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Minnesota Technology Foundation INC FY2022 filing

Tax-deductible

Minneapolis, MN501(c)(3) EIN 36-3367684Revenue $220K in FY2022Latest return filed Aug 18, 2025

On file with the IRSmntech.orgMinneapolis, MNTax-exempt since Dec 1987Publicly supported charity — 170(b)(1)(A)(vi)

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To build and foster a thriving stem workforce in Minnesota.

501(c)(3) charity; gifts are tax-deductible.
87¢ of each $1 spent went to programs.
Mission: Form 990 Part I, line 1 · Status: IRS Pub. 78 · Programs: Part IX

Before you give

FY2022 · Form 990Independent: from IRS data, not the org
Download 990
IRS status
501(c)(3)
not on the IRS revocation list
Looks good: listed by the IRS and not on the revocation list.
IRS BMF · Auto-Revocation List
Tax-deductible gifts
Yes
Donations are tax-deductible
Looks good: the IRS lists gifts to it as deductible.
IRS Pub. 78 · IRS BMF
Latest return
FY2024
latest Form 990
Looks good: the latest return is for FY2024, 2 tax years back; within 2 tax years.
IRS e-file · Filing history
Surplus or deficit
2 of 4
filings with a surplus
Average deficit $56K a year · 20% of revenue · last 4 filings
Worth a look: a surplus in 2 of the last 4 filings.
Pt I · Ln 19 · 4 filings
Spent on programs
87%
of spending
Looks good: 87% of spending went to programs; 75% or more.
Pt IX · Ln 25 · col B
Cash reserves
12 mo
of spending, in cash
Looks good: 12.1 months of spending in cash; 3 or more.
Pt X · Ln 1–2 · Pt I · Ln 18
Named funders
5
named funders · $141K
Looks good: 5 funders name it on their filings; 3 or more.
Funders’ Sch. I, 990-PF
Liabilities
$325K
65% of total assets
Fine: liabilities are 65% of assets; 50% to 65%.
Pt X · Ln 26
Independent board members
9
of 9 voting members
Looks good: 9 of 9 voting members are independent, a majority.
Pt VI · Ln 1a–1b
Looks goodFineWorth a lookConcernNo data yetTap a box for the reason.
Revenue
$220K
-41% vs prior year
Spent
$497K
To programs
87%
Net assets
$178K
By yearFY2021–FY2024
Revenue
$220K
FY2022▼ -41%
Tap a bar for its year
Revenue by fiscal year
FY2021$375K
FY2022$220K
FY2023$304K
FY2024$247K
Expenses
$497K
FY2022▲ +141%
Tap a bar for its year
Expenses by fiscal year
FY2021$206K
FY2022$497K
FY2023$284K
FY2024$385K
Net assets
$178K
FY2022▼ -61%
Tap a bar for its year
Net assets by fiscal year
FY2021$455K
FY2022$178K
FY2023$198K
FY2024$60K

From the FY2022 Form 990 · see the original

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You’re viewing the FY2022 filing — not the latest on file. See the latest (FY2024) →

Is it real?

Yes. Never revoked by the IRS. Latest filing on record: FY2024. IRS ruling in Dec 1987.

IRS Pub. 78 · IRS Auto-Revocation List · IRS Business Master File

Where the money goes

87 cents of each dollar spent went to programs.

Program services 87% · $430K Management & general 8% · $39K Fundraising 5% · $27K

Form 990 Part IX, line 25, columns B–D. Every line is in By the numbers.

Something off? Claim to add context

Who runs it and what they're paid

9 people listed on the 990.

Part VII, Section A · reportable compensation
Jeff Tollefson
Mta President/CEO
$0Pt VII · Sec A
Anne Coffey
Board Chair
$0Pt VII · Sec A
Kevin Hansen
Board Vice Chair
$0Pt VII · Sec A
Douglas Carvinal
Board Secretary
$0Pt VII · Sec A
Rachel Polson
Board Treasurer
$0Pt VII · Sec A
$0Pt VII · Sec A
Dan Maloney
Director
$0Pt VII · Sec A
$0Pt VII · Sec A
See Minnesota Technology Foundation INC executive salaries →

Questions the 990 asks

The form asks each of these directly. These are the filed answers.

  • Family or business ties among officersPt VI · Ln 2No
  • Top official's pay set by an independent reviewPt VI · Ln 15aNo

Programs and updates

Builds and fosters a thriving STEM workforce in Minnesota.

Questions for Minnesota Technology Foundation INC

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3 programs · $430K · in their own filed words · FY2022
01

Mentoring and Internships and Other Program Activities

The foundation is actively engaged to create mentoring experiences and relationships which connect students with experienced professionals in the fields of science, technology, engineering and math (stem).

$218Kprogram expense
02

Fiscal Agency Programs

3m twist program - the foundation is a fiscal agent for an education program supported by 3m. The foundation processed payments in the amount of approximately $158,066 in 2022 in this program and they received an annual administrative fee of $12,650 in 2022.

$158Kprogram expense
03

Scholarship Programs

The foundation manages a scholarship program focused on undergraduate college students studying science, technology, engineering, and mathematics (stem). Currently, there are two components: foundation scholarships and named scholarships.

$54Kprogram expense

Funders

Who pays for it.

From grant filings on record. Receipts are incomplete: individual donors are never listed.

Grants

Schedule I · received and paid
Grants received · FY2024
Charities Aid Foundation AmericaFY2024$97K
PWC Foundation INCFY2024$25K
The Minneapolis FoundationFY2024$9K
Mightycause Charitable FoundationFY2024$7K
The Walser FoundationFY2024$2K
Total grants receivedfrom 5 funders$141K
See all 5 funders →
Grants paid · 8 grants · $128K · 2021–2024
Unitemized GrantFY2024$8,000
Unitemized GrantFY2024$1,000
Unitemized GrantFY2023$5,000
Unitemized GrantFY2023$3,000
Unitemized GrantFY2022$30,000
Unitemized GrantFY2022$24,121
Unitemized GrantFY2021$42,000
Unitemized GrantFY2021$15,000

By the numbers

The FY2022 990, line by line.

Download 990
from philanthropy.org
1The main four
Money inPt VIII
$220K
Ln 12
Gifts and grantsLn 1h$190K
Fees for servicesLn 2g$30K
Investment incomeLn 3$543
Money outPt IX
$497K
Ln 25
Programscol B$430K
Managementcol C$39K
Fundraisingcol D$27K
Owns and owesPt X
$178K
net assets · Ln 32
Cash and savingsLn 1–2$503K
Total assetsLn 16$503K
LiabilitiesLn 26$325K
PeoplePt VI, VII
9
listed · VII A
PaidVII A0
Voting boardVI 1a9
IndependentVI 1b9
2In more detail
Revenue in detailPt VIII
Gifts and grantsLn 1h$190K
Fees for servicesLn 2g$30K
Investment incomeLn 3$543
Total revenueLn 12$220K
Assets in detailPt X, end of year
CashLn 1$278K
SavingsLn 2$225K
Cash and savings togetherLn 1–2$503K
Prepaid expenses and deferred chargesLn 9$293
Total assetsLn 16$503K
LiabilitiesLn 26$325K
Net assetsLn 32$178K
OperationsPt I, VI
EmployeesI 50
VolunteersI 610
Fiscal year endsHeaderDecember
Conflict-of-interest policyVI 12aYes
Whistleblower policyVI 13Yes
Records policyVI 14Yes
3Year over year
Balance sheet, start vs end of yearPt X · col A, B
LineStart FY22End FY22
Cash and savingsLn 1–2$375K$503K
Land, buildings, equipmentLn 10c$0$0
Total assetsLn 16$600K$503K
LiabilitiesLn 26$146K$325K
Net assetsLn 32$455K$178K
4Every line
Statement of functional expensesPt IX · every line
LineTotalProgramsManagementFundraising
Grants to domestic individualsLn 2$54K$54K
Accounting feesLn 11c$5K$5K
Other fees for servicesLn 11g$4K$4K
Office expensesLn 13$405$405
Information technologyLn 14$2K$2K
InsuranceLn 23$688$688
Other expenses (24a–d)Ln 24$431K$376K$27K$27K
Total functional expensesLn 25$497K$430K$39K$27K

Filing history

YearMoney inMoney outIn minus outNet assetsDownload
FY2024 LatestFiled with the IRS Aug 18, 2025 $247K$385K−$138K$60K 990 PDF
FY2023Filed with the IRS Oct 28, 2024 $304K$284K$20K$198K 990 PDF
FY2022 ViewingFiled with the IRS Oct 26, 2023 $220K$497K−$276K$178K 990 PDF
FY2021Filed with the IRS Oct 19, 2022 $375K$206K$169K$455K 990 PDF

Schedules filed Part IV

III · Programs R · Related orgs G · Fundraising L · Interested persons I · Grants A · Public support O · Explanations
See the full FY2022 990 (6 parts)
Part I · Summary $220,273 revenue, 12 lines filed
I-8 Contributions and grantsPrior year $374,748$189,790
I-9 Program service revenuePrior year $0$29,940
I-10 Investment incomePrior year $744$543
I-11 Other revenuePrior year $0$0
I-12 Total revenuePrior year $375,492$220,273
I-13 Grants and similar amounts paidPrior year $57,000$54,121
I-14 Benefits paid to membersPrior year $0$0
I-15 Salaries and benefitsPrior year $0$0
I-16a Professional fundraising feesPrior year $0$0
I-17 Other expensesPrior year $149,460$442,618
I-18 Total expensesPrior year $206,460$496,739
I-19 Revenue less expensesPrior year $169,032−$276,466
Part VI · Governance 9 of 9 board members independent, 1 to look at
VI-1a Voting members of the governing body9
VI-1b Independent voting members9
VI-15a Process for setting top official's payNo
VI-2 Family or business relationship among officers or directorsNo
VI-12a Written conflict of interest policyYes
VI-13 Written whistleblower policyYes
VI-14 Document retention and destruction policyYes
Part VIII · Statement of revenue $220,273 across 5 lines filed
VIII-1f All other contributions, gifts and grants$189,790
VIII-1h Total contributions, gifts and grants$189,790
VIII-2a-f Program service revenue, itemized rows (sum of 2a–2f as filed)Related to mission $29,940$29,940
VIII-3 Investment incomeExcluded from tax $543$543
VIII-12 Total revenueRelated to mission $29,940 · Unrelated business $0 · Excluded from tax $543$220,273
Part IX · Statement of functional expenses $496,739 across 7 lines filed
IX-2 Grants to domestic individualsPrograms $54,121$54,121
IX-11c Accounting feesManagement $5,280$5,280
IX-11g Other fees for servicesManagement $4,239$4,239
IX-13 Office expensesManagement $405$405
IX-14 Information technologyManagement $1,500$1,500
IX-23 InsuranceManagement $688$688
IX-24 Other expenses (24a–d)Programs $376,018 · Management $27,244 · Fundraising $27,244$430,506
IX-25 Total functional expensesPrograms $430,139 · Management $39,356 · Fundraising $27,244$496,739
Part X · Balance sheet $503,211 assets, 12 lines filed
X-1 Cash, non-interest-bearingStart of year $150,247$277,918
X-2 Savings and temporary cash investmentsStart of year $225,000$225,000
X-9 Prepaid expenses and deferred chargesStart of year $146$293
X-10c Land, buildings and equipment, netStart of year $0$0
X-15 Other assetsStart of year $225,000$0
X-16 Total assetsStart of year $600,393$503,211
X-25 Other liabilitiesStart of year $145,624$324,908
X-26 Total liabilitiesStart of year $145,624$324,908
X-27 Net assets without donor restrictionsStart of year $178,513$115,245
X-28 Net assets with donor restrictionsStart of year $276,256$63,058
X-32 Total net assets or fund balancesStart of year $454,769$178,303
X-33 Total liabilities and net assetsStart of year $600,393$503,211
Part XI · Reconciliation of net assets $178,303 net assets at year end
XI-1 Total revenue$220,273
XI-2 Total expenses$496,739
XI-3 Revenue less expenses−$276,466
XI-4 Net assets at start of year$454,769
XI-9 Other changes in net assets$0
XI-10 Net assets at end of year$178,303

Form 990 e-file (XML) FY2022 from the IRS · Classification, formation year and address from the IRS Business Master File

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