Liabilities / Assets
84th percentile
Higher debt load relative to assets than 84% of similar nonprofits.
Minnesota High Technology Foundation Inc
990 • Fiscal year 2017 • EIN 36-3367684
Siviq Scores
Precomputed percentiles for this filing year versus similar nonprofits in the same peer cohort.
0.48x
Liabilities / Revenue
87th percentile
Higher debt load relative to revenue than 87% of similar nonprofits.
Net Margin
19th percentile
Higher net margin than 19% of similar nonprofits.
Top Officer Pay
49th percentile
Higher top officer pay than 49% of similar nonprofits.
Top officer pay equals 0.0% of source-year revenue.
Asset Growth
38th percentile
Faster asset growth than 38% of similar nonprofits.
Revenue Growth
33rd percentile
Faster revenue growth than 33% of similar nonprofits.
Balance Sheet
Assets
Down$547,362
Down $1,839 (-0.3%) from 2016
Net Assets
Down$285,521
Down $43,680 (-13%) from 2016
Liabilities
Up$261,841
Up $41,841 (+19%) from 2016
Revenue And Expenses
Revenue
Down$390,545
Down $12,578 (-3.1%) from 2016
Expenses
Up$434,225
Up $71,572 (+20%) from 2016
Net Income
Down-$43,680
Down $84,150 (-208%) from 2016
Historical Trend
Jump To
Filing Snapshot
- Filing Period
- Jan 1, 2017 to Dec 31, 2017
- Signed
- Jul 16, 2018
- Return Version
- 2017v2.3
- Gross Receipts
- $424,418
Mission and Program Overview
Mission
The mhta foundation's mission is to build and foster a thriving stem workforce in minnesota.
Balance Sheet Detail
| Line | Beginning | End | Change |
|---|---|---|---|
| Assets | |||
| Cash and Non-Interest-Bearing Accounts | $322,542 | $320,718 | ▼ $1,824 |
| Savings and Temporary Cash Investments | $225,000 | $225,000 | → $0 |
| Prepaid Expenses and Deferred Charges | $147 | $1,644 | ▲ $1,497 |
| Land, Buildings, and Equipment, Net | $1,512 | $0 | ▼ $1,512 |
| Total Assets | $549,201 | $547,362 | ▼ $1,839 |
| Liabilities | |||
| Other Liabilities | $220,000 | $227,113 | ▲ $7,113 |
| Accounts Payable and Accrued Expenses | - | $29,728 | - |
| Deferred Revenue | - | $5,000 | - |
| Total Liabilities | $220,000 | $261,841 | ▲ $41,841 |
| Net Assets / Fund Balance | |||
| Unrestricted Net Assets | $62,835 | $156,435 | ▲ $93,600 |
| Temporarily Rstr Net Assets | $266,366 | $129,086 | ▼ $137,280 |
| Total Net Assets Fund Balance | $329,201 | $285,521 | ▼ $43,680 |
| Total Liabilities and Net Assets / Fund Balance | $549,201 | $547,362 | ▼ $1,839 |
Asset Categories
| Asset | Book Value | Depreciation | Basis |
|---|---|---|---|
| Equipment | $0 | $17,637 | $17,637 |
Compensation and Service Providers
Board Members and Trustees
| Name | Title |
|---|---|
| Jennifer Hauschildt | Board Chair |
| Margaret Anderson Kelliher | Mhtf President and CEO |
| Varda Nauen | Vice Chair |
| Ann Thureen | Director |
| Anne Coffey | Director |
| Brendan Nolan | Director |
| Chris Vitek | Director |
| Kevin Hansen | Director |
| Mary Pease | Director |
| Doug Carnival | Secretary |
| Rachel Polson | Treasurer |
Revenue and Support
Revenue Composition
- Contributions and Grants
- $370,478
- Program Service Revenue
- $0
- Investment Income
- $675
- Other Revenue
- $19,392
- All Other Contributions
- $310,726
- Change in Net Assets
- $-43,680
Expenses and Functional Allocation
Major Expense Lines
| Line Item | Amount |
|---|---|
| Other Expenses | $369,225 |
| Grants and Similar Amounts Paid | $65,000 |
| Total Fundraising Expense | $8,104 |
| Professional Fundraising Fees | $0 |
| Salaries, Compensation, and Employee Benefits | $0 |
Functional Expense Allocation
| Line Item | Program | Management | Fundraising | Total |
|---|---|---|---|---|
| Other Expenses | $153,979 | - | $8,104 | $162,083 |
| Grants to Domestic Individuals | $65,000 | - | - | $65,000 |
| Fees for Services Accounting | - | $4,354 | - | $4,354 |
| All Other Expenses | - | $1,566 | - | $1,566 |
| Depreciation Depletion | - | $1,510 | - | $1,510 |
| Insurance | - | $840 | - | $840 |
| Total Functional Expenses | $417,851 | $8,270 | $8,104 | $434,225 |
Fundraising, Events, and Gaming
- Fundraising activities
- Yes
- Gaming activities
- No
- Professional fundraiser used
- No
Fundraising and Gaming Totals
| Line Item | Amount |
|---|---|
| Fundraising Gross Income | $53,265 |
| Fundraising Direct Expenses | $33,873 |
| Professional Fundraising Fees | $0 |
Fundraising Events
| Event | Gross Receipts | Gross Revenue | Direct Expenses | Net Income |
|---|---|---|---|---|
| Bids and Bytes | $67,655 | $53,265 | $20,017 | $33,248 |
| After Tekne Celebration | $45,362 | - | $5,636 | - |
| Total Events | $113,017 | $53,265 | $33,873 | $19,392 |
Political and Lobbying Activity
- Political campaign activity
- No
- Lobbying activity
- No
- Subject to proxy tax
- No
Debt and Bond Financing
Other Reported Liabilities
| Liability | Amount |
|---|---|
| Due to Fiscal Agencies | $227,113 |
Governance and Compliance
Governance Checklist
- Compiled or reviewed by an accountant
- Yes
- Annual disclosure for covered persons
- Yes
- Audit committee
- Yes
- 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
- Yes
- Audited financial statements prepared
- No
- Key decisions subject to board approval
- No
- Management duties delegated
- No
Governance Explanations
Form 990, Part VI, Section A, Line 1
“The board of directors may, by resolution adopted by two-thirds (2/3) of the total number of directors, establish an executive committee of the board of directors of the foundation and appoint the chair, vice chair, president, and chair of the finance committee to serve on the executive committee. When a member of the executive committee ceases to be a director of the foundation, such person automatically shall cease to be a member of the executive committee of the foundation. Except for the power to amend the articles of incorporation and the bylaws of the foundation, which power is expressly reserved solely to the board of directors of the foundation as hereinafter provided, the executive committee shall have all of the powers and authority of the board of directors of the foundation in the management of the property, business, and affairs of the foundation in the intervals between meetings of the board of directors, subject always to the direction of the board of directors.”
Form 990, Part VI, Section B, Line 11B
“The form 990 is reviewed by the full board of directors prior to filing.”
Form 990, Part VI, Section B, Line 12C
“The foundation's conflict of interest policy, as written in the organization's bylaws, is consistently monitored and enforced through an annual questionnaire in which officers, directors or members of a committee board agree to disclose any existing or potential conflicts of interest. A contract where there is a potential conflict may be approved if the following procedures are observed: the material facts as to the contract or transaction and as to the director's interest are fully disclosed or known to the members and the contract or transaction is approved in good faith by two-thirds of the members entitled to vote, not counting any vote that the interested director might otherwise have, or the unanimous affirmative vote of all members, whether or not entitled to vote; the material facts as to the contract or transaction and as to the director's interest are fully disclosed or known to the board or a committee, and the board or committee authorizes, approves, or ratifies the contract or transaction in good faith by a majority of the board or committee, not counting any vote that the interested director might otherwise have, and not counting the director in determining the presence of a quorum. All proceedings related to conflicts of interest are documented in the meeting minutes.”
Form 990, Part VI, Section B, Line 15
“The foundation does not compensate its officers or members.”
Form 990, Part VI, Section C, Line 19
“The foundation's governing documents, conflict of interest policy, and financial statements are available to the public upon request.”
Filing and Contact Details
Filer
- Filer Name
- Minnesota High Technology Foundation Inc
- EIN
- 36-3367684
- Phone
- 9522304555
- Address
- 400 SOUTH FOURTH STREET NO 416, MINNEAPOLIS, MN 55415
Signing Officer
- Name
- Margaret Anderson Kelliher
- Title
- President and CEO
- Phone
- 9522304555
- Signed
- 2018-07-16
- Discuss with paid preparer
- Yes
Organization Details
- Principal Officer
- Margaret Anderson Kellihe
- Formed
- 1987
- Legal Domicile
- Mn
- Voting Board Members
- 11
- Independent Board Members
- 11
- Employees
- 0
- Volunteers
- 12
Preparer
- Firm
- Cliftonlarsonallen Llp
- Address
- 220 SOUTH SIXTH STREET SUITE 300, MINNEAPOLIS, MN 55402
- Preparer
- Carianne Geerts
- Phone
- 6123764500
Supplemental Narrative
Financial Statement Notes
PART X, LINE 2:
“The foundation is exempt from the payment of income taxes on their exempt activities under section 501(c)(3) of the internal revenue code, and is classified as an organization that is not a private foundation under section 509(a)(3) of the code. The foundation has adopted the guidance in the income tax standard regarding the recognition and measurement of uncertain tax positions. The adoption of this standard had no impact on the foundation's financial statements. The foundation files as a tax-exempt organization.”
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This appendix keeps the raw XML leaves available for debugging and edge-case review. The human report above is the primary experience.
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| IRS990/PrincipalOfficerNm | 0 | MARGARET ANDERSON KELLIHE |
| IRS990/ProfessionalFundraisingInd | 0 | 0 |
| IRS990/ProgSrvcAccomActy2Grp/Desc | 0 | MENTORING AND INTERNSHIPS AND OTHER PROGRAM ACTIVITIES:THE MINNESOTA HIGH TECH FOUNDATION IS ACTIVELY ENGAGED TO CREATE MENTORING EXPERIENCES AND RELATIONSHIPS WHICH CONNECT STUDENTS WITH EXPERIENCED PROFESSIONALS IN THE FIELDS OF SCIENCE, TECHNOLOGY, ENGINEERING AND MATH (STEM). IN 2017 SPECIAL PROJECTS ALSO INCLUDED STEM EXPERIENCE TOURS, CONNECTING STUDENTS WITH COMPANIES TO SHOW THEM WHAT A STEM CAREER MIGHT CONSIST OF. ALSO INCLUDED IS THE MINNESOTA COMPUTER HISTORY PROJECT, CREATING A WHOLE PROGRAM AROUND MINNESOTA'S IMPACT ON THE DEVELOPMENT OF THE COMPUTER.INTERNSHIPS/ STUDENT ENGAGEMENT - THE MINNESOTA HIGH TECH FOUNDATION WORKS WITH OUR PARTNERS AND MEMBERS IN THE BUSINESS COMMUNITY TO CREATE INTERNSHIPS FOR HIGHER EDUCATION STUDENTS IN THE STEM FIELDS. WE PROVIDE INFORMATION CONCERNING THESE OPPORTUNITIES VIA THE WEBSITE AS WELL AS A RESOURCE GUIDE FOR STUDENTS SEEKING OPPORTUNITIES WITHIN THE STEM FIELDS. |
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| IRS990/ProgSrvcAccomActy2Grp/RevenueAmt | 0 | 0 |
| IRS990/ProgSrvcAccomActy3Grp/Desc | 0 | SCHOLARSHIP PROGRAMS:THE FOUNDATION MANAGES A SCHOLARSHIP PROGRAM FOCUSED ON UNDERGRADUATE COLLEGE STUDENTS STUDYING SCIENCE, TECHNOLOGY, ENGINEERING, AND MATHEMATICS (STEM). CURRENTLY, THERE ARE TWO COMPONENTS: FOUNDATION SCHOLARSHIPS AND NAMED SCHOLARSHIPS. THE FOUNDATION RAISES FUNDS FOR BOTH TYPES OF SCHOLARSHIPS; THESE SCHOLARSHIPS ARE AWARDED TO STUDENTS STUDYING IN STEM FIELDS AT ACCREDITED MINNESOTA COLLEGES AND UNIVERSITIES. |
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| IRS990ScheduleD/OtherLiabilitiesOrgGrp/Desc | 0 | DUE TO FISCAL AGENCIES |
| IRS990ScheduleD/SupplementalInformationDetail/ExplanationTxt | 0 | THE FOUNDATION IS EXEMPT FROM THE PAYMENT OF INCOME TAXES ON THEIR EXEMPT ACTIVITIES UNDER SECTION 501(C)(3) OF THE INTERNAL REVENUE CODE, AND IS CLASSIFIED AS AN ORGANIZATION THAT IS NOT A PRIVATE FOUNDATION UNDER SECTION 509(A)(3) OF THE CODE. THE FOUNDATION HAS ADOPTED THE GUIDANCE IN THE INCOME TAX STANDARD REGARDING THE RECOGNITION AND MEASUREMENT OF UNCERTAIN TAX POSITIONS. THE ADOPTION OF THIS STANDARD HAD NO IMPACT ON THE FOUNDATION'S FINANCIAL STATEMENTS. THE FOUNDATION FILES AS A TAX-EXEMPT ORGANIZATION. |
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| IRS990ScheduleI/SupplementalInformationDetail/ExplanationTxt | 0 | THE FOUNDATION HAS A SCORING RUBRIC SYSTEM TO MONITOR THE AWARDING OF SCHOLARSHIPS. SCHOLARSHIP FUNDS ARE DISBURSED DIRECTLY TO THE RECIPIENT'S SCHOOL FOR QUALIFIED TUITION AND EDUCATION EXPENSES. NO FORMAL MONITORING OF THE USE OF GRANT FUNDS IS REQUIRED. |
| IRS990ScheduleI/SupplementalInformationDetail/FormAndLineReferenceDesc | 0 | PART I, LINE 2: |
| IRS990/ScheduleJRequiredInd | 0 | 0 |
| IRS990/ScheduleORequiredInd | 0 | 1 |
| IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt | 0 | THE BOARD OF DIRECTORS MAY, BY RESOLUTION ADOPTED BY TWO-THIRDS (2/3) OF THE TOTAL NUMBER OF DIRECTORS, ESTABLISH AN EXECUTIVE COMMITTEE OF THE BOARD OF DIRECTORS OF THE FOUNDATION AND APPOINT THE CHAIR, VICE CHAIR, PRESIDENT, AND CHAIR OF THE FINANCE COMMITTEE TO SERVE ON THE EXECUTIVE COMMITTEE. WHEN A MEMBER OF THE EXECUTIVE COMMITTEE CEASES TO BE A DIRECTOR OF THE FOUNDATION, SUCH PERSON AUTOMATICALLY SHALL CEASE TO BE A MEMBER OF THE EXECUTIVE COMMITTEE OF THE FOUNDATION. EXCEPT FOR THE POWER TO AMEND THE ARTICLES OF INCORPORATION AND THE BYLAWS OF THE FOUNDATION, WHICH POWER IS EXPRESSLY RESERVED SOLELY TO THE BOARD OF DIRECTORS OF THE FOUNDATION AS HEREINAFTER PROVIDED, THE EXECUTIVE COMMITTEE SHALL HAVE ALL OF THE POWERS AND AUTHORITY OF THE BOARD OF DIRECTORS OF THE FOUNDATION IN THE MANAGEMENT OF THE PROPERTY, BUSINESS, AND AFFAIRS OF THE FOUNDATION IN THE INTERVALS BETWEEN MEETINGS OF THE BOARD OF DIRECTORS, SUBJECT ALWAYS TO THE DIRECTION OF THE BOARD OF DIRECTORS. |
| IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt | 1 | THE FORM 990 IS REVIEWED BY THE FULL BOARD OF DIRECTORS PRIOR TO FILING. |
| IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt | 2 | THE FOUNDATION'S CONFLICT OF INTEREST POLICY, AS WRITTEN IN THE ORGANIZATION'S BYLAWS, IS CONSISTENTLY MONITORED AND ENFORCED THROUGH AN ANNUAL QUESTIONNAIRE IN WHICH OFFICERS, DIRECTORS OR MEMBERS OF A COMMITTEE BOARD AGREE TO DISCLOSE ANY EXISTING OR POTENTIAL CONFLICTS OF INTEREST. A CONTRACT WHERE THERE IS A POTENTIAL CONFLICT MAY BE APPROVED IF THE FOLLOWING PROCEDURES ARE OBSERVED: THE MATERIAL FACTS AS TO THE CONTRACT OR TRANSACTION AND AS TO THE DIRECTOR'S INTEREST ARE FULLY DISCLOSED OR KNOWN TO THE MEMBERS AND THE CONTRACT OR TRANSACTION IS APPROVED IN GOOD FAITH BY TWO-THIRDS OF THE MEMBERS ENTITLED TO VOTE, NOT COUNTING ANY VOTE THAT THE INTERESTED DIRECTOR MIGHT OTHERWISE HAVE, OR THE UNANIMOUS AFFIRMATIVE VOTE OF ALL MEMBERS, WHETHER OR NOT ENTITLED TO VOTE; THE MATERIAL FACTS AS TO THE CONTRACT OR TRANSACTION AND AS TO THE DIRECTOR'S INTEREST ARE FULLY DISCLOSED OR KNOWN TO THE BOARD OR A COMMITTEE, AND THE BOARD OR COMMITTEE AUTHORIZES, APPROVES, OR RATIFIES THE CONTRACT OR TRANSACTION IN GOOD FAITH BY A MAJORITY OF THE BOARD OR COMMITTEE, NOT COUNTING ANY VOTE THAT THE INTERESTED DIRECTOR MIGHT OTHERWISE HAVE, AND NOT COUNTING THE DIRECTOR IN DETERMINING THE PRESENCE OF A QUORUM. ALL PROCEEDINGS RELATED TO CONFLICTS OF INTEREST ARE DOCUMENTED IN THE MEETING MINUTES. |
| IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt | 3 | THE FOUNDATION DOES NOT COMPENSATE ITS OFFICERS OR MEMBERS. |
| IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt | 4 | THE FOUNDATION'S GOVERNING DOCUMENTS, CONFLICT OF INTEREST POLICY, AND FINANCIAL STATEMENTS ARE AVAILABLE TO THE PUBLIC UPON REQUEST. |
| IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc | 0 | FORM 990, PART VI, SECTION A, LINE 1 |
| IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc | 1 | FORM 990, PART VI, SECTION B, LINE 11B |
| IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc | 2 | FORM 990, PART VI, SECTION B, LINE 12C |
| IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc | 3 | FORM 990, PART VI, SECTION B, LINE 15 |
| IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc | 4 | FORM 990, PART VI, SECTION C, LINE 19 |
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Document Assets
No mirrored PDF or thumbnail assets are attached yet.
Filings
Displayed year
2017 • Form 990Detailed filing. Detailed filing data is available for this year.
- Assets
- $547,362
- Liabilities
- $261,841
- Net assets
- $285,521
- Revenue
- $390,545
- Expenses
- $434,225
- Net income
- -$43,680