Civic Intelligence

Airspace Minnesota

EIN 45-5502052 • 501(c)3 • Minneapolis, MN

Profile

AirSpace Minnesota uses the joy of flight to inspire dreams that build bright futures. We will honor our legacy, showcase today's innovators and give learners skills to navigate their world and beyond.

6975 34th Avenue SouthMinneapolis, MN 55450

www.airspacemn.org

Siviq Scores

Precomputed percentiles relative to similar nonprofits. These scores are descriptive rather than judgmental.

Liabilities / Assets

60th percentile

0.00x

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

501(c)3 • <$500k nonprofits • Source year 2019

Liabilities / Revenue

62nd percentile

0.00x

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

501(c)3 • <$500k nonprofits • Source year 2019

Net Margin

2nd percentile

-1802%

Higher net margin than 2% of similar nonprofits.

501(c)3 • <$500k nonprofits • Source year 2019

Top Officer Pay

95th percentile

$61,647

Higher top officer pay than 95% of similar nonprofits.

Top officer pay equals 67.9% of source-year revenue.

501(c)3 • <$500k nonprofits • Source year 2016

Asset Growth

10th percentile

-100%

Faster asset growth than 10% of similar nonprofits.

501(c)3 • <$500k nonprofits • Annualized from 2018 to 2019

Revenue Growth

5th percentile

-98%

Faster revenue growth than 5% of similar nonprofits.

501(c)3 • <$500k nonprofits • Annualized from 2018 to 2019

Assets

Down

$1

Down $32,710 (-100%) from 2018

Liabilities

Flat

$0

Flat from 2018

Net Assets

Down

$0

Down $32,711 (-100%) from 2018

Revenue

Down

$1,815

Down $83,785 (-98%) from 2018

Expenses

Down

$34,526

Down $111,421 (-76%) from 2018

Net Income

Up

-$32,711

Up $27,636 (+46%) from 2018

Trend Graphs

Balance Sheet Trend

Grouped bars show assets, liabilities, and net assets across loaded filings.

$150K$100K$50K$0Assets 2013: $39,051Liabilities 2013: $700Net Assets 2013: $38,3512013Assets 2014: $103,225Liabilities 2014: $3,073Net Assets 2014: $100,1522014Assets 2015: $99,564Liabilities 2015: $14,001Net Assets 2015: $85,5632015Assets 2016: $55,340Liabilities 2016: $9,608Net Assets 2016: $45,7322016Assets 2017: $108,994Liabilities 2017: $15,936Net Assets 2017: $93,0582017Assets 2018: $32,711Liabilities 2018: $0Net Assets 2018: $32,7112018Assets 2019: $1Liabilities 2019: $0Net Assets 2019: $02019

Highlighted filing

2019

Assets$1
Liabilities$0
Net Assets$0

Operations Trend

Revenue, expenses, and net income by year, with the latest filing highlighted.

$300K$200K$100K$0-$100KExpenses 2013: $85,8412013Revenue 2014: $255,948Expenses 2014: $194,147Net Income 2014: $61,8012014Revenue 2015: $131,502Expenses 2015: $146,091Net Income 2015: -$14,5892015Revenue 2016: $90,728Expenses 2016: $130,559Net Income 2016: -$39,8312016Revenue 2017: $140,144Expenses 2017: $92,818Net Income 2017: $47,3262017Revenue 2018: $85,600Expenses 2018: $145,947Net Income 2018: -$60,3472018Revenue 2019: $1,815Expenses 2019: $34,526Net Income 2019: -$32,7112019

Highlighted filing

2019

Revenue$1,815
Expenses$34,526
Net Income-$32,711

Filings

Latest Detailed Filing

The latest 2019 filing currently has summary financial data only. Showing the latest detailed filing from 2016 below.

Jump To
Filing Snapshot
Filing Period
Jul 1, 2015 to Jun 30, 2016
Signed
May 1, 2017
Return Version
2015v3.0
Gross Receipts
$90,728
Mission and Program Overview

Mission

AirSpace Minnesota uses the joy of flight to inspire dreams that build bright futures. We will honor our legacy, showcase today's innovators and give learners skills to navigate their world and beyond.

AirSpace Minnesota uses the joy of flight to inspire dreams that build bright futures.

Balance Sheet Detail
LineBeginningEndChange
Assets
Cash and Non-Interest-Bearing Accounts$54,647$25,654▼ $28,993
Land, Buildings, and Equipment, Net$20,526$15,321▼ $5,205
Pledges and Grants Receivable$20,000$10,000▼ $10,000
Inventories for Sale or Use$3,121$3,095▼ $26
Total Assets$99,564$55,340▼ $44,224
Other Assets Total$1,270$1,270→ $0
Liabilities
Accounts Payable and Accrued Expenses$14,001$9,608▼ $4,393
Total Liabilities$14,001$9,608▼ $4,393
Net Assets / Fund Balance
Unrestricted Net Assets$41,272$35,732▼ $5,540
Temporarily Rstr Net Assets$44,291$10,000▼ $34,291
Total Net Assets Fund Balance$85,563$45,732▼ $39,831
Total Liabilities and Net Assets / Fund Balance$99,564$55,340▼ $44,224

Asset Categories

AssetBook ValueDepreciationBasis
Equipment$15,321$16,887-
Compensation and Service Providers

Employees

NameTitleFull / Part TimeBaseTotal
Kristi Rollag WangstadPresidentFT$61,647$61,647

Board Members and Trustees

Revenue and Support

Revenue Composition

Contributions and Grants
$90,728
Program Service Revenue
$0
Investment Income
$0
Other Revenue
$0
All Other Contributions
$87,928
Change in Net Assets
$-39,831

Audited Revenue Reconciliation

Revenue per Audited Statements
$90,728
Revenue Not Reported on Financial Statements
$0
Revenue Not Reported on Form 990
$7,359
Total Revenue per Audited Statements
$98,087
Total Revenue per Form 990
$90,728
Expenses and Functional Allocation

Major Expense Lines

Line ItemAmount
Other Expenses$82,559
Salaries, Compensation, and Employee Benefits$48,000
Grants and Similar Amounts Paid$0
Professional Fundraising Fees$0
Total Fundraising Expense$0

Functional Expense Allocation

Line ItemProgramManagementFundraisingTotal
Current Officers, Directors, Trustees, and Key Employees$36,000$12,000-$48,000
Fees for Services Other$35,492--$35,492
Advertising-$6,208-$6,208
Depreciation Depletion-$5,205-$5,205
Fees for Services Accounting-$5,000-$5,000
Office Expenses$725$3,217-$3,942
Occupancy-$2,625-$2,625
Insurance-$1,527-$1,527
Information Technology-$730-$730
Interest-$152-$152
Other Expenses$20,440$25-$25
Total Functional Expenses$92,657$37,902$0$130,559

Audited Expense Reconciliation

Line ItemAmount
Total Expenses per Audited Statements$137,918
Expenses per Audited Statements$130,559
Total Expenses per Form 990$130,559
Expenses Not Reported on Form 990$7,359
Expenses Not Reported on Financial Statements$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 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 11

Reviewed by Board of Directors.

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

Each trustee, officer, member of a committee with board-delegated powers, and employee signs a statement that affirms that such person has received a copy of the conflict of interest/duality policy, has read and understands the policy, and has agreed to comply with the policy.

Form 990, Part VI, Section C, line 19

The organization will provide the governing documents and financial statements upon request.

Filing and Contact Details

Filer

Filer Name
AirSpace Minnesota
EIN
45-5502052
Phone
6127271737
Address
6975 34th Avenue South, Minneapolis, MN 55450

Signing Officer

Name
Steve Bruss
Title
Director
Phone
6127271737
Signed
2017-05-01
Discuss with paid preparer
Yes

Organization Details

Principal Officer
Steve Bruss
Formed
2012
Legal Domicile
Mn
Voting Board Members
12
Independent Board Members
12
Employees
0
Volunteers
140

Preparer

Firm
Meuwissen Flygare Kadrlik & Assoc PA
Address
6400 Flying Cloud Drive Suite 100, Eden Prairie, MN 55344
Preparer
Scott Kadrlik
Phone
9525411996
Supplemental Narrative

Additional Explanations

Form 990, Part III, Line 4A

AirSpace Minnesota is a 501(c)(3) nonprofit collaborative formed to honor and grow the region's innovation legacy. Using the unique power of flight to ignite imaginations, AirSpace Minnesota partners work together to: COMMEMORATE: Honor those who build and serve. EDUCATE: Learn from the past and prepare for the future. INNOVATE: Showcase people and ideas at work. Every learner needs sufficient motivation to work hard and persevere, skills necessary to progress, and a continuum of support leading to post-secondary education, training and careers. According to Wilder Research, nearly 60 percent of Minnesota's 4th graders express a high interest in science, but by high school, only 4 percent of graduates are interested in, and prepared for, STEM*-related pursuits (*science, technology, engineering & mathematics). Programming related to the past, present and future of flight has a remarkable power to engage interest. This content provides an ideal platform to inspire learners through engaging exhibits and stories of extraordinary role models; to expand the future skilled workforce through hands-on STEM-based learning opportunities; and to demonstrate STEM in action by showcasing individuals, organizations and pathways to success. The AirSpace Minnesota board of directors reflects the breadth of organizations with a connection to flight and includes these nonprofit heritage partners: Minnesota Air National Guard Historical Foundation, Minnesota Aviation Hall of Fame, Minnesota Aviation History & Education Center, Minnesota Submarine League and the NWA History Centre. AirSpace Minnesota was created in 2012 to address the critical need to celebrate the region's extraordinary innovation legacy and to provide a home for the heritage partners, which each lack adequate facilities and resources to preserve and share their priceless stories and artifacts. The vision is to establish an air and space learning campus adjacent to MSP International Airport on the Upper Post of Fort Snelling. Cited as a signature project in the Fort Snelling Light Rail Transit and Upper Post Master Plan, this initiative can provide a major catalyst in the critically needed revitalization of one of the state's most historically significant sites and create a new regional economic asset, drawing visitors from near and far. Proximity to Minneapolis-St. Paul International Airport - the gateway to the region - provides amazing access to out-of-state visitors and convenience for state and regional residents. Direct access to the airport also will enable special fly-in assets to be shared with the public. This showcase of innovation will significantly strengthen the area's unique hub of visitor attractions and economic activity, which includes Historic Fort Snelling and the Fort Snelling State Park, where the mighty Mississippi and Minnesota Rivers come together. This center would provide a showcase for many regional innovation stories including: - In 1920 Captain Ray Miller and Lt. Col. William Garis traveled for eight days from St. Paul to Washington, D.C. to successfully lobby for the 1st National Guard aviation unit. - Northwest Airways took off in 1926 with a couple of rented biplanes and in less than a year flew the nation's first closed-cabin commercial plane. - 3M's ongoing role in air & space exploration has ranged from the Scotch tape on Dr. Jean Piccard's 1936 balloon to Neil Armstrong's space boots on the moon. - Pressure suits, G-suits and oxygen systems have been tested and improved for decades by Mayo Clinic, helping people survive and flourish in new environments. - The electric autopilot developed by Honeywell during WWII saved countless U.S. lives and helped launch Honeywell's status as a global avionics leader. - From air to ground radio communications to satellite-based TV broadcasting, Hubbard Broadcasting has been a technology leader in news gathering and dissemination. - The black box flight recorder, astronaut food sticks, balloon research in up

Form 990, Part IX, line 11G

Outside Contract Services: Program service expenses 72. Management and general expenses 0. Fundraising expenses 0. Total expenses 72. Consulting Fees: Program service expenses 35,420. Management and general expenses 0. Fundraising expenses 0. Total expenses 35,420.

Form 990, Part XII, Line 2C

No change in process from prior year.

Financial Statement Notes

Part X, Line 2:

The Organization assesses whether it is more likely than not that a tax position will be sustained upon examination of the technical merits of the position, assuming the taxing authority has full knowledge of all information. If the tax position does not meet the more likely than not recognition threshold, the benefit of the tax position is not recognized in the financial statements. The Organization recorded no assets or liabilities for uncertain tax positions or unrecognized benefits. Federal returns for the years ended 2013 and thereafter are subject to examination by the IRS, generally for three years after filed.

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IRS990ScheduleD/SupplementalInformationDetail/ExplanationTxt0The Organization assesses whether it is more likely than not that a tax position will be sustained upon examination of the technical merits of the position, assuming the taxing authority has full knowledge of all information. If the tax position does not meet the more likely than not recognition threshold, the benefit of the tax position is not recognized in the financial statements. The Organization recorded no assets or liabilities for uncertain tax positions or unrecognized benefits. Federal returns for the years ended 2013 and thereafter are subject to examination by the IRS, generally for three years after filed.
IRS990ScheduleD/SupplementalInformationDetail/FormAndLineReferenceDesc0Part X, Line 2:
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IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt0AirSpace Minnesota is a 501(c)(3) nonprofit collaborative formed to honor and grow the region's innovation legacy. Using the unique power of flight to ignite imaginations, AirSpace Minnesota partners work together to: COMMEMORATE: Honor those who build and serve. EDUCATE: Learn from the past and prepare for the future. INNOVATE: Showcase people and ideas at work. Every learner needs sufficient motivation to work hard and persevere, skills necessary to progress, and a continuum of support leading to post-secondary education, training and careers. According to Wilder Research, nearly 60 percent of Minnesota's 4th graders express a high interest in science, but by high school, only 4 percent of graduates are interested in, and prepared for, STEM*-related pursuits (*science, technology, engineering & mathematics). Programming related to the past, present and future of flight has a remarkable power to engage interest. This content provides an ideal platform to inspire learners through engaging exhibits and stories of extraordinary role models; to expand the future skilled workforce through hands-on STEM-based learning opportunities; and to demonstrate STEM in action by showcasing individuals, organizations and pathways to success. The AirSpace Minnesota board of directors reflects the breadth of organizations with a connection to flight and includes these nonprofit heritage partners: Minnesota Air National Guard Historical Foundation, Minnesota Aviation Hall of Fame, Minnesota Aviation History & Education Center, Minnesota Submarine League and the NWA History Centre. AirSpace Minnesota was created in 2012 to address the critical need to celebrate the region's extraordinary innovation legacy and to provide a home for the heritage partners, which each lack adequate facilities and resources to preserve and share their priceless stories and artifacts. The vision is to establish an air and space learning campus adjacent to MSP International Airport on the Upper Post of Fort Snelling. Cited as a signature project in the Fort Snelling Light Rail Transit and Upper Post Master Plan, this initiative can provide a major catalyst in the critically needed revitalization of one of the state's most historically significant sites and create a new regional economic asset, drawing visitors from near and far. Proximity to Minneapolis-St. Paul International Airport - the gateway to the region - provides amazing access to out-of-state visitors and convenience for state and regional residents. Direct access to the airport also will enable special fly-in assets to be shared with the public. This showcase of innovation will significantly strengthen the area's unique hub of visitor attractions and economic activity, which includes Historic Fort Snelling and the Fort Snelling State Park, where the mighty Mississippi and Minnesota Rivers come together. This center would provide a showcase for many regional innovation stories including: - In 1920 Captain Ray Miller and Lt. Col. William Garis traveled for eight days from St. Paul to Washington, D.C. to successfully lobby for the 1st National Guard aviation unit. - Northwest Airways took off in 1926 with a couple of rented biplanes and in less than a year flew the nation's first closed-cabin commercial plane. - 3M's ongoing role in air & space exploration has ranged from the Scotch tape on Dr. Jean Piccard's 1936 balloon to Neil Armstrong's space boots on the moon. - Pressure suits, G-suits and oxygen systems have been tested and improved for decades by Mayo Clinic, helping people survive and flourish in new environments. - The electric autopilot developed by Honeywell during WWII saved countless U.S. lives and helped launch Honeywell's status as a global avionics leader. - From air to ground radio communications to satellite-based TV broadcasting, Hubbard Broadcasting has been a technology leader in news gathering and dissemination. - The black box flight recorder, astronaut food sticks, balloon research in up
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt1Reviewed by Board of Directors.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt2Each trustee, officer, member of a committee with board-delegated powers, and employee signs a statement that affirms that such person has received a copy of the conflict of interest/duality policy, has read and understands the policy, and has agreed to comply with the policy.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt3The organization will provide the governing documents and financial statements upon request.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt4Outside Contract Services: Program service expenses 72. Management and general expenses 0. Fundraising expenses 0. Total expenses 72. Consulting Fees: Program service expenses 35,420. Management and general expenses 0. Fundraising expenses 0. Total expenses 35,420.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt5No change in process from prior year.
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc0Form 990, Part III, Line 4a
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc1Form 990, Part VI, Section B, line 11
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc2Form 990, Part VI, Section B, line 12c
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc3Form 990, Part VI, Section C, line 19
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc4Form 990, Part IX, line 11g
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc5Form 990, Part XII, Line 2c
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ReturnHeader/BuildTS02017-02-10 21:41:12Z
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ReturnHeader/BusinessOfficerGrp/PersonTitleTxt0Director
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ReturnHeader/BusinessOfficerGrp/SignatureDt02017-05-01
ReturnHeader/Filer/BusinessName/BusinessNameLine1Txt0AirSpace Minnesota

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