The Chamber Foundation

Nonprofit profile at a glance

EIN
815479845
IRS 990 coverage
2021–2024
Forms available
Form 990 2024, Form 990-N 2019
Location
Fargo, ND, USA
Phone
7013653440
Rating
78
Verdict
SUPPORTED
Rating confidence
Moderate
Sector
Economic Development

Official website

Reported finances

Revenue
$869,698
Expenses
$960,957
Assets
$824,907
Liabilities
$535,589

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

Leadership & pay

10 people listed

Executive titles in this filing

  • NICOLE MELAND (VICE PRESIDENT)
  • KATHERINE GRINDBERG (EXECUTIVE VICE PRESIDENT)

Highest reported compensation

  • SHANNON FULL (SECRETARY): $350,957 total reported compensation
  • JENNA MUELLER (FORMER OFFICER): $148,299 total reported compensation
  • KATHERINE GRINDBERG (EXECUTIVE VICE PRESIDENT): $144,922 total reported compensation

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

Overview

Mission

The chamber foundation is a catalyst for strengthening the regional workforce ecosystem. We activate community partners to engage in innovative approaches to solving the region's pressing issues. Our focus lies in acclimation, development, and retention.

What it reported doing in 2024

The chamber foundation's ignite initiative is our region's driving force in building a resilient and inclusive workforce. Attracting exceptional talent, fostering seamless acclimation, nurturing continuous development and ensuring steadfast retention are the pillars that lead to workforce growth and prosperity. Our workforce approach involves collaboration and partnership while working on various critical initiatives with a diverse set of organizations and communities. The ignite initiative has a variety of innovative programs that address important workforce challenges, promote economic growth and enhance the community's well-being.the community concierge program fosters stronger connections within the vibrant communities of fargo, moorhead and west fargo. This initiative is designed to create a supportive network that transcends geographical boundaries, allowing individuals to share experiences, build meaningful friendships, and cultivate valuable connections that last a lifetime. The program also provides invaluable support to employers during their recruitment and onboarding process. Ignitefmwf is an online platform that integrates job recruitment, skill building and career navigation into one collaborative resource. It aims to empower the community by connecting people with opportunities and resources for career growth and success. The platform offers personalized learning pathways, enabling users to explore new careers and improve their skill set.

Operating model

Revenue model
Grant-funded. 95% of the money available for current operations came from government grants.
Distribution model
Direct operator. The filing allocates 85% 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 - A large share of available resources goes toward mission work and the filed numbers largely add up. Expenses are high relative to revenue and some filing-based governance responses are negative or unanswered.

Rating breakdown

  • Financial Efficiency: 79
  • Transparency & Controls: 72
  • Accountability: 95
  • Sustainability: 26
  • Growth: 100

Detailed rating inputs

Financial Efficiency

  • Mission deployment rate: 91.8%; rating input score 92
  • Program expense ratio: 83.1%; rating input score 83
  • Fundraising efficiency: Limited

Transparency & Controls

  • Consistency checks: 92.9%; rating input score 93; 19th percentile among comparable filings
  • Pay-setting controls: 1 of 6 controls in place; rating input score 17
    • Compensation committee: Missing
    • Independent consultant: Missing
    • Other Form 990s reviewed: Missing
    • Written employment contract: Missing
    • Compensation survey or study: Missing
    • Board or committee approval: Pass
  • Foreign activity oversight: Limited
  • Grant itemization coverage: 95.1%; rating input score 95; 42nd 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; 63rd percentile among comparable filings
  • Governance controls: 8 of 9 controls in place; rating input score 89
    • Conflict-of-interest policy: Pass
    • Whistleblower policy: Pass
    • Document-retention policy: Pass
    • CEO compensation review process: Pass
    • Other executive compensation review process: Fail
    • Form 990 shared with the board: Pass
    • Board meeting minutes documented: Pass
    • Audit committee oversight: Pass
    • Independent financial-statement audit: Pass

Sustainability

  • Operating margin: -10.5%; rating input score 16; 16th percentile among comparable filings
  • Total-asset coverage ratio: 0.86; rating input score 38; 38th percentile among comparable filings
  • Liabilities to assets ratio: 0.65; rating input score 12; 12th percentile among comparable filings
  • Officer compensation ratio: 7.4%; rating input score 46; 46th percentile among comparable filings

Growth

  • Program expense growth: 21.5% per year; rating input score 100; 84th percentile among comparable filings
  • Revenue growth: 16.4% per year; rating input score 100; 81st percentile among comparable filings
  • Asset growth: 29.2% per year; rating input score 100; 90th percentile among comparable filings

Details

  • Where the money goes: 91.8% of revenue deployed · 83.1% of spending went to programs
  • Governance: 6 of 6 board members independent · 8 of 9 filing controls reported
  • Programs: 1 filed program accomplishment · $798K in reported program spending
  • Leadership: top reported pay $351K · 10 people listed · 1 of 6 pay-setting controls reported
  • Consistency: 21 of 22 current checks pass · 1 finding to review
  • Schedules: 7 filed schedules · includes major donors, grants, and executive pay
  • Filing history: 4 filing years from 2021 to 2024
  • Contacts: How to reach this organization
  • Money network: 3 filed money-flow records
  • Related organizations: 4 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.

  • High — Sustainability: Operating margin scored 16/100.
  • Review — Accountability: Governance controls: Other executive compensation review process not reported.
  • Moderate — Sustainability: Total-asset coverage ratio scored 38/100.
  • Review — Transparency & Controls: Domestic grant itemization did not reconcile in the filed values.
  • High — Sustainability: Liabilities to assets ratio scored 12/100.
  • Moderate — Sustainability: Officer compensation ratio scored 46/100.