MINNEAPOLIS HEART INSTITUTE FOUNDATION

EIN: 411426406 501(c)(3) Medical Research

MINNEAPOLIS, MN

Total Revenue
$23,641,948
Total Expenses
$19,464,471
Total Assets
$74,457,179
Net Assets
$63,848,221
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Financial Trends

Organization Details

Formation Year
1982
Legal Domicile
MN
Principal Officer
CHARLES ZAUGG
Phone
6128633833
Tax Period
2024-01-01 to 2024-12-31

MINNEAPOLIS HEART INSTITUTE FOUNDATION, founded in 1982, is a mid-sized nonprofit in the Medical Research sector that reported $23.6M in total revenue in fiscal year 2024. Revenue surged 65% from the prior year, signaling strong growth momentum. The organization ran a surplus of $4.2M, a strong 18% operating margin.

Mission

THE MISSION OF THE MINNEAPOLIS HEART INSTITUTE FOUNDATION IS TO IMPROVE THE CARDIOVASCULAR HEALTH OF INDIVIDUALS AND COMMUNITIES THROUGH INNOVATIVE RESEARCH AND EDUCATION.

Program Service Accomplishments

Program 1
Expenses: $12,388,264 Revenue: $6,398,984

2024 MHIF RESEARCH ACCOMPLISHMENTSI.MHIF REACHED AN IMPORTANT RESEARCH MILESTONE WITH U.S. FDA APPROVAL OF THE TRICLIP (ABBOTT), A NON-SURGICAL, TRANSCATHETER EDGE-TO-EDGE REPAIR SYSTEM. MHIF WAS THE...

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2024 MHIF RESEARCH ACCOMPLISHMENTSI.MHIF REACHED AN IMPORTANT RESEARCH MILESTONE WITH U.S. FDA APPROVAL OF THE TRICLIP (ABBOTT), A NON-SURGICAL, TRANSCATHETER EDGE-TO-EDGE REPAIR SYSTEM. MHIF WAS THE TOP ENROLLER - ENROLLING THE FIRST AND LARGEST NUMBER OF PATIENTS OF ALL 68 CLINICAL SITES PARTICIPATING IN THE TRILUMINATE PIVOTAL TRIAL IN THE U.S., CANADA AND EUROPE, LED BY PAUL SORAJJA, MD, THE ROGER L. AND LYNN C. HEADRICK FAMILY CHAIR OF THE MHIF VALVE SCIENCE CENTER AND GLOBAL PRINCIPAL INVESTIGATOR FOR THE PIVOTAL TRIAL. THE MHIF IMAGING CORE LAB, LED BY JOAO CAVALCANTE, MD, DIRECTOR OF THE MHIF CARDIOVASCULAR IMAGING RESEARCH CENTER, PROVIDED ADVANCED CARDIAC IMAGING ANALYSIS FOR THE PIVOTAL TRIAL. II.MHIF INITIATED FIRST ENROLLMENTS IN THE PRECISE PROCEDURAL AND PCI PLAN (P4) RESEARCH TRIAL EVALUATING THE POTENTIAL FOR ADVANCED CARDIOVASCULAR IMAGING TO ENHANCE PATIENT CARE. PATIENTS RECEIVE CT IMAGING WITH STATE-OF-THE-ART 3D MODELING PROVIDED BY THE TRIAL AS PART OF PRE-PROCEDURE PLANNING TO GUIDE THE PCI USED TO OPEN A BLOCKAGE IN THE HEART. THE P4 RESEARCH TRIAL IS A GLOBAL, MULTICENTER, RANDOMIZED TRIAL SPONSORED BY COREAALST BV TO COMPARE NOVEL CORONARY CT-GUIDED PCI AND STANDARD IVUS-GUIDED PCI. THE FIRST U.S. PROCEDURE FOR THE P4 TRIAL WAS PERFORMED BY DRS. YADER SANDOVAL & EMMANOUIL BRILAKIS, IN COLLABORATION WITH DRS. JOHN LESSER AND JOAO CAVALCANTE, ALL STUDY INVESTIGATORS AT MHIF. III.MHIF EXPERTISE BRINGS LEADERSHIP OPPORTUNITIES ACROSS RESEARCH, INCLUDING FIRST-IN-WORLD OPPORTUNITIES WITH NEW TECHNOLOGIES: MHIF PRINCIPAL INVESTIGATOR DR. JOHN ZAKAIB WAS AMONG THE FIRST TO ENROLL PATIENTS AND REMAINS THE TOP ENROLLER IN THE LEADR CLINICAL STUDY EVALUATING NOVEL CONDUCTION SYSTEM PACING WITH INVESTIGATIONAL OMNIASECURE DEFIBRILLATION LEAD (MEDTRONIC). MHIF TEAM WITH DRS. PAUL SORAJJA, VINAYAK BAPAT AND NADIRA HAMID ENROLLED THE FIRST PATIENT IN THE U.S. VISTA EARLY FEASIBILITY STUDY FOR A NEW TRANSCATHETER TRICUSPID VALVE TECHNOLOGY (VDYNE). MHIF PRINCIPAL INVESTIGATOR DR. JAY TRAVERSE ENROLLED THE FIRST PATIENT IN THE SUPER-SATURATED OXYGEN COMPREHENSIVE OBSERVATIONAL REGISTRY TO PROVIDE EFFICACY EVIDENCE FOR SSO2 THERAPY (ZOLL) TO REDUCE HEART FAILURE AND MORTALITY AFTER LEFT ANTERIOR DESCENDING ST-ELEVATION MYOCARDIAL INFARCTION (LAD STEMI) HEART ATTACKS. IV.MHIF WAS RECOGNIZED AS ONE OF THE 2024 CRF SCIENTIFIC EXCELLENCE TOP 10 (SET-10) FOR OUTSTANDING RESEARCH AND GROUNDBREAKING CONTRIBUTIONS TO INTERVENTIONAL CARDIOVASCULAR MEDICINE, PRESENTED AT TCT 2024. THIS PRESTIGIOUS RECOGNITION REFLECTS THE RELENTLESS DEDICATION, INNOVATION, AND HARD WORK OF MHIF PHYSICIANS AND SCIENTISTS, WHOSE RESEARCH EXEMPLIFIES THE SIGNIFICANT ADVANCEMENTS THEY ARE DRIVING IN THE FIELD OF CARDIOVASCULAR MEDICINE.V.2024 STATS:- 350+ NEW PATIENTS ENROLLED IN RESEARCH; 220+ ACTIVE STUDIES WITH 2200+ PATIENTS AT ANY GIVEN TIME- 3,000+ VISITS WITH PATIENTS WHO HAVE HOPE AND OPTIONS THROUGH RESEARCH - 270 PUBLICATIONS IN LEADING, PEER-REVIEWED JOURNALS (A COMPLETE LISTING OF MHIF PUBLICATIONS IN 2024 IS AVAILABLE AT MPLSHEART.ORG/2024PUBLICATIONS - 90+ POSTERS AND ABSTRACTS ACCEPTED TO NATIONAL AND INTERNATIONAL CONFERENCES - 245 PODIUM PRESENTATIONS AND INVITED TALKS - 15 MEDIA PRESENTATIONS - 90,000+ DOWNLOADS FROM PHYSICIANS AROUND THE WORLD FOR THE SUITE OF MHIF DIGITAL APPLICATIONS AVAILABLE SHARING EXPERTISE AND CLINICAL INSIGHTS IN HEART VALVE AND CORONARY ARTERY DISEASE - 8 MHIF INTERNATIONAL SCHOLARS CONTRIBUTED TO ADVANCING RESEARCH; THESE SCHOLARS ARE PRACTICING MEDICAL DOCTORS FROM AROUND THE WORLD WHO COME TO MHIF TO PARTICIPATE IN RESEARCH IN PARTNERSHIP WITH LEADING MHIF RESEARCH PHYSICIANS - 11,000+ HOURS OF PROFESSIONAL AND COMMUNITY EDUCATION EACH YEAR REACHING 4,000+ ATTENDEES - 5,500+ MEMBERS OF THE COMMUNITY CELEBRATED THE IMPACT OF LIFESAVING RESEARCH AT MHIF'S HEART360 CONCERT FOR WORLD-CLASS HEART RESEARCH WITH BRAD PAISLEY AT THE ARMORY IN MINNEAPOLIS.

Program 2
Expenses: $695,142 Revenue: $189,304

2024 MHIF EDUCATION HIGHLIGHTSEQUAL TO OUR COMMITMENT TO RESEARCH IS OUR DEDICATION TO SHARING THE LEARNINGS FROM RESEARCH THROUGH EDUCATION, ALLOWING FOR LOCAL, NATIONAL AND INTERNATIONAL IMPACT AS...

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2024 MHIF EDUCATION HIGHLIGHTSEQUAL TO OUR COMMITMENT TO RESEARCH IS OUR DEDICATION TO SHARING THE LEARNINGS FROM RESEARCH THROUGH EDUCATION, ALLOWING FOR LOCAL, NATIONAL AND INTERNATIONAL IMPACT AS WE CHALLENGE AND ADVANCE THE STANDARD OF CARE FOR ALL PATIENTS. MHIF PROUDLY SHARED THE DETAILS OF OUR RESEARCH THROUGH 600+ PUBLICATIONS, PRESENTATIONS AND ABSTRACTS AT NATIONAL AND INTERNATIONAL CONFERENCES. WE PUBLISHED 270 MANUSCRIPTS IN PEER-REVIEWED JOURNALS, SHARING LEARNINGS FROM WORLD-CLASS CARDIOVASCULAR RESEARCH. WE ALSO OFFERED VARIOUS PUBLIC AND PROFESSIONAL EVENTS (MANY OF WHICH WERE STILL VIRTUAL) TO INCREASE AWARENESS, UNDERSTANDING AND MANAGEMENT OF VARIOUS HEART CONDITIONS. MANY OF OUR EVENTS ATTRACTED PARTICIPANTS FROM AROUND THE WORLD.OUR CARDIOVASCULAR GRAND ROUNDS PROGRAM ENSURES ATTENDEES ARE WELL-VERSED IN THE LATEST RESEARCH OUTCOMES AND EVIDENCE-BASED GUIDELINES. THROUGH 32 SESSIONS FEATURING 46 SPEAKERS, MHIF PROVIDED PROFESSIONAL EDUCATION TO MORE THAN 3,200 HEALTH CARE PROFESSIONALS. THESE ACCREDITED EDUCATION ACTIVITIES PROVIDE PHYSICIANS AND OTHER HEALTH CARE PROVIDERS THE OPPORTUNITY TO REVIEW AND DISCUSS THE LATEST DEVELOPMENTS IN CARDIOVASCULAR CARE EVERY MONDAY MORNING DURING OUR GRAND ROUNDS SEASON (SEPTEMBER-MAY).IN 2024, MHIF HOSTED 10 INTERNS FROM AROUND THE COUNTRY WHO CONTRIBUTED TO 10 GROUNDBREAKING RESEARCH PROJECTS. THANKS TO THE GENEROUS SUPPORT FROM INDIVIDUAL DONORS, MHIF OFFERS AN EXCEPTIONAL CLINICAL RESEARCH INTERNSHIP PROGRAM TAILORED FOR UNDERGRADUATE STUDENTS ASPIRING TO A CAREER IN MEDICINE OR PURSUING A PRE-MED TRACK. THIS DISTINCTIVE LEARNING OPPORTUNITY INVOLVES MATCHING INTERNS WITH PHYSICIAN MENTORS WHO OVERSEE INVESTIGATOR-INITIATED RESEARCH PROJECTS. OTHER ASPECTS OF THE INTERNSHIP INCLUDE SHADOWING HOSPITAL ROTATIONS, ATTENDING INSIGHTFUL FIELD TRIPS, ENGAGING IN LUNCH-AND-LEARN SESSIONS WITH ALLINA HEALTH MINNEAPOLIS HEART INSTITUTE PHYSICIANS, PRESENTING THEIR RESEARCH FINDINGS AT AN OPEN-HOUSE, POSTER SESSION. NUMEROUS RESEARCH ENDEAVORS CULMINATE IN INTERNS POTENTIALLY CO-AUTHORING ARTICLES PUBLISHED IN RENOWNED SCIENTIFIC JOURNALS. ADDITIONALLY, SELECT INTERNS MAY HAVE THE CHANCE TO SHOWCASE THEIR WORK AT NATIONAL CARDIOVASCULAR CONFERENCES.SINCE THE INCEPTION OF THE INTERNSHIP PROGRAM, 244 CLINICAL RESEARCH INTERNS HAVE CONTRIBUTED TO 223 POSTERS AND PRESENTATIONS AT NATIONAL SCIENTIFIC SESSIONS, 219 PUBLICATIONS IN PEER-REVIEWED JOURNALS, AND 95% OF FORMER INTERNS ARE PRACTICING PHYSICIANS, IN MEDICAL SCHOOL OR IN A HEALTHCARE RELATED FIELD (59% ARE PRACTICING PHYSICIANS!).

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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%)

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Financial Overview (2024)

Revenue Breakdown

Contributions & Grants $16,210,682
Program Service Revenue $6,588,288
Investment Income $1,355,537
Other Revenue $-512,559
TOTAL REVENUE $23,641,948

Expense Breakdown

Grants Paid $1,294,745
Salaries & Benefits $12,032,640
Fundraising Expenses $2,455,397
Program Expenses $13,083,406
Other Expenses $6,137,086
TOTAL EXPENSES $19,464,471

Year-over-Year Comparison

2024 2023 Change
Revenue $23,641,948 $14,336,467 +0.6%
Expenses $19,464,471 $16,550,155 +0.2%
Net Income $4,177,477 $-2,213,688 -2.9%
Key Indicators
Grants to Organizations Grants to Individuals Lobbying Political Activity Foreign Activities Donor Advised Fund Schedule B Required
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Financial Distress Indicator

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Governance

Voting Members
32
Independent Members
32
Employees
143
Volunteers
1762

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
7
$888,925
Total Directors
34
$0
Key Employees
3
$849,115
Highest Compensated
5
reported
Name Title Hours/Week Role Reportable Comp Other Comp Total
THOMAS GUNDERSON CHAIR 10.00
Officer Director
$0 $0 $0
JEFFREY STEINLE PAST CHAIR 2.00
Officer Director
$0 $0 $0
GREG GRAVES VICE CHAIR 2.00
Officer Director
$0 $0 $0
CARMEN VOLKART TREASURER 1.50
Officer Director
$0 $0 $0
LORI MILBRANDT SECRETARY 10.00
Officer Director
$0 $0 $0
BEN BACHE-WIIG MD DIRECTOR 1.00
Director
$0 $0 $0
MOSI BENNETT MD DIRECTOR 0.50
Director
$0 $0 $0
CONLEY BROOKS JR DIRECTOR 1.00
Director
$0 $0 $0
SHARON HAWKINS DIRECTOR 0.25
Director
$0 $0 $0
DAVID HURRELL MD DIRECTOR 2.00
Director
$0 $0 $0
WILLIAM KATSIYIANNIS MD DIRECTOR 1.00
Director
$0 $0 $0
JIM KING DIRECTOR 2.50
Director
$0 $0 $0
GINNY KIRBY DIRECTOR 1.50
Director
$0 $0 $0
PATRICE KLOSS DIRECTOR 2.00
Director
$0 $0 $0
RICHARD MEYER DIRECTOR 3.00
Director
$0 $0 $0
MARC NEWELL MD DIRECTOR 5.00
Director
$0 $0 $0
MICHAEL PETERSON MD DIRECTOR 1.00
Director
$0 $0 $0
RETU SAXENA MD DIRECTOR 1.00
Director
$0 $0 $0
SCOTT SHARKEY MD DIRECTOR 12.00
Director
$0 $0 $0
JAY TRAVERSE MD DIRECTOR 1.00
Director
$0 $0 $0
ARIEL JOHNSON PHD DIRECTOR 0.50
Director
$0 $0 $0
BOBBY STEFFEN MD DIRECTOR 1.00
Director
$0 $0 $0
BREE WILLIAMSON DIRECTOR 1.00
Director
$0 $0 $0
FRANCES HOFFMAN DIRECTOR 1.00
Director
$0 $0 $0
JOSH HOWELL DIRECTOR 2.00
Director
$0 $0 $0
KEVIN HARRIS MD DIRECTOR 4.00
Director
$0 $0 $0
KRISTIN BOWLDS DIRECTOR 2.00
Director
$0 $0 $0
STEVEN BRADLEY DIRECTOR 2.50
Director
$0 $0 $0
MICHAEL CUMMINGS MD DIRECTOR 1.00
Director
$0 $0 $0
JOHN MACK DIRECTOR 2.00
Director
$0 $0 $0
ALLISON O'CONNOR DIRECTOR 2.00
Director
$0 $0 $0
TIM THORPE DIRECTOR 2.00
Director
$0 $0 $0
DOMINICA TALLARICO DIRECTOR 1.00
Director
$0 $0 $0
JOSEPH SCHWARTZ DIRECTOR 1.00
Director
$0 $0 $0
KRISTINE FORTMAN CHIEF EXECUTIVE OFFICER 50.00
Officer
$460,662 $163,657 $624,319
CHARLES ZAUGG CHIEF FINANCIAL OFFICER 40.00
Officer
$206,389 $58,217 $264,606
ROSS GARBERICH VICE PRESIDENT - SCIENTIFIC SERVICES 40.00
Key Emp
$193,538 $80,225 $273,763
LISA TINDELL VICE PRESIDENT - RESEARCH 40.00
Key Emp
$203,501 $57,782 $261,283
JESSE HICKS VICE PRESIDENT-ADVANCEMENT 40.00
Key Emp
$237,718 $76,351 $314,069
KRISTIN LAMBRECHT PROGRAM DIRECTOR - CIRC 40.00
Highest
$164,541 $44,845 $209,386
BAVANA RANGAN PROGRAM DIRECTOR - CCAD 40.00
Highest
$183,887 $30,504 $214,391
LARISSA STANBERRY DIRECTOR OF DATA SCIENCE 40.00
Highest
$184,804 $32,168 $216,972
CINDY RESMAN VICE PRESIDENT - MARKETING & COMMUNICATIONS 40.00
Highest
$197,072 $78,743 $275,815
NANCY WILSON DIRECTOR OF ADVANCEMENT 40.00
Highest
$165,227 $55,377 $220,604
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 $23,641,948 $19,464,471 $74,457,179 $4,177,477
2023 $14,336,467 $16,550,155 $66,731,497 $-2,213,688
2022 $23,655,940 $14,808,254 $71,060,713 $8,847,686
2021 $18,354,504 $13,185,117 $57,104,019 $5,169,387
2020 $19,174,876 $12,280,946 $51,520,170 $6,893,930
2019 $18,298,974 $12,146,321 $41,693,830 $6,152,653
2019 $18,298,974 $12,146,321 $41,693,830 $6,152,653
2018 $12,319,262 $11,103,013 $29,710,504 $1,216,249
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