Liabilities / Assets
34th percentile
Higher debt load relative to assets than 34% of similar nonprofits.
Minnesota Colon and Rectal Foundation
990 • Fiscal year 2017 • EIN 41-1697334
Siviq Scores
Precomputed percentiles for this filing year versus similar nonprofits in the same peer cohort.
0.03x
Liabilities / Revenue
68th percentile
Higher debt load relative to revenue than 68% of similar nonprofits.
Net Margin
10th percentile
Higher net margin than 10% of similar nonprofits.
Top Officer Pay
35th percentile
Higher top officer pay than 35% of similar nonprofits.
Top officer pay equals 0.0% of source-year revenue.
Asset Growth
33rd percentile
Faster asset growth than 33% of similar nonprofits.
Revenue Growth
10th percentile
Faster revenue growth than 10% of similar nonprofits.
Balance Sheet
Assets
Down$2,745,969
Down $37,629 (-1.4%) from 2016
Net Assets
Up$2,672,844
Up $2,666 (+0.1%) from 2016
Liabilities
Down$73,125
Down $40,295 (-36%) from 2016
Revenue And Expenses
Revenue
Down$279,426
Down $103,497 (-27%) from 2016
Expenses
Up$360,611
Up $128,884 (+56%) from 2016
Net Income
Down-$81,185
Down $232,381 (-154%) from 2016
Historical Trend
Jump To
Filing Snapshot
- Filing Period
- Jul 1, 2016 to Jun 30, 2017
- Signed
- Feb 12, 2018
- Return Version
- 2016v3.0
- Gross Receipts
- $633,010
Mission and Program Overview
Mission
Minnesota colon and rectal foundation is dedicated to improving colorectal health through education, outreach, research and specialized physician training
Improve colorectal health with education, outreach, research & specialized physician training.
Balance Sheet Detail
| Line | Beginning | End | Change |
|---|---|---|---|
| Assets | |||
| Investments in Publicly Traded Securities | $2,371,733 | $2,584,521 | ▲ $212,788 |
| Cash and Non-Interest-Bearing Accounts | $337,185 | $110,418 | ▼ $226,767 |
| Accounts Receivable | $44,373 | $43,965 | ▼ $408 |
| Prepaid Expenses and Deferred Charges | $22,495 | $0 | ▼ $22,495 |
| Land, Buildings, and Equipment, Net | $0 | $0 | → $0 |
| Total Assets | $2,783,598 | $2,745,969 | ▼ $37,629 |
| Other Assets Total | $7,812 | $7,065 | ▼ $747 |
| Liabilities | |||
| Deferred Revenue | $74,884 | $55,931 | ▼ $18,953 |
| Accounts Payable and Accrued Expenses | $38,536 | $17,194 | ▼ $21,342 |
| Total Liabilities | $113,420 | $73,125 | ▼ $40,295 |
| Net Assets / Fund Balance | |||
| Unrestricted Net Assets | $1,887,983 | $1,953,268 | ▲ $65,285 |
| Permanently Rstr Net Assets | $475,144 | $375,144 | ▼ $100,000 |
| Temporarily Rstr Net Assets | $307,051 | $344,432 | ▲ $37,381 |
| Total Net Assets Fund Balance | $2,670,178 | $2,672,844 | ▲ $2,666 |
| Total Liabilities and Net Assets / Fund Balance | $2,783,598 | $2,745,969 | ▼ $37,629 |
Asset Categories
| Asset | Book Value | Depreciation | Basis |
|---|---|---|---|
| Equipment | $0 | $15,953 | $15,953 |
Endowment Activity
| Period | Beginning | Contrib. | Gain/Loss | Other Uses | End |
|---|---|---|---|---|---|
| 2017 | $758,871 | $-100,000 | ▲ $42,192 | $1,533 | $699,530 |
| 2016 | $733,471 | - | ▲ $27,985 | $2,585 | $758,871 |
| 2015 | $706,939 | - | ▲ $29,117 | $2,585 | $733,471 |
| 2014 | $631,724 | - | ▲ $77,047 | $1,832 | $706,939 |
| 2013 | $578,040 | - | ▲ $54,684 | $1,000 | $631,724 |
Compensation and Service Providers
Board Members and Trustees
| Name | Title |
|---|---|
| Michael Spencer | President |
| David Willis | Board Member |
| Kerry Mraz | Board Member |
| Stanley Goldberg | Board Member |
| Mark Sun | Secretary/treasurer |
Revenue and Support
Revenue Composition
- Contributions and Grants
- $3,290
- Program Service Revenue
- $120,923
- Investment Income
- $152,796
- Other Revenue
- $2,417
- All Other Contributions
- $3,290
- Change in Net Assets
- $-81,185
Expenses and Functional Allocation
Major Expense Lines
| Line Item | Amount |
|---|---|
| Other Expenses | $185,611 |
| Grants and Similar Amounts Paid | $175,000 |
| Total Fundraising Expense | $178 |
| Professional Fundraising Fees | $0 |
| Salaries, Compensation, and Employee Benefits | $0 |
Functional Expense Allocation
| Line Item | Program | Management | Fundraising | Total |
|---|---|---|---|---|
| Grants to Domestic Orgs | $175,000 | - | - | $175,000 |
| Conferences and Meetings | $83,032 | $3,404 | - | $86,436 |
| Fees for Services Other | $28,847 | - | - | $28,847 |
| Fees for Service Investment Mgmnt Fees | - | $25,133 | - | $25,133 |
| Office Expenses | $8,938 | $64 | - | $9,002 |
| Travel | $5,766 | $2,164 | - | $7,930 |
| Advertising | $6,246 | $80 | - | $6,326 |
| Fees for Services Accounting | - | $6,171 | - | $6,171 |
| Other Expenses | $2,354 | $54 | $178 | $2,532 |
| Total Functional Expenses | $323,363 | $37,070 | $178 | $360,611 |
International Activity
Grant and Assistance Recipients
| Recipient | Location | Category | Purpose | Amount |
|---|---|---|---|---|
| University of Minnesota Foundation | Minneapolis, MN | 501(c)(3) | Education and Research | $175,000 |
Fundraising, Events, and Gaming
- Fundraising activities
- Yes
- Gaming activities
- No
- Professional fundraiser used
- No
Fundraising and Gaming Totals
| Line Item | Amount |
|---|---|
| Fundraising Gross Income | $16,679 |
| Fundraising Direct Expenses | $14,262 |
| Professional Fundraising Fees | $0 |
Fundraising Events
| Event | Gross Receipts | Gross Revenue | Direct Expenses | Net Income |
|---|---|---|---|---|
| Mn Alumni Dinner | $16,679 | $16,679 | - | $16,679 |
| Total Events | $16,679 | $16,679 | $14,262 | $2,417 |
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
- 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
- Yes
- Management duties delegated
- No
Governance Explanations
Form 990, Part VI, Section A, Line 1
“The executive committee has the authority of the board of directors in the management of the business of the foundation in the interval between meetings of the board of directors. The executive committee consists of at least two persons selected by the board of directors from the members of the board of directors and the person that holds the primary responsibility of maintaining the financial books of the foundation. At all times the executive committee is subject to the control and direction of the board of directors of the foundation.”
Form 990, Part VI, Section A, Line 2
“Michael spencer and mark sun - business relationship”
Form 990, Part VI, Section A, Line 7A
“Two members of the board of directors are appointed by colon and rectal surgery associates, ltd. The remaining director(s) are elected by the board of directors from the alumni of the minnesota colorectal residency training program and from the community at-large.”
Form 990, Part VI, Section A, Line 7B
“Two members of the board of directors are appointed by colon and rectal surgery associates, ltd.”
Form 990, Part VI, Section B, Line 11B
“The form 990 will be e-mailed to the board members prior to filing for review and comments. Jim mustonen will conduct the primary review and will work with the other members of the executive committee if needed.”
Form 990, Part VI, Section B, Line 12C
“All members shall disclose prior to the start of a new fiscal year using the conflict of interest assurance of compliance (ciac) form, any interests required by the foundation's conflict of interest policy. Additionally, any events during the fiscal year that give rise to the requirement to disclose if any conflict of interest might exist shall also be disclosed utilizing the ciac. The foundation's president will establish a conflict of interest review committee (circ) comprised of two board members and the cfo. The circ will review the ciac forms and evaluate each situation on its own merits, and if a potential conflict is noted, will include a written recommendation for its management. The organization's general legal counsel will be contacted as the circ deems necessary. Any member having an actual or potential conflict of interest on any matter considered by the board shall not vote on such matter. The minutes of the meeting shall reflect that such director disclosed the interest and abstained from voting.”
Form 990, Part VI, Section C, Line 19
“The foundation makes its governing documents, conflict of interest policy, and financial statements available upon request.”
Filing and Contact Details
Filer
- Filer Name
- Minnesota Colon and Rectal Foundation
- EIN
- 41-1697334
- Phone
- 6513121543
- Address
- 3433 BROADWAY STREET NE NO 115, MINNEAPOLIS, MN 55413
Signing Officer
- Name
- Michael Spencer
- Title
- President
- Phone
- 6513121556
- Signed
- 2018-02-12
- Discuss with paid preparer
- Yes
Organization Details
- Principal Officer
- Michael Spencer
- Formed
- 1991
- Legal Domicile
- Mn
- Voting Board Members
- 5
- Independent Board Members
- 5
- Employees
- 0
- Volunteers
- 5
Preparer
- Firm
- Cliftonlarsonallen Llp
- Address
- 220 SOUTH SIXTH STREET SUITE 300, MINNEAPOLIS, MN 55402
- Preparer
- Heidi Tatro
- Phone
- 6123764500
Supplemental Narrative
Financial Statement Notes
PART V, LINE 4:
“Minnesota colon and rectal foundation will use the endowment earnings to support the residency training program.”
PART X, LINE 2:
“The foundation is tax-exempt under section 501(c)(3) of the internal revenue code (irc) and minnesota statute 290.05. It is classified as an organization that is not a private foundation under section 509(a)(2) of the irc and contributions by donors are tax deductible. The foundation follows applicable accounting guidance regarding the recognition and disclosure of uncertain tax positions. The foundation has no reportable uncertain income tax positions under this standard.”
Part V, Line 1B
“During the year ended june 30, 2017, the donor had released $100,000 of permanently restricted funds to use for operations.”
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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/ProgSrvcAccomActy2Grp/Desc | 0 | RESEARCH: MINNESOTA COLON AND RECTAL FOUNDATION CONTINUES TO ACTIVELY PURSUE RESEARCH PROJECTS AND DATA COLLECTION THAT WILL POSITIVELY IMPACT THE LIVES OF PATIENTS WITH COLORECTAL CANCER AND OTHER COLORECTAL DISORDERS THROUGH THE SUPPORT OF THE PHYSICIANS OF COLON AND RECTAL SURGERY ASSOCIATES. ONE PROJECT WAS IN PROCESS DURING THE PAST YEAR. |
| IRS990/ProgSrvcAccomActy2Grp/ExpenseAmt | 0 | 8344 |
| IRS990/ProgSrvcAccomActy2Grp/RevenueAmt | 0 | 18970 |
| IRS990/ProgSrvcAccomActy3Grp/Desc | 0 | MINNESOTA COLON AND RECTAL FOUNDATION (MCRF) CONTINUES TO SUPPORT THE EDUCATIONAL EXPENSES OF THE FIVE SURGICAL FELLOWS TO THE COLORECTAL RESIDENCY PROGRAM AT THE UNIVERSITY OF MINNESOTA. NOT ONLY HAS MCRF FUNDED THE TRAINING OF PHYSICIANS, BUT ALSO CONTINUES TO PROVIDE ADDITIONAL SUPPORT IN THE AREA OF TRAVEL, TRAINING MATERIALS AND OTHER EDUCATIONAL OPPORTUNITIES THROUGHOUT THE YEAR. FELLOWS ARE ALSO GIVEN AN OPPORTUNITY TO ATTEND SEVERAL SPECIALTY-TRAINING WORKSHOPS AND ARE ALSO PROVIDED VARIOUS BOOKS AND EDUCATIONAL MATERIALS PURSUANT TO ADVANCED ENDOSCOPIC TRAINING, LAPAROSCOPIC TRAINING AND TRANSMISSION ELECTRON MICROSCOPY (TEM). |
| IRS990/ProgSrvcAccomActy3Grp/ExpenseAmt | 0 | 175000 |
| IRS990/ProgSrvcAccomActy3Grp/GrantAmt | 0 | 175000 |
| IRS990/ProgSrvcAccomActy3Grp/RevenueAmt | 0 | 0 |
| IRS990/ProhibitedTaxShelterTransInd | 0 | 0 |
| IRS990/PYBenefitsPaidToMembersAmt | 0 | 0 |
| IRS990/PYContributionsGrantsAmt | 0 | 5850 |
| IRS990/PYExcessBenefitTransInd | 0 | 0 |
| IRS990/PYGrantsAndSimilarPaidAmt | 0 | 0 |
| IRS990/PYInvestmentIncomeAmt | 0 | 158248 |
| IRS990/PYOtherExpensesAmt | 0 | 212400 |
| IRS990/PYOtherRevenueAmt | 0 | 1619 |
| IRS990/PYProgramServiceRevenueAmt | 0 | 217206 |
| IRS990/PYRevenuesLessExpensesAmt | 0 | 151196 |
| IRS990/PYSalariesCompEmpBnftPaidAmt | 0 | 19327 |
| IRS990/PYTotalExpensesAmt | 0 | 231727 |
| IRS990/PYTotalProfFndrsngExpnsAmt | 0 | 0 |
| IRS990/PYTotalRevenueAmt | 0 | 382923 |
| IRS990/QuidProQuoContributionsInd | 0 | 0 |
| IRS990/RcvFndsToPayPrsnlBnftCntrctInd | 0 | 0 |
| IRS990/ReconcilationRevenueExpnssAmt | 0 | -81185 |
| IRS990/RegularMonitoringEnfrcInd | 0 | 1 |
| IRS990/RelatedEntityInd | 0 | 0 |
| IRS990/RelatedOrganizationCtrlEntInd | 0 | 0 |
| IRS990/ReportInvestmentsOtherSecInd | 0 | 0 |
| IRS990/ReportLandBuildingEquipmentInd | 0 | 1 |
| IRS990/ReportOtherAssetsInd | 0 | 0 |
| IRS990/ReportOtherLiabilitiesInd | 0 | 0 |
| IRS990/ReportProgramRelatedInvstInd | 0 | 0 |
| IRS990/RevenueAmt | 0 | 101953 |
| IRS990ScheduleA/AmountsRcvdDsqlfyPersonGrp/TotalAmt | 0 | 0 |
| IRS990ScheduleA/GiftsGrantsContrisRcvd509Grp/CurrentTaxYearAmt | 0 | 3290 |
| IRS990ScheduleA/GiftsGrantsContrisRcvd509Grp/CurrentTaxYearMinus1YearAmt | 0 | 5850 |
| IRS990ScheduleA/GiftsGrantsContrisRcvd509Grp/CurrentTaxYearMinus2YearsAmt | 0 | 6678 |
| IRS990ScheduleA/GiftsGrantsContrisRcvd509Grp/CurrentTaxYearMinus3YearsAmt | 0 | 8027 |
| IRS990ScheduleA/GiftsGrantsContrisRcvd509Grp/CurrentTaxYearMinus4YearsAmt | 0 | 3612 |
| IRS990ScheduleA/GiftsGrantsContrisRcvd509Grp/TotalAmt | 0 | 27457 |
| IRS990ScheduleA/GrossInvestmentIncome509Grp/CurrentTaxYearAmt | 0 | 58636 |
| IRS990ScheduleA/GrossInvestmentIncome509Grp/CurrentTaxYearMinus1YearAmt | 0 | 54280 |
| IRS990ScheduleA/GrossInvestmentIncome509Grp/CurrentTaxYearMinus2YearsAmt | 0 | 47375 |
| IRS990ScheduleA/GrossInvestmentIncome509Grp/CurrentTaxYearMinus3YearsAmt | 0 | 44207 |
| IRS990ScheduleA/GrossInvestmentIncome509Grp/CurrentTaxYearMinus4YearsAmt | 0 | 39843 |
| IRS990ScheduleA/GrossInvestmentIncome509Grp/TotalAmt | 0 | 244341 |
| IRS990ScheduleA/GrossReceiptsAdmissionsGrp/CurrentTaxYearAmt | 0 | 120923 |
| IRS990ScheduleA/GrossReceiptsAdmissionsGrp/CurrentTaxYearMinus1YearAmt | 0 | 217206 |
| IRS990ScheduleA/GrossReceiptsAdmissionsGrp/CurrentTaxYearMinus2YearsAmt | 0 | 341440 |
| IRS990ScheduleA/GrossReceiptsAdmissionsGrp/CurrentTaxYearMinus3YearsAmt | 0 | 367615 |
| IRS990ScheduleA/GrossReceiptsAdmissionsGrp/CurrentTaxYearMinus4YearsAmt | 0 | 793335 |
| IRS990ScheduleA/GrossReceiptsAdmissionsGrp/TotalAmt | 0 | 1840519 |
| IRS990ScheduleA/InvestmentIncomeAndUBTIGrp/CurrentTaxYearAmt | 0 | 58636 |
| IRS990ScheduleA/InvestmentIncomeAndUBTIGrp/CurrentTaxYearMinus1YearAmt | 0 | 54280 |
| IRS990ScheduleA/InvestmentIncomeAndUBTIGrp/CurrentTaxYearMinus2YearsAmt | 0 | 47375 |
| IRS990ScheduleA/InvestmentIncomeAndUBTIGrp/CurrentTaxYearMinus3YearsAmt | 0 | 44207 |
| IRS990ScheduleA/InvestmentIncomeAndUBTIGrp/CurrentTaxYearMinus4YearsAmt | 0 | 39843 |
| IRS990ScheduleA/InvestmentIncomeAndUBTIGrp/TotalAmt | 0 | 244341 |
| IRS990ScheduleA/InvestmentIncomeCYPct | 0 | 0.11010 |
| IRS990ScheduleA/InvestmentIncomePYPct | 0 | 0.08790 |
| IRS990ScheduleA/OtherIncome509Grp/CurrentTaxYearAmt | 0 | 16679 |
| IRS990ScheduleA/OtherIncome509Grp/CurrentTaxYearMinus1YearAmt | 0 | 17455 |
| IRS990ScheduleA/OtherIncome509Grp/CurrentTaxYearMinus2YearsAmt | 0 | 15394 |
| IRS990ScheduleA/OtherIncome509Grp/CurrentTaxYearMinus3YearsAmt | 0 | 25970 |
| IRS990ScheduleA/OtherIncome509Grp/CurrentTaxYearMinus4YearsAmt | 0 | 30488 |
| IRS990ScheduleA/OtherIncome509Grp/TotalAmt | 0 | 105986 |
| IRS990ScheduleA/PubliclySupportedOrg509a2Ind | 0 | X |
| IRS990ScheduleA/PublicSupportCY509Pct | 0 | 0.84210 |
| IRS990ScheduleA/PublicSupportPY509Pct | 0 | 0.87010 |
| IRS990ScheduleA/PublicSupportTotal509Amt | 0 | 1867976 |
| IRS990ScheduleA/SubstAndDsqlfyPrsnsTotGrp/TotalAmt | 0 | 0 |
| IRS990ScheduleA/SubstantialContributorsAmtGrp/TotalAmt | 0 | 0 |
| IRS990ScheduleA/ThirtyThrPctSuprtTestsCY509Ind | 0 | X |
| IRS990ScheduleA/Total509Grp/CurrentTaxYearAmt | 0 | 124213 |
| IRS990ScheduleA/Total509Grp/CurrentTaxYearMinus1YearAmt | 0 | 223056 |
| IRS990ScheduleA/Total509Grp/CurrentTaxYearMinus2YearsAmt | 0 | 348118 |
| IRS990ScheduleA/Total509Grp/CurrentTaxYearMinus3YearsAmt | 0 | 375642 |
| IRS990ScheduleA/Total509Grp/CurrentTaxYearMinus4YearsAmt | 0 | 796947 |
| IRS990ScheduleA/Total509Grp/TotalAmt | 0 | 1867976 |
| IRS990ScheduleA/TotalSupportCalendarYearGrp/CurrentTaxYearAmt | 0 | 199528 |
| IRS990ScheduleA/TotalSupportCalendarYearGrp/CurrentTaxYearMinus1YearAmt | 0 | 294791 |
| IRS990ScheduleA/TotalSupportCalendarYearGrp/CurrentTaxYearMinus2YearsAmt | 0 | 410887 |
| IRS990ScheduleA/TotalSupportCalendarYearGrp/CurrentTaxYearMinus3YearsAmt | 0 | 445819 |
| IRS990ScheduleA/TotalSupportCalendarYearGrp/CurrentTaxYearMinus4YearsAmt | 0 | 867278 |
| IRS990ScheduleA/TotalSupportCalendarYearGrp/TotalAmt | 0 | 2218303 |
| IRS990/ScheduleBRequiredInd | 0 | 0 |
| IRS990ScheduleD/BoardDesignatedBalanceEOYPct | 0 | 0.00000 |
| IRS990ScheduleD/CYEndwmtFundGrp/BeginningYearBalanceAmt | 0 | 758871 |
| IRS990ScheduleD/CYEndwmtFundGrp/ContributionsAmt | 0 | -100000 |
| IRS990ScheduleD/CYEndwmtFundGrp/EndYearBalanceAmt | 0 | 699530 |
| IRS990ScheduleD/CYEndwmtFundGrp/InvestmentEarningsOrLossesAmt | 0 | 42192 |
| IRS990ScheduleD/CYEndwmtFundGrp/OtherExpendituresAmt | 0 | 1533 |
| IRS990ScheduleD/CYMinus1YrEndwmtFundGrp/BeginningYearBalanceAmt | 0 | 733471 |
| IRS990ScheduleD/CYMinus1YrEndwmtFundGrp/EndYearBalanceAmt | 0 | 758871 |
| IRS990ScheduleD/CYMinus1YrEndwmtFundGrp/InvestmentEarningsOrLossesAmt | 0 | 27985 |
| IRS990ScheduleD/CYMinus1YrEndwmtFundGrp/OtherExpendituresAmt | 0 | 2585 |
| IRS990ScheduleD/CYMinus2YrEndwmtFundGrp/BeginningYearBalanceAmt | 0 | 706939 |
| IRS990ScheduleD/CYMinus2YrEndwmtFundGrp/EndYearBalanceAmt | 0 | 733471 |
| IRS990ScheduleD/CYMinus2YrEndwmtFundGrp/InvestmentEarningsOrLossesAmt | 0 | 29117 |
| IRS990ScheduleD/CYMinus2YrEndwmtFundGrp/OtherExpendituresAmt | 0 | 2585 |
| IRS990ScheduleD/CYMinus3YrEndwmtFundGrp/BeginningYearBalanceAmt | 0 | 631724 |
| IRS990ScheduleD/CYMinus3YrEndwmtFundGrp/EndYearBalanceAmt | 0 | 706939 |
| IRS990ScheduleD/CYMinus3YrEndwmtFundGrp/InvestmentEarningsOrLossesAmt | 0 | 77047 |
| IRS990ScheduleD/CYMinus3YrEndwmtFundGrp/OtherExpendituresAmt | 0 | 1832 |
| IRS990ScheduleD/CYMinus4YrEndwmtFundGrp/BeginningYearBalanceAmt | 0 | 578040 |
| IRS990ScheduleD/CYMinus4YrEndwmtFundGrp/EndYearBalanceAmt | 0 | 631724 |
| IRS990ScheduleD/CYMinus4YrEndwmtFundGrp/InvestmentEarningsOrLossesAmt | 0 | 54684 |
| IRS990ScheduleD/CYMinus4YrEndwmtFundGrp/OtherExpendituresAmt | 0 | 1000 |
| IRS990ScheduleD/EndowmentsHeldRelatedOrgInd | 0 | 0 |
| IRS990ScheduleD/EndowmentsHeldUnrelatedOrgInd | 0 | 0 |
| IRS990ScheduleD/EquipmentGrp/BookValueAmt | 0 | 0 |
| IRS990ScheduleD/EquipmentGrp/DepreciationAmt | 0 | 15953 |
| IRS990ScheduleD/EquipmentGrp/OtherCostOrOtherBasisAmt | 0 | 15953 |
| IRS990ScheduleD/FootnoteTextInd | 0 | X |
| IRS990ScheduleD/PrmnntEndowmentBalanceEOYPct | 0 | 0.54000 |
| IRS990ScheduleD/SupplementalInformationDetail/ExplanationTxt | 0 | MINNESOTA COLON AND RECTAL FOUNDATION WILL USE THE ENDOWMENT EARNINGS TO SUPPORT THE RESIDENCY TRAINING PROGRAM. |
| IRS990ScheduleD/SupplementalInformationDetail/ExplanationTxt | 1 | THE FOUNDATION IS TAX-EXEMPT UNDER SECTION 501(C)(3) OF THE INTERNAL REVENUE CODE (IRC) AND MINNESOTA STATUTE 290.05. IT IS CLASSIFIED AS AN ORGANIZATION THAT IS NOT A PRIVATE FOUNDATION UNDER SECTION 509(A)(2) OF THE IRC AND CONTRIBUTIONS BY DONORS ARE TAX DEDUCTIBLE. THE FOUNDATION FOLLOWS APPLICABLE ACCOUNTING GUIDANCE REGARDING THE RECOGNITION AND DISCLOSURE OF UNCERTAIN TAX POSITIONS. THE FOUNDATION HAS NO REPORTABLE UNCERTAIN INCOME TAX POSITIONS UNDER THIS STANDARD. |
| IRS990ScheduleD/SupplementalInformationDetail/ExplanationTxt | 2 | DURING THE YEAR ENDED JUNE 30, 2017, THE DONOR HAD RELEASED $100,000 OF PERMANENTLY RESTRICTED FUNDS TO USE FOR OPERATIONS. |
| IRS990ScheduleD/SupplementalInformationDetail/FormAndLineReferenceDesc | 0 | PART V, LINE 4: |
| IRS990ScheduleD/SupplementalInformationDetail/FormAndLineReferenceDesc | 1 | PART X, LINE 2: |
| IRS990ScheduleD/SupplementalInformationDetail/FormAndLineReferenceDesc | 2 | PART V, LINE 1B |
| IRS990ScheduleD/TermEndowmentBalanceEOYPct | 0 | 0.46000 |
| IRS990ScheduleD/TotalBookValueLandBuildingsAmt | 0 | 0 |
| IRS990ScheduleG/FundraisingEventInformationGrp/DirectExpenseSummaryEventsAmt | 0 | 14262 |
| IRS990ScheduleG/FundraisingEventInformationGrp/Event1Nm | 0 | MN ALUMNI DINNER |
| IRS990ScheduleG/FundraisingEventInformationGrp/FoodAndBeverageEvent1Amt | 0 | 14262 |
| IRS990ScheduleG/FundraisingEventInformationGrp/FoodAndBeverageTotalEventsAmt | 0 | 14262 |
| IRS990ScheduleG/FundraisingEventInformationGrp/GrossReceiptsEvent1Amt | 0 | 16679 |
| IRS990ScheduleG/FundraisingEventInformationGrp/GrossReceiptsTotalAmt | 0 | 16679 |
| IRS990ScheduleG/FundraisingEventInformationGrp/GrossRevenueEvent1Amt | 0 | 16679 |
| IRS990ScheduleG/FundraisingEventInformationGrp/GrossRevenueTotalEventsAmt | 0 | 16679 |
| IRS990ScheduleG/FundraisingEventInformationGrp/NetIncomeSummaryAmt | 0 | 2417 |
| IRS990ScheduleI/GrantRecordsMaintainedInd | 0 | 0 |
| IRS990ScheduleI/RecipientTable/CashGrantAmt | 0 | 175000 |
| IRS990ScheduleI/RecipientTable/IRCSectionDesc | 0 | 501(C)(3) |
| IRS990ScheduleI/RecipientTable/NonCashAssistanceDesc | 0 | N/A |
| IRS990ScheduleI/RecipientTable/PurposeOfGrantTxt | 0 | EDUCATION AND RESEARCH |
| IRS990ScheduleI/RecipientTable/RecipientBusinessName/BusinessNameLine1Txt | 0 | UNIVERSITY OF MINNESOTA FOUNDATION |
| IRS990ScheduleI/RecipientTable/RecipientEIN | 0 | 416042488 |
| IRS990ScheduleI/RecipientTable/USAddress/AddressLine1Txt | 0 | 200 SE OAK STREET 500 |
| IRS990ScheduleI/RecipientTable/USAddress/CityNm | 0 | MINNEAPOLIS |
| IRS990ScheduleI/RecipientTable/USAddress/StateAbbreviationCd | 0 | MN |
| IRS990ScheduleI/RecipientTable/USAddress/ZIPCd | 0 | 55455 |
| IRS990ScheduleI/RecipientTable/ValuationMethodUsedDesc | 0 | N/A |
| IRS990ScheduleI/SupplementalInformationDetail/ExplanationTxt | 0 | THE USE OF GRANTS ARE MONITORED BY REPORTS FROM THE UNIVERSITY OF MINNESOTA AND MEETINGS WITH THE UNIVERSITY OF MINNESOTA FOUNDATION. |
| IRS990ScheduleI/SupplementalInformationDetail/FormAndLineReferenceDesc | 0 | PART I, LINE 2: |
| IRS990ScheduleI/Total501c3OrgCnt | 0 | 1 |
| IRS990ScheduleI/TotalOtherOrgCnt | 0 | 0 |
| IRS990/ScheduleJRequiredInd | 0 | 0 |
| IRS990/ScheduleORequiredInd | 0 | 1 |
| IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt | 0 | THE EXECUTIVE COMMITTEE HAS THE AUTHORITY OF THE BOARD OF DIRECTORS IN THE MANAGEMENT OF THE BUSINESS OF THE FOUNDATION IN THE INTERVAL BETWEEN MEETINGS OF THE BOARD OF DIRECTORS. THE EXECUTIVE COMMITTEE CONSISTS OF AT LEAST TWO PERSONS SELECTED BY THE BOARD OF DIRECTORS FROM THE MEMBERS OF THE BOARD OF DIRECTORS AND THE PERSON THAT HOLDS THE PRIMARY RESPONSIBILITY OF MAINTAINING THE FINANCIAL BOOKS OF THE FOUNDATION. AT ALL TIMES THE EXECUTIVE COMMITTEE IS SUBJECT TO THE CONTROL AND DIRECTION OF THE BOARD OF DIRECTORS OF THE FOUNDATION. |
| IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt | 1 | MICHAEL SPENCER AND MARK SUN - BUSINESS RELATIONSHIP |
| IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt | 2 | TWO MEMBERS OF THE BOARD OF DIRECTORS ARE APPOINTED BY COLON AND RECTAL SURGERY ASSOCIATES, LTD. THE REMAINING DIRECTOR(S) ARE ELECTED BY THE BOARD OF DIRECTORS FROM THE ALUMNI OF THE MINNESOTA COLORECTAL RESIDENCY TRAINING PROGRAM AND FROM THE COMMUNITY AT-LARGE. |
| IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt | 3 | TWO MEMBERS OF THE BOARD OF DIRECTORS ARE APPOINTED BY COLON AND RECTAL SURGERY ASSOCIATES, LTD. |
| IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt | 4 | THE FORM 990 WILL BE E-MAILED TO THE BOARD MEMBERS PRIOR TO FILING FOR REVIEW AND COMMENTS. JIM MUSTONEN WILL CONDUCT THE PRIMARY REVIEW AND WILL WORK WITH THE OTHER MEMBERS OF THE EXECUTIVE COMMITTEE IF NEEDED. |
| IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt | 5 | ALL MEMBERS SHALL DISCLOSE PRIOR TO THE START OF A NEW FISCAL YEAR USING THE CONFLICT OF INTEREST ASSURANCE OF COMPLIANCE (CIAC) FORM, ANY INTERESTS REQUIRED BY THE FOUNDATION'S CONFLICT OF INTEREST POLICY. ADDITIONALLY, ANY EVENTS DURING THE FISCAL YEAR THAT GIVE RISE TO THE REQUIREMENT TO DISCLOSE IF ANY CONFLICT OF INTEREST MIGHT EXIST SHALL ALSO BE DISCLOSED UTILIZING THE CIAC. THE FOUNDATION'S PRESIDENT WILL ESTABLISH A CONFLICT OF INTEREST REVIEW COMMITTEE (CIRC) COMPRISED OF TWO BOARD MEMBERS AND THE CFO. THE CIRC WILL REVIEW THE CIAC FORMS AND EVALUATE EACH SITUATION ON ITS OWN MERITS, AND IF A POTENTIAL CONFLICT IS NOTED, WILL INCLUDE A WRITTEN RECOMMENDATION FOR ITS MANAGEMENT. THE ORGANIZATION'S GENERAL LEGAL COUNSEL WILL BE CONTACTED AS THE CIRC DEEMS NECESSARY. ANY MEMBER HAVING AN ACTUAL OR POTENTIAL CONFLICT OF INTEREST ON ANY MATTER CONSIDERED BY THE BOARD SHALL NOT VOTE ON SUCH MATTER. THE MINUTES OF THE MEETING SHALL REFLECT THAT SUCH DIRECTOR DISCLOSED THE INTEREST AND ABSTAINED FROM VOTING. |
| IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt | 6 | THE FOUNDATION MAKES ITS GOVERNING DOCUMENTS, CONFLICT OF INTEREST POLICY, AND FINANCIAL STATEMENTS AVAILABLE UPON REQUEST. |
| IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc | 0 | FORM 990, PART VI, SECTION A, LINE 1 |
| IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc | 1 | FORM 990, PART VI, SECTION A, LINE 2 |
| IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc | 2 | FORM 990, PART VI, SECTION A, LINE 7A |
| IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc | 3 | FORM 990, PART VI, SECTION A, LINE 7B |
| IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc | 4 | FORM 990, PART VI, SECTION B, LINE 11B |
| IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc | 5 | FORM 990, PART VI, SECTION B, LINE 12C |
| IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc | 6 | FORM 990, PART VI, SECTION C, LINE 19 |
| IRS990/SchoolOperatingInd | 0 | 0 |
| IRS990/SignificantChangeInd | 0 | 0 |
| IRS990/SignificantNewProgramSrvcInd | 0 | 0 |
| IRS990/StatesWhereCopyOfReturnIsFldCd | 0 | MN |
| IRS990/SubjectToProxyTaxInd | 0 | 0 |
| IRS990/TaxablePartyNotificationInd | 0 | 0 |
| IRS990/TaxExemptBondsInd | 0 | 0 |
| IRS990/TemporarilyRstrNetAssetsGrp/BOYAmt | 0 | 307051 |
| IRS990/TemporarilyRstrNetAssetsGrp/EOYAmt | 0 | 344432 |
| IRS990/TempOrPermanentEndowmentsInd | 0 | 1 |
| IRS990/TerminateOperationsInd | 0 | 0 |
| IRS990/TotalAssetsBOYAmt | 0 | 2783598 |
| IRS990/TotalAssetsEOYAmt | 0 | 2745969 |
| IRS990/TotalAssetsGrp/BOYAmt | 0 | 2783598 |
| IRS990/TotalAssetsGrp/EOYAmt | 0 | 2745969 |
| IRS990/TotalCompGreaterThan150KInd | 0 | 0 |
| IRS990/TotalContributionsAmt | 0 | 3290 |
| IRS990/TotalEmployeeCnt | 0 | 0 |
| IRS990/TotalFunctionalExpensesGrp/FundraisingAmt | 0 | 178 |
| IRS990/TotalFunctionalExpensesGrp/ManagementAndGeneralAmt | 0 | 37070 |
| IRS990/TotalFunctionalExpensesGrp/ProgramServicesAmt | 0 | 323363 |
| IRS990/TotalFunctionalExpensesGrp/TotalAmt | 0 | 360611 |
| IRS990/TotalGrossUBIAmt | 0 | 0 |
| IRS990/TotalLiabilitiesBOYAmt | 0 | 113420 |
| IRS990/TotalLiabilitiesEOYAmt | 0 | 73125 |
| IRS990/TotalLiabilitiesGrp/BOYAmt | 0 | 113420 |
| IRS990/TotalLiabilitiesGrp/EOYAmt | 0 | 73125 |
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
- $2,745,969
- Liabilities
- $73,125
- Net assets
- $2,672,844
- Revenue
- $279,426
- Expenses
- $360,611
- Net income
- -$81,185