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← MINNEAPOLIS - ST PAUL REGIONAL ECONOMIC DEVELOPMENT PARTNERSHIP

Form 990 for tax year 2023

Filed by MINNEAPOLIS - ST PAUL REGIONAL ECONOMIC DEVELOPMENT PARTNERSHIP.

Totals

Total revenue
$8,008,937
Total expenses
$7,635,137
Contributions and grants received
$7,955,362
Grants paid
$27,000
Program service revenue
$0
Investment income
$53,575
Other revenue
$0
Total assets, end of year
$6,398,281
Total liabilities, end of year
$1,616,814
Net assets or fund balances, end of year
$4,781,467
Program services expenses (Part IX)
$5,873,525
Management and general expenses
$1,590,305
Fundraising expenses
$171,307
Program service expenses (Part III)
$5,873,525

Program services were 76.9% 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.

  • 1e · Government grants (contributions)

    $488,631

  • 1f · All other contributions, gifts and grants

    $7,466,731

  • 3 · Investment income

    total $53,575 · excluded $53,575

Functional expenses

Part IX, the statement of functional expenses.

  • 1 · Grants to domestic organizations and governments

    total $27,000 · program services $27,000

  • 5 · Compensation of officers, directors and key employees

    total $1,263,469 · program services $923,251 · management and general $195,177 · fundraising $145,041

  • 7 · Other salaries and wages

    total $2,495,594 · program services $1,674,989 · management and general $819,474 · fundraising $1,131

  • 8 · Pension plan contributions

    total $89,560 · program services $60,995 · management and general $27,955 · fundraising $610

  • 9 · Other employee benefits

    total $212,462 · program services $145,268 · management and general $59,960 · fundraising $7,234

  • 10 · Payroll taxes

    total $234,123 · program services $167,278 · management and general $58,548 · fundraising $8,297

  • 11b · Fees: legal

    total $34,415 · program services $1,750 · management and general $32,665

  • 11c · Fees: accounting

    total $78,664 · management and general $78,664

  • 11d · Fees: lobbying

    total $51,338 · program services $51,338

  • 11g · Fees: other

    total $194,476 · program services $130,766 · management and general $63,438 · fundraising $272

  • 12 · Advertising and promotion

    total $1,725,678 · program services $1,725,678

  • 13 · Office expenses

    total $14,529 · program services $10,301 · management and general $3,948 · fundraising $280

  • 14 · Information technology

    total $157,472 · program services $105,223 · management and general $51,716 · fundraising $533

  • 16 · Occupancy

    total $199,972 · program services $148,671 · management and general $47,898 · fundraising $3,403

  • 17 · Travel

    total $97,369 · program services $68,268 · management and general $29,101

  • 19 · Conferences, conventions and meetings

    total $263,761 · program services $225,366 · management and general $38,395

  • 20 · Interest

    total $1,280 · program services $907 · management and general $348 · fundraising $25

  • 22 · Depreciation, depletion and amortization

    total $103,063 · program services $73,073 · management and general $28,001 · fundraising $1,989

  • 23 · Insurance

    total $23,972 · program services $17,003 · management and general $6,507 · fundraising $462

  • 24a · Other expenses: DUES AND SUBSCRIPTIONS

    total $186,247 · program services $170,589 · management and general $14,619 · fundraising $1,039

  • 24b · Other expenses: MISCELLANEOUS EXPENSE

    total $136,005 · program services $101,123 · management and general $33,891 · fundraising $991

  • 24c · Other expenses: SPONSORSHIPS

    total $44,688 · program services $44,688

Balance sheet

Part X, book values.

  • 1 · Cash, non-interest-bearing

    beginning of year $2,167,183 · end of year $1,282,620

  • 2 · Savings and temporary cash investments

    beginning of year $2,542,123 · end of year $2,866,211

  • 3 · Pledges and grants receivable

    beginning of year $307,410 · end of year $1,194,333

  • 4 · Accounts receivable

    beginning of year $994 · end of year $688

  • 9 · Prepaid expenses and deferred charges

    beginning of year $139,380 · end of year $134,656

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

    $1,989,311

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

    $1,365,939

  • 10c · Land, buildings and equipment, net

    beginning of year $134,843 · end of year $623,372

  • 14 · Intangible assets

    beginning of year $4,525 · end of year $925

  • 15 · Other assets

    beginning of year $91,036 · end of year $295,476

  • 17 · Accounts payable and accrued expenses

    beginning of year $682,562 · end of year $1,083,786

  • 19 · Deferred revenue

    beginning of year $174,100 · end of year $226,100

  • 25 · Other liabilities

    beginning of year $143,678 · end of year $306,928

  • 27 · Net assets without donor restrictions

    beginning of year $3,289,701 · end of year $3,137,783

  • 28 · Net assets with donor restrictions

    beginning of year $1,097,453 · end of year $1,643,684

Mission and programs · 2023

Mission

THE MISSION OF THE GREATER MSP PARTNERSHIP IS TO ACCELERATE REGIONAL COMPETITIVENESS AND INCLUSIVE ECONOMIC GROWTH THROUGH JOB CREATION, CAPITAL INVESTMENT AND EXECUTION OF STRATEGIC INITIATIVES. THE PARTNERSHIP WORKS TO STRENGTHEN OUR REGION'S GLOBAL SECTORS, PRIORITIZE TALENT, AND TELL OUR STORY.

  • GREATER MSP PARTNERSHIP WAS CREATED A DECADE AGO TO BE A SHARED SPACE WHERE LEADERS AND ORGANIZATIONS OF ALL TYPES COULD COME TOGETHER AND BUILD THE ECONOMY FOR THE BENEFIT OF THE RESIDENTS OF THIS REGION. WE ARE REALIZING THIS VISION AS A CROSS-SECTOR, WORKING PARTNERSHIP THAT TOUCHES EVERY CORNER OF THE 15-COUNTY MINNEAPOLIS-SAINT PAUL METRO. THIS PARTNERSHIP INVOLVES MORE THAN 4,500 INDIVIDUALS FROM OVER 350 LEADING COMPANIES, CITIES, COUNTIES, FOUNDATIONS AND UNIVERSITIES, WORKING TOGETHER TO ACCELERATE GLOBAL COMPETITIVENESS AND INCLUSIVE ECONOMIC GROWTH IN MINNEAPOLIS-SAINT PAUL. OVER 120 OF THESE PARTICIPATING ORGANIZATIONS INVEST FINANCIALLY, WITH DOZENS MORE INVESTING THEIR TIME AND ALIGNING THEIR RESOURCES BEHIND EXECUTION OF THE REGIONAL STRATEGY. GREATER MSP IS A LARGE AND GROWING WORKING PARTNERSHIP OF COMMUNITY AND BUSINESS LEADERS AND ORGANIZATIONS FROM ACROSS THE REGION. TOGETHER, WE SHAPE AND EXECUTE A SHARED REGIONAL ECONOMIC DEVELOPMENT STRATEGY FOCUSED ON: JOB GROWTH, STARTUPS & INNOVATION, TALENT MIGRATION, RACIAL INCLUSION, SKILLS & WORKFORCE, REGIONAL IMAGE, AFFORDABILITY, TRANSPORTATION & MOBILITY, AND NEW CLIMATE ECONOMY. THIS STRATEGY SUPPORTS US AS WE EXECUTE ON OUR VISION FOR THE MINNEAPOLIS-SAINT PAUL REGION TO LEAD THE WORLD IN INCLUSIVE ECONOMIC GROWTH BY WELCOMING ALL, EMPOWERING TALENT AND IGNITING INNOVATION. GREATER MSP HAS BECOME A LARGE AND DIVERSE ECOSYSTEM OF ORGANIZATIONS BUILDING INNOVATIVE SOLUTIONS, SETTING AUDACIOUS LONG-TERM AMBITIONS AND BREAKING THROUGH LONGSTANDING BOUNDARIES BY HARNESSING THE POWER OF CROSS-SECTOR COLLABORATION. STAFF OF THE ORGANIZATION SUPPORT THE PARTNERSHIP IN EXECUTING THIS STRATEGY BY SUPPORTING PLATFORMS FOR BUSINESS INVESTMENT, MSP STORYTELLING, AND STRATEGIC INITIATIVES THAT ARE SUPPORTED BY A RESEARCH & INTELLIGENCE DEPARTMENT. THE GREATER MSP PARTNERSHIP HAS DEMONSTRATED THE CAPABILITY OF GENERATING SIGNIFICANT ECONOMIC OPPORTUNITY FOR PEOPLE IN THE REGION. GREATER MSP HAS BEEN BUILDING ON OUR ORIGINAL SCOPE TO ENSURE THAT EVERY MEMBER OF OUR COMMUNITY CAN ACCESS GOOD JOBS AND ECONOMIC OPPORTUNITY. THIS EMPHASIS ON INCLUSIVE GROWTH HAS POWERED AN EXPANSION IN GREATER MSP'S SCOPE, CAPACITY AND BREADTH OF PARTICIPANTS. A DECADE OF DATA POINT TO TWO CHIEF CHALLENGES FOR THE REGION: ADVANCING RACIAL EQUITY AND ACCELERATING THE GROWTH OF QUALITY JOBS. GREATER MSP RECOGNIZES THESE CHALLENGES AS INTERDEPENDENT AND IS COMMITTED TO INVESTING IN EQUITY AS A GROWTH SOLUTION. THE VISION, MISSION AND VALUES FOR THE GREATER MSP REGION AND PARTNERSHIP INCLUDE:REGIONAL VISIONTHE GREATER MSP REGION LEADS THE WORLD IN INCLUSIVE ECONOMIC GROWTH BY WELCOMING ALL, EMPOWERING TALENT AND IGNITING INNOVATION.PARTNERSHIP MISSIONTHE GREATER MSP PARTNERSHIP WILL ACCELERATE REGIONAL COMPETITIVENESS AND INCLUSIVE ECONOMIC GROWTH THROUGH JOB CREATION, CAPITAL INVESTMENT AND THE EXECUTION OF STRATEGIC INITIATIVES.PARTNERSHIP VALUESACCOUNTABILITY | ALIGNMENT | INCLUSION | INNOVATION | TRANSPARENCY

    Expenses $5,873,525 · Grants $27,000

  • GREATER MSP IS HOW LEADERS AND ORGANIZATIONS COME TOGETHER TO TAKE ACTION AND DRIVE OUR ECONOMY FORWARD. BY ALL MEASURES, 2023 WAS A YEAR OF PRODUCTIVITY, INNOVATION AND SUCCESS. THANKS TO THE WORK OF OUR PARTNERSHIPNOT JUST OUR STAFF, BUT THE ENTIRE COALITION - WE EXECUTED THE REGIONAL GROWTH STRATEGY WITH 50 PROJECTS ACROSS THE ENTERPRISE. OVER 800 LEADERS FROM ACROSS THE REGION ACTIVELY PARTICIPATED IN THIS WORK. THE RESULTS BELOW ARE HIGHLIGHTS AMONG DOZENS. TAKEN AS A WHOLE, THE SCALE AND BREADTH OF ACCOMPLISHMENTS SET AN ALL-TIME HIGH FOR OUR REGIONAL PARTNERSHIP.BUSINESS INVESTMENTBUSINESS INVESTMENT HELPS EXISTING EMPLOYERS EXPAND THEIR OPERATIONS WHILE ATTRACTING NEW COMPANIES TO LOCATE, INVEST AND CREATE JOBS IN THE GREATER MSP REGION. AS A RESULT OF OUR EFFORTS, AND WORKING IN CONCERT WITH OUR REGIONAL PARTNERS, WE SUCCESSFULLY COMPLETED 15 PROJECTS THAT RESULTED IN 772 JOBS. IN ADDITION, THE REGION BENEFITED FROM OVER $552 MILLION IN NEW CAPITAL INVESTMENT IN NEW/EXPANDED BUSINESS LOCATIONS.RESEARCH & INTELLIGENCEGREATER MSP IS THE REGIONAL SOURCE OF TRUSTED, UNBIASED DATA ON THE REGIONAL ECONOMY. DATA, ANALYTICS AND INTELLIGENCE ARE INTEGRATED AND LEVERAGED TO DELIVER HIGH-VALUE INSIGHTS THAT DRIVE THE DEVELOPMENT OF REGIONAL STRATEGY, ENABLING THE PARTNERSHIP TO LEAD GLOBALLY IN AN INCREASINGLY COMPLEX ECONOMIC LANDSCAPE. OUR RESEARCH AND INTELLIGENCE PLATFORM CREATES ECONOMIC DATA AND INSIGHTS, LIKE THE MSP REGIONAL INDICATORS DASHBOARD, THAT WE USE TO FOCUS AND PRIORITIZE. MSP STORYTELLINGOUR VISION FOR THE GREATER MSP REGION IS TO LEAD THE WORLD IN INCLUSIVE ECONOMIC GROWTH BY WELCOMING ALL, EMPOWERING TALENT AND IGNITING INNOVATION. AS OUR REGION'S RESIDENTS WORK TOGETHER TO BUILD THIS WORLD-CLASS ECONOMY AND QUALITY OF LIFE WHILE SOLVING SOME OF THE GREATEST CHALLENGES OF THE 21ST CENTURY IN FOOD, WATER AND HEALTH, WE ARE PROUD TO SHARE THEIR STORIES. IN 2023, GREATER MSP CONTINUED TO DEVELOP A VARIETY OF TOOLS AND VEHICLES TO BRAND AND MARKET THE GREATER MSP REGION; EXAMPLES INCLUDE A REFRESHED GRAPHIC IDENTITY FOR GREATER MSP, VIDEOS FOR THE ANNUAL NEXT EVENT, AN INVESTOR SOCIAL PROMOTION SERIES, MONTHLY ENEWSLETTERS AND MATERIALS TO SUPPORT NATIONAL INVESTMENT CONFERENCES LIKE BIO AND INTERNATIONAL TRADE MISSIONS TO AUSTRALIA, JAPAN AND GERMANY.MAKE IT. MSP.MAKE IT. MSP. BRINGS MANY OF THE REGION'S LARGEST EMPLOYERS TOGETHER TO WORK WITH COMMUNITY AND EDUCATIONAL PARTNERS TO ATTRACT AND RETAIN PROFESSIONALS TO THE REGION. WE HAVE WORKED TOGETHER TO CREATE A WEALTH OF TALENT RESOURCES, WITH SPECIAL ATTENTION TO RETAINING PROFESSIONALS OF COLOR IN OUR REGION. IN 2023, MAKE IT. MSP.:- ENGAGED 300 INTERNS ACROSS 74 ORGANIZATIONS AT THE WEEK-LONG DISCOVER MSP EVENT.- HOSTED 10 SIGNATURE AND VIRTUAL EVENTS FOR MSP INTERNS HOSTED THROUGHOUT DISCOVERMSP WEEK.- GATHERED NEARLY 90 LEADERS FROM ACROSS THE GREATER MSP PARTNERSHIP FOR THE "WINNING ON TALENT" WORKSHOP TO ALIGN MSP AROUND A COMPREHENSIVE STRATEGY TO FULLY DEVELOP AND RETAIN THE REGION'S ENTIRE POTENTIAL WORKFORCE WHILE ALSO ATTRACTING ADDITIONAL TALENT- MODERATED PANELS AT THE ANNUAL YOUNG, SMART AND LOCAL CONFERENCE, HELD IN NEW ORLEANS TO ENGAGE LEADERS FROM HIGHER EDUCATION, BUSINESS, GOVERNMENT, ECONOMIC DEVELOPMENT AND COMMUNITY ORGANIZATIONS ON BEST PRACTICES AROUND TALENT ATTRACTION, GROWTH AND RETENTION.FORGE NORTHLED BY A GROWING COALITION OF MORE THAN 150 ALLIES, FORGE NORTH IS A MOVEMENT TO ACCELERATE STARTUPS AND INNOVATION ACROSS THE REGION. IN 2023, FORGE NORTH:- RAISED CAPITAL FOR THE FIRST VENTURE CAPITAL FUND IN MINNESOTA FOCUSED ON RACE, PLACE AND GENDER, LED BY GENER8TOR: MSP EQUITY FUND.- GREW PARTNERSHIPS TO EXPAND AND BUILD VISIBILITY FOR THE MSP STARTUP GUIDE, A WEBSITE THAT HELPS FOUNDERS FILTER AMONG 500+ RESOURCES AND 400+ ORGANIZATIONS TO FIND THE RIGHT FIT FOR THEIR STARTUPS' NEEDS.- TRAINED 250+ PROSPECTIVE ANGEL INVESTORS THROUGH ANGEL FEST EVENTS AND CATALYST COHORTS; PART OF U.S. EDA AWARDED CAMPAIGN IN PARTNERSHIP WITH GROOVE CAPITAL.- HOSTED ROUNDTABLES TO EDUCATE AND BUILD COMMUNITY AMONG 40+ ENTREPRENEUR SUPPORT ORGANIZATIONS AND 40+ VENTURE CAPITAL FIRMS.MBOLDMBOLD IS A COALITION OF BIG COMPANIES, START-UPS, UNIVERSITIES AND NONPROFITS KEEPING US AT THE FOREFRONT OF INNOVATION IN FOOD AND AGRICULTURE. LAUNCHED IN 2020, MBOLD SEEKS TO MAKE OUR REGION A GLOBAL HUB FOR SOLVING THE MOST CRITICAL FOOD & AGRICULTURE CHALLENGES OF THE 21ST CENTURY, INCLUDING CLIMATE CHANGE. IN 2023, MBOLD:- ADVANCED SOIL HEALTH THROUGH A 45,000-ACRE CARBON CREDIT PROJECT AND EXPANDING OUR PILOT PROGRAM FOR THE COVER CROP "WINTER CAMELINA." - EMBARKED ON DEVELOPMENT OF MINNESOTA AS A LEADING HUB FOR INNOVATION IN PROTEIN SUSTAINABILITY.- ADDED NEW INTERNATIONAL DIMENSIONS TO OUR WORK BY CO-LEADING AN INTERNATIONAL ALTERNATIVE PROTEIN EVENT AND CO-HOSTING DELEGATIONS FROM THE NETHERLANDS AND FINLAND.- GATHERED ABOUT 100 INVESTORS AND PARTNERS FOR MBOLD LEADERSHIP SUMMIT. CONNEXTMSPCONNEXTMSP IS WORKING TO ENSURE THOUSANDS MORE YOUNG ADULTS OF COLOR FROM OUR REGION ARE HIRED INTO GREAT JOBS BY EMPLOYERS IN OUR REGION. CONNEXTMSP BECAME PART OF GREATER MSP IN 2020, AND PUBLICLY LAUNCHED IN 2021 WITH THE HELP OF MORE THAN 50 COALITION PARTNERS. IN 2023, CONNEXTMSP:- GREW CONNEXTMSP TALENT NETWORK PLATFORM TO MORE THAN 1,500 MEMBERS.- INCREASED JOB CREATION VIA PROFESSIONAL APPRENTICESHIPS TO MORE THAN 300 THROUGH A DOZEN MN APPRENTICE NETWORK COMPANIES.- CREATED NEW 'CAREER CIRCLE' OFFERING IN CONNEXTMSP PORTAL INCREASING CONNECTION BETWEEN EMPLOYERS & EARLY-CAREER TALENT.- TALENT PIPELINE ECOSYSTEM MAPPING PROJECT GAVE US NEW TANGIBLE DATA POINTS AND INSIGHTS ON YOUNG, BLACK TALENT IN MSP.- ENGAGED 60+ NETWORK PARTNERS AND COLLABORATED ON MORE THAN 25 EVENTS IN MSP INCREASING IMPACT FOR DIVERSE EARLY-CAREER JOB SEEKERS.REGIONAL AIR SERVICES PARTNERSHIP (RASP)THE MSP REGIONAL AIR SERVICES PARTNERSHIP (RASP) WAS LAUNCHED IN 2017 BY THE METROPOLITAN AIRPORTS COMMISSION (MAC) AND GREATER MSP. RASP DRAWS ON THE LEADERSHIP OF CORPORATE PARTNERS AND THE METROPOLITAN AIRPORTS COMMISSION TO EXPAND ACCESS TO DOMESTIC AND GLOBAL LOCATIONS FROM MSP INTERNATIONAL AIRPORT. IN 2023, RASP WAS ABLE TO SUPPORT MAC IN SECURING DIRECT LONG-HAUL SERVICE TO FRANKFURT THROUGH LUFTHANSA, A NEW CARRIER AT MSP, AND RESUMPTION OF SERVICE TO DUBLIN BY AER LINGUS; BOTH TO BEGIN IN 2024.ITASCA PROJECTIN 2022, GREATER MSP SUCCESSFULLY INTEGRATED THE ITASCA PROJECT, AN EMPLOYER-LED CIVIC ALLIANCE FOCUSED ON BUILDING A THRIVING ECONOMY AND EXPANDING PROSPERITY FOR ALL, ACCELERATING WORK ON LONG-TERM ISSUES. IN 2023, THE ITASCA PROJECT:- CONVENED APPROXIMATELY 100 LEADERS TO DISCUSS THE NEED FOR SCALABLE HOUSING INNOVATIONS.- ENABLED THE CONVENING OF APPROXIMATELY 85 LEADERS TO DISCUSS THE NEED FOR AN EMPLOYER-LED REGIONAL TALENT STRATEGY.- SUPPORTED THE ALLOCATION OF OVER $1B IN EARLY CHILDHOOD FUNDING IN STATE LEGISLATURE.- CONVENED CEOS OF 5 TOP MEDTECH AND HEALTHCARE ORGANIZATIONS TO CREATE STRATEGY THAT ENABLED MEDTECH3.0.- HIGHLIGHTED FOR WORK IN HOUSING AFFORDABILITY AND 2023 HOUSING INNOVATION REPORT IN 5+ NEWS SOURCES, INCLUDING BLOOMBERG FOR HOUSING'S ROLE IN MSP'S LOWER INFLATION.- MORE THAN DOUBLED OUR YALP/MYALP APPLICANTS, PARTICULARLY IN PRIVATE SECTOR THROUGH INDIVIDUAL OUTREACH.- COMPLETED FIRST YEAR WITH ITASCA ELC ENABLING CLEAR GOVERNANCE STRUCTURE.BUSINESS BRIDGEBUSINESS BRIDGE IS A COALITION OF LARGE CORPORATE BUYERS AND MINNESOTA SUPPLIERS WORKING TOGETHER TO MAXIMIZE LOCAL JOB GROWTH AND WEALTH CREATION, DRIVING INCLUSIVE ECONOMIC GROWTH IN THE MINNEAPOLIS-SAINT PAUL REGION. BUSINESS BRIDGE WAS FOUNDED BY A JOBS TASK FORCE OF THE ITASCA PROJECT WORKING WITH A GROUP OF CORPORATE PROCUREMENT EXECUTIVES. THE GREATER MSP PARTNERSHIP ADOPTED BUSINESS BRIDGE IN 2022 TO SCALE THE INITIATIVE BY EXPANDING THE COALITION. TOGETHER, WE ARE PURSUING NEW AMBITIOUS GOALS TO ADD CORPORATE PARTNERS AND TO INCREASE BOTH LOCAL SPENDING AND SPENDING WITH LOCAL DIVERSE SUPPLIERS, WITH A PARTICULAR FOCUS ON INCREASING CONTRACTS WITH BIPOC-OWNED BUSINESSES. IN 2023 BUSINESS BRIDGE:- CONDUCTED A MARKET ASSESSMENT TO DEFINE IMMEDIATELY ACTIONABLE STEPS FOR COALITION MEMBERS TO INCREASE CORPORATE CONTRACTS WITH LOCAL AND LOCAL-DIVERSE SUPPLIERS. OVER 200 BUSINESS REPRESENTATIVES PARTICIPATED IN SURVEYS, INTERVIEWS AND FOCUS GROUPS. - IDENTIFIED GOODS AND SERVICES WITH SIGNIFICANT DEMAND AND DEVELOPED COMMON CRITERIA USED BY LARGE CORPORATIONS TO ASSESS SUPPLIER CONTRACT READINESS. WE SHARED THIS CRITICAL MARKET INTELLIGENCE WITH SUPPLIERS AND ORGANIZATIONS OFFERING SUPPLIER BUSINESS CONSULTING.- HOSTED A SUPPLIER MATCHMAKING EVENT DESIGNED TO FACILITATE MEANINGFUL CONNECTIONS BETWEEN SUPPLIERS AND CORPORATE DECISION MAKERS.

  • 2023 BREAKTHROUGHSTHE GREATER MSP PARTNERSHIP HAS WORKED TO SUPPORT AND ASSEMBLE COALITIONS TO USE THE SIGNIFICANT NEW FEDERAL FUNDING AVAILABLE TO IGNITE TRANSFORMATIONAL CHANGE. GREATER MSP CREATED AND IS LEADING THREE COALITIONS: MINNESOTA CHIPS COALITIONGREATER MSP CREATED THE MINNESOTA CHIPS COALITION TO MAKE MINNESOTA A NATIONAL LEADER IN THE GROWING DOMESTIC SEMICONDUCTOR AND MICROELECTRONICS INDUSTRIES. ONE OF THE TOP PRIORITIES FOR THE COALITION, WHICH INCLUDES 77 CROSS-SECTOR PARTNERS, IS MEETING THE WORKFORCE NEEDS THAT COME WITH BUILDING OUT DOMESTIC SEMICONDUCTOR SUPPLY CHAINS.TO THIS END, THE CHIPS COALITION DEVELOPED AN INNOVATIVE EMPLOYER-LED WORKFORCE PARTNERSHIP AND PLAN, CO-CREATED WITH THE GOVERNOR'S WORKFORCE DEVELOPMENT BOARD, EMPLOYERS, COLLEGES AND UNIVERSITIES, TRAINING PROVIDERS, AND COMMUNITY-BASED ORGANIZATIONS. RECOGNIZING THAT ACCESS TO CHILDCARE IS A KEY BARRIER FOR PEOPLE WORKING WITHIN THE 24-7 SHIFTS IN THIS INDUSTRY, THE CHIPS COALITION BROUGHT TOGETHER EMPLOYERS, NONPROFIT CHILDCARE INDUSTRY LEADERS, AND OTHER STAKEHOLDERS TO CREATE A PLAN TO MEET THE NEEDS OF WORKING FAMILIES. MINNESOTA SUSTAINABLE AVIATION FUEL (SAF) HUBIN 2023, GREATER MSP AND DELTA AIR LINES LAUNCHED THE MINNESOTA SUSTAINABLE AVIATION FUEL (SAF) HUB TO DRIVE THE TRANSITION TO LOW-CARBON COMMERCIAL JET FUEL. THE HUB WILL HELP DELTA REACH ITS GLOBAL GOAL OF REPLACING 10% OF PETROLEUM-BASED FUEL BY 2027 AND 50% BY 2035.GREATER MSP AND OTHER PARTNERS, INCLUDING BANK OF AMERICA, ECOLAB, XCEL ENERGY, AND THE METROPOLITAN AIRPORTS COMMISSION, HAVE BEEN WORKING TO DEVELOP THE HUB'S PLANS. IN THE NEAR TERM, PARTNERS WILL IMPORT SAF FROM OTHER STATES AND BLEND THEM WITH TRADITIONAL FUELS TO SERVE THE MSP AIRPORT. IN THE MEDIUM- AND LONG-TERM, THE HUB WILL SCALE UP MINNESOTA'S PRODUCTION OF SAF USING EXISTING ETHANOL PRODUCTION INFRASTRUCTURE AND EMERGING TECHNOLOGIES. THE MN SAF HUB AND ITS PARTNERS HAVE SUBMITTED SEVERAL PENDING FEDERAL FUNDING REQUESTS, INCLUDING DEPARTMENT OF TRANSPORTATION FAST-SAF GRANTS. OTHER FUNDING IS ALREADY IN PLACE: MINNESOTA PASSED A NEW TAX CREDIT IN 2023 TO INCENTIVIZE THE PRODUCTION AND USE OF SAF. THIS CREDIT STACKS ON A FEDERAL TAX CREDIT TO PROVIDE AN ADDITIONAL $1.50 TAX CREDIT PER GALLON OF SAF PRODUCED OR BLENDED IN MINNESOTA. MINNESOTA MEDTECH 3.0 MINNESOTA MEDTECH 3.0 (MMT3.0) IS A CROSS-SECTOR COALITION BUILT UPON ADVANCEMENTS IN MEDICAL TECHNOLOGY, INCLUDING ARTIFICIAL INTELLIGENCE, MACHINE LEARNING, AND DATA SCIENCE. THIS COALITION IS LED BY GREATER MSP AND INCLUDES MEDTRONIC, MAYO CLINIC, UNIVERSITY OF MINNESOTA, DOZENS OF HEALTH CARE PROVIDERS, INSURERS, TECHNOLOGY COMPANIES, INVESTMENT FIRMS, AND MANY OTHERS.MMT3.0 RECEIVED THE TECH HUBS DESIGNATION FROM THE U.S. ECONOMIC DEVELOPMENT ADMINISTRATION (EDA) IN 2023. THIS DESIGNATION SPARKED 39 COALITION PARTNERS TO COME TOGETHER IN LATE 2023 AND EARLY 2024 TO DEVELOP A $60.5 MILLION TECH HUBS APPLICATION TO EDA, SUBMITTED IN FEBRUARY, WHICH IS PENDING.THROUGH THE DESIGNATION AND APPLICATION PHASES, MMT3.0 ALSO CONTINUED TO PUSH FOR INCLUSIVE GROWTH. THE COALITION DEVELOPED AN EQUITY TEAM THAT SET UP AN OVERALL FRAMEWORK FOR THE COALITION AND DESIGNED AN APPROACH TO MEASUREMENT AND EVALUATION. AND BUILDING OFF THE MODEL DEVELOPED IN THE CHIPS COALITION, MMT3.0 INCLUDES AN EMPLOYER-LED WORKFORCE PARTNERSHIP AND PLAN.

As filed on the 2023 return. The filer continues this part on Schedule O, which is not shown here.

Listed in Part VII

  • Peter Frosch

    PRESIDENT & CEO

    Total calculated
    $459,643
    From this org
    $445,510
    From related orgs
    $0
    Other
    $14,133
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $360,323
    Bonus
    $84,700
    Other
    $487
    Deferred
    $12,265
    Nontaxable benefits
    $1,868
    Filer's total
    $459,643
  • Tonya Allen

    DIRECTOR

    Total calculated
    $0
    Hours/week
    0.5
  • Chairman Keith Anderson

    DIRECTOR (UNTIL 12/31/2023)

    Total calculated
    $0
    Hours/week
    0.5
  • Christophe Beck

    DIRECTOR

    Total calculated
    $0
    Hours/week
    0.5
  • Andy Bessette

    DIRECTOR (UNTIL 9/11/2023)

    Total calculated
    $0
    Hours/week
    0.5
  • Doug Carnival

    OF COUNSEL

    Total calculated
    $0
    Hours/week
    0.5
  • Brett Carter

    DIRECTOR (UNTIL 11/2/2023)

    Total calculated
    $0
    Hours/week
    0.5
  • Mayor Melvin Carter

    DIRECTOR

    Total calculated
    $0
    Hours/week
    0.5
  • Bert Colianni

    DIRECTOR (UNTIL 7/10/2023)

    Total calculated
    $0
    Hours/week
    0.5
  • Jeffrey Ettinger

    DIRECTOR

    Total calculated
    $0
    Hours/week
    0.5
  • Commissioner Irene Fernando

    DIRECTOR

    Total calculated
    $0
    Hours/week
    0.5
  • Mayor Jacob Frey

    DIRECTOR

    Total calculated
    $0
    Hours/week
    0.5
  • Joan Gabel

    DIRECTOR (UNTIL 4/28/2023)

    Total calculated
    $0
    Hours/week
    0.5
  • Chris Galvin

    DIRECTOR

    Total calculated
    $0
    Hours/week
    0.5
  • Dan Johnson

    DIRECTOR

    Total calculated
    $0
    Hours/week
    0.5
  • Dr Eric Jolly

    DIRECTOR

    Total calculated
    $0
    Hours/week
    0.5
  • Michael Jones

    DIRECTOR (UNTIL 4/30/2023)

    Total calculated
    $0
    Hours/week
    0.5
  • Philip Kaufman

    DIRECTOR (UNTIL 6/30/2023)

    Total calculated
    $0
    Hours/week
    0.5
  • Commissioner Stan Karwoski

    DIRECTOR

    Total calculated
    $0
    Hours/week
    0.5
  • Amy Langer

    DIRECTOR (UNTIL 4/12/2023)

    Total calculated
    $0
    Hours/week
    0.5
  • Audrey Lucas

    DIRECTOR

    Total calculated
    $0
    Hours/week
    0.5
  • Mayor Mike Maguire

    DIRECTOR

    Total calculated
    $0
    Hours/week
    0.5
  • Matt Marsh

    DIRECTOR

    Total calculated
    $0
    Hours/week
    0.5
  • John Naylor

    DIRECTOR (UNTIL 8/31/2023)

    Total calculated
    $0
    Hours/week
    0.5
  • Jon Nudi

    DIRECTOR

    Total calculated
    $0
    Hours/week
    0.5
  • Michael O'Leary

    DIRECTOR (UNTIL 9/20/2023)

    Total calculated
    $0
    Hours/week
    0.5
  • Laura Oberst

    DIRECTOR

    Total calculated
    $0
    Hours/week
    0.5
  • Commissioner Rafael Ortega

    DIRECTOR

    Total calculated
    $0
    Hours/week
    0.5
  • Rt Rybak

    DIRECTOR

    Total calculated
    $0
    Hours/week
    0.5
  • David Saggau

    DIRECTOR (UNTIL 4/12/2023)

    Total calculated
    $0
    Hours/week
    0.5
  • Sahil Sanghvi

    DIRECTOR

    Total calculated
    $0
    Hours/week
    0.5
  • Commissioner Scott Schulte

    DIRECTOR

    Total calculated
    $0
    Hours/week
    0.5
  • Todd Senger

    DIRECTOR (UNTIL 2/13/2023)

    Total calculated
    $0
    Hours/week
    0.5
  • Commissioner Mike Slavik

    DIRECTOR

    Total calculated
    $0
    Hours/week
    0.5
  • Christine Sovereign

    DIRECTOR

    Total calculated
    $0
    Hours/week
    0.5
  • John Stauch

    DIRECTOR

    Total calculated
    $0
    Hours/week
    0.5
  • Commissioner Matt Udermann

    DIRECTOR

    Total calculated
    $0
    Hours/week
    0.5
  • Commissioner Jon Ulrich

    DIRECTOR (UNTIL 12/31/2023)

    Total calculated
    $0
    Hours/week
    0.5
  • Robert Vischer

    DIRECTOR

    Total calculated
    $0
    Hours/week
    0.5
  • Laysha Ward

    DIRECTOR

    Total calculated
    $0
    Hours/week
    0.5
  • Bradley Wood

    DIRECTOR

    Total calculated
    $0
    Hours/week
    0.5
  • Timothy A Welsh

    CHAIRMAN

    Total calculated
    $0
    Hours/week
    1
  • Ravi Norman

    VICE CHAIR

    Total calculated
    $0
    Hours/week
    0.5
  • Dennis Dahlen

    TREASURER

    Total calculated
    $0
    Hours/week
    0.5
  • Matthew K Lewis

    VICE PRESIDENT, STRATEGIC INITIATIVES

    Total calculated
    $258,423
    From this org
    $243,140
    From related orgs
    $0
    Other
    $15,283
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $202,273
    Bonus
    $40,380
    Other
    $487
    Deferred
    $12,283
    Nontaxable benefits
    $3,000
    Filer's total
    $258,423
  • Amanda Taylor

    VICE PRESIDENT, RESEARCH & INTELLIGENCE

    Total calculated
    $278,234
    From this org
    $237,935
    From related orgs
    $0
    Other
    $40,299
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $197,448
    Bonus
    $40,000
    Other
    $487
    Deferred
    $11,440
    Nontaxable benefits
    $28,859
    Filer's total
    $278,234
  • Morris Goodwin Jr

    MANAGING DIRECTOR, FORGE NORTH

    Total calculated
    $267,169
    From this org
    $237,168
    From related orgs
    $0
    Other
    $30,001
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $228,408
    Bonus
    $8,760
    Other
    $0
    Deferred
    $0
    Nontaxable benefits
    $30,001
    Filer's total
    $267,169
  • Jennifer M Lindemer

    DIRECTOR, ORGANIZATIONAL DEVELOPMENT

    Total calculated
    $206,413
    From this org
    $167,515
    From related orgs
    $0
    Other
    $38,898
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $152,135
    Bonus
    $15,380
    Other
    $0
    Deferred
    $8,747
    Nontaxable benefits
    $30,151
    Filer's total
    $206,413
  • Joanne Berkenkamp

    MANAGING DIRECTOR, MBOLD

    Total calculated
    $195,619
    From this org
    $175,818
    From related orgs
    $0
    Other
    $19,801
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $160,118
    Bonus
    $15,700
    Other
    $0
    Deferred
    $6,031
    Nontaxable benefits
    $13,770
    Filer's total
    $195,619
  • Sam B Morantz

    COMPTROLLER

    Total calculated
    $172,956
    From this org
    $158,895
    From related orgs
    $0
    Other
    $14,061
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $144,895
    Bonus
    $14,000
    Other
    $0
    Deferred
    $7,702
    Nontaxable benefits
    $6,359
    Filer's total
    $172,956
  • Ieesha M Collins

    MANAGING DIRECTOR, CONNEXTMSP

    Total calculated
    $214,365
    From this org
    $197,845
    From related orgs
    $0
    Other
    $16,520
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $180,295
    Bonus
    $17,550
    Other
    $0
    Deferred
    $3,887
    Nontaxable benefits
    $12,633
    Filer's total
    $214,365
  • Kristin Guild

    DIRECTOR, BUSINESS BRIDGE

    Total calculated
    $175,407
    From this org
    $167,628
    From related orgs
    $0
    Other
    $7,779
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $155,583
    Bonus
    $12,045
    Other
    $0
    Deferred
    $7,779
    Nontaxable benefits
    $0
    Filer's total
    $175,407

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

  • 1a · Tax indemnification and gross-up payments
  • 1a · Health or social club dues or initiation fees
  • 1b · Written policy on the line-1a expenses
  • 2 · Substantiation required before reimbursing expenses
  • 3 · Compensation committee
  • 3 · Independent compensation consultant
  • 3 · Form 990 of other organizations
  • 3 · Compensation survey or study
  • 3 · Approval by the board or compensation committee

Answered no

  • 4a · Severance or change-of-control payment
  • 4b · Supplemental nonqualified retirement plan
  • 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 1A
GREATER MSP PAID FOR THE ANNUAL DUES OF THE CEO AND THE ORGANIZATION VICE PRESIDENTS TO THE MINNEAPOLIS CLUB (A BUSINESS CLUB). THIS BUSINESS CLUB HAS BEEN IDENTIFIED BY THE BOARD AS HAVING MEMBERS YIELDING TREMENDOUS LOCAL, NATIONAL AND GLOBAL IMPACT. THE PRIMARY PURPOSE OF THIS BUSINESS CLUB MEMBERSHIP IS TO CONDUCT BOARD AND COMMITTEE MEETING AND OTHER BUSINESS MEETINGS TO ADVANCE THE AGENDA OF GREATER MSP. ALL EXPENSES ARE SUBSTANTIATED AND EMPLOYEES REIMBURSE GREATER MSP FOR ALL NON-BUSINESS RELATED EXPENSES. THE CEO'S 2023 COMPENSATION INCLUDED A GROSS UP FOR THE ANNUAL PREMIUM FOR SUPPLEMENTAL LONG TERM DISABILITY AND SUPPLEMENTAL LIFE INSURANCE PER THE CEO'S EMPLOYMENT CONTRACT. THE ORGANIZATION'S VICE PRESIDENTS' 2023 COMPENSATION INCLUDED A GROSS UP FOR THE ANNUAL PREMIUM FOR SUPPLEMENTAL LIFE INSURANCE.

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
2023
Filed
15 October 2024
IRS schema version
2023v5.1
Source object
202402959349301915

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