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Nonprofiteer
← DESTINATION MEDICAL CENTER ECONOMIC DEVELOPMENT AGENCY

Form 990 for tax year 2023

Filed by DESTINATION MEDICAL CENTER ECONOMIC DEVELOPMENT AGENCY.

Totals

Total revenue
$4,963,508
Total expenses
$4,916,735
Contributions and grants received
$4,730,658
Grants paid
$0
Program service revenue
$190,375
Investment income
$0
Other revenue
$42,475
Total assets, end of year
$959,522
Total liabilities, end of year
$713,833
Net assets or fund balances, end of year
$245,689
Program services expenses (Part IX)
$4,239,110
Management and general expenses
$677,625
Fundraising expenses
$0
Program service expenses (Part III)
$4,239,110

Program services were 86.2% 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.

  • 1d · Related organizations

    $2,252,114

  • 1e · Government grants (contributions)

    $2,388,794

  • 1f · All other contributions, gifts and grants

    $89,750

  • 2a · Program service revenue: CHARGES FOR SERVICES

    total $185,375 · related or exempt $185,375

  • 2b · Program service revenue: APPLICATION FEES INCOM

    total $5,000 · related or exempt $5,000

  • 11a · Other revenue: MISCELLANEOUS INCOME

    total $42,475 · excluded $42,475

  • 11e · Other revenue, total

    $42,475

Functional expenses

Part IX, the statement of functional expenses.

  • 5 · Compensation of officers, directors and key employees

    total $303,705 · program services $151,853 · management and general $151,852

  • 7 · Other salaries and wages

    total $875,250 · program services $791,311 · management and general $83,939

  • 9 · Other employee benefits

    total $300,807 · program services $244,646 · management and general $56,161

  • 11b · Fees: legal

    total $37,976 · program services $34,178 · management and general $3,798

  • 11c · Fees: accounting

    total $62,526 · management and general $62,526

  • 11g · Fees: other

    total $2,511,494 · program services $2,414,044 · management and general $97,450

  • 13 · Office expenses

    total $5,052 · program services $4,026 · management and general $1,026

  • 14 · Information technology

    total $49,976 · program services $37,482 · management and general $12,494

  • 16 · Occupancy

    total $1,229 · program services $922 · management and general $307

  • 19 · Conferences, conventions and meetings

    total $652,181 · program services $489,136 · management and general $163,045

  • 20 · Interest

    total $4,057 · program services $4,057

  • 22 · Depreciation, depletion and amortization

    total $8,646 · management and general $8,646

  • 23 · Insurance

    total $55,360 · program services $41,520 · management and general $13,840

  • 24a · Other expenses: SUBSCRIPTIONS & MEMBERS

    total $41,686 · program services $20,843 · management and general $20,843

  • 24b · Other expenses: MISCELLANEOUS

    total $6,790 · program services $5,092 · management and general $1,698

Balance sheet

Part X, book values.

  • 1 · Cash, non-interest-bearing

    beginning of year $243,398 · end of year $551,703

  • 4 · Accounts receivable

    beginning of year $239,518 · end of year $336,987

  • 9 · Prepaid expenses and deferred charges

    beginning of year $53,949 · end of year $59,337

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

    $172,431

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

    $160,936

  • 10c · Land, buildings and equipment, net

    beginning of year $20,141 · end of year $11,495

  • 17 · Accounts payable and accrued expenses

    beginning of year $181,016 · end of year $154,686

  • 19 · Deferred revenue

    beginning of year $77,074 · end of year $459,147

  • 25 · Other liabilities

    beginning of year $100,000 · end of year $100,000

  • 27 · Net assets without donor restrictions

    beginning of year $198,916 · end of year $245,689

Mission and programs · 2023

Mission

THE NON-PROFIT DMC ECONOMIC DEVELOPMENT AGENCY (EDA) IS AN ECONOMIC DEVELOPMENT CORPORATION FORMED BY THE MAYO CLINIC AND AUTHORIZED BY THE DMC STATE STATUTE TO PROVIDE SERVICES TO THE DMCC TO SECURE THE CITY OF ROCHESTER'S AND MINNESOTA'S FUTURE AS A GLOBAL, PREMIER MEDICAL DESTINATION AND TO FURTHER MAYO CLINIC'S MISSION BY PROVIDING THE IDEAL PATIENT, COMPANION, VISITOR AND COMMUNITY MEMBER EXPERIENCE.

Activities or mission (Part I)

SECURE THE CITY OF ROCHESTER'S AND MINNESOTA'S FUTURE AS A GLOBAL, PREMIER MEDICAL DESTINATION

  • THE PURPOSE OF THE EDA IS TO PROVIDE EXPERIENCE AND EXPERTISE IN DEVELOPING AND MARKETING THE DESTINATION MEDICAL CENTER INITIATIVE AND PROVIDE SERVICES FOR IMPLEMENTING THE GOALS, OBJECTIVES, AND STRATEGIES IN THE DESTINATION MEDICAL CENTER DEVELOPMENT PLAN. THE EDA IS SUPPORTED PRIMARILY THROUGH CONTRIBUTIONS FROM THE DESTINATION MEDICAL CENTER CORPORATION AND THROUGH IN-KIND CONTRIBUTIONS BY MAYO CLINIC.

    Expenses $4,239,110 · Revenue $190,375

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

Listed in Part VII

  • Clark Otley MD

    DIRECTOR/CHAIR

    Total calculated
    $1,206,518
    From this org
    $0
    From related orgs
    $1,118,928
    Other
    $87,590
    Hours/week
    4 + 40 related

    Schedule J breakdown matched by us

    Base
    $0 + $919,991 related
    Bonus
    $0
    Other
    $0 + $198,937 related
    Deferred
    $0 + $49,478 related
    Nontaxable benefits
    $0 + $38,112 related
    Filer's total
    $0 + $1,206,518 related

  • Traci Downs

    DIRECTOR

    Total calculated
    $0
    Hours/week
    4

  • Thomas Fisher

    DIRECTOR

    Total calculated
    $0
    Hours/week
    4

  • Joselyn Raymundo

    DIRECTOR

    Total calculated
    $0
    Hours/week
    4

  • Mary J Williamson

    DIRECTOR

    Total calculated
    $1,209,089
    From this org
    $0
    From related orgs
    $1,129,852
    Other
    $79,237
    Hours/week
    4 + 40 related

    Schedule J breakdown matched by us

    Base
    $0 + $950,612 related
    Bonus
    $0
    Other
    $0 + $179,240 related
    Deferred
    $0 + $37,622 related
    Nontaxable benefits
    $0 + $41,615 related
    Filer's total
    $0 + $1,209,089 related

  • Dennis Dahlen

    DIRECTOR

    Total calculated
    $1,715,096
    From this org
    $0
    From related orgs
    $1,611,747
    Other
    $103,349
    Hours/week
    4 + 40 related

    Schedule J breakdown matched by us

    Base
    $0 + $1,444,487 related
    Bonus
    $0
    Other
    $0 + $167,260 related
    Deferred
    $0 + $59,498 related
    Nontaxable benefits
    $0 + $43,851 related
    Filer's total
    $0 + $1,715,096 related

  • Roberta Dressen

    DIRECTOR

    Total calculated
    $0
    Hours/week
    4

  • Patrick Seeb

    EXECUTIVE DIRECTOR

    Total calculated
    $303,705
    From this org
    $273,705
    From related orgs
    $0
    Other
    $30,000
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $273,705
    Bonus
    $0
    Other
    $0
    Deferred
    $30,000
    Nontaxable benefits
    $0
    Filer's total
    $303,705

  • Marco Wageman

    TREASURER

    Total calculated
    $168,419
    From this org
    $0
    From related orgs
    $152,765
    Other
    $15,654
    Hours/week
    4 + 40 related

    Schedule J breakdown matched by us

    Base
    $0 + $149,845 related
    Bonus
    $0
    Other
    $0 + $2,920 related
    Deferred
    $0 + $6,041 related
    Nontaxable benefits
    $0 + $9,613 related
    Filer's total
    $0 + $168,419 related

  • Erin Sexton

    SECRETARY

    Total calculated
    $298,497
    From this org
    $0
    From related orgs
    $237,512
    Other
    $60,985
    Hours/week
    4 + 40 related

    Schedule J breakdown matched by us

    Base
    $0 + $237,180 related
    Bonus
    $0
    Other
    $0 + $332 related
    Deferred
    $0 + $26,325 related
    Nontaxable benefits
    $0 + $34,660 related
    Filer's total
    $0 + $298,497 related

  • Michael Flynn

    SENIOR DIRECTOR OF ECONOMI

    Total calculated
    $248,434
    From this org
    $225,934
    From related orgs
    $0
    Other
    $22,500
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $225,934
    Bonus
    $0
    Other
    $0
    Deferred
    $22,500
    Nontaxable benefits
    $0
    Filer's total
    $248,434

  • Geno Palazzari

    COMMUNICATIONS MANAGER

    Total calculated
    $126,191
    From this org
    $118,877
    From related orgs
    $0
    Other
    $7,314
    Hours/week
    40

  • Catherine Malmberg

    DIRECTOR OF PUBLIC INFRASTRUCTURE & DEVELOPMENT ST

    Total calculated
    $133,778
    From this org
    $133,778
    From related orgs
    $0
    Other
    $0
    Hours/week
    30

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

  • 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
SOME OF THE OFFICERS, DIRECTORS, ETC. ARE EMPLOYED BY A RELATED ENTITY WHICH HAS A SUPPLEMENTAL RETIREMENT PLAN (SRP) DESIGNED TO ROUGHLY APPROXIMATE AN EXTENSION OF THE BENEFITS UNDER THE MAYO PENSION PLAN TO INCOME ABOVE THE INTERNAL REVENUE CODE QUALIFIED PLAN LIMIT IN SECTION 401(A)(17). STARTING JANUARY 1, 2011, ALL SRP BENEFITS ARE PAID AS AN ANNUAL TAXABLE CASH PAYMENT. THE FOLLOWING INDIVIDUALS PARTICIPATED IN OR RECEIVED A PAYMENT FROM THE SUPPLEMENTAL RETIREMENT PLAN. AMOUNTS ARE INCLUDED IN SCHEDULE J, PART II, COLUMN (B)(III). DAHLEN, DENNIS E. $154,039 OTLEY M.D., CLARK C. $170,477 WILLIAMSON, MARY J. $175,269

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

No itemized grants to organizations on this return.

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.

Taxable family on this return

Schedule R Parts I, III and IV, as filed. These record ownership and control, not shared board members or money moved.

Related partnerships

Part III: related organizations taxable as a partnership, with the filer's share.

  • LATIGO PETROLEUM LLC

    N/A · OIL & GAS EXPLORATION · DE · 65% owned · general or managing partner

    Directly controlled by MAYO CLINIC

  • MAYO CLINIC HEALTHCARE LLP

    N/A · HEALTHCARE · UK

    Directly controlled by MAYO CLINIC (UK) LTD

Related corporations and trusts

Part IV: related organizations taxable as a corporation or trust.

  • MAYO CLINIC SUPPORT SERVICES TEXAS

    C · HEALTH SERVICES · TX

  • MAYO CLINIC UK LTD

    C · INVESTMENT ACTIVITIES · UK

  • MAYO HOLDING COMPANY

    C · HOLDING COMPANY · MN

  • MAYO INSURANCE COMPANY LTD

    C · SELF INSURANCE POOL · CJ

  • RESOUNDANT INC

    C · MANUFACTURING MEDICAL DEVICE COMPONENT · MN

  • ROCHESTER AIRPORT COMPANY

    C · AIRPORT MANAGEMENT · MN

  • SUPERBLOCK 3 PROPERTY OWNERS ASSOCIATION

    C · COMMERCIAL PROPERTY OWNERS ASSOCIATION · AZ

  • THE STABILE BUILDING OWNERS' ASSOCIATION

    C · COMMERCIAL PROPERTY OWNERS ASSOCIATION · MN

  • MC ALLIANCE LTD

    C · HEALTHCARE AND ADMINISTRATIVE SERVICES · CJ

  • MAYO CLINIC UK 2 LTD

    C · INVESTMENT ACTIVITIES · UK

  • MC HEALTHCARE SERVICES INDIA PRIVATE LIMITED

    C · HEALTHCARE AND ADMINISTRATIVE SERVICES · IN

  • MAYO COLLABORATIVE SERVICES INC

    T · REFERENCE LAB SERVICES · DE

  • SENDERO BIOTECHNOLOGY INC

    T · BIOTECHNOLOGY DEVELOPMENT · DE

  • CHARITABLE LEAD TRUST

    T · CHARITABLE TRUST · CA

  • PERPETUAL TRUST

    T · CHARITABLE TRUST · LA

  • PERPETUAL TRUST (2)

    T · CHARITABLE TRUST · ME

  • PERPETUAL TRUST

    T · CHARITABLE TRUST · MT

  • CHARITABLE REMAINDER TRUST

    T · CHARITABLE TRUST · AZ

  • CHARITABLE REMAINDER TRUST

    T · CHARITABLE TRUST · CO

  • CHARITABLE REMAINDER TRUST (4)

    T · CHARITABLE TRUST · FL

  • CHARITABLE REMAINDER TRUST

    T · CHARITABLE TRUST · ME

  • CHARITABLE REMAINDER TRUST (100)

    T · CHARITABLE TRUST · MN

  • CHARITABLE REMAINDER TRUST (2)

    T · CHARITABLE TRUST · NC

  • CHARITABLE REMAINDER TRUST (2)

    T · CHARITABLE TRUST · NV

  • CHARITABLE REMAINDER TRUST

    T · CHARITABLE TRUST · TX

  • PERPETUAL TRUST

    T · CHARITABLE TRUST · ND

  • CHARITABLE REMAINDER TRUST

    T · CHARITABLE TRUST · CO

  • CHARITABLE REMAINDER TRUST

    T · CHARITABLE TRUST · FL

  • CHARITABLE REMAINDER TRUST

    T · CHARITABLE TRUST · MI

  • CHARITABLE REMAINDER TRUST (39)

    T · CHARITABLE TRUST · MN

  • CHARITABLE REMAINDER TRUST (6)

    T · CHARITABLE TRUST · MN

Provenance

Return type
form_990
Tax year
2023
Filed
14 November 2024
IRS schema version
2023v5.1
Source object
202413199349311121

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