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Nonprofiteer
← MINNEAPOLIS HEART INSTITUTE FOUNDATION

Form 990 for tax year 2022

Filed by MINNEAPOLIS HEART INSTITUTE FOUNDATION.

Totals

Total revenue
$23,655,940
Total expenses
$14,808,254
Contributions and grants received
$17,801,434
Grants paid
$85,045
Program service revenue
$5,409,134
Investment income
$1,730,486
Other revenue
-$1,285,114
Total assets, end of year
$71,060,713
Total liabilities, end of year
$14,935,609
Net assets or fund balances, end of year
$56,125,104
Program services expenses (Part IX)
$9,976,086
Management and general expenses
$3,259,479
Fundraising expenses
$1,572,689
Program service expenses (Part III)
$9,976,086

Program services were 67.4% of total expenses calculated — Part IX's program-services column over total expenses, both as filed.

Line items

Every line the filer filed in Parts VIII, IX and X, as filed and in filed order. Blank columns are left out, and the lines are not forced to add up to the totals above.

Revenue

Part VIII, the statement of revenue.

  • 1a · Federated campaigns

    $13,217

  • 1c · Fundraising events

    $306,820

  • 1f · All other contributions, gifts and grants

    $17,481,397

  • 1g · Noncash contributions included above

    $176,442

  • 2a · Program service revenue: RESEARCH STUDY REVENUE

    total $4,998,558 · related or exempt $4,998,558

  • 2b · Program service revenue: MISC PROGRAM REVENUE

    total $410,576 · related or exempt $410,576

  • 3 · Investment income

    total $838,820 · excluded $838,820

  • 7a · Gross sales of assets other than inventory

    securities $2,879,500

  • 7b · Less cost or other basis and sales expenses

    securities $1,987,834

  • 7c · Gain or loss

    securities $891,666

  • 7d · Net gain or loss

    total $891,666 · excluded $891,666

  • 8a · Fundraising events: gross income

    $89,942

  • 8a · Fundraising events: contributions included on line 1c

    $306,820

  • 8b · Fundraising events: direct expenses

    $1,375,056

  • 8c · Net income from fundraising events

    total -$1,285,114 · excluded -$1,285,114

Functional expenses

Part IX, the statement of functional expenses.

  • 1 · Grants to domestic organizations and governments

    total $11,750 · program services $11,750

  • 3 · Grants to foreign organizations and individuals

    total $73,295 · program services $73,295

  • 5 · Compensation of officers, directors and key employees

    total $1,474,190 · program services $440,593 · management and general $716,106 · fundraising $317,491

  • 7 · Other salaries and wages

    total $6,934,492 · program services $5,247,832 · management and general $1,027,780 · fundraising $658,880

  • 8 · Pension plan contributions

    total $418,968 · program services $319,752 · management and general $48,759 · fundraising $50,457

  • 9 · Other employee benefits

    total $622,576 · program services $510,689 · management and general $45,503 · fundraising $66,384

  • 10 · Payroll taxes

    total $489,704 · program services $352,400 · management and general $85,002 · fundraising $52,302

  • 11b · Fees: legal

    total $70,959 · program services $32,659 · management and general $21,347 · fundraising $16,953

  • 11c · Fees: accounting

    total $49,044 · program services $11,356 · management and general $37,688

  • 11e · Fees: professional fundraising services

    total $15,702 · fundraising $15,702

  • 11f · Fees: investment management

    total $83,799 · management and general $83,799

  • 11g · Fees: other

    total $1,976,409 · program services $1,483,908 · management and general $433,985 · fundraising $58,516

  • 12 · Advertising and promotion

    total $5,490 · program services $2,544 · management and general $2,946

  • 13 · Office expenses

    total $323,163 · program services $197,608 · management and general $14,439 · fundraising $111,116

  • 14 · Information technology

    total $324,472 · program services $18,834 · management and general $304,141 · fundraising $1,497

  • 16 · Occupancy

    total $756,287 · program services $588,944 · management and general $106,509 · fundraising $60,834

  • 17 · Travel

    total $415,104 · program services $236,997 · management and general $79,387 · fundraising $98,720

  • 22 · Depreciation, depletion and amortization

    total $316,457 · program services $252,625 · management and general $37,296 · fundraising $26,536

  • 23 · Insurance

    total $120,741 · program services $72,231 · management and general $48,510

  • 24a · Other expenses: MISCELLANEOUS

    total $166,360 · program services $21,397 · management and general $113,215 · fundraising $31,748

  • 24b · Other expenses: EMPLOYEE SEMINAR FEES

    total $71,090 · program services $56,633 · management and general $11,152 · fundraising $3,305

  • 24c · Other expenses: EQUIPMENT/MAINTENANCE

    total $22,727 · program services $19,888 · management and general $1,691 · fundraising $1,148

  • 24d · Other expenses: COMMUNITY RELATIONS

    total $14,932 · program services $603 · management and general $13,279 · fundraising $1,050

  • 24e · All other expenses

    total $50,543 · program services $23,548 · management and general $26,945 · fundraising $50

Balance sheet

Part X, book values.

  • 1 · Cash, non-interest-bearing

    beginning of year $908,865 · end of year $1,272,959

  • 2 · Savings and temporary cash investments

    beginning of year $10,216,007 · end of year $9,598,276

  • 3 · Pledges and grants receivable

    beginning of year $7,496,593 · end of year $14,799,346

  • 4 · Accounts receivable

    beginning of year $2,927,293 · end of year $2,940,880

  • 9 · Prepaid expenses and deferred charges

    beginning of year $281,296 · end of year $277,423

  • 10a · Land, buildings and equipment: cost or other basis

    $3,049,966

  • 10b · Land, buildings and equipment: accumulated depreciation

    $1,583,488

  • 10c · Land, buildings and equipment, net

    beginning of year $1,767,450 · end of year $1,466,478

  • 11 · Investments: publicly traded securities

    beginning of year $32,583,703 · end of year $26,649,845

  • 12 · Investments: other securities

    beginning of year $922,812 · end of year $2,559,101

  • 15 · Other assets

    beginning of year $0 · end of year $11,496,405

  • 17 · Accounts payable and accrued expenses

    beginning of year $2,023,298 · end of year $2,248,874

  • 19 · Deferred revenue

    beginning of year $401,948 · end of year $256,856

  • 25 · Other liabilities

    beginning of year $948,293 · end of year $12,429,879

  • 27 · Net assets without donor restrictions

    beginning of year $12,844,788 · end of year $12,366,174

  • 28 · Net assets with donor restrictions

    beginning of year $40,885,692 · end of year $43,758,930

Mission and programs · 2022

Mission

THE MISSION OF THE MINNEAPOLIS HEART INSTITUTE FOUNDATION IS TO IMPROVE THE CARDIOVASCULAR HEALTH OF INDIVIDUALS AND COMMUNITIES THROUGH INNOVATIVE RESEARCH AND EDUCATION.

Activities or mission (Part I)

TO IMPROVE THE CARDIOVASCULAR HEALTH OF INDIVIDUALS AND COMMUNITIES THROUGH RESEARCH & EDUCATION.

  • RESEARCHMHIF HAS A 41-YEAR HISTORY OF WORLD-CLASS CARDIOVASCULAR RESEARCH AND EDUCATION THAT HAS PROVEN ITS POSITIVE IMPACT ON THE STANDARD OF CARE FOR PATIENTS AROUND THE WORLD. IN 2022, MHIF ENROLLED MORE THAN 350 NEW PATIENTS AND AT ANY GIVEN TIME HAS MORE THAN 220 STUDIES ACROSS ALL AREAS OF CARDIOVASCULAR MEDICINE. MANY PATIENTS HAVE HOPE THROUGH OPTIONS THAT MAY ONLY BE AVAILABLE AS PART OF RESEARCH. THE TEAM ALSO ACCOMPLISHED A RECORD HIGH OF MORE THAN 500 PUBLICATIONS, ABSTRACTS, PODIUM PRESENTATIONS AND INVITED TALKS AT INTERNATIONAL CONFERENCES ALL SHARING LEARNINGS FROM MHIF'S LIFESAVING CARDIOVASCULAR RESEARCH. MHIF RESEARCH CONTINUES TO CROSS ALL PRACTICE AREAS OF CARDIOVASCULAR MEDICINE AND CARE. A FEW HIGHLIGHTS RELATED TO OUR IMPACT IN 2022: -350+ NEW PATIENTS ENROLLED IN RESEARCH -3,000 VISITS WITH PATIENTS WHO HAVE HOPE AND OPTIONS THROUGH RESEARCH STUDIES-34,000+ DOWNLOADS OF A NEW SUITE OF MHIF DIGITAL APPLICATIONS SHARING RESEARCH LEARNINGS WITH PHYSICIANS AROUND THE WORLD-$25 MILLION IN PHILANTHROPIC SUPPORT, INCLUDING A TRANSFORMATIONAL GIFT TO NAME THE JOSEPH F. NOVOGRATZ FAMILY HEART RHYTHM CENTER-8 MHIF INTERNATIONAL SCHOLARS CONTRIBUTED TO ADVANCING RESEARCH-EARNED TOP ENROLLER RECOGNITION IN SEVERAL CLINICAL RESEARCH TRIALS FOR NEW TECHNOLOGIES-EXPANDED MHIF RESEARCH TO UNITED HOSPITAL, WELCOMING NEW PHYSICIAN PARTNERS AND REACHING NEW PATIENTS WITH RESEARCH OPTIONS-NAMED THE VAN TASSEL INNOVATION CENTER TO FUND MHIF-DESIGNED RESEARCH STUDIES TO IMPROVE CARE FOR ALL PATIENTS-FORMED NEW RELATIONSHIPS IN THE COMMUNITY TO CONTRIBUTE TO CHANGE AROUND HEALTH EQUITY AND ACCESS TO CARE

    Expenses $9,565,510 · Grants $85,045 · Revenue $5,315,084

  • EDUCATIONEQUAL TO OUR COMMITMENT TO RESEARCH IS OUR DEDICATION TO SHARE THE LEARNINGS FROM RESEARCH THROUGH EDUCATION, ALLOWING FOR LOCAL, NATIONAL AND INTERNATIONAL IMPACT AS WE CHALLENGE AND ADVANCE THE STANDARD OF CARE FOR ALL PATIENTS. MHIF PROUDLY SHARED THE DETAILS OF OUR RESEARCH THROUGH 144 PRESENTATIONS OR INVITED TALKS, AND 79 ABSTRACTS PUBLISHED AT NATIONAL AND INTERNATIONAL CONFERENCES. WE PUBLISHED 258 MANUSCRIPTS, SHARING LEARNINGS FROM WORLD-CLASS CARDIOVASCULAR RESEARCH IN LEADING JOURNALS. WE ALSO OFFERED VARIOUS PUBLIC AND PROFESSIONAL EVENTS (MANY OF WHICH WERE STILL VIRTUAL) TO INCREASE AWARENESS, UNDERSTANDING AND MANAGEMENT OF VARIOUS HEART CONDITIONS. MANY OF OUR EVENTS ATTRACTED PARTICIPANTS FROM AROUND THE WORLD.OUR CARDIOVASCULAR GRAND ROUNDS PROGRAM ENSURES ATTENDEES ARE WELL-VERSED IN THE LATEST RESEARCH OUTCOMES AND EVIDENCE-BASED GUIDELINES. THROUGH 29 SESSIONS FEATURING 47 UNIQUE SPEAKERS, MHIF PROVIDED PROFESSIONAL EDUCATION TO MORE THAN 2,700 HEALTH CARE PROFESSIONALS. THESE ACCREDITED EDUCATION ACTIVITIES PROVIDE PHYSICIANS AND OTHER HEALTH CARE PROVIDERS THE OPPORTUNITY TO REVIEW AND DISCUSS THE LATEST DEVELOPMENTS IN CARDIOVASCULAR CARE EVERY MONDAY MORNING DURING OUR GRAND ROUNDS SEASON (SEPTEMBER MAY).IN 2022, MHIF CELEBRATED THE 20TH ANNIVERSARY OF THE LAUNCH OF THE CLINICAL RESEARCH INTERNSHIP PROGRAM. 11 INTERNS FROM AROUND THE COUNTRY CONTRIBUTED TO 13 DIFFERENT GROUNDBREAKING RESEARCH PROJECTS. MADE POSSIBLE BY THE GENEROUS CONTRIBUTIONS OF INDIVIDUAL DONORS, MHIF OFFERS ONE OF THE MOST OUTSTANDING AND UNIQUE INTERNSHIP OPPORTUNITIES AVAILABLE TO UNDERGRADUATES WHO ARE PRE-MED OR PLANNING A CAREER IN MEDICINE. THIS UNIQUE EDUCATIONAL EXPERIENCE INCLUDES BEING PAIRED WITH A PHYSICIAN MENTOR WHO GUIDES INTERNS THROUGH THE FACILITATION OF A RESEARCH PROJECT, HOSPITAL OBSERVATIONS, ENGAGING FIELD TRIPS, LUNCH AND LEARN PRESENTATIONS, SHOWCASING THEIR RESEARCH WORK AT AN OPEN HOUSE AND POSTER SESSION AND MUCH MORE. MANY RESEARCH PROJECTS RESULT IN THE INTERN HAVING THE OPPORTUNITY TO BE AN AUTHOR ON AN ARTICLE PUBLISHED IN A NATIONAL SCIENTIFIC JOURNAL. SOME INTERNS ALSO HAVE THE OPPORTUNITY TO PRESENT THEIR WORK AT A NATIONAL CARDIOVASCULAR CONFERENCE.DURING THE PAST 20 YEARS, 225 CLINICAL RESEARCH INTERNS HAVE CONTRIBUTED TO 205 POSTERS AND PRESENTATIONS AT NATIONAL SCIENTIFIC SESSIONS, 197 PUBLICATIONS IN PEER-REVIEWED JOURNALS, AND 55% OF FORMER INTERNS ARE NOW PRACTICING PHYSICIANS.

    Expenses $410,576 · Revenue $94,050

As filed on the 2022 return. The filer continues this part on Schedule O, which is not shown here.

Listed in Part VII

  • Raymond Yu EdD

    SECRETARY

    Total calculated
    $0
    Hours/week
    1

  • Jeffrey Steinle

    CHAIR

    Total calculated
    $0
    Hours/week
    4

  • Thomas Gunderson

    PAST CHAIR

    Total calculated
    $0
    Hours/week
    5

  • Greg Graves

    TREASURER

    Total calculated
    $0
    Hours/week
    1

  • Jason Alexander MD

    DIRECTOR

    Total calculated
    $0
    Hours/week
    1

  • Lee Arostegui

    DIRECTOR

    Total calculated
    $0
    Hours/week
    1

  • Ben Bache-Wiig MD

    DIRECTOR

    Total calculated
    $0
    Hours/week
    1

  • Mosi Bennett MD

    DIRECTOR

    Total calculated
    $0
    Hours/week
    1

  • Craig Bentdahl

    DIRECTOR

    Total calculated
    $0
    Hours/week
    1

  • Kristen Bowlds

    DIRECTOR

    Total calculated
    $0
    Hours/week
    5

  • Conley Brooks Jr

    DIRECTOR

    Total calculated
    $0
    Hours/week
    1

  • Juleen Christopher

    DIRECTOR

    Total calculated
    $0
    Hours/week
    1

  • Sara Criger

    DIRECTOR

    Total calculated
    $0
    Hours/week
    1

  • Larry Getlin

    DIRECTOR

    Total calculated
    $0
    Hours/week
    1

  • Sharon Hawkins

    DIRECTOR

    Total calculated
    $0
    Hours/week
    1

  • David Hurrell MD

    DIRECTOR

    Total calculated
    $0
    Hours/week
    3

  • Carol Huttner

    DIRECTOR

    Total calculated
    $0
    Hours/week
    2

  • Jerry Johnson

    DIRECTOR

    Total calculated
    $0
    Hours/week
    2

  • William Katsiyiannis MD

    DIRECTOR

    Total calculated
    $0
    Hours/week
    1

  • Jim King

    DIRECTOR

    Total calculated
    $0
    Hours/week
    2

  • Ginny Kirby

    DIRECTOR

    Total calculated
    $0
    Hours/week
    1

  • Patrice Kloss

    DIRECTOR

    Total calculated
    $0
    Hours/week
    1

  • Richard Meyer

    DIRECTOR

    Total calculated
    $0
    Hours/week
    1

  • Lori Milbrandt

    DIRECTOR

    Total calculated
    $0
    Hours/week
    4

  • Marc Newell MD

    DIRECTOR

    Total calculated
    $0
    Hours/week
    4

  • Hugh Nierengarten JD

    DIRECTOR

    Total calculated
    $0
    Hours/week
    2

  • Michael Peterson MD

    DIRECTOR

    Total calculated
    $0
    Hours/week
    1

  • Cheri Rolnick PhD

    DIRECTOR

    Total calculated
    $0
    Hours/week
    1

  • Retu Saxena MD

    DIRECTOR

    Total calculated
    $0
    Hours/week
    1

  • Scott Sharkey MD

    DIRECTOR

    Total calculated
    $0
    Hours/week
    1

  • Benjamin Sun MD

    DIRECTOR

    Total calculated
    $0
    Hours/week
    1

  • Jay Traverse MD

    DIRECTOR

    Total calculated
    $0
    Hours/week
    10

  • Ariel Johnson PhD

    DIRECTOR

    Total calculated
    $0
    Hours/week
    1

  • Bobby Steffen MD

    DIRECTOR

    Total calculated
    $0
    Hours/week
    1

  • Bree Williamson

    DIRECTOR

    Total calculated
    $0
    Hours/week
    1

  • Joseph Schwartz

    DIRECTOR

    Total calculated
    $0
    Hours/week
    2.5

  • Kristine Fortman

    CHIEF EXECUTIVE OFFICER

    Total calculated
    $615,660
    From this org
    $446,698
    From related orgs
    $0
    Other
    $168,962
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $360,794
    Bonus
    $85,766
    Other
    $138
    Deferred
    $168,458
    Nontaxable benefits
    $504
    Filer's total
    $615,660

  • Charles Zaugg

    CHIEF FINANCIAL OFFICER

    Total calculated
    $262,057
    From this org
    $188,804
    From related orgs
    $0
    Other
    $73,253
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $171,433
    Bonus
    $17,113
    Other
    $258
    Deferred
    $51,111
    Nontaxable benefits
    $22,142
    Filer's total
    $262,057

  • Ross Garberich

    DIRECTOR OF SCIENTIFIC

    Total calculated
    $234,609
    From this org
    $175,035
    From related orgs
    $0
    Other
    $59,574
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $159,981
    Bonus
    $15,000
    Other
    $54
    Deferred
    $46,361
    Nontaxable benefits
    $13,213
    Filer's total
    $234,609

  • Lisa Tindell

    VICE PRESIDENT - RESEARCH

    Total calculated
    $256,275
    From this org
    $178,772
    From related orgs
    $0
    Other
    $77,503
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $162,700
    Bonus
    $15,934
    Other
    $138
    Deferred
    $64,499
    Nontaxable benefits
    $13,004
    Filer's total
    $256,275

  • Jesse Hicks

    VICE PRESIDENT-ADVANCEMENT

    Total calculated
    $315,024
    From this org
    $230,941
    From related orgs
    $0
    Other
    $84,083
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $195,895
    Bonus
    $34,956
    Other
    $90
    Deferred
    $84,083
    Nontaxable benefits
    $0
    Filer's total
    $315,024

  • Tamara O'Black

    SENIOR DIRECTOR, QUALITY

    Total calculated
    $239,964
    From this org
    $180,495
    From related orgs
    $0
    Other
    $59,469
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $164,705
    Bonus
    $15,652
    Other
    $138
    Deferred
    $47,606
    Nontaxable benefits
    $11,863
    Filer's total
    $239,964

  • Janet Dick

    CHIEF TALENT AND STRATEGY

    Total calculated
    $240,504
    From this org
    $181,875
    From related orgs
    $0
    Other
    $58,629
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $165,712
    Bonus
    $15,934
    Other
    $229
    Deferred
    $47,591
    Nontaxable benefits
    $11,038
    Filer's total
    $240,504

  • Kristin Lambrecht

    PROGRAM DIRECTOR - VALVE SCIENCE CENTER

    Total calculated
    $229,967
    From this org
    $185,578
    From related orgs
    $0
    Other
    $44,389
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $166,988
    Bonus
    $18,500
    Other
    $90
    Deferred
    $31,176
    Nontaxable benefits
    $13,213
    Filer's total
    $229,967

  • Bavana Rangan

    PROGRAM DIRECTOR - CCAD

    Total calculated
    $200,317
    From this org
    $171,840
    From related orgs
    $0
    Other
    $28,477
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $156,556
    Bonus
    $15,224
    Other
    $60
    Deferred
    $28,477
    Nontaxable benefits
    $0
    Filer's total
    $200,317

  • Larissa Stanberry

    PROGRAM DIRECTOR - IIR & DATA SCIENCE

    Total calculated
    $189,289
    From this org
    $159,923
    From related orgs
    $0
    Other
    $29,366
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $159,833
    Bonus
    $0
    Other
    $90
    Deferred
    $28,038
    Nontaxable benefits
    $1,328
    Filer's total
    $189,289

Compensation is as filed in Part VII: reportable pay from this organization and from related organizations, other compensation, and hours per week. The total, marked calculated, is our sum of the three dollar columns, with a blank column counted as $0; the form itself has no total. On a Form 990-EZ the columns are Part IV's instead, and on a Form 990-PF Part VIII's — compensation, contributions to benefit plans, and expense account — and the total sums those. A Schedule J breakdown is as filed: base pay, bonus, other, deferred compensation and nontaxable benefits from this organization, with any from related organizations beside each, and the filer's own total. It is shown with the Part VII listing of the same name on the same return. The form gives no key between the two, so that pairing is ours, and is marked matched by us.

Schedule J

Answered yes

  • 2 · Substantiation required before reimbursing expenses
  • 3 · Compensation committee
  • 3 · Form 990 of other organizations
  • 3 · Compensation survey or study
  • 3 · Approval by the board or compensation committee
  • 4b · Supplemental nonqualified retirement plan

Answered no

  • 4a · Severance or change-of-control payment
  • 4c · Equity-based compensation arrangement
  • 5a · Pay contingent on this organization's revenues
  • 5b · Pay contingent on a related organization's revenues
  • 6a · Pay contingent on this organization's net earnings
  • 6b · Pay contingent on a related organization's net earnings
  • 7 · Other non-fixed payments
  • 8 · Paid under the initial-contract exception

The filer's explanations (Part III)

PART I, LINE 4B
PARTICIPANTS IN A 457(F) PLAN INCLUDE THE FOLLOWING INDIVIDUALS: KRISTINE FORTMAN, CHARLES ZAUGG, TAMARA O'BLACK, JESSE HICKS, ROSS GARBERICH, LISA TINDELL, AND JANET DICK. TOTAL AMOUNTS CONTRIBUTED TO THE PLAN IN 2022 WERE AS FOLLOWS: KRISTINE FORTMAN: $54,594 CHARLES ZAUGG: $18,155 TAMARA O'BLACK: $16,606 JESSE HICKS: $20,000 ROSS GARBERICH: $16,481 LISA TINDELL: $16,905 JANET DICK: $16,904 NO FUNDS WERE DISTRIBUTED FROM THE 457(F) PLAN IN 2022.
PART II, COLUMN (E):
TOTAL AMOUNTS IN COLUMN (E) WILL ALWAYS BE HIGHER THAN ACTUAL COMPENSATION EARNED IN ANY GIVEN YEAR SINCE COLUMN (E) WILL ALWAYS INCLUDE THE PRIOR YEAR ACCRUED BONUS & INCENTIVE COMPENSATION.

Part I's answers as filed. A line not listed was left unanswered; on lines 1a and 3 that means the box was not checked.

Grants on this return

Provenance

Return type
form_990
Tax year
2022
Filed
2 October 2023
IRS schema version
2022v5.0
Source object
202302769349301170

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