Meritas Inc
- Assets
- $4.8m
- Revenue
- $3.5m
- Investments
- $0.0
- Employees
- 15
- Location
- Minneapolis, MN
- Founding
- 06/1996
- Data as of
- 12/2021
- EIN
- 41-1680234
Organization Overview
Meritas Inc is located in Minneapolis, MN. The organization was established in 1996. According to its NTEE Classification (S41) the organization is classified as: Chambers of Commerce & Business Leagues, under the broad grouping of Community Improvement & Capacity Building and related organizations. As of 12/2021, Meritas Inc employed 15 individuals. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Meritas Inc 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, Meritas Inc generated $3.5m in total revenue. The organization has seen a slow decline revenue. Over the past 7 years, revenues have fallen by an average of (1.9%) each year. All expenses for the organization totaled $3.0m during the year ending 12/2021. As we would expect to see with falling revenues, expenses have declined by (3.9%) 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
MERITAS IS A GLOBAL NETWORK OF INDEPENDENT LAW FIRMS. SEE SCHEDULE O FOR ADDITIONAL INFORMATION.
Describe the Organization's Program Activity:
Part 3 - Line 4a
MEMBER MEETINGS: THE PRIMARY GOAL OF MEMBER MEETINGS IS TO BUILD RELATIONSHIPS. BY DOING SO, THE ORGANIZATION ACHIEVES ITS OVERALL GOAL OF BUILDING TRUST BETWEEN ITS MEMBERS SUCH THAT LEGAL WORK CAN BE REFERRED WITH CONFIDENCE ACROSS ALL REGIONS OF THE NETWORK. A SECONDARY GOAL IS TO PROVIDE A FORUM FOR THE EDUCATION OF MEMBERS ON VARIOUS LEGAL ISSUES, MARKETING TRENDS, BUSINESS DEVELOPMENT TECHNIQUES AND FIRM MANAGEMENT.
MARKETING: MARKETING AT MERITAS INCLUDES THE MERITAS WEB SITE, A PUBLIC RELATIONS PROGRAM, TRADESHOW APPEARANCES AND SPONSORSHIPS AS WELL AS PUBLICATIONS. THE OBJECTIVE OF MARKETING IS TO CREATE AWARENESS OF THE MERITAS ORGANIZATION AMONG PROSPECTIVE CLIENTS OF MERITAS FIRMS.
REGIONAL MEMBER SUPPORT: REGIONAL MEMBER SUPPORT INVOLVES THE DEVELOPMENT AND MANAGEMENT OF INITIATIVES THAT FACILITATE MEMBER ENGAGEMENT, LEADERSHIP AND PLANNING AND THE SHARING OF INFORMATION AND BEST PRACTICES. MEMBER FIRMS ARE SUPPORTED THROUGH THE PLANNING, EXECUTION AND FOLLOW-UP OF THESE REGIONAL INITIATIVES.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Sona Pancholy President | Officer | 40 | $255,084 |
Kimberly Heinrich Dir Of Global Marketing | 40 | $148,778 | |
Lauren Burnham Controller & Treasurer | 40 | $117,980 | |
Brett Krantz Chairman Of The Board | Trustee | 10 | $80,376 |
Roxann Gallagher Director | Trustee | 0 | $0 |
Luca Citton Director | Trustee | 0 | $0 |
Outside Vendors & Contractors
| Vendor Name (Service) | Service Year | Compensation |
|---|---|---|
Quentin Vaile Member Relations | 12/30/20 | $138,607 |
One North Interactiveteksystems Rebranding & Website Design | 12/30/20 | $134,640 |
One North Interactiveteksystems Rebranding & Website Design | 12/30/20 | $134,640 |
Quentin Vaile Member Relations | 12/30/20 | $138,607 |
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 | $3,484,117 |
| Investment income | $6,891 |
| 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 | $3,491,008 |
| 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. | $479,709 |
| Compensation of current officers, directors, key employees. | $0 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $770,301 |
| Pension plan accruals and contributions | $21,103 |
| Other employee benefits | $120,295 |
| Payroll taxes | $91,921 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $27,516 |
| Fees for services: Accounting | $9,400 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $487,148 |
| Advertising and promotion | $168,915 |
| Office expenses | $89,218 |
| Information technology | $192,410 |
| Royalties | $0 |
| Occupancy | $147,556 |
| Travel | $36,252 |
| 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 | $140,744 |
| Insurance | $10,492 |
| All other expenses | $15,189 |
| Total functional expenses | $2,970,575 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $634,039 |
| Savings and temporary cash investments | $2,819,539 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $894,854 |
| 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 | $231,909 |
| Net Land, buildings, and equipment | $246,054 |
| Investments—publicly traded securities | $0 |
| Investments—other securities | $0 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $0 |
| Total assets | $4,826,395 |
| Accounts payable and accrued expenses | $132,908 |
| Grants payable | $0 |
| Deferred revenue | $1,750,345 |
| 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 | $0 |
| Total liabilities | $1,883,253 |
| Net assets without donor restrictions | $2,943,142 |
| 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 | $4,826,395 |
Peer Organizations
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|---|---|---|
Dane Buy Local Foundation Inc Madison, WI | $199,958 | $19,130,759 |
Society Of Corporate Compliance And Ethics & Health Care Compliance Eden Prairie, MN | $30,768,192 | $19,415,043 |
Asqexcellence Inc Milwaukee, WI | $6,648,120 | $11,915,494 |
Saint Paul Rivercentre Convention And Visitors Authority St Paul, MN | $10,775,339 | $12,198,491 |
National Association Of Tax Professionals Inc Appleton, WI | $15,322,195 | $11,606,289 |
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International Dairy-Deli-Bakery Association Madison, WI | $22,953,024 | $8,197,084 |
National Funeral Directors Association Of The United States I Brookfield, WI | $21,618,319 | $10,407,549 |
Aca International Eagan, MN | $12,262,505 | $9,311,579 |
Minneapolis Downtown Improvement District Minneapolis, MN | $3,331,993 | $8,257,561 |
Greater Des Moines Partnership Des Moines, IA | $8,726,466 | $7,643,877 |
Greater Sioux Falls Chamber Of Commerce Sioux Falls, SD | $10,050,793 | $7,933,347 |