Twin Cities Heart Foundation

Nonprofit profile at a glance

EIN
412016735
IRS 990 coverage
2020–2024
Forms available
Form 990 2024
Location
Minneapolis, MN, USA
Phone
6125816593
Rating
60
Verdict
SUPPORTED
Rating confidence
Moderate
Sector
Heart, Circulatory Research

Official website

Reported finances

Revenue
$86,264
Expenses
$41,491
Assets
$970,419
Liabilities
$0

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

Leadership & pay

8 people listed

Executive titles in this filing

  • IRVIN GOLDENBERG (PRESIDENT)
  • PAUL SEIFERT (VICE PRESIDENT)
  • RICK MARIAM (VICE PRESIDENT)
  • WES PEDERSEN (VICE PRESIDENT & DIRECTOR OF RESEARCH)
  • CONSTANCE CICHY (VICE PRESIDENT)
  • PAM SCHILLER (VICE PRESIDENT & SECRETARY)

People named in this filing

  • IRVIN GOLDENBERG (PRESIDENT)
  • PAUL SEIFERT (VICE PRESIDENT)
  • RICK MARIAM (VICE PRESIDENT)

Selected names, not a complete roster or a statement of current roles. Open leadership details for the complete filed list.

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

Overview

Mission

Investigate ways to make remote communications and monitoring of patients cost effective and practical. This includes evaluation of both traditional and novel uses of various audio, video and data acquisition systems for communication and monitoring of patients (i.e. Telemedicine, videoconferencing, and other audio, video and data acquisition and surveillance systems.), as well as evaluating the individual patient and public health impact of the side effects of various drugs and devices and performing cardiac research that leads to a better understanding of cardiac disease diagnosis, prevention and/or treatment. Presently, much of this research involves nonsurgical interventions and treatment of valvular heart disease.

What it reported doing in 2024

Research projects: the twin cities heart foundation (tchf) mission is cardiovascular research and education. The organization has ongoing research projects and publications. Telemedicine & information systems: the twin cities heart foundation continues to assess the role of telemedicine, along with other remote monitoring and information systems, in the evaluation, diagnosis, monitoring and treatment of cardiovascular patients. The twin cities heart foundation also continues to evaluate the role that telemedicine (along with other monitoring and information systems) has in allowing the elderly cardiovascular patient to adequately care for themselves outside of a nursing home. Public health risk of medical devices and drugs: the twin cities heart foundation continues to evaluate the public health risk of various chemicals, drugs and/or medical devices. The organization does this through collaboration with st louis university medical school and university of Minnesota medical school and others.

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 - The filed numbers largely add up and most voting board members are independent. A relatively small share of available resources goes toward mission work and a relatively small share of total spending goes to programs.

Rating breakdown

  • Financial Efficiency: 28
  • Transparency & Controls: 92
  • Accountability: 70
  • Sustainability: 81
  • Growth: 60

Detailed rating inputs

Financial Efficiency

  • Mission deployment rate: 27.3%; rating input score 27
  • Program expense ratio: 37.8%; rating input score 38
  • Fundraising efficiency: Limited

Transparency & Controls

  • Consistency checks: 100%; rating input score 100; 63rd percentile among comparable filings
  • Pay-setting controls: Limited
  • Foreign activity oversight: Limited
  • Grant itemization coverage: Limited
  • Major donor itemization: Yes; rating input score 100
  • Related-party transparency: Limited

Accountability

  • Independent voting board: 100%; rating input score 100; 64th percentile among comparable filings
  • Governance controls: 2 of 7 controls in place; rating input score 29
    • Conflict-of-interest policy: Pass
    • Whistleblower policy: Fail
    • Document-retention policy: Fail
    • CEO compensation review process: NotApplicable
    • Other executive compensation review process: NotApplicable
    • Form 990 shared with the board: Fail
    • Board meeting minutes documented: Pass
    • Audit committee oversight: Missing
    • Independent financial-statement audit: Fail

Sustainability

  • Operating margin: 51.9%; rating input score 88; 88th percentile among comparable filings
  • Total-asset coverage ratio: 23.39; rating input score 82; 82nd percentile among comparable filings
  • Liabilities to assets ratio: 0; rating input score 69; 69th percentile among comparable filings
  • Officer compensation ratio: 0%; rating input score 60; 60th percentile among comparable filings

Growth

  • Program expense growth: -20% per year; rating input score 0; 17th percentile among comparable filings
  • Revenue growth: 2.9% per year; rating input score 100; 71st percentile among comparable filings
  • Asset growth: 6.1% per year; rating input score 100; 70th percentile among comparable filings

Details

  • Where the money goes: 27.3% of revenue deployed · 37.8% of spending went to programs
  • Governance: 8 of 8 board members independent · 2 of 7 filing controls reported
  • Programs: 1 filed program accomplishment · $16K in reported program spending
  • Leadership: top reported pay $0 · 8 people listed
  • Consistency: 17 of 17 current checks pass
  • Schedules: 4 filed schedules · includes major donors
  • Filing history: 5 filing years from 2020 to 2024
  • Contacts: How to reach this organization
  • Money network: Resolved incoming and outgoing counterparties from filed money flows.
  • Related organizations: Filed and resolved organization relationships.
  • 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.

  • High — Financial Efficiency: Mission deployment rate scored 27/100.
  • Moderate — Financial Efficiency: Program expense ratio scored 38/100.
  • High — Accountability: Governance controls: 4 of 6 not reported.
  • High — Growth: Program expense growth scored 0/100.