Minneapolis Heart Institute Foundation

“The foundation's executive committee consists of the board officers, chairs of each committee of the board and any other such members as directed by the chair. The chair of the board shall be the chair of the executive committee. The executive committee has all the powers of the board between meetings of the board, except that it shall not have the power to fill vacancies of its own membership nor vacancies in the membership of the board of directors, the power to fill such vacancies being vested in the board. In addition, unless otherwise directed by the board, the executive committee shall function as the personnel, finance and audit committees.”

“The form 990 is prepared by an independent accounting firm. The form 990 is reviewed by the finance and audit committee who then passes it along to the executive committee of the board of directors for review and approval. The form 990 is provided to the board of directors in advance of the executive meeting where action is taken to approve or modify the form 990. Upon approval, the form 990 is filed with government agencies.”

“All board members, physicians, and research staff are covered by a conflict of interest policy requiring annual conflict of interest disclosures, and may be subject to conflict management plans (cmps) as determined by the appropriate coi committee or department. Coi disclosures and cmps are documented and held confidentially. In the case of board members, cmps may include exclusion from the portion of any meeting during which proposed transactions or arrangements with the foundation that raise actual or potential conflicts of interest are discussed.”

“A subcommittee of the executive committee serves as the compensation committee for the ceo. Executive committee obtains comparable compensation data from surveys and/or consultants to assist them in their deliberations. All members of the executive committee are independent of the ceo and executive team. The deliberation and decision process is contemporaneously substantiated in the executive committee meeting minutes. Compensation packages for the executive team were determined through a combination of performance reviews, comparability data from an outside consultant, and through discussions with the vp of human resources, the ceo, and board chair. The process described here was last completed in 2024.”

“The foundation's governing documents, conflict of interest policy and financial statements are available at the foundation's offices. If requested, copies are available by mail. The audited financial statements and annual report are available on the foundation's website. The form 990 and all accompanying schedules are available on-line through guidestar or upon request.”

“Research study - irb fees: program service expenses 149,452. Management and general expenses 0. Fundraising expenses 0. Total expenses 149,452. Medical consulting/testing fees: program service expenses 665,237. Management and general expenses 0. Fundraising expenses 0. Total expenses 665,237. Other professional fees: program service expenses 1,114,841. Management and general expenses 279,034. Fundraising expenses 63,451. Total expenses 1,457,326. Marketing consulting: program service expenses 0. Management and general expenses 69,705. Fundraising expenses 6,100. Total expenses 75,805. Temporary staffing: program service expenses 0. Management and general expenses 86,760. Fundraising expenses 0. Total expenses 86,760.”

“This process has not changed from prior year.”