Southeast Library System

Nonprofit profile at a glance

EIN
411399086
IRS 990 coverage
2010–2024
Forms available
Form 990 2024, Form 990-EZ 2022
Location
Rochester, MN, USA
Phone
5072885513
Rating
84
Verdict
STRONG
Rating confidence
Moderate

Official website

Reported finances

Revenue
$253,075
Expenses
$225,747
Assets
$149,876
Liabilities
$8,923

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

Leadership & pay

36 people listed

Executive titles in this filing

  • MILLY HALVERSON (PRESIDENT)
  • MEREDITH ERICKSON (VICE PRESIDENT)
  • KRISTA L ROSS (EXECUTIVE DIRECTOR)

Highest reported compensation

  • KRISTA L ROSS (EXECUTIVE DIRECTOR): $131,855 total reported compensation

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

Overview

Mission

Strengthen collaboration among members, assist members in expanding resources and provide training to improve the quality of staff

What it reported doing in 2024

Southeast library system, sels, strengthened collaboration among members, helped members expand resources and provided training to help improve staff quality

Operating model

Revenue model
Grant-funded. 99% of the money available for current operations came from government grants.
Distribution model
Direct operator. The filing allocates 91% 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 total assets are small relative to annual expenses; liquid coverage is unknown.

Rating breakdown

  • Financial Efficiency: 79
  • Transparency & Controls: 92
  • Accountability: 90
  • Sustainability: 44
  • Growth: 100

Detailed rating inputs

Financial Efficiency

  • Mission deployment rate: 84.8%; rating input score 85
  • Program expense ratio: 94.9%; rating input score 95
  • 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: 6 of 8 controls in place; rating input score 75
    • Conflict-of-interest policy: Pass
    • Whistleblower policy: Fail
    • Document-retention policy: Pass
    • CEO compensation review process: Pass
    • Other executive compensation review process: NotApplicable
    • Form 990 shared with the board: Fail
    • Board meeting minutes documented: Pass
    • Audit committee oversight: Pass
    • Independent financial-statement audit: Pass

Sustainability

  • Operating margin: 10.8%; rating input score 61; 61st percentile among comparable filings
  • Total-asset coverage ratio: 0.66; rating input score 30; 30th percentile among comparable filings
  • Liabilities to assets ratio: 0.06; rating input score 31; 31st percentile among comparable filings
  • Officer compensation ratio: 14.8%; rating input score 24; 24th percentile among comparable filings

Growth

  • Program expense growth: 3.6% per year; rating input score 100; 47th percentile among comparable filings
  • Revenue growth: 0.7% per year; rating input score 100; 27th percentile among comparable filings
  • Asset growth: 7.1% per year; rating input score 100; 56th percentile among comparable filings

Details

  • Where the money goes: 84.8% of revenue deployed · 94.9% of spending went to programs
  • Governance: 29 of 29 board members independent · 6 of 8 filing controls reported
  • Programs: 1 filed program accomplishment · $214K in reported program spending
  • Leadership: top reported pay $132K · 36 people listed
  • Consistency: 17 of 17 current checks pass
  • Schedules: 5 filed schedules · includes major donors
  • Filing history: 10 filing years from 2010 to 2024
  • Contacts: How to reach this organization
  • Related organizations: 1 filed related-organization link
  • 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 — Accountability: Governance controls: 2 of 8 not reported.
  • Moderate — Sustainability: Total-asset coverage ratio scored 30/100.
  • High — Sustainability: Officer compensation ratio scored 24/100.
  • Moderate — Sustainability: Liabilities to assets ratio scored 31/100.