Civic Intelligence

Minnesota Association of Financial Aid Administrators

EIN 36-3297850 • 501(c)3 • St Paul, MN

Profile

Support and training of financial aid professionals.

PO Box 14118St Paul, MN 55114-0118

www.mafaa.org

Siviq Scores

Precomputed percentiles relative to similar nonprofits. These scores are descriptive rather than judgmental.

Liabilities / Assets

60th percentile

0.00x

Tied with the lowest-debt nonprofits in its peer group.

501(c)3 • <$500k nonprofits • Source year 2024

Liabilities / Revenue

62nd percentile

0.00x

Tied with the lowest-debt nonprofits in its peer group.

501(c)3 • <$500k nonprofits • Source year 2024

Net Margin

75th percentile

21%

Higher net margin than 75% of similar nonprofits.

501(c)3 • <$500k nonprofits • Source year 2024

Top Officer Pay

81st percentile

$0

Higher top officer pay than 81% of similar nonprofits.

Top officer pay equals 0.0% of source-year revenue.

501(c)3 • <$500k nonprofits • Source year 2024

Asset Growth

62nd percentile

4.5%

Faster asset growth than 62% of similar nonprofits.

501(c)3 • <$500k nonprofits • Annualized from 2023 to 2024

Revenue Growth

34th percentile

-20%

Faster revenue growth than 34% of similar nonprofits.

501(c)3 • <$500k nonprofits • Annualized from 2023 to 2024

Assets

Up

$435,199

Up $18,649 (+4.5%) from 2023

Liabilities

Flat

$0

Flat from 2023

Net Assets

Up

$435,199

Up $18,649 (+4.5%) from 2023

Revenue

Down

$88,462

Down $22,045 (-20%) from 2023

Expenses

Down

$69,813

Down $31,415 (-31%) from 2023

Net Income

Up

$18,649

Up $9,370 (+101%) from 2023

Trend Graphs

Balance Sheet Trend

Grouped bars show assets, liabilities, and net assets across loaded filings.

$600K$400K$200K$0Assets 2010: $474,348Liabilities 2010: $13,074Net Assets 2010: $461,2742010Assets 2011: $525,760Liabilities 2011: $9,717Net Assets 2011: $516,0432011Assets 2012: $551,593Liabilities 2012: $10,650Net Assets 2012: $540,9432012Assets 2013: $559,113Liabilities 2013: $1,400Net Assets 2013: $557,7132013Assets 2014: $571,431Liabilities 2014: $0Net Assets 2014: $571,4312014Assets 2015: $554,315Liabilities 2015: $13,292Net Assets 2015: $541,0232015Assets 2018: $497,545Liabilities 2018: $10,875Net Assets 2018: $486,6702018Assets 2021: $492,219Liabilities 2021: $18,000Net Assets 2021: $474,2192021Assets 2022: $424,071Liabilities 2022: $16,800Net Assets 2022: $407,2712022Assets 2023: $416,550Liabilities 2023: $0Net Assets 2023: $416,5502023Assets 2024: $435,199Liabilities 2024: $0Net Assets 2024: $435,1992024

Highlighted filing

2024

Assets$435,199
Liabilities$0
Net Assets$435,199

Operations Trend

Revenue, expenses, and net income by year, with the latest filing highlighted.

$150K$100K$50K$0-$50KRevenue 2010: $76,957Expenses 2010: $51,808Net Income 2010: $25,1492010Expenses 2011: $70,0652011Expenses 2012: $50,8212012Expenses 2013: $51,7622013Revenue 2014: $76,975Expenses 2014: $73,386Net Income 2014: $3,5892014Revenue 2015: $73,010Expenses 2015: $82,864Net Income 2015: -$9,8542015Revenue 2018: $76,697Expenses 2018: $95,479Net Income 2018: -$18,7822018Revenue 2021: $58,046Expenses 2021: $71,337Net Income 2021: -$13,2912021Revenue 2022: $55,248Expenses 2022: $61,368Net Income 2022: -$6,1202022Revenue 2023: $110,507Expenses 2023: $101,228Net Income 2023: $9,2792023Revenue 2024: $88,462Expenses 2024: $69,813Net Income 2024: $18,6492024

Highlighted filing

2024

Revenue$88,462
Expenses$69,813
Net Income$18,649

Filings

Latest Filing Detail
Jump To
Filing Snapshot
Filing Period
Jan 1, 2024 to Dec 31, 2024
Signed
Apr 24, 2025
Return Version
2024v5.0
Gross Receipts
$102,560
Mission and Program Overview

Mission

Support and training of financial aid professionals

Mafaa's mission is to provide training, research, expertise and advocacy in support of the timely, accurate and ethical delivery of financial aid funds to minnesota students. In pursuit of this mission, mafaa's focus is collegial in approach, inclusive in practice, intentional in action and student-focused in intent, dealing with divisive issues before they are used to divide us and seeking solutions that are inclusive of all providers of higher education in minnesota. Goals are to support and provide quality training opportunities to members and related constituencies, effectively communicate with constituents, promote the value of higher education and the need for adequate student financial aid funding, serve as research and information resource to mafaa members, students and policy makers, reinforce the role and importance of impact that financial aid professionals play in higher education.

Balance Sheet Detail
LineBeginningEndChange
Assets
Investments in Publicly Traded Securities$289,155$298,990▲ $9,835
Savings and Temporary Cash Investments$127,398$100,199▼ $27,199
Cash and Non-Interest-Bearing Accounts$-3$36,010▲ $36,013
Total Assets$416,550$435,199▲ $18,649
Liabilities
Total Liabilities$0$0→ $0
Net Assets / Fund Balance
Net Assets Without Donor Restrictions$416,550$435,199▲ $18,649
Total Net Assets Fund Balance$416,550$435,199▲ $18,649
Total Liabilities and Net Assets / Fund Balance$416,550$435,199▲ $18,649
Compensation and Service Providers

Board Members and Trustees

NameTitle
Pam EngebretsonPresident
Jesus Hernandez MeijaPresident El
Jennifer Williams2yr Publc Se
Tracy DrechslerAssoc Memb S
Shelby KetchmarkFor-proft Se
Danielle HaydenNon-proft Se
Amanda CantuPast Preside
Monica EhaltSecretary
Rachel SherlockState Univer
Serena WilliamsTreasurer
Brittany TweedTreasurer El
Larry BloomU of M Secto
Brynn JuranekVice Preside
Revenue and Support

Revenue Composition

Contributions and Grants
$23,025
Program Service Revenue
$42,807
Investment Income
$19,186
Other Revenue
$3,444
Change in Net Assets
$18,649
Expenses and Functional Allocation

Major Expense Lines

Line ItemAmount
Other Expenses$69,813
Grants and Similar Amounts Paid$0
Professional Fundraising Fees$0
Salaries, Compensation, and Employee Benefits$0
Total Fundraising Expense$0

Functional Expense Allocation

Line ItemProgramManagementFundraisingTotal
Travel$10,709$10,709-$21,418
Information Technology-$4,834-$4,834
Insurance$3,646$750-$4,396
Other Expenses$5,011$3,475-$3,475
All Other Expenses$2,162--$2,162
Office Expenses$134$1,936-$2,070
Fees for Services Accounting-$800-$800
Advertising$30--$30
Total Functional Expenses$46,740$23,073$0$69,813
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
Governance and Compliance

Governance Checklist

Compiled or reviewed by an accountant
No
Backup withholding compliance
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
No
Other officer compensation reviewed
No
Conflict-of-interest policy
No
Audited financial statements prepared
No
Key decisions subject to board approval
Yes
Management duties delegated
No

Governance Explanations

Form 990, Part VI

Section vi, section b, line 14: document retention and destruction is maintained by appointed archivist

Form 990, Page 6, Part VI, Line 6

Mafaa is composed of actively serving and retired members and business partners. All members pay membership dues annually.

Form 990, Page 6, Part VI, Line 7A

Every active member has equal voting rights in annual elections of the executive council. Other positions are filled by appointment.

Form 990, Page 6, Part VI, Line 7B

Any changes to the_organization bylaws require a vote from the membership.

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

A copy of form 990 is provided to the executive council for review prior to filing.

Form 990, Page 6, Part VI, Line 19

Documents are available upon request.

Form 990, Part VII

Associate sector rep is non-voting member.

Filing and Contact Details

Filer

Filer Name
Minnesota Association of Financial
EIN
36-3297850
Phone
6126442684
Address
PO BOX 14118, ST PAUL, MN 55114-0118

Signing Officer

Name
Pam Engebretson
Title
President
Phone
6126442684
Signed
2025-04-24
Discuss with paid preparer
Yes

Organization Details

Principal Officer
Pam Engebretson
Formed
1967
Legal Domicile
Mn
Voting Board Members
12
Independent Board Members
12
Employees
0
Volunteers
65

Preparer

Firm
Conway Deuth & Schmiesing Pllp
Address
401 ATLANTIC AVE, MORRIS, MN 56267-1324
Preparer
Kelly M Demuth
Phone
3202353311
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IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt0SECTION VI, SECTION B, LINE 14: DOCUMENT RETENTION AND DESTRUCTION IS MAINTAINED BY APPOINTED ARCHIVIST
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt1MAFAA IS COMPOSED OF ACTIVELY SERVING AND RETIRED MEMBERS AND BUSINESS PARTNERS. ALL MEMBERS PAY MEMBERSHIP DUES ANNUALLY.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt2EVERY ACTIVE MEMBER HAS EQUAL VOTING RIGHTS IN ANNUAL ELECTIONS OF THE EXECUTIVE COUNCIL. OTHER POSITIONS ARE FILLED BY APPOINTMENT.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt3ANY CHANGES TO THE_ORGANIZATION BYLAWS REQUIRE A VOTE FROM THE MEMBERSHIP.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt4A COPY OF FORM 990 IS PROVIDED TO THE EXECUTIVE COUNCIL FOR REVIEW PRIOR TO FILING.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt5DOCUMENTS ARE AVAILABLE UPON REQUEST.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt6ASSOCIATE SECTOR REP IS NON-VOTING MEMBER.
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ReturnHeader/Filer/BusinessName/BusinessNameLine1Txt0MINNESOTA ASSOCIATION OF FINANCIAL
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