IRONWORLD DEVELOPMENT CORPORATION

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Financial Vulnerability Assessment (Tuckman-Chang)

4 risk indicators measuring financial stability and operational resilience

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Financial Trends

Organization Details

Formation Year

2005

Legal Domicile

Principal Officer

CHAR CONGER

Phone

2182547959

Tax Period

2024-07-01 to 2025-06-30

IRONWORLD DEVELOPMENT CORPORATION, founded in 2005, is a community nonprofit in the Education sector that reported $4.5M in total revenue in fiscal year 2024. Revenue grew 14% year-over-year, indicating healthy expansion. The organization ran a surplus of $946K, a strong 21% operating margin.

Mission

WE BRING THE MINNESOTA IRON RANGE STORIES TO LIFE - PAST, PRESENT, AND FUTURE.

Program Service Accomplishments

Program 1

Expenses: $1,067,480 Revenue: $149,116

MUSEUM & RESEARCH: THE MUSEUM AND RESEARCH LIBRARY PROVIDES AN EDUCATIONAL EXPERIENCE TO OUR PATRONS. THIS EXPERIENCE IS THROUGH EXHIBITION, RESEARCH, LECTURES AND TOURS. OTHER EDUCATIONAL PROGRAMS ARE OFFERED TO OUR PATRONS BASED ON VARIOUS EXHIBITS AND EVENTS. THESE EXPENSES ALSO INCLUDE ADMINISTRATIVE COSTS.

Program 2

Expenses: $1,043,367

VISITOR SERVICES: THE VISITOR SERVICES EXPENSE IS USED TO PROVIDE PROGRAMMING IN SUPPORT OF OUR CULTURAL AND EDUCATIONAL MISSION. FUNDS ARE USED TO PAY STAFF, PERFORMERS, LICENSING AGREEMENTS, AND...

VISITOR SERVICES: THE VISITOR SERVICES EXPENSE IS USED TO PROVIDE PROGRAMMING IN SUPPORT OF OUR CULTURAL AND EDUCATIONAL MISSION. FUNDS ARE USED TO PAY STAFF, PERFORMERS, LICENSING AGREEMENTS, AND OTHER LIKE EXPENSES.

Program 3

Expenses: $858,731

BUILDINGS & GROUNDS: IN GENERAL, THESE EXPENSES INCLUDE MAINTAINING OUR PHYSICAL PLANT, HISTORIC STRUCTURES, AND GENERAL OPERATIONAL SUPPLIES FOR OUR MUSEUM AND LIBRARY.

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Trantor Score

Financial Health Score (300–850) · Liquidity · Solvency · Sustainability · Efficiency

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Liquidity (40%) • Solvency (30%) • Sustainability (20%) • Efficiency (10%)

Financial Overview (2024)

Revenue Breakdown

Contributions & Grants $2,838,843

Program Service Revenue $381,323

Investment Income $1,022,302

Other Revenue $285,771

TOTAL REVENUE $4,528,239

Expense Breakdown

Grants Paid $0

Salaries & Benefits $1,892,307

Fundraising Expenses $28,610

Program Expenses $2,969,578

Other Expenses $1,689,511

TOTAL EXPENSES $3,581,818

Year-over-Year Comparison

	2024	2023	Change
Revenue	$4,528,239	$3,958,539	+0.1%
Expenses	$3,581,818	$3,299,669	+0.1%
Net Income	$946,421	$658,870	+0.4%

Key Indicators

✗ Grants to Organizations ✗ Grants to Individuals ✓ Lobbying ✗ Political Activity ✗ Foreign Activities ✗ Donor Advised Fund ✓ Schedule B Required

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Financial Health Indicators

Comprehensive financial analysis: Altman Z-Score, liquidity, solvency, sustainability, efficiency, and growth metrics

Financial Distress Indicator

Liquidity & Cash Position

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Altman Z-Score • Liquidity Ratios • Solvency Analysis • Growth Indicators • Efficiency Metrics

Governance

Voting Members

Independent Members

Employees

Volunteers

Governance Policies

✗ Conflict of Interest Policy

✗ Whistleblower Policy

✗ Document Retention Policy

Special Practices & Reported Activities

✗ Operated a School

✗ Operated a Hospital

✗ Provided First Class Travel

✗ Reported Conflict of Interest

✗ Reported Asset Diversion

✗ Excess Benefit Transaction

✗ Made Political Expenditures

✓ Engaged in Lobbying

✗ Operated Donor Advised Fund

✓ Maintained Art Collections

✗ Filed Form 720

Compensation of Officers, Directors & Key Employees

Total Officers

$84,991

Total Directors

Key Employees

Highest Compensated

reported

Name	Title	Hours/Week	Role	Reportable Comp	Other Comp	Total
ROBIN HARKONEN	CHAIR	1.00	Officer Director	$0	$0	$0
BETSY OLIVANTI	VICE CHAIR/T	1.00	Officer Director	$0	$0	$0
PAUL PINKOSKI	SECRETARY	1.00	Officer Director	$0	$0	$0
MIRIAM KERO	DIRECTOR	1.00	Director	$0	$0	$0
CORIE EKHOLM	DIRECTOR	1.00	Director	$0	$0	$0
STACY OLTMANNS	DIRECTOR	1.00	Director	$0	$0	$0
CHAR CONGER	EXECUTIVE DI	40.00	Officer	$84,760	$231	$84,991

Note: Compensation data is self-reported by the organization on their Form 990. "Reportable Comp" includes salary, bonuses, and other reportable compensation from the organization and related organizations. "Other Comp" includes benefits, deferred compensation, and non-taxable benefits.

Historical Data

Year	Revenue	Expenses	Assets	Net Income
2025	$4,528,239	$3,581,818	$16,032,129	$946,421
2024	$3,958,539	$3,299,669	$14,974,066	$658,870
2023	$2,868,636	$3,114,338	$13,941,370	$-245,702
2022	$2,992,585	$2,591,549	$14,280,268	$401,036
2021	$2,716,934	$2,327,240	$14,909,825	$389,694
2020	$2,216,880	$2,237,807	$12,293,448	$-20,927
2019	$2,169,171	$2,077,632	$12,817,160	$91,539
2018	$2,240,970	$2,052,059	$12,391,932	$188,911