Spencer Main Street Company

Nonprofit profile at a glance

EIN
421301066
IRS 990 coverage
2019–2025
Forms available
Form 990 2025, Form 990-EZ 2018
Location
Spencer, IA, USA
Phone
7122627246
Rating
61
Verdict
SUPPORTED
Rating confidence
Moderate
Sector
Community, Neighborhood Development

Reported finances

Revenue
$120,156
Expenses
$144,410
Assets
$259,052
Liabilities
$0

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

Leadership & pay

11 people listed

Executive titles in this filing

  • BRIANNA DEAN (PRESIDENT)

Highest reported compensation

  • NANCY NAEVE (DIRECTOR): $56,680 total reported compensation

Source: IRS Form 990. Selected filing: tax year 2025. Names and roles reflect this filing, not necessarily current officeholders.

Overview

Mission

To enhance spencer's main street district as a business, professional, and cultural center in northwest Iowa.

What it reported doing in 2025

Promoted downtown district with activities to increase the awareness of goods and services available.

Operating model

Revenue model
Earned-program. 82% of the money available for current operations came from fees and other program revenue.
Distribution model
Hybrid. The nonprofit split its reported program spending across 62% for direct work, and 38% for 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: 38
  • Transparency & Controls: 84
  • Accountability: 69
  • Sustainability: 31
  • Growth: 100

Detailed rating inputs

Financial Efficiency

  • Mission deployment rate: 44%; rating input score 44
  • Program expense ratio: 40.1%; rating input score 40
  • Fundraising efficiency: Limited

Transparency & Controls

  • Consistency checks: 93.3%; rating input score 93; 27th percentile among comparable filings
  • Pay-setting controls: Limited
  • Foreign activity oversight: Limited
  • Grant itemization coverage: 77.3%; rating input score 77; 50th 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: 2 of 8 controls in place; rating input score 25
    • Conflict-of-interest policy: Fail
    • Whistleblower policy: Fail
    • Document-retention policy: Fail
    • CEO compensation review process: NotApplicable
    • Other executive compensation review process: Fail
    • Form 990 shared with the board: Pass
    • Board meeting minutes documented: Pass
    • Audit committee oversight: Missing
    • Independent financial-statement audit: Fail

Sustainability

  • Operating margin: -20.2%; rating input score 11; 11th percentile among comparable filings
  • Total-asset coverage ratio: 1.79; rating input score 56; 56th percentile among comparable filings
  • Liabilities to assets ratio: 0; rating input score 77; 77th percentile among comparable filings
  • Officer compensation ratio: Limited

Growth

  • Program expense growth: 11% per year; rating input score 100; 70th percentile among comparable filings
  • Revenue growth: 6.9% per year; rating input score 100; 57th percentile among comparable filings
  • Asset growth: 9.5% per year; rating input score 100; 61st percentile among comparable filings

Details

  • Where the money goes: 44% of revenue deployed · 40.1% of spending went to programs
  • Governance: 10 of 10 board members independent · 2 of 8 filing controls reported
  • Programs: 1 filed program accomplishment · $58K in reported program spending
  • Leadership: top reported pay $57K · 11 people listed
  • Consistency: 24 of 25 current checks pass · 1 finding to review
  • Schedules: 6 filed schedules · includes major donors and grants
  • Filing history: 7 filing years from 2019 to 2025
  • Contacts: How to reach this organization
  • Money network: 3 filed money-flow records
  • Related organizations: 2 filed related-organization links
  • 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.

  • Moderate — Financial Efficiency: Mission deployment rate scored 44/100.
  • Moderate — Financial Efficiency: Program expense ratio scored 40/100.
  • High — Accountability: Governance controls: 5 of 7 not reported.
  • High — Sustainability: Operating margin scored 11/100.
  • Review — Sustainability: Total-asset coverage ratio scored 56/100.
  • Review — Transparency & Controls: Domestic grant itemization did not reconcile in the filed values.