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Nonprofiteer
← THE MINNEAPOLIS COMMUNITY AND TECHNICAL COLLEGE FOUNDATION INC

Form 990 for tax year 2024

Filed by THE MINNEAPOLIS COMMUNITY AND TECHNICAL COLLEGE FOUNDATION INC.

Totals

Total revenue
$2,028,743
Total expenses
$1,179,271
Contributions and grants received
$1,396,787
Grants paid
$1,038,285
Program service revenue
$0
Investment income
$631,956
Other revenue
$0
Total assets, end of year
$10,448,112
Total liabilities, end of year
$1,841,878
Net assets or fund balances, end of year
$8,606,234
Program services expenses (Part IX)
$1,038,785
Management and general expenses
$118,368
Fundraising expenses
$22,118
Program service expenses (Part III)
$1,038,785

Program services were 88.1% 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)

    $15,000

  • 1f · All other contributions, gifts and grants

    $1,381,787

  • 1g · Noncash contributions included above

    $59,711

  • 3 · Investment income

    total $190,031 · excluded $190,031

  • 7a · Gross sales of assets other than inventory

    securities $640,201

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

    securities $198,276

  • 7c · Gain or loss

    securities $441,925

  • 7d · Net gain or loss

    total $441,925 · excluded $441,925

Functional expenses

Part IX, the statement of functional expenses.

  • 1 · Grants to domestic organizations and governments

    total $41,566 · program services $41,566

  • 2 · Grants to domestic individuals

    total $996,719 · program services $996,719

  • 11c · Fees: accounting

    total $56,540 · management and general $56,540

  • 11f · Fees: investment management

    total $17,987 · management and general $17,987

  • 13 · Office expenses

    total $22,558 · management and general $21,881 · fundraising $677

  • 14 · Information technology

    total $16,366 · management and general $16,366

  • 19 · Conferences, conventions and meetings

    total $24,300 · program services $500 · management and general $2,359 · fundraising $21,441

  • 23 · Insurance

    total $1,348 · management and general $1,348

  • 24a · Other expenses: OTHER EXPENSES

    total $1,887 · management and general $1,887

Balance sheet

Part X, book values.

  • 1 · Cash, non-interest-bearing

    beginning of year $9,490 · end of year $490,684

  • 2 · Savings and temporary cash investments

    beginning of year $301 · end of year $320

  • 3 · Pledges and grants receivable

    beginning of year $148,432 · end of year $77,530

  • 4 · Accounts receivable

    beginning of year $4,018 · end of year $0

  • 11 · Investments: publicly traded securities

    beginning of year $7,318,690 · end of year $9,800,078

  • 15 · Other assets

    beginning of year $79,500 · end of year $79,500

  • 17 · Accounts payable and accrued expenses

    beginning of year $2,155 · end of year $5,668

  • 25 · Other liabilities

    beginning of year $0 · end of year $1,836,210

  • 27 · Net assets without donor restrictions

    beginning of year $1,662,822 · end of year $1,798,237

  • 28 · Net assets with donor restrictions

    beginning of year $5,895,454 · end of year $6,807,997

Mission and programs · 2024

Mission

THE MINNEAPOLIS COMMUNITY & TECHNICAL COLLEGE FOUNDATION HELPS SOLVE ISSUES OF AFFORDABILITY AND ACCESS TO HIGHER EDUCATION THROUGH FUNDS AND PROVIDES PART OR ALL OF THE FUNDING TO THE COLLEGE TO DEVELOP TECHNICAL COLLEGE FOUNDATION MINNEAPOLIS (CONTINUED ON SCHEDULE O) (CONTINUED FROM PAGE 2) COMMUNITY & SCHOLARSHIPS AND INITIATIVES THAT SUPPORT STUDENTS, ENHANCE THE READINESS OF OUR WORKFORCE AND SUPPORT THE STRATEGIC PRIORITIES OF THE COLLEGE.

Activities or mission (Part I)

THE MINNEAPOLIS COMMUNITY & TECHNICAL COLLEGE FOUNDATION HELPS SOLVE ISSUES OF AFFORDABILITY AND ACCESS TO HIGHER EDUCATION THROUGH SCHOLARSHIPS AND INITIATIVES THAT SUPPORT STUDENTS, ENHANCE THE READINESS OF OUR WORKFORCE AND SUPPORT THE STRATEGIC PRIORITIES OF THE COLLEGE.

  • THE FOUNDATION DOES NOT ADMINISTER ANY PROGRAMS. HOWEVER, THEY RAISE FUNDS AND PROVIDE PART OR ALL OF THE FUNDING TO THE COLLEGE TO DEVELOP AND ADMINISTER SPECIFIC PROGRAMS, INITIATIVES AND SCHOLARSHIPS.

    Expenses $1,038,785 · Grants $1,038,285

As filed on the 2024 return. The filer continues this part on Schedule O, which is not shown here.

Listed in Part VII

  • Stephanie Hammes-Betti

    PRESIDENT

    Total calculated
    $0
    Hours/week
    1.54

  • Chuck Malkerson

    BOARD MEMBER

    Total calculated
    $0
    Hours/week
    1.92

  • Ramona Harristhal

    SECRETARY

    Total calculated
    $0
    Hours/week
    1.98

  • Jamal James

    BOARD MEMBER

    Total calculated
    $0
    Hours/week
    0.04

  • Peter McLaughlin

    BOARD MEMBER

    Total calculated
    $0
    Hours/week
    0.58

  • Rachel Johnson

    VICE PRESIDENT

    Total calculated
    $0
    Hours/week
    0.67

  • Linda Satorius

    BOARD MEMBER

    Total calculated
    $0
    Hours/week
    0.77

  • Pete Mathieson

    TREASURER

    Total calculated
    $0
    Hours/week
    0.96

  • Michael Dorsey

    BOARD MEMBER

    Total calculated
    $0
    Hours/week
    0.68

  • Calvin Stewart

    BOARD MEMBER

    Total calculated
    $0
    Hours/week
    0.48

  • Carolyn Hall II

    BOARD MEMBER

    Total calculated
    $0
    Hours/week
    1.92

  • Beverly Wadsworth

    FOUNDATION DIRECTOR THRU MAR 2025

    Total calculated
    $116,265
    From this org
    $0
    From related orgs
    $109,536
    Other
    $6,729
    Hours/week
    40

  • Faith Ross

    FOUNDATION DIRECTOR BEG MAY 2025

    Total calculated
    $0
    Hours/week
    40

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.

Grants on this return

  • MINNEAPOLIS COMMUNITY & TECHNICAL COLLEGE

    $13,062

    FINANCIAL AID

  • MINNEAPOLIS COMMUNITY & TECHNICAL COLLEGE

    $0

    PROGRAM EQUIPMENT

Related organizations on this return

Schedule R Part II: tax-exempt organizations related to the filer by control. It does not record shared board members or money.

  • MINNEAPOLIS COMMUNITY & TECH COLLEGE

    EDUCATION · MN

Provenance

Return type
form_990
Tax year
2024
Filed
13 January 2026
IRS schema version
2024v5.5
Source object
202610139349301516

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