Civic Intelligence

Twin Cities Heart Foundation

990 • Fiscal year 2022 • EIN 41-2016735

Jan 01, 2022 to Dec 31, 2022 • Filed on Nov 13, 2023

Refreshing map…

3640 Zenith Avenue SouthMinneapolis, MN 55410

(612) 581-6593

Siviq Scores

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

Liabilities / Assets

31st percentile

0.00x

Tied with the lowest-debt nonprofits in its peer group.

2022 filings • 501(c)3 • $500k-$1M nonprofits • Source year 2022

Liabilities / Revenue

31st percentile

0.00x

Tied with the lowest-debt nonprofits in its peer group.

2022 filings • 501(c)3 • $500k-$1M nonprofits • Source year 2022

Net Margin

77th percentile

27%

Higher net margin than 77% of similar nonprofits.

2022 filings • 501(c)3 • $500k-$1M nonprofits • Source year 2022

Top Officer Pay

53rd percentile

$0

Higher top officer pay than 53% of similar nonprofits.

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

2022 filings • 501(c)3 • $500k-$1M nonprofits • Source year 2022

Asset Growth

13th percentile

-17%

Faster asset growth than 13% of similar nonprofits.

2022 filings • 501(c)3 • $500k-$1M nonprofits • Annualized from 2021 to 2022

Revenue Growth

89th percentile

104%

Faster revenue growth than 89% of similar nonprofits.

2022 filings • 501(c)3 • $500k-$1M nonprofits • Annualized from 2021 to 2022

Assets

Down

$767,921

Down $159,269 (-17%) from 2021

Net Assets

Down

$767,921

Down $159,269 (-17%) from 2021

Liabilities

Flat

$0

Flat from 2021

Revenue

Up

$35,668

Up $18,212 (+104%) from 2021

Expenses

Down

$25,901

Down $34,065 (-57%) from 2021

Net Income

Up

$9,767

Up $52,277 (+123%) from 2021

Historical Trend

Balance Sheet Trend

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

$1.0M$500K$0Assets 2011: $313,050Liabilities 2011: $02011Assets 2012: $349,537Liabilities 2012: $02012Assets 2013: $452,454Liabilities 2013: $02013Assets 2014: $544,700Liabilities 2014: $0Net Assets 2014: $544,7002014Assets 2015: $487,205Liabilities 2015: $0Net Assets 2015: $487,2052015Assets 2016: $592,342Liabilities 2016: $75Net Assets 2016: $592,2672016Assets 2017: $700,156Liabilities 2017: $75Net Assets 2017: $700,0812017Assets 2018: $665,187Liabilities 2018: $75Net Assets 2018: $665,1122018Assets 2019: $716,291Liabilities 2019: $75Net Assets 2019: $716,2912019Assets 2020: $718,238Liabilities 2020: $0Net Assets 2020: $718,2382020Assets 2021: $927,190Liabilities 2021: $0Net Assets 2021: $927,1902021Assets 2022: $767,921Liabilities 2022: $0Net Assets 2022: $767,9212022Assets 2023: $951,621Liabilities 2023: $0Net Assets 2023: $951,6212023Assets 2024: $970,419Liabilities 2024: $0Net Assets 2024: $970,4192024

Highlighted filing

2022

Assets$767,921
Liabilities$0
Net Assets$767,921

Operations Trend

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

$600K$400K$200K$0-$200KRevenue 2011: $23,695Expenses 2011: $34,968Net Income 2011: -$11,2732011Revenue 2012: $17,617Expenses 2012: $27,307Net Income 2012: -$9,6902012Revenue 2013: $21,019Expenses 2013: $24,053Net Income 2013: -$3,0342013Revenue 2014: $27,789Expenses 2014: $28,505Net Income 2014: -$7162014Revenue 2015: $30,530Expenses 2015: $19,827Net Income 2015: $10,7032015Revenue 2016: $26,844Expenses 2016: $22,291Net Income 2016: $4,5532016Revenue 2017: $50,558Expenses 2017: $23,766Net Income 2017: $26,7922017Revenue 2018: $13,968Expenses 2018: $40,457Net Income 2018: -$26,4892018Revenue 2019: $46,458Expenses 2019: $53,083Net Income 2019: -$6,6252019Revenue 2020: $271,477Expenses 2020: $28,619Net Income 2020: $242,8582020Revenue 2021: $17,456Expenses 2021: $59,966Net Income 2021: -$42,5102021Revenue 2022: $35,668Expenses 2022: $25,901Net Income 2022: $9,7672022Revenue 2023: $436,336Expenses 2023: $19,214Net Income 2023: $417,1222023Revenue 2024: $86,264Expenses 2024: $41,491Net Income 2024: $44,7732024

Highlighted filing

2022

Revenue$35,668
Expenses$25,901
Net Income$9,767
Jump To
Filing Snapshot
Filing Period
Jan 1, 2022 to Dec 31, 2022
Signed
Nov 13, 2023
Return Version
2022v5.0
Gross Receipts
$158,645
Mission and Program Overview

Mission

Investigate ways to make remote communications and monitoring of patients cost effective and practical. This includes evaluation of both traditional and novel uses of various audio, video and data acquisition systems for communication and monitoring of patients (i.e. Telemedicine, videoconferencing, and other audio, video and data acquisition and surveillance systems.), as well as evaluating the individual patient and public health impact of the side effects of various drugs and devices and performing cardiac research that leads to a better understanding of cardiac disease diagnosis, prevention and/or treatment. Presently, much of this research involves nonsurgical interventions and treatment of valvular heart disease.

To support and conduct cardiac research

Balance Sheet Detail
LineBeginningEndChange
Assets
Rtn Earn Endowment Incm Other Fnds$927,190$767,921▼ $159,269
Investments Other Securities$913,079$756,741▼ $156,338
Cash and Non-Interest-Bearing Accounts$10,002$8,715▼ $1,287
Land, Buildings, and Equipment, Net$4,109$2,465▼ $1,644
Pd in Cap Srpls Land Bldg Eqp Fund$0$0→ $0
Cap Stk Tr Prin Current Funds$0$0→ $0
Total Assets$927,190$767,921▼ $159,269
Liabilities
Total Liabilities$0$0→ $0
Net Assets / Fund Balance
Total Net Assets Fund Balance$927,190$767,921▼ $159,269
Total Liabilities and Net Assets / Fund Balance$927,190$767,921▼ $159,269

Asset Categories

AssetBook ValueDepreciationBasis
Equipment$2,465$206,422$208,887
Other Securities$756,741--
Compensation and Service Providers

Board Members and Trustees

NameTitle
Irvin GoldenbergPresident
Constance CichyVice President
Paul SeifertVice President
Rick MariamVice President
Wes PedersenVice President
Pam SchillerVice President & Secretary
Terry L BaumgardVice President & Treasurer
Gary ShankTreasurer
Revenue and Support

Revenue Composition

Contributions and Grants
$10,652
Program Service Revenue
$0
Investment Income
$25,016
Other Revenue
$0
All Other Contributions
$10,652
Change in Net Assets
$9,767
Expenses and Functional Allocation

Major Expense Lines

Line ItemAmount
Other Expenses$25,901
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 Services Accounting-$3,552-$3,552
Insurance$2,455--$2,455
Office Expenses-$1,791-$1,791
Depreciation Depletion$1,643--$1,643
Fees for Service Investment Mgmnt Fees-$300-$300
Other Expenses$203--$203
Total Functional Expenses$20,258$5,643$0$25,901
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
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

A copy of form 990 is reviewed by the organization's president prior to filing.

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

If any apparent conflicts arise, the remaining board members review and determine whether a conflict does indeed exist.

Form 990, Part VI, Section B, Line 15

The organization has no paid officers or employees

Form 990, Part VI, Section C, Line 19

Governing statements are available upon request

Filing and Contact Details

Filer

Filer Name
Twin Cities Heart Foundation
EIN
41-2016735
Phone
6125816593
Address
3640 ZENITH AVENUE SOUTH, MINNEAPOLIS, MN 55410

Signing Officer

Name
Irvin F Goldenberg
Title
President
Phone
6125816593
Signed
2023-11-13
Discuss with paid preparer
Yes

Organization Details

Principal Officer
Irvin F Goldenberg
Formed
2007
Legal Domicile
Mn
Voting Board Members
8
Independent Board Members
8
Employees
0
Volunteers
8

Preparer

Firm
Boulay Pllp
Address
11095 VIKING DRIVE-STE 500, EDEN PRAIRIE, MN 55344
Preparer
Shawn M Ruby
Phone
9528939320
Raw XML Appendix375 raw XML fields

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/Desc0THE FOUNDATION PERFORMS AND SUPPORTS CARDIOVASCULAR RESEARCH. TELEMEDICINE & INFORMATION SYSTEMS: THE ORGANIZATION CONTINUES TO ASSESS THE ROLE OF TELEMEDICINE ALONG WITH OTHER REMOTE MONITORING AND INFORMATION SYSTEMS, IN THE EVALUATION, DIAGNOSIS, MONITORING AND TREATMENT OF CARDIOVASCULAR DISEASE. THEY EVALUATE THE ROLE OF TELEMEDICINE IN ALLOWING ELDERLY CARDIOVASCULAR PATIENT TO ADEQUATELY CARE FOR THEMSELVES OUTSIDE OF A NURSING HOME AND FINDING COST EFFECTIVE METHODS THAT FAMILY MEMBERS CAN USE TO REMOTELY MONITOR INDIVIDUALS IN THEIR FAMILY AVOIDING THE NEED FOR ASSISTED LIVING OR NURSING HOME PLACEMENT.NON-SURGICAL TREATMENT OF VASCULAR DISEASE: THE ORGANIZATION IS COLLABORATING WITH THE MINNEAPOLIS HEART INSTITUTE EVALUATING PATIENTS WITH VASCULAR HEART DISEASE. PUBLIC HEALTH RISK OF MEDICAL DEVICES AND DRUGS: TWIN CITIES HEART FOUNDATION CONTINUES TO EVALUATE THE PUBLIC HEART RISK AND COST DUE TO CARDIAC COMPLICATIONS FROM MEDICAL DEVICES AND DRUGS.RECENT PUBLICATIONS INCLUDE "A PERSPECTIVE ON NEEDS IDENTIFICATION FOR SUCCESSFUL CARDIOVASCULAR DEVICE INNOVATION". SEE THE WEBSITE AT WWW.TWINCITIESHEARTFOUNDATION.NET FOR MORE PUBLICATIONS AND INFORMATION.
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IRS990/Form990PartVIISectionAGrp/TitleTxt0PRESIDENT
IRS990/Form990PartVIISectionAGrp/TitleTxt1VICE PRESIDENT
IRS990/Form990PartVIISectionAGrp/TitleTxt2VICE PRESIDENT
IRS990/Form990PartVIISectionAGrp/TitleTxt3VICE PRESIDENT
IRS990/Form990PartVIISectionAGrp/TitleTxt4VICE PRESIDENT
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IRS990ScheduleA/PublicSupportTotal170Amt043062
IRS990ScheduleA/ThirtyThrPctSuprtTestsCY170Ind0X
IRS990ScheduleA/TotalCalendarYear170Grp/CurrentTaxYearAmt010652
IRS990ScheduleA/TotalCalendarYear170Grp/CurrentTaxYearMinus1YearAmt010278
IRS990ScheduleA/TotalCalendarYear170Grp/CurrentTaxYearMinus2YearsAmt0485
IRS990ScheduleA/TotalCalendarYear170Grp/CurrentTaxYearMinus3YearsAmt021468
IRS990ScheduleA/TotalCalendarYear170Grp/CurrentTaxYearMinus4YearsAmt0179
IRS990ScheduleA/TotalCalendarYear170Grp/TotalAmt043062
IRS990ScheduleA/TotalSupportAmt070069
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/EquipmentGrp/BookValueAmt02465
IRS990ScheduleD/EquipmentGrp/DepreciationAmt0206422
IRS990ScheduleD/EquipmentGrp/OtherCostOrOtherBasisAmt0208887
IRS990ScheduleD/OtherSecuritiesGrp/BookValueAmt0756741
IRS990ScheduleD/OtherSecuritiesGrp/Desc0PUBLICLY TRADED STOCK
IRS990ScheduleD/OtherSecuritiesGrp/MethodValuationCd0F
IRS990ScheduleD/TotalBookValueLandBuildingsAmt02465
IRS990ScheduleD/TotalBookValueSecuritiesAmt0756741
IRS990/ScheduleJRequiredInd00
IRS990/ScheduleORequiredInd01
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt0A COPY OF FORM 990 IS REVIEWED BY THE ORGANIZATION'S PRESIDENT PRIOR TO FILING.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt1IF ANY APPARENT CONFLICTS ARISE, THE REMAINING BOARD MEMBERS REVIEW AND DETERMINE WHETHER A CONFLICT DOES INDEED EXIST.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt2THE ORGANIZATION HAS NO PAID OFFICERS OR EMPLOYEES
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt3GOVERNING STATEMENTS ARE AVAILABLE UPON REQUEST
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc0FORM 990, PART VI, SECTION B, LINE 11B
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc1FORM 990, PART VI, SECTION B, LINE 12C
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc2FORM 990, PART VI, SECTION B, LINE 15
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc3FORM 990, PART VI, SECTION C, LINE 19
IRS990/SchoolOperatingInd00
IRS990/SignificantChangeInd00
IRS990/SignificantNewProgramSrvcInd00
IRS990/StatesWhereCopyOfReturnIsFldCd0MN
IRS990/SubjectToExcsTaxNetInvstIncInd00
IRS990/SubjectToProxyTaxInd00
IRS990/SubjToTaxRmnrtnExPrchtPymtInd00
IRS990/TaxablePartyNotificationInd00
IRS990/TaxExemptBondsInd00
IRS990/TerminateOperationsInd00
IRS990/TotalAssetsBOYAmt0927190
IRS990/TotalAssetsEOYAmt0767921
IRS990/TotalAssetsGrp/BOYAmt0927190
IRS990/TotalAssetsGrp/EOYAmt0767921
IRS990/TotalCompGreaterThan150KInd00
IRS990/TotalContributionsAmt010652
IRS990/TotalEmployeeCnt00
IRS990/TotalFunctionalExpensesGrp/FundraisingAmt00
IRS990/TotalFunctionalExpensesGrp/ManagementAndGeneralAmt05643
IRS990/TotalFunctionalExpensesGrp/ProgramServicesAmt020258
IRS990/TotalFunctionalExpensesGrp/TotalAmt025901
IRS990/TotalGrossUBIAmt00
IRS990/TotalLiabilitiesBOYAmt00
IRS990/TotalLiabilitiesEOYAmt00
IRS990/TotalLiabilitiesGrp/BOYAmt00
IRS990/TotalLiabilitiesGrp/EOYAmt00
IRS990/TotalNetAssetsFundBalanceGrp/BOYAmt0927190
IRS990/TotalNetAssetsFundBalanceGrp/EOYAmt0767921
IRS990/TotalOtherCompensationAmt00
IRS990/TotalProgramServiceExpensesAmt020258
IRS990/TotalReportableCompFromOrgAmt00
IRS990/TotalRevenueGrp/ExclusionAmt025016
IRS990/TotalRevenueGrp/RelatedOrExemptFuncIncomeAmt00
IRS990/TotalRevenueGrp/TotalRevenueColumnAmt035668
IRS990/TotalRevenueGrp/UnrelatedBusinessRevenueAmt00
IRS990/TotalVolunteersCnt08
IRS990/TotLiabNetAssetsFundBalanceGrp/BOYAmt0927190
IRS990/TotLiabNetAssetsFundBalanceGrp/EOYAmt0767921
IRS990/TotReportableCompRltdOrgAmt00
IRS990/TrnsfrExmptNonChrtblRltdOrgInd00
IRS990/TypeOfOrganizationCorpInd0X
IRS990/UnrelatedBusIncmOverLimitInd00
IRS990/UponRequestInd0X
IRS990/USAddress/AddressLine1Txt03640 ZENITH AVENUE SOUTH
IRS990/USAddress/CityNm0MINNEAPOLIS
IRS990/USAddress/StateAbbreviationCd0MN
IRS990/USAddress/ZIPCd055410
IRS990/VotingMembersGoverningBodyCnt08
IRS990/VotingMembersIndependentCnt08
IRS990/WebsiteAddressTxt0WWW.TWINCITIESHEARTFOUNDATION.NET
IRS990/WhistleblowerPolicyInd00
ReturnHeader/AdditionalFilerInformation/TrustedCustomerGrp/AuthenticationAssuranceLevelCd0AAL1
ReturnHeader/AdditionalFilerInformation/TrustedCustomerGrp/IdentityAssuranceLevelCd0IAL1
ReturnHeader/AdditionalFilerInformation/TrustedCustomerGrp/TrustedCustomerCd02
ReturnHeader/BuildTS02023-04-26 12:10:37Z
ReturnHeader/BusinessOfficerGrp/DiscussWithPaidPreparerInd01
ReturnHeader/BusinessOfficerGrp/PersonNm0IRVIN F GOLDENBERG
ReturnHeader/BusinessOfficerGrp/PersonTitleTxt0PRESIDENT
ReturnHeader/BusinessOfficerGrp/PhoneNum06125816593
ReturnHeader/BusinessOfficerGrp/SignatureDt02023-11-13
ReturnHeader/Filer/BusinessName/BusinessNameLine1Txt0TWIN CITIES HEART FOUNDATION
ReturnHeader/Filer/BusinessNameControlTxt0TWIN
ReturnHeader/Filer/EIN0412016735
ReturnHeader/Filer/PhoneNum06125816593
ReturnHeader/Filer/USAddress/AddressLine1Txt03640 ZENITH AVENUE SOUTH
ReturnHeader/Filer/USAddress/CityNm0MINNEAPOLIS
ReturnHeader/Filer/USAddress/StateAbbreviationCd0MN
ReturnHeader/Filer/USAddress/ZIPCd055410
ReturnHeader/IRSResponsiblePrtyInfoCurrInd00
ReturnHeader/PreparerFirmGrp/PreparerFirmEIN0410887288
ReturnHeader/PreparerFirmGrp/PreparerFirmName/BusinessNameLine1Txt0BOULAY PLLP
ReturnHeader/PreparerFirmGrp/PreparerUSAddress/AddressLine1Txt011095 VIKING DRIVE-STE 500
ReturnHeader/PreparerFirmGrp/PreparerUSAddress/CityNm0EDEN PRAIRIE
ReturnHeader/PreparerFirmGrp/PreparerUSAddress/StateAbbreviationCd0MN
ReturnHeader/PreparerFirmGrp/PreparerUSAddress/ZIPCd055344
ReturnHeader/PreparerPersonGrp/PhoneNum09528939320
ReturnHeader/PreparerPersonGrp/PreparationDt02023-11-13
ReturnHeader/PreparerPersonGrp/PreparerPersonNm0SHAWN M RUBY
ReturnHeader/ReturnTs02023-11-15T18:31:44-06:00
ReturnHeader/ReturnTypeCd0990
ReturnHeader/SigningOfficerGrp/PersonFullName/PersonFirstNm0IRVIN
ReturnHeader/SigningOfficerGrp/PersonFullName/PersonLastNm0GOLDENBERG
ReturnHeader/TaxPeriodBeginDt02022-01-01
ReturnHeader/TaxPeriodEndDt02022-12-31
ReturnHeader/TaxYr02022

Document Assets

No mirrored PDF or thumbnail assets are attached yet.

Filings

Balance SheetOperations
YearAssetsLiabilitiesNet AssetsRevenueExpensesNet Income
2024Facts available. Structured filing facts are available, but richer extracted sections are limited.$9.70$0.00$9.70$0.86$0.41$0.45
2023Summary only. Only limited summary data is available for this year.$9.52$0.00$9.52$4.36$0.19$4.17
2022Detailed filing. Detailed filing data is available for this year.$7.68$0.00$7.68$0.36$0.26$0.10
2021Summary only. Only limited summary data is available for this year.$9.27$0.00$9.27$0.17$0.60$0.43
2020XML pending. An XML filing is linked for this year, but detailed extraction is still pending.$7.18$0.00$7.18$2.71$0.29$2.43
2019Summary only. Only limited summary data is available for this year.$7.16$0.00$7.16$0.46$0.53$0.07
2018Summary only. Only limited summary data is available for this year.$6.65$0.00$6.65$0.14$0.40$0.26
2017Summary only. Only limited summary data is available for this year.$7.00$0.00$7.00$0.51$0.24$0.27
2016Summary only. Only limited summary data is available for this year.$5.92$0.00$5.92$0.27$0.22$0.05
2015Summary only. Only limited summary data is available for this year.$4.87$0.00$4.87$0.31$0.20$0.11
2014Summary only. Only limited summary data is available for this year.$5.45$0.00$5.45$0.28$0.29$0.01
2013Summary only. Only limited summary data is available for this year.$4.52$0.00$0.21$0.24$0.03
2012Summary only. Only limited summary data is available for this year.$3.50$0.00$0.18$0.27$0.10
2011Summary only. Only limited summary data is available for this year.$3.13$0.00$0.24$0.35$0.11