Medtronic Communities Foundation
- Assets
- $27.4m
- Revenue
- $2.0m
- Investments
- $0.0
- Employees
- 0
- Location
- Minneapolis, MN
- Founding
- 09/1977
- Data as of
- 04/2023
- EIN
- 41-1306950
Organization Overview
Medtronic Communities Foundation is located in Minneapolis, MN. The organization was established in 1977. According to its NTEE Classification (T20) the organization is classified as: Private Grantmaking Foundations, under the broad grouping of Philanthropy, Voluntarism & Grantmaking Foundations and related organizations. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Medtronic Communities Foundation is a 501(c)(3) and as such, is described as a "Charitable or Religous organization or a private foundation" by the IRS.
For the year ending 04/2023, Medtronic Communities Foundation generated $2.0m in total revenue. This represents a relatively dramatic decline in revenue. Over the past 4 years, the organization has seen revenues fall by an average of (60.5%) each year. All expenses for the organization totaled $25.0m during the year ending 04/2023. You can explore the organizations financials more deeply in the financial statements section below.
Since 2020, Medtronic Communities Foundation has awarded 289 individual grants totaling $110,390,611. If you would like to learn more about the grant giving history of this organization, scroll down to the grant profile section of this page.
Form
990PF
Mission & Program ActivityExcerpts From the 990PF Filing
TAX YEAR
2023
Describe the Organization's Program Activity:
Part 3 - Line 4a
NONE
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Paurvi Bhatt Former President | 0 | $493,128 | |
Torod Neptune Chair | 0.2 | $0 | |
Sally Saba President And Vice Chair | 16 | $131,114 | |
Torod Neptune Chair | 0.2 | $0 | |
Kacie Dewolf Treasurer | 5 | $0 | |
Martha Ha Secretary | 0.2 | $0 |
Outside Vendors & Contractors
| Vendor Name (Service) | Service Year | Compensation |
|---|---|---|
Pyxera Globl Inc | 4/27/23 | $257,400 |
Three Point Solutions Inc | 4/27/23 | $220,710 |
Weber Shandwick | 4/27/23 | $193,175 |
Porter Novelli Public Services Inc | 4/27/23 | $117,800 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Contributions, Gifts, Grants & Similar | $1,508,081 |
| Interest on Savings | $1,143,477 |
| Dividends & Interest | $0 |
| Net Rental Income | $0 |
| Net Gain on Sale of Assets | -$641,156 |
| Capital Gain Net Income | $0 |
| Net ST Capital Gain | $0 |
| Income Modifications | $0 |
| Profit on Inventory Sales | $0 |
| Other Income | $0 |
| Total Revenue | $2,010,402 |
| Statement of Expenses | |
|---|---|
| Compensation of officers, directors, trustees, etc | $1,034,398 |
| Other employee salaries and wages | $1,517,626 |
| Pension plans, employee benefits | $0 |
| Interest | $0 |
| Taxes | $0 |
| Depreciation | $0 |
| Occupancy | $0 |
| Travel, conferences, and meetings | $4,013 |
| Printing and publications | $0 |
| Other expenses | $422,307 |
| Total operating and administrative expenses | $4,088,181 |
| Contributions, gifts, grants paid | $20,910,870 |
| Total expenses and disbursements | $24,999,051 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $277,822 |
| Savings and temporary cash investments | $27,150,043 |
| Net Accounts receivable | $0 |
| Net Pledges Receivable | $0 |
| Grants receivable | $0 |
| Receivables from Officers, Directors, or Controlling Persons | $0 |
| Net other notes and loans receivable | $0 |
| Inventories for sale or use | $0 |
| Prepaid expenses and deferred charges | $0 |
| Net Investments - land, buildings, equipment | $0 |
| Investments—mortgage loans | $0 |
| Investments—other | $0 |
| Net Land, buildings, and equipment | $0 |
| Other assets | $0 |
| Total assets | $27,427,865 |
| Accounts payable and accrued expenses | $3,929,480 |
| Grants payable | $139,950 |
| Deferred revenue | $0 |
| Loans and other payables to any current Officer, Director, or Controlling Person | $0 |
| Mortgages and other notes payable | $0 |
| Other liabilities | $0 |
| Total liabilities | $4,069,430 |
Grants Awarded
Over the last fiscal year, Medtronic Communities Foundation has awarded $24,797,826 in support to 54 organizations.
| Grant Recipient | Amount |
|---|---|
10000 DEGREES PURPOSE: MILESTONE BASED PAYMENT | $110,000 |
AMERICAN HEART ASSOCIATION PURPOSE: 2023 TC HEART WALK | $25,000 |
A PRECIOUS CHILD PURPOSE: COVID 19 | $10,000 |
AMERICAN HEART ASSOCIATION PURPOSE: SPONSORSHIP | $25,000 |
AMERICARES FOUNDATION INC PURPOSE: EMERGENCY SPEND DOWN FUND AND UKRAINE RESPONSE | $700,000 |
ATLANTIC CORRIDOR LINKS COMPANY LTD PURPOSE: STEM | $212,500 |