Minnesota Real Estate Foundation

Nonprofit profile at a glance

EIN
020702439
IRS 990 coverage
2011–2024
Forms available
Form 990 2024
Location
St Cloud, MN, USA
Phone
3202534380
Rating confidence
Limited
Sector
Public Foundations

Official website

Reported finances

Revenue
$0
Expenses
$22,420
Assets
$615,484
Liabilities
$528,043

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

Leadership & pay

14 people listed

Executive titles in this filing

  • STEVEN JOUL (PRESIDENT & CEO)
  • GRETA STARK-KRAKER (CMCF EXECUTIVE DIRECTOR)
  • SARA CARLSON (WACF EXECUTIVE DIRECTOR)

Highest reported compensation

  • STEVEN JOUL (PRESIDENT & CEO): $274,160 total reported compensation
  • DOMINIC PAPATOLA (CHIEF IMPACT OFFICER): $175,095 total reported compensation
  • ELISE WIENER (CG CHIEF FINANCIAL OFFICER): $170,764 total reported compensation

Source: IRS Form 990. Selected filing: tax year 2024. Names and roles reflect this filing, not necessarily current officeholders.

Overview

Mission

To build community by simplifying and facilitating the gifting of real estate.

What it reported doing in 2024

The Minnesota real estate foundation (mref), a supporting entity of communitygiving, is organized and operated exclusively for the benefit of and to carry out the purposes of communitygiving by facilitating the charitable gifting of real estate from individuals and other entities for the benefit of communitygiving and other nonprofits around the state of Minnesota. Mref provided assistance to nonprofits through presentations to boards and committees and provided consultations to them in completing real estate transactions. In addition to traditional nonprofit organizations, mref provides services to state and private colleges and city governments.

Operating model

Revenue model
No positive adjusted resources. The filing reports no positive adjusted operating resources.
Distribution model
No current program activity. The filing reports no program spending for the current year.

The verdict

- The available evidence is not sufficient to produce an overall rating for this filing. This is not a warning sign.

Rating breakdown

  • Financial Efficiency: 0
  • Transparency & Controls: 66
  • Accountability: 82
  • Sustainability: 26
  • Growth: 0

Detailed rating inputs

Financial Efficiency

  • Mission deployment rate: Limited
  • Program expense ratio: 0%; rating input score 0
  • Fundraising efficiency: Limited

Transparency & Controls

  • Consistency checks: 100%; rating input score 100; 63rd percentile among comparable filings
  • Pay-setting controls: 1 of 6 controls in place; rating input score 17
    • Compensation committee: Missing
    • Independent consultant: Missing
    • Other Form 990s reviewed: Missing
    • Written employment contract: Missing
    • Compensation survey or study: Missing
    • Board or committee approval: Pass
  • Foreign activity oversight: Limited
  • Grant itemization coverage: Limited
  • Major donor itemization: Limited
  • Related-party transparency: Limited

Accountability

  • Independent voting board: 100%; rating input score 100; 64th percentile among comparable filings
  • Governance controls: 5 of 9 controls in place; rating input score 56
    • 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: Missing
    • Independent financial-statement audit: Fail

Sustainability

  • Operating margin: Limited
  • Total-asset coverage ratio: 27.45; rating input score 85; 85th percentile among comparable filings
  • Liabilities to assets ratio: 0.86; rating input score 8; 8th percentile among comparable filings
  • Officer compensation ratio: 570%; rating input score 2; 2nd percentile among comparable filings

Growth

  • Program expense growth: -35.5% per year; rating input score 0; 9th percentile among comparable filings
  • Revenue growth: -23% per year; rating input score 0; 17th percentile among comparable filings
  • Asset growth: -12.5% per year; rating input score 0; 11th percentile among comparable filings

Details

  • Where the money goes: 0% of spending went to programs
  • Governance: 8 of 8 board members independent · 5 of 9 filing controls reported
  • Programs: 1 filed program accomplishment
  • Leadership: top reported pay $274K · 14 people listed · 1 of 6 pay-setting controls reported
  • Consistency: 15 of 15 current checks pass
  • Schedules: 5 filed schedules · includes executive pay
  • Filing history: 13 filing years from 2011 to 2024
  • Contacts: How to reach this organization
  • Related organizations: 1 filed related-organization link
  • 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 — Financial Efficiency: Program expense ratio scored 0/100.
  • Review — Accountability: Governance controls: 3 of 8 not reported.
  • High — Growth: Program expense growth scored 0/100.
  • High — Growth: Revenue growth scored 0/100.
  • High — Sustainability: Officer compensation ratio scored 2/100.
  • High — Sustainability: Liabilities to assets ratio scored 8/100.
  • High — Growth: Asset growth scored 0/100.