Northeast Minneapolis Tool Library

Nonprofit profile at a glance

EIN
471051712
IRS 990 coverage
2023–2024
Forms available
Form 990 2024, Form 990-EZ 2022, Form 990-N 2016
Location
Minneapolis, MN, USA
Phone
3202010227
Rating
80
Verdict
STRONG
Rating confidence
Moderate
Sector
Libraries

Reported finances

Revenue
$273,877
Expenses
$229,890
Assets
$258,399
Liabilities
$0

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

Leadership & pay

6 people listed

Executive titles in this filing

  • Timothy McCormick (President)
  • Kate Hersey (Executive Director)

Highest reported compensation

  • Kate Hersey (Executive Director): $41,512 total reported compensation

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

Overview

Mission

Lending tools to members and increasing self-sufficiency skills in the community.

What it reported doing in 2024

Teaching members and individual community members safe tool use and project-based projects.

Operating model

Revenue model
Membership-supported. 64% of the money available for current operations came from membership dues.
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

STRONG - 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 total assets are small relative to annual expenses; liquid coverage is unknown.

Rating breakdown

  • Financial Efficiency: 79
  • Transparency & Controls: 90
  • Accountability: 69
  • Sustainability: 57
  • Growth: 100

Detailed rating inputs

Financial Efficiency

  • Mission deployment rate: 82.7%; rating input score 83
  • Program expense ratio: 98.5%; rating input score 98
  • Fundraising efficiency: Limited

Transparency & Controls

  • Consistency checks: 90%; rating input score 90; 9th percentile among comparable filings
  • Pay-setting controls: Limited
  • 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; 63rd percentile among comparable filings
  • Governance controls: 2 of 8 controls in place; rating input score 25
    • Conflict-of-interest policy: Pass
    • Whistleblower policy: Fail
    • Document-retention policy: Fail
    • CEO compensation review process: Fail
    • Other executive compensation review process: NotApplicable
    • Form 990 shared with the board: Fail
    • Board meeting minutes documented: Pass
    • Audit committee oversight: Missing
    • Independent financial-statement audit: Fail

Sustainability

  • Operating margin: 16.1%; rating input score 69; 69th percentile among comparable filings
  • Total-asset coverage ratio: 1.12; rating input score 44; 44th percentile among comparable filings
  • Liabilities to assets ratio: 0; rating input score 80; 80th percentile among comparable filings
  • Officer compensation ratio: 18.1%; rating input score 21; 21st percentile among comparable filings

Growth

  • Program expense growth: 33% per year; rating input score 100; 91st percentile among comparable filings
  • Revenue growth: 16.2% per year; rating input score 100; 84th percentile among comparable filings
  • Asset growth: 22.6% per year; rating input score 100; 87th percentile among comparable filings

Details

  • Where the money goes: 82.7% of revenue deployed · 98.5% of spending went to programs
  • Governance: 5 of 5 board members independent · 2 of 8 filing controls reported
  • Programs: 3 filed program accomplishments · $226K in reported program spending
  • Leadership: top reported pay $42K · 6 people listed
  • Consistency: 40 of 41 current checks pass · 1 finding to review
  • Schedules: 2 filed schedules
  • Filing history: 2 filing years from 2023 to 2024
  • Contacts: How to reach this organization
  • Money network: 2 filed money-flow records
  • 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 — Accountability: Governance controls: 5 of 7 not reported.
  • Moderate — Sustainability: Total-asset coverage ratio scored 44/100.
  • Moderate — Transparency & Controls: Schedule A contributions reconciliation did not reconcile in the filed values.
  • High — Sustainability: Officer compensation ratio scored 21/100.