Soo Visual Arts Center Inc

Nonprofit profile at a glance

EIN
411944443
IRS 990 coverage
2014–2024
Forms available
Form 990 2024
Location
Minneapolis, MN, USA
Phone
6126698104
Rating
70
Verdict
SUPPORTED
Rating confidence
Moderate
Sector
Art Museums

Official website

Reported finances

Revenue
$285,572
Expenses
$272,965
Assets
$87,446
Liabilities
$93,219

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

Leadership & pay

11 people listed

Executive titles in this filing

  • CAROLYN PAYNE (EXECUTIVE DIRECTOR)

Highest reported compensation

  • CAROLYN PAYNE (EXECUTIVE DIRECTOR): $70,949 total reported compensation

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

Overview

Mission

Soo visual arts center is a nonprofit art space that connects our community with fresh, under-represented and provocative art.

What it reported doing in 2024

Gallery exhibitions: soo visual arts center schedules a year-round calendar of exhibits in our gallery. All exhibits are augmented with free opening events and free admission to the gallery. Our curatorial focus promotes contemporary artists whose work challenges and expands conventional notions of aesthetics and ideology.in this fiscal year, we produced nine exhibitions onsite, eight exhibitions with community partners and exhibited 122 artists.

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

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: 52
  • Transparency & Controls: 92
  • Accountability: 78
  • Sustainability: 30
  • Growth: 80

Detailed rating inputs

Financial Efficiency

  • Mission deployment rate: 55%; rating input score 55
  • Program expense ratio: 55.6%; rating input score 56
  • Fundraising efficiency: $6.31 raised per $1 spent on fundraising; rating input score 27; 27th percentile among comparable filings

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: 80%; rating input score 80; 21st percentile among comparable filings
  • Governance controls: 6 of 8 controls in place; rating input score 75
    • 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: Pass
    • Board meeting minutes documented: Pass
    • Audit committee oversight: Missing
    • Independent financial-statement audit: Fail

Sustainability

  • Operating margin: 4.4%; rating input score 49; 49th percentile among comparable filings
  • Total-asset coverage ratio: 0.32; rating input score 17; 17th percentile among comparable filings
  • Liabilities to assets ratio: 1.07; rating input score 4; 4th percentile among comparable filings
  • Officer compensation ratio: 26%; rating input score 14; 14th percentile among comparable filings

Growth

  • Program expense growth: 2.7% per year; rating input score 100; 43rd percentile among comparable filings
  • Revenue growth: 2.8% per year; rating input score 100; 39th percentile among comparable filings
  • Asset growth: -6.8% per year; rating input score 0; 8th percentile among comparable filings

Details

  • Where the money goes: 55% of revenue deployed · 55.6% of spending went to programs
  • Governance: 8 of 10 board members independent · 6 of 8 filing controls reported
  • Programs: 3 filed program accomplishments · $152K in reported program spending
  • Leadership: top reported pay $71K · 11 people listed
  • Consistency: 29 of 29 current checks pass
  • Schedules: 5 filed schedules · includes major donors
  • Filing history: 11 filing years from 2014 to 2024
  • Contacts: How to reach this organization
  • Money network: 3 filed money-flow records
  • 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 55/100.
  • Review — Financial Efficiency: Program expense ratio scored 56/100.
  • High — Financial Efficiency: Fundraising efficiency scored 27/100.
  • High — Sustainability: Total-asset coverage ratio scored 17/100.
  • Moderate — Sustainability: Operating margin scored 49/100.
  • Review — Accountability: Governance controls: Independent financial-statement audit not reported.
  • High — Growth: Asset growth scored 0/100.
  • High — Sustainability: Liabilities to assets ratio scored 4/100.
  • High — Sustainability: Officer compensation ratio scored 14/100.