Runestone Museum Foundation

Nonprofit profile at a glance

EIN
237391175
IRS 990 coverage
2010–2024
Forms available
Form 990 2024
Location
Alexandria, MN, USA
Phone
3207633160
Rating
80
Verdict
STRONG
Rating confidence
Moderate
Sector
Museum, Museum Activities

Official website

Reported finances

Revenue
$158,594
Expenses
$213,260
Assets
$647,855
Liabilities
$76,589

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

Leadership & pay

7 people listed

Executive titles in this filing

  • CHAD MEYER (PRESIDENT)

People named in this filing

  • CHAD MEYER (PRESIDENT)
  • BILL MEYER (VICE PRESIDE)
  • MARK HOFF (TREASURER)

Selected names, not a complete roster or a statement of current roles. Open leadership details for the complete filed list.

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

Overview

Mission

Inform our future by preserving our past while inspiring curiosity about regional history and heritage through community engagement and education.

What it reported doing in 2024

In 2024, museum attendance continues to increase. Christmas in the fort was a successful event, even though the temps were extremely cold. Renovations were made to the exterior of the building, which included painting and landscaping. Improvements were made to the exterior of the agriculture building to repair damage caused by natural wear and tear. The museum continues its 30 minute radio spotlight once a month to promote the museum. We supported community events such as the alzheimer's walk and the 4-h exhibit grand opening. A great effort was made to clean-up and improve files, archived information, and general reporting procedures. The scandinavian heritage area has been re-curated and improved.

Operating model

Revenue model
Mixed. Its operating money came from several sources; no one source provided a clear majority.
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 expenses are high relative to revenue.

Rating breakdown

  • Financial Efficiency: 79
  • Transparency & Controls: 92
  • Accountability: 70
  • Sustainability: 35
  • Growth: 100

Detailed rating inputs

Financial Efficiency

  • Mission deployment rate: 100%; rating input score 100
  • Program expense ratio: 70.6%; rating input score 71
  • Fundraising efficiency: Limited

Transparency & Controls

  • Consistency checks: 100%; rating input score 100; 64th percentile among comparable filings
  • Pay-setting controls: Limited
  • Foreign activity oversight: Limited
  • Grant itemization coverage: Limited
  • 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: 2 of 7 controls in place; rating input score 29
    • Conflict-of-interest policy: Fail
    • Whistleblower policy: Fail
    • Document-retention policy: Fail
    • CEO compensation review process: NotApplicable
    • Other executive compensation review process: NotApplicable
    • Form 990 shared with the board: Pass
    • Board meeting minutes documented: Pass
    • Audit committee oversight: Missing
    • Independent financial-statement audit: Fail

Sustainability

  • Operating margin: -34.5%; rating input score 8; 8th percentile among comparable filings
  • Total-asset coverage ratio: 3.04; rating input score 69; 69th percentile among comparable filings
  • Liabilities to assets ratio: 0.12; rating input score 25; 25th percentile among comparable filings
  • Officer compensation ratio: 0%; rating input score 69; 69th percentile among comparable filings

Growth

  • Program expense growth: 4.6% per year; rating input score 100; 52nd percentile among comparable filings
  • Revenue growth: 1.7% per year; rating input score 100; 33rd percentile among comparable filings
  • Asset growth: 2.1% per year; rating input score 100; 34th percentile among comparable filings

Details

  • Where the money goes: 100% of revenue deployed · 70.6% of spending went to programs
  • Governance: 7 of 7 board members independent · 2 of 7 filing controls reported
  • Programs: 1 filed program accomplishment · $151K in reported program spending
  • Leadership: top reported pay $0 · 7 people listed
  • Consistency: 29 of 29 current checks pass
  • Schedules: 5 filed schedules · includes major donors
  • Filing history: 14 filing years from 2010 to 2024
  • Contacts: How to reach this organization
  • Money network: Resolved incoming and outgoing counterparties from filed money flows.
  • Related organizations: Filed and resolved organization relationships.
  • 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: 4 of 6 not reported.
  • High — Sustainability: Operating margin scored 8/100.
  • High — Sustainability: Liabilities to assets ratio scored 25/100.