CENTRAL LAKES COLLEGE FOUNDATION

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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

1968

Legal Domicile

Principal Officer

JONATHAN AGA

Phone

2188558129

Tax Period

2024-07-01 to 2025-06-30

CENTRAL LAKES COLLEGE FOUNDATION, founded in 1968, is a community nonprofit that reported $3.7M in total revenue in fiscal year 2024. Revenue surged 22% from the prior year, signaling strong growth momentum. The organization ran a surplus of $658K, a strong 18% operating margin.

Mission

TO PROMOTE CLC STUDENT SUCCESS BY ADDRESSING FINANCIAL BARRIERS TO PURSUING HIGHER EDUCATION - THROUGH SCHOLARSHIPS, STRONG ALUMNI AND DONOR RELATIONSHIPS, AFFORDABLE STUDENT HOUSING, AND OTHER APPROPRIATE ASSISTANCE.

Program Service Accomplishments

Program 1

Expenses: $1,994,118 Revenue: $0

DONATIONS INCLUDING IN-KIND FOR PROJECTS AND PROGRAMS PAID FOR ON BEHALF OF CENTRAL LAKES COLLEGE TO ENHANCE STUDENT AND COMMUNITY LEARNING EXPERIENCES.

Program 2

Expenses: $472,506 Revenue: $637,668

STUDENT HOUSING PROVIDED TO STUDENTS ENROLLED AT CENTRAL LAKES COLLEGE.

Program 3

Expenses: $409,618 Revenue: $0

SCHOLARSHIPS AWARDED TO STUDENTS ATTENDING CENTRAL LAKES COLLEGE ENROLLED IN SIX OR MORE CREDITS FALL AND SPRING SEMESTER.

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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 $2,576,339

Program Service Revenue $637,668

Investment Income $427,650

Other Revenue $27,593

TOTAL REVENUE $3,669,250

Expense Breakdown

Grants Paid $2,379,874

Salaries & Benefits $73,747

Fundraising Expenses $7,174

Program Expenses $2,876,242

Other Expenses $558,058

TOTAL EXPENSES $3,011,679

Year-over-Year Comparison

	2024	2023	Change
Revenue	$3,669,250	$3,002,200	+0.2%
Expenses	$3,011,679	$2,596,566	+0.2%
Net Income	$657,571	$405,634	+0.6%

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

N/A

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

Total Directors

Key Employees

Highest Compensated

reported

Name	Title	Hours/Week	Role	Reportable Comp	Other Comp	Total
BRAD CHAPULIS	PRESIDENT	2.00	Officer Director	$0	$0	$0
MIKE BJERKNESS	VICE PRESIDENT	2.00	Officer Director	$0	$0	$0
LISA WIGAND	TREASURER (THROUGH 12/31/2024)	2.00	Officer Director	$0	$0	$0
JODI HYATT	TREASURER (STARTING 01/01/2025)	2.00	Officer Director	$0	$0	$0
BARBARA ANDERSON	SECRETARY (THROUGH 12/31/2024)	2.00	Officer Director	$0	$0	$0
NATHAN HAMILTON	SECRETARY (STARTING 01/01/2025)	1.00	Officer Director	$0	$0	$0
HARA CHARLIER	EX-OFFICIO	1.00	Director	$0	$0	$0
JENNIFER BERGMAN	DIRECTOR	1.00	Director	$0	$0	$0
BETH GRUBER	DIRECTOR	1.00	Director	$0	$0	$0
KATIE HEPPNER	DIRECTOR	1.00	Director	$0	$0	$0
ROBB KOLODZIEJ	DIRECTOR	1.00	Director	$0	$0	$0
JOHN OHLIN	DIRECTOR	1.00	Director	$0	$0	$0
MATT SUNDQUIST	DIRECTOR	1.00	Director	$0	$0	$0
STEVE WENZEL	DIRECTOR	1.00	Director	$0	$0	$0
JENNIFER BERGMAN	DIRECTOR (THROUGH 12/31/2024)	1.00	Director	$0	$0	$0
BYRON NINHAM	DIRECTOR	1.00	Director	$0	$0	$0
MICHELE BERGER	DIRECTOR	1.00	Director	$0	$0	$0
JON AGA	EXECUTIVE DIRECTOR	40.00	Officer	$0	$0	$0
KATE ADORNETTO	EXECUTIVE DIRECTOR (THROUGH 8/31/2024)	40.00	Officer	$0	$0	$0

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	$3,669,250	$3,011,679	$15,698,314	$657,571
2024	$3,002,200	$2,596,566	$14,403,531	$405,634
2023	$2,652,455	$2,754,138	$12,795,464	$-101,683
2022	$3,188,442	$1,916,730	$11,958,499	$1,271,712
2021	$2,774,706	$2,086,349	$13,221,977	$688,357
2020	$1,912,333	$1,792,502	$11,027,469	$119,831
2019	$1,702,454	$1,648,531	$10,804,225	$53,923