Civic Intelligence

The Minneapolis Community and Technical College Foundation Inc.

990 • Fiscal year 2022 • EIN 41-1288502

Jul 01, 2021 to Jun 30, 2022 • Filed on Jan 13, 2023

Organization ProfileWWW.MINNEAPOLIS.EDU/ALUMNI-AND-FOUNDATION
1501 Hennepin AveMinneapolis, MN 55403

(612) 659-6313

Siviq Scores

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

Liabilities / Assets

15th percentile

0.00x

Higher debt load relative to assets than 15% of similar nonprofits.

2022 filings • 501(c)3 • $5M-$10M nonprofits • Source year 2022

Liabilities / Revenue

15th percentile

0.01x

Higher debt load relative to revenue than 15% of similar nonprofits.

2022 filings • 501(c)3 • $5M-$10M nonprofits • Source year 2022

Net Margin

87th percentile

46%

Higher net margin than 87% of similar nonprofits.

2022 filings • 501(c)3 • $5M-$10M nonprofits • Source year 2022

Top Officer Pay

36th percentile

$92,592

Higher top officer pay than 36% of similar nonprofits.

Top officer pay equals 4.0% of source-year revenue.

2022 filings • 501(c)3 • $5M-$10M nonprofits • Source year 2022

Asset Growth

30th percentile

-5.0%

Faster asset growth than 30% of similar nonprofits.

2022 filings • 501(c)3 • $5M-$10M nonprofits • Annualized from 2021 to 2022

Revenue Growth

84th percentile

49%

Faster revenue growth than 84% of similar nonprofits.

2022 filings • 501(c)3 • $5M-$10M nonprofits • Annualized from 2021 to 2022

Balance Sheet
Liabilities / Assets15th percentile

Assets

Down

$7,090,729

Down $369,492 (-5.0%) from 2021

Net Assets

Down

$7,056,915

Down $333,081 (-4.5%) from 2021

Liabilities

Down

$33,814

Down $36,411 (-52%) from 2021

Revenue And Expenses
Liabilities / Revenue15th percentileNet Margin87th percentile

Revenue

Up

$2,330,993

Up $769,814 (+49%) from 2021

Expenses

Up

$1,251,459

Up $608,553 (+95%) from 2021

Net Income

Up

$1,079,534

Up $161,261 (+18%) from 2021

Historical Trend

Balance Sheet Trend

Asset Growth30th percentile

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

$15M$10M$5.0M$0Assets 2010: $3,269,477Liabilities 2010: $121,500Net Assets 2010: $3,147,9772010Assets 2011: $3,465,103Liabilities 2011: $96,035Net Assets 2011: $3,369,0682011Assets 2012: $3,165,685Liabilities 2012: $6,188Net Assets 2012: $3,159,4972012Assets 2013: $3,204,010Liabilities 2013: $2,326Net Assets 2013: $3,201,6842013Assets 2014: $3,858,418Liabilities 2014: $22,076Net Assets 2014: $3,836,3422014Assets 2015: $5,444,421Liabilities 2015: $30,570Net Assets 2015: $5,413,8512015Assets 2016: $4,914,110Liabilities 2016: $45,228Net Assets 2016: $4,868,8822016Assets 2017: $4,825,458Liabilities 2017: $54,113Net Assets 2017: $4,771,3452017Assets 2018: $4,922,588Liabilities 2018: $9,048Net Assets 2018: $4,913,5402018Assets 2019: $5,139,192Liabilities 2019: $49,962Net Assets 2019: $5,089,2302019Assets 2020: $5,177,105Liabilities 2020: $6,778Net Assets 2020: $5,170,3272020Assets 2021: $7,460,221Liabilities 2021: $70,225Net Assets 2021: $7,389,9962021Assets 2022: $7,090,729Liabilities 2022: $33,814Net Assets 2022: $7,056,9152022Assets 2023: $7,159,814Liabilities 2023: $87,304Net Assets 2023: $7,072,5102023Assets 2024: $7,560,431Liabilities 2024: $2,155Net Assets 2024: $7,558,2762024Assets 2025: $10,448,112Liabilities 2025: $1,841,878Net Assets 2025: $8,606,2342025

Highlighted filing

2022

Assets$7,090,729
Liabilities$33,814
Net Assets$7,056,915
Open 2022 Filing

Operations Trend

Revenue Growth84th percentile

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

$3.0M$2.0M$1.0M$0-$1.0MExpenses 2010: $558,6232010Revenue 2011: $642,295Expenses 2011: $672,044Net Income 2011: -$29,7492011Expenses 2012: $864,6362012Revenue 2013: $841,337Expenses 2013: $886,847Net Income 2013: -$45,5102013Revenue 2014: $1,001,039Expenses 2014: $596,866Net Income 2014: $404,1732014Revenue 2015: $2,538,248Expenses 2015: $980,971Net Income 2015: $1,557,2772015Revenue 2016: $963,995Expenses 2016: $1,348,362Net Income 2016: -$384,3672016Revenue 2017: $677,586Expenses 2017: $1,049,326Net Income 2017: -$371,7402017Revenue 2018: $1,679,765Expenses 2018: $951,948Net Income 2018: $727,8172018Revenue 2019: $795,044Expenses 2019: $760,915Net Income 2019: $34,1292019Revenue 2020: $1,180,138Expenses 2020: $651,791Net Income 2020: $528,3472020Revenue 2021: $1,561,179Expenses 2021: $642,906Net Income 2021: $918,2732021Revenue 2022: $2,330,993Expenses 2022: $1,251,459Net Income 2022: $1,079,5342022Revenue 2023: $1,180,597Expenses 2023: $1,376,684Net Income 2023: -$196,0872023Revenue 2024: $1,021,916Expenses 2024: $1,116,850Net Income 2024: -$94,9342024Revenue 2025: $2,028,743Expenses 2025: $1,179,271Net Income 2025: $849,4722025

Highlighted filing

2022

Revenue$2,330,993
Expenses$1,251,459
Net Income$1,079,534
Open 2022 Filing
Jump To
Filing Snapshot
Filing Period
Jul 1, 2021 to Jun 30, 2022
Signed
Jan 13, 2023
Return Version
2021v4.2
Gross Receipts
$2,382,883
Mission and Program Overview

Mission

The minneapolis community & technical college foundation helps solve issues of affordability and access to higher education through funds and provides part or all of the funding to the college to develop technical college foundation minneapolis (continued on schedule o) (continued from page 2) community & scholarships and initiatives that support students, enhance the readiness of our workforce and support the strategic priorities of the college.

The minneapolis community & technical college foundation helps solve issues of affordability and access to higher education through scholarships and initiatives that support students, enhance the readiness of our workforce and support the strategic priorities of the college.

Balance Sheet Detail
LineBeginningEndChange
Assets
Investments in Publicly Traded Securities$6,816,627$5,728,259▼ $1,088,368
Savings and Temporary Cash Investments$138,786$1,002,451▲ $863,665
Pledges and Grants Receivable$157,000$159,000▲ $2,000
Cash and Non-Interest-Bearing Accounts$267,035$120,024▼ $147,011
Accounts Receivable$1,273$1,495▲ $222
Total Assets$7,460,221$7,090,729▼ $369,492
Other Assets Total$79,500$79,500→ $0
Liabilities
Accounts Payable and Accrued Expenses$70,225$33,814▼ $36,411
Total Liabilities$70,225$33,814▼ $36,411
Net Assets / Fund Balance
Net Assets With Donor Restrictions$5,091,577$5,616,124▲ $524,547
Net Assets Without Donor Restrictions$2,298,419$1,440,791▼ $857,628
Total Net Assets Fund Balance$7,389,996$7,056,915▼ $333,081
Total Liabilities and Net Assets / Fund Balance$7,460,221$7,090,729▼ $369,492

Endowment Activity

PeriodBeginningContrib.Gain/LossOther UsesEnd
2022$4,282,766$238,254▼ $403,978$148,589$3,968,453
2021$2,815,105$958,095▲ $547,816$38,250$4,282,766
2020$2,797,393$137,195▼ $9,927$109,556$2,815,105
2019$2,670,054$48,548▲ $125,346$46,555$2,797,393
2018$2,330,407$211,296▲ $136,351$8,000$2,670,054
Compensation and Service Providers
Top Officer Pay36th percentile

Employees

NameTitleFull / Part TimeOtherTotal
Beverly WadsworthFoundation DirectorFT$92,592$92,592

Board Members and Trustees

NameTitle
Stephanie Hammes-bettiPresident
Marc JensenVice President
Bob EricksonBoard Member
Jacqueline Elliott-andersonBoard Member
Jamal JamesBoard Member
Kevin ArmstrongBoard Member
Linda SatoriusBoard Member
Pete MathiesonBoard Member
Peter MclaughlinBoard Member
Rachel JohnsonBoard Member
Ramona HarristhalBoard Member
Maddy RyanSecretary
Kristin Hough FrameTreasurer
Revenue and Support

Revenue Composition

Contributions and Grants
$1,862,035
Program Service Revenue
$0
Investment Income
$468,958
Other Revenue
$0
All Other Contributions
$1,862,035
Change in Net Assets
$1,079,534

Noncash Contribution Practices

Property subject to holding requirements
No
Reviewed unusual noncash gifts
Yes
Third parties used for noncash contributions
Yes

Noncash Contributions

Contribution TypeContribution CountReported AmountValuation Method
Other Non Cash Contri Table8$153,937Fair Market Value (FMV)
Securities Publicly Traded1$14,716Fair Market Value (FMV)
Other Non Cash Contri Table1$13,579Fair Market Value (FMV)
Total Noncash Contributions10$182,232-

Audited Revenue Reconciliation

Revenue per Audited Statements
$2,314,587
Revenue Not Reported on Financial Statements
$16,406
Revenue Not Reported on Form 990
$-1,223,200
Total Revenue per Audited Statements
$1,091,387
Total Revenue per Form 990
$2,330,993
Expenses and Functional Allocation

Major Expense Lines

Line ItemAmount
Grants and Similar Amounts Paid$994,392
Other Expenses$257,067
Total Fundraising Expense$435
Professional Fundraising Fees$0
Salaries, Compensation, and Employee Benefits$0

Functional Expense Allocation

Line ItemProgramManagementFundraisingTotal
Grants to Domestic Individuals$659,392--$659,392
Grants to Domestic Orgs$335,000--$335,000
Fees for Services Accounting-$42,879-$42,879
Information Technology-$20,164-$20,164
Fees for Service Investment Mgmnt Fees-$16,406-$16,406
Office Expenses-$15,441$435$15,876
Other Expenses$153,937$6,125-$6,125
Insurance-$1,234-$1,234
Conferences and Meetings-$446-$446
Total Functional Expenses$1,148,329$102,695$435$1,251,459

Audited Expense Reconciliation

Line ItemAmount
Total Expenses per Audited Statements$1,424,468
Total Expenses per Form 990$1,251,459
Expenses per Audited Statements$1,235,053
Expenses Not Reported on Form 990$189,415
Expenses Not Reported on Financial Statements$16,406
International Activity

Grant and Assistance Recipients

RecipientLocationCategoryPurposeAmount
Minneapolis Community & Technical CollegeMinneapolis, MNState of MnFinancial Aid$181,063
Minneapolis Community & Technical CollegeMinneapolis, MNState of MnProgram Equipment$0
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
Annual disclosure for covered persons
Yes
Audit committee
Yes
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
Yes
Audited financial statements prepared
No
Key decisions subject to board approval
No
Management duties delegated
No

Governance Explanations

Form 990, Part VI, Section B, Line 11B

“Section form 990 review process the completed form 990 is presented to the finance and audit committee for approval prior to filing.”

Form 990, Part VI, Section B, Line 12C

“Conflict of interest policy board members sign the policy when they become a member of the board. It is reviewed annually and re-signed at the beginning of a new term. The conflict of interest policy is designed to help directors, officers and employees of the mctc foundation identify situations that present potential conflicts of interest and to provide mctc foundation with a procedure which, if observed, will allow a transaction to be treated as valid and binding even though a director, officer or employee has or may have a conflict of interest with respect to the transaction. The policy is intended to comply with the procedure prescribed in minnesota statutes, section 317a.255 governing conflicts of interest for directors of non-profit corporations.”

Form 990, Part VI, Section B, Line 15

“Foundation compensation no compensation is paid by the foundation. Management is compensated by the college.”

Form 990, Part VI, Section C, Line 19

“Governing doc, conflict of int, etc. The mctc foundation provides its governing documents to the public. Financial statements are available to the public upon request. This information is available through the charities review council, smartgivers.org as well as guidestar.org and other public sources. The foundation also provides its financial statements to the minnesota state college and universities (mnscu), which is compiled into an annual report.”

Filing and Contact Details

Filer

Filer Name
Minneapolis Community &
EIN
41-1288502
Phone
6126596313
Address
1501 HENNEPIN AVE, MINNEAPOLIS, MN 55403
Doing Business As
Minneapolis College Foundation

Signing Officer

Name
Stephanie Hammes-betti
Title
President
Phone
6126596313
Signed
2023-01-13
Discuss with paid preparer
Yes

Organization Details

Principal Officer
Stephanie Hammes-betti
Formed
1977
Legal Domicile
Mn
Voting Board Members
13
Independent Board Members
13
Employees
0
Volunteers
107

Preparer

Firm
Sdk CPA
Address
100 WASHINGTON AVE S STE 1600, MINNEAPOLIS, MN 55401
Preparer
Teresa Mcalpine CPA
Phone
6123325500
Supplemental Narrative

Financial Statement Notes

PART V, LINE 4:

“Endowment funds - intended use of funds 1) the whitney endowment was given in support of the library/technology building. The earnings are to be used to provide technology, books, materials, supplies and equipment, services, related administrative expenses, and other related expenses approved by the foundation board for the benefit of wheelock whitney hall. 2) the wells family endowment was given to provide scholarships. Specifically, earnings are to provide scholarships for mctc students who demonstrate financial need with a preference for working students who are employed in a minimum skilled, low wage job. 3) the breakthrough 2020 - bridging the equity gap initiaive fund endowment was given to support students part of the cohort. The earnings are to be used on program costs, micro-scholarhips, and to offset college-related expenses for students enrolled in the cohort program. 4) the remaining endowments were given to provide scholarships. Specifically, earnings are to provide various scholarships for mctc students. 5) the john heinrichs academic success center - provide support to academic success center student mentors/tutors by funding biannual cash awards to student tutors who demonstrate dedication and excellence in their service as mentors to minneapolis college students. 6) the janice gepner - eric newman scholarship fund - provide scholarships and other financial support to minneapolis college students.”

PART X, LINE 2:

“The foundation is exempt from income taxes as a public charity under section 501(c)(3) of the internal revenue code and applicable state statutes. Accounting principles generally accepted in the united states of america require management to evaluate tax positions taken by the foundation and recognize a tax liability if the foundation has taken an uncertain position that more likely than not would not be sustained upon examination by taxing authorities. Management evaluated the foundation's tax positions that require adjustment to the financial statements to comply with the provisions of this guidance.”

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IRS990/ActivityOrMissionDesc0THE MINNEAPOLIS COMMUNITY & TECHNICAL COLLEGE FOUNDATION HELPS SOLVE ISSUES OF AFFORDABILITY AND ACCESS TO HIGHER EDUCATION THROUGH SCHOLARSHIPS AND INITIATIVES THAT SUPPORT STUDENTS, ENHANCE THE READINESS OF OUR WORKFORCE AND SUPPORT THE STRATEGIC PRIORITIES OF THE COLLEGE.
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IRS990/Form990PartVIISectionAGrp/TitleTxt0PRESIDENT
IRS990/Form990PartVIISectionAGrp/TitleTxt1TREASURER
IRS990/Form990PartVIISectionAGrp/TitleTxt2SECRETARY
IRS990/Form990PartVIISectionAGrp/TitleTxt3BOARD MEMBER
IRS990/Form990PartVIISectionAGrp/TitleTxt4BOARD MEMBER
IRS990/Form990PartVIISectionAGrp/TitleTxt5BOARD MEMBER
IRS990/Form990PartVIISectionAGrp/TitleTxt6VICE PRESIDENT
IRS990/Form990PartVIISectionAGrp/TitleTxt7BOARD MEMBER
IRS990/Form990PartVIISectionAGrp/TitleTxt8BOARD MEMBER
IRS990/Form990PartVIISectionAGrp/TitleTxt9BOARD MEMBER
IRS990/Form990PartVIISectionAGrp/TitleTxt10BOARD MEMBER
IRS990/Form990PartVIISectionAGrp/TitleTxt11BOARD MEMBER
IRS990/Form990PartVIISectionAGrp/TitleTxt12BOARD MEMBER
IRS990/Form990PartVIISectionAGrp/TitleTxt13FOUNDATION DIRECTOR
IRS990/Form990ProvidedToGvrnBodyInd00
IRS990/FormationYr01977
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IRS990/FundraisingActivitiesInd00
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IRS990/GamingActivitiesInd00
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IRS990/GrantsToDomesticIndividualsGrp/ProgramServicesAmt0659392
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IRS990/GrantsToDomesticOrgsGrp/ProgramServicesAmt0335000
IRS990/GrantsToDomesticOrgsGrp/TotalAmt0335000
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IRS990/GrantsToOrganizationsInd01
IRS990/GrantToRelatedPersonInd00
IRS990/GrossAmountSalesAssetsGrp/SecuritiesAmt0320198
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IRS990/LobbyingActivitiesInd00
IRS990/LocalChaptersInd00
IRS990/MaterialDiversionOrMisuseInd00
IRS990/MembersOrStockholdersInd00
IRS990/MethodOfAccountingAccrualInd0X
IRS990/MinutesOfCommitteesInd01
IRS990/MinutesOfGoverningBodyInd01
IRS990/MissionDesc0THE MINNEAPOLIS COMMUNITY & TECHNICAL COLLEGE FOUNDATION HELPS SOLVE ISSUES OF AFFORDABILITY AND ACCESS TO HIGHER EDUCATION THROUGH SCHOLARSHIPS AND INITIATIVES THAT SUPPORT STUDENTS, ENHANCE THE READINESS OF OUR WORKFORCE AND SUPPORT THE (CONTINUED ON SCHEDULE O) (CONTINUED FROM PAGE 2) STRATEGIC PRIORITIES OF THE COLLEGE.
IRS990/MoreThan5000KToIndividualsInd00
IRS990/MoreThan5000KToOrgInd00
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IRS990/OfficeExpensesGrp/TotalAmt015876
IRS990/OfficerMailingAddressInd00
IRS990/OperateHospitalInd00
IRS990/Organization501c3Ind0X
IRS990/OrganizationFollowsFASB117Ind0X
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IRS990/OtherChangesInNetAssetsAmt00
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IRS990/PoliticalCampaignActyInd00
IRS990/PrincipalOfficerNm0STEPHANIE HAMMES-BETTI
IRS990/ProfessionalFundraisingInd00
IRS990/ProhibitedTaxShelterTransInd00
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IRS990/PYContributionsGrantsAmt01441978
IRS990/PYExcessBenefitTransInd00
IRS990/PYGrantsAndSimilarPaidAmt0561044
IRS990/PYInvestmentIncomeAmt0119201
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IRS990/PYTotalProfFndrsngExpnsAmt00
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IRS990/RegularMonitoringEnfrcInd01
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IRS990/ReportOtherLiabilitiesInd00
IRS990/ReportProgramRelatedInvstInd00
IRS990/SavingsAndTempCashInvstGrp/BOYAmt0138786
IRS990/SavingsAndTempCashInvstGrp/EOYAmt01002451
IRS990ScheduleA/Form990SchASupportingOrgGrp/Contribution35ControlledInd00
IRS990ScheduleA/Form990SchASupportingOrgGrp/ContributionControllerInd00
IRS990ScheduleA/Form990SchASupportingOrgGrp/ContributionFamilyInd00
IRS990ScheduleA/Form990SchASupportingOrgGrp/ControlledDisqualifiedPrsnInd00
IRS990ScheduleA/Form990SchASupportingOrgGrp/DisqualifiedPrsnControllIntInd00
IRS990ScheduleA/Form990SchASupportingOrgGrp/DisqualifiedPrsnOwnrIntInd00
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IRS990ScheduleA/Form990SchASupportingOrgGrp/SupportNonSupportedOrgInd00
IRS990ScheduleA/Form990SchASupportingOrgGrp/SuprtOrgNoIRSDeterminationInd00
IRS990ScheduleA/Form990SchAType1SuprtOrgGrp/OperateBenefitNonSuprtOrgInd00
IRS990ScheduleA/Form990SchAType1SuprtOrgGrp/PowerAppointMajorityDirTrstInd01
IRS990ScheduleA/IRSWrittenDeterminationInd0X
IRS990ScheduleA/OtherSupportSumAmt00
IRS990ScheduleA/SupportedOrganizationsCnt01
IRS990ScheduleA/SupportedOrganizationsTotalCnt01
IRS990ScheduleA/SupportedOrgInformationGrp/EIN0411687554
IRS990ScheduleA/SupportedOrgInformationGrp/GoverningDocumentListedInd01
IRS990ScheduleA/SupportedOrgInformationGrp/OrganizationTypeCd02
IRS990ScheduleA/SupportedOrgInformationGrp/OtherSupportAmt00
IRS990ScheduleA/SupportedOrgInformationGrp/SupportAmt0994392
IRS990ScheduleA/SupportedOrgInformationGrp/SupportedOrganizationName/BusinessNameLine1Txt0MINNEAPOLIS COMMUNITY AND TECHNICAL COLLEGE
IRS990ScheduleA/SupportingOrganization509a3Ind0X
IRS990ScheduleA/SupportingOrgType1Ind0X
IRS990ScheduleA/SupportSumAmt0994392
IRS990ScheduleB/ContributorInformationGrp/ContributorBusinessName/BusinessNameLine10RESTRICTED
IRS990ScheduleB/ContributorInformationGrp/ContributorNum0RESTRICTED
IRS990ScheduleB/ContributorInformationGrp/ContributorUSAddress/AddressLine10RESTRICTED
IRS990ScheduleB/ContributorInformationGrp/ContributorUSAddress/AddressLine20RESTRICTED
IRS990ScheduleB/ContributorInformationGrp/ContributorUSAddress/City0RESTRICTED
IRS990ScheduleB/ContributorInformationGrp/ContributorUSAddress/State0RESTRICTED
IRS990ScheduleB/ContributorInformationGrp/ContributorUSAddress/ZIPCode0RESTRICTED
IRS990ScheduleB/ContributorInformationGrp/TotalContributionsAmt0RESTRICTED
IRS990/ScheduleBRequiredInd01
IRS990ScheduleD/CYEndwmtFundGrp/BeginningYearBalanceAmt04282766
IRS990ScheduleD/CYEndwmtFundGrp/ContributionsAmt0238254
IRS990ScheduleD/CYEndwmtFundGrp/EndYearBalanceAmt03968453
IRS990ScheduleD/CYEndwmtFundGrp/InvestmentEarningsOrLossesAmt0-403978
IRS990ScheduleD/CYEndwmtFundGrp/OtherExpendituresAmt0148589
IRS990ScheduleD/CYMinus1YrEndwmtFundGrp/BeginningYearBalanceAmt02815105
IRS990ScheduleD/CYMinus1YrEndwmtFundGrp/ContributionsAmt0958095
IRS990ScheduleD/CYMinus1YrEndwmtFundGrp/EndYearBalanceAmt04282766
IRS990ScheduleD/CYMinus1YrEndwmtFundGrp/InvestmentEarningsOrLossesAmt0547816
IRS990ScheduleD/CYMinus1YrEndwmtFundGrp/OtherExpendituresAmt038250
IRS990ScheduleD/CYMinus2YrEndwmtFundGrp/BeginningYearBalanceAmt02797393
IRS990ScheduleD/CYMinus2YrEndwmtFundGrp/ContributionsAmt0137195
IRS990ScheduleD/CYMinus2YrEndwmtFundGrp/EndYearBalanceAmt02815105
IRS990ScheduleD/CYMinus2YrEndwmtFundGrp/InvestmentEarningsOrLossesAmt0-9927
IRS990ScheduleD/CYMinus2YrEndwmtFundGrp/OtherExpendituresAmt0109556
IRS990ScheduleD/CYMinus3YrEndwmtFundGrp/BeginningYearBalanceAmt02670054
IRS990ScheduleD/CYMinus3YrEndwmtFundGrp/ContributionsAmt048548
IRS990ScheduleD/CYMinus3YrEndwmtFundGrp/EndYearBalanceAmt02797393
IRS990ScheduleD/CYMinus3YrEndwmtFundGrp/InvestmentEarningsOrLossesAmt0125346
IRS990ScheduleD/CYMinus3YrEndwmtFundGrp/OtherExpendituresAmt046555
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IRS990ScheduleD/CYMinus4YrEndwmtFundGrp/ContributionsAmt0211296
IRS990ScheduleD/CYMinus4YrEndwmtFundGrp/EndYearBalanceAmt02670054
IRS990ScheduleD/CYMinus4YrEndwmtFundGrp/InvestmentEarningsOrLossesAmt0136351
IRS990ScheduleD/CYMinus4YrEndwmtFundGrp/OtherExpendituresAmt08000
IRS990ScheduleD/DonatedServicesAndUseFcltsAmt0189415
IRS990ScheduleD/DonatedServicesUseFcltsAmt0189415
IRS990ScheduleD/EndowmentsHeldRelatedOrgInd00
IRS990ScheduleD/EndowmentsHeldUnrelatedOrgInd00
IRS990ScheduleD/ExpensesNotReportedAmt0189415
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IRS990ScheduleD/ExpensesSubtotalAmt01235053
IRS990ScheduleD/FootnoteTextInd0X
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IRS990ScheduleD/InvestmentExpensesNotIncldAmt016406
IRS990ScheduleD/NetUnrealizedGainsInvstAmt0-1412615
IRS990ScheduleD/PrmnntEndowmentBalanceEOYPct00.71457
IRS990ScheduleD/RevenueNotReportedAmt0-1223200
IRS990ScheduleD/RevenueNotReportedFinclStmtAmt016406
IRS990ScheduleD/RevenueSubtotalAmt02314587
IRS990ScheduleD/SupplementalInformationDetail/ExplanationTxt0ENDOWMENT FUNDS - INTENDED USE OF FUNDS 1) THE WHITNEY ENDOWMENT WAS GIVEN IN SUPPORT OF THE LIBRARY/TECHNOLOGY BUILDING. THE EARNINGS ARE TO BE USED TO PROVIDE TECHNOLOGY, BOOKS, MATERIALS, SUPPLIES AND EQUIPMENT, SERVICES, RELATED ADMINISTRATIVE EXPENSES, AND OTHER RELATED EXPENSES APPROVED BY THE FOUNDATION BOARD FOR THE BENEFIT OF WHEELOCK WHITNEY HALL. 2) THE WELLS FAMILY ENDOWMENT WAS GIVEN TO PROVIDE SCHOLARSHIPS. SPECIFICALLY, EARNINGS ARE TO PROVIDE SCHOLARSHIPS FOR MCTC STUDENTS WHO DEMONSTRATE FINANCIAL NEED WITH A PREFERENCE FOR WORKING STUDENTS WHO ARE EMPLOYED IN A MINIMUM SKILLED, LOW WAGE JOB. 3) THE BREAKTHROUGH 2020 - BRIDGING THE EQUITY GAP INITIAIVE FUND ENDOWMENT WAS GIVEN TO SUPPORT STUDENTS PART OF THE COHORT. THE EARNINGS ARE TO BE USED ON PROGRAM COSTS, MICRO-SCHOLARHIPS, AND TO OFFSET COLLEGE-RELATED EXPENSES FOR STUDENTS ENROLLED IN THE COHORT PROGRAM. 4) THE REMAINING ENDOWMENTS WERE GIVEN TO PROVIDE SCHOLARSHIPS. SPECIFICALLY, EARNINGS ARE TO PROVIDE VARIOUS SCHOLARSHIPS FOR MCTC STUDENTS. 5) THE JOHN HEINRICHS ACADEMIC SUCCESS CENTER - PROVIDE SUPPORT TO ACADEMIC SUCCESS CENTER STUDENT MENTORS/TUTORS BY FUNDING BIANNUAL CASH AWARDS TO STUDENT TUTORS WHO DEMONSTRATE DEDICATION AND EXCELLENCE IN THEIR SERVICE AS MENTORS TO MINNEAPOLIS COLLEGE STUDENTS. 6) THE JANICE GEPNER - ERIC NEWMAN SCHOLARSHIP FUND - PROVIDE SCHOLARSHIPS AND OTHER FINANCIAL SUPPORT TO MINNEAPOLIS COLLEGE STUDENTS.
IRS990ScheduleD/SupplementalInformationDetail/ExplanationTxt1THE FOUNDATION IS EXEMPT FROM INCOME TAXES AS A PUBLIC CHARITY UNDER SECTION 501(C)(3) OF THE INTERNAL REVENUE CODE AND APPLICABLE STATE STATUTES. ACCOUNTING PRINCIPLES GENERALLY ACCEPTED IN THE UNITED STATES OF AMERICA REQUIRE MANAGEMENT TO EVALUATE TAX POSITIONS TAKEN BY THE FOUNDATION AND RECOGNIZE A TAX LIABILITY IF THE FOUNDATION HAS TAKEN AN UNCERTAIN POSITION THAT MORE LIKELY THAN NOT WOULD NOT BE SUSTAINED UPON EXAMINATION BY TAXING AUTHORITIES. MANAGEMENT EVALUATED THE FOUNDATION'S TAX POSITIONS THAT REQUIRE ADJUSTMENT TO THE FINANCIAL STATEMENTS TO COMPLY WITH THE PROVISIONS OF THIS GUIDANCE.
IRS990ScheduleD/SupplementalInformationDetail/FormAndLineReferenceDesc0PART V, LINE 4:
IRS990ScheduleD/SupplementalInformationDetail/FormAndLineReferenceDesc1PART X, LINE 2:
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IRS990ScheduleD/TotalRevenuePerForm990Amt02330993
IRS990ScheduleD/TotalRevEtcAuditedFinclStmtAmt01091387
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IRS990ScheduleI/GrantRecordsMaintainedInd01
IRS990ScheduleI/GrantsOtherAsstToIndivInUSGrp/CashGrantAmt0659392
IRS990ScheduleI/GrantsOtherAsstToIndivInUSGrp/GrantTypeTxt0SCHOLARSHIPS
IRS990ScheduleI/GrantsOtherAsstToIndivInUSGrp/RecipientCnt0536
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IRS990ScheduleI/RecipientTable/CashGrantAmt0181063
IRS990ScheduleI/RecipientTable/CashGrantAmt10
IRS990ScheduleI/RecipientTable/IRCSectionDesc0STATE OF MN
IRS990ScheduleI/RecipientTable/IRCSectionDesc1STATE OF MN
IRS990ScheduleI/RecipientTable/NonCashAssistanceAmt00
IRS990ScheduleI/RecipientTable/NonCashAssistanceAmt1153937
IRS990ScheduleI/RecipientTable/NonCashAssistanceDesc0EQUIPMENT
IRS990ScheduleI/RecipientTable/PurposeOfGrantTxt0FINANCIAL AID
IRS990ScheduleI/RecipientTable/PurposeOfGrantTxt1PROGRAM EQUIPMENT
IRS990ScheduleI/RecipientTable/RecipientBusinessName/BusinessNameLine1Txt0MINNEAPOLIS COMMUNITY & TECHNICAL COLLEGE
IRS990ScheduleI/RecipientTable/RecipientBusinessName/BusinessNameLine1Txt1MINNEAPOLIS COMMUNITY & TECHNICAL COLLEGE
IRS990ScheduleI/RecipientTable/RecipientEIN0411687554
IRS990ScheduleI/RecipientTable/RecipientEIN1411687554
IRS990ScheduleI/RecipientTable/USAddress/AddressLine1Txt01501 HENNEPIN AVE SO
IRS990ScheduleI/RecipientTable/USAddress/AddressLine1Txt11501 HENNEPIN AVE SO
IRS990ScheduleI/RecipientTable/USAddress/CityNm0MINNEAPOLIS
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IRS990ScheduleI/RecipientTable/USAddress/StateAbbreviationCd1MN
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IRS990ScheduleI/RecipientTable/USAddress/ZIPCd155406
IRS990ScheduleI/RecipientTable/ValuationMethodUsedDesc0FMV

Document Assets

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Filings

Displayed year

2022 • Form 990Detailed filing. Detailed filing data is available for this year.

Open filing
Assets
$7,090,729
Liabilities
$33,814
Net assets
$7,056,915
Revenue
$2,330,993
Expenses
$1,251,459
Net income
$1,079,534
Balance SheetOperations
YearAssetsLiabilitiesNet AssetsRevenueExpensesNet Income
2025Detailed filing. Detailed filing data is available for this year.$10.4$1.84$8.61$2.03$1.18$0.85
2024Detailed filing. Detailed filing data is available for this year.$7.56$0.00$7.56$1.02$1.12$0.09
2023Detailed filing. Detailed filing data is available for this year.$7.16$0.09$7.07$1.18$1.38$0.20
2022Detailed filing. Detailed filing data is available for this year.$7.09$0.03$7.06$2.33$1.25$1.08
2021Facts available. Structured filing facts are available, but richer extracted sections are limited.$7.46$0.07$7.39$1.56$0.64$0.92
2020Detailed filing. Detailed filing data is available for this year.$5.18$0.01$5.17$1.18$0.65$0.53
2019Detailed filing. Detailed filing data is available for this year.$5.14$0.05$5.09$0.80$0.76$0.03
2018Detailed filing. Detailed filing data is available for this year.$4.92$0.01$4.91$1.68$0.95$0.73
2017Detailed filing. Detailed filing data is available for this year.$4.83$0.05$4.77$0.68$1.05$0.37
2016Detailed filing. Detailed filing data is available for this year.$4.91$0.05$4.87$0.96$1.35$0.38
2015Detailed filing. Detailed filing data is available for this year.$5.44$0.03$5.41$2.54$0.98$1.56
2014Detailed filing. Detailed filing data is available for this year.$3.86$0.02$3.84$1.00$0.60$0.40
2013Summary only. Only limited summary data is available for this year.$3.20$0.00$3.20$0.84$0.89$0.05
2012Facts available. Structured filing facts are available, but richer extracted sections are limited.$3.17$0.01$3.16$0.86
2011Summary only. Only limited summary data is available for this year.$3.47$0.10$3.37$0.64$0.67$0.03
2010Facts available. Structured filing facts are available, but richer extracted sections are limited.$3.27$0.12$3.15$0.56