Salolampi Foundation

Nonprofit profile at a glance

EIN
411355241
IRS 990 coverage
2011–2024
Forms available
Form 990 2024, Form 990-EZ 2010
Location
Minneapolis, MN, USA
Phone
6512105281
Rating
73
Verdict
SUPPORTED
Rating confidence
Moderate

Official website

Reported finances

Revenue
$86,697
Expenses
$59,376
Assets
$1,874,752
Liabilities
$2,598

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

Leadership & pay

15 people listed

Executive titles in this filing

  • AINO WHELER (PRESIDENT)

People named in this filing

  • RIKU CASTRO (DIRECTOR)
  • LINDA WARPULA DAVIS (DIRECTOR)
  • CERIDWEN KOSKI (DIRECTOR)

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

Mission statement: the salolampi foundation is committed to sustaining the finnish language and culture. We provide scholarships and program support to salolampi finnish language village, enhancing and expanding villagers' knowledge of and passion for finnish language and culture.

What it reported doing in 2024

Our program accomplishments include raising 46k to support scholarships for salolampi and disbursing 33,193 in funds for 45 scholarships. We staffed tables at finn fun day, finnfest, and other finnish community events, as well as organizing a salolampi alumni reunion to foster community and grow support for the organization.

Operating model

Revenue model
Mixed. Its operating money came from several sources; no one source provided a clear majority.
Distribution model
Grant intermediary. The nonprofit sent 100% of its reported program spending out as grants.

The verdict

SUPPORTED - The filed numbers largely add up and most voting board members are independent. A relatively small share of available resources goes toward mission work and a relatively small share of total spending goes to programs.

Rating breakdown

  • Financial Efficiency: 57
  • Transparency & Controls: 94
  • Accountability: 88
  • Sustainability: 74
  • Growth: 20

Detailed rating inputs

Financial Efficiency

  • Mission deployment rate: 58.9%; rating input score 59
  • Program expense ratio: 55.9%; rating input score 56
  • Fundraising efficiency: $8.16 raised per $1 spent on fundraising; rating input score 49; 49th percentile among comparable filings

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: 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: 100%; rating input score 100; 64th percentile among comparable filings
  • Governance controls: 5 of 7 controls in place; rating input score 71
    • Conflict-of-interest policy: Pass
    • Whistleblower policy: Pass
    • Document-retention policy: Pass
    • 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: 31.5%; rating input score 80; 80th percentile among comparable filings
  • Total-asset coverage ratio: 31.57; rating input score 87; 87th percentile among comparable filings
  • Liabilities to assets ratio: 0; rating input score 34; 34th percentile among comparable filings
  • Officer compensation ratio: 0%; rating input score 60; 60th percentile among comparable filings

Growth

  • Program expense growth: -4.9% per year; rating input score 0; 38th percentile among comparable filings
  • Revenue growth: -7.8% per year; rating input score 0; 36th percentile among comparable filings
  • Asset growth: 6.1% per year; rating input score 100; 70th percentile among comparable filings

Details

  • Where the money goes: 58.9% of revenue deployed · 55.9% of spending went to programs
  • Governance: 15 of 15 board members independent · 5 of 7 filing controls reported
  • Programs: 1 filed program accomplishment · $33K in reported program spending
  • Leadership: top reported pay $0 · 15 people listed
  • Consistency: 21 of 21 current checks pass
  • Schedules: 5 filed schedules · includes major donors and grants
  • Filing history: 13 filing years from 2011 to 2024
  • Contacts: How to reach this organization
  • Money network: Resolved incoming and outgoing counterparties from filed money flows.
  • 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.

  • Review — Financial Efficiency: Mission deployment rate scored 59/100.
  • Review — Financial Efficiency: Program expense ratio scored 56/100.
  • Moderate — Financial Efficiency: Fundraising efficiency scored 49/100.
  • High — Growth: Program expense growth scored 0/100.
  • High — Growth: Revenue growth scored 0/100.
  • Review — Accountability: Governance controls: Independent financial-statement audit not reported.
  • Moderate — Sustainability: Liabilities to assets ratio scored 34/100.