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Minnesota Technology Association FY2023 filing

Not tax-deductible

Minneapolis, MN501(c)(6)Community Development EIN 41-1440301Revenue $2.4M in FY2023

On file with the IRSmntech.org7760 France Avenue South Suite 1010, 55435-5800 · Minneapolis, MNTax-exempt since Sep 1983

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To build a more vibrant, innovative, and inclusive Technology ecosystem in Minnesota.

501(c)(6) business league; gifts are not tax-deductible as charitable contributions.
$480K paid to officers and key staff.
Mission: Form 990 Part I, line 1 · Status: IRS Pub. 78 · Pay: Part VII

Before you give

FY2023 · Form 990Independent: from IRS data, not the org
Download 990
IRS status
501(c)(6)
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
No
Donations are not tax-deductible
Worth a look: the IRS does not list 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
4 of 4
filings with a surplus
Average surplus $111K a year · 5% of revenue · last 4 filings
Looks good: a surplus in 4 of the last 4 filings.
Pt I · Ln 19 · 4 filings
Pay to officers and key staff
$480K
to officers and key staff · 20% of spending
Fine: pay to officers and key staff is 20% of spending; 15% to 20%.
Pt VII · Sec A
Cash reserves
3 mo
of spending, in cash
Looks good: 3.3 months of spending in cash; 3 or more.
Pt X · Ln 1–2 · Pt I · Ln 18
Liabilities
$352K
45% of total assets
Looks good: liabilities are 45% of assets; 50% or less.
Pt X · Ln 26
Independent board members
36
of 37 voting members
Looks good: 36 of 37 voting members are independent, a majority.
Pt VI · Ln 1a–1b
Looks goodFineWorth a lookConcernNo data yetTap a box for the reason.
Revenue
$2.4M
+3% vs prior year
Spent
$2.4M
Net assets
$435K
By yearFY2021–FY2024
Revenue
$2.4M
FY2023▲ +3%
Tap a bar for its year
Revenue by fiscal year
FY2021$2.2M
FY2022$2.4M
FY2023$2.4M
FY2024$2.4M
Expenses
$2.4M
FY2023▲ +3%
Tap a bar for its year
Expenses by fiscal year
FY2021$2.0M
FY2022$2.3M
FY2023$2.4M
FY2024$2.3M
Net assets
$435K
FY2023▲ +16%
Tap a bar for its year
Net assets by fiscal year
FY2021$336K
FY2022$376K
FY2023$435K
FY2024$543K

From the FY2023 Form 990 · figures checked against the IRS filing · see the original

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You’re viewing the FY2023 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 Sep 1983.

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

Who runs it and what they're paid

43 people listed on the 990; $480K paid to officers and key staff.

Part VII, Section A · reportable compensation
Jeff Tollefson
President & CEO
$244,040Pt VII · Sec A
Lonni Ranallo
VP of Finance and Administration
$119,708Pt VII · Sec A
Joel Crandall
VP of Talent
$116,674Pt VII · Sec A
$0Pt VII · Sec A
Ed Foppe
Treasurer
$0Pt VII · Sec A
$0Pt VII · Sec A
$0Pt VII · Sec A
Tim Peterson
Director
$0Pt VII · Sec A

Jeff Tollefson’s $259K as President & CEO is at the 80th percentile of top reported officer pay among 2832 $1–10M community development nonprofits. Peer set: organizations in the same NTEE major field of work and revenue-size band, compared on each org’s own highest-paid officer/key-employee, from Form 990 Part VII / 990-PF Part VIII. Descriptive placement, not a verdict on whether the pay is appropriate.

Compensation history total reportable pay by year · 4 named individuals · Part VII

NameFY2024FY2023FY2022FY2021
Jeff Tollefson$259,381$244,040$225,815$213,456
Lonni Ranallo$132,969$119,708$114,730—
Molly Doyle$126,797———
Joel Crandall—$116,674——

Total reportable compensation (Form 990 Part VII column D / Schedule J column E) by filing year, matched by name within this organization. The Schedule J base / bonus / deferred breakdown is not parsed into this dataset.

See Minnesota Technology Association executive salaries →

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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 15aYes

Programs and updates

Strengthens Minnesota's tech sector by providing networking events, educational programs, internship opportunities, and public policy advocacy to build an inclusive and thriving technology community.

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Provided by the organization

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2 programs · in their own filed words · FY2023
01

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.

Pt IX · col B
02

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 2022-2023, the program had the following RESULTS:-1564 student APPLICANTS-290 company APPLICANTS-240 student interns hired with 192 metro placements…

Pt IX · col B

Funders

Who pays for it.

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

Grants

Schedule I · this organization's grantmaking
Grants paid · 109 grants · $989K · 2021–2024
Neurotype INCFY2024$16,918
Uhl CompanyFY2024$12,500
Itasca Consulting Group INCFY2024$12,500
Architect McGlory Studio LLCFY2024$12,500
Alliant EngineeringFY2024$12,500
Astrin BiosciencesFY2024$11,690
Primal Health LLCFY2024$10,079
SezzleFY2024$10,000
Scanlan International INCFY2024$10,000
Punch Through Design LLCFY2024$10,000
Monteris MedicalFY2024$10,000
Kluge Design LLCFY2024$10,000
Kamp AutomationFY2024$10,000
Carba INCFY2024$7,500
Wanner Engineering INCFY2024$7,500
Trunorth AutomationFY2024$7,500
Tlc Millimeterwave Products INCFY2024$7,500
Sambatek LLCFY2024$7,500
See all 109 grants →

By the numbers

The FY2023 990, line by line.

Download 990
from philanthropy.org
1The main four
Money inPt VIII
$2.4M
Ln 12
Fees for servicesLn 2g$2.3M
Gifts and grantsLn 1h$87K
Investment incomeLn 3$23K
Money outPt IX
$2.4M
Ln 25
Owns and owesPt X
$435K
net assets · Ln 32
Cash and savingsLn 1–2$662K
Total assetsLn 16$787K
LiabilitiesLn 26$352K
PeoplePt VI, VII
43
listed · VII A
PaidVII A3
Voting boardVI 1a37
IndependentVI 1b36
2In more detail
Revenue in detailPt VIII
Gifts and grantsLn 1h$87K
Government grantsLn 1e$84K
Fees for servicesLn 2g$2.3M
Investment incomeLn 3$23K
Other incomeLn 4–11$5K
Total revenueLn 12$2.4M
Assets in detailPt X, end of year
CashLn 1$94K
SavingsLn 2$568K
Cash and savings togetherLn 1–2$662K
Land, buildings, equipmentLn 10c$2K
Other assetsLn 15$4K
Total assetsLn 16$787K
LiabilitiesLn 26$352K
Net assetsLn 32$435K
OperationsPt I, VI
EmployeesI 512
VolunteersI 645
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 FY23End FY23
Cash and savingsLn 1–2$649K$662K
Land, buildings, equipmentLn 10c$5K$2K
Total assetsLn 16$802K$787K
LiabilitiesLn 26$425K$352K
Net assetsLn 32$376K$435K
4Every line
Statement of functional expensesPt IX · every line
LineTotalProgramsManagementFundraising
Grants to domestic organizationsLn 1$548K
Pay of current officers, directors and key staffLn 5$568K
Other salaries and wagesLn 7$419K
Pension plan contributionsLn 8$6K
Other employee benefitsLn 9$48K
Payroll taxesLn 10$65K
Accounting feesLn 11c$32K
Lobbying feesLn 11d$50K
Other fees for servicesLn 11g$70K
Office expensesLn 13$32K
Information technologyLn 14$45K
OccupancyLn 16$53K
Conferences, conventions and meetingsLn 19$392K
Depreciation, depletion and amortizationLn 22$4K
InsuranceLn 23$4K
Other expenses (24a–d)Ln 24$49K
Total functional expensesLn 25$2.4M

Filing history

YearMoney inMoney outIn minus outNet assetsDownload
FY2024 Latest $2.4M$2.3M$108K$543K 990 PDF
FY2023 Viewing $2.4M$2.4M$59K$435K 990 PDF
FY2022 $2.4M$2.3M$41K$376K 990 PDF
FY2021 $2.2M$2.0M$237K$336K 990 PDF

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Schedules filed Part IV

III · Programs R · Related orgs G · Fundraising L · Interested persons I · Grants A · Public support J · Pay O · Explanations
See the full FY2023 990 (6 parts)
Part I · Summary $2,445,001 revenue, 12 lines filed
I-8 Contributions and grantsPrior year $217$86,857
I-9 Program service revenuePrior year $2,364,077$2,329,899
I-10 Investment incomePrior year $1,791$22,920
I-11 Other revenuePrior year $1,200$5,325
I-12 Total revenuePrior year $2,367,285$2,445,001
I-13 Grants and similar amounts paidPrior year $599,845$548,254
I-14 Benefits paid to membersPrior year $0$0
I-15 Salaries and benefitsPrior year $1,263,292$1,106,723
I-16a Professional fundraising feesPrior year $0$0
I-17 Other expensesPrior year $463,433$731,240
I-18 Total expensesPrior year $2,326,570$2,386,217
I-19 Revenue less expensesPrior year $40,715$58,784
Part VI · Governance 36 of 37 board members independent, no flags
VI-1a Voting members of the governing body37
VI-1b Independent voting members36
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
VI-15a Process for setting top official's payYes
Part VIII · Statement of revenue $2,445,001 across 7 lines filed
VIII-1e Government grants$84,000
VIII-1f All other contributions, gifts and grants$2,857
VIII-1h Total contributions, gifts and grants$86,857
VIII-2a-f Program service revenue, itemized rows (sum of 2a–2f as filed)Related to mission $2,329,899$2,329,899
VIII-3 Investment incomeExcluded from tax $22,920$22,920
VIII-11a-d Other revenue, itemized rows (sum of 11a–11d as filed)Excluded from tax $5,325$5,325
VIII-12 Total revenueRelated to mission $2,329,899 · Unrelated business $0 · Excluded from tax $28,245$2,445,001
Part IX · Statement of functional expenses $2,386,217 across 16 lines filed
IX-1 Grants to domestic organizations$548,254
IX-5 Pay of current officers, directors and key staff$568,097
IX-7 Other salaries and wages$419,259
IX-8 Pension plan contributions$6,092
IX-9 Other employee benefits$47,920
IX-10 Payroll taxes$65,355
IX-11c Accounting fees$31,980
IX-11d Lobbying fees$49,800
IX-11g Other fees for services$69,501
IX-13 Office expenses$32,192
IX-14 Information technology$45,282
IX-16 Occupancy$53,153
IX-19 Conferences, conventions and meetings$391,703
IX-22 Depreciation, depletion and amortization$4,354
IX-23 Insurance$3,841
IX-24 Other expenses (24a–d)$49,434
IX-25 Total functional expenses$2,386,217
Part X · Balance sheet $787,026 assets, 14 lines filed
X-1 Cash, non-interest-bearingStart of year $95,788$94,156
X-2 Savings and temporary cash investmentsStart of year $553,032$567,576
X-3 Pledges and grants receivable$67,844
X-4 Accounts receivableStart of year $127,744$28,500
X-9 Prepaid expenses and deferred chargesStart of year $19,813$22,204
X-10c Land, buildings and equipment, netStart of year $5,439$2,246
X-15 Other assetsStart of year $0$4,500
X-16 Total assetsStart of year $801,816$787,026
X-17 Accounts payable and accrued expensesStart of year $134,505$145,154
X-19 Deferred revenueStart of year $290,991$206,768
X-26 Total liabilitiesStart of year $425,496$351,922
X-27 Net assets without donor restrictionsStart of year $376,320$435,104
X-32 Total net assets or fund balancesStart of year $376,320$435,104
X-33 Total liabilities and net assetsStart of year $801,816$787,026
Part XI · Reconciliation of net assets $435,104 net assets at year end
XI-1 Total revenue$2,445,001
XI-2 Total expenses$2,386,217
XI-3 Revenue less expenses$58,784
XI-4 Net assets at start of year$376,320
XI-9 Other changes in net assets$0
XI-10 Net assets at end of year$435,104

Form 990 e-file (XML) FY2023 from the IRS · Classification, formation year and address from the IRS Business Master File

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