Waseca Area Foundation

Nonprofit profile at a glance

EIN
843923114
IRS 990 coverage
2022–2024
Forms available
Form 990 2024, Form 990-N 2021
Location
Waseca, MN, USA
Phone
5078355990
Rating
85
Verdict
STRONG
Rating confidence
Moderate

Reported finances

Revenue
$449,927
Expenses
$348,176
Assets
$2,730,996
Liabilities
$350

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

Leadership & pay

21 people listed

Highest reported compensation

  • AMY POTTER (Executive Dir.): $36,000 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 provide an opportunity for groups or individuals to leave a legacy through contributions which build a permanent community fund committed to meeting the changing needs of the Waseca area.

Operating model

Revenue model
Donor-supported. 88% of the money available for current operations came from contributions and gifts.
Distribution model
Grant intermediary. The nonprofit sent 78% of its reported program spending out as grants.

The verdict

STRONG - 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 reported officer compensation is a large share of total spending, which may reflect staffing concentration.

Rating breakdown

  • Financial Efficiency: 77
  • Transparency & Controls: 93
  • Accountability: 88
  • Sustainability: 71
  • Growth: 100

Detailed rating inputs

Financial Efficiency

  • Mission deployment rate: 79.3%; rating input score 79
  • Program expense ratio: 99%; rating input score 99
  • 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: 100%; rating input score 100; 80th percentile among comparable filings
  • Major donor itemization: Limited
  • Related-party transparency: Limited

Accountability

  • Independent voting board: 96.8%; rating input score 97; 26th percentile among comparable filings
  • Governance controls: 6 of 8 controls in place; rating input score 75
    • 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: Missing
    • Independent financial-statement audit: Fail

Sustainability

  • Operating margin: 22.6%; rating input score 76; 76th percentile among comparable filings
  • Total-asset coverage ratio: 7.84; rating input score 86; 86th percentile among comparable filings
  • Liabilities to assets ratio: 0; rating input score 59; 59th percentile among comparable filings
  • Officer compensation ratio: 10.3%; rating input score 29; 29th percentile among comparable filings

Growth

  • Program expense growth: 4.5% per year; rating input score 100; 51st percentile among comparable filings
  • Revenue growth: 16.9% per year; rating input score 100; 85th percentile among comparable filings
  • Asset growth: 112.4% per year; rating input score 100; 99th percentile among comparable filings

Details

  • Where the money goes: 79.3% of revenue deployed · 99% of spending went to programs
  • Governance: 30 of 31 board members independent · 6 of 8 filing controls reported
  • Programs: 1 filed program accomplishment · $345K in reported program spending
  • Leadership: top reported pay $36K · 21 people listed
  • Consistency: 27 of 27 current checks pass
  • Schedules: 4 filed schedules · includes grants
  • Filing history: 3 filing years from 2022 to 2024
  • Contacts: How to reach this organization
  • Money network: 2 filed money-flow records
  • Related organizations: Filed and resolved organization relationships.
  • 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.

  • Review — Accountability: Governance controls: Independent financial-statement audit not reported.
  • High — Sustainability: Officer compensation ratio scored 29/100.
  • Review — Sustainability: Liabilities to assets ratio scored 59/100.