · $119K in reported program spending
  • Leadership: top reported pay $76K · 15 people listed
  • Consistency: 19 of 19 current checks pass
  • Schedules: 5 filed schedules · includes major donors and grants
  • Filing history: 11 filing years from 2011 to 2024
  • Contacts: How to reach this organization
  • Money network: 2 filed money-flow records
  • 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 — Financial Efficiency: Mission deployment rate scored 56/100.
  • High — Financial Efficiency: Fundraising efficiency scored 29/100.
  • Review — Accountability: Governance controls: 3 of 8 not reported.
  • High — Growth: Program expense growth scored 0/100.
  • High — Sustainability: Officer compensation ratio scored 5/100.
  • Moderate — Sustainability: Liabilities to assets ratio scored 47/100.