Overview
What is Lake Region Arts Council?
Lake Region Arts Council is a nonprofit organization situated in Fergus Falls, Minnesota. With a team of three dedicated individuals, their primary objective is to stimulate and uphold the artistic vibrancy in west central Minnesota. They accomplish this by distributing grants to various arts organizations, individual artists, schools, and other entities to organize and sponsor artistic events. Additionally, they produce and circulate a newsletter for individuals and organizations, maintain an artist registry referral service, and offer supportive services. The council also keeps up a website and conducts workshops to further promote artistic endeavors in the region.
Official website here: www.lrac4.org/
What are the reviews and ratings of this charity?
Charity Navigator Rating: 90% (Four-Star out of Four Stars)
The Lake Region Arts Council has achieved a strong rating of 90%, reflecting its commitment to accountability and transparency. This rating is significant as it indicates the organization's reliability in managing funds and resources, with a perfect score for having an independent board and robust oversight mechanisms in place. The council's financial statements are thoroughly audited, and they have successfully avoided any material diversion of assets.
Strengths highlighted include a high program expense ratio of 96.49%, which suggests that a large portion of their expenditures is directed towards fulfilling their mission. The organization has established clear policies regarding conflict of interest, whistleblower protection, and document retention, which further reinforces its dedication to ethical practices. The independent board consists of 15 members, contributing to a well-governed governance structure.
However, the organization's liabilities to assets ratio stands at 57.59%, which indicates some financial risk that may need monitoring. While the council exhibits strong financial health in many areas, stakeholders may want to keep an eye on this aspect to ensure sustainable operations in the long term. Overall, the Lake Region Arts Council appears to be a well-managed nonprofit dedicated to supporting the arts in its community.
This AI summary has been generated from information found on Charity Navigator.
Is Lake Region Arts Council legitimate?
Lake Region Arts Council is a legitimate nonprofit organization registered as a 501(c)(3) entity. Lake Region Arts Council submitted a form 990, which is a tax form used by tax-exempt organizations in the U.S., indicating its operational transparency and adherence to regulatory requirements. Donations to this organization are tax deductible.
Heare are some key statistics you may want to consider:
Executive Compensation: $188,131
Professional Fundraising Fees: $0
Other Salaries and Wages: $0
For more financial information, click here
Official website here: www.lrac4.org/
What is the mission statement of Lake Region Arts Council?
The Lake Region Arts Council's mission is centered around fostering and bolstering the artistic scene in West Central Minnesota. To accomplish this, they distribute grants to various arts organizations, individual artists, schools, and other entities to facilitate the production and sponsorship of arts events. Additionally, they publish a newsletter for both individuals and organizations, maintain an artist registry to provide referral services, and offer supportive services to the arts community. Furthermore, they manage a website and conduct workshops to engage and educate the public about the arts.
Official website here: www.lrac4.org/
Who is the CEO of Lake Region Arts Council?
Maxine Adams is the Executive Director of Lake Region Arts Council.
Official website here: www.lrac4.org/
What is the revenue of Lake Region Arts Council?
Lake Region Arts Council's revenue in 2023 was $829,235.
Official website here: www.lrac4.org/
Who are the executives of Lake Region Arts Council and what are their salaries?
The average compensation at Lake Region Arts Council during 2023 was $62,710. There are 3 employees at Lake Region Arts Council.
Here are 3 key members and their salaries:
- Compensation: $88,595
- Related: $0
- Other: $0
- Compensation: $51,511
- Related: $0
- Other: $0
- Compensation: $48,024
- Related: $0
- Other: $0
Official website here: www.lrac4.org/
Where can I find the form 990 for Lake Region Arts Council?
Lake Region Arts Council's most recent form 990 was submitted in 2023 and can be accessed here.
Official website here: www.lrac4.org/
Learn more at the official website: www.lrac4.org/
Mission Statement of Lake Region Arts Council
Lake Region Arts Council, a nonprofit organization, is dedicated to fostering and promoting the vitality of the arts in West Central Minnesota. Their mission is twofold: to encourage artistic expression and to provide support to various arts organizations, individual artists, schools, and other entities in the region. They accomplish this by distributing grants to fund arts events and sponsorships, publishing a newsletter for both individuals and organizations, maintaining an artist registry and referral service, and offering workshops and support services. By carrying out these activities, Lake Region Arts Council plays a crucial role in nurturing the artistic community in West Central Minnesota, ensuring that the arts remain a vibrant and vital part of the region's cultural fabric.
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Impact
July, 2024
Lake Region Arts Council plays a significant role in fostering the vitality of the arts in West Central Minnesota. Through its grant distribution program, the council provides financial support to arts organizations, individual artists, schools, and other entities to produce and sponsor various arts events. Additionally, the council publishes a print newsletter for individuals and organizations, maintains an artist registry referral service, offers support services, and conducts workshops to further enhance the artistic community in the region. The impact of Lake Region Arts Council extends beyond mere financial assistance, as it actively contributes to the growth and development of the arts sector in the local community.
This information is meant to be a general summary of Lake Region Arts Council. Please take the time to review official sources before making any decisions based upon the content provided here.
Financials
This financial information is from Propublica.
Other financial information:
This information is from the most recently submitted tax form from this organization, which was in 2023.
- Investment Income: $272
- Gross Receipts: $829,235
Assets and Liabilities:
- Total Assets: $167,913
- Total Liabilities: $96,704
- Net Assets: $71,209
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Organization Details
Founding Year
1982
Phone
(218) 739-5780Principal Officer
Maxine Adams
Main Address
133 SOUTH MILL STREET, FERGUS FALLS, MN, 56537
Website
www.lrac4.org/NTEE Category
Code: A26Z - Arts
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