MINNEAPOLIS HEART INSTITUTE FOUNDATION (EIN 411426406) - Form 990 Financial Analysis & Trantor Score

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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

1982

Legal Domicile

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

TO IMPROVE THE CARDIOVASCULAR HEALTH OF INDIVIDUALS AND COMMUNITIES THROUGH RESEARCH & EDUCATION.

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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 $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 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

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

$888,925

Total Directors

Key Employees

$849,115

Highest Compensated

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

MINNEAPOLIS HEART INSTITUTE FOUNDATION