Solaris Initiative

Nonprofit profile at a glance

EIN
991493182
IRS 990 coverage
2024–2025
Forms available
Form 990 2025
Location
Isanti, MN, USA
Phone
7632296662
Rating
49
Verdict
MIXED
Rating confidence
Moderate
Sector
Energy Resources Conservation and Development

Reported finances

Revenue
$653,231
Expenses
$449,558
Assets
$5,045,442
Liabilities
$4,845,275

Source: IRS Form 990. Selected filing: tax year 2025. Amounts in USD.

Leadership & pay

12 people listed

Executive titles in this filing

  • ELZA ANDRIANOVA (PRESIDENT)
  • VLADIMIR DIMITROV (VICE PRESIDENT)

People named in this filing

  • ELZA ANDRIANOVA (PRESIDENT)
  • VLADIMIR DIMITROV (VICE PRESIDENT)
  • JON LATCHAM (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 2025. Names and roles reflect this filing, not necessarily current officeholders.

Overview

Mission

To expand access to clean, renewable energy by offering affordable solar lease options to homeowners. We believe that cost should never be a barrier to sustainability. By removing the upfront financial burden or purchasing solar systems, we empower families to reduce their utility bills, increase energy independence, and contribute to a healthier environment, while building stronger, more resilient communities powered by the sun.

What it reported doing in 2025

In q3 of 2025 we launched our prepaid lease program simply as a result of the demand for a prepaid lease. The new prepaid program doesn't result in "day-1" savings, but it saves families thousands of dollars over the 25-year period that a traditional lease would cover. This is our "savings on top of savings" product. The homeowners still get a solar system at 70% of the retail cost of a solar system, but paying up front also saves them the cost of implied interest. The idea came from a couple of our customers, and we were happy to accommodate their request. As we headed into the final quarter of the year, this program was the popular choice amongst families that decided to go green!

Operating model

Revenue model
Earned-program. 100% of the money available for current operations came from fees and other program revenue.
Distribution model
No current program activity. The filing reports no program spending for the current year.

The verdict

MIXED - 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: 0
  • Transparency & Controls: 90
  • Accountability: 76
  • Sustainability: 75
  • Growth: 60

Detailed rating inputs

Financial Efficiency

  • Mission deployment rate: 0%; rating input score 0
  • Program expense ratio: 0%; rating input score 0
  • 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; 64th percentile among comparable filings
  • Governance controls: 3 of 7 controls in place; rating input score 43
    • Conflict-of-interest policy: Pass
    • 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: 31.2%; rating input score 82; 82nd percentile among comparable filings
  • Total-asset coverage ratio: 11.22; rating input score 92; 92nd percentile among comparable filings
  • Liabilities to assets ratio: 0.96; rating input score 4; 4th percentile among comparable filings
  • Officer compensation ratio: 0%; rating input score 78; 78th percentile among comparable filings

Growth

  • Program expense growth: Limited
  • Revenue growth: 200% per year; rating input score 100; 100th percentile among comparable filings
  • Asset growth: 162.8% per year; rating input score 100; 100th percentile among comparable filings

Details

  • Where the money goes: 0% of revenue deployed · 0% of spending went to programs
  • Governance: 12 of 12 board members independent · 3 of 7 filing controls reported
  • Programs: 2 filed program accomplishments
  • Leadership: top reported pay $0 · 12 people listed
  • Consistency: 15 of 15 current checks pass
  • Schedules: 2 filed schedules
  • Filing history: 2 filing years from 2024 to 2025
  • Contacts: How to reach this organization
  • 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 — Financial Efficiency: Mission deployment rate scored 0/100.
  • High — Financial Efficiency: Program expense ratio scored 0/100.
  • Moderate — Accountability: Governance controls: 3 of 6 not reported.
  • High — Sustainability: Liabilities to assets ratio scored 4/100.