Twin Cities Heart Foundation
- Assets
- $927.2k
- Revenue
- $17.5k
- Investments
- $913.1k
- Employees
- 0
- Location
- Minneapolis, MN
- Founding
- 12/2001
- Data as of
- 12/2021
- EIN
- 41-2016735
Organization Overview
Twin Cities Heart Foundation is located in Minneapolis, MN. The organization was established in 2001. According to its NTEE Classification (H43) the organization is classified as: Heart & Circulatory System Diseases & Disorders Research, under the broad grouping of Medical Research and related organizations. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Twin Cities Heart 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 12/2021, Twin Cities Heart Foundation generated $17.5k in total revenue. This represents a relatively dramatic decline in revenue. Over the past 7 years, the organization has seen revenues fall by an average of (7.7%) each year. All expenses for the organization totaled $60.0k during the year ending 12/2021. You can explore the organizations financials more deeply in the financial statements section below.
Form
990
Mission & Program ActivityExcerpts From the 990 Filing
TAX YEAR
2021
Describe the Organization's Mission:
Part 3 - Line 1
TO SUPPORT AND CONDUCT CARDIAC RESEARCH
Describe the Organization's Program Activity:
Part 3 - Line 4a
THE FOUNDATION PERFORMS AND SUPPORTS CARDIOVASCULAR RESEARCH. TELEMEDICINE & INFORMATION SYSTEMS: THE ORGANIZATION CONTINUES TO ASSESS THE ROLE OF TELEMEDICINE ALONG WITH OTHER REMOTE MONITORING AND INFORMATION SYSTEMS, IN THE EVALUATION, DIAGNOSIS, MONITORING AND TREATMENT OF CARDIOVASCULAR DISEASE. THEY EVALUATE THE ROLE OF TELEMEDICINE IN ALLOWING ELDERLY CARDIOVASCULAR PATIENT TO ADEQUATELY CARE FOR THEMSELVES OUTSIDE OF A NURSING HOME AND FINDING COST EFFECTIVE METHODS THAT FAMILY MEMBERS CAN USE TO REMOTELY MONITOR INDIVIDUALS IN THEIR FAMILY AVOIDING THE NEED FOR ASSISTED LIVING OR NURSING HOME PLACEMENT.NON-SURGICAL TREATMENT OF VASCULAR DISEASE: THE ORGANIZATION IS COLLABORATING WITH THE MINNEAPOLIS HEART INSTITUTE EVALUATING PATIENTS WITH VASCULAR HEART DISEASE. PUBLIC HEALTH RISK OF MEDICAL DEVICES AND DRUGS: TWIN CITIES HEART FOUNDATION CONTINUES TO EVALUATE THE PUBLIC HEART RISK AND COST DUE TO CARDIAC COMPLICATIONS FROM MEDICAL DEVICES AND DRUGS.RECENT PUBLICATIONS INCLUDE "A PERSPECTIVE ON NEEDS IDENTIFICATION FOR SUCCESSFUL CARDIOVASCULAR DEVICE INNOVATION". SEE THE WEBSITE AT WWW.TWINCITIESHEARTFOUNDATION.NET FOR MORE PUBLICATIONS AND INFORMATION.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Irvin Goldenberg President | OfficerTrustee | 20 | $0 |
Rick Mariam Vice President | OfficerTrustee | 1 | $0 |
Paul Seifert Vice President | OfficerTrustee | 1 | $0 |
Wes Pedersen Vice President | OfficerTrustee | 1 | $0 |
Terry L Baumgard Vice President & Treasurer | OfficerTrustee | 1 | $0 |
Constance Cichy Vice President | OfficerTrustee | 1 | $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 | $10,278 |
| Noncash contributions included in lines 1a–1f | $0 |
| Total Revenue from Contributions, Gifts, Grants & Similar | $10,278 |
| Total Program Service Revenue | $0 |
| Investment income | $3,973 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $0 |
| Net Gain/Loss on Asset Sales | $3,205 |
| Net Income from Fundraising Events | $0 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $0 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $17,456 |
| Statement of Expenses | |
|---|---|
| Grants and other assistance to domestic organizations and domestic governments. | $0 |
| 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. | $0 |
| Compensation of current officers, directors, key employees. | $0 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $0 |
| Pension plan accruals and contributions | $0 |
| Other employee benefits | $0 |
| Payroll taxes | $0 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $0 |
| Fees for services: Accounting | $3,300 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $275 |
| Fees for services: Other | $0 |
| Advertising and promotion | $0 |
| Office expenses | $2,917 |
| Information technology | $3,314 |
| Royalties | $0 |
| Occupancy | $0 |
| Travel | $0 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $0 |
| Interest | $0 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $1,027 |
| Insurance | $2,305 |
| All other expenses | $315 |
| Total functional expenses | $59,966 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $10,002 |
| Savings and temporary cash investments | $0 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $0 |
| 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 | $0 |
| Net Land, buildings, and equipment | $4,109 |
| Investments—publicly traded securities | $0 |
| Investments—other securities | $913,079 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $0 |
| Total assets | $927,190 |
| Accounts payable and accrued expenses | $0 |
| Grants payable | $0 |
| Deferred revenue | $0 |
| 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 | $0 |
| Net assets without donor restrictions | $0 |
| 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 | $927,190 |
| Total liabilities and net assets/fund balances | $927,190 |
Grants Recieved
Over the last fiscal year, we have identified 1 grants that Twin Cities Heart Foundation has recieved totaling $10,000.
| Awarding Organization | Amount |
|---|---|
Minneapolis Foundation Minneapolis, MN PURPOSE: HEALTH | $10,000 |
Peer Organizations
| Organization Name | Assets | Revenue |
|---|---|---|
Conquering Congenital Heart Disease Madison, WI | $163,592 | $581,914 |
Twin Cities Heart Foundation Minneapolis, MN | $927,190 | $17,456 |
Team Quinn Edina, MN | $6,549 | $0 |
Waukesha Heart Foundation Inc Waukesha, WI | $584,339 | $69,517 |
Metropolitan Cardiology Consultants Research And Education Foundation Coon Rapids, MN | $222,709 | $0 |