Nexstar Legacy Foundation

Nonprofit profile at a glance

EIN
203547319
IRS 990 coverage
2012–2024
Forms available
Form 990 2024, Form 990-EZ 2011
Location
Bloomington, MN, USA
Phone
6517898518
Rating
73
Verdict
SUPPORTED
Rating confidence
Moderate
Sector
Scholarships, Student Financial Aid Services, Awards

Official website

Reported finances

Revenue
$879,990
Expenses
$783,400
Assets
$2,452,187
Liabilities
$37,335

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

Leadership & pay

9 people listed

Executive titles in this filing

  • KATHERINE CINNAMO (EXECUTIVE DIRECTOR)
  • LARA BELTZ (PRESIDENT)
  • PEGGY HILDEBRANDT (VICE PRESIDENT)

Highest reported compensation

  • KATHERINE CINNAMO (EXECUTIVE DIRECTOR): $141,729 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 bridge the technical talent gap in the service trades of plumbing, heating, cooling and electric. Provide free career information and materials to educators for use with students. The foundation will also provide free materials and collateral for contractors to use in their recruiting efforts and also assist job seekers in identifying potential places of employment.

What it reported doing in 2024

The foundation's purpose is to bridge the technical talent gap in the service trades of plumbing, heating, cooling and electrical. During 2024, the foundation provided free materials to educators for the purpose of educating students about trades professions and free kits of materials for contractors for use in recruiting. The foundation also provided information to those new to the trades about becoming a licensed professional.

Operating model

Revenue model
Donor-supported. 78% of the money available for current operations came from contributions and gifts.
Distribution model
Hybrid. The nonprofit split its reported program spending across 50% for direct work, and 50% for grants.

The verdict

SUPPORTED - The filed numbers largely add up and most voting board members are independent. Fundraising costs are high for each dollar raised and some filing-based governance responses are negative or unanswered.

Rating breakdown

  • Financial Efficiency: 57
  • Transparency & Controls: 85
  • Accountability: 84
  • Sustainability: 60
  • Growth: 100

Detailed rating inputs

Financial Efficiency

  • Mission deployment rate: 61.6%; rating input score 62
  • Program expense ratio: 62.8%; rating input score 63
  • Fundraising efficiency: $3.76 raised per $1 spent on fundraising; rating input score 12; 12th percentile among comparable filings

Transparency & Controls

  • Consistency checks: 87.5%; rating input score 88; 3rd percentile among comparable filings
  • Pay-setting controls: Limited
  • Foreign activity oversight: Limited
  • Grant itemization coverage: 92.5%; rating input score 92; 40th percentile among comparable filings
  • 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: 5 of 8 controls in place; rating input score 62
    • Conflict-of-interest policy: Pass
    • Whistleblower policy: Fail
    • Document-retention policy: Fail
    • CEO compensation review process: Pass
    • Other executive compensation review process: NotApplicable
    • Form 990 shared with the board: Fail
    • Board meeting minutes documented: Pass
    • Audit committee oversight: Pass
    • Independent financial-statement audit: Pass

Sustainability

  • Operating margin: 11%; rating input score 63; 63rd percentile among comparable filings
  • Total-asset coverage ratio: 3.13; rating input score 76; 76th percentile among comparable filings
  • Liabilities to assets ratio: 0.02; rating input score 65; 65th percentile among comparable filings
  • Officer compensation ratio: Limited

Growth

  • Program expense growth: 9.3% per year; rating input score 100; 60th percentile among comparable filings
  • Revenue growth: 11.9% per year; rating input score 100; 72nd percentile among comparable filings
  • Asset growth: 15.8% per year; rating input score 100; 74th percentile among comparable filings

Details

  • Where the money goes: 61.6% of revenue deployed · 62.8% of spending went to programs
  • Governance: 7 of 7 board members independent · 5 of 8 filing controls reported
  • Programs: 1 filed program accomplishment · $492K in reported program spending
  • Leadership: top reported pay $142K · 9 people listed
  • Consistency: 32 of 34 current checks pass · 2 findings to review
  • Schedules: 7 filed schedules · includes major donors and grants
  • Filing history: 10 filing years from 2012 to 2024
  • Contacts: How to reach this organization
  • Money network: 13 filed money-flow records
  • Related organizations: 13 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 — Financial Efficiency: Fundraising efficiency scored 12/100.
  • Review — Accountability: Governance controls: 3 of 8 not reported.
  • Moderate — Transparency & Controls: Schedule A contributions reconciliation did not reconcile in the filed values.
  • Review — Transparency & Controls: Domestic grant itemization did not reconcile in the filed values.