Minnesota Medical Foundation

What it reported doing in 2011

The Minnesota Medical Foundation (MMF) raises and manages private gifts that advance medical and public health research, education, and care at the University of Minnesota. Research: During the reporting year, MMF disbursed more than $50 million to support critical research in areas that include cardiovascular and lung disease; diabetes; cancer; brain, nerve, and muscle disorders; childhood diseases; and public and community health. Such funding supports work conducted across the University's Medical School, School of Public Health, and Masonic Cancer Center. Of this $50 million, close to $4 million contributed to 110 chair and professorship funds in health-related areas. Funding for these prestigious positions helps the University attract and retain outstanding faculty in academic programs of the Academic Health Center. Additionally, MMF awarded over $994,650 in seed money to 46 faculty members, enabling them to explore promising but early-stage research. Education: MMF's achievements in recruiting some of the world's top medical and public health researchers, clinicians, and practitioners have, in turn, attracted exceptional students. MMF provides scholarships that enable students to afford the high price of a medical or public health education. During the reporting year, MMF awarded 704 scholarships that totaled more than $2.2 million. Notably, nearly 70 percent of the University's health professional graduates choose to stay and practice in Minnesota-boosting the state's medical workforce and its economy. MMF manages funds that support academic programs, lectureships, and fellowships, which also contribute to the education of students , residents, fellows, and faculty. Care: With MMF support, the University of Minnesota engages in innovative research, including translational studies that speed the transfer of discoveries from the laboratory to the bedside. As a result, University patients have access to the most current and promising medical care, including the latest in clinical breakthroughs. Capital: During the reporting year, MMF disbursed $6.7 million for the construction of the University of Minnesota Amplatz Children's Hospital, which opened its doors on April 30, 2011. This state-of-the-art hospital features spacious, family-friendly private rooms; eco-sensitive design; smart in-room technology; a pediatric-only emergency department; Minnesota's only children's dialysis center; and spaces dedicated to teaching. Besides offering programs and care in more than 50 specialty areas, this academic hospital couples basic science and translational research to radically improve care for critically ill children.

Financial Efficiency

• Mission deployment rate: Limited
• Program expense ratio: Limited
• Fundraising efficiency: Limited

Transparency & Controls

• Consistency checks: 94.1%; rating input score 94; 26th percentile among comparable filings
• Pay-setting controls: 5 of 6 controls in place; rating input score 83
  • Compensation committee: Pass
  • Independent consultant: Pass
  • Other Form 990s reviewed: Missing
  • Written employment contract: Pass
  • Compensation survey or study: Pass
  • Board or committee approval: Pass
• Foreign activity oversight: Limited
• Grant itemization coverage: 100%; rating input score 100; 76th percentile among comparable filings
• Major donor itemization: Yes; rating input score 100
• Related-party transparency: Limited

Accountability

• Independent voting board: 100%; rating input score 100; 84th 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: Pass
  • Form 990 shared with the board: Fail
  • Board meeting minutes documented: Pass
  • Audit committee oversight: Pass
  • Independent financial-statement audit: Pass

Sustainability

• Operating margin: 7.2%; rating input score 73; 73rd percentile among comparable filings
• Total-asset coverage ratio: 6.14; rating input score 92; 92nd percentile among comparable filings
• Liabilities to assets ratio: 0.03; rating input score 96; 96th percentile among comparable filings
• Officer compensation ratio: 2.5%; rating input score 37; 37th percentile among comparable filings

Growth

• Program expense growth: Limited
• Revenue growth: 4.3% per year; rating input score 100; 49th percentile among comparable filings
• Asset growth: 5.1% per year; rating input score 100; 53rd percentile among comparable filings