Spencer Chamber of Commerce Foundation

Nonprofit profile at a glance

EIN
823499924
IRS 990 coverage
2023–2024
Forms available
Form 990 2024, Form 990-N 2022
Location
Spencer, IA, USA
Phone
7122625680
Rating
78
Verdict
SUPPORTED
Rating confidence
Moderate
Sector
Fund Raising and Fund Distribution

Reported finances

Revenue
$742,262
Expenses
$556,020
Assets
$742,163
Liabilities
$585

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

Leadership & pay

5 people listed

People named in this filing

  • SHERIFFA JONES (Executive Dir.)
  • RODNEY MEENDERING (Treasurer)
  • ALISON SIMPSON (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

Support and fund community projects for civic, charitable, educational, and cultural groups. Help the Spencer community grow and do more activities. Provide services to the community without making money, like teaching and science projects. Help businesses in Spencer grow and succeed.

What it reported doing in 2024

Community Development- Promoting Spencer outside of its city boundary by promoting our area to visitors and encouraging them to consider Spencer for their next convention or meeting destination as well as exploring the many attractions and cultural activities of Spencer and Clay County.

Operating model

Revenue model
Mixed. Its operating money came from several sources; no one source provided a clear majority.
Distribution model
Hybrid. The nonprofit split its reported program spending across 48% for direct work, and 52% for grants.

The verdict

SUPPORTED - The filed numbers largely add up and a large share of available resources goes toward mission work. Some filing-based governance responses are negative or unanswered and some filed totals do not add up.

Rating breakdown

  • Financial Efficiency: 66
  • Transparency & Controls: 88
  • Accountability: 82
  • Sustainability: 72
  • Growth: 100

Detailed rating inputs

Financial Efficiency

  • Mission deployment rate: 66.5%; rating input score 66
  • Program expense ratio: 88.6%; rating input score 89
  • Fundraising efficiency: Limited

Transparency & Controls

  • Consistency checks: 91.7%; rating input score 92; 12th percentile among comparable filings
  • Pay-setting controls: Limited
  • Foreign activity oversight: Limited
  • Grant itemization coverage: 100%; rating input score 100; 76th percentile among comparable filings
  • Major donor itemization: Limited
  • Related-party transparency: Limited

Accountability

  • Independent voting board: 100%; rating input score 100; 63rd percentile among comparable filings
  • Governance controls: 4 of 7 controls in place; rating input score 57
    • 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: Fail
    • Audit committee oversight: Missing
    • Independent financial-statement audit: Fail

Sustainability

  • Operating margin: 25.1%; rating input score 81; 81st percentile among comparable filings
  • Total-asset coverage ratio: 1.33; rating input score 52; 52nd percentile among comparable filings
  • Liabilities to assets ratio: 0; rating input score 80; 80th percentile among comparable filings
  • Officer compensation ratio: 0%; rating input score 81; 81st percentile among comparable filings

Growth

  • Program expense growth: 49% per year; rating input score 100; 95th percentile among comparable filings
  • Revenue growth: 18.3% per year; rating input score 100; 83rd percentile among comparable filings
  • Asset growth: 66.3% per year; rating input score 100; 98th percentile among comparable filings

Details

  • Where the money goes: 66.5% of revenue deployed · 88.6% of spending went to programs
  • Governance: 5 of 5 board members independent · 4 of 7 filing controls reported
  • Programs: 16 filed program accomplishments · $493K in reported program spending
  • Leadership: top reported pay $0 · 5 people listed
  • Consistency: 24 of 25 current checks pass · 1 finding to review
  • Schedules: 4 filed schedules · includes grants
  • Filing history: 2 filing years from 2023 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.

  • Review — Accountability: Governance controls: 2 of 6 not reported.
  • Moderate — Transparency & Controls: Schedule A contributions reconciliation did not reconcile in the filed values.
  • Review — Sustainability: Total-asset coverage ratio scored 52/100.