Prairieland Economic Development Corpora

Nonprofit profile at a glance

EIN
411493486
IRS 990 coverage
2017–2021
Forms available
Form 990 2021
Location
Slayton, MN, USA
Phone
5078366656
Rating
71
Verdict
SUPPORTED
Rating confidence
Moderate

Official website

Reported finances

Revenue
$493,241
Expenses
$456,398
Assets
$0
Liabilities
$0

Source: IRS Form 990. Selected filing: tax year 2021. Amounts in USD.

Leadership & pay

11 people listed

Executive titles in this filing

  • ANN PETERSON (PRESIDENT/CEO)

Highest reported compensation

  • ANN PETERSON (PRESIDENT/CEO): $32,982 total reported compensation

Source: IRS Form 990. Selected filing: tax year 2021. Names and roles reflect this filing, not necessarily current officeholders.

Overview

Mission

See schedule o

What it reported doing in 2021

The primary purpose of the organization is to serve as a certified development company (cdc) pursuant to section 503 and 504 of title v of the small business investment act of 1958 as amended. Cdc is a private non-profit corporation whose purpose is to contribute to the economic development of its area of operation.

Operating model

Revenue model
Earned-program. 100% of the money available for current operations came from fees and other program revenue.
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 - The filed numbers largely add up and a large share of available resources goes toward mission work. Program spending has declined or grown slowly and revenue has declined or grown slowly.

Rating breakdown

  • Financial Efficiency: 60
  • Transparency & Controls: 90
  • Accountability: 95
  • Sustainability: 26
  • Growth: 0

Detailed rating inputs

Financial Efficiency

  • Mission deployment rate: 64.9%; rating input score 65
  • Program expense ratio: 70.5%; rating input score 71
  • Fundraising efficiency: Limited

Transparency & Controls

  • Consistency checks: 100%; rating input score 100; 63rd 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: 7 of 8 controls in place; rating input score 88
    • Conflict-of-interest policy: Pass
    • Whistleblower policy: Pass
    • Document-retention policy: Pass
    • 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: 7.5%; rating input score 46; 46th percentile among comparable filings
  • Total-asset coverage ratio: 0; rating input score 1; 1st percentile among comparable filings
  • Liabilities to assets ratio: Limited
  • Officer compensation ratio: 7.2%; rating input score 33; 33rd percentile among comparable filings

Growth

  • Program expense growth: -10% per year; rating input score 0; 16th percentile among comparable filings
  • Revenue growth: -7.1% per year; rating input score 0; 12th percentile among comparable filings
  • Asset growth: -26.7% per year; rating input score 0; 2nd percentile among comparable filings

Details

  • Where the money goes: 64.9% of revenue deployed · 70.5% of spending went to programs
  • Governance: 8 of 8 board members independent · 7 of 8 filing controls reported
  • Programs: 1 filed program accomplishment · $322K in reported program spending
  • Leadership: top reported pay $33K · 11 people listed
  • Consistency: 26 of 26 current checks pass
  • Schedules: 4 filed schedules
  • Filing history: 5 filing years from 2017 to 2021
  • Contacts: How to reach this organization
  • Money network: 1 filed money-flow record
  • 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 — Growth: Program expense growth scored 0/100.
  • High — Growth: Revenue growth scored 0/100.
  • High — Sustainability: Total-asset coverage ratio scored 1/100.
  • Moderate — Sustainability: Operating margin scored 46/100.
  • Review — Accountability: Governance controls: Form 990 shared with the board not reported.
  • High — Growth: Asset growth scored 0/100.
  • Moderate — Sustainability: Officer compensation ratio scored 33/100.