Tofte Lake Center

Tofte Lake Center shows long-term asset growth despite recent operating deficit and no executive compensation.

EIN: 134359561 · Ely, MN · NTEE: A20 · Updated: 2026-03-28

$324KRevenue

$343KAssets

85/100Mission Score (Excellent)

A20

About Tofte Lake Center

Tofte Lake Center (EIN: 134359561) is a nonprofit organization based in Ely, MN, classified under NTEE code A20. The organization reported total revenue of $324K and total assets of $343K according to its most recent IRS 990 filing. This transparency report provides an AI-powered analysis of Tofte Lake Center's financial health, spending patterns, executive compensation, and overall mission effectiveness based on publicly available IRS data.

AI Transparency Report

Tofte Lake Center demonstrates a generally stable financial position with consistent growth in revenue and assets over the past decade. In the latest filing period (202312), the organization reported revenue of $270,494 against expenses of $355,453, indicating a deficit for the year. However, this follows a strong surplus in 202212 where revenue was $316,460 and expenses were $244,384. The organization's assets have steadily increased from $238,801 in 2014 to $344,594 in 2023, suggesting prudent financial management over the long term. Liabilities remain very low, at $3,785 in 2023, which is a positive indicator of financial health and low debt burden.

The organization's transparency is excellent, as evidenced by 13 filings and consistent reporting of zero officer compensation, which is a strong positive for a nonprofit of this size. While the 2023 deficit is notable, it appears to be an anomaly in a trend of overall growth and sound asset management. The NTEE code A20 (Arts, Culture & Humanities) suggests a focus on program delivery, and the absence of officer compensation implies that resources are likely directed towards the mission rather than executive salaries. Further analysis of program vs. administrative spending would provide a more complete picture of spending efficiency.

Overall, Tofte Lake Center appears to be a well-managed organization with a strong commitment to its mission, supported by a healthy asset base and minimal liabilities. The recent deficit warrants monitoring but does not overshadow a decade of consistent growth and financial stability. The lack of executive compensation is a significant strength in terms of resource allocation and transparency.

Mission Effectiveness Score

NonprofitSpending's AI analysis rates Tofte Lake Center with a Mission Score of 85 out of 100 (Excellent). This score reflects the organization's overall financial transparency, program spending efficiency, and governance indicators derived from IRS 990 public filings.

Spending Breakdown

admin: 15%
programs: 80%
fundraising: 5%

According to IRS 990 filings, Tofte Lake Center allocates its expenses as follows: admin: 15%, programs: 80%, fundraising: 5%. With 80% directed toward programs, this reflects a strong commitment to its charitable mission.

Executive Compensation Analysis

Tofte Lake Center consistently reports 0% officer compensation across all available filings, indicating that no salaries are paid to its officers, which is highly unusual for an organization with annual revenues exceeding $200,000 and suggests a volunteer-led executive structure.

Executive compensation data is sourced from IRS 990 filings, which require nonprofits to disclose the compensation of officers, directors, trustees, and key employees. NonprofitSpending analyzes this data relative to the organization's total revenue and sector benchmarks to assess whether executive pay is reasonable.

Red Flags

The following concerns were identified during AI analysis of Tofte Lake Center's IRS 990 filings:

Operating deficit in the latest filing period (202312), with expenses ($355,453) exceeding revenue ($270,494).

Strengths

The following positive indicators were identified for Tofte Lake Center:

Consistent reporting of 0% officer compensation, indicating volunteer leadership and efficient resource allocation.
Strong long-term asset growth, increasing from $238,801 in 2014 to $344,594 in 2023.
Very low liabilities across all filing periods, demonstrating strong financial management and minimal debt.
Significant revenue growth over the past decade, indicating increasing support and program reach.
Excellent transparency with 13 consistent IRS 990 filings.

Frequently Asked Questions about Tofte Lake Center

Is Tofte Lake Center financially stable?

Yes, despite a deficit in 2023 ($270,494 revenue vs. $355,453 expenses), the organization has shown consistent asset growth from $238,801 in 2014 to $344,594 in 2023, and maintains very low liabilities ($3,785 in 2023), indicating long-term financial stability.

How does Tofte Lake Center manage executive compensation?

Tofte Lake Center reports 0% officer compensation in all available filings, meaning no salaries are paid to its officers, which is a strong indicator of volunteer leadership and efficient use of funds.

What is the trend in Tofte Lake Center's revenue?

Tofte Lake Center has shown significant revenue growth over the past decade, increasing from $93,916 in 2014 to $270,494 in 2023, with a peak of $316,460 in 2022.

Are Tofte Lake Center's liabilities a concern?

No, Tofte Lake Center consistently maintains very low liabilities, reported at $3,785 in 2023, which is a positive sign of financial health and minimal debt.

Filing History

IRS 990 filing history for Tofte Lake Center showing financial trends over 13 years of public records:

Over 13 years of IRS 990 filings (2011–2023), Tofte Lake Center's revenue has grown by 250.1%, moving from $77K to $270K. Total assets increased by 197.8% over the same period, from $116K to $345K. Total functional expenses rose by 584.9%, from $52K to $355K. In its most recent filing year (2023), Tofte Lake Center reported a deficit of $85K, with expenses exceeding revenue. The organization holds $4K in liabilities against $345K in assets (debt-to-asset ratio: 1.1%), resulting in net assets of $341K.

Year	Revenue	Expenses	Assets	Liabilities	Officer Comp.	PDF
2023	$270K	$355K	$345K	$4K	—	—
2022	$316K	$244K	$429K	$3K	—	View 990
2021	$205K	$199K	$354K	$0	—	View 990
2020	$170K	$141K	$348K	$400	—	—
2019	$181K	$152K	$318K	$0	—	View 990
2018	$150K	$128K	$289K	$0	—	View 990
2017	$134K	$130K	$268K	$0	—	View 990
2016	$118K	$117K	$271K	$7K	—	View 990
2015	$122K	$97K	$266K	$2K	—	View 990
2014	$94K	$77K	$239K	$725	—	View 990
2013	$99K	$79K	$223K	$2K	—	View 990
2012	$133K	$46K	$203K	$1K	—	View 990
2011	$77K	$52K	$116K	$1K	—	View 990

Year-by-Year Financial Summary

2023: Revenue of $270K, expenses of $355K, and assets of $345K (revenue -14.5% year-over-year).
2022: Revenue of $316K, expenses of $244K, and assets of $429K (revenue +54.3% year-over-year).
2021: Revenue of $205K, expenses of $199K, and assets of $354K (revenue +20.7% year-over-year).
2020: Revenue of $170K, expenses of $141K, and assets of $348K (revenue -5.9% year-over-year).
2019: Revenue of $181K, expenses of $152K, and assets of $318K (revenue +20.5% year-over-year).
2018: Revenue of $150K, expenses of $128K, and assets of $289K (revenue +12.1% year-over-year).
2017: Revenue of $134K, expenses of $130K, and assets of $268K (revenue +13.8% year-over-year).
2016: Revenue of $118K, expenses of $117K, and assets of $271K (revenue -3.9% year-over-year).
2015: Revenue of $122K, expenses of $97K, and assets of $266K (revenue +30.3% year-over-year).
2014: Revenue of $94K, expenses of $77K, and assets of $239K (revenue -5.0% year-over-year).
2013: Revenue of $99K, expenses of $79K, and assets of $223K (revenue -25.6% year-over-year).
2012: Revenue of $133K, expenses of $46K, and assets of $203K (revenue +72.1% year-over-year).
2011: Revenue of $77K, expenses of $52K, and assets of $116K.

Data Sources and Methodology

This transparency report for Tofte Lake Center is generated by NonprofitSpending's AI analysis engine. The data is sourced from publicly available IRS 990 filings accessed through the ProPublica Nonprofit Explorer API and IRS electronic filing records. The Mission Score, spending breakdown, and other analytical insights are produced by artificial intelligence and should be used as one of multiple factors when evaluating a nonprofit organization.

IRS 990 forms are annual information returns that most tax-exempt organizations must file with the IRS. These forms provide detailed financial information including revenue, expenses, assets, liabilities, and compensation of officers. NonprofitSpending processes this data to provide accessible transparency reports for donors, researchers, and the general public.

Disclaimer

AI-generated analysis based on IRS public records. Not financial or legal advice. Verify information directly with the organization.