Minnesota High Technology Foundation
- Assets
- $503.2k
- Revenue
- $220.3k
- Investments
- $0.0
- Employees
- 0
- Location
- Minneapolis, MN
- Founding
- 12/1987
- Data as of
- 12/2022
- EIN
- 36-3367684
Organization Overview
Minnesota High Technology Foundation is located in Minneapolis, MN. The organization was established in 1987. According to its NTEE Classification (U99) the organization is classified as: Science & Technology N.E.C., under the broad grouping of Science & Technology and related organizations. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Minnesota High Technology Foundation is a 501(c)(3) and as such, is described as a "Charitable or Religous organization or a private foundation" by the IRS.
For the year ending 12/2022, Minnesota High Technology Foundation generated $220.3k in total revenue. The organization has seen a slow decline revenue. Over the past 8 years, revenues have fallen by an average of (2.0%) each year. All expenses for the organization totaled $496.7k during the year ending 12/2022. You can explore the organizations financials more deeply in the financial statements section below.
Form
990
Mission & Program ActivityExcerpts From the 990 Filing
TAX YEAR
2022
Describe the Organization's Mission:
Part 3 - Line 1
TO BUILD AND FOSTER A THRIVING STEM WORKFORCE IN MINNESOTA.
Describe the Organization's Program Activity:
Part 3 - Line 4a
FISCAL AGENCY PROGRAMS:3M TWIST PROGRAM - THE FOUNDATION IS A FISCAL AGENT FOR AN EDUCATION PROGRAM SUPPORTED BY 3M. THE FOUNDATION PROCESSED PAYMENTS IN THE AMOUNT OF APPROXIMATELY $158,066 IN 2022 IN THIS PROGRAM AND THEY RECEIVED AN ANNUAL ADMINISTRATIVE FEE OF $12,650 IN 2022.
MENTORING AND INTERNSHIPS AND OTHER PROGRAM ACTIVITIES:THE FOUNDATION IS ACTIVELY ENGAGED TO CREATE MENTORING EXPERIENCES AND RELATIONSHIPS WHICH CONNECT STUDENTS WITH EXPERIENCED PROFESSIONALS IN THE FIELDS OF SCIENCE, TECHNOLOGY, ENGINEERING AND MATH (STEM). IN 2022 SPECIAL PROJECTS ALSO INCLUDED STEM EXPERIENCE TOURS, CONNECTING STUDENTS WITH COMPANIES TO SHOW THEM WHAT A STEM CAREER MIGHT CONSIST OF. THE FOUNDATION WORKS WITH OUR PARTNERS AND MEMBERS IN THE BUSINESS COMMUNITY TO CREATE INTERNSHIPS FOR HIGHER EDUCATION STUDENTS IN THE STEM FIELDS.
SCHOLARSHIP PROGRAMS:THE FOUNDATION MANAGES A SCHOLARSHIP PROGRAM FOCUSED ON UNDERGRADUATE COLLEGE STUDENTS STUDYING SCIENCE, TECHNOLOGY, ENGINEERING, AND MATHEMATICS (STEM). CURRENTLY, THERE ARE TWO COMPONENTS: FOUNDATION SCHOLARSHIPS AND NAMED SCHOLARSHIPS. THE FOUNDATION RAISES FUNDS FOR BOTH TYPES OF SCHOLARSHIPS; THESE SCHOLARSHIPS ARE AWARDED TO STUDENTS STUDYING IN STEM FIELDS AT ACCREDITED MINNESOTA COLLEGES AND UNIVERSITIES.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Jeff Tollefson Mta President/ceo | OfficerTrustee | 2 | $0 |
Anne Coffey Board Chair | OfficerTrustee | 4 | $0 |
Kevin Hansen Board Vice Chair | OfficerTrustee | 2 | $0 |
Douglas Carvinal Board Secretary | OfficerTrustee | 2 | $0 |
Rachel Polson Board Treasurer | OfficerTrustee | 2 | $0 |
Jennifer Hauschildt Director | Trustee | 2 | $0 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Federated campaigns | $0 |
| Membership dues | $0 |
| Fundraising events | $0 |
| Related organizations | $0 |
| Government grants | $0 |
| All other contributions, gifts, grants, and similar amounts not included above | $189,790 |
| Noncash contributions included in lines 1a–1f | $0 |
| Total Revenue from Contributions, Gifts, Grants & Similar | $189,790 |
| Total Program Service Revenue | $29,940 |
| Investment income | $543 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $0 |
| Net Gain/Loss on Asset Sales | $0 |
| Net Income from Fundraising Events | $0 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $0 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $220,273 |
| Statement of Expenses | |
|---|---|
| Grants and other assistance to domestic organizations and domestic governments. | $0 |
| Grants and other assistance to domestic individuals. | $54,121 |
| Grants and other assistance to Foreign Orgs/Individuals | $0 |
| Benefits paid to or for members | $0 |
| Compensation of current officers, directors, key employees. | $0 |
| Compensation of current officers, directors, key employees. | $0 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $0 |
| Pension plan accruals and contributions | $0 |
| Other employee benefits | $0 |
| Payroll taxes | $0 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $0 |
| Fees for services: Accounting | $5,280 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $4,239 |
| Advertising and promotion | $0 |
| Office expenses | $405 |
| Information technology | $1,500 |
| Royalties | $0 |
| Occupancy | $0 |
| Travel | $0 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $0 |
| Interest | $0 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $0 |
| Insurance | $688 |
| All other expenses | $0 |
| Total functional expenses | $496,739 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $277,918 |
| Savings and temporary cash investments | $225,000 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $0 |
| Loans from Officers, Directors, or Controlling Persons | $0 |
| Loans from Disqualified Persons | $0 |
| Notes and loans receivable | $0 |
| Inventories for sale or use | $0 |
| Prepaid expenses and deferred charges | $293 |
| Net Land, buildings, and equipment | $0 |
| Investments—publicly traded securities | $0 |
| Investments—other securities | $0 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $0 |
| Total assets | $503,211 |
| Accounts payable and accrued expenses | $0 |
| Grants payable | $0 |
| Deferred revenue | $0 |
| Tax-exempt bond liabilities | $0 |
| Escrow or custodial account liability | $0 |
| Loans and other payables to any current Officer, Director, or Controlling Person | $0 |
| Secured mortgages and notes payable | $0 |
| Unsecured mortgages and notes payable | $0 |
| Other liabilities | $324,908 |
| Total liabilities | $324,908 |
| Net assets without donor restrictions | $115,245 |
| Net assets with donor restrictions | $63,058 |
| Capital stock or trust principal, or current funds | $0 |
| Paid-in or capital surplus, or land, building, or equipment fund | $0 |
| Retained earnings, endowment, accumulated income, or other funds | $0 |
| Total liabilities and net assets/fund balances | $503,211 |