Civic Intelligence

Vision Loss Resources Inc.

990 • Fiscal year 2021 • EIN 41-0694713

Jan 01, 2021 to Dec 31, 2021 • Filed on Sep 07, 2022

1936 Lyndale Ave SMinneapolis, MN 55403

(612) 871-2222

Siviq Scores

Precomputed percentiles for this filing year versus similar nonprofits in the same peer cohort.

Liabilities / Assets

63rd percentile

0.34x

Higher debt load relative to assets than 63% of similar nonprofits.

2021 filings • 501(c)3 • $25M-$50M nonprofits • Source year 2021

Liabilities / Revenue

85th percentile

1.57x

Higher debt load relative to revenue than 85% of similar nonprofits.

2021 filings • 501(c)3 • $25M-$50M nonprofits • Source year 2021

Net Margin

84th percentile

46%

Higher net margin than 84% of similar nonprofits.

2021 filings • 501(c)3 • $25M-$50M nonprofits • Source year 2021

Top Officer Pay

49th percentile

$241,545

Higher top officer pay than 49% of similar nonprofits.

Top officer pay equals 5.0% of source-year revenue.

2021 filings • 501(c)3 • $25M-$50M nonprofits • Source year 2021

Asset Growth

92nd percentile

50%

Faster asset growth than 92% of similar nonprofits.

2021 filings • 501(c)3 • $25M-$50M nonprofits • Annualized from 2020 to 2021

Revenue Growth

88th percentile

92%

Faster revenue growth than 88% of similar nonprofits.

2021 filings • 501(c)3 • $25M-$50M nonprofits • Annualized from 2020 to 2021

Assets

Up

$22,452,151

Up $7,478,564 (+50%) from 2020

Net Assets

Up

$14,815,074

Up $1,632,758 (+12%) from 2020

Liabilities

Up

$7,637,077

Up $5,845,806 (+326%) from 2020

Revenue

Up

$4,856,751

Up $2,322,757 (+92%) from 2020

Expenses

Up

$2,630,864

Up $579,410 (+28%) from 2020

Net Income

Up

$2,225,887

Up $1,743,347 (+361%) from 2020

Historical Trend

Balance Sheet Trend

The highlighted filing sits inside the broader history for assets, liabilities, and net assets.

$30M$20M$10M$0Assets 2010: $7,760,138Liabilities 2010: $746,097Net Assets 2010: $7,014,0412010Assets 2011: $8,575,351Liabilities 2011: $842,812Net Assets 2011: $7,732,5392011Assets 2012: $9,492,327Liabilities 2012: $921,305Net Assets 2012: $8,571,0222012Assets 2013: $10,076,151Liabilities 2013: $922,509Net Assets 2013: $9,153,6422013Assets 2014: $9,999,937Liabilities 2014: $1,099,038Net Assets 2014: $8,900,8992014Assets 2015: $9,785,727Liabilities 2015: $873,603Net Assets 2015: $8,912,1242015Assets 2016: $10,590,416Liabilities 2016: $1,273,963Net Assets 2016: $9,316,4532016Assets 2017: $11,484,183Liabilities 2017: $1,419,652Net Assets 2017: $10,064,5312017Assets 2018: $11,402,654Liabilities 2018: $1,291,531Net Assets 2018: $10,111,1232018Assets 2019: $13,326,321Liabilities 2019: $826,625Net Assets 2019: $12,499,6962019Assets 2020: $14,973,587Liabilities 2020: $1,791,271Net Assets 2020: $13,182,3162020Assets 2021: $22,452,151Liabilities 2021: $7,637,077Net Assets 2021: $14,815,0742021Assets 2022: $19,969,225Liabilities 2022: $5,877,775Net Assets 2022: $14,091,4502022Assets 2023: $15,813,751Liabilities 2023: $1,352,485Net Assets 2023: $14,461,2662023Assets 2024: $17,334,067Liabilities 2024: $1,378,206Net Assets 2024: $15,955,8612024

Highlighted filing

2021

Assets$22,452,151
Liabilities$7,637,077
Net Assets$14,815,074

Operations Trend

Revenue, expenses, and net income across loaded years, with this filing highlighted.

$6.0M$4.0M$2.0M$0-$2.0M-$4.0MRevenue 2010: $2,046,643Expenses 2010: $1,874,156Net Income 2010: $172,4872010Revenue 2011: $2,471,953Expenses 2011: $1,753,455Net Income 2011: $718,4982011Revenue 2012: $2,837,774Expenses 2012: $2,053,406Net Income 2012: $784,3682012Revenue 2013: $2,791,897Expenses 2013: $2,340,187Net Income 2013: $451,7102013Revenue 2014: $2,547,136Expenses 2014: $2,787,065Net Income 2014: -$239,9292014Revenue 2015: $2,833,193Expenses 2015: $2,637,997Net Income 2015: $195,1962015Revenue 2016: $3,182,367Expenses 2016: $2,863,381Net Income 2016: $318,9862016Revenue 2017: $3,458,492Expenses 2017: $2,761,684Net Income 2017: $696,8082017Revenue 2018: $3,109,119Expenses 2018: $2,762,750Net Income 2018: $346,3692018Revenue 2019: $2,091,537Expenses 2019: $2,874,916Net Income 2019: -$783,3792019Revenue 2020: $2,533,994Expenses 2020: $2,051,454Net Income 2020: $482,5402020Revenue 2021: $4,856,751Expenses 2021: $2,630,864Net Income 2021: $2,225,8872021Revenue 2022: $2,006,354Expenses 2022: $4,271,768Net Income 2022: -$2,265,4142022Revenue 2023: $2,702,325Expenses 2023: $2,110,121Net Income 2023: $592,2042023Revenue 2024: $2,123,131Expenses 2024: $1,788,967Net Income 2024: $334,1642024

Highlighted filing

2021

Revenue$4,856,751
Expenses$2,630,864
Net Income$2,225,887
Jump To
Filing Snapshot
Filing Period
Jan 1, 2021 to Dec 31, 2021
Signed
Sep 7, 2022
Return Version
2021v4.0
Gross Receipts
$28,804,924
Mission and Program Overview

Mission

To provide services for training, rehabilitation, employment and life enhancement for the blind and visually impaired.

Providing independent-living services and training, community-building, outreach and education for people who are low-vision, blind, or deafblind, and their caregivers and families.

Balance Sheet Detail
LineBeginningEndChange
Assets
Inventories for Sale or Use$2,323,991$3,903,741▲ $1,579,750
Savings and Temporary Cash Investments$3,153,496$3,098,991▼ $54,505
Investments in Publicly Traded Securities$4,357,997$3,039,344▼ $1,318,653
Land, Buildings, and Equipment, Net$2,892,832$2,900,734▲ $7,902
Accounts Receivable$1,773,568$2,147,379▲ $373,811
Prepaid Expenses and Deferred Charges$281,856$291,188▲ $9,332
Cash and Non-Interest-Bearing Accounts$301$301→ $0
Total Assets$14,973,587$22,452,151▲ $7,478,564
Other Assets Total$189,546$7,070,473▲ $6,880,927
Liabilities
Unsecured Notes Loans Payable$690,000$5,624,648▲ $4,934,648
Accounts Payable and Accrued Expenses$1,016,799$1,795,179▲ $778,380
Other Liabilities$84,472$217,250▲ $132,778
Total Liabilities$1,791,271$7,637,077▲ $5,845,806
Net Assets / Fund Balance
Net Assets Without Donor Restrictions$12,992,770$14,625,509▲ $1,632,739
Net Assets With Donor Restrictions$189,546$189,565▲ $19
Total Net Assets Fund Balance$13,182,316$14,815,074▲ $1,632,758
Total Liabilities and Net Assets / Fund Balance$14,973,587$22,452,151▲ $7,478,564

Asset Categories

AssetBook ValueDepreciationBasis
Buildings$1,943,034$2,708,966$4,652,000
Equipment$699,502$1,622,966$2,322,468
Land$258,198-$258,198
Other Assets Org$189,565--
Compensation and Service Providers

Employees

NameTitleFull / Part TimeBaseOtherTotal
Kate Grathwol PhdCEO/exec DirectorFT$222,811$18,734$241,545
Mauricio Lopez-suarezControllerFT$133,217$9,232$142,449
Linda GuzmanCPS DirectorFT$119,901$10,616$130,517

Board Members and Trustees

NameTitle
Paul ErdahlBoard Chair
Alana WrightDirector
Andy FreemanDirector
Dr Abdhish Bhavsar MdDirector
Dr Chris Palmer OdDirector
Ellen ConwayDirector
Julie AndersonDirector
Mike HansonDirector
Mike TreeceDirector
Vanessa BonnDirector
Susan MarkeyVice Board C
Mary Bear-dukesSecretary
Chuck StroudTreasurer
Revenue and Support

Revenue Composition

Contributions and Grants
$461,216
Program Service Revenue
$1,163,506
Investment Income
$1,015,256
Other Revenue
$2,216,773
All Other Contributions
$461,216
Change in Net Assets
$2,225,887

Audited Revenue Reconciliation

Revenue per Audited Statements
$4,816,257
Revenue Not Reported on Financial Statements
$40,494
Revenue Not Reported on Form 990
$1,798,753
Other Revenue Adjustments
$40,494
Total Revenue per Audited Statements
$6,615,010
Total Revenue per Form 990
$4,856,751
Expenses and Functional Allocation

Major Expense Lines

Line ItemAmount
Salaries, Compensation, and Employee Benefits$1,454,338
Other Expenses$1,176,526
Total Fundraising Expense$80,509
Grants and Similar Amounts Paid$0
Professional Fundraising Fees$0

Functional Expense Allocation

Line ItemProgramManagementFundraisingTotal
Other Salaries and Wages$1,084,495$122,563$44,497$1,251,555
Fees for Services Other$128$384,010$22,850$406,988
Occupancy$89,115$28,665-$117,780
Other Employee Benefits$93,719$6,899$464$101,082
Payroll Taxes$81,106$6,094$3,805$91,005
Travel$70,939$286-$71,225
Office Expenses$29,842$25,285$680$55,807
Fees for Services Accounting$7,704$38,637-$46,341
Fees for Service Investment Mgmnt Fees-$40,494-$40,494
Depreciation Depletion$28,078$5,513-$33,591
Conferences and Meetings$17,085--$17,085
Pension Plan Contributions$7,490$2,423$783$10,696
Other Expenses$31,124$16,047$7,361$7,361
Advertising$324$2,290$69$2,683
Total Functional Expenses$1,541,149$1,009,206$80,509$2,630,864

Audited Expense Reconciliation

Line ItemAmount
Total Expenses per Audited Statements$4,982,252
Total Expenses per Form 990$2,630,864
Expenses per Audited Statements$2,590,370
Expenses Not Reported on Form 990$2,391,882
Expenses Not Reported on Financial Statements$40,494
Other Expense Adjustments$40,494
Fundraising, Events, and Gaming
Fundraising activities
No
Gaming activities
No
Professional fundraiser used
No

Fundraising and Gaming Totals

Line ItemAmount
Professional Fundraising Fees$0
Political and Lobbying Activity
Political campaign activity
No
Lobbying activity
No
Subject to proxy tax
No
Debt and Bond Financing

Other Reported Liabilities

LiabilityAmount
Other Liabilities$217,250
Governance and Compliance

Governance Checklist

Compiled or reviewed by an accountant
No
Annual disclosure for covered persons
Yes
Audit committee
Yes
Business relationship with 35% controlled entity
No
Business relationship with family members
No
Business relationship with organization members
No
Material changes to governing documents
No
Compensation from other sources disclosed
No
CEO compensation reviewed
Yes
Other officer compensation reviewed
No
Conflict-of-interest policy
Yes
Audited financial statements prepared
Yes
Key decisions subject to board approval
No
Management duties delegated
No

Governance Explanations

Form 990, Page 6, Part VI, Line 11B

The form 990 is presented to the finance committee for recommendation to approve at the regular board meeting. Any errors or omissions are corrected before the 990 is filed with the irs.

Form 990, Page 6, Part VI, Line 12C

The board of directors are required to sign a statement of independence annually.

Form 990, Page 6, Part VI, Line 15A

The executive committee reviews the compensation of the ceo/executive director and controller annually by comparison to several other local not- for-profit organizations.

Form 990, Page 6, Part VI, Line 19

All documents are made publicly available at the minneapolis office upon request.

Filing and Contact Details

Filer

Filer Name
Vision Loss Resources Inc
EIN
41-0694713
Phone
6128712222
Address
1936 LYNDALE AVE S, MINNEAPOLIS, MN 55403

Signing Officer

Name
Kate Grathwol Phd
Title
CEO/exec Director
Phone
6128712222
Signed
2022-09-07
Discuss with paid preparer
Yes

Organization Details

Principal Officer
Kate Grathwol Phd
Formed
1955
Legal Domicile
Mn
Voting Board Members
13
Independent Board Members
13
Employees
150
Volunteers
71

Preparer

Firm
Carlsonsv Llp
Address
5801 DULUTH STREET SUITE 360, GOLDEN VALLEY, MN 55422
Preparer
Matt Guyer CPA
Phone
7635429633
Supplemental Narrative

Additional Explanations

Form 990, Part V

On january 1, 2022, vision loss resources (vlr) spun-off its production division, contract production services, to form contract production services, llc (cps) as a wholly owned for-profit subsidiary.

Form 990, Part IX, Line 11G

M/g other fees 0 384,010 0 f/r other fees 0 0 22,850 tot / ps other fees 128 0 0 total 128 384,010 22,850

Form 990, Part XI, Line 9

Cost of goods sold 2,391,882 inv management incl in rev -40,494 cost of goods sold -2,391,882 investment management inc in rev 40,494

Financial Statement Notes

Schedule D, Page 3, Part X

The organization is exempt from federal income tax under section 501(c)(3) of the internal revenue code and similar state provisions, though it is subject to tax on income unrelated to its exempt purpose, unless that income is otherwise excluded by the code. The organization is annually required to file a return of organization exempt from income tax (form 990) with the irs. The organization files an exempt organization business income tax return (form 990-t) with the irs to report its unrelated business taxable income. The organization has processes presently in place to ensure the maintenance of its tax-exempt status; to identify and report unrelated income; to determine its filing and tax obligations in jurisdictions for which it has nexus; and to identify and evaluate other matters that may be considered tax positions. The organization has determined that there are no material uncertain tax positions that require recognition or disclosure in the financial statements.

Schedule D, Page 4, Part XI, Line 2D

Cost of goods sold 2,391,882

Schedule D, Page 4, Part XI, Line 4B

Inv management incl in rev 40,494

Schedule D, Page 4, Part XII, Line 2D

Cost of goods sold 2,391,882

Schedule D, Page 4, Part XII, Line 4B

Investment management inc in rev 40,494

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Filings

Balance SheetOperations
YearAssetsLiabilitiesNet AssetsRevenueExpensesNet Income
2024Facts available. Structured filing facts are available, but richer extracted sections are limited.$17.3$1.38$16.0$2.12$1.79$0.33
2023Detailed filing. Detailed filing data is available for this year.$15.8$1.35$14.5$2.70$2.11$0.59
2022Detailed filing. Detailed filing data is available for this year.$20.0$5.88$14.1$2.01$4.27$2.27
2021Detailed filing. Detailed filing data is available for this year.$22.5$7.64$14.8$4.86$2.63$2.23
2020Detailed filing. Detailed filing data is available for this year.$15.0$1.79$13.2$2.53$2.05$0.48
2019Detailed filing. Detailed filing data is available for this year.$13.3$0.83$12.5$2.09$2.87$0.78
2018Detailed filing. Detailed filing data is available for this year.$11.4$1.29$10.1$3.11$2.76$0.35
2017Detailed filing. Detailed filing data is available for this year.$11.5$1.42$10.1$3.46$2.76$0.70
2016Detailed filing. Detailed filing data is available for this year.$10.6$1.27$9.32$3.18$2.86$0.32
2015Detailed filing. Detailed filing data is available for this year.$9.79$0.87$8.91$2.83$2.64$0.20
2014Detailed filing. Detailed filing data is available for this year.$10.00$1.10$8.90$2.55$2.79$0.24
2013Detailed filing. Detailed filing data is available for this year.$10.1$0.92$9.15$2.79$2.34$0.45
2012Summary only. Only limited summary data is available for this year.$9.49$0.92$8.57$2.84$2.05$0.78
2011Summary only. Only limited summary data is available for this year.$8.58$0.84$7.73$2.47$1.75$0.72
2010Summary only. Only limited summary data is available for this year.$7.76$0.75$7.01$2.05$1.87$0.17