Minnesota Technology Association
- Assets
- $801.8k
- Revenue
- $2.4m
- Investments
- $0.0
- Employees
- 15
- Location
- Minneapolis, MN
- Founding
- 09/1983
- Data as of
- 12/2022
- EIN
- 41-1440301
Organization Overview
Minnesota Technology Association is located in Minneapolis, MN. The organization was established in 1983. According to its NTEE Classification (S41) the organization is classified as: Chambers of Commerce & Business Leagues, under the broad grouping of Community Improvement & Capacity Building and related organizations. As of 12/2022, Minnesota Technology Association employed 15 individuals. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Minnesota Technology Association is a 501(c)(6) and as such, is described as a "Business League, Chambers of Commerce, or Real Estate Board" by the IRS.
For the year ending 12/2022, Minnesota Technology Association generated $2.4m in total revenue. This represents relatively stable growth, over the past 8 years the organization has increased revenue by an average of 2.2% each year. All expenses for the organization totaled $2.3m during the year ending 12/2022. While expenses have increased by 2.2% per year over the past 8 years. They've been increasing with an increasing level of total revenue. You can explore the organizations financials more deeply in the financial statements section below.
Since 2014, Minnesota Technology Association has awarded 435 individual grants totaling $3,094,619. 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
990
Mission & Program ActivityExcerpts From the 990 Filing
TAX YEAR
2022
Describe the Organization's Mission:
Part 3 - Line 1
TO BUILD A MORE VIBRANT, INNOVATIVE, AND INCLUSIVE TECHNOLOGY ECOSYSTEM IN MINNESOTA.
Describe the Organization's Program Activity:
Part 3 - Line 4a
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. THE MINNESOTA TECHNOLOGY ASSOCIATION NURTURES EACH OF THESE ATTRIBUTES WITHIN OUR STATE, ENABLING MINNESOTA TECHNOLOGY-DRIVEN BUSINESSES, PROFESSIONALS, AND COMMUNITIES TO THRIVE. THE MINNESOTA TECHNOLOGY ASSOCIATION CREATES MEANINGFUL CONNECTIONS AND CAREER ADVANCEMENT THROUGH IT'S RESPECTED PROGRAMS, EDUCATIONAL OPPORTUNITIES, AND NETWORKING EVENTS. THE ASSOCIATION RUNS INTERNSHIP PROGRAMS TO ASSIST STUDENTS IN THE STEM FIELD FIND MEANINGFUL WORK, AND TO DRIVE MINNESOTA'S STEM WORKFORCE DEVELOPMENT. THE MINNESOTA TECHNOLOGY ASSOCIATION ALSO LEADS IN ADVANCING TECH-RELATED PUBLIC POLICY ISSUES TO MINNESOTA'S STATE LEGISLATURE AND SERVES AS THE LOCAL AFFILIATE OF TECNA, THE TECHNOLOGY COUNCILS OF NORTH AMERICA. OUR MEMBERSHIP BASE INCLUDES COMPANIES THAT WORK THE SPECTRUM OF TECHNOLOGY, FROM IT, ADVANCED MANUFACTURING, LIFE SCIENCES, FINTECH, AGTECH, CLEANTECH, AND EDUTECH, AND RANGE FROM LONG-ESTABLISHED CORPORATIONS TO SMALL AND GROWING STARTUPS. THE MINNESOTA TECHNOLOGY ASSOCIATION'S MISSION IS TO ACCELERATE GROWTH, INNOVATION, AND THE DEVELOPMENT OF A STRONG, INCLUSIVE TECH ECOSYSTEM IN MINNESOTA.
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 2021-2022, THE PROGRAM HAD THE FOLLOWING RESULTS:-1545 STUDENT APPLICANTS-271 COMPANY APPLICANTS-254 STUDENT INTERNS HIRED WITH 175 METRO PLACEMENTS AND 79 GREATER MINNESOTA PLACEMENTS
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Jeff Tollefson President & CEO | OfficerTrustee | 40 | $225,815 |
Lonni Ranallo VP Of Finance And Administration | OfficerTrustee | 40 | $114,730 |
Cyrus Morton Board Chair | OfficerTrustee | 2 | $0 |
Douglas Carnival Secretary | OfficerTrustee | 2 | $0 |
Ed Foppe Treasurer | OfficerTrustee | 2 | $0 |
Tawanna Black Board Member | Trustee | 2 | $0 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Federated campaigns | $0 |
| Membership dues | $0 |
| Fundraising events | $0 |
| Related organizations | $0 |
| Government grants | $0 |
| All other contributions, gifts, grants, and similar amounts not included above | $217 |
| Noncash contributions included in lines 1a–1f | $0 |
| Total Revenue from Contributions, Gifts, Grants & Similar | $217 |
| Total Program Service Revenue | $2,364,077 |
| Investment income | $1,791 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $0 |
| Net Gain/Loss on Asset Sales | $0 |
| Net Income from Fundraising Events | $0 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $0 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $2,367,285 |
| Statement of Expenses | |
|---|---|
| Grants and other assistance to domestic organizations and domestic governments. | $599,845 |
| Grants and other assistance to domestic individuals. | $0 |
| Grants and other assistance to Foreign Orgs/Individuals | $0 |
| Benefits paid to or for members | $0 |
| Compensation of current officers, directors, key employees. | $393,758 |
| Compensation of current officers, directors, key employees. | $0 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $697,436 |
| Pension plan accruals and contributions | $4,990 |
| Other employee benefits | $86,825 |
| Payroll taxes | $80,283 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $0 |
| Fees for services: Accounting | $19,281 |
| Fees for services: Lobbying | $46,000 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $74,444 |
| Advertising and promotion | $0 |
| Office expenses | $24,775 |
| Information technology | $0 |
| Royalties | $0 |
| Occupancy | $51,125 |
| Travel | $0 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $196,697 |
| Interest | $0 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $6,025 |
| Insurance | $4,160 |
| All other expenses | $0 |
| Total functional expenses | $2,326,570 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $95,788 |
| Savings and temporary cash investments | $553,032 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $127,744 |
| Loans from Officers, Directors, or Controlling Persons | $0 |
| Loans from Disqualified Persons | $0 |
| Notes and loans receivable | $0 |
| Inventories for sale or use | $0 |
| Prepaid expenses and deferred charges | $19,813 |
| Net Land, buildings, and equipment | $5,439 |
| Investments—publicly traded securities | $0 |
| Investments—other securities | $0 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $0 |
| Total assets | $801,816 |
| Accounts payable and accrued expenses | $134,505 |
| Grants payable | $0 |
| Deferred revenue | $290,991 |
| Tax-exempt bond liabilities | $0 |
| Escrow or custodial account liability | $0 |
| Loans and other payables to any current Officer, Director, or Controlling Person | $0 |
| Secured mortgages and notes payable | $0 |
| Unsecured mortgages and notes payable | $0 |
| Other liabilities | $0 |
| Total liabilities | $425,496 |
| Net assets without donor restrictions | $376,320 |
| Net assets with donor restrictions | $0 |
| Capital stock or trust principal, or current funds | $0 |
| Paid-in or capital surplus, or land, building, or equipment fund | $0 |
| Retained earnings, endowment, accumulated income, or other funds | $0 |
| Total liabilities and net assets/fund balances | $801,816 |
Grants Awarded
Over the last fiscal year, Minnesota Technology Association has awarded $243,804 in support to 26 organizations.
| Grant Recipient | Amount |
|---|---|
ABILITECH MEDICAL PURPOSE: SCITECH WAGE SUPPORT | $10,000 |
ADVISORY AEROSPACE OSC PURPOSE: SCITECH WAGE SUPPORT | $13,045 |
ABV TECHNOLOGY PURPOSE: SCITECH WAGE SUPPORT | $9,488 |
ASTER LABS INC PURPOSE: SCITECH WAGE SUPPORT | $7,500 |
CALYXT INC PURPOSE: SCITECH WAGE SUPPORT | $7,500 |
FERSKTECH PURPOSE: SCITECH WAGE SUPPORT | $7,500 |