TWIN CITIES HEART FOUNDATION

🔒

Financial Vulnerability Assessment (Tuckman-Chang)

4 risk indicators measuring financial stability and operational resilience

Sign in with your work email to view Tuckman-Chang indicators

Financial Trends

Organization Details

Formation Year

2007

Legal Domicile

Principal Officer

IRVIN F GOLDENBERG

Phone

6125816593

Tax Period

2024-01-01 to 2024-12-31

TWIN CITIES HEART FOUNDATION, founded in 2007, is a micro nonprofit in the Medical Research sector that reported $86K in total revenue in fiscal year 2024. Revenue fell 80% from the prior year — a significant decline worth monitoring. The organization ran a surplus of $45K, a strong 52% operating margin.

Mission

INVESTIGATE WAYS TO MAKE REMOTE COMMUNICATIONS AND MONITORING OF PATIENTS COST EFFECTIVE AND PRACTICAL. THIS INCLUDES EVALUATION OF BOTH TRADITIONAL AND NOVEL USES OF VARIOUS AUDIO, VIDEO AND DATA ACQUISITION SYSTEMS FOR COMMUNICATION AND MONITORING OF PATIENTS (I.E. TELEMEDICINE, VIDEOCONFERENCING, AND OTHER AUDIO, VIDEO AND DATA ACQUISITION AND SURVEILLANCE SYSTEMS.), AS WELL AS EVALUATING THE INDIVIDUAL PATIENT AND PUBLIC HEALTH IMPACT OF THE SIDE EFFECTS OF VARIOUS DRUGS AND DEVICES AND PERFORMING CARDIAC RESEARCH THAT LEADS TO A BETTER UNDERSTANDING OF CARDIAC DISEASE DIAGNOSIS, PREVENTION AND/OR TREATMENT. PRESENTLY, MUCH OF THIS RESEARCH INVOLVES NONSURGICAL INTERVENTIONS AND TREATMENT OF VALVULAR HEART DISEASE.

Program Service Accomplishments

Program 1

Expenses: $15,685

RESEARCH PROJECTS: THE TWIN CITIES HEART FOUNDATION (TCHF) MISSION IS CARDIOVASCULAR RESEARCH AND EDUCATION. THE ORGANIZATION HAS ONGOING RESEARCH PROJECTS AND PUBLICATIONS. TELEMEDICINE &...

RESEARCH PROJECTS: THE TWIN CITIES HEART FOUNDATION (TCHF) MISSION IS CARDIOVASCULAR RESEARCH AND EDUCATION. THE ORGANIZATION HAS ONGOING RESEARCH PROJECTS AND PUBLICATIONS. TELEMEDICINE & INFORMATION SYSTEMS: THE TWIN CITIES HEART FOUNDATION CONTINUES TO ASSESS THE ROLE OF TELEMEDICINE, ALONG WITH OTHER REMOTE MONITORING AND INFORMATION SYSTEMS, IN THE EVALUATION, DIAGNOSIS, MONITORING AND TREATMENT OF CARDIOVASCULAR PATIENTS. THE TWIN CITIES HEART FOUNDATION ALSO CONTINUES TO EVALUATE THE ROLE THAT TELEMEDICINE (ALONG WITH OTHER MONITORING AND INFORMATION SYSTEMS) HAS IN ALLOWING THE ELDERLY CARDIOVASCULAR PATIENT TO ADEQUATELY CARE FOR THEMSELVES OUTSIDE OF A NURSING HOME. PUBLIC HEALTH RISK OF MEDICAL DEVICES AND DRUGS: THE TWIN CITIES HEART FOUNDATION CONTINUES TO EVALUATE THE PUBLIC HEALTH RISK OF VARIOUS CHEMICALS, DRUGS AND/OR MEDICAL DEVICES. THE ORGANIZATION DOES THIS THROUGH COLLABORATION WITH ST LOUIS UNIVERSITY MEDICAL SCHOOL AND UNIVERSITY OF MINNESOTA MEDICAL SCHOOL AND OTHERS.

🔒

Trantor Score

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

Sign in to view Trantor Score and financial metrics

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

Financial Overview (2024)

Revenue Breakdown

Contributions & Grants $43,050

Program Service Revenue $0

Investment Income $43,214

Other Revenue $0

TOTAL REVENUE $86,264

Expense Breakdown

Grants Paid $0

Salaries & Benefits $0

Fundraising Expenses $0

Program Expenses $15,685

Other Expenses $41,491

TOTAL EXPENSES $41,491

Year-over-Year Comparison

	2024	2023	Change
Revenue	$86,264	$436,336	-0.8%
Expenses	$41,491	$19,214	+1.2%
Net Income	$44,773	$417,122	-0.9%

Key Indicators

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

🔒

Financial Health Indicators

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

Financial Distress Indicator

Liquidity & Cash Position

Sign in to view all financial metrics

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

Governance

Voting Members

Independent Members

Employees

N/A

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

Total Directors

Key Employees

Highest Compensated

reported

Name	Title	Hours/Week	Role	Reportable Comp	Other Comp	Total
IRVIN GOLDENBERG	PRESIDENT	20.00	Officer Director	$0	$0	$0
PAUL SEIFERT	VICE PRESIDENT	1.00	Officer Director	$0	$0	$0
RICK MARIAM	VICE PRESIDENT	1.00	Officer Director	$0	$0	$0
WES PEDERSEN	VICE PRESIDENT & DIRECTOR OF RESEARCH	1.00	Officer Director	$0	$0	$0
CONSTANCE CICHY	VICE PRESIDENT	1.00	Officer Director	$0	$0	$0
PAM SCHILLER	VICE PRESIDENT & SECRETARY	1.00	Officer Director	$0	$0	$0
TERRY L BAUMGARD	VICE PRESIDENT & TREASURER	1.00	Officer Director	$0	$0	$0
GARY SHANK	TREASURER	1.00	Officer 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	$86,264	$41,491	$970,419	$44,773
2023	$436,336	$19,214	$951,621	$417,122
2022	$35,668	$25,901	$767,921	$9,767
2021	$17,456	$59,966	$927,190	$-42,510
2020	$271,477	$28,619	$718,238	$242,858