MINNESOTA TECHNOLOGY ASSOCIATION

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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

JEFF TOLLEFSON

Phone

9522304555

Tax Period

2024-01-01 to 2024-12-31

MINNESOTA TECHNOLOGY ASSOCIATION, founded in 1982, is a community nonprofit in the Community Improvement sector that reported $2.4M in total revenue in fiscal year 2024. Expenses of $2.3M left a modest 4% surplus.

Mission

MINNESOTA TECHNOLOGY ASSOCIATION'S MISSION IS TO BUILD A MORE VIBRANT, INNOVATIVE, AND INCLUSIVE TECHNOLOGY ECOSYSTEM IN MINNESOTA BY ENABLING THE CONNECTIONS, PUBLIC POLICIES, AND PARTNERSHIPS NEEDED TO HELP OUR TECH COMMUNITY THRIVE.

Program Service Accomplishments

Program 1

THE SCITECH INTERNSHIP PROGRAM ASSISTS STUDENTS AND COMPANIES STUDYING OR WORKING IN KEY AREAS OF SCIENCE AND TECHNOLOGY, ENGINEERING AND MATH RELATING TO KEY INDUSTRY FOCUS AREAS. DURING 2023-2024, THE PROGRAM HAD THE FOLLOWING RESULTS:-1518 STUDENT APPLICANTS-198 COMPANY APPLICANTS-255 STUDENT INTERNS HIRED WITH 193 METRO PLACEMENTS AND 62 GREATER MINNESOTA PLACEMENTS

Program 2

MINNESOTA'S TECHNOLOGY-DRIVEN COMPANIES ACHIEVE THE GREATEST SUCCESS WHEN THEY HAVE ACCESS TO EXCEPTIONAL TALENT, DEDICATED PUBLIC POLICY ADVOCATES, AND ARE PART OF AN INNOVATIVE, INCLUSIVE...

MINNESOTA'S TECHNOLOGY-DRIVEN COMPANIES ACHIEVE THE GREATEST SUCCESS WHEN THEY HAVE ACCESS TO EXCEPTIONAL TALENT, DEDICATED PUBLIC POLICY ADVOCATES, AND ARE PART OF AN INNOVATIVE, INCLUSIVE TECHNOLOGY COMMUNITY. THE MINNESOTA TECHNOLOGY ASSOCIATION NURTURES EACH OF THESE ATTRIBUTES WITHIN OUR STATE, ENABLING MINNESOTA TECHNOLOGY-DRIVEN BUSINESSES, PROFESSIONALS, AND COMMUNITIES TO THRIVE. THE MINNESOTA TECHNOLOGY ASSOCIATION CREATES MEANINGFUL CONNECTIONS AND CAREER ADVANCEMENT THROUGH IT'S RESPECTED PROGRAMS, EDUCATIONAL OPPORTUNITIES, AND NETWORKING EVENTS. THE ASSOCIATION RUNS INTERNSHIP PROGRAMS TO ASSIST STUDENTS IN THE STEM FIELD FIND MEANINGFUL WORK, AND TO DRIVE MINNESOTA'S STEM WORKFORCE DEVELOPMENT. THE MINNESOTA TECHNOLOGY ASSOCIATION ALSO LEADS IN ADVANCING TECH-RELATED PUBLIC POLICY ISSUES TO MINNESOTA'S STATE LEGISLATURE AND SERVES AS THE LOCAL AFFILIATE OF TECNA, THE TECHNOLOGY COUNCILS OF NORTH AMERICA. OUR MEMBERSHIP BASE INCLUDES COMPANIES THAT WORK THE SPECTRUM OF TECHNOLOGY, FROM IT, ADVANCED MANUFACTURING, LIFE SCIENCES, FINTECH, AGTECH, CLEANTECH, AND EDUTECH, AND RANGE FROM LONG-ESTABLISHED CORPORATIONS TO SMALL AND GROWING STARTUPS. THE MINNESOTA TECHNOLOGY ASSOCIATION'S MISSION IS TO ACCELERATE GROWTH, INNOVATION, AND THE DEVELOPMENT OF A STRONG, INCLUSIVE TECH ECOSYSTEM IN MINNESOTA.

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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 $10,330

Program Service Revenue $2,386,169

Investment Income $23,013

Other Revenue $5,550

TOTAL REVENUE $2,425,062

Expense Breakdown

Grants Paid $551,948

Salaries & Benefits $1,057,625

Fundraising Expenses $0

Other Expenses $707,350

TOTAL EXPENSES $2,316,923

Year-over-Year Comparison

	2024	2023	Change
Revenue	$2,425,062	$2,445,001	0.0%
Expenses	$2,316,923	$2,386,217	0.0%
Net Income	$108,139	$58,784	+0.8%

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

$450,510

Total Directors

$293,640

Key Employees

Highest Compensated

reported

Name	Title	Hours/Week	Role	Reportable Comp	Other Comp	Total
JEFF TOLLEFSON	PRESIDENT & CEO	40.00	Officer Director	$259,381	$34,259	$293,640
SRIDHAR KONERU	BOARD CHAIR	2.00	Officer Director	$0	$0	$0
SARAH ENGSTROM	VICE CHAIR	2.00	Officer Director	$0	$0	$0
MATTHEW RECK	TREASURER	2.00	Officer Director	$0	$0	$0
DANIEL ABDUL	DIRECTOR	2.00	Director	$0	$0	$0
DR SAMEER BADLANI	DIRECTOR	2.00	Director	$0	$0	$0
MATTHEW BAILEY	DIRECTOR	2.00	Director	$0	$0	$0
ANDY BINGENHEIMER	DIRECTOR	2.00	Director	$0	$0	$0
TAWANNA BLACK	DIRECTOR	2.00	Director	$0	$0	$0
KEVIN BOECKENSTEDT	DIRECTOR	2.00	Director	$0	$0	$0
ANNA BOROFF	DIRECTOR	2.00	Director	$0	$0	$0
ROBIN BROWN	DIRECTOR	2.00	Director	$0	$0	$0
MARC CARLSON	DIRECTOR	2.00	Director	$0	$0	$0
JULIE DURHAM	DIRECTOR	2.00	Director	$0	$0	$0
LUCINDA DUTOIT	DIRECTOR	2.00	Director	$0	$0	$0
CARY FELBAB	DIRECTOR	2.00	Director	$0	$0	$0
AMY FISHER	DIRECTOR	2.00	Director	$0	$0	$0
AMKA HODZIC	DIRECTOR	2.00	Director	$0	$0	$0
CHRIS HOWE	DIRECTOR	2.00	Director	$0	$0	$0
JOSH JABS	DIRECTOR	2.00	Director	$0	$0	$0
TAMMYLYNNE JONAS	DIRECTOR	2.00	Director	$0	$0	$0
JAKE KRINGS	DIRECTOR	2.00	Director	$0	$0	$0
RACHEL LOCKETT	DIRECTOR	2.00	Director	$0	$0	$0
CYRUS MORTON	DIRECTOR	2.00	Director	$0	$0	$0
MARK MURPHY	DIRECTOR	2.00	Director	$0	$0	$0
MEREDITH MURPHY	DIRECTOR	2.00	Director	$0	$0	$0
HANY OMAR	DIRECTOR	2.00	Director	$0	$0	$0
ANUDEEP PARHAR	DIRECTOR	2.00	Director	$0	$0	$0
JAMES PEICHEL	DIRECTOR	2.00	Director	$0	$0	$0
TIM PETERSON	DIRECTOR	2.00	Director	$0	$0	$0
RAKHI PUROHIT	DIRECTOR	2.00	Director	$0	$0	$0
CHRISTOPHER RENCE	DIRECTOR	2.00	Director	$0	$0	$0
PJ RITTERS	DIRECTOR	2.00	Director	$0	$0	$0
SARAH SEGER	DIRECTOR	2.00	Director	$0	$0	$0
JAMIE THINGELSTAD	DIRECTOR	2.00	Director	$0	$0	$0
BETH TSCHIDA	DIRECTOR	2.00	Director	$0	$0	$0
SHARON KENNEDY VICKERS	DIRECTOR	2.00	Director	$0	$0	$0
LONNI RANALLO	VP OF FINANCE AND ADMINISTRATION	40.00	Officer	$132,969	$23,901	$156,870
MOLLY DOYLE	VP, COMMUNITY & MEMBER ENGAGEMENT	40.00	Highest	$126,797	$16,855	$143,652

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	$2,425,062	$2,316,923	$1,045,832	$108,139
2023	$2,445,001	$2,386,217	$787,026	$58,784
2022	$2,367,285	$2,326,570	$801,816	$40,715
2021	$2,249,597	$2,013,028	$1,017,636	$236,569
2019	$2,593,482	$2,650,954	$541,882	$-57,472
2018	$2,604,757	$2,677,604	$622,347	$-72,847