Minnesota Ballet Inc

Nonprofit profile at a glance

EIN
416055588
IRS 990 coverage
2009–2024
Forms available
Form 990 2024
Location
Duluth, MN, USA
Phone
2187337570
Rating
79
Verdict
SUPPORTED
Rating confidence
Moderate
Sector
Arts, Culture, and Humanities

Official website

Reported finances

Revenue
$799,342
Expenses
$722,093
Assets
$281,101
Liabilities
$202,446

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

Leadership & pay

11 people listed

Executive titles in this filing

  • NICK CAMPANARIO (PRESIDENT)

Highest reported compensation

  • KARL VON RABENAU (ARTISTIC EXE): $56,378 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 ballet's mission is to preserve and advance the art of ballet, to increase access to ballet, and to use the Minnesota ballet resources to serve the greater community. The ballet's goals are to educate through our school and company the art of ballet. Present highly professional performances and dance instruction in the northland, nationally and internationally and to bring ballet to the people where they live, work, and go to school.

What it reported doing in 2024

The ballet's mission is to preserve and advance the art of ballet, to increase access, and serve the greater community. Our goal is to educate through our school and company the art of ballet. The ballet presents performances and high professional standard in the northland and on tour nationally and internationally to bring ballet to the people where they live, work, and go to school.

Operating model

Revenue model
Mixed. Its operating money came from several sources; no one source provided a clear majority.
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

SUPPORTED - 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 program spending has declined or grown slowly.

Rating breakdown

  • Financial Efficiency: 74
  • Transparency & Controls: 92
  • Accountability: 90
  • Sustainability: 40
  • Growth: 40

Detailed rating inputs

Financial Efficiency

  • Mission deployment rate: 73.9%; rating input score 74
  • Program expense ratio: 79.3%; rating input score 79
  • Fundraising efficiency: $24.07 raised per $1 spent on fundraising; rating input score 63; 63rd percentile among comparable filings

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: 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: NotApplicable
    • Other executive compensation review process: Fail
    • Form 990 shared with the board: Fail
    • Board meeting minutes documented: Pass
    • Audit committee oversight: Pass
    • Independent financial-statement audit: Pass

Sustainability

  • Operating margin: 9.7%; rating input score 61; 61st percentile among comparable filings
  • Total-asset coverage ratio: 0.39; rating input score 18; 18th percentile among comparable filings
  • Liabilities to assets ratio: 0.72; rating input score 10; 10th percentile among comparable filings
  • Officer compensation ratio: 7.8%; rating input score 44; 44th percentile among comparable filings

Growth

  • Program expense growth: -1.1% per year; rating input score 0; 14th percentile among comparable filings
  • Revenue growth: 0.3% per year; rating input score 100; 16th percentile among comparable filings
  • Asset growth: -2.5% per year; rating input score 0; 11th percentile among comparable filings

Details

  • Where the money goes: 73.9% of revenue deployed · 79.3% of spending went to programs
  • Governance: 10 of 10 board members independent · 6 of 8 filing controls reported
  • Programs: 1 filed program accomplishment · $572K in reported program spending
  • Leadership: top reported pay $56K · 11 people listed
  • Consistency: 30 of 30 current checks pass
  • Schedules: 5 filed schedules · includes major donors
  • Filing history: 15 filing years from 2009 to 2024
  • Contacts: How to reach this organization
  • Money network: 1 filed money-flow record
  • 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 — Accountability: Governance controls: 2 of 8 not reported.
  • High — Growth: Program expense growth scored 0/100.
  • High — Sustainability: Total-asset coverage ratio scored 18/100.
  • High — Growth: Asset growth scored 0/100.
  • High — Sustainability: Liabilities to assets ratio scored 10/100.
  • Moderate — Sustainability: Officer compensation ratio scored 44/100.