Project Legacy FY2021 filing

Rochester, MN · Public charity (501(c)(3)) · Human Services

✓ Tax-deductible Latest data FY2021
Revenue
$414K
▼ -12% vs prior year
Spent
$512K
To programs
81%
Net assets
$19K
You’re viewing the FY2021 filing — not the latest on file. See the latest (FY2024) →

Form 990 for the fiscal year ending December 2021 (IRS tax year 2021).

Status and standing

Tax-deductible?
Yes
Per the IRS master file.
Can I give now?
Yes — exemption reinstated (2016-05-15)
Per the IRS revocation list.
Filing up to date?
Filed FY2024 (typical filing lag)
Foundation funders?
1 funder — Fidelity Investments Charitable Gift Fund
$37K in the latest grant year.
Spent on programs?
81% to programs
Form 990 Part IX, latest filing.
Size and trend
$100K–1M
↓ -12% vs prior year
Legal name (IRS)Hdr · item CProject Legacy
EINHdr · item D81-1223253
Exempt statusHdr · item I501(c)(3) · active
Ruling yearIRS BMFDec 2016
Latest filingForm 990FY2024 · Form 990
Principal addressHdr · item CRochester, MN
NTEE classificationIRS BMFHuman Services (P46)
WebsiteHdr · item Jwww.projectlegacymn.org

Where the money goes

Statement of Functional Expenses

Part IX · allocated across program, management, and fundraising
Allocation · columns B–D
Program services $0.81 Management & general $0.19
Program services81%$413K
Management & general19%$99K
Total functional expensesLn 25$512K

Financial health

Revenue & expenses by yearFY2020–FY2024
Revenue
$414K
FY2021▼ -12%
Expenses
$512K
FY2021▲ +7%
Program efficiency
81%
of spending reaches programs
Operating runway
0.2mo
months of highly liquid reserves at operating expense rate
Surplus margin
-24%
revenue over expenses, this year

Summary of the Filing

Part I · fiscal year 2021 · Form 990
Total assets
$36K
FY2021▼ -73%
Total liabilities
$17K
FY2021▼ -11%
Revenue less expensesPt I · Ln 19−$98K
Total assetsPt X · Ln 16$36K
Program-expense ratioPt IX · col B81%
Voting members of governing bodyPt I · Ln 39
Independent voting membersPt I · Ln 49

Balance Sheet

Part X · end of year
CashLn 1$7K
Total assetsLn 16$36K
Total liabilitiesLn 26$17K
Total net assetsLn 32$19K
Months of cash on handcomputed0.2

Statement of Revenue

Part VIII
Contributions & grants100%$414K
— government grantsLn 1e$142K
Total revenueLn 12$414K

Financial Metrics

Form 990 · FY2021 · each ratio shown with the dollars behind it
Liquidity & Payout
Operating runway
Highly liquid reserves $7K · Operating expenses/yr $512K
0.2 months
Where the money goes
Program services
Program services $413K · Total expenses $512K
81%
Management & General
Management & general $99K · Total expenses $512K
19%
Fundraising
Fundraising $0 · Total expenses $512K
0%
Cost to raise $1
Fundraising expense (2-yr avg) $153 · Solicited contributions (2-yr avg) $317K
$0.00 to raise $1 (2-yr avg)
Where the money comes from
Contribution dependence
Contributions & grants $414K · Total revenue $414K
100%
Government reliance
Government grants $142K · Total revenue $414K
34%
Earned-income share
Program service revenue $0 · Total revenue $414K
0%
Investment reliance
Investment income $0 · Total revenue $414K
0%
Program self-sufficiency
Program service revenue $0 · Total expenses $512K
0%
Growth & trend
Revenue growth (YoY)
This year $414K · Prior year $473K
-12%
Net-asset trend (YoY)
End of year $19K · Beginning of year —
Beginning net assets not meaningfully positive — showing dollar change
Balance sheet
Surplus Margin
Revenue $414K · Expenses $512K
-24%
Liabilities-to-Assets
Total liabilities — · Total assets $36K
—
Net-asset ratio
Net assets $19K · Total assets $36K
54%
Marketable Investment Share
Publicly traded securities (Pt X, ln 11) — · Other securities (Pt X, ln 12) — · Total assets (Pt X, ln 16) $36K
Excludes program-related investments (Pt X, ln 13)
People & payroll
Highest Reported Total Compensation
Individual Karen Edmonds · Reported title EXECUTIVE DIRECTOR · Highest reported compensation $84K · Total expenses $512K
16%
Personnel share
Salaries, benefits & payroll (Pt IX 5-10) $269K · Total expenses $512K
53%
Peer comparison

Same NTEE category, revenue band, and state where available. Descriptive — not a grade.

MetricThis orgPeer medianPercentile
Program ratio 81%——
Overhead ratio 19%——
Fundraising cost ratio 0%——
Revenue growth -12%——
Accounting fee ratio 2%——

Straight from the Form 990 — descriptive, not an evaluation. A ratio is hidden when its base is zero or too small to be meaningful; the dollars are always shown.

Leadership and pay

Officers, Directors & Key Employees

Part VII, Section A · reportable compensation
Executive Director
$83,948Pt VII · Sec A
Board Vice Chair
$0Pt VII · Sec A
Board Treasurer
$0Pt VII · Sec A
Board Secretary
$0Pt VII · Sec A
Board Director
$0Pt VII · Sec A
Board Chair
$0Pt VII · Sec A
Board Director
$0Pt VII · Sec A
Board Director
$0Pt VII · Sec A

Karen Edmonds’s $77K as Executive Director is at the 68th percentile of top reported officer pay among 2168 $100K–1M human services nonprofits. Peer set: organizations in the same NTEE major field of work and revenue-size band, compared on each org’s own highest-paid officer/key-employee, from Form 990 Part VII / 990-PF Part VIII. Descriptive placement, not a verdict on whether the pay is appropriate.

Compensation history total reportable pay by year · 1 named individual · Part VII

NameFY2024FY2023FY2022FY2021FY2020
Karen Edmonds$76,563$74,063$67,583$83,948$67,500

Total reportable compensation (Form 990 Part VII column D / Schedule J column E) by filing year, matched by name within this organization. The Schedule J base / bonus / deferred breakdown is not parsed into this dataset.

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Governance & Policies

Part VI
Voting members of the governing bodyPt VI · Ln 1a9
Independent voting membersPt VI · Ln 1b9
Conflict-of-interest policyPt VI · Ln 12aNo
Whistleblower policyPt VI · Ln 13No
Document retention policyPt VI · Ln 14No
CEO/top-official compensation independently reviewedPt VI · Ln 15aNo
Family or business relationships among officers/directorsPt VI · Ln 2Yes

Mission and programs

Connects and supports youth and young adults of color, offering hope and community.

Provided by the organization

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Mission & Programs · Part III

Where the work happens

3 program services account for $358K of program spending, described in the organization's own filed words · FY2021.
01

Support 365OUR core service offering individualized support and wraparound services, pairing young people with a youth development specialist and assessing needs, developing a plan and connecting youth with other project legacy programs and services.

$248Kprogram expense
02

Legacy Residency

Housing for alumni and peer leaders at project legacythe legacy residency is a leadership development program for program coordinators, youth development specialists and alumni of project legacy, offering supportive housing during life's transitions.

$83Kprogram expense
03

Legacy Academy

Our hub for educational programs to support young learnersthe legacy academy is project legacy's in-house hub for educational programs that help young learners develop their skills towards graduation and beyond. Project legacy's work with at-risk youth populations is full-spectrum, and that includes education.

$28Kprogram expense

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Funders

From grant filings on record. Receipts are incomplete: individual donors are never listed.

Grants

Schedule I · funders on record
Grants received · FY2024
Total grants receivedfrom 1 funder$37K

Filing history

YearRevenueExpensesChangeFiling
FY2024 Latest $493K$474K+33% 990 PDF
FY2023 $371K$435K-13% 990 PDF
FY2022 $427K$336K+3% 990 PDF
FY2021 Viewing $414K$512K-12% 990 PDF
FY2020 $473K$478K 990 PDF

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Schedules filed Part IV

III · Programs I · Grants R · Related orgs G · Fundraising L · Interested persons A · Public support F · Foreign M · Noncash

Not shown yet: ratings, outcomes, and peer benchmarks. A Form 990 doesn’t report them.

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Sources

Every figure above is drawn from these filings
Form 990 e-file (XML) · FY2021IRS
Classification, formation year, addressIRS Business Master File
Names, privacy, and removal requests More

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