True Friends Foundation

Nonprofit profile at a glance

EIN
411645512
IRS 990 coverage
2013–2024
Forms available
Form 990 2024
Location
Annandale, MN, USA
Phone
9528520101
Rating
78
Verdict
SUPPORTED
Rating confidence
Moderate
Sector
Camps

Official website

Reported finances

Revenue
$1,638,211
Expenses
$635,718
Assets
$27,077,501
Liabilities
$47,326

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

Leadership & pay

13 people listed

Executive titles in this filing

  • JOHN LEBLANC (PRESIDENT & CEO)

Highest reported compensation

  • JOHN LEBLANC (PRESIDENT & CEO): $169,800 total reported compensation

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

Overview

Mission

To raise money by building strong relationships with individuals, by providing products and services that make it easy to give and by prudent investment of endowment funds.

What it reported doing in 2024

This foundation is organized exclusively for the benefit of true friends, a Minnesota corporation, and to these ends to take hold by bequest, devise, gift, grant, purchase, lease or otherwise any property, real or personal, tangible or intangible and to sell, convey or otherwise dispose of such property and invest, reinvest or deal with such property in a manner which promotes the purposes herein mentioned.

Operating model

Revenue model
Donor-supported. 69% of the money available for current operations came from contributions and gifts.
Distribution model
Grant intermediary. The nonprofit sent 100% of its reported program spending out as grants.

The verdict

SUPPORTED - A large share of available resources goes toward mission work and the filed numbers largely add up. Few specific pay-setting methods are documented in the filing; unanswered boxes are not proof of absence and fundraising costs are high for each dollar raised.

Rating breakdown

  • Financial Efficiency: 80
  • Transparency & Controls: 71
  • Accountability: 90
  • Sustainability: 83
  • Growth: 60

Detailed rating inputs

Financial Efficiency

  • Mission deployment rate: 82.5%; rating input score 82
  • Program expense ratio: 90.6%; rating input score 91
  • Fundraising efficiency: $8.9 raised per $1 spent on fundraising; rating input score 34; 34th percentile among comparable filings

Transparency & Controls

  • Consistency checks: 100%; rating input score 100; 63rd percentile among comparable filings
  • Pay-setting controls: 0 of 6 controls in place; rating input score 0
    • Compensation committee: Missing
    • Independent consultant: Missing
    • Other Form 990s reviewed: Missing
    • Written employment contract: Missing
    • Compensation survey or study: Missing
    • Board or committee approval: Missing
  • Foreign activity oversight: Limited
  • Grant itemization coverage: 100%; rating input score 100; 76th 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: 6 of 8 controls in place; rating input score 75
    • Conflict-of-interest policy: Pass
    • Whistleblower policy: Fail
    • Document-retention policy: Fail
    • 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: 61.2%; rating input score 95; 95th percentile among comparable filings
  • Total-asset coverage ratio: 42.59; rating input score 99; 99th percentile among comparable filings
  • Liabilities to assets ratio: 0; rating input score 78; 78th percentile among comparable filings
  • Officer compensation ratio: Limited

Growth

  • Program expense growth: -3.3% per year; rating input score 0; 10th percentile among comparable filings
  • Revenue growth: 1% per year; rating input score 100; 19th percentile among comparable filings
  • Asset growth: 10.9% per year; rating input score 100; 62nd percentile among comparable filings

Details

  • Where the money goes: 82.5% of revenue deployed · 90.6% of spending went to programs
  • Governance: 13 of 13 board members independent · 6 of 8 filing controls reported
  • Programs: 1 filed program accomplishment · $576K in reported program spending
  • Leadership: top reported pay $170K · 13 people listed · 0 of 6 pay-setting controls reported
  • Consistency: 14 of 14 current checks pass
  • Schedules: 7 filed schedules · includes major donors, grants, and executive pay
  • Filing history: 11 filing years from 2013 to 2024
  • Contacts: How to reach this organization
  • Money network: 1 filed money-flow record
  • 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.

  • High — Transparency & Controls: Pay-setting controls scored 0/100.
  • Moderate — Financial Efficiency: Fundraising efficiency scored 34/100.
  • Review — Accountability: Governance controls: 2 of 8 not reported.
  • High — Growth: Program expense growth scored 0/100.