Mayo Clinic in Rochester, Minnesota (MN)

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Mayo Clinic
Employer Identification Number (EIN)411937751
Name of OrganizationMayo Clinic
Address200 1st St Sw, Rochester, MN 55905-0001
SubsectionCharitable Organization
Ruling Date02/2000
DeductibilityContributions are deductible
FoundationOrganization which receives a substantial part of its support from a governmental unit or the general public
Exempt Organization StatusUnconditional Exemption
Tax Period12/2009
Income$50,000,000 to greater
Filing Requirement990 (all other) or 990EZ return
Asset Amount$1,272,846,538
Amount of Income$1,968,797,516
Form 990 Revenue Amount$439,617,622
National Taxonomy of Exempt Entities (NTEE)Health - General and Rehabilitative: Single Organization Support

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Amount of income in 2009: $1,968,797,516
This organization: 

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Assets in 2009: $1,272,846,538
This organization: 

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Expenses in 2007: $855,071,087
Mayo Clinic: 

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Income to expenses ratio in 2007: 0.9
Mayo Clinic: 

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Expenses allocated to program services in 2007: 83.7%
This organization: 

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Employees paid over $50,000 in 2007: 35.4%
Mayo Clinic: 

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Grants share in income in 2007: 45.2%
Mayo Clinic: 

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Financial snapshot ($)

Revenue for 2007

Assets at end of 2007

Expenses for 2007

Functional Expenses for 2007 ($)

Income-Producing Activities for 2007

Revenue, Expenses, and Changes in Net Assets or Fund Balances
Total revenue$328,391,870$192,934,459$161,614,142$408,837,190$441,951,853$592,406,725$643,759,647$776,532,450
Contributions, gifts, grants, and similar amounts received$161,388,335$143,416,543$128,967,635$191,406,390$189,550,183$267,367,404$224,630,288$351,317,378
Contributions to donor advised funds$0$0
Direct public support$159,935,515$138,993,657$126,969,509$189,389,993$187,703,800$265,932,255$223,694,034$350,945,822
Indirect public support$0$2,650,000$0$0$0$0$0$0
Government contributions (grants)$1,452,820$1,772,886$1,998,126$2,016,397$1,846,383$1,435,149$936,254$371,556
Program service revenue including government fees and contracts$9,344,773$11,313,426$8,514,020$105,935,415$129,006,152$151,094,399$149,358,421$165,096,901
Membership dues and assessments$0$0$0$0$0$0$0$0
Interest on savings and temporary cash investments$0$0$0$0$0$0$0$1,850,340
Dividends and interest from securities$38,890,328$44,897,077$42,685,746$42,721,747$46,946,379$54,178,939$49,950,462$45,279,201
Net rental income or (loss)$0$0$0$0$0$0$0$0
Gross rents$0$0$0$0$0$0$0$0
Less: rental expenses$0$0$0$0$0$0$0$0
Other investment income$0$6,500,000$0$50,000,000$0$0$0$0
Gain or (loss) from sales of assets other than inventory$118,113,852$-13,215,468$-18,770,069$18,576,660$75,605,778$118,787,639$219,401,507$212,336,934
Gross amount from sales of assets other than inventory$1,026,723,468$1,468,998,460$1,335,628,034$1,354,879,809$1,498,850,868$1,303,630,605$1,400,798,449$1,468,863,077
Less: cost or other basis and sales expenses$908,609,616$1,482,213,928$1,354,398,103$1,336,303,149$1,423,245,090$1,184,842,966$1,181,396,942$1,256,526,143
Net income or (loss) from special events and activities$0$0$84,008$0$37,157$0$0$0
Gross revenue$0$0$252,270$0$64,000$0$0$0
Less: direct expenses other than fundraising expenses$0$0$168,262$0$26,843$0$0$0
Gross profit or (loss) from sales of inventory$0$0$0$0$0$0$0$0
Gross sales of inventory, less returns and allowances$0$0$0$0$0$0$0$0
Less: cost of goods sold$0$0$0$0$0$0$0$0
Other revenue$654,582$22,881$132,802$196,978$806,204$978,344$418,969$651,696
Total expenses$142,490,250$141,057,474$165,040,081$268,294,515$316,019,753$380,299,501$337,716,301$855,071,087
Program services$120,542,765$116,555,211$134,419,625$216,684,235$256,585,312$295,853,985$206,557,908$715,416,720
Management and general$12,282,235$16,064,362$15,769,680$31,261,421$36,684,257$61,391,049$104,541,487$105,748,161
Payments to affiliates$0$0$0$0$0$0$0$0
Net assets or fund balances at end of year$2,013,504,354$2,012,843,687$1,974,523,089$2,196,635,787$2,382,348,116$2,687,640,711$1,671,499,962$1,272,846,538
Excess or (deficit) for the year$185,901,620$51,876,985$-3,425,939$140,542,675$125,932,100$212,107,224$306,043,346$-78,538,637
Net assets or fund balances at beginning of year$0$2,013,504,354$2,012,843,687$1,974,523,089$2,196,635,787$2,382,348,116$2,687,640,711$1,671,499,962
Other changes in net assets or fund balances$1,827,602,734$-52,537,652$-34,894,659$81,570,023$59,780,229$93,185,371$-1,322,184,095$-320,114,787
Statement of Functional Expenses (for 2007)
TotalProgram servicesManagement and generalFundraising
Total functional expenses$855,071,087$715,416,720$105,748,161$33,906,206
Grants paid from donor advised funds$0
Other grants and allocations$551,469,297
Specific assistance to individuals$0
Benefits paid to or for members$0
Compensation of current officers, directors, key employees, etc.$5,266,534$0$5,003,885$262,649
Compensation of former officers, directors, key employees, etc.$1,059,098$0$1,059,098$0
Compensation and other distributions, not included above, to disqualified persons (as defined under section 4958(f)(1)) and persons described in section 4958(c)(3)(B)$0$0$0$0
Salaries and wages of employees not included above$121,565,053$49,750,335$56,914,025$14,900,693
Pension plan contributions not included above$11,011,241$4,329,620$5,369,081$1,312,540
Employee benefits not included above$20,090,407$9,464,209$8,347,008$2,279,190
Payroll taxes$8,474,782$3,332,284$4,132,304$1,010,194
Professional fundraising fees$0$0$0$0
Accounting fees$1,358,988$915$1,358,073$0
Legal fees$4,237,562$109,025$3,953,154$175,383
Postage and shipping$1,770,801$839,256$259,450$672,095
Equipment rental and maintenance$26,452,486$22,988,156$3,394,861$69,469
Printing and publications$2,655,858$1,540,740$254,200$860,918
Conferences, conventions, and meetings$1,355,580$1,017,452$49,296$288,832
Depreciation, depletion, etc.$26,735,305$22,588,837$3,708,089$438,379
Other expenses not covered above$39,816,646$28,486,162$3,473,680$7,856,804
Balance Sheets
Total assets$3,452,059,775$3,602,474,598$3,785,814,334$4,356,578,211$4,441,582,889$4,784,686,972$3,932,242,573$4,474,758,141
Cash - non-interest-bearing$0$100$3,773,390$2,637,704$4,008,830$3,780,768$7,887,442$894,505
Savings and temporary cash investments$4,245,513$2,879,783$0$0$0$0$0$0
Accounts receivable less allowance for doubtful accounts$7,282,185$6,193,766$6,563,975$4,019,713$4,657,953$5,982,945$16,114,905$18,105,410
Pledges receivable less allowance for doubtful accounts$124,114,116$132,116,829$120,581,997$120,954,366$143,089,484$211,682,077$249,235,600$220,266,892
Grants receivable$0$0$858,720$4,986,522$0$0$279,004$5,649,115
Receivables from current and former officers, directors, trustees, and key employees$0$0$0$0$0$0$0$0
Receivables from other disqualified persons (as defined under section 4958(f)(1)) and persons described in section 4958(c)(3)(B)$0$0
Other notes and loans receivable less allowance for doubtful accounts$2,597,313$2,739,813$2,782,313$0$0$0$0$0
Inventories for sale or use$0$0$0$0$0$0$144,504$12,436
Prepaid expenses and deferred charges$0$1,502,407$2,032,264$1,891,883$2,299,315$3,179,471$4,512,592$6,206,064
Investments - publicly-traded securities$1,799,061,896$2,071,869,590
Investments - other securities$1,512,821,825$2,995,473,112$1,619,485,046$1,786,955,409$2,177,140,583$2,385,929,411$969,738,834$815,142,427
Investments - land, buildings, and equipment less accumulated depreciation$0$0$0$0$0$0$0$0
Investments - other$1,689,775,382$4,120,000$1,915,775,382$1,956,431,358$1,958,431,358$1,959,381,358$642,036,233$642,266,030
Land, buildings, and equipment less accumulated depreciation$2,952,611$2,644,647$39,847,450$49,643,728$55,497,539$71,852,440$90,857,863$115,148,589
Other assets, including program-related investments$108,270,830$454,804,142$74,113,797$429,057,528$96,457,827$142,898,502$152,373,700$579,197,083
Total liabilities$1,438,555,421$1,589,630,911$1,811,291,245$2,159,942,424$2,059,234,773$2,097,046,261$2,260,742,611$3,201,911,603
Accounts payable and accrued expenses$64,518$706,151$515,273$493,018$1,922,158$5,118,302$3,530,872$11,870,789
Grants payable$11,009,410$13,172,338$10,717,910$10,339,602$7,802,960$5,577,060$0$0
Deferred revenue$0$0$0$0$9,818,491$9,845,123$9,115,628$8,108,562
Loans from officers, directors, trustees, and key employees$0$0$0$0$0$0$0$0
Tax-exempt bond liabilities$0$0$400,000,000$400,000,000$400,000,000$400,000,000$400,000,000$0
Mortgages and other notes payable$0$0$0$0$0$0$0$0
Other liabilities$1,427,481,493$1,575,752,422$1,400,058,062$1,749,109,804$1,639,691,164$1,676,505,776$1,848,096,111$3,181,932,252
Total liabilities and net assets/fund balances$3,452,059,775$3,602,474,598$3,785,814,334$4,356,578,211$4,441,582,889$4,784,686,972$3,932,242,573$4,474,758,141
Total net assets or fund balances$2,013,504,354$2,012,843,687$1,974,523,089$2,196,635,787$2,382,348,116$2,687,640,711$1,671,499,962$1,272,846,538
Reconciliation of Revenue per Audited Financial Statements With Revenue per Return
Total revenue$328,391,870$0$0$0$0$0$0$0
Total revenue, gains, and other support per audited financial statements$200,572,813$0$0$0$0$0$0$0
Other expenses$-127,819,057$0$0$0$0$0$0$0
Net unrealized gains on investments$-87,551,368$0$0$0$0$0$0$0
Donated services and use of facilities$0$0$0$0$0$0$0$0
Recoveries of prior year grants$0$0$0$0$0$0$0$0
Other revenue$0$0$0$0$0$0$0$0
Investment expenses$0$0$0$0$0$0$0$0
Reconciliation of Expenses per Audited Financial Statements With Expenses per Return
Total expenses$142,490,250$0$0$0$0$0$0$0
Total expenses and losses per audited financial statements$107,156,352$0$0$0$0$0$0$0
Other revenue$0$0$0$0$0$0$0$0
Donated services and use of facilities$0$0$0$0$0$0$0$0
Prior year adjustments$0$0$0$0$0$0$0$0
Other expenses$35,333,898$0$0$0$0$0$0$0
Investment expenses$0$0$0$0$0$0$0$0
Current Officers, Directors, Trustees, and Key Employees
Average hours per week devoted to positionCompensationContributions to employee benefit plans & deferred compensation plansExpense account and other allowances
Total number of officers, directors, and trustees permitted to vote on organization business at board meetings31
Are any officers, directors, trustees, or key employees listed in Form 990, Part V-A, or highest compensated employees listed in Schedule A, Part I, or highest compensated professional and other independent contractors listed in Schedule A, Part II-A or II-B, related to each other through family or business relationships?Yes
Do any officers, directors, trustees, or key employees listed in Form 990, Part V-A, or highest compensated employees listed in Schedule A, Part I, or highest compensated professional and other independent contractors listed in Schedule A, Part II-A or II-B, receive compensation from any other organizations, whether tax exempt or taxable, that are related to the organization?Yes
Does the organization have a written conflict of interest policy?Yes
Former Officers, Directors, Trustees, and Key Employees That Received Compensation or Other Benefits
Loans and AdvancesCompensationContributions to employee benefit plans & deferred compensation plansExpense account and other allowances
Other Information
Did the organization have unrelated business gross income of $1,000 or more during the year covered by this return, and has it filed a tax return on Form 990-T for this year?Yes
Was there a liquidation, dissolution, termination, or substantial contraction during the year?No
Is the organization related (other than by association with a statewide or nationwide organization) through common membership, governing bodies, trustees, officers, etc., to any other exempt or nonexempt organization?Yes
Direct and indirect political expenditures$0
Did the organization file Form 1120-POL for this year?No
Were substantially all dues nondeductible by members?
Did the organization make only in-house lobbying expenditures of $2,000 or less?
Dues, assessments, and similar amounts from members$0
Section 162(e) lobbying and political expenditures$0
Aggregate nondeductible amount of section 6033(e)(1)(A) dues notices$0
Taxable amount of lobbying and political expenditures$0
Does the organization elect to pay the section 6033(e) tax on the amount above?
If section 6033(e)(1)(A) dues notices were sent, does the organization agree to add the amount above to its reasonable estimate of dues allocable to nondeductible lobbying and political expenditures for the following tax year?
Initiation fees and capital contributions$0
Gross receipts for public use of club facilities$0
At any time during the year, did the organization, directly or indirectly, own a controlled entity within the meaning of section 512(b)(13)?Yes
Amount of tax imposed on the organization during the year under: section 4911$0
Amount of tax imposed on the organization during the year under: section 4912$0
Amount of tax imposed on the organization during the year under: section 4955$0
Did the organization engage in any section 4958 excess benefit transaction during the year or did it become aware of an excess benefit transaction from a prior year?No
Amount of tax imposed on the organization managers or disqualified persons during the year under sections 4912, 4955, and 4958$0
Amount of tax above, reimbursed by the organization$0
At any time during the tax year, was the organization a party to a prohibited tax shelter transaction?No
Did the organization acquire a direct or indirect interest in any applicable insurance contract?No
Did the supporting organization, or a fund maintained by a sponsoring organization, have excess business holdings at any time during the year?No
Number of employees employed in the pay period that includes March 12, 20062,121
Analysis of Income-Producing Activities (for 2007)
Unrelated business incomeExcluded by section 512, 513, or 514Related or exempt function income
Business codeAmountExclusion codeAmount
Program service revenue
Program service revenue 1000000$0Gross income from an unrelated activity that is regularly carried on but, in light of continuous losses sustained over a number of tax periods, cannot be regarded as being conducted with the motive to make a profit (not a trade or business)$1,540,622$147,499,676
Program service revenue 2000000$000$0$12,074,289
Program service revenue 3Advertising and related services$1,838,33400$0$1,655,972
Program service revenue 4000000$000$0$406,008
Program service revenue 5000000$000$0$82,000
Medicare/Medicaid payments000000$000$0$0
Fees and contracts from government agencies000000$000$0$0
Membership dues and assessments000000$000$0$0
Interest on savings and temporary cash investments000000$0Dividends, interest, payments with respect to securities loans, annuities, income from notional principal contracts, loan commitment fees, and other substantially similar income from ordinary and routine investments excluded by section 512(b)(1)$1,850,340$0
Dividends and interest from securitiesOther financial vehicles$1,513,856Dividends, interest, payments with respect to securities loans, annuities, income from notional principal contracts, loan commitment fees, and other substantially similar income from ordinary and routine investments excluded by section 512(b)(1)$43,765,345$0
Net rental income or (loss) from real estate
debt-financed property000000$000$0$0
not debt-financed property000000$000$0$0
Net rental income or (loss) from personal property000000$000$0$0
Other investment income000000$000$0$0
Gain or (loss) from sales of assets other than inventory000000$0Gain (or loss, to the extent allowed) from the sale of investments and other non-inventory property and from certain property acquired from financial institutions that are in conservatorship or receivership (sections 512(b)(5) and 512(b)(16)(A))$212,336,934$0
Net income or (loss) from special events000000$000$0$0
Gross profit or (loss) from sales of inventory000000$000$0$0
Other revenueOffices of physicians$528,363Income from an activity that is not regularly carried on (section 512(a)(1))$123,333$0
Information Regarding Taxable Subsidiaries and Disregarded Entities (for 2007)
EIN of corporation, partnership, or disregarded entityPercentage of ownership interestTotal incomeEnd-of-year assets
Compensation of the Five Highest Paid Employees Other Than Officers, Directors, and Trustees (for 2007)
CompensationContributions to employee benefit plans & deferred compensationExpense account and other allowances
Total number of other employees paid over $50,000737
Statements About Activities (for 2007)
Expenses paid or incurred in connection with the lobbying activities$138,982
Did the organization receive or hold an easement for conservation purposes, including easements to preserve open space, the environment, historic land areas or historic structures?No
Did the organization provide credit counseling, debt management, credit repair, or debt negotiation services?No
Did the organization maintain any donor advised funds?No
Did the organization make any taxable distributions under section 4966?No
Did the organization make a distribution to a donor, donor advisor, or related person?No
The total number of donor advised funds owned at the end of the tax year$0
The aggregate value of assets held in all donor advised funds owned at the end of the tax year$0
The total number of separate funds or accounts owned at the end of the tax year (excluding donor advised funds included above) where donors have the right to provide advice on the distribution or investment of amounts in such funds or accounts$0
The aggregate value of assets held in all funds or accounts included above at the end of the tax year$0
Reason for Non-Private Foundation Status
The organization is not a private foundation because it isOrganization that receives a substantial part of its support from a governmental unit or from the general public
Support Schedule
Gifts, grants, and contributions received$0$0$143,416,543$128,967,635$191,406,390$189,550,183$267,367,404$224,630,288
Membership fees received$0$0$0$0$0$0$0$0
Gross receipts from admissions, merchandise sold or services performed, or furnishing of facilities in any activity that is related to the organization's charitable, etc., purpose$0$0$10,348,506$8,317,876$105,362,545$124,565,294$151,094,399$146,402,851
Gross income from interest, dividends, amounts received from payments on securities loans (section 512(a)(5)), rents, royalties, and unrelated business taxable income (less section 511 taxes) from businesses acquired by the organization after June 30, 1975$0$0$51,744,318$43,768,544$93,091,487$47,628,009$54,168,946$50,090,099
Net income from unrelated business activities not included above$0$0$0$0$0$0$0$0
Tax revenues levied for the organization's benefit and either paid to it or expended on its behalf$0$0$0$0$0$0$0$0
The value of services or facilities furnished to the organization by a governmental unit without charge. Do not include the value of services or facilities generally furnished to the public without charge$0$0$0$0$0$0$0$0
Other income$0$0$22,881$132,802$196,978$197,396$483,571$199,893
Lobbying Expenditures by Electing Public Charities (for 2007)
Total exempt purpose expenditures$0
Total lobbying expenditures$0
Total lobbying expenditures to influence public opinion (grassroots lobbying)$0
Total lobbying expenditures to influence a legislative body (direct lobbying)$0
Other exempt purpose expenditures$0
Lobbying nontaxable amount$0
Grassroots nontaxable amount$0
Unrelated Trade or Business Income (for 2008)
Gross receipts or sales less returns and allowances$672,514$0$0
Cost of goods sold$0$0$0
Gross profit$6,725,141$0$672,514
Capital gain net income$0$0$0
Net gain$0$0$0
Capital loss deduction for trusts$0$0$0
Income (loss) from partnerships and S corporations$42,664,151$0$266,415
Rent income$0$0$0
Unrelated debt-financed income$384,271$0$38,427
Interest, annuities, royalties, and rents from controlled organizations$264,671$0$26,467
Investment income of a section 501(c)(7), (9), or (17) organization$0$0$0
Exploited exempt activity income$11,500,001$0$1,150,000
Advertising income$12,180,631$459,343$758,720
Other income$0$0$0
Deductions Not Taken Elsewhere (for 2008)
Total deductions$2,812,573
Compensation of officers, directors, and trustees$0
Salaries and wages$733,579
Repairs and maintenance$0
Bad debts$0
Taxes and licenses$36,894
Charitable contributions$0
Contributions to deferred compensation plans$0
Employee benefit programs$446
Excess exempt expenses$1,150,000
Excess readership costs$758,720
Other deductions$132,934
Unrelated business taxable income$4,432,860
Unrelated business taxable income before net operating loss deduction$4,432,860
Net operating loss deduction$0
Unrelated business taxable income before specific deduction$4,432,860
Specific deduction$1,000
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