Lyon County Riverboat Foundation Inc

Nonprofit profile at a glance

EIN
271024697
IRS 990 coverage
2011–2025
Forms available
Form 990 2025, Form 990-N 2010
Location
Rock Rapids, IA, USA
Phone
7124720111
Rating
84
Verdict
STRONG
Rating confidence
Moderate
Sector
Public Foundations

Official website

Reported finances

Revenue
$3,369,079
Expenses
$4,268,748
Assets
$2,155,178
Liabilities
$1,594,880

Source: IRS Form 990. Selected filing: tax year 2025. Amounts in USD.

Leadership & pay

13 people listed

Executive titles in this filing

  • RANDY WAAGMEESTER (President)
  • AARON KELDERMAN (Vice President)

People named in this filing

  • TOM VERSTEEG (BOARD MEMBER)
  • AUSTIN KANNEGIETER (BOARD MEMBER)
  • RICK BOS (BOARD MEMBER)

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 2025. Names and roles reflect this filing, not necessarily current officeholders.

Overview

Mission

To distribute funds received from the grand falls casino & resort to qualified non-profit organizations including county, municipalities and school districts in accordance with Iowa code.

What it reported doing in 2025

The foundation distributes 50% of its net annual net receipts in the form of grants and scholarships to qualified non-profit orgainizations. These compettitive grants are awarded on an application process.

Operating model

Revenue model
Earned-program. 98% of the money available for current operations came from fees and other program revenue.
Distribution model
Grant intermediary. The nonprofit sent 98% of its reported program spending out as grants.

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: 89
  • Transparency & Controls: 87
  • Accountability: 82
  • Sustainability: 18
  • Growth: 100

Detailed rating inputs

Financial Efficiency

  • Mission deployment rate: 100%; rating input score 100
  • Program expense ratio: 99%; rating input score 99
  • Fundraising efficiency: Limited

Transparency & Controls

  • Consistency checks: 92.3%; rating input score 92; 11th percentile among comparable filings
  • Pay-setting controls: Limited
  • Foreign activity oversight: Limited
  • Grant itemization coverage: 95.5%; rating input score 96; 36th percentile among comparable filings
  • Major donor itemization: Limited
  • Related-party transparency: Limited

Accountability

  • Independent voting board: 100%; rating input score 100; 63rd percentile among comparable filings
  • Governance controls: 4 of 7 controls in place; rating input score 57
    • Conflict-of-interest policy: Pass
    • Whistleblower policy: Fail
    • Document-retention policy: Fail
    • CEO compensation review process: NotApplicable
    • Other executive compensation review process: NotApplicable
    • Form 990 shared with the board: Fail
    • Board meeting minutes documented: Pass
    • Audit committee oversight: Pass
    • Independent financial-statement audit: Pass

Sustainability

  • Operating margin: -26.7%; rating input score 3; 3rd percentile among comparable filings
  • Total-asset coverage ratio: 0.5; rating input score 17; 17th percentile among comparable filings
  • Liabilities to assets ratio: 0.74; rating input score 9; 9th percentile among comparable filings
  • Officer compensation ratio: 0%; rating input score 90; 90th percentile among comparable filings

Growth

  • Program expense growth: 6.4% per year; rating input score 100; 44th percentile among comparable filings
  • Revenue growth: 5.5% per year; rating input score 100; 42nd percentile among comparable filings
  • Asset growth: 11.8% per year; rating input score 100; 65th percentile among comparable filings

Details

  • Where the money goes: 100% of revenue deployed · 99% of spending went to programs
  • Governance: 13 of 13 board members independent · 4 of 7 filing controls reported
  • Programs: 2 filed program accomplishments · $4.2M in reported program spending
  • Leadership: top reported pay $0 · 13 people listed
  • Consistency: 26 of 27 current checks pass · 1 finding to review
  • Schedules: 3 filed schedules · includes grants
  • Filing history: 14 filing years from 2011 to 2025
  • Contacts: How to reach this organization
  • Money network: 39 filed money-flow records
  • Related organizations: 39 filed related-organization links
  • 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.
  • High — Sustainability: Operating margin scored 3/100.
  • High — Sustainability: Total-asset coverage ratio scored 17/100.
  • Review — Transparency & Controls: Domestic grant itemization did not reconcile in the filed values.
  • High — Sustainability: Liabilities to assets ratio scored 9/100.