Minnesota Society Of Certified Public Accountants
- Assets
- $10.5m
- Revenue
- $6.1m
- Investments
- $0.0
- Employees
- 30
- Location
- Bloomington, MN
- Founding
- 08/1981
- Data as of
- 03/2024
- EIN
- 41-0783480
Organization Overview
Minnesota Society Of Certified Public Accountants is located in Bloomington, MN. The organization was established in 1981. According to its NTEE Classification (B99) the organization is classified as: Education N.E.C., under the broad grouping of Education and related organizations. As of 03/2024, Minnesota Society Of Certified Public Accountants employed 30 individuals. This organization is a parent organization of an affiliated group for tax-exemption purposes. Minnesota Society Of Certified Public Accountants 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 03/2024, Minnesota Society Of Certified Public Accountants generated $6.1m in total revenue. The organization has seen a slow decline revenue. Over the past 9 years, revenues have fallen by an average of (1.4%) each year. All expenses for the organization totaled $6.3m during the year ending 03/2024. As we would expect to see with falling revenues, expenses have declined by (0.8%) per year over the past 9 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
2024
Describe the Organization's Mission:
Part 3 - Line 1
THE PURPOSE OF THE MINNESOTA SOCIETY OF CERTIFIED PUBLIC ACCOUNTANTS IS TO ELEVATE MEMBERS' IMPACT BY FOSTERING INTEGRITY, PROFESSIONAL GROWTH, AND CONNECTION, WHILE ADVCOCATING FOR THE PROFESSION.
Describe the Organization's Program Activity:
Part 3 - Line 4a
EDUCATIONAL ACTIVITIES ENABLE MEMBERS AND NONMEMBERS TO MEET REGULATORY REQUIREMENTS, ENHANCE PERSONAL DEVELOPMENT, AND INCREASE KNOWLEDGE TO MEET THE NEEDS OF THE FINANCIAL AND BUSINESS COMMUNITY. ACTIVITIES INCLUDE LIVE SEMINARS, CONFERENCES, WEBINARS, AND ONSITE EDUCATION AND SALE OF SELF- STUDY PRODUCTS.
MEMBERSHIP ACTIVITIES PROVIDED MORE THAN 7500 MEMBERS WITH OPPORTUNITIES FOR EDUCATION, PROFESSIONAL NETWORKING, CAREER ADVANCEMENT, AND PROMOTION OF THE CPA PROFESSION.
COMMUNICATION ACTIVITIES INCLUDED THE PUBLICATION OF THE FOOTNOTE, THE MNCPA'S MAGAZINE FOR MEMBERS, PUBLICATION OF ELECTRONIC NEWSLETTERS, DEVELOPMENT AND MAINTENANCE OF THE MNCPA'S WEBSITE, WHICH DELIVERS INFORMATION TO THE GENERAL PUBLIC AS WELL AS ADDITIONAL CONTENT AND RESOURCES FOR MEMBERS, TRAINING FOR MEMBERS SPEAKING ON BEHALF OF THE CPA PROFESSION, AND THE DISTRIBUTION OF PROFESSION-RELATED PRESS RELEASES TO VARIOUS MEDIA OUTLETS. GOVERNMENT RELATIONS ACTIVITIES PROMOTED CPA INVOLVEMENT IN AND INFLUENCE ON THE POLITICAL PROCESS IN THE STATE OF MINNESOTA AND WITH MINNESOTA'S CONGRESSIONAL DELEGATION IN WASHINGTON. PROFESSIONAL STANDARDS ACTIVITIES INCLUDED ADMINISTRATION OF A PEER REVIEW PROGRAM, AND COORDINATION OF AN ETHICS PROGRAM TO ADDRESS COMPLAINTS AGAINST MEMBERS.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Linda Wedul President An | Officer | 40 | $269,418 |
Faye Hayhurst Dir. Of Fina | Officer | 40 | $148,636 |
Geno Fragnito Dir. Of Gove | 40 | $144,651 | |
Lynn Kletscher Dir. Of Educ | 40 | $141,353 | |
Stephanie Schmidt Dir Of Memb | 40 | $121,525 | |
Misty Garrick Digital Mana | 40 | $100,852 |
Outside Vendors & Contractors
| Vendor Name (Service) | Service Year | Compensation |
|---|---|---|
Visions Printing | 3/30/24 | $137,492 |
Business Professionals Network Education | 3/30/24 | $115,775 |
Surgent Mccoy Education | 3/30/24 | $271,191 |
Kelber Catering Catering | 3/30/24 | $101,072 |
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 | $5,631,623 |
| Investment income | $238,500 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | -$757 |
| Net Gain/Loss on Asset Sales | $27,756 |
| Net Income from Fundraising Events | $0 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $0 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $6,090,529 |
| 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. | $508,308 |
| Compensation of current officers, directors, key employees. | $0 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $2,015,550 |
| Pension plan accruals and contributions | $159,395 |
| Other employee benefits | $214,393 |
| Payroll taxes | $176,120 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $2,033 |
| Fees for services: Accounting | $24,090 |
| Fees for services: Lobbying | $43,100 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $26,091 |
| Fees for services: Other | $9,252 |
| Advertising and promotion | $0 |
| Office expenses | $62,905 |
| Information technology | $309,807 |
| Royalties | $0 |
| Occupancy | $288,257 |
| Travel | $21,384 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $38,920 |
| Interest | $0 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $232,699 |
| Insurance | $20,470 |
| All other expenses | $38,450 |
| Total functional expenses | $6,263,241 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $469,447 |
| Savings and temporary cash investments | $2,337,221 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $35,628 |
| 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 | $165,634 |
| Net Land, buildings, and equipment | $1,046,422 |
| Investments—publicly traded securities | $5,318,197 |
| Investments—other securities | $0 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $1,085,523 |
| Total assets | $10,458,072 |
| Accounts payable and accrued expenses | $418,836 |
| Grants payable | $0 |
| Deferred revenue | $1,711,584 |
| 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 | $1,542,511 |
| Total liabilities | $3,672,931 |
| Net assets without donor restrictions | $6,785,141 |
| 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 | $10,458,072 |
Grants Awarded
Over the last fiscal year, Minnesota Society Of Certified Public Accountants has awarded $35,000 in support to 2 organizations.
| Grant Recipient | Amount |
|---|---|
PREPARE AND PROSPER PURPOSE: GENERAL SUPPORT. | $25,000 |
ACCOUNTANTS CONCERNED FOR ACCOUNTANTS PURPOSE: GENERAL SUPPORT. | $10,000 |