Loretto Volunteer Fire Dept Inc

Nonprofit profile at a glance

EIN
416037075
IRS 990 coverage
2020–2024
Forms available
Form 990 2024, Form 990-T 2024
Location
Loretto, MN, USA
Phone
7634790323
Rating
85
Verdict
STRONG
Rating confidence
Moderate
Sector
Fire Prevention

Reported finances

Revenue
$1,165,435
Expenses
$1,471,048
Assets
$2,442,036
Liabilities
$778,718

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

Leadership & pay

9 people listed

Executive titles in this filing

  • Terry Ryan (Vice President)
  • Brian Kodet (Vice President)

Highest reported compensation

  • Jeff Leuer (Fire Chief): $110,240 total reported compensation
  • Terry Ryan (Vice President): $31,800 total reported compensation
  • Brian Kodet (Vice President): $30,106 total reported compensation

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

Overview

Mission

To provide fire protection and first response medical treatment for the local community.

What it reported doing in 2024

Volunteer fire protection to cities of Loretto, Medina, Greenfield, Independence and Corcoran.

Operating model

Revenue model
Earned-program. 93% of the money available for current operations came from fees and other program revenue.
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

STRONG - 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 expenses are high relative to revenue.

Rating breakdown

  • Financial Efficiency: 87
  • Transparency & Controls: 100
  • Accountability: 68
  • Sustainability: 26
  • Growth: 100

Detailed rating inputs

Financial Efficiency

  • Mission deployment rate: 100%; rating input score 100
  • Program expense ratio: 93.7%; rating input score 94
  • 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: 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: 2 of 9 controls in place; rating input score 22
    • Conflict-of-interest policy: Fail
    • Whistleblower policy: Fail
    • Document-retention policy: Fail
    • CEO compensation review process: Fail
    • Other executive compensation review process: Pass
    • Form 990 shared with the board: Fail
    • Board meeting minutes documented: Pass
    • Audit committee oversight: Missing
    • Independent financial-statement audit: Fail

Sustainability

  • Operating margin: -26.2%; rating input score 7; 7th percentile among comparable filings
  • Total-asset coverage ratio: 1.66; rating input score 59; 59th percentile among comparable filings
  • Liabilities to assets ratio: 0.32; rating input score 23; 23rd percentile among comparable filings
  • Officer compensation ratio: 16%; rating input score 21; 21st percentile among comparable filings

Growth

  • Program expense growth: 26.7% per year; rating input score 100; 88th percentile among comparable filings
  • Revenue growth: 17.4% per year; rating input score 100; 82nd percentile among comparable filings
  • Asset growth: 24.1% per year; rating input score 100; 86th percentile among comparable filings

Details

  • Where the money goes: 100% of revenue deployed · 93.7% of spending went to programs
  • Governance: 58 of 58 board members independent · 2 of 9 filing controls reported
  • Programs: 1 filed program accomplishment · $1.4M in reported program spending
  • Leadership: top reported pay $110K · 9 people listed
  • Consistency: 31 of 31 current checks pass
  • Schedules: 5 filed schedules · includes major donors
  • Filing history: 5 filing years from 2020 to 2024
  • Contacts: How to reach this organization
  • Money network: 9 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.

  • High — Accountability: Governance controls: 6 of 8 not reported.
  • High — Sustainability: Operating margin scored 7/100.
  • Review — Sustainability: Total-asset coverage ratio scored 59/100.
  • High — Sustainability: Officer compensation ratio scored 21/100.
  • High — Sustainability: Liabilities to assets ratio scored 23/100.