Minnesota Medical Association
- Assets
- $26.6m
- Revenue
- $4.2m
- Investments
- $103.5k
- Employees
- 0
- Location
- Minneapolis, MN
- Founding
- 03/1938
- Data as of
- 12/2021
- EIN
- 41-0418625
Organization Overview
Minnesota Medical Association is located in Minneapolis, MN. The organization was established in 1938. According to its NTEE Classification (G90) the organization is classified as: Medical Disciplines, under the broad grouping of Voluntary Health Associations & Medical Disciplines and related organizations. This organization is an itermediate organization (such as a geographic headquarters) for a national or regional group of organizations. Minnesota Medical Association is a 501(c)(6) and as such, is described as a "Business League, Chambers of Commerce, or Real Estate Board" by the IRS.
For the year ending 12/2021, Minnesota Medical Association generated $4.2m in total revenue. The organization has seen a slow decline revenue. Over the past 7 years, revenues have fallen by an average of (0.1%) each year. All expenses for the organization totaled $3.1m during the year ending 12/2021. As we would expect to see with falling revenues, expenses have declined by (5.1%) per year over the past 7 years. 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
2021
Describe the Organization's Mission:
Part 3 - Line 1
BE THE LEADING VOICE OF MEDICINE TO MAKE MINNESOTA THE HEALTHIEST STATE & THE BEST PLACE TO PRACTICE
Describe the Organization's Program Activity:
Part 3 - Line 4a
FOUNDED IN 1853, THE MINNESOTA MEDICAL ASSOCIATION (MMA) IS THE STATE'S LARGEST PROFESSIONAL MEMBERSHIP ASSOCIATION FOR PHYSICIANS AND PHYSICIANS-IN-TRAINING. THE MISSION OF THE MMA IS TO BE THE LEADING VOICE OF MEDICINE TO MAKE MINNESOTA THE HEALTHIEST STATE AND THE BEST PLACE TO PRACTICE. WITH MORE THAN 10,000 MEMBERS, THE MMA ADVANCES CHANGE THROUGH ADVOCACY AND INFORMATION; FOSTERS RESILIENCE, TRUST, AND COMMUNITY THROUGH PHYSICIAN CONNECTION, SUPPORT, AND ENGAGEMENT; IMPROVES PHYSICIAN EFFICACY AND LEADERSHIP THROUGH EDUCATION AND SKILLS BUILDING; AND ADDRESSES EMERGING CRITICAL ISSUES AS A CONVENER AND COLLABORATOR. THE MMA PUBLISHES A BI-MONTHLY MAGAZINE, MINNESOTA MEDICINE; A WEEKLY ELECTRONIC NEWSLETTER; AND MAINTAINS A WEBSITE. THE ORGANIZATION ACCREDITS ORGANIZATIONS TO DELIVER CONTINUING MEDICAL EDUCATION, AND DIRECTLY PROVIDES CONTINUING MEDICAL EDUCATION ACTIVITIES. MEMBERS ENGAGE WITH THE MMA BY VOLUNTEERING ON COMMITTEES, ATTENDING EVENTS, PARTICIPATING IN ADVOCACY, SERVING AS MENTORS, AND ACCESSING EDUCATION. KEY STRATEGIC OUTCOMES FOR THE MMA INCLUDE ADVANCEMENT OF THE TRIPLE AIM; IMPROVED HEALTH EQUITY; PROFESSIONAL SATISFACTION AND WELL-BEING; INCREASED MEMBERSHIP VALUE AND ENGAGEMENT; AND PHYSICIAN LEADERSHIP IN HEALTH AND DELIVERY SYSTEM CHANGE.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Edwin Bogonko MD Chair, Board Of Trustees | OfficerTrustee | 1 | $18,000 |
Marilyn Peitso MD Immediate Past President | OfficerTrustee | 1 | $13,500 |
Randy Rice MD President | OfficerTrustee | 1 | $4,500 |
William Nicholson MD President-Elect | OfficerTrustee | 1 | $0 |
Carolyn Mcclain MD Secretary/treasurer | OfficerTrustee | 1 | $0 |
Janet Silversmith Chief Executive Officer | Officer | 40 | $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 | $0 |
| Noncash contributions included in lines 1a–1f | $0 |
| Total Revenue from Contributions, Gifts, Grants & Similar | $0 |
| Total Program Service Revenue | $2,425,481 |
| Investment income | $1,137,272 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $30,249 |
| Net Rental Income | $0 |
| Net Gain/Loss on Asset Sales | $641,848 |
| Net Income from Fundraising Events | $0 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $0 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $4,234,850 |
| Statement of Expenses | |
|---|---|
| Grants and other assistance to domestic organizations and domestic governments. | $25,200 |
| Grants and other assistance to domestic individuals. | $0 |
| Grants and other assistance to Foreign Orgs/Individuals | $0 |
| Benefits paid to or for members | $0 |
| Compensation of current officers, directors, key employees. | $36,000 |
| 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 | $0 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $561,851 |
| Advertising and promotion | $0 |
| Office expenses | $136,503 |
| Information technology | $0 |
| Royalties | $0 |
| Occupancy | $32,868 |
| Travel | $3,922 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $3,689 |
| Interest | $0 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $32,808 |
| Insurance | $0 |
| All other expenses | $0 |
| Total functional expenses | $3,126,543 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $644,546 |
| Savings and temporary cash investments | $1,004,914 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $153,367 |
| 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 | $452,268 |
| Net Land, buildings, and equipment | $46,477 |
| Investments—publicly traded securities | $24,162,883 |
| Investments—other securities | $103,491 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $0 |
| Total assets | $26,567,946 |
| Accounts payable and accrued expenses | $467,697 |
| Grants payable | $0 |
| Deferred revenue | $1,095,830 |
| 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 | $112,489 |
| Total liabilities | $1,676,016 |
| Net assets without donor restrictions | $24,891,930 |
| Net assets with donor restrictions | $0 |
| 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 | $26,567,946 |
Grants Recieved
Over the last fiscal year, we have identified 1 grants that Minnesota Medical Association has recieved totaling $90,000.
| Awarding Organization | Amount |
|---|---|
Ucare Foundation Minneapolis, MN PURPOSE: PROMOTING HEALTH EQUITY AND IMPROVING HEALTH OUTCOMES IN TRADITIONALLY UNDERSERVED AND DIVERSE POPULATIONS. | $90,000 |
Peer Organizations
| Organization Name | Assets | Revenue |
|---|---|---|
National Board Of Veterinary Medical Examinors Bismarck, ND | $13,802,610 | $7,723,200 |
Minnesota Medical Association Minneapolis, MN | $26,567,946 | $4,234,850 |
Minnesota Dental Association Minneapolis, MN | $9,264,226 | $3,350,687 |
American Board Of Neurological Surgery Rochester, MN | $12,646,232 | $4,755,830 |
Iowa Medical Society Des Moines, IA | $8,413,197 | $2,540,807 |
South Dakota State Medical Association Sioux Falls, SD | $10,781,756 | $1,840,981 |
Federation Of Clinical Immunology Societies Inc Menomonee Falls, WI | $2,311,977 | $1,428,545 |
Iowa Dental Association Genl Fund Des Moines, IA | $1,346,635 | $1,178,998 |
Twin Cities Medical Society Roseville, MN | $1,384,037 | $782,382 |
Academy Of Neurologic Physical Therapy Inc Roseville, MN | $2,802,428 | $712,000 |
World Allergy Organization Inc Milwaukee, WI | $1,767,548 | $667,016 |
South Dakota Dental Association Pierre, SD | $927,015 | $722,720 |