Minnesota Medical Association
- Assets
- $22.2m
- Revenue
- $4.2m
- Investments
- $106.6k
- Employees
- 25
- Location
- Minneapolis, MN
- Founding
- 03/1938
- Data as of
- 12/2022
- 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. As of 12/2022, Minnesota Medical Association employed 25 individuals. 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 12/2022, Minnesota Medical Association generated $4.2m in total revenue. The organization has seen a slow decline revenue. Over the past 8 years, revenues have fallen by an average of (0.2%) each year. All expenses for the organization totaled $3.3m during the year ending 12/2022. As we would expect to see with falling revenues, expenses have declined by (4.0%) per year over the past 8 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
2022
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 OLDEST AND 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 ITS MISSION BY EDUCATING, CONVENING, AND COLLABORATING WITH STAKEHOLDERS TO EFFECTIVELY ADVOCATE, ENGAGE, EMPOWER, AND INFORM MINNESOTA PHYSICIANS. 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 IMPROVED PATIENT AND POPULATION HEALTH; IMPROVED HEALTH EQUITY; PROFESSIONAL SATISFACTION AND WELL-BEING; INCREASED MEMBERSHIP VALUE AND ENGAGEMENT; AND EMPOWERED PHYSICIANS TO NAVIGATE EVOLVING SYSTEMS AND CHANGING ROLES.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Janet Silversmith Chief Executive Officer | Officer | 40 | $289,018 |
David Renner - Director Of State & Federal Legislation | 40 | $148,728 | |
Jon Stensland Chief Financial Officer | Officer | 40 | $137,588 |
Edwin Bogonko MD Chair, Board Of Trustees | OfficerTrustee | 1 | $18,000 |
Randy Rice MD President | OfficerTrustee | 1 | $13,500 |
Cindy Firkins Smith MD Ama Delegation Chair | Trustee | 1 | $6,000 |
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 | $2,284,671 |
| Investment income | $513,015 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $30,235 |
| Net Rental Income | $0 |
| Net Gain/Loss on Asset Sales | $1,379,655 |
| Net Income from Fundraising Events | $0 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $0 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $4,207,576 |
| Statement of Expenses | |
|---|---|
| Grants and other assistance to domestic organizations and domestic governments. | $0 |
| 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. | $521,145 |
| Compensation of current officers, directors, key employees. | $0 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $1,318,394 |
| Pension plan accruals and contributions | $68,199 |
| Other employee benefits | $100,978 |
| Payroll taxes | $121,762 |
| 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 | $15 |
| Fees for services: Other | $709,914 |
| Advertising and promotion | $0 |
| Office expenses | $144,727 |
| Information technology | $0 |
| Royalties | $0 |
| Occupancy | $31,239 |
| Travel | $66,275 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $16,497 |
| Interest | $0 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $32,808 |
| Insurance | $30,762 |
| All other expenses | $0 |
| Total functional expenses | $3,250,395 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $1,531,051 |
| Savings and temporary cash investments | $217,067 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $49,319 |
| 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 | $442,896 |
| Net Land, buildings, and equipment | $13,669 |
| Investments—publicly traded securities | $19,793,167 |
| Investments—other securities | $106,607 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $94,564 |
| Total assets | $22,248,340 |
| Accounts payable and accrued expenses | $445,918 |
| Grants payable | $0 |
| Deferred revenue | $1,076,853 |
| 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 | $200,167 |
| Total liabilities | $1,722,938 |
| Net assets without donor restrictions | $20,525,402 |
| 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 | $22,248,340 |