Minnesota Chamber Foundation

Nonprofit profile at a glance

EIN
411453093
IRS 990 coverage
2010–2024
Official website data refreshed
Sep 2026
Forms available
Form 990 2024
Location
St. Paul, MN, US
Phone
651.292.4650
Rating
72
Verdict
SUPPORTED
Rating confidence
Moderate
Sector
Single Organization Support

Official website

Reported finances

Revenue
$1,030,337
Expenses
$1,066,240
Assets
$878,601
Liabilities
$230,178

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

Leadership & pay

21 people listed

Executive titles in this filing

  • DOUG LOON (PRESIDENT/CEO)
  • JENNIFER BYERS (EXECUTIVE DIRECTOR)
  • ANNETTE KOJETIN (VICE PRESIDENT/CFO)
  • LAURA BORDELON (SR. VICE PRESIDENT)
  • JENNIFER MUNYER (VICE PRESIDENT)
  • VICTORIA STUTE (VICE PRESIDENT)

Highest reported compensation

  • DOUG LOON (PRESIDENT/CEO): $609,763 total reported compensation
  • LAURA BORDELON (SR. VICE PRESIDENT): $329,167 total reported compensation
  • ANNETTE KOJETIN (VICE PRESIDENT/CFO): $217,186 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 Minnesota Chamber Foundation plays a unique role in confronting the problems that face Minnesota businesses.

What it reported doing in 2024

Grow Minnesota! Grow Minnesota! Is a statewide business and retention initiative in partnership with local chambers of commerce. Grow Minnesota! Was integrated into the foundation in 2025 to align with the goals of the foundation, and in coordination with the economic research and workforce development efforts. Grow Minnesota! Produced a report on the state of business retention and expansion in Minnesota as a result of hundreds of meetings with businesses across the state. The program also provides one on one assistance to businesses and well as resources to help businesses locate and grow in Minnesota. The foundation also is the home to leadership Minnesota and leaders lab, which are education and leadership development programs designed to provide emerging leaders with the opportunity to understand Minnesota's diverse economy. A cohort of leaders is selected to participate in the program annually.finally, the foundation hosts several events and webinars annually to educate business and community leaders on issues around the economy and workforce.

Operating model

Revenue model
Mixed. Its operating money came from several sources; no one source provided a clear majority.
Distribution model
Hybrid. The nonprofit split its reported program spending across 59% for direct work, and 41% for grants.

The verdict

SUPPORTED - A large share of available resources goes toward mission work and most voting board members are independent. Few specific pay-setting methods are documented in the filing; unanswered boxes are not proof of absence and the filing does not identify recipients for some grant dollars.

Rating breakdown

  • Financial Efficiency: 85
  • Transparency & Controls: 47
  • Accountability: 94
  • Sustainability: 29
  • Growth: 80

Detailed rating inputs

Financial Efficiency

  • Mission deployment rate: 86.7%; rating input score 87
  • Program expense ratio: 83.8%; rating input score 84
  • Fundraising efficiency: $50.28 raised per $1 spent on fundraising; rating input score 78; 78th percentile among comparable filings

Transparency & Controls

  • Consistency checks: 85.7%; rating input score 86; 2nd percentile among comparable filings
  • Pay-setting controls: 0 of 6 controls in place; rating input score 0
    • Compensation committee: Missing
    • Independent consultant: Missing
    • Other Form 990s reviewed: Missing
    • Written employment contract: Missing
    • Compensation survey or study: Missing
    • Board or committee approval: Missing
  • Foreign activity oversight: Limited
  • Grant itemization coverage: 3.9%; rating input score 4; 25th percentile among comparable filings
  • Major donor itemization: Yes; rating input score 100
  • Related-party transparency: Limited

Accountability

  • Independent voting board: 88.9%; rating input score 89; 22nd percentile among comparable filings
  • Governance controls: 8 of 8 controls in place; rating input score 100
    • Conflict-of-interest policy: Pass
    • Whistleblower policy: Pass
    • Document-retention policy: Pass
    • CEO compensation review process: Pass
    • 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: -3.5%; rating input score 27; 27th percentile among comparable filings
  • Total-asset coverage ratio: 0.82; rating input score 37; 37th percentile among comparable filings
  • Liabilities to assets ratio: 0.26; rating input score 27; 27th percentile among comparable filings
  • Officer compensation ratio: 15.1%; rating input score 23; 23rd percentile among comparable filings

Growth

  • Program expense growth: 10% per year; rating input score 100; 63rd percentile among comparable filings
  • Revenue growth: 9.3% per year; rating input score 100; 64th percentile among comparable filings
  • Asset growth: -1.9% per year; rating input score 0; 12th percentile among comparable filings

Details

  • What they do: 2 programs and campaigns described on the official site · 1 operating location identified
  • Where the money goes: 86.7% of revenue deployed · 83.8% of spending went to programs
  • Governance: 16 of 18 board members independent · 8 of 8 filing controls reported
  • Programs: 3 filed program accomplishments · $893K in reported program spending
  • Leadership: top reported pay $610K · 21 people listed · 0 of 6 pay-setting controls reported
  • Consistency: 25 of 26 current checks pass · 1 finding to review
  • Schedules: 7 filed schedules · includes major donors, grants, and executive pay
  • Filing history: 15 filing years from 2010 to 2024
  • Contacts: How to reach this organization
  • Money network: 2 filed money-flow records
  • Related organizations: 8 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 — Transparency & Controls: Pay-setting controls scored 0/100.
  • High — Transparency & Controls: Grant itemization coverage scored 4/100.
  • High — Sustainability: Operating margin scored 27/100.
  • High — Growth: Asset growth scored 0/100.
  • Moderate — Sustainability: Total-asset coverage ratio scored 37/100.
  • Review — Transparency & Controls: Domestic grant itemization did not reconcile in the filed values.
  • High — Sustainability: Officer compensation ratio scored 23/100.
  • High — Sustainability: Liabilities to assets ratio scored 27/100.