MAYO CLINIC

EIN: 416011702 501(c)(3) Health Care

ROCHESTER, MN

Total Revenue
$7,424,970,925
Total Expenses
$6,179,398,335
Total Assets
$23,339,620,165
Net Assets
$13,384,226,634
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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
1919
Legal Domicile
MN
Principal Officer
GIANRICO FARRUGIA MD
Phone
5075381297
Tax Period
2023-01-01 to 2023-12-31

MAYO CLINIC, founded in 1919, is a large national nonprofit in the Health Care sector that reported $7.4B in total revenue in fiscal year 2023. The organization ran a surplus of $1.2B, a strong 17% operating margin.

Mission

PATIENT CARE, RESEARCH AND 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%)

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Financial Overview (2023)

Revenue Breakdown

Contributions & Grants $3,328,764,626
Program Service Revenue $3,356,722,496
Investment Income $649,564,702
Other Revenue $89,919,101
TOTAL REVENUE $7,424,970,925

Expense Breakdown

Grants Paid $937,924,597
Salaries & Benefits $3,600,682,164
Fundraising Expenses $49,451,955
Program Expenses $5,793,072,088
Other Expenses $1,639,557,695
TOTAL EXPENSES $6,179,398,335

Year-over-Year Comparison

2023 2022 Change
Revenue $7,424,970,925 $7,075,354,210 +0.0%
Expenses $6,179,398,335 $5,677,955,626 +0.1%
Net Income $1,245,572,590 $1,397,398,584 -0.1%
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

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Governance

Voting Members
31
Independent Members
18
Employees
29044
Volunteers
374

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
14
$20,792,641
Total Directors
32
$20,727,458
Key Employees
20
$17,030,419
Highest Compensated
5
reported
Name Title Hours/Week Role Reportable Comp Other Comp Total
FARRUGIA MD GIANRICO TRUSTEE/PRESIDENT/CEO 1.00
Officer Director
$0 $95,852 $4,309,705
THIELEN MD KENT R TRUSTEE/VP 1.00
Officer Director
$0 $97,748 $2,595,133
GRAY MD RICHARD J TRUSTEE/VP 1.00
Officer Director
$0 $88,170 $2,574,273
ZORN CHRISTINA K TRUSTEE/VP 1.00
Officer Director
$0 $83,740 $1,937,488
GORMAN PAUL A TREASURER 1.00
Officer
$0 $97,398 $1,882,634
WILLIAMS MD AMY W TRUSTEE 1.00
Director
$0 $50,799 $1,874,912
DAHLEN DENNIS E CFO 1.00
Officer
$0 $103,349 $1,715,096
MURPHY JOSHUA B SECY 1.00
Officer
$0 $95,873 $1,697,655
LANZINO MD GIUSEPPE PHYSICIAN 40.00
Highest
$1,513,030 $89,353 $1,602,383
KRAUSS MD WILLIAM E PHYSICIAN 40.00
Highest
$1,523,588 $68,994 $1,592,582
GORES MD GREGORY J PHYSICIAN 40.00
Key Emp
$1,491,256 $49,170 $1,540,426
MARSH MD W RICHARD DIR-SPINE CENTER 40.00
Highest
$1,433,287 $45,987 $1,479,274
SPINNER MD ROBERT J CHAIR-NEURO SURGERY 40.00
Highest
$1,368,740 $99,740 $1,468,480
CLARKE MD MICHELLE J PHYSICIAN 40.00
Highest
$1,359,482 $65,364 $1,424,846
WILLIAMSON MARY J CAO-MCS 40.00
Key Emp
$1,129,852 $79,237 $1,209,089
OTLEY MD CLARK C FORMER KEY EMPLOYEE 40.00
$1,118,928 $87,590 $1,206,518
AMMASH MD NASER M FORMER KEY EMPLOYEE 0.00
$0 $80,108 $1,161,987
MENKOSKY PAULA E ASST SECY 1.00
Officer
$0 $91,946 $1,158,001
RIHAL MD CHARANJIT S TRUSTEE 40.00
Director
$974,122 $94,582 $1,068,704
MORICE MD WILLIAM G CEO-MCS 40.00
Key Emp
$979,922 $88,092 $1,068,014
ARNETT JENNIFER P CHIEF DEVELOPMENT OFFICER 40.00
Key Emp
$967,487 $81,398 $1,048,885
SHAH MD VIJAY EXECUTIVE DEAN OF RESEARCH 40.00
Key Emp
$956,903 $84,231 $1,041,134
CALLSTROM MD MATTHEW R TRUSTEE 40.00
Director
$944,092 $89,358 $1,033,450
NOSEWORTHY MD PETER A DIV CHAIR-HEART RHYTHM 40.00
Key Emp
$923,200 $73,238 $996,438
HARA MD AMY K TRUSTEE 1.00
Director
$0 $86,008 $934,595
PAGNANO MD MARK W PHYSICIAN 40.00
Key Emp
$824,218 $90,276 $914,494
WALD MD JOHN T FORMER KEY EMPLOYEE 40.00
$803,551 $98,613 $902,164
KENDRICK MD MICHAEL L CHAIR-SURGERY 40.00
Key Emp
$812,814 $85,285 $898,099
DOWDY MD SEAN C CHIEF VALUE OFFICER 40.00
Key Emp
$797,010 $75,540 $872,550
DIDEHBAN ROSHANAK TRUSTEE/ASST SECY 1.00
Officer Director
$0 $44,264 $852,478
LEIBOVICH MD BRADLEY C PHYSICIAN 40.00
Key Emp
$764,839 $84,740 $849,579
GALANIS MD EVANTHIA EXECUTIVE DEAN OF DEVELOPMENT 40.00
Key Emp
$767,820 $79,210 $847,030
FONSECA MD RAFAEL TRUSTEE 1.00
Director
$0 $87,410 $830,464
LOFTUS MD CONOR G FORMER KEY EMPLOYEE 40.00
$750,960 $73,330 $824,290
CIMA MD ROBERT R FORMER KEY EMPLOYEE 40.00
$707,560 $83,787 $791,347
KHAN RITA G FORMER KEY EMPLOYEE 0.00
$0 $58,240 $775,173
BROWN MD MICHAEL J PHYSICIAN 40.00
Key Emp
$676,037 $81,029 $757,066
MCLAUGHLIN MD SARAH A TRUSTEE 1.00
Director
$0 $40,305 $752,391
FRANK MD IGOR PHYSICIAN 40.00
Key Emp
$657,287 $76,033 $733,320
DUNN AJANI N TRUSTEE/ASST SECY 1.00
Officer Director
$0 $66,603 $722,933
KHAN MD AMIR R PHYSICIAN 40.00
Key Emp
$626,342 $81,904 $708,246
PETERS MD STEVE G PHYSICIAN 40.00
Key Emp
$641,488 $43,084 $684,572
GAZELKA MD HALENA M FORMER KEY EMPLOYEE 0.00
$0 $60,271 $673,291
FAMUYIDE MBBS ABIMBOLA O TRUSTEE 40.00
Director
$579,171 $83,092 $662,263
HORLOCKER MD TERESE T PHYSICIAN 40.00
Key Emp
$612,562 $43,144 $655,706
FRANCIS JAMES R ASST TREASURER 1.00
Officer
$0 $66,276 $635,201
POE JOHN D FORMER KEY EMPLOYEE 0.00
$0 $70,949 $634,408
CAINE NATALIE A CAO-ROCHESTER 40.00
Key Emp
$553,593 $65,010 $618,603
LUETMER MD PATRICK H FORMER KEY EMPLOYEE 40.00
$573,111 $41,995 $615,106
HAYES MD SHARONNE N FORMER KEY EMPLOYEE 40.00
$532,183 $78,189 $610,372
DIETER HEIDI L CHAIR-RESEARCH ADMIN 40.00
Key Emp
$527,499 $65,003 $592,502
AMSTUTZ GWENDOLYN J CHAIR-PRACTICE ADMIN 40.00
Key Emp
$417,434 $81,419 $498,853
HOLTAN DOUGLAS J CHAIR-FACILITIES 40.00
Key Emp
$456,677 $39,136 $495,813
HUBERT SHERRY L ASST SECY 1.00
Officer
$0 $91,421 $495,658
NORBY SUSAN M FORMER OFFICER 0.00
$0 $76,286 $461,898
NARR MD BRADLY J FORMER KEY EMPLOYEE 40.00
$407,261 $43,588 $450,849
DIASIO MD ROBERT B FORMER KEY EMPLOYEE 40.00
$153,621 $11,141 $192,313
BROWN WILLIAM A ASST TREASURER 1.00
Officer
$0 $36,325 $210,408
DAVIS JED V TRUSTEE 5.00
Director
$0 $0 $158,633
REMY DONALD M TRUSTEE 5.00
Director
$0 $0 $140,483
GERBERDING MD JULIE L TRUSTEE 5.00
Director
$0 $0 $110,892
ROTHBLATT A MARTINE TRUSTEE 5.00
Director
$0 $0 $105,805
ALIX JAY TRUSTEE 5.00
Director
$0 $0 $20,511
BAKER JR DOUGLAS M TRUSTEE 5.00
Director
$0 $0 $13,595
ROBERTS ROBIN R TRUSTEE 5.00
Director
$0 $0 $9,688
PERETSMAN NANCY B TRUSTEE 5.00
Director
$0 $0 $6,521
POWELL MICHAEL K TRUSTEE/CHAIR 5.00
Officer Director
$0 $0 $5,978
STEER MD RANDOLPH C TRUSTEE 5.00
Director
$0 $0 $5,118
BAICKER KATHERINE TRUSTEE 5.00
Director
$0 $0 $1,445
BILICIC GEORGE W TRUSTEE 5.00
Director
$0 $0 $0
BURNS URSULA M TRUSTEE 5.00
Director
$0 $0 $0
DAVIS RICHARD K TRUSTEE 5.00
Director
$0 $0 $0
HALVORSON GEORGE C TRUSTEE 5.00
Director
$0 $0 $0
PECK KRISTIN TRUSTEE 5.00
Director
$0 $0 $0
SCHMIDT ERIC E EXECUTIVE DEAN OF RESEARCH 5.00
Director
$0 $0 $0
SWEENEY ANNE M TRUSTEE 5.00
Director
$0 $0 $0
TOMM CHARLES B TRUSTEE 5.00
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 No data No data No data No data
2023 $7,424,970,925 $6,179,398,335 $23,339,620,165 $1,245,572,590
2022 $7,075,354,210 $5,677,955,626 $22,107,639,425 $1,397,398,584
2021 $7,993,241,004 $5,773,119,389 $20,543,802,362 $2,220,121,615
2020 $6,700,100,651 $5,537,812,686 $16,528,218,881 $1,162,287,965
2019 $6,819,422,921 $5,684,760,529 $13,128,051,185 $1,134,662,392
2018 $6,423,359,494 $5,627,787,651 $12,305,407,265 $795,571,843
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