Civic Intelligence

Minnesota Colon and Rectal Foundation

990 • Fiscal year 2019 • EIN 41-1697334

Jul 01, 2018 to Jun 30, 2019 • Filed on May 15, 2019

3433 Broadway Street NE 115Minneapolis, MN 55413

(651) 312-1543

Siviq Scores

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

Liabilities / Assets

26th percentile

0.01x

Higher debt load relative to assets than 26% of similar nonprofits.

2019 filings • 501(c)3 • $1M-$5M nonprofits • Source year 2019

Liabilities / Revenue

57th percentile

0.13x

Higher debt load relative to revenue than 57% of similar nonprofits.

2019 filings • 501(c)3 • $1M-$5M nonprofits • Source year 2019

Net Margin

95th percentile

65%

Higher net margin than 95% of similar nonprofits.

2019 filings • 501(c)3 • $1M-$5M nonprofits • Source year 2019

Top Officer Pay

36th percentile

$0

Higher top officer pay than 36% of similar nonprofits.

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

2019 filings • 501(c)3 • $1M-$5M nonprofits • Source year 2019

Asset Growth

75th percentile

16%

Faster asset growth than 75% of similar nonprofits.

2019 filings • 501(c)3 • $1M-$5M nonprofits • Annualized from 2018 to 2019

Revenue Growth

93rd percentile

99%

Faster revenue growth than 93% of similar nonprofits.

2019 filings • 501(c)3 • $1M-$5M nonprofits • Annualized from 2018 to 2019

Assets

Up

$3,193,569

Up $428,608 (+16%) from 2018

Net Assets

Up

$3,170,091

Up $443,964 (+16%) from 2018

Liabilities

Down

$23,478

Down $15,356 (-40%) from 2018

Revenue

Up

$186,603

Up $92,742 (+99%) from 2018

Expenses

Down

$64,892

Down $36,659 (-36%) from 2018

Net Income

Up

$121,711

Up $129,401 (+1683%) from 2018

Historical Trend

Balance Sheet Trend

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

$6.0M$4.0M$2.0M$0Assets 2011: $1,786,600Liabilities 2011: $203,304Net Assets 2011: $1,583,2962011Assets 2012: $1,899,297Liabilities 2012: $198,923Net Assets 2012: $1,700,3742012Assets 2013: $2,240,761Liabilities 2013: $130,757Net Assets 2013: $2,110,0042013Assets 2014: $2,515,734Liabilities 2014: $123,542Net Assets 2014: $2,392,1922014Assets 2015: $2,578,398Liabilities 2015: $55,317Net Assets 2015: $2,523,0812015Assets 2016: $2,783,598Liabilities 2016: $113,420Net Assets 2016: $2,670,1782016Assets 2017: $2,745,969Liabilities 2017: $73,125Net Assets 2017: $2,672,8442017Assets 2018: $2,764,961Liabilities 2018: $38,834Net Assets 2018: $2,726,1272018Assets 2019: $3,193,569Liabilities 2019: $23,478Net Assets 2019: $3,170,0912019Assets 2020: $3,399,913Liabilities 2020: $9,304Net Assets 2020: $3,390,6092020Assets 2021: $4,104,480Liabilities 2021: $36,563Net Assets 2021: $4,067,9172021Assets 2022: $3,527,562Liabilities 2022: $24,963Net Assets 2022: $3,502,5992022Assets 2023: $3,619,145Liabilities 2023: $28,041Net Assets 2023: $3,591,1042023Assets 2024: $3,897,963Liabilities 2024: $150,990Net Assets 2024: $3,746,9732024

Highlighted filing

2019

Assets$3,193,569
Liabilities$23,478
Net Assets$3,170,091

Operations Trend

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

$1.0M$500K$0-$500KExpenses 2011: $552,8322011Expenses 2012: $450,1062012Revenue 2013: $896,555Expenses 2013: $603,866Net Income 2013: $292,6892013Revenue 2014: $465,601Expenses 2014: $409,906Net Income 2014: $55,6952014Revenue 2015: $548,450Expenses 2015: $370,131Net Income 2015: $178,3192015Revenue 2016: $382,923Expenses 2016: $231,727Net Income 2016: $151,1962016Revenue 2017: $279,426Expenses 2017: $360,611Net Income 2017: -$81,1852017Revenue 2018: $93,861Expenses 2018: $101,551Net Income 2018: -$7,6902018Revenue 2019: $186,603Expenses 2019: $64,892Net Income 2019: $121,7112019Revenue 2020: $56,575Expenses 2020: $53,703Net Income 2020: $2,8722020Revenue 2021: $233,782Expenses 2021: $56,261Net Income 2021: $177,5212021Revenue 2022: $286,705Expenses 2022: $237,461Net Income 2022: $49,2442022Revenue 2023: $176,334Expenses 2023: $256,982Net Income 2023: -$80,6482023Revenue 2024: $317,272Expenses 2024: $328,985Net Income 2024: -$11,7132024

Highlighted filing

2019

Revenue$186,603
Expenses$64,892
Net Income$121,711
Jump To
Filing Snapshot
Filing Period
Jul 1, 2018 to Jun 30, 2019
Signed
May 15, 2019
Return Version
2018v3.2
Gross Receipts
$541,492
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
LineBeginningEndChange
Assets
Investments in Publicly Traded Securities$2,623,384$3,030,118▲ $406,734
Cash and Non-Interest-Bearing Accounts$54,559$100,462▲ $45,903
Savings and Temporary Cash Investments$74,189$52,958▼ $21,231
Accounts Receivable$5,928$1,676▼ $4,252
Total Assets$2,764,961$3,193,569▲ $428,608
Other Assets Total$6,901$8,355▲ $1,454
Liabilities
Deferred Revenue$32,074--
Accounts Payable and Accrued Expenses$6,760$23,478▲ $16,718
Total Liabilities$38,834$23,478▼ $15,356
Net Assets / Fund Balance
Unrestricted Net Assets$1,990,591$2,381,945▲ $391,354
Temporarily Rstr Net Assets$360,392$413,002▲ $52,610
Permanently Rstr Net Assets$375,144$375,144→ $0
Total Net Assets Fund Balance$2,726,127$3,170,091▲ $443,964
Total Liabilities and Net Assets / Fund Balance$2,764,961$3,193,569▲ $428,608

Endowment Activity

PeriodBeginningContrib.Gain/LossOther UsesEnd
2019$717,738-▲ $53,611$1,000$770,346
2018$699,530-▲ $20,783$2,575$717,738
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
Compensation and Service Providers

Board Members and Trustees

NameTitle
Michael SpencerPresident
David WillisBoard Member
Kerry MrazBoard Member
Stanley GoldbergBoard Member
Mark SunSecretary/tr
Revenue and Support

Revenue Composition

Contributions and Grants
$3,986
Program Service Revenue
$86,093
Investment Income
$96,524
Other Revenue
$0
All Other Contributions
$3,986
Change in Net Assets
$121,711
Expenses and Functional Allocation

Major Expense Lines

Line ItemAmount
Other Expenses$64,892
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
Fees for Service Investment Mgmnt Fees-$29,202-$29,202
Conferences and Meetings$15,275--$15,275
Fees for Services Accounting-$10,586-$10,586
Travel$1,257--$1,257
Other Expenses$1,084--$1,084
Advertising$860$120-$980
Office Expenses-$75-$75
Total Functional Expenses$24,909$39,983$0$64,892
Fundraising, Events, and Gaming
Fundraising activities
No
Gaming activities
No
Professional fundraiser used
No

Fundraising and Gaming Totals

Line ItemAmount
Fundraising Direct Expenses$12,206
Fundraising Gross Income$12,206
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
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, Page 6, Part VI, Line 1A

The executive committee has the authority of the board of directors in the management of foundation business during 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 board of directors, plus the person primarily responsible for maintaining the financial books and records of the foundation. At all times, the executive committee is subject to the control and direction of the foundation's board of directors.

Form 990, Page 6, Part VI, Line 2

Michael spencer business relationship mark sun business relationship

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

Two members of the board of directors are appointed by colon and rectal surgery associates, ltd.

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

The form 990 will be e-mailed to the board members prior to filing for review and comments. The person primarily responsible for the financial records of the organization will conduct the primary review and will work with the other members of the executive committee if needed

Form 990, Page 6, Part VI, 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, Page 6, Part VI, 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
EIN
41-1697334
Phone
6513121543
Address
3433 BROADWAY STREET NE 115, MINNEAPOLIS, MN 55413

Signing Officer

Name
Michael Spencer
Title
President
Phone
6513121543
Signed
2019-05-15
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
Hansen House Company
Address
130 W SUPERIOR ST STE 640, DULUTH, MN 55802-2056
Preparer
Greg a Hansen
Phone
2187221161
Supplemental Narrative

Financial Statement Notes

Schedule D, Page 2, Part V, Line 4

Minnesota colon and rectal foundation will use the endowment earnings to support the residency training program

Schedule D, Page 3, Part X

The foundation is tax-exempt under section 501(c)(3) of the internal revenue code and minnesota statute 290.05. It is classified as an organization that is not a private foundation under section 509(a)(2) of the internal revenue code and the 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.

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IRS990ScheduleD/SupplementalInformationDetail/ExplanationTxt0MINNESOTA COLON AND RECTAL FOUNDATION WILL USE THE ENDOWMENT EARNINGS TO SUPPORT THE RESIDENCY TRAINING PROGRAM
IRS990ScheduleD/SupplementalInformationDetail/ExplanationTxt1THE FOUNDATION IS TAX-EXEMPT UNDER SECTION 501(C)(3) OF THE INTERNAL REVENUE CODE AND MINNESOTA STATUTE 290.05. IT IS CLASSIFIED AS AN ORGANIZATION THAT IS NOT A PRIVATE FOUNDATION UNDER SECTION 509(A)(2) OF THE INTERNAL REVENUE CODE AND THE 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/FormAndLineReferenceDesc0SCHEDULE D, PAGE 2, PART V, LINE 4
IRS990ScheduleD/SupplementalInformationDetail/FormAndLineReferenceDesc1SCHEDULE D, PAGE 3, PART X
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IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt0THE EXECUTIVE COMMITTEE HAS THE AUTHORITY OF THE BOARD OF DIRECTORS IN THE MANAGEMENT OF FOUNDATION BUSINESS DURING 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 BOARD OF DIRECTORS, PLUS THE PERSON PRIMARILY RESPONSIBLE FOR MAINTAINING THE FINANCIAL BOOKS AND RECORDS OF THE FOUNDATION. AT ALL TIMES, THE EXECUTIVE COMMITTEE IS SUBJECT TO THE CONTROL AND DIRECTION OF THE FOUNDATION'S BOARD OF DIRECTORS.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt1MICHAEL SPENCER BUSINESS RELATIONSHIP MARK SUN BUSINESS RELATIONSHIP
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt2TWO 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/ExplanationTxt3TWO MEMBERS OF THE BOARD OF DIRECTORS ARE APPOINTED BY COLON AND RECTAL SURGERY ASSOCIATES, LTD.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt4THE FORM 990 WILL BE E-MAILED TO THE BOARD MEMBERS PRIOR TO FILING FOR REVIEW AND COMMENTS. THE PERSON PRIMARILY RESPONSIBLE FOR THE FINANCIAL RECORDS OF THE ORGANIZATION WILL CONDUCT THE PRIMARY REVIEW AND WILL WORK WITH THE OTHER MEMBERS OF THE EXECUTIVE COMMITTEE IF NEEDED
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt5ALL 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/ExplanationTxt6THE FOUNDATION MAKES ITS GOVERNING DOCUMENTS, CONFLICT OF INTEREST POLICY, AND FINANCIAL STATEMENTS AVAILABLE UPON REQUEST.
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ReturnHeader/BuildTS02021-01-29 14:40:06Z
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ReturnHeader/PreparerFirmGrp/PreparerFirmName/BusinessNameLine1Txt0HANSEN HOUSE COMPANY
ReturnHeader/PreparerFirmGrp/PreparerUSAddress/AddressLine1Txt0130 W SUPERIOR ST STE 640
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Document Assets

No mirrored PDF or thumbnail assets are attached yet.

Filings

Balance SheetOperations
YearAssetsLiabilitiesNet AssetsRevenueExpensesNet Income
2024Detailed filing. Detailed filing data is available for this year.$3.90$0.15$3.75$0.32$0.33$0.01
2023Detailed filing. Detailed filing data is available for this year.$3.62$0.03$3.59$0.18$0.26$0.08
2022Detailed filing. Detailed filing data is available for this year.$3.53$0.02$3.50$0.29$0.24$0.05
2021Detailed filing. Detailed filing data is available for this year.$4.10$0.04$4.07$0.23$0.06$0.18
2020Detailed filing. Detailed filing data is available for this year.$3.40$0.01$3.39$0.06$0.05$0.00
2019Detailed filing. Detailed filing data is available for this year.$3.19$0.02$3.17$0.19$0.06$0.12
2018Detailed filing. Detailed filing data is available for this year.$2.76$0.04$2.73$0.09$0.10$0.01
2017Detailed filing. Detailed filing data is available for this year.$2.75$0.07$2.67$0.28$0.36$0.08
2016Detailed filing. Detailed filing data is available for this year.$2.78$0.11$2.67$0.38$0.23$0.15
2015Detailed filing. Detailed filing data is available for this year.$2.58$0.06$2.52$0.55$0.37$0.18
2014Detailed filing. Detailed filing data is available for this year.$2.52$0.12$2.39$0.47$0.41$0.06
2013Facts available. Structured filing facts are available, but richer extracted sections are limited.$2.24$0.13$2.11$0.90$0.60$0.29
2012Facts available. Structured filing facts are available, but richer extracted sections are limited.$1.90$0.20$1.70$0.45
2011Facts available. Structured filing facts are available, but richer extracted sections are limited.$1.79$0.20$1.58$0.55
Peer Organizations

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