Surplus Lines Association of Mn

Nonprofit profile at a glance

EIN
263613284
IRS 990 coverage
2010–2025
Forms available
Form 990 2025
Location
Mora, MN, USA
Phone
3206794244
Rating
76
Verdict
SUPPORTED
Rating confidence
Moderate
Sector
Chambers of Commerce & Business Leagues

Official website

Reported finances

Revenue
$750,220
Expenses
$352,116
Assets
$2,770,435
Liabilities
$25,127

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

Leadership & pay

8 people listed

Highest reported compensation

  • NICHOLAS SCHROEDER (EXECUTIVE DI): $143,450 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 educate, assist and advise over 1,450 member surplus lines licensees on surplus lines insurance procedures in the state of Minnesota.

What it reported doing in 2025

Receive, stamp and record all surplus lines insurance transactions subject to surplus lines tax in Minnesota. To educate and assist members on proper use of the surplus lines insurance marketplace in Minnesota and to report all surplus lines insurance transactions recorded to the Minnesota departments of commerce and revenue.

Operating model

Revenue model
Earned-program. 91% of the money available for current operations came from fees and other program revenue.
Distribution model
Direct operator. The filing allocates 83% 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 filed governance safeguards are in place. A relatively small share of available resources goes toward mission work and reported officer compensation is a large share of total spending, which may reflect staffing concentration.

Rating breakdown

  • Financial Efficiency: 57
  • Transparency & Controls: 93
  • Accountability: 83
  • Sustainability: 77
  • Growth: 100

Detailed rating inputs

Financial Efficiency

  • Mission deployment rate: 42.8%; rating input score 43
  • Program expense ratio: 100%; rating input score 100
  • 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: 100%; rating input score 100; 78th percentile among comparable filings
  • Major donor itemization: Limited
  • Related-party transparency: Limited

Accountability

  • Independent voting board: 71.4%; rating input score 71; 18th percentile among comparable filings
  • Governance controls: 8 of 8 controls in place; rating input score 100
    • 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: Pass
    • Independent financial-statement audit: Pass

Sustainability

  • Operating margin: 53.1%; rating input score 92; 92nd percentile among comparable filings
  • Total-asset coverage ratio: 7.87; rating input score 89; 89th percentile among comparable filings
  • Liabilities to assets ratio: 0.01; rating input score 61; 61st percentile among comparable filings
  • Officer compensation ratio: 40.7%; rating input score 4; 4th percentile among comparable filings

Growth

  • Program expense growth: 3.4% per year; rating input score 100; 29th percentile among comparable filings
  • Revenue growth: 3.9% per year; rating input score 100; 31st percentile among comparable filings
  • Asset growth: 6.8% per year; rating input score 100; 43rd percentile among comparable filings

Details

  • Where the money goes: 42.8% of revenue deployed · 100% of spending went to programs
  • Governance: 5 of 7 board members independent · 8 of 8 filing controls reported
  • Programs: 2 filed program accomplishments
  • Leadership: top reported pay $143K · 8 people listed
  • Consistency: 27 of 27 current checks pass
  • Schedules: 3 filed schedules · includes grants
  • Filing history: 16 filing years from 2010 to 2025
  • Contacts: How to reach this organization
  • Money network: 2 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.

  • Moderate — Financial Efficiency: Mission deployment rate scored 43/100.
  • High — Sustainability: Officer compensation ratio scored 4/100.