Hennepin Healthcare Research Institute

Nonprofit profile at a glance

EIN
411677920
IRS 990 coverage
2010–2024
Official website data refreshed
Sep 2026
Forms available
Form 990 2024
Location
Minneapolis, MN, US
Phone
612-873-5300
Rating
66
Verdict
SUPPORTED
Rating confidence
Moderate
Sector
Medical Disciplines Research

Official website

Reported finances

Revenue
$54,717,221
Expenses
$53,504,403
Assets
$75,518,149
Liabilities
$10,600,602

Source: IRS Form 990. Selected filing: tax year 2024. Amounts in USD.

Leadership & pay

26 people listed

Executive titles in this filing

  • KIRSTEN L JOHANSEN MD (PRESIDENT/INVESTIGATOR)
  • JASON BAKER MD (FORMER VICE PRESIDENT/INVESTIGATOR)
  • AJAY ISRANI MD MS (FORMER PRESIDENT/INVESTIGATOR)

Highest reported compensation

  • ANDREW SCHMIDT MD (DIRECTOR/PHYSICIAN (UNTIL 6/24)): $660,695 total reported compensation
  • MICHAEL PUSKARICH MD MS (DIRECTOR/PHYSICIAN): $573,871 total reported compensation
  • MEGHAN WALSH MD MPH FACP (DIRECTOR/HHS - CARO): $539,918 total reported compensation

Source: IRS Form 990. Selected filing: tax year 2024. Names and roles reflect this filing, not necessarily current officeholders.

Overview

Mission

To investigate the causes of and potential treatments for diseases, supporting and overseeing medical research at HCMC, Hennepin Healthcare's acute care and teaching hospital.

What it reported doing in 2024

Clinical research and educational activities: hennepin healthcare research institute (hhri) investigators are practicing physicians, scientists and other medical professionals using their expertise to advance medical knowledge and improve the care patients receive. Hhri's research subjects are diverse with a focus on acute care/trauma, addiction, health services, and infectious diseases. Participants in hhri clinical research studies (including traumatic brain injury, substance use disorders, dementia, chronic diseases, and HIV/AIDS) have access to some of the latest medical treatments available today. In addition to pursuing innovative new therapies, our investigators are training the next generation of scientists and medical professionals, inspiring them to carry out hhri's mission of improving patient care and the health of our community through research and education. Our investigators also publish regularly in peer-reviewed journalssee schedule o - general statement.

Operating model

Revenue model
Mixed. Its operating money came from several sources; no one source provided a clear majority.
Distribution model
Direct operator. The filing allocates 100% of reported program-service expenses outside its grant, affiliate-payment, and member-benefit lines. This expense classification does not rule out separately announced grant awards.

The verdict

SUPPORTED - A large share of available resources goes toward mission work and most filed governance safeguards are in place. A relatively small share of voting board members are independent and the filing reports few safeguards for money sent abroad.

Rating breakdown

  • Financial Efficiency: 81
  • Transparency & Controls: 45
  • Accountability: 66
  • Sustainability: 47
  • Growth: 100

Detailed rating inputs

Financial Efficiency

  • Mission deployment rate: 90.5%; rating input score 91
  • Program expense ratio: 92.2%; rating input score 92
  • Fundraising efficiency: Limited

Transparency & Controls

  • Consistency checks: 93.3%; rating input score 93; 21st percentile among comparable filings
  • Pay-setting controls: 1 of 6 controls in place; rating input score 17
    • Compensation committee: Missing
    • Independent consultant: Missing
    • Other Form 990s reviewed: Missing
    • Written employment contract: Missing
    • Compensation survey or study: Missing
    • Board or committee approval: Pass
  • Foreign activity oversight: Scored; rating input score 0
  • Grant itemization coverage: Scored; rating input score 0
  • Major donor itemization: Yes; rating input score 100
  • Related-party transparency: Limited

Accountability

  • Independent voting board: 50%; rating input score 50; 13th percentile among comparable filings
  • Governance controls: 8 of 9 controls in place; rating input score 89
    • Conflict-of-interest policy: Pass
    • Whistleblower policy: Pass
    • Document-retention policy: Pass
    • CEO compensation review process: Pass
    • Other executive compensation review process: Fail
    • Form 990 shared with the board: Pass
    • Board meeting minutes documented: Pass
    • Audit committee oversight: Pass
    • Independent financial-statement audit: Pass

Sustainability

  • Operating margin: 2.2%; rating input score 44; 44th percentile among comparable filings
  • Total-asset coverage ratio: 1.41; rating input score 51; 51st percentile among comparable filings
  • Liabilities to assets ratio: 0.14; rating input score 77; 77th percentile among comparable filings
  • Officer compensation ratio: 4.2%; rating input score 23; 23rd percentile among comparable filings

Growth

  • Program expense growth: 4.8% per year; rating input score 100; 39th percentile among comparable filings
  • Revenue growth: 4.8% per year; rating input score 100; 40th percentile among comparable filings
  • Asset growth: 6.6% per year; rating input score 100; 49th percentile among comparable filings

Details

  • What they do: 8 programs and campaigns described on the official site · 1 operating location identified
  • Where the money goes: 90.5% of revenue deployed · 92.2% of spending went to programs
  • Governance: 7 of 14 board members independent · 8 of 9 filing controls reported
  • Programs: 2 filed program accomplishments · $49.3M in reported program spending
  • Leadership: top reported pay $661K · 26 people listed · 1 of 6 pay-setting controls reported
  • Highest-paid contractors: 5 contractors listed · $13.9M reported
  • Consistency: 33 of 33 current checks pass
  • Schedules: 8 filed schedules · includes major donors, foreign activity, and executive pay
  • Filing history: 14 filing years from 2010 to 2024
  • Contacts: How to reach this organization
  • Money network: 7 filed money-flow records
  • Related organizations: 3 filed related-organization links
  • Grant readiness: Federal tax and exclusion status, award history, and grant-maker relationships.
  • People: Everyone the filings name, and which of them the filings identify by more than a name.

Key Signals

Signals prioritize questions for review. They are not findings of misconduct.

  • Review — Accountability: Independent voting board scored 50/100.
  • High — Transparency & Controls: Foreign activity oversight scored 0/100.
  • High — Transparency & Controls: Grant itemization coverage scored 0/100.
  • Moderate — Sustainability: Operating margin scored 44/100.
  • Review — Accountability: Governance controls: Other executive compensation review process not reported.
  • Review — Sustainability: Total-asset coverage ratio scored 51/100.
  • High — Sustainability: Officer compensation ratio scored 23/100.