ELY AREA TOURISM BUREAU (EIN 845111106) - Form 990 Financial Analysis & Trantor Score

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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

2020

Legal Domicile

Principal Officer

ABBY DARE

Phone

2182351990

Tax Period

2024-01-01 to 2024-12-31

ELY AREA TOURISM BUREAU, founded in 2020, is a small nonprofit in the Community Improvement sector that reported $540K in total revenue in fiscal year 2024. Revenue surged 70% from the prior year, signaling strong growth momentum. The organization ran a surplus of $158K, a strong 29% operating margin.

Mission

ELY TOURISM BOARD MISSION IS TO BRING ABOUT CIVIC BETTERMENT AND SOCIAL IMPROVEMENTS BY PROMOTING THE GREATER ELY MINNESOTA AREA AS A BUSINESS AND LEISURE TRAVEL DESTINATION AND IN DOING SO ADVANCING THE ECONOMIC WELL BEING, PROSPERITY, QUALITY OF LIFE, AND LIVING EXPERIENCE

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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 $30,183

Program Service Revenue $509,500

Investment Income $0

Other Revenue $0

TOTAL REVENUE $539,683

Expense Breakdown

Grants Paid $0

Salaries & Benefits $0

Fundraising Expenses $0

Program Expenses $380,506

Other Expenses $381,354

TOTAL EXPENSES $381,354

Year-over-Year Comparison

	2024	2023	Change
Revenue	$539,683	$317,695	+0.7%
Expenses	$381,354	$332,944	+0.1%
Net Income	$158,329	$-15,249	-11.4%

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

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
GINNY NELSON	PRESIDENT	2.00	Officer Director	$0	$0	$0
BOB LATOURELL	VICE PRESIDENT	2.00	Officer Director	$0	$0	$0
EDI RENNER	SECRETARY/TREASURER	2.00	Officer Director	$0	$0	$0
CHAD DAVIS	DIRECTOR	0.50	Director	$0	$0	$0
GEORGE POND	DIRECTOR	0.50	Director	$0	$0	$0
MARY ZUPANCICH	DIRECTOR	0.50	Director	$0	$0	$0
KERRY DAVIS	DIRECTOR	0.50	Director	$0	$0	$0
JOHN SCHIEFELBEIN	DIRECTOR	0.50	Director	$0	$0	$0
JASON ZABOKRTSKY	DIRECTOR	0.50	Director	$0	$0	$0
RON RYKKEN	DIRECTOR	0.50	Director	$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	No data	No data	No data	No data
2024	$539,683	$381,354	$186,020	$158,329
2022	$441,187	$444,511	$76,125	$-3,324
2021	$635,000	$445,483	$216,176	$189,517

ELY AREA TOURISM BUREAU