HOSPITALITY MINNESOTA

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Financial Vulnerability Assessment (Tuckman-Chang)

4 risk indicators measuring financial stability and operational resilience

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Financial Trends

Organization Details

Formation Year

1933

Legal Domicile

Principal Officer

ANGIE WHITCOMB

Phone

6517782400

Tax Period

2024-01-01 to 2024-12-31

HOSPITALITY MINNESOTA, founded in 1933, is a community nonprofit that reported $1.3M in total revenue in fiscal year 2024. Revenue surged 48% from the prior year, signaling strong growth momentum.

Mission

WE ADVANCE THE SUCCESS OF THE HOSPITALITY INDUSTRY THROUGH VALUE, VISION, AND VOICE.

Program Service Accomplishments

Program 1

INDUSTRY & MEMBERSHIP PROMOTION: HOSPITALITY MINNESOTA IS A RESPECTED AND INFLUENTIAL THOUGHT LEADER AND AN ADVOCATE FOR THE BROAD RANGE OF THE HOSPITALITY INDUSTRY THROUGHOUT MINNESOTA, INCLUDING...

INDUSTRY & MEMBERSHIP PROMOTION: HOSPITALITY MINNESOTA IS A RESPECTED AND INFLUENTIAL THOUGHT LEADER AND AN ADVOCATE FOR THE BROAD RANGE OF THE HOSPITALITY INDUSTRY THROUGHOUT MINNESOTA, INCLUDING FOOD SERVICE, LODGING, RESORT, CAMPGROUND, EVENT, AND ATTRACTION BUSINESSES. HOSPITALITY MINNESOTA CONTRIBUTES TO THE PROSPERITY OF ITS MEMBERS BY PROVIDING STRONG ADVOCACY, VALUABLE RESOURCES AND ACCESS TO KNOWLEDGE AND TOOLS THAT ENHANCE BOTH OPERATOR EFFECTIVENESS AND THE IMAGE OF THE INDUSTRY.

Program 2

WEBSITE AND PUBLICATIONS:HOSPITALITY MINNESOTA MAINTAINS A WEBSITE, WWW.HOSPITALITYMINNESOTA.COM, THAT PROVIDES TIMELY RESOURCES AND INFORMATION FOR ITS MEMBERSHIP. IT ALSO PROVIDES MEMBERS WITH...

WEBSITE AND PUBLICATIONS:HOSPITALITY MINNESOTA MAINTAINS A WEBSITE, WWW.HOSPITALITYMINNESOTA.COM, THAT PROVIDES TIMELY RESOURCES AND INFORMATION FOR ITS MEMBERSHIP. IT ALSO PROVIDES MEMBERS WITH INDUSTRY & OPERATIONS INFORMATION, ACCESS TO INDUSTRY RESOURCES SUCH AS TRAINING, EDUCATION, AND EVENTS BY SENDING ELECTRONIC COMMUNICATIONS ON A REGULAR BASIS VIA THE MEMBER UPDATE.OVER THE PAST YEAR, HOSPITALITY MINNESOTA HAS SERVED AS A VISIBLE AND VOCAL THOUGHT LEADER, ADVOCATING FOR THE HOSPITALITY INDUSTRY BY BEING FEATURED IN NUMEROUS TELEVISION, RADIO, PRINT AND ONLINE MEDIA STORIES ON NATIONAL, STATE, AND LOCAL LEVELS.

Program 3

EDUCATION:THE ASSOCIATION CO-SPONSORS CLASSES FOR FOOD SAFETY TRAINING THROUGH THE NATIONAL RESTAURANT ASSOCIATION'S SERVSAFE FOOD PROTECTION MANAGER CERTIFICATION PROGRAM AND FOR THE...

EDUCATION:THE ASSOCIATION CO-SPONSORS CLASSES FOR FOOD SAFETY TRAINING THROUGH THE NATIONAL RESTAURANT ASSOCIATION'S SERVSAFE FOOD PROTECTION MANAGER CERTIFICATION PROGRAM AND FOR THE RE-CERTIFICATION REQUIREMENTS FOR THE MINNESOTA FOOD MANAGER'S LICENSE. OTHER TOPICS OFFERED THROUGH SERVSAFE INCLUDE FOOD HANDLER, ALCOHOL, ALLERGENS, AND AN EMPLOYEE WORKPLACE EDITION THAT FOCUSES ON SEXUAL HARASSMENT PREVENTION. HOSPITALITY MINNESOTA PROVIDED ITS MEMBERS WITH A WIDE RANGE OF WEBINAR TOPICS THAT INCLUDED SAFETY AND OPERATIONS, STATE AND FEDERAL FINANCIAL AID PROGRAMS INFORMATION, AS WELL AS LEGAL, FINANCE AND MARKETING INSIGHTS THAT CAN BE APPLIED TO THEIR BUSINESS. HOSPITALITY MINNESOTA SUPPORTS THE DEVELOPMENT OF A WORKFORCE PIPELINE THROUGH THE HOSPITALITY MINNESOTA EDUCATION FOUNDATION, ENGAGING HIGH SCHOOL STUDENTS PURSUING CAREERS IN THE HOSPITALITY INDUSTRY. HOSPITALITY MEMBERS MENTOR AND SUPPORT THE PROSTART CULINARY AND HOSPITALITY TOURISM MANAGEMENT PROGRAMS CURRICULUM THAT IS TAUGHT IN 100 HIGH SCHOOLS THROUGHOUT MINNESOTA, DEVELOPING THE HOTEL/RESTAURANT MANAGEMENT AND CULINARY ARTS SKILLS OF THE FUTURE WORKFORCE.

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Trantor Score

Financial Health Score (300–850) · Liquidity · Solvency · Sustainability · Efficiency

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Liquidity (40%) • Solvency (30%) • Sustainability (20%) • Efficiency (10%)

Financial Overview (2024)

Revenue Breakdown

Contributions & Grants $0

Program Service Revenue $870,440

Investment Income $35,701

Other Revenue $359,110

TOTAL REVENUE $1,265,251

Expense Breakdown

Grants Paid $0

Salaries & Benefits $926,722

Fundraising Expenses $0

Other Expenses $452,480

TOTAL EXPENSES $1,379,202

Year-over-Year Comparison

	2024	2023	Change
Revenue	$1,265,251	$856,399	+0.5%
Expenses	$1,379,202	$1,054,968	+0.3%
Net Income	$-113,951	$-198,569	-0.4%

Key Indicators

✗ Grants to Organizations ✗ Grants to Individuals ✗ Lobbying ✗ Political Activity ✗ Foreign Activities ✗ Donor Advised Fund ✗ Schedule B Required

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Financial Health Indicators

Comprehensive financial analysis: Altman Z-Score, liquidity, solvency, sustainability, efficiency, and growth metrics

Financial Distress Indicator

Liquidity & Cash Position

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Altman Z-Score • Liquidity Ratios • Solvency Analysis • Growth Indicators • Efficiency Metrics

Governance

Voting Members

Independent Members

Employees

Volunteers

Governance Policies

✓ Conflict of Interest Policy

✓ Whistleblower Policy

✓ Document Retention Policy

Special Practices & Reported Activities

✗ Operated a School

✗ Operated a Hospital

✗ Provided First Class Travel

✗ Reported Conflict of Interest

✗ Reported Asset Diversion

✗ Excess Benefit Transaction

✗ Made Political Expenditures

✗ Engaged in Lobbying

✗ Operated Donor Advised Fund

✗ Maintained Art Collections

✗ Filed Form 720

Compensation of Officers, Directors & Key Employees

Total Officers

$171,595

Total Directors

Key Employees

Highest Compensated

reported

Name	Title	Hours/Week	Role	Reportable Comp	Other Comp	Total
ANGELA WHITCOMB	PRESIDENT & CEO	40.00	Officer	$160,648	$10,947	$171,595
KATE CONROY	STRATEGIC PARTNERSHIPS	40.00	Highest	$122,631	$7,980	$130,611
KRISTINE FREDERICK	DIRECTOR OF FINANCE	40.00	Highest	$104,167	$2,083	$106,250
SCOTT KRAUSE	CHAIR	1.00	Officer Director	$0	$0	$0
ROBERT KISABETH	VICE-CHAIR	1.00	Officer Director	$0	$0	$0
CATHY BOVARD	IMMEDIATE PAST CHAIR	1.00	Officer Director	$0	$0	$0
KENT LETNES	TREASURER	1.00	Officer Director	$0	$0	$0
TONY BOEN	SECRETARY	1.00	Officer Director	$0	$0	$0
COLIN ANDERSON	DIRECTOR	1.00	Director	$0	$0	$0
DAVID BENOWITZ	DIRECTOR	1.00	Director	$0	$0	$0
KAREN BLACIK	DIRECTOR	1.00	Director	$0	$0	$0
PAUL BUGBEE	DIRECTOR	1.00	Director	$0	$0	$0
SANDY CHRISTENSEN	DIRECTOR	1.00	Director	$0	$0	$0
MINDY FREDRIKSON	DIRECTOR	1.00	Director	$0	$0	$0
BILL GODBE	DIRECTOR	1.00	Director	$0	$0	$0
JOHN GROEN	DIRECTOR	1.00	Director	$0	$0	$0
ROBB HALL	DIRECTOR	1.00	Director	$0	$0	$0
JOE HENRY	DIRECTOR	1.00	Director	$0	$0	$0
RAY HERRINGTON	DIRECTOR	1.00	Director	$0	$0	$0
CHRIS HOLLAND-MEHLHAFF	DIRECTOR	1.00	Director	$0	$0	$0
KAREN LAMB	DIRECTOR	1.00	Director	$0	$0	$0
PRESTON LOUGHEED	DIRECTOR	1.00	Director	$0	$0	$0
WELSEY OTTO	DIRECTOR	1.00	Director	$0	$0	$0
CHUCK PATON	DIRECTOR	1.00	Director	$0	$0	$0
TROY REDING	DIRECTOR	1.00	Director	$0	$0	$0
BRANDEN ROBINSON	DIRECTOR	1.00	Director	$0	$0	$0
RON RYKKEN	DIRECTOR	1.00	Director	$0	$0	$0
PAULA SODERBERG	DIRECTOR	1.00	Director	$0	$0	$0
ROBBIE SOSKIN	DIRECTOR	1.00	Director	$0	$0	$0
FRANK SOUKUP	DIRECTOR	1.00	Director	$0	$0	$0
CLAIR STODDARD	DIRECTOR	1.00	Director	$0	$0	$0
DEB THEISEN	DIRECTOR	1.00	Director	$0	$0	$0

Note: Compensation data is self-reported by the organization on their Form 990. "Reportable Comp" includes salary, bonuses, and other reportable compensation from the organization and related organizations. "Other Comp" includes benefits, deferred compensation, and non-taxable benefits.

Historical Data

Year	Revenue	Expenses	Assets	Net Income
2024	$1,265,251	$1,379,202	$734,263	$-113,951
2023	$856,399	$1,054,968	$816,895	$-198,569
2022	$801,334	$880,006	$880,998	$-78,672
2021	$728,340	$667,384	$1,058,721	$60,956
2021	$737,734	$870,516	$1,110,036	$-132,782
2020	$415,114	$507,931	$1,031,085	$-92,817
2019	$511,707	$543,422	$866,333	$-31,715