Minnesota Fishing Museum & Hall of Fame

Nonprofit profile at a glance

EIN
411739244
IRS 990 coverage
2012–2024
Forms available
Form 990 2024, Form 990-T 2024
Location
Little Falls, MN, USA
Phone
3206162011
Rating
75
Verdict
SUPPORTED
Rating confidence
Moderate
Sector
History Museums

Official website

Reported finances

Revenue
$189,721
Expenses
$172,361
Assets
$746,656
Liabilities
$37,770

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

Leadership & pay

12 people listed

Executive titles in this filing

  • GARY OSBERG (PRESIDENT)

Highest reported compensation

  • BRENDA PERLOWSKI (EXECUTIVE DI): $63,010 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 organization was created for the purpose of developing an attraction and a museum to collect, preserve, and display the artifacts of the sport of fresh water angling; and to perform a program of recognition of persons and organizations for outstanding achievements and accomplishments in the realm of fresh water fishing.

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 fundraising costs are high for each dollar raised.

Rating breakdown

  • Financial Efficiency: 70
  • Transparency & Controls: 92
  • Accountability: 79
  • Sustainability: 55
  • Growth: 20

Detailed rating inputs

Financial Efficiency

  • Mission deployment rate: 73.1%; rating input score 73
  • Program expense ratio: 76.6%; rating input score 77
  • Fundraising efficiency: $8.21 raised per $1 spent on fundraising; rating input score 34; 34th percentile among comparable filings

Transparency & Controls

  • Consistency checks: 100%; rating input score 100; 64th 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: 4 of 8 controls in place; rating input score 50
    • Conflict-of-interest policy: Pass
    • Whistleblower policy: Fail
    • Document-retention policy: Fail
    • CEO compensation review process: NotApplicable
    • Other executive compensation review process: Pass
    • Form 990 shared with the board: Pass
    • Board meeting minutes documented: Pass
    • Audit committee oversight: Missing
    • Independent financial-statement audit: Fail

Sustainability

  • Operating margin: 9.2%; rating input score 59; 59th percentile among comparable filings
  • Total-asset coverage ratio: 4.33; rating input score 76; 76th percentile among comparable filings
  • Liabilities to assets ratio: 0.05; rating input score 32; 32nd percentile among comparable filings
  • Officer compensation ratio: 36.6%; rating input score 8; 8th percentile among comparable filings

Growth

  • Program expense growth: -0.3% per year; rating input score 0; 29th percentile among comparable filings
  • Revenue growth: -4.1% per year; rating input score 0; 12th percentile among comparable filings
  • Asset growth: 4.4% per year; rating input score 100; 44th percentile among comparable filings

Details

  • Where the money goes: 73.1% of revenue deployed · 76.6% of spending went to programs
  • Governance: 11 of 11 board members independent · 4 of 8 filing controls reported
  • Programs: 1 filed program accomplishment · $132K in reported program spending
  • Leadership: top reported pay $63K · 12 people listed
  • Consistency: 24 of 24 current checks pass
  • Schedules: 5 filed schedules · includes major donors
  • Filing history: 12 filing years from 2012 to 2024
  • Contacts: How to reach this organization
  • Money network: 1 filed money-flow record
  • 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.
  • Moderate — Financial Efficiency: Fundraising efficiency scored 34/100.
  • High — Growth: Program expense growth scored 0/100.
  • High — Growth: Revenue growth scored 0/100.
  • Review — Sustainability: Operating margin scored 59/100.
  • High — Sustainability: Officer compensation ratio scored 8/100.
  • Moderate — Sustainability: Liabilities to assets ratio scored 32/100.