Minnesota Bankers Association
- Assets
- $8.0m
- Revenue
- $3.4m
- Investments
- $1.1m
- Employees
- 24
- Location
- Eden Prairie, MN
- Founding
- 12/1979
- Data as of
- 06/2022
- EIN
- 41-1329720
Organization Overview
Minnesota Bankers Association is located in Eden Prairie, MN. The organization was established in 1979. According to its NTEE Classification (W03) the organization is classified as: Professional Societies & Associations, under the broad grouping of Public & Societal Benefit and related organizations. As of 06/2022, Minnesota Bankers Association employed 24 individuals. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Minnesota Bankers 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 06/2022, Minnesota Bankers Association generated $3.4m in total revenue. This represents relatively stable growth, over the past 7 years the organization has increased revenue by an average of 2.2% each year. All expenses for the organization totaled $3.5m during the year ending 06/2022. While expenses have increased by 2.7% per year over the past 7 years. They've been increasing with an increasing level of total revenue. 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
THE MINNESOTA BANKERS ASSOCIATION PROMOTES THE GENERAL WELFARE AND BEST INTERESTS OF BANKS AND BANKERS IN MINNESOTA THROUGH ADVOCACY, EDUCATION, REGULATORY COMPLIANCE GUIDANCE, GROUP INSURANCE, AND COMMUNICATION ACTIVITIES.
Describe the Organization's Program Activity:
Part 3 - Line 4a
MBA'S EDUCATION PROGRAMS ASSIST BANKERS AT ALL LEVELS IN DEVELOPING PROFESSIONAL AND TECHNICAL SKILLS, FROM ENTRY LEVEL PROGRAMS TO BANK MANAGEMENT PROGRAMS. EDUCATION PROGRAMS ARE OFFERED IN A VARIETY OF FORMATS FROM HALF-DAY TO WEEK LONG INTENSIVE SCHOOLS, CLASSROOM, ONLINE, AND WEBINARS. WE OFFER PROGRAMS IN BANK COMPLIANCE, GENERAL BANKING, HUMAN RESOURCES, BANK SECURITY, OPERATIONS, AGRICULTURAL LENDING, COMMERCIAL LENDING, RETAIL LENDING, AND MARKETING. MBA PRODUCES SEVEN MANUALS ON DIFFERENT SUBJECT MATTERS IN BANKING: SAFE DEPOSIT, RECORDS RETENTION, DEPOSIT ACCOUNTS PROCEDURES, REAL ESTATE LENDING, CONSUMER LENDING, COMMERCIAL LENDING AND AGRICULTURAL LENDING. IN ADDITION, MBA PRODUCES AN ANNUAL COMPENSATION SURVEY.MBA PROMOTES ADVOCACY WITH ELECTED LEADERS THROUGH PROGRAMS THAT FACILITATE MEETINGS OF BANKERS AND ELECTED FEDERAL AND STATE LEADERS.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Joseph Witt President/ceo | OfficerTrustee | 29.9 | $389,405 |
Kenneth Johnson Immediate Past Chair | OfficerTrustee | 3 | $0 |
Doug Tate Vice Chair/treasurer | OfficerTrustee | 3 | $0 |
Rich Hoban Chair | OfficerTrustee | 3 | $0 |
Ralph Pace Director | Trustee | 3 | $0 |
Adam Dittrich Director | Trustee | 3 | $0 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Total Revenue from Contributions, Gifts, Grants & Similar | $0 |
| Investment income | $46,034 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $85,013 |
| 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 | $3,421,584 |
| Statement of Expenses | |
|---|---|
| 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. | $496,078 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $1,099,279 |
| Pension plan accruals and contributions | $99,158 |
| Other employee benefits | $170,881 |
| Payroll taxes | $106,443 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $0 |
| Fees for services: Accounting | $14,500 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $868 |
| Advertising and promotion | $3,276 |
| Office expenses | $112,565 |
| Information technology | $0 |
| Royalties | $0 |
| Occupancy | $219,426 |
| Travel | $101,112 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $573,231 |
| Interest | $0 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $15,383 |
| Insurance | $0 |
| All other expenses | $0 |
| Total functional expenses | $3,504,389 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $397,683 |
| Savings and temporary cash investments | $4,604,261 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $137,573 |
| 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 | $112,184 |
| Investments—publicly traded securities | $0 |
| Investments—other securities | $1,067,050 |
| Investments—program-related | $0 |
| Intangible assets | $2,772 |
| Other assets | $96,425 |
| Total assets | $8,043,309 |
| Accounts payable and accrued expenses | $364,872 |
| 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 | $193,242 |
| Total liabilities | $558,114 |
| Net assets without donor restrictions | $7,424,883 |
| Net assets with donor restrictions | $60,312 |
| Capital stock or trust principal, or current funds | $0 |
| Paid-in or capital surplus, or land, building, or equipment fund | $0 |
| Total liabilities and net assets/fund balances | $7,485,195 |