Vadnais Heights Economic Development Corporation

Nonprofit profile at a glance

EIN
411524569
IRS 990 coverage
2017–2024
Forms available
Form 990 2024, Form 990-EZ 2016
Location
Vadnais Heights, MN, USA
Phone
6514859532
Rating
78
Verdict
SUPPORTED
Rating confidence
Moderate

Official website

Reported finances

Revenue
$128,365
Expenses
$111,839
Assets
$105,216
Liabilities
$0

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

Leadership & pay

20 people listed

Executive titles in this filing

  • MEGAN DOHMEN (VICE PRESIDENT)
  • KATIE SWENSON (PRESIDENT)
  • LIZ MOSCATELLI (EXECUTIVE DIRECTOR)

Highest reported compensation

  • LIZ MOSCATELLI (EXECUTIVE DIRECTOR): $66,600 total reported compensation

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

Overview

Mission

Our mission is to enhance economic development in the city of vadnais heights and the surrounding areas through the attraction, retention, and expansion of existing businesses and industries.

What it reported doing in 2024

The vhedc is a private, non-profit organization established to further economic development in the city of vadnais heights and the northeast metro area. Unlike most economic development agencies, the vhedc is independent of any governmental entity. The vhedc is comprised of local business leaders who are focused on creating new job opportunities retaining existing jobs, and expanding the tax base of our area. Businesses invest in the organization both with their financial commitment as well as service committees.

Operating model

Revenue model
Mixed. Its operating money came from several sources; no one source provided a clear majority.
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

SUPPORTED - A large share of available resources goes toward mission work and the filed numbers largely add up. Some filing-based governance responses are negative or unanswered and program spending has declined or grown slowly.

Rating breakdown

  • Financial Efficiency: 78
  • Transparency & Controls: 92
  • Accountability: 74
  • Sustainability: 52
  • Growth: 40

Detailed rating inputs

Financial Efficiency

  • Mission deployment rate: 83%; rating input score 83
  • Program expense ratio: 95.2%; rating input score 95
  • Fundraising efficiency: Limited

Transparency & Controls

  • Consistency checks: 100%; rating input score 100; 64th percentile among comparable filings
  • Pay-setting controls: Limited
  • 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; 63rd percentile among comparable filings
  • Governance controls: 3 of 8 controls in place; rating input score 38
    • 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: Fail
    • Board meeting minutes documented: Pass
    • Audit committee oversight: Missing
    • Independent financial-statement audit: Fail

Sustainability

  • Operating margin: 12.9%; rating input score 65; 65th percentile among comparable filings
  • Total-asset coverage ratio: 0.94; rating input score 39; 39th percentile among comparable filings
  • Liabilities to assets ratio: 0; rating input score 80; 80th percentile among comparable filings
  • Officer compensation ratio: 59.5%; rating input score 2; 2nd percentile among comparable filings

Growth

  • Program expense growth: -8.5% per year; rating input score 0; 12th percentile among comparable filings
  • Revenue growth: 8.7% per year; rating input score 100; 68th percentile among comparable filings
  • Asset growth: -1.8% per year; rating input score 0; 18th percentile among comparable filings

Details

  • Where the money goes: 83% of revenue deployed · 95.2% of spending went to programs
  • Governance: 19 of 19 board members independent · 3 of 8 filing controls reported
  • Programs: 1 filed program accomplishment · $107K in reported program spending
  • Leadership: top reported pay $67K · 20 people listed
  • Consistency: 16 of 16 current checks pass
  • Schedules: 3 filed schedules · includes major donors
  • Filing history: 8 filing years from 2017 to 2024
  • 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 — Accountability: Governance controls: 4 of 7 not reported.
  • High — Growth: Program expense growth scored 0/100.
  • High — Growth: Asset growth scored 0/100.
  • Moderate — Sustainability: Total-asset coverage ratio scored 39/100.
  • High — Sustainability: Officer compensation ratio scored 2/100.