Minneapolis Regional Chamber Development Foundation

Nonprofit profile at a glance

EIN
363468708
IRS 990 coverage
2010–2024
Forms available
Form 990 2024, Form 990-EZ 2015, Form 990-N 2016
Location
Minneapolis, MN, USA
Phone
6123709100
Rating
84
Verdict
STRONG
Rating confidence
Moderate
Sector
Community, Neighborhood Development

Official website

Reported finances

Revenue
$1,679,780
Expenses
$1,907,457
Assets
$533,080
Liabilities
$1,009,615

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

Leadership & pay

6 people listed

Executive titles in this filing

  • MIKE LOGAN (PRESIDENT & CEO)
  • JOHN STANOCH (INTERIM PRESIDENT & CEO)
  • JONATHAN WEINHAGEN (FORMER PRESIDENT & CEO)

Highest reported compensation

  • JONATHAN WEINHAGEN (FORMER PRESIDENT & CEO): $136,389 total reported compensation
  • MIKE LOGAN (PRESIDENT & CEO): $52,210 total reported compensation
  • JOHN STANOCH (INTERIM PRESIDENT & CEO): $621 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 the minneapolis regional chamber development foundation is to offer innovative ways of reducing unemployment, improve educational opportunities for disadvantaged youth, initiate and conduct leadership development programs and promote efforts that enhance the quality of life and leadership skills in the minneapolis and st. Paul areas.

What it reported doing in 2024

Elevate futures: elevate futures is an interactive career development platform that links recruitment, skill building and career navigation into one comprehensive system. Elevate futures provides a unique solution to close the workforce gaps. It informs, educates and develop students and job seekers, while directly connecting them to local employers, career counselors, career pathways and jobs. Elevate business hc - businesses in minneapolis and broader hennepin county are eligible to receive free business advising and consulting services through elevate business hc, a new initiative offering no-cost business advising and other resources to help businesses recover from the pandemic and build for future growth. Realtime talent partners with k-12 education, post-secondary education, industry associations, community-based training organizations, and the public sector to ensure students and job-seekers have the skills and experience needed to grow in high-demand opportunities.

Operating model

Revenue model
Donor-supported. 68% of the money available for current operations came from contributions and gifts.
Distribution model
Direct operator. The filing allocates 93% 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. Expenses are high relative to revenue and total assets are small relative to annual expenses; liquid coverage is unknown.

Rating breakdown

  • Financial Efficiency: 86
  • Transparency & Controls: 93
  • Accountability: 80
  • Sustainability: 17
  • Growth: 100

Detailed rating inputs

Financial Efficiency

  • Mission deployment rate: 100%; rating input score 100
  • Program expense ratio: 91.1%; rating input score 91
  • 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: 100%; rating input score 100; 76th percentile among comparable filings
  • Major donor itemization: Limited
  • Related-party transparency: Limited

Accountability

  • Independent voting board: 75%; rating input score 75; 16th percentile among comparable filings
  • Governance controls: 7 of 8 controls in place; rating input score 88
    • Conflict-of-interest policy: Pass
    • Whistleblower policy: Pass
    • Document-retention policy: Pass
    • CEO compensation review process: Fail
    • Other executive compensation review process: NotApplicable
    • Form 990 shared with the board: Pass
    • Board meeting minutes documented: Pass
    • Audit committee oversight: Pass
    • Independent financial-statement audit: Pass

Sustainability

  • Operating margin: -13.6%; rating input score 13; 13th percentile among comparable filings
  • Total-asset coverage ratio: 0.28; rating input score 13; 13th percentile among comparable filings
  • Liabilities to assets ratio: 1.89; rating input score 2; 2nd percentile among comparable filings
  • Officer compensation ratio: 1.3%; rating input score 60; 60th percentile among comparable filings

Growth

  • Program expense growth: 18.9% per year; rating input score 100; 81st percentile among comparable filings
  • Revenue growth: 15.7% per year; rating input score 100; 80th percentile among comparable filings
  • Asset growth: 13% per year; rating input score 100; 67th percentile among comparable filings

Details

  • Where the money goes: 100% of revenue deployed · 91.1% of spending went to programs
  • Governance: 3 of 4 board members independent · 7 of 8 filing controls reported
  • Programs: 4 filed program accomplishments · $1.7M in reported program spending
  • Leadership: top reported pay $136K · 6 people listed
  • Highest-paid contractors: 1 contractor listed · $112K reported
  • Consistency: 27 of 27 current checks pass
  • Schedules: 6 filed schedules · includes grants
  • Filing history: 13 filing years from 2010 to 2024
  • Contacts: How to reach this organization
  • Related organizations: 2 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.

  • High — Sustainability: Operating margin scored 13/100.
  • High — Sustainability: Total-asset coverage ratio scored 13/100.
  • Review — Accountability: Governance controls: CEO compensation review process not reported.
  • High — Sustainability: Liabilities to assets ratio scored 2/100.