Sustainable Resources Center Inc

Nonprofit profile at a glance

EIN
411279468
IRS 990 coverage
2010–2025
Forms available
Form 990 2025
Location
Minneapolis, MN, USA
Phone
6128704255
Rating
83
Verdict
STRONG
Rating confidence
Moderate
Sector
Energy Resources Conservation and Development

Official website

Reported finances

Revenue
$14,067,839
Expenses
$13,566,587
Assets
$5,702,180
Liabilities
$1,575,902

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

Leadership & pay

8 people listed

Executive titles in this filing

  • Joseph Norgaarden (Executive Director)

Highest reported compensation

  • Joseph Norgaarden (Executive Director): $266,485 total reported compensation
  • Daniel Roberts (Energy Programs Director): $140,828 total reported compensation

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

Overview

Mission

SRC is committed to making homes healthy, safe and energy efficient for low-income residents of Minnesota. For over 45 years, SRC has specialized in weatherization, lead poisoning prevention and healthy homes assessments, and training. SRC focuses on retrofitting homes to improve the indoor living environment. Energy efficiency programs make the home more affordable by reducing the amount of energy required to heat and cool the structure. Healthy Homes programs remove health risks such as lead paint, radon, mold, etc. SRC also conducts community outreach, provides educational training, and tests children for lead poisoning.

What it reported doing in 2025

Weatherization: SRC executes the U.S. Department of Energy's Weatherization Assistance Program administered through the Minnesota Department of Commerce. The program reduces energy costs for low-income individuals by increasing the energy efficiency of their homes while ensuring the health and safety of occupants. SRC serves the residents of Hennepin County and is the state's largest provider. SRC conducts energy audits, prepares work specifications, oversees contractors and inspects completed jobs. Work includes adding wall and attic insulation, sealing air leaks, replacing inefficient furnaces and addressing health and safety concerns such as inadequate ventilation, excessive moisture, combustion safety and smoke and CO detectors. SRC holds contracts with energy utility companies to conduct similar work for the utilities' low-income customers.

Operating model

Revenue model
Earned-program. 70% of the money available for current operations came from fees and other program revenue.
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

STRONG - A large share of available resources goes toward mission work and the filed numbers largely add up. Expenses are high relative to revenue and total assets are small relative to annual expenses; liquid coverage is unknown.

Rating breakdown

  • Financial Efficiency: 82
  • Transparency & Controls: 79
  • Accountability: 100
  • Sustainability: 35
  • Growth: 100

Detailed rating inputs

Financial Efficiency

  • Mission deployment rate: 91.2%; rating input score 91
  • Program expense ratio: 94.5%; rating input score 95
  • Fundraising efficiency: Limited

Transparency & Controls

  • Consistency checks: 100%; rating input score 100; 64th percentile among comparable filings
  • Pay-setting controls: 2 of 6 controls in place; rating input score 33
    • Compensation committee: Missing
    • Independent consultant: Missing
    • Other Form 990s reviewed: Missing
    • Written employment contract: Missing
    • Compensation survey or study: Pass
    • Board or committee approval: Pass
  • 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; 64th 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: 3.6%; rating input score 39; 39th percentile among comparable filings
  • Total-asset coverage ratio: 0.42; rating input score 10; 10th percentile among comparable filings
  • Liabilities to assets ratio: 0.28; rating input score 43; 43rd percentile among comparable filings
  • Officer compensation ratio: 3%; rating input score 73; 73rd percentile among comparable filings

Growth

  • Program expense growth: 9.8% per year; rating input score 100; 66th percentile among comparable filings
  • Revenue growth: 6.5% per year; rating input score 100; 53rd percentile among comparable filings
  • Asset growth: 13.7% per year; rating input score 100; 79th percentile among comparable filings

Details

  • Where the money goes: 91.2% of revenue deployed · 94.5% of spending went to programs
  • Governance: 6 of 6 board members independent · 8 of 8 filing controls reported
  • Programs: 2 filed program accomplishments · $12.8M in reported program spending
  • Leadership: top reported pay $266K · 8 people listed · 2 of 6 pay-setting controls reported
  • Highest-paid contractors: 4 contractors listed · $2.3M reported
  • Consistency: 29 of 29 current checks pass
  • Schedules: 6 filed schedules · includes major donors and executive pay
  • Filing history: 16 filing years from 2010 to 2025
  • Contacts: How to reach this organization
  • Money network: 2 filed money-flow records
  • 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.

  • Moderate — Sustainability: Operating margin scored 39/100.
  • High — Sustainability: Total-asset coverage ratio scored 10/100.
  • Moderate — Sustainability: Liabilities to assets ratio scored 43/100.