Civic Intelligence

Airspace Minnesota

990 • Fiscal year 2014 • EIN 45-5502052

Jul 01, 2013 to Jun 30, 2014 • Filed on Apr 14, 2015

6975 34th Avenue South55450

(612) 727-1737

Siviq Scores

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

Liabilities / Assets

68th percentile

0.03x

Higher debt load relative to assets than 68% of similar nonprofits.

2014 filings • 501(c)3 • <$500k nonprofits • Source year 2014

Liabilities / Revenue

64th percentile

0.01x

Higher debt load relative to revenue than 64% of similar nonprofits.

2014 filings • 501(c)3 • <$500k nonprofits • Source year 2014

Net Margin

80th percentile

24%

Higher net margin than 80% of similar nonprofits.

2014 filings • 501(c)3 • <$500k nonprofits • Source year 2014

Top Officer Pay

74th percentile

$0

Higher top officer pay than 74% of similar nonprofits.

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

2014 filings • 501(c)3 • <$500k nonprofits • Source year 2014

Asset Growth

94th percentile

164%

Faster asset growth than 94% of similar nonprofits.

2014 filings • 501(c)3 • <$500k nonprofits • Annualized from 2013 to 2014

Revenue Growth

Score unavailable

No value available

No earlier valid filing was available within the previous three public years.

Source year 2014

Assets

Up

$103,225

Up $64,174 (+164%) from 2013

Net Assets

Up

$100,152

Up $61,801 (+161%) from 2013

Liabilities

Up

$3,073

Up $2,373 (+339%) from 2013

Revenue

$255,948

No earlier filing loaded for comparison.

Expenses

Up

$194,147

Up $108,306 (+126%) from 2013

Net Income

$61,801

No earlier filing loaded for comparison.

Historical Trend

Balance Sheet Trend

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

$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

2014

Assets$103,225
Liabilities$3,073
Net Assets$100,152

Operations Trend

Revenue, expenses, and net income across loaded years, with this 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

2014

Revenue$255,948
Expenses$194,147
Net Income$61,801
Jump To
Filing Snapshot
Filing Period
Jul 1, 2013 to Jun 30, 2014
Signed
Apr 14, 2015
Return Version
2013v4.0
Gross Receipts
$304,035
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
Rtn Earn Endowment Incm Other Fnds$38,351$100,152▲ $61,801
Pledges and Grants Receivable$13,630$62,000▲ $48,370
Land, Buildings, and Equipment, Net$20,422$26,268▲ $5,846
Cash and Non-Interest-Bearing Accounts$4,999$10,046▲ $5,047
Inventories for Sale or Use-$3,641-
Pd in Cap Srpls Land Bldg Eqp Fund$0$0→ $0
Cap Stk Tr Prin Current Funds$0$0→ $0
Total Assets$39,051$103,225▲ $64,174
Other Assets Total-$1,270-
Liabilities
Accounts Payable and Accrued Expenses$700$3,073▲ $2,373
Total Liabilities$700$3,073▲ $2,373
Net Assets / Fund Balance
Total Net Assets Fund Balance$38,351$100,152▲ $61,801
Total Liabilities and Net Assets / Fund Balance$39,051$103,225▲ $64,174

Asset Categories

AssetBook ValueDepreciationBasis
Equipment$26,268$5,940-
Compensation and Service Providers
Revenue and Support

Revenue Composition

Contributions and Grants
$275,709
Program Service Revenue
$0
Investment Income
$0
Other Revenue
$-19,761
All Other Contributions
$100,733
Change in Net Assets
$61,801

Audited Revenue Reconciliation

Revenue per Audited Statements
$304,035
Revenue Not Reported on Financial Statements
$-48,087
Revenue Not Reported on Form 990
$72,916
Other Revenue Adjustments
$-48,087
Total Revenue per Audited Statements
$376,951
Total Revenue per Form 990
$255,948
Expenses and Functional Allocation

Major Expense Lines

Line ItemAmount
Other Expenses$139,147
Total Fundraising Expense$70,475
Professional Fundraising Fees$55,000
Grants and Similar Amounts Paid$0
Salaries, Compensation, and Employee Benefits$0

Functional Expense Allocation

Line ItemProgramManagementFundraisingTotal
Fees for Services Professional Fundraising--$55,000$55,000
Office Expenses$577$9,685-$10,262
Advertising-$9,555-$9,555
Depreciation Depletion-$4,745-$4,745
Fees for Services Other$4,475--$4,475
Fees for Services Accounting-$4,000-$4,000
Other Expenses$363$2,760$15,475$3,123
Insurance-$1,475-$1,475
All Other Expenses-$350-$350
Total Functional Expenses$91,102$32,570$70,475$194,147

Audited Expense Reconciliation

Line ItemAmount
Total Expenses per Audited Statements$315,150
Expenses per Audited Statements$242,234
Total Expenses per Form 990$194,147
Expenses Not Reported on Form 990$72,916
Expenses Not Reported on Financial Statements$-48,087
Other Expense Adjustments$-48,087
Fundraising, Events, and Gaming
Fundraising activities
Yes
Gaming activities
No
Professional fundraiser used
Yes

Fundraising and Gaming Totals

Line ItemAmount
Professional Fundraising Fees$55,000
Fundraising Direct Expenses$48,087
Fundraising Gross Income$28,326

Fundraising Events

EventGross ReceiptsGross RevenueDirect ExpensesNet Income
Event 1$186,551$28,326$5,647$22,679
Total Events$186,551$28,326$48,087$-19,761
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
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

EIN
45-5502052
Phone
6127271737

Signing Officer

Name
Kristi Rollag Wangstad
Title
President
Phone
6127271737
Signed
2015-04-14
Discuss with paid preparer
Yes

Organization Details

Principal Officer
Kristi Rollag Wangstad
Formed
2012
Legal Domicile
Mn
Voting Board Members
32
Independent Board Members
32
Employees
0
Volunteers
250

Preparer

Preparer
Scott Kadrlik
Phone
9525411996
Supplemental Narrative

Additional Explanations

Form 990, Part III, Line 4A

AirSpace Minnesota was formed to realize a vision to create an air and space learning center adjacent to MSP International Airport. Cited as a signature project in the Fort Snelling Light Rail Transit and Upper Post Master Plan, this initiative will provide a major catalyst in the critically needed revitalization of one of the state's most historically significant sites and create a new economic asset for the region. The campus plan includes new education resources including a Challenger Space Science Center and an interpretive center that will be home to the Minnesota Air National Guard Museum, Minnesota Aviation Hall of Fame, Minnesota Aviation History and Education Center, Minnesota Submarine League and the NWA (Northwest Airlines) History Centre - all entities that now lack adequate facilities and resources to preserve and share their priceless stories and artifacts. This will serve learners throughout the region and provide a showcase for today's innovators, which is essential because the current pipeline of future workers literate in science, technology, engineering & math (STEM) will not meet future needs. According to a recent Wilder Research report, 57 percent of Minnesota fourth graders have high interest in science. By high school, however, only 4 percent of high school graduates are both able and interested in STEM. Young people have an innate desire to understand how things work and gain the skills to make things happen - but too few opportunities to see what's possible when dreams and skills connect. AirSpace Minnesota programming will work to provide students with dreams that fuel the motivation to persevere, capacity to attain necessary skills and a path to post-secondary education, training and careers. The three pillars of the mission work together to help learners see what happens when dreams and skills connect. Commemorate: Chronicle the region's innovation legacy and inspire learners through stories of role models past. Steps are underway to bring the history partners to a common base operating level in support of future requirements and projects with support via the Minnesota Historical & Cultural Grant program through the Minnesota Historical Society. The first AirSpace Minnesota Oral History Project, which captured stories of people underrepresented in the historical record, was completed in summer 2014. To build on the Minnesota Aviation & Aerospace Timeline & Interpretive Plan completed in 2013, an Interpretive Plan grant application was successfully submitted to the Minnesota Historical & Cultural Grant program. Target completion is December 2015. A grant supporting collections management enabled purchase of hardware and collections management software, the creation of a Collections Management Policy & supporting procedures, and collections cataloging capacity. Grant requests for the history partner organizations also were successfully made for computer upgrades, collections management software, policies, and training to support the launch of collections inventories. Twin Cities Public Television (tpt) produced five video vignettes for AirSpace Minnesota providing a taste of aerospace innovation, legacy and future opportunities. The videos were promoted to all Minnesota school districts in anticipation of the Founding Flyers Society launch on April 25, 2014 at the Golden Wings Flying Museum at the Anoka County-Blaine Airport. Over 300 guests experienced a once-in-a-lifetime conversation with Dr. Buzz Aldrin (first moon landing) and Dr. Harrison Schmitt (last moon landing) with Dr. John Olson of Sierra Nevada Corporation. Educate: Provide hands-on STEM experiences and grow STEM skills that connect with the classroom. Step one in achieving the long-term vision for a comprehensive air and space learning campus centers on bringing the Aviation Learning Center from the renowned Museum of Flight in Seattle to the Downtown St. Paul Airport. The opportunity to provide a STEM learning resource at the airport,

Financial Statement Notes

Part XI, Line 4B - Other Adjustments:

Fundraising expenses included in Part VIII - Line 8b -48,087.

Part XII, Line 4B - Other Adjustments:

Fundraising expenses included in Part VIII - Line 8b -48,087.

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