Minnesota Masonic Historic Buildings

What it reported doing in 2024

The corporation is created and organized to protect, preserve, restore, manage, maintain, own, and operate, directly or indirectly: (a) the duluth masonic temple located at 4 west second street, duluth, Minnesota 55802 (hereinafter, the "dmt"), which is listed on the national registry of historic places and which currently maintains, inter alia, a multi-volume historic library, numerous valuable collections and historical documents with respect to both the city of duluth and state of Minnesota history, and historic rare hand-painted theatrical scenic backdrops and scottish rite auditorium with its historic egyptian frieze, and (b) other historically and/or architecturally significant masonic buildings located in Minnesota (collectively, with the dmt, the "buildings"). Through its protection, preservation, restoration, management, maintenance, ownership, and operation of the buildings, the corporation will promote an appreciation of historical knowledge, and educate the public, about masonry in Minnesota, by making the buildings available for public viewing. The corporation may solicit funds to be used in accordance with Minnesota statute 317a, including but not limited to exterior and interior maintenance, restoration and preservation of the buildings, so they can be open for public uses, such as museums and libraries. Funds may also be utilized to maintain the furnishings, theatrical scenic backdrops, antiques and other items of historical, educational and cultural significance located in the buildings. Notwithstanding any other language or provisions contained herein, the purposes and activities will be limited exclusively to exempt purposes within the meaning of 501(c) of the code.

Financial Efficiency

• Mission deployment rate: 49.3%; rating input score 49
• Program expense ratio: 99.9%; rating input score 100
• Fundraising efficiency: Limited

Transparency & Controls

• Consistency checks: 84.6%; rating input score 85; 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: 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: 7 of 9 controls in place; rating input score 78
  • Conflict-of-interest policy: Pass
  • Whistleblower policy: Pass
  • Document-retention policy: Pass
  • CEO compensation review process: Fail
  • Other executive compensation review process: Fail
  • Form 990 shared with the board: Pass
  • Board meeting minutes documented: Pass
  • Audit committee oversight: Pass
  • Independent financial-statement audit: Pass

Sustainability

• Operating margin: 50.6%; rating input score 92; 92nd percentile among comparable filings
• Total-asset coverage ratio: 11.25; rating input score 90; 90th percentile among comparable filings
• Liabilities to assets ratio: 0.19; rating input score 20; 20th percentile among comparable filings
• Officer compensation ratio: 48.1%; rating input score 4; 4th percentile among comparable filings

Growth

• Program expense growth: 27.9% per year; rating input score 100; 89th percentile among comparable filings
• Revenue growth: 14.8% per year; rating input score 100; 82nd percentile among comparable filings
• Asset growth: 28.8% per year; rating input score 100; 91st percentile among comparable filings