Civic Intelligence

Airspace Minnesota

990 • Fiscal year 2015 • EIN 45-5502052

Jul 01, 2014 to Jun 30, 2015 • Filed on May 10, 2016

6975 34th Avenue SouthMinneapolis, MN 55450

(612) 727-1737

Siviq Scores

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

Liabilities / Assets

79th percentile

0.14x

Higher debt load relative to assets than 79% of similar nonprofits.

2015 filings • 501(c)3 • <$500k nonprofits • Source year 2015

Liabilities / Revenue

82nd percentile

0.11x

Higher debt load relative to revenue than 82% of similar nonprofits.

2015 filings • 501(c)3 • <$500k nonprofits • Source year 2015

Net Margin

22nd percentile

-11%

Higher net margin than 22% of similar nonprofits.

2015 filings • 501(c)3 • <$500k nonprofits • Source year 2015

Top Officer Pay

75th percentile

$0

Higher top officer pay than 75% of similar nonprofits.

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

2015 filings • 501(c)3 • <$500k nonprofits • Source year 2015

Asset Growth

38th percentile

-3.5%

Faster asset growth than 38% of similar nonprofits.

2015 filings • 501(c)3 • <$500k nonprofits • Annualized from 2014 to 2015

Revenue Growth

10th percentile

-49%

Faster revenue growth than 10% of similar nonprofits.

2015 filings • 501(c)3 • <$500k nonprofits • Annualized from 2014 to 2015

Assets

Down

$99,564

Down $3,661 (-3.5%) from 2014

Net Assets

Down

$85,563

Down $14,589 (-15%) from 2014

Liabilities

Up

$14,001

Up $10,928 (+356%) from 2014

Revenue

Down

$131,502

Down $124,446 (-49%) from 2014

Expenses

Down

$146,091

Down $48,056 (-25%) from 2014

Net Income

Down

-$14,589

Down $76,390 (-124%) from 2014

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

2015

Assets$99,564
Liabilities$14,001
Net Assets$85,563

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

2015

Revenue$131,502
Expenses$146,091
Net Income-$14,589
Jump To
Filing Snapshot
Filing Period
Jul 1, 2014 to Jun 30, 2015
Signed
May 10, 2016
Return Version
2014v6.0
Gross Receipts
$131,502
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$10,046$54,647▲ $44,601
Land, Buildings, and Equipment, Net$26,268$20,526▼ $5,742
Pledges and Grants Receivable$62,000$20,000▼ $42,000
Inventories for Sale or Use$3,641$3,121▼ $520
Total Assets$103,225$99,564▼ $3,661
Other Assets Total$1,270$1,270→ $0
Liabilities
Accounts Payable and Accrued Expenses$3,073$14,001▲ $10,928
Total Liabilities$3,073$14,001▲ $10,928
Net Assets / Fund Balance
Temporarily Rstr Net Assets$70,024$44,291▼ $25,733
Unrestricted Net Assets$30,128$41,272▲ $11,144
Total Net Assets Fund Balance$100,152$85,563▼ $14,589
Total Liabilities and Net Assets / Fund Balance$103,225$99,564▼ $3,661

Asset Categories

AssetBook ValueDepreciationBasis
Equipment$20,526$11,682-
Compensation and Service Providers
Revenue and Support

Revenue Composition

Contributions and Grants
$131,502
Program Service Revenue
$0
Investment Income
$0
Other Revenue
$0
All Other Contributions
$79,000
Change in Net Assets
$-14,589

Audited Revenue Reconciliation

Revenue per Audited Statements
$131,502
Revenue Not Reported on Financial Statements
$0
Revenue Not Reported on Form 990
$90,261
Total Revenue per Audited Statements
$221,763
Total Revenue per Form 990
$131,502
Expenses and Functional Allocation

Major Expense Lines

Line ItemAmount
Other Expenses$84,444
Salaries, Compensation, and Employee Benefits$61,647
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$61,647--$61,647
Fees for Services Other$40,872--$40,872
Depreciation Depletion-$5,742-$5,742
Fees for Services Accounting-$5,000-$5,000
Office Expenses$249$4,232-$4,481
Insurance-$1,529-$1,529
Information Technology-$1,391-$1,391
Occupancy-$1,034-$1,034
Advertising-$214-$214
Other Expenses$23,119$25-$25
Total Functional Expenses$125,887$20,204$0$146,091

Audited Expense Reconciliation

Line ItemAmount
Total Expenses per Audited Statements$236,352
Expenses per Audited Statements$146,091
Total Expenses per Form 990$146,091
Expenses Not Reported on Form 990$90,261
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
Kristi Rollag Wangstad
Title
President
Phone
6127271737
Signed
2016-05-10
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
150

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

Consulting Fees - History/Legacy: Program service expenses 23,299. Management and general expenses 0. Fundraising expenses 0. Total expenses 23,299. Consulting Fees - Museology: Program service expenses 16,666. Management and general expenses 0. Fundraising expenses 0. Total expenses 16,666. Outside Contract Services: Program service expenses 907. Management and general expenses 0. Fundraising expenses 0. Total expenses 907.

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 2012 and thereafter are subject to examination by the IRS, generally for three years after filed.

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