Riverwood Healthcare Center & Community Hospital Foundation

Nonprofit profile at a glance

EIN
411738787
IRS 990 coverage
2010–2024
Forms available
Form 990 2024, Form 990-EZ 2009
Location
Aitkin, MN, USA
Phone
2189272121
Rating
80
Verdict
STRONG
Rating confidence
Moderate

Reported finances

Revenue
$363,493
Expenses
$5,606,976
Assets
$1,252,953
Liabilities
$0

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

Leadership & pay

12 people listed

Executive titles in this filing

  • KEN WESTMAN (RHCC CEO)

Highest reported compensation

  • KEN WESTMAN (RHCC CEO): $553,156 total reported compensation
  • CASEY JOHNSON (RHCC CFO): $300,829 total reported compensation
  • STEPHANIE JACOBS (DIRECTOR/RHCC EMPLOYEE): $88,361 total reported compensation

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

Overview

Mission

Riverwood foundation exists to raise money for riverwood healthcare center to enhance the quality of care for the community we serve.

What it reported doing in 2024

The foundation helps riverwood healthcare center by raising funds to support advanced medicine and allowing medical care to be delivered locally so that patients don't have to travel out of the area. It recognizes the importance of quality healthcare in our rural area and purchases capital equipment for the hospital. The foundation is committed to maintaining and expanding quality healthcare for residents of aitkin county and surrounding communities.

Operating model

Revenue model
Mixed. Its operating money came from several sources; no one source provided a clear majority.
Distribution model
Hybrid. The nonprofit split its reported program spending across 79% for direct work, and 21% for grants.
  • Includes noncash contributions: Reported contributions include donated property or goods.

The verdict

STRONG - A large share of available resources goes toward mission work and the filed numbers largely add up. Few specific pay-setting methods are documented in the filing; unanswered boxes are not proof of absence and some filing-based governance responses are negative or unanswered.

Rating breakdown

  • Financial Efficiency: 94
  • Transparency & Controls: 71
  • Accountability: 75
  • Sustainability: 17
  • Growth: 100

Detailed rating inputs

Financial Efficiency

  • Mission deployment rate: 100%; rating input score 100
  • Program expense ratio: 99%; rating input score 99
  • Fundraising efficiency: $15.07 raised per $1 spent on fundraising; rating input score 50; 50th percentile among comparable filings

Transparency & Controls

  • Consistency checks: 100%; rating input score 100; 64th 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: 100%; rating input score 100; 80th percentile among comparable filings
  • Major donor itemization: Yes; rating input score 100
  • Related-party transparency: Limited

Accountability

  • Independent voting board: 87.5%; rating input score 88; 24th 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: -1,442.5%; rating input score 0; 0th percentile among comparable filings
  • Total-asset coverage ratio: 0.22; rating input score 12; 12th percentile among comparable filings
  • Liabilities to assets ratio: 0; rating input score 80; 80th percentile among comparable filings
  • Officer compensation ratio: 2.9%; rating input score 35; 35th percentile among comparable filings

Growth

  • Program expense growth: 28.2% per year; rating input score 100; 89th percentile among comparable filings
  • Revenue growth: 1.2% per year; rating input score 100; 30th percentile among comparable filings
  • Asset growth: 11.9% per year; rating input score 100; 71st percentile among comparable filings

Details

  • Where the money goes: 100% of revenue deployed · 99% of spending went to programs
  • Governance: 7 of 8 board members independent · 5 of 9 filing controls reported
  • Programs: 1 filed program accomplishment · $5.6M in reported program spending
  • Leadership: top reported pay $553K · 12 people listed · 0 of 6 pay-setting controls reported
  • Consistency: 21 of 21 current checks pass
  • Schedules: 9 filed schedules · includes major donors, grants, and executive pay
  • Filing history: 15 filing years from 2010 to 2024
  • Contacts: How to reach this organization
  • Money network: 1 filed money-flow record
  • Related organizations: 3 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 — Transparency & Controls: Pay-setting controls scored 0/100.
  • Review — Accountability: Governance controls: 3 of 8 not reported.
  • High — Sustainability: Operating margin scored 0/100.
  • Review — Financial Efficiency: Fundraising efficiency scored 50/100.
  • High — Sustainability: Total-asset coverage ratio scored 12/100.
  • Moderate — Sustainability: Officer compensation ratio scored 35/100.