Minnesota Section Institute Of Food Technologists
- Assets
- $874.5k
- Revenue
- $114.6k
- Investments
- $731.1k
- Employees
- 0
- Location
- Minneapolis, MN
- Founding
- 09/1965
- Data as of
- 06/2022
- EIN
- 41-6045207
Organization Overview
Minnesota Section Institute Of Food Technologists is located in Minneapolis, MN. The organization was established in 1965. According to its NTEE Classification (K99) the organization is classified as: Food, Agriculture & Nutrition N.E.C., under the broad grouping of Food, Agriculture & Nutrition and related organizations. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Minnesota Section Institute Of Food Technologists 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 06/2022, Minnesota Section Institute Of Food Technologists generated $114.6k in total revenue. The organization has seen a slow decline revenue. Over the past 7 years, revenues have fallen by an average of (1.1%) each year. All expenses for the organization totaled $60.9k during the year ending 06/2022. As we would expect to see with falling revenues, expenses have declined by (4.7%) per year over the past 7 years. 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
2022
Describe the Organization's Mission:
Part 3 - Line 1
THE MINNESOTA SECTION OF THE INSTITUTE OF FOOD TECHNOLOGISTS (IFT) IS AN ORGANIZATION THAT ADVANCES FOOD SCIENCE AND NUTRITION WITH LOCAL PARTNERS ACROSS THE FOOD SYSTEM. THE SECTION ALSO PROVIDES SUPPORT TO THE GREAT PLAINS SUBSECTION, WHICH INCLUDES MEMBERS LIVING IN EASTERN SOUTH DAKOTA AND SOUTHERN MINNESOTA. OUR CURRENT MEMBERSHIP IS APPROXIMATELY 527.ACTIVITIES INCLUDE: DINNER MEETINGS WITH GUEST SPEAKERS RELATED TO FOOD SCIENCE, PROVIDING ANNUAL SCHOLARSHIPS TO UNDERGRADUATE AND GRADUATE STUDENTS, AND FUNDRAISERS INCLUDING A SILENT AUCTION AND SUPPLIER'S EXPO.
Describe the Organization's Program Activity:
Part 3 - Line 4a
SCHOLARSHIPS AND GRANTS TO FOOD SCIENCE STUDENTS, SCIENCE FAIR AWARDS, COLLEGE BOWL TEAM SPONSORSHIP, EDUCATIONAL MACY AWARD LECTURE, TRAVEL FOR MACY AWARD.
DINNER MEETING EXPENSE FOR PROGRAM MEETINGS.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Misen Luu Treasurer & Newsletter Editor | Officer | 1 | $0 |
Kirsten Ruud Finance Chair | Officer | 1 | $0 |
Emily Grisbeck Past President | Officer | 1 | $0 |
Dana Dronen Director At Large | Officer | 1 | $0 |
Sharon Herzog Director At Large | Officer | 1 | $0 |
Beth Ann Nylander Past Treasurer | Officer | 1 | $0 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Federated campaigns | $0 |
| Membership dues | $5,525 |
| Fundraising events | $0 |
| Related organizations | $0 |
| Government grants | $0 |
| All other contributions, gifts, grants, and similar amounts not included above | $500 |
| Noncash contributions included in lines 1a–1f | $0 |
| Total Revenue from Contributions, Gifts, Grants & Similar | $6,025 |
| Total Program Service Revenue | $1,480 |
| Investment income | $42,862 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $0 |
| Net Gain/Loss on Asset Sales | $0 |
| Net Income from Fundraising Events | $64,213 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $0 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $114,580 |
| Statement of Expenses | |
|---|---|
| Grants and other assistance to domestic organizations and domestic governments. | $0 |
| Grants and other assistance to domestic individuals. | $1,950 |
| 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 | $3,003 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $0 |
| Advertising and promotion | $452 |
| Office expenses | $0 |
| Information technology | $0 |
| 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 | $0 |
| Insurance | $215 |
| All other expenses | $500 |
| Total functional expenses | $60,890 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $66,715 |
| Savings and temporary cash investments | $76,689 |
| 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 | $0 |
| Investments—publicly traded securities | $0 |
| Investments—other securities | $731,130 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $0 |
| Total assets | $874,534 |
| 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 | $874,534 |
| 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 | $874,534 |
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