THE MINNEAPOLIS MEDICAL RESEARCH FOUNDATION

Transcription

1 THE MINNEAPOLIS MEDICAL RESEARCH FOUNDATION 2014 Financial Report

2 The Impact of Medical Research The Minneapolis Medical Research Foundation (MMRF) has been seeking answers to health problems since We support and oversee the medical research conducted on the Hennepin County Medical Center campus in downtown Minneapolis. In an academic environment that emphasizes patient care, research and teaching, MMRF helps offer patients better care now and hope for improved health care in the future. MMRF is the third largest medical research non-profit organization in Minnesota and ranks in the top seven percent nationally of all institutions receiving research grants from the National Institutes of Health. While public monies support a majority of our research, our work would not be possible without corporate support and individual donations. Over 200 medical doctors, PhDs, nurses and other medical professionals along with over 150 volunteers are working on hundreds of active research projects at MMRF. Their medical investigations span the spectrum of medical inquiry: from basic sciences research that uncovers the molecular underpinnings of disease, to clinical research trials that test the efficacy of new therapies, to outcomes research that tracks the impact of disease on large population groups. In 2014, MMRF researchers made significant contributions to the study and practice of medicine in many fields including: Addiction Medicine Cardiac Biomakers Cardiopulmonary Resuscitation Chronic Diseases Cognitive Issues in Aging/Geriatrics Emergency Medicine Gastrointestinal and Liver Disease Heart Disease HIV/Aids Kidney Disease Organ Transplantation Orthopedics and Biomechanics Disease Outcomes Sleep Disorders The impact of Medical research has a profound longterm effect on the health of individuals and society. To help generate the next wave of medical advances, many of the investigations conducted by MMRF researchers are translational in nature. Translational medical research projects take new discoveries on the basic biological causes of disease and use that knowledge to develop new medical therapies that have the potential to improve patient care and outcomes. Today s medical investigations show promise in developing new ways to treat old foes, such as cancer, diabetes, heart disease and AIDS. As science continues to unravel the fundamental biological processes that cause disease we will see profound changes in treatment approaches. When you support medical research programs at MMRF you are helping build the future of medicine. With your partnership we are able to make significant headway in our mission to advance medical knowledge and improve patient care and outcomes.

3 2014 Financial Highlights Distribution of Funds in 2014 In % of each dollar contributed to MMRF went directly to support research efforts while only 7.6% of funds were used to support general and administrative costs. The low percentage of funds spent on general and administrative costs makes MMRF a very competitive and efficient medical research foundation. General & Administrative 7.6% Program Services 92.4% MMRF Funding Sources Contributions to MMRF come from a variety of sources. Funds from federal government entities make up the largest portion of our operating revenue. Significant contributions come from state and local government entities, private organizations, industry and individuals. Other Grants & Contracts 27.6% Other 0.1% Investments 2.8% Contributions 5.4% Federal Grants & Contracts 64.1%

4 Statements of Financial Position December 31, 2014 and December 31, 2013 ASSETS Cash and Cash Equivalents $ 4,572,198 $ 4,817,681 Investments 26,337,399 26,749,738 Receivables Contract and Grant 3,099,238 3,721,494 Promise to Give 560, ,000 Interest 10,477 - Prepaid Expenses 596, ,596 Beneficial Interest in Perpetual Trusts 992,902 1,014,480 Property and Equipment, net 2,218,102 2,587,499 Total Assets $ 38,387,402 $ 39,626,488 LIABILITIES AND NET ASSETS LIABILITIES Accounts Payable $ 472,015 $ 371,995 Accrued Expenses 1,321,498 2,148,250 Deferred Revenue 721, ,615 Total Liabilities $ 2,514,974 $ 2,941,860 NET ASSETS Unrestricted Investment in Property and Equipment $ 2,218,102 $ 2,587,499 Undesignated 789,684 1,274,840 Designated other 5,871,431 5,160,972 Designated for Investigator Directed Research and Education 7,290,902 6,418,988 Total Unrestricted 16,170,119 15,442,299 Temporarily Restricted 4,241,387 5,770,046 Permanently Restricted 15,460,922 15,472,283 Total Net Assets $ 35,872,428 $ 36,684,628 Total Liabilities and Net Assets $ 38,387,402 $ 39,626,488

5 Statements of Activities and Changes in Net Asset Year Ended December 31, 2014 with comparative totals for the Year Ended December 31, 2013 CONTRIBUTIONS, GAINS, AND OTHER SUPPORT Unrestricted Temporarily Restricted Permanently Restricted 2014 Total 2013 Total US Government Contracts & Grants $ - $ 23,470,750 $ - $ 23,470,750 $ 21,292,069 Oher Contracts and Grants 634,259 9,457,099-10,091,358 11,245,855 Contributions 911,253 1,060,424-1,971,677 1,213,054 Investment Income 632, ,772 1,028,744 1,114,774 Other 30,753 52,188-82, ,522 Change in Fair Value of Perpetual Trusts - - (21,578) (21,578) 52,148 Net Assets Released from Restrictions 35,822,399 (35,569,120) (253,279) - - Total contributions, gains, and other support 38,031,636 (1,528,659) 120,915 36,623,892 35,030,422 OPERATING EXPENSES Research and Education 34,375, ,375,437 31,153,975 General and Administrative 2,836, ,836,665 2,540,382 Fundraising 1, ,790 5,811 Total Operating Expenses 37,213, ,213,892 33,700,168 GAIN FROM OPERATIONS 817,744 (1,528,659) 120,915 (590,000) 1,330,254 CHANGE IN UNREALIZED GAINS AND LOSSES ON INVESTMENTS (89,924) - (132,276) (222,200) 2,512,773 CHANGE IN NET ASSETS 727,820 (1,528,659) (11,361) (812,200) 3,843,027 NET ASSETS, BEGINNING OF YEAR 15,442,229 5,770,046 15,472,283 36,684,628 32,841,601 NET ASSETS, END OF YEAR $ 16,170,119 $ 4,241,387 $ 15,460,922 $ 35,872,428 $ 36,684,628

6 Minneapolis Medical Research Foundation For more information about our research programs, visit Park Ave, Suite PP7.700 Minneapolis MN The Minneapolis Medical Research Foundation An Equal Opportunity Employer: Minorities, Women, Veterans, Disabilities