MINNEAPOLIS COLLEGE OF ART & DESIGN: Form 990, tax year 2023
View the entire original 990 at ProPublica ↗
- Organization
- MINNEAPOLIS COLLEGE OF ART & DESIGN (EIN 41-1607453)
- Tax period
- 2023-06-01 to 2024-05-31
- Filed
- 2025-04-15
- IRS object ID
- 202531059349301903
- Schema version
- 2023v6.0
- Source
- Download XML · Original 990 at ProPublica
Every field in the e-filed return. Faint text is the IRS element name, for citing.
- Return header
- Form 990
- Schedule A
- Schedule B
- Schedule C
- Schedule D
- Schedule E
- Schedule G
- Schedule I
- Schedule J
- Schedule K
- Schedule L
- Schedule M
- Schedule O
Return header ReturnHeader
| Field | Value | IRS element (for citing) |
|---|---|---|
| Return | 2025-04-15T12:02:24-05:00 | ReturnTs |
| Tax Period End | 2024-05-31 | TaxPeriodEndDt |
Preparer Firm PreparerFirmGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Preparer Firm EIN | 410746749 | PreparerFirmEIN |
Preparer Firm Name PreparerFirmName
| Field | Value | IRS element (for citing) |
|---|---|---|
| Business Name Line1 | CLIFTONLARSONALLEN LLP | BusinessNameLine1Txt |
Preparer US Address PreparerUSAddress
| Field | Value | IRS element (for citing) |
|---|---|---|
| Address Line1 | 8390 EAST CRESCENT PARKWAY SUITE | AddressLine1Txt |
| Address Line2 | 300 | AddressLine2Txt |
| City | GREENWOOD VILLAGE | CityNm |
| State Abbreviation | CO | StateAbbreviationCd |
| ZIP | 80111 | ZIPCd |
| Field | Value | IRS element (for citing) |
|---|---|---|
| Return Type | 990 | ReturnTypeCd |
| Tax Period Begin | 2023-06-01 | TaxPeriodBeginDt |
Filer Filer
| Field | Value | IRS element (for citing) |
|---|---|---|
| EIN | 411607453 | EIN |
Business Name BusinessName
| Field | Value | IRS element (for citing) |
|---|---|---|
| Business Name Line1 | MINNEAPOLIS COLLEGE OF ART AND DESIGN | BusinessNameLine1Txt |
| Field | Value | IRS element (for citing) |
|---|---|---|
| Business Name Control | MINN | BusinessNameControlTxt |
| Phone | 6128743700 | PhoneNum |
US Address USAddress
| Field | Value | IRS element (for citing) |
|---|---|---|
| Address Line1 | 2501 STEVENS AVENUE | AddressLine1Txt |
| City | MINNEAPOLIS | CityNm |
| State Abbreviation | MN | StateAbbreviationCd |
| ZIP | 55404 | ZIPCd |
Business Officer BusinessOfficerGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Person | MARY ALMA NOONAN | PersonNm |
| Person Title | CHIEF FINANCIAL OFFICER | PersonTitleTxt |
| Phone | 6128743700 | PhoneNum |
| Signature | 2025-04-14 | SignatureDt |
| Discuss With Paid Preparer | Yes (1) | DiscussWithPaidPreparerInd |
| Field | Value | IRS element (for citing) |
|---|---|---|
| IRS Responsible Prty Info Curr | 0 | IRSResponsiblePrtyInfoCurrInd |
Preparer Person PreparerPersonGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Preparer Person | SARAH HINTZ | PreparerPersonNm |
| PTIN | P00492291 | PTIN |
| Phone | 3037795710 | PhoneNum |
| Preparation | 2025-04-14 | PreparationDt |
| Field | Value | IRS element (for citing) |
|---|---|---|
| Tax | 2023 | TaxYr |
| Build TS | 2025-03-06 01:10:19Z | BuildTS |
Form 990 IRS990
| Field | Value | IRS element (for citing) |
|---|---|---|
| Principal Officer | SANJIT SETHI | PrincipalOfficerNm |
US Address USAddress
| Field | Value | IRS element (for citing) |
|---|---|---|
| Address Line1 | 2501 STEVENS AVENUE | AddressLine1Txt |
| City | MINNEAPOLIS | CityNm |
| State Abbreviation | MN | StateAbbreviationCd |
| ZIP | 55404 | ZIPCd |
| Field | Value | IRS element (for citing) |
|---|---|---|
| Gross Receipts | $46,673,622 | GrossReceiptsAmt |
| Group Return For Affiliates | 0 | GroupReturnForAffiliatesInd |
| Organization501c3 | Yes (X) | Organization501c3Ind |
| Website Address | WWW.MCAD.EDU | WebsiteAddressTxt |
| Type Of Organization Corp | Yes (X) | TypeOfOrganizationCorpInd |
| Formation | 1988 | FormationYr |
| Legal Domicile State | MN | LegalDomicileStateCd |
| Activity Or Mission | EMBOLDEN CREATIVE LEADERS TO TRANSFORM SOCIETY THROUGH EQUITY, EMPATHY, & IMAGINATION. | ActivityOrMissionDesc |
| Voting Members Governing Body | 24 | VotingMembersGoverningBodyCnt |
| Voting Members Independent | 23 | VotingMembersIndependentCnt |
| Total Employee | 804 | TotalEmployeeCnt |
| Total Volunteers | 40 | TotalVolunteersCnt |
| Total Gross UBI | $0 | TotalGrossUBIAmt |
| Net Unrelated Bus Txbl Incm | $0 | NetUnrelatedBusTxblIncmAmt |
| PY Contributions Grants | $2,178,978 | PYContributionsGrantsAmt |
| CY Contributions Grants | $3,150,608 | CYContributionsGrantsAmt |
| PY Program Service Revenue | $33,959,845 | PYProgramServiceRevenueAmt |
| CY Program Service Revenue | $36,101,314 | CYProgramServiceRevenueAmt |
| PY Investment Income | -$177,055 | PYInvestmentIncomeAmt |
| CY Investment Income | $4,085,550 | CYInvestmentIncomeAmt |
| PY Other Revenue | $117,615 | PYOtherRevenueAmt |
| CY Other Revenue | $2,491,756 | CYOtherRevenueAmt |
| PY Total Revenue | $36,079,383 | PYTotalRevenueAmt |
| CY Total Revenue | $45,829,228 | CYTotalRevenueAmt |
| PY Grants And Similar Paid | $15,526,051 | PYGrantsAndSimilarPaidAmt |
| CY Grants And Similar Paid | $16,276,209 | CYGrantsAndSimilarPaidAmt |
| PY Benefits Paid To Members | $0 | PYBenefitsPaidToMembersAmt |
| CY Benefits Paid To Members | $0 | CYBenefitsPaidToMembersAmt |
| PY Salaries Comp Emp Bnft Paid | $16,629,086 | PYSalariesCompEmpBnftPaidAmt |
| CY Salaries Comp Emp Bnft Paid | $16,985,199 | CYSalariesCompEmpBnftPaidAmt |
| PY Total Prof Fndrsng Expns | $0 | PYTotalProfFndrsngExpnsAmt |
| CY Total Prof Fndrsng Expns | $0 | CYTotalProfFndrsngExpnsAmt |
| CY Total Fundraising Expense | $993,790 | CYTotalFundraisingExpenseAmt |
| PY Other Expenses | $10,544,273 | PYOtherExpensesAmt |
| CY Other Expenses | $11,037,836 | CYOtherExpensesAmt |
| PY Total Expenses | $42,699,410 | PYTotalExpensesAmt |
| CY Total Expenses | $44,299,244 | CYTotalExpensesAmt |
| PY Revenues Less Expenses | -$6,620,027 | PYRevenuesLessExpensesAmt |
| CY Revenues Less Expenses | $1,529,984 | CYRevenuesLessExpensesAmt |
| Total Assets BOY | $86,888,481 | TotalAssetsBOYAmt |
| Total Assets EOY | $109,062,799 | TotalAssetsEOYAmt |
| Total Liabilities BOY | $12,210,554 | TotalLiabilitiesBOYAmt |
| Total Liabilities EOY | $29,028,070 | TotalLiabilitiesEOYAmt |
| Net Assets Or Fund Balances BOY | $74,677,927 | NetAssetsOrFundBalancesBOYAmt |
| Net Assets Or Fund Balances EOY | $80,034,729 | NetAssetsOrFundBalancesEOYAmt |
| Info In Schedule O Part III | Yes (X) | InfoInScheduleOPartIIIInd |
| Mission | MCAD PROVIDES A TRANSFORMATIVE EDUCATION WITHIN A COMMUNITY OF SUPPORT FOR CREATIVE STUDENTS OF ALL BACKGROUNDS TO WORK, COLLABORATE, AND LEAD WITH CONFIDENCE IN A DYNAMIC, INTERCONNECTED WORLD. | MissionDesc |
| Significant New Program Srvc | 0 | SignificantNewProgramSrvcInd |
| Significant Change | 0 | SignificantChangeInd |
| Expense | $35,479,703 | ExpenseAmt |
| Grant | $16,276,209 | GrantAmt |
| Revenue | $36,146,898 | RevenueAmt |
| Desc | MCAD TRANSFORMS THE WORLD THROUGH CREATIVITY AND PURPOSE BY EDUCATING INDIVIDUALS TO BE PROFESSIONAL ARTISTS AND DESIGNERS, PIONEERING THINKERS, CREATIVE LEADERS, AND ENGAGED GLOBAL CITIZENS. WITH A CURRICULUM THAT IS BASED ON THE BELIEF THAT IN ORDER TO BECOME A PROFESSIONAL ARTIST, DESIGNER, OR VISUALIZER, ONE MUST STUDY THEORY, SKILL, FORM, AND CONTENT, ALL MCAD PROGRAMS CENTER ON THE DEVELOPMENT OF STUDIO AND PROFESSIONAL SKILLS THAT ENCOURAGE STUDENTS TO THINK CONCEPTUALLY, FORMULATE CREATIVE SOLUTIONS, AND MAKE ART. ALL MCAD PROGRAMS CHALLENGE STUDENTS TO PROGRESS TO THE HIGHEST LEVELS OF ARTISTIC EXPRESSION AND INTELLECTUAL INVESTIGATION.MCAD'S FOUR-YEAR CURRICULUM INTEGRATES THE LIBERAL ARTS INTO EIGHT BACHELOR OF FINE ARTS DEGREE MAJORS IN ANIMATION, COMIC ART, FINE ARTS, GRAPHIC DESIGN, MEDIA ARTS, ILLUSTRATION AND PRODUCT AND FURNITURE DESIGN, PLUS A FOUR-YEAR BACHELOR OF SCIENCE DEGREE PROGRAM IN CREATIVE ENTREPRENEURSHIP. STUDENTS CAN MINOR IN ADVERTISING, ANIMATION, ART HISTORY, CREATIVE WRITING, CURATORIAL STUDIES, ENGAGED AND PUBLIC ARTS, ENTREPRENEURSHIP, EXPERIMENTAL GAMES, GRAPHIC DESIGN, PRINT PAPER BOOK, AND TEACHING ARTS.ADVANCED DEGREES OFFERED AT MCAD INCLUDE A TWO-YEAR MASTER OF FINE ARTS DEGREE PROGRAM IN VISUAL STUDIES; A 30-CREDIT ONLINE MASTER OF ARTS DEGREE PROGRAM IN SUSTAINABLE DESIGN; A 30-CREDIT ONLINE MASTER OF ARTS DEGREE PROGRAM IN GRAPHIC AND WEB DESIGN; AND A FIFTEEN-MONTH ONLINE/LOW-RESIDENCY MASTER OF ARTS DEGREE PROGRAM IN CREATIVE LEADERSHIP. MCAD ALSO OFFERS EDUCATIONAL OPPORTUNITIES TO THE GENERAL PUBLIC THROUGH ITS CONTINUING EDUCATION, ONLINE LEARNING, AND EXHIBITION PROGRAMS.A STRATEGIC MILESTONE WAS ACHIEVED IN 2023 WHEN MCAD EXPANDED ITS CAMPUS BY ACQUIRING A BUILDING ADJACENT TO THE CAMPUS TO EXPAND STUDENT HOUSING CAPACITY. THE ABILITY TO RESIDE ON CAMPUS FOR AT LEAST TWO YEARS IS ALREADY CONTRIBUTING IMPROVED STUDENT EXPERIENCE AND OUTCOMES. ON THE ACADEMIC SIDE, MCAD HAS IMPLEMENTED A FOUNDATIONS CURRICULUM FOR FIRST YEAR STUDENTS WHICH PREPARES THEM FOR SUCCESSFUL OVERALL PERFORMANCE AND RETENTION. THE REIMAGINED CREATIVE ENTREPRENEURSHIP CLASSES ARE ATTRACTING STUDENTS FROM ALL DISCIPLINES WANTING TO DEVELOP THE KNOWLEDGE AND SKILLS NEEDED IN THEIR FUTURE PROFESSIONAL ENDEAVORS. | Desc |
| Total Program Service Expenses | $35,479,703 | TotalProgramServiceExpensesAmt |
| Described In Section501c3 | Yes (1) | DescribedInSection501c3Ind |
| Schedule B Required | Yes (1) | ScheduleBRequiredInd |
| Political Campaign Acty | 0 | PoliticalCampaignActyInd |
| Lobbying Activities | Yes (1) | LobbyingActivitiesInd |
| Subject To Proxy Tax | 0 | SubjectToProxyTaxInd |
| Donor Advised Fund | 0 | DonorAdvisedFundInd |
| Conservation Easements | 0 | ConservationEasementsInd |
| Collections Of Art | 0 | CollectionsOfArtInd |
| Credit Counseling | 0 | CreditCounselingInd |
| Donor Rstr Or Quasi Endowments | Yes (1) | DonorRstrOrQuasiEndowmentsInd |
| Report Land Building Equipment | Yes (1) | ReportLandBuildingEquipmentInd |
| Report Investments Other Sec | Yes (1) | ReportInvestmentsOtherSecInd |
| Report Program Related Invst | 0 | ReportProgramRelatedInvstInd |
| Report Other Assets | 0 | ReportOtherAssetsInd |
| Report Other Liabilities | Yes (1) | ReportOtherLiabilitiesInd |
| Include FIN48 Footnote | Yes (1) | IncludeFIN48FootnoteInd |
| Independent Audit Fincl Stmt | Yes (1) | IndependentAuditFinclStmtInd |
| Consolidated Audit Fincl Stmt | 0 | ConsolidatedAuditFinclStmtInd |
| School Operating | Yes (1) | SchoolOperatingInd |
| Foreign Office | 0 | ForeignOfficeInd |
| Foreign Activities | 0 | ForeignActivitiesInd |
| More Than5000 K To Org | 0 | MoreThan5000KToOrgInd |
| More Than5000 K To Individuals | 0 | MoreThan5000KToIndividualsInd |
| Professional Fundraising | 0 | ProfessionalFundraisingInd |
| Fundraising Activities | Yes (1) | FundraisingActivitiesInd |
| Gaming Activities | 0 | GamingActivitiesInd |
| Operate Hospital | 0 | OperateHospitalInd |
| Grants To Organizations | 0 | GrantsToOrganizationsInd |
| Grants To Individuals | Yes (1) | GrantsToIndividualsInd |
| Schedule J Required | Yes (1) | ScheduleJRequiredInd |
| Tax Exempt Bonds | Yes (1) | TaxExemptBondsInd |
| Invest Tax Exempt Bonds | 0 | InvestTaxExemptBondsInd |
| Escrow Account | 0 | EscrowAccountInd |
| On Behalf Of Issuer | 0 | OnBehalfOfIssuerInd |
| Engaged In Excess Benefit Trans | 0 | EngagedInExcessBenefitTransInd |
| PY Excess Benefit Trans | 0 | PYExcessBenefitTransInd |
| Loan Outstanding | 0 | LoanOutstandingInd |
| Grant To Related Person | 0 | GrantToRelatedPersonInd |
| Business Rln With Org Mem | 0 | BusinessRlnWithOrgMemInd |
| Business Rln With Fam Mem | Yes (1) | BusinessRlnWithFamMemInd |
| Business Rln With35 Ctrl Ent | 0 | BusinessRlnWith35CtrlEntInd |
| Deductible Non Cash Contri | Yes (1) | DeductibleNonCashContriInd |
| Deductible Art Contribution | Yes (1) | DeductibleArtContributionInd |
| Terminate Operations | 0 | TerminateOperationsInd |
| Partial Liquidation | 0 | PartialLiquidationInd |
| Disregarded Entity | 0 | DisregardedEntityInd |
| Related Entity | 0 | RelatedEntityInd |
| Related Organization Ctrl Ent | 0 | RelatedOrganizationCtrlEntInd |
| Trnsfr Exmpt Non Chrtbl Rltd Org | 0 | TrnsfrExmptNonChrtblRltdOrgInd |
| Activities Conducted Prtshp | 0 | ActivitiesConductedPrtshpInd |
| Schedule O Required | Yes (1) | ScheduleORequiredInd |
| IRP Document | 1295 | IRPDocumentCnt |
| IRP Document W2 G | 0 | IRPDocumentW2GCnt |
| Backup Wthld Compliance | Yes (1) | BackupWthldComplianceInd |
| Employee | 804 | EmployeeCnt |
| Employment Tax Returns Filed | Yes (1) | EmploymentTaxReturnsFiledInd |
| Unrelated Bus Incm Over Limit | 0 | UnrelatedBusIncmOverLimitInd |
| Foreign Financial Account | 0 | ForeignFinancialAccountInd |
| Prohibited Tax Shelter Trans | 0 | ProhibitedTaxShelterTransInd |
| Taxable Party Notification | 0 | TaxablePartyNotificationInd |
| Nondeductible Contributions | 0 | NondeductibleContributionsInd |
| Quid Pro Quo Contributions | Yes (1) | QuidProQuoContributionsInd |
| Quid Pro Quo Contri Discl | Yes (1) | QuidProQuoContriDisclInd |
| Form8282 Property Disposed Of | 0 | Form8282PropertyDisposedOfInd |
| Rcv Fnds To Pay Prsnl Bnft Cntrct | 0 | RcvFndsToPayPrsnlBnftCntrctInd |
| Pay Premiums Prsnl Bnft Cntrct | 0 | PayPremiumsPrsnlBnftCntrctInd |
| Indoor Tanning Services | 0 | IndoorTanningServicesInd |
| Subj To Tax Rmnrtn Ex Prcht Pymt | 0 | SubjToTaxRmnrtnExPrchtPymtInd |
| Subject To Excs Tax Net Invst Inc | 0 | SubjectToExcsTaxNetInvstIncInd |
| Info In Schedule O Part VI | Yes (X) | InfoInScheduleOPartVIInd |
| Governing Body Voting Members | 24 | GoverningBodyVotingMembersCnt |
| Independent Voting Member | 23 | IndependentVotingMemberCnt |
| Family Or Business Rln | 0 | FamilyOrBusinessRlnInd |
| Delegation Of Mgmt Duties | 0 | DelegationOfMgmtDutiesInd |
| Change To Org Documents | 0 | ChangeToOrgDocumentsInd |
| Material Diversion Or Misuse | 0 | MaterialDiversionOrMisuseInd |
| Members Or Stockholders | 0 | MembersOrStockholdersInd |
| Election Of Board Members | 0 | ElectionOfBoardMembersInd |
| Decisions Subject To Approva | 0 | DecisionsSubjectToApprovaInd |
| Minutes Of Governing Body | Yes (1) | MinutesOfGoverningBodyInd |
| Minutes Of Committees | Yes (1) | MinutesOfCommitteesInd |
| Officer Mailing Address | 0 | OfficerMailingAddressInd |
| Local Chapters | 0 | LocalChaptersInd |
| Form990 Provided To Gvrn Body | 0 | Form990ProvidedToGvrnBodyInd |
| Conflict Of Interest Policy | Yes (1) | ConflictOfInterestPolicyInd |
| Annual Disclosure Covered Prsn | Yes (1) | AnnualDisclosureCoveredPrsnInd |
| Regular Monitoring Enfrc | Yes (1) | RegularMonitoringEnfrcInd |
| Whistleblower Policy | Yes (1) | WhistleblowerPolicyInd |
| Document Retention Policy | Yes (1) | DocumentRetentionPolicyInd |
| Compensation Process CEO | Yes (1) | CompensationProcessCEOInd |
| Compensation Process Other | Yes (1) | CompensationProcessOtherInd |
| Investment In Joint Venture | 0 | InvestmentInJointVentureInd |
| States Where Copy Of Return Is Fld | MN | StatesWhereCopyOfReturnIsFldCd |
| Upon Request | Yes (X) | UponRequestInd |
Books In Care Of Detail BooksInCareOfDetail
Business Name BusinessName
| Field | Value | IRS element (for citing) |
|---|---|---|
| Business Name Line1 | MARY ALMA NOONAN | BusinessNameLine1Txt |
| Field | Value | IRS element (for citing) |
|---|---|---|
| Phone | 6128743700 | PhoneNum |
US Address USAddress
| Field | Value | IRS element (for citing) |
|---|---|---|
| Address Line1 | 2501 STEVENS AVENUE | AddressLine1Txt |
| City | MINNEAPOLIS | CityNm |
| State Abbreviation | MN | StateAbbreviationCd |
| ZIP | 55404 | ZIPCd |
Form990 Part VII Section A Form990PartVIISectionAGrp (32 entries)
| TitleTitleTxt | Average Hours Per WeekAverageHoursPerWeekRt | Individual Trustee Or DirectorIndividualTrusteeOrDirectorInd | OfficerOfficerInd | Reportable Comp From OrgReportableCompFromOrgAmt | Reportable Comp From Rltd OrgReportableCompFromRltdOrgAmt | Other CompensationOtherCompensationAmt | Key EmployeeKeyEmployeeInd | Highest Compensated EmployeeHighestCompensatedEmployeeInd |
|---|---|---|---|---|---|---|---|---|
| SANJIT SETHI | ||||||||
| PRESIDENT | 40.00 | Yes (X) | Yes (X) | $377,717 | $0 | $29,673 | ||
| CHRIS BARRY | ||||||||
| CO-CHAIR | 3.00 | Yes (X) | Yes (X) | $0 | $0 | $0 | ||
| ME MARTHA KIRWAN | ||||||||
| CO-CHAIR | 3.00 | Yes (X) | Yes (X) | $0 | $0 | $0 | ||
| GREG HEINEMANN | ||||||||
| IMMEDIATE PAST CO-CHAIR | 1.00 | Yes (X) | $0 | $0 | $0 | |||
| HUNTER PALMER WRIGHT | ||||||||
| IMMEDIATE PAST CO-CHAIR | 1.00 | Yes (X) | $0 | $0 | $0 | |||
| KOBBY APPIAH | ||||||||
| TRUSTEE | 1.00 | Yes (X) | $0 | $0 | $0 | |||
| LAURA AUSTRIAN | ||||||||
| TRUSTEE | 1.00 | Yes (X) | $0 | $0 | $0 | |||
| BRUCE BEAN | ||||||||
| LIFE TRUSTEE | 1.00 | Yes (X) | $0 | $0 | $0 | |||
| SUSAN CALMENSON | ||||||||
| LIFE TRUSTEE | 1.00 | Yes (X) | $0 | $0 | $0 | |||
| MARTHA DAYTON | ||||||||
| TRUSTEE | 1.00 | Yes (X) | $0 | $0 | $0 | |||
| CY DECOSSE '52 | ||||||||
| LIFE TRUSTEE | 1.00 | Yes (X) | $0 | $0 | $0 | |||
| TARA DEV | ||||||||
| TRUSTEE | 1.00 | Yes (X) | $0 | $0 | $0 | |||
| ELLIOT FELIX | ||||||||
| TRUSTEE | 1.00 | Yes (X) | $0 | $0 | $0 | |||
| GREG HOFFMAN '92 | ||||||||
| TRUSTEE | 1.00 | Yes (X) | $0 | $0 | $0 | |||
| BATALIA MCFARLANE | ||||||||
| TRUSTEE | 1.00 | Yes (X) | $0 | $0 | $0 | |||
| CLINTON H MORRISON | ||||||||
| LIFE TRUSTEE | 1.00 | Yes (X) | $0 | $0 | $0 | |||
| MARION PARKE | ||||||||
| TRUSTEE | 1.00 | Yes (X) | $0 | $0 | $0 | |||
| TODD PAULSON | ||||||||
| TRUSTEE | 1.00 | Yes (X) | $0 | $0 | $0 | |||
| MARK D PIHLSTROM | ||||||||
| TRUSTEE | 1.00 | Yes (X) | $0 | $0 | $0 | |||
| KENNETH PIPER | ||||||||
| TRUSTEE | 1.00 | Yes (X) | $0 | $0 | $0 | |||
| RAJIV TANDON | ||||||||
| TRUSTEE | 1.00 | Yes (X) | $0 | $0 | $0 | |||
| NEIL TULI | ||||||||
| TRUSTEE | 1.00 | Yes (X) | $0 | $0 | $0 | |||
| ROSEMARY UGBOAJAH | ||||||||
| TRUSTEE | 1.00 | Yes (X) | $0 | $0 | $0 | |||
| GREG VAN BELLINGER | ||||||||
| TRUSTEE | 1.00 | Yes (X) | $0 | $0 | $0 | |||
| MARY ALMA NOONAN | ||||||||
| CFO | 40.00 | Yes (X) | $182,019 | $0 | $19,991 | |||
| EMILY KESSLER | ||||||||
| VP OF INSTITUTIONAL ADVANCEMENT | 40.00 | $150,346 | $0 | $28,081 | Yes (X) | |||
| ROBERT RANSICK | ||||||||
| VP OF ACADEMIC AFFAIRS | 40.00 | $188,218 | $0 | $34,156 | Yes (X) | |||
| ANNIE CLEVELAND | ||||||||
| VP OF COMMUNICATIONS | 40.00 | $143,123 | $0 | $36,028 | Yes (X) | |||
| MELISSA HUYBRECHT | ||||||||
| VP OF ENROLLMENT MANAGEMENT | 40.00 | $146,237 | $0 | $7,992 | Yes (X) | |||
| BROCK RASMUSSEN | ||||||||
| VP OF OPERATIONS AND TECHNOLOGY | 40.00 | $130,382 | $0 | $7,167 | Yes (X) | |||
| CYNTHIA THEIS | ||||||||
| SR. GIFTS OFFICER/VP OF INST. ADV. | 35.00 | $144,303 | $0 | $17,918 | Yes (X) | |||
| JENNIFER ZUCCOLA | ||||||||
| VP OF STUDENT AFFAIRS | 40.00 | $129,370 | $0 | $20,511 | Yes (X) | |||
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total Reportable Comp From Org | $1,591,715 | TotalReportableCompFromOrgAmt |
| Tot Reportable Comp Rltd Org | $0 | TotReportableCompRltdOrgAmt |
| Total Other Compensation | $201,517 | TotalOtherCompensationAmt |
| Indiv Rcvd Greater Than100 K | 11 | IndivRcvdGreaterThan100KCnt |
| Former Ofcr Employees Listed | 0 | FormerOfcrEmployeesListedInd |
| Total Comp Greater Than150 K | Yes (1) | TotalCompGreaterThan150KInd |
| Compensation From Other Srcs | 0 | CompensationFromOtherSrcsInd |
Contractor Compensation ContractorCompensationGrp (5 entries)
| Address Line1ContractorAddress/USAddress/AddressLine1Txt | CityContractorAddress/USAddress/CityNm | State AbbreviationContractorAddress/USAddress/StateAbbreviationCd | ZIPContractorAddress/USAddress/ZIPCd | ServicesServicesDesc | CompensationCompensationAmt |
|---|---|---|---|---|---|
| ALERUS | |||||
| PO BOX 6001 | GRAND FORKS | ND | 58206 | FINANCIAL SERVICES | $696,248 |
| AMERICAN FOOD & VENDING | |||||
| 124 METROPOLITAN PARK DRIVE | SYRACUSE | NY | 13088 | FOOD SERVICES | $425,110 |
| SALO | |||||
| 701 N WASHINGTON AVE STE 500 | MINNEAPOLIS | MN | 55401 | CONTRACT LABOR SUPPORT | $314,961 |
| JE DUNN CONSTRUCTION | |||||
| 800 WASHINGTON AVE N STE 600 | MINNEAPOLIS | MN | 55401 | CONSTRUCTION SERVICES | $281,821 |
| UNIQUE FOOD SOLUTIONS | |||||
| 2851 TOLEDO AVE SO | ST LOUIS PARK | MN | 55416 | FOOD SERVICES | $217,622 |
| Field | Value | IRS element (for citing) |
|---|---|---|
| Cntrct Rcvd Greater Than100 K | 16 | CntrctRcvdGreaterThan100KCnt |
| Fundraising | $90,000 | FundraisingAmt |
| Government Grants | $752,305 | GovernmentGrantsAmt |
| All Other Contributions | $2,308,303 | AllOtherContributionsAmt |
| Noncash Contributions | $28,355 | NoncashContributionsAmt |
| Total Contributions | $3,150,608 | TotalContributionsAmt |
Program Service Revenue ProgramServiceRevenueGrp (3 entries)
| DescDesc | BusinessBusinessCd | Total Revenue ColumnTotalRevenueColumnAmt | Related Or Exempt Func IncomeRelatedOrExemptFuncIncomeAmt |
|---|---|---|---|
| TUITION | 611710 | $31,950,927 | $31,950,927 |
| HOUSING RENTAL INCOME | 532000 | $3,276,013 | $3,276,013 |
| AUXILIARY SERVICES | 611710 | $874,374 | $874,374 |
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total Program Service Revenue | $36,101,314 | TotalProgramServiceRevenueAmt |
Investment Income InvestmentIncomeGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total Revenue Column | $470,347 | TotalRevenueColumnAmt |
| Exclusion | $470,347 | ExclusionAmt |
Gross Amount Sales Assets GrossAmountSalesAssetsGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Securities | $2,960,045 | SecuritiesAmt |
Less Cost Oth Basis Sales Expnss LessCostOthBasisSalesExpnssGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Securities | -$937,891 | SecuritiesAmt |
| Other | $282,733 | OtherAmt |
Gain Or Loss GainOrLossGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Securities | $3,897,936 | SecuritiesAmt |
| Other | -$282,733 | OtherAmt |
Net Gain Or Loss Investments NetGainOrLossInvestmentsGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total Revenue Column | $3,615,203 | TotalRevenueColumnAmt |
| Exclusion | $3,615,203 | ExclusionAmt |
| Field | Value | IRS element (for citing) |
|---|---|---|
| Fundraising Gross Income | $851,029 | FundraisingGrossIncomeAmt |
| Contri Rpt Fundraising Event | $90,000 | ContriRptFundraisingEventAmt |
| Fundraising Direct Expenses | $688,469 | FundraisingDirectExpensesAmt |
Net Incm From Fundraising Evt NetIncmFromFundraisingEvtGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total Revenue Column | $162,560 | TotalRevenueColumnAmt |
| Exclusion | $162,560 | ExclusionAmt |
| Field | Value | IRS element (for citing) |
|---|---|---|
| Gross Sales Of Inventory | $856,667 | GrossSalesOfInventoryAmt |
| Cost Of Goods Sold | $811,083 | CostOfGoodsSoldAmt |
Net Income Or Loss NetIncomeOrLossGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total Revenue Column | $45,584 | TotalRevenueColumnAmt |
| Related Or Exempt Func Income | $45,584 | RelatedOrExemptFuncIncomeAmt |
Other Revenue Misc OtherRevenueMiscGrp (2 entries)
| DescDesc | BusinessBusinessCd | Total Revenue ColumnTotalRevenueColumnAmt | ExclusionExclusionAmt |
|---|---|---|---|
| INSURANCE PROCEEDS | 900099 | $1,621,957 | $1,621,957 |
| MISCELLANEOUS INCOME | 900099 | $661,655 | $661,655 |
| Field | Value | IRS element (for citing) |
|---|---|---|
| Other Revenue Total | $2,283,612 | OtherRevenueTotalAmt |
Total Revenue TotalRevenueGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total Revenue Column | $45,829,228 | TotalRevenueColumnAmt |
| Related Or Exempt Func Income | $36,146,898 | RelatedOrExemptFuncIncomeAmt |
| Unrelated Business Revenue | $0 | UnrelatedBusinessRevenueAmt |
| Exclusion | $6,531,722 | ExclusionAmt |
Grants To Domestic Individuals GrantsToDomesticIndividualsGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total | $16,276,209 | TotalAmt |
| Program Services | $16,276,209 | ProgramServicesAmt |
Comp Current Ofcr Directors CompCurrentOfcrDirectorsGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total | $912,350 | TotalAmt |
| Management And General | $912,350 | ManagementAndGeneralAmt |
Other Salaries And Wages OtherSalariesAndWagesGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total | $13,277,076 | TotalAmt |
| Program Services | $11,365,743 | ProgramServicesAmt |
| Management And General | $1,439,250 | ManagementAndGeneralAmt |
| Fundraising | $472,083 | FundraisingAmt |
Pension Plan Contributions PensionPlanContributionsGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total | $442,396 | TotalAmt |
| Program Services | $390,628 | ProgramServicesAmt |
| Management And General | $34,241 | ManagementAndGeneralAmt |
| Fundraising | $17,527 | FundraisingAmt |
Other Employee Benefits OtherEmployeeBenefitsGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total | $1,329,324 | TotalAmt |
| Program Services | $1,092,661 | ProgramServicesAmt |
| Management And General | $187,637 | ManagementAndGeneralAmt |
| Fundraising | $49,026 | FundraisingAmt |
Payroll Taxes PayrollTaxesGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total | $1,024,053 | TotalAmt |
| Program Services | $820,679 | ProgramServicesAmt |
| Management And General | $166,552 | ManagementAndGeneralAmt |
| Fundraising | $36,822 | FundraisingAmt |
Fees For Services Legal FeesForServicesLegalGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total | $67,399 | TotalAmt |
| Program Services | $1,455 | ProgramServicesAmt |
| Management And General | $65,944 | ManagementAndGeneralAmt |
Fees For Services Accounting FeesForServicesAccountingGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total | $161,948 | TotalAmt |
| Management And General | $161,948 | ManagementAndGeneralAmt |
Fees For Srvc Invst Mgmnt Fees FeesForSrvcInvstMgmntFeesGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total | $106,840 | TotalAmt |
| Management And General | $106,840 | ManagementAndGeneralAmt |
Fees For Services Other FeesForServicesOtherGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total | $1,794,522 | TotalAmt |
| Program Services | $923,605 | ProgramServicesAmt |
| Management And General | $535,797 | ManagementAndGeneralAmt |
| Fundraising | $335,120 | FundraisingAmt |
Advertising AdvertisingGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total | $189,144 | TotalAmt |
| Program Services | $147,472 | ProgramServicesAmt |
| Management And General | $38,695 | ManagementAndGeneralAmt |
| Fundraising | $2,977 | FundraisingAmt |
Office Expenses OfficeExpensesGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total | $487,473 | TotalAmt |
| Program Services | $400,741 | ProgramServicesAmt |
| Management And General | $86,732 | ManagementAndGeneralAmt |
Information Technology InformationTechnologyGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total | $832,294 | TotalAmt |
| Program Services | $491,350 | ProgramServicesAmt |
| Management And General | $316,887 | ManagementAndGeneralAmt |
| Fundraising | $24,057 | FundraisingAmt |
Occupancy OccupancyGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total | $2,740,276 | TotalAmt |
| Program Services | $2,632,999 | ProgramServicesAmt |
| Management And General | $107,277 | ManagementAndGeneralAmt |
Travel TravelGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total | $260,350 | TotalAmt |
| Program Services | $224,905 | ProgramServicesAmt |
| Management And General | $25,341 | ManagementAndGeneralAmt |
| Fundraising | $10,104 | FundraisingAmt |
Conferences Meetings ConferencesMeetingsGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total | $24,804 | TotalAmt |
| Program Services | $14,063 | ProgramServicesAmt |
| Management And General | $3,008 | ManagementAndGeneralAmt |
| Fundraising | $7,733 | FundraisingAmt |
Interest InterestGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total | $1,185,460 | TotalAmt |
| Management And General | $1,185,460 | ManagementAndGeneralAmt |
Depreciation Depletion DepreciationDepletionGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total | $1,832,913 | TotalAmt |
| Management And General | $1,832,913 | ManagementAndGeneralAmt |
Insurance InsuranceGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total | $377,418 | TotalAmt |
| Management And General | $377,418 | ManagementAndGeneralAmt |
Other Expenses OtherExpensesGrp (4 entries)
| DescDesc | TotalTotalAmt | Program ServicesProgramServicesAmt | Management And GeneralManagementAndGeneralAmt | FundraisingFundraisingAmt |
|---|---|---|---|---|
| EQUIPMENT REPAIR AND PU | $494,383 | $450,992 | $24,885 | $18,506 |
| DUES AND SUBSCRIPTIONS | $204,959 | $42,232 | $160,681 | $2,046 |
| CLASSROOM MATERIALS/ART | $159,245 | $158,185 | $801 | $259 |
| MISCELLANEOUS | $118,408 | $45,784 | $55,094 | $17,530 |
Total Functional Expenses TotalFunctionalExpensesGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total | $44,299,244 | TotalAmt |
| Program Services | $35,479,703 | ProgramServicesAmt |
| Management And General | $7,825,751 | ManagementAndGeneralAmt |
| Fundraising | $993,790 | FundraisingAmt |
Cash Non Interest Bearing CashNonInterestBearingGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| BOY | $26,624 | BOYAmt |
| EOY | $78,086 | EOYAmt |
Savings And Temp Cash Invst SavingsAndTempCashInvstGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| BOY | $1,467,866 | BOYAmt |
| EOY | $2,381,443 | EOYAmt |
Pledges And Grants Receivable PledgesAndGrantsReceivableGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| BOY | $30,593 | BOYAmt |
| EOY | $1,102,867 | EOYAmt |
Accounts Receivable AccountsReceivableGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| BOY | $746,782 | BOYAmt |
| EOY | $918,717 | EOYAmt |
Oth Notes Loans Receivable Net OthNotesLoansReceivableNetGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| BOY | $127,790 | BOYAmt |
| EOY | $91,201 | EOYAmt |
Inventories For Sale Or Use InventoriesForSaleOrUseGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| BOY | $136,476 | BOYAmt |
| EOY | $174,554 | EOYAmt |
Prepaid Expenses Defrd Charges PrepaidExpensesDefrdChargesGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| BOY | $91,738 | BOYAmt |
| EOY | $332,052 | EOYAmt |
| Field | Value | IRS element (for citing) |
|---|---|---|
| Land Bldg Equip Cost Or Other Bss | $65,273,469 | LandBldgEquipCostOrOtherBssAmt |
| Land Bldg Equip Accum Deprec | $25,424,898 | LandBldgEquipAccumDeprecAmt |
Land Bldg Equip Basis Net LandBldgEquipBasisNetGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| BOY | $25,405,388 | BOYAmt |
| EOY | $39,848,571 | EOYAmt |
Investments Pub Traded Sec InvestmentsPubTradedSecGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| BOY | $50,538,275 | BOYAmt |
| EOY | $54,789,627 | EOYAmt |
Investments Other Securities InvestmentsOtherSecuritiesGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| BOY | $7,203,341 | BOYAmt |
| EOY | $8,127,199 | EOYAmt |
Other Assets Total OtherAssetsTotalGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| BOY | $1,113,608 | BOYAmt |
| EOY | $1,218,482 | EOYAmt |
Total Assets TotalAssetsGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| BOY | $86,888,481 | BOYAmt |
| EOY | $109,062,799 | EOYAmt |
Accounts Payable Accr Expnss AccountsPayableAccrExpnssGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| BOY | $3,255,392 | BOYAmt |
| EOY | $2,841,988 | EOYAmt |
Grants Payable GrantsPayableGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| BOY | $190,731 | BOYAmt |
| EOY | $165,809 | EOYAmt |
Deferred Revenue DeferredRevenueGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| BOY | $849,040 | BOYAmt |
| EOY | $790,916 | EOYAmt |
Tax Exempt Bond Liabilities TaxExemptBondLiabilitiesGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| BOY | $2,300,709 | BOYAmt |
| EOY | $21,473,000 | EOYAmt |
Mortg Notes Pybl Scrd Invst Prop MortgNotesPyblScrdInvstPropGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| BOY | $4,920,000 | BOYAmt |
| EOY | $3,134,153 | EOYAmt |
Other Liabilities OtherLiabilitiesGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| BOY | $694,682 | BOYAmt |
| EOY | $622,204 | EOYAmt |
Total Liabilities TotalLiabilitiesGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| BOY | $12,210,554 | BOYAmt |
| EOY | $29,028,070 | EOYAmt |
| Field | Value | IRS element (for citing) |
|---|---|---|
| Organization Follows FASB117 | Yes (X) | OrganizationFollowsFASB117Ind |
No Donor Restriction Net Assets NoDonorRestrictionNetAssetsGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| BOY | $33,048,309 | BOYAmt |
| EOY | $34,676,623 | EOYAmt |
Donor Restriction Net Assets DonorRestrictionNetAssetsGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| BOY | $41,629,618 | BOYAmt |
| EOY | $45,358,106 | EOYAmt |
Total Net Assets Fund Balance TotalNetAssetsFundBalanceGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| BOY | $74,677,927 | BOYAmt |
| EOY | $80,034,729 | EOYAmt |
Tot Liab Net Assets Fund Balance TotLiabNetAssetsFundBalanceGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| BOY | $86,888,481 | BOYAmt |
| EOY | $109,062,799 | EOYAmt |
| Field | Value | IRS element (for citing) |
|---|---|---|
| Info In Schedule O Part XI | Yes (X) | InfoInScheduleOPartXIInd |
| Reconcilation Revenue Expnss | $1,529,984 | ReconcilationRevenueExpnssAmt |
| Net Unrlzd Gains Losses Invst | $2,902,959 | NetUnrlzdGainsLossesInvstAmt |
| Other Changes In Net Assets | $923,859 | OtherChangesInNetAssetsAmt |
| Info In Schedule O Part XII | Yes (X) | InfoInScheduleOPartXIIInd |
| Method Of Accounting Accrual | Yes (X) | MethodOfAccountingAccrualInd |
| Accountant Compile Or Review | 0 | AccountantCompileOrReviewInd |
| FS Audited | Yes (1) | FSAuditedInd |
FS Audited Basis FSAuditedBasisGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Separate Basis Fincl Stmt | Yes (X) | SeparateBasisFinclStmtInd |
| Field | Value | IRS element (for citing) |
|---|---|---|
| Audit Committee | Yes (1) | AuditCommitteeInd |
| Federal Grant Audit Required | Yes (1) | FederalGrantAuditRequiredInd |
| Federal Grant Audit Performed | Yes (1) | FederalGrantAuditPerformedInd |
Schedule A IRS990ScheduleA
| Field | Value | IRS element (for citing) |
|---|---|---|
| School | Yes (X) | SchoolInd |
Schedule B IRS990ScheduleB
Contributor Information ContributorInformationGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Contributor | RESTRICTED | ContributorNum |
Contributor Business Name ContributorBusinessName
| Field | Value | IRS element (for citing) |
|---|---|---|
| Business Name Line1 | RESTRICTED | BusinessNameLine1 |
Contributor US Address ContributorUSAddress
| Field | Value | IRS element (for citing) |
|---|---|---|
| Address Line1 | RESTRICTED | AddressLine1 |
| Address Line2 | RESTRICTED | AddressLine2 |
| City | RESTRICTED | City |
| State | RESTRICTED | State |
| ZIP Code | RESTRICTED | ZIPCode |
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total Contributions | RESTRICTED | TotalContributionsAmt |
Schedule C IRS990ScheduleC
| Field | Value | IRS element (for citing) |
|---|---|---|
| Political Expenditures | $0 | PoliticalExpendituresAmt |
| Volunteer Hours | 0 | VolunteerHoursCnt |
| Section4955 Organization Tax | $0 | Section4955OrganizationTaxAmt |
| Section4955 Managers Tax | $0 | Section4955ManagersTaxAmt |
| Volunteers | 0 | VolunteersInd |
| Paid Staff Or Management | 0 | PaidStaffOrManagementInd |
| Media Advertisements | 0 | MediaAdvertisementsInd |
| Mailings Members | 0 | MailingsMembersInd |
| Publications Or Broadcast | 0 | PublicationsOrBroadcastInd |
| Grants Other Organizations | 0 | GrantsOtherOrganizationsInd |
| Direct Contact Legislators | 0 | DirectContactLegislatorsInd |
| Rallies Demonstrations | 0 | RalliesDemonstrationsInd |
| Other Activities | Yes (1) | OtherActivitiesInd |
| Other Activities | $119,328 | OtherActivitiesAmt |
| Total Lobbying Expenditures | $119,328 | TotalLobbyingExpendituresAmt |
| Not Described Section501c3 | 0 | NotDescribedSection501c3Ind |
Supplemental Information Detail SupplementalInformationDetail
| Field | Value | IRS element (for citing) |
|---|---|---|
| Form And Line Reference | PART II-B, LINE 1: | FormAndLineReferenceDesc |
| Explanation | THE MINNEAPOLIS COLLEGE OF ART AND DESIGN IS A MEMBER OF MINNESOTA PRIVATE COLLEGE COUNCIL (MPCC), AN ORGANIZATION DESCRIBED IN SECTION 501(C)(4) OF THE INTERNAL REVENUE CODE. MPCC IS AN ASSOCIATION OF PRIVATE NONPROFIT INSTITUTIONS OF HIGHER EDUCATION THAT SERVES A VARIETY OF ITS MEMBERS' SHARED NEEDS, INCLUDING, BUT NOT ONLY, NONPARTISAN AND NON-ELECTORAL ADVOCACY FOR PUBLIC POLICY THAT MEETS STUDENTS' NEEDS AND ADVANCES THE INTERESTS OF PRIVATE HIGHER EDUCATION. THE MINNEAPOLIS COLLEGE OF ART AND DESIGN PAID THIS FIGURE IN MEMBERSHIP DUES TO MPCC DURING THE TAXABLE YEAR. A PORTION OF THIS AMOUNT, BUT NOT ALL OF IT, SUPPORTED ATTEMPTS TO INFLUENCE LEGISLATION WITHIN THE MEANING OF SECTION 501(C)(3) OF THE INTERNAL REVENUE CODE ("LOBBYING").THE AMOUNT OF LOBBYING EXPENSES PAID FROM THE MINNEAPOLIS COLLEGE OF ART AND DESIGN'S DUES WAS SIGNIFICANTLY LESS THAN THAT AMOUNT. | ExplanationTxt |
Schedule D IRS990ScheduleD
CY Endwmt Fund CYEndwmtFundGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Beginning Year Balance | $50,555,286 | BeginningYearBalanceAmt |
| Contributions | $438,920 | ContributionsAmt |
| Investment Earnings Or Losses | $9,993,571 | InvestmentEarningsOrLossesAmt |
| Grants Or Scholarships | $3,005,847 | GrantsOrScholarshipsAmt |
| End Year Balance | $57,981,930 | EndYearBalanceAmt |
CY Minus1 Yr Endwmt Fund CYMinus1YrEndwmtFundGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Beginning Year Balance | $55,064,844 | BeginningYearBalanceAmt |
| Contributions | $384,253 | ContributionsAmt |
| Investment Earnings Or Losses | -$69,221 | InvestmentEarningsOrLossesAmt |
| Grants Or Scholarships | $971,384 | GrantsOrScholarshipsAmt |
| Other Expenditures | $3,743,935 | OtherExpendituresAmt |
| Administrative Expenses | $109,271 | AdministrativeExpensesAmt |
| End Year Balance | $50,555,286 | EndYearBalanceAmt |
CY Minus2 Yr Endwmt Fund CYMinus2YrEndwmtFundGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Beginning Year Balance | $62,933,118 | BeginningYearBalanceAmt |
| Contributions | $497,253 | ContributionsAmt |
| Investment Earnings Or Losses | -$5,438,280 | InvestmentEarningsOrLossesAmt |
| Grants Or Scholarships | $1,987,003 | GrantsOrScholarshipsAmt |
| Other Expenditures | $940,244 | OtherExpendituresAmt |
| End Year Balance | $55,064,844 | EndYearBalanceAmt |
CY Minus3 Yr Endwmt Fund CYMinus3YrEndwmtFundGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Beginning Year Balance | $53,301,344 | BeginningYearBalanceAmt |
| Contributions | $296,062 | ContributionsAmt |
| Investment Earnings Or Losses | $12,205,515 | InvestmentEarningsOrLossesAmt |
| Grants Or Scholarships | $1,944,895 | GrantsOrScholarshipsAmt |
| Other Expenditures | $924,908 | OtherExpendituresAmt |
| End Year Balance | $62,933,118 | EndYearBalanceAmt |
CY Minus4 Yr Endwmt Fund CYMinus4YrEndwmtFundGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Beginning Year Balance | $53,550,620 | BeginningYearBalanceAmt |
| Contributions | $204,146 | ContributionsAmt |
| Investment Earnings Or Losses | $2,275,824 | InvestmentEarningsOrLossesAmt |
| Grants Or Scholarships | $1,845,148 | GrantsOrScholarshipsAmt |
| Other Expenditures | $884,098 | OtherExpendituresAmt |
| End Year Balance | $53,301,344 | EndYearBalanceAmt |
| Field | Value | IRS element (for citing) |
|---|---|---|
| Board Designated Balance EOY | 0.27002 | BoardDesignatedBalanceEOYPct |
| Prmnnt Endowment Balance EOY | 0.72998 | PrmnntEndowmentBalanceEOYPct |
| Term Endowment Balance EOY | 0.00000 | TermEndowmentBalanceEOYPct |
| Endowments Held Unrelated Org | Yes (1) | EndowmentsHeldUnrelatedOrgInd |
| Endowments Held Related Org | 0 | EndowmentsHeldRelatedOrgInd |
Land LandGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Other Cost Or Other Basis | $1,445,005 | OtherCostOrOtherBasisAmt |
| Book Value | $1,445,005 | BookValueAmt |
Buildings BuildingsGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Other Cost Or Other Basis | $57,911,598 | OtherCostOrOtherBasisAmt |
| Depreciation | $22,102,031 | DepreciationAmt |
| Book Value | $35,809,567 | BookValueAmt |
Equipment EquipmentGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Other Cost Or Other Basis | $5,333,930 | OtherCostOrOtherBasisAmt |
| Depreciation | $3,322,867 | DepreciationAmt |
| Book Value | $2,011,063 | BookValueAmt |
Other Land Buildings OtherLandBuildingsGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Other Cost Or Other Basis | $582,936 | OtherCostOrOtherBasisAmt |
| Book Value | $582,936 | BookValueAmt |
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total Book Value Land Buildings | $39,848,571 | TotalBookValueLandBuildingsAmt |
Other Securities OtherSecuritiesGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Desc | BENEFICIAL INTEREST IN PERPETUAL TRUST | Desc |
| Book Value | $8,127,199 | BookValueAmt |
| Method Valuation | F | MethodValuationCd |
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total Book Value Securities | $8,127,199 | TotalBookValueSecuritiesAmt |
Other Liabilities Org OtherLiabilitiesOrgGrp (2 entries)
| DescDesc | AmtAmt |
|---|---|
| LEASE LIABILITY | $211,711 |
| DEPOSITS | $410,493 |
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total Liability | $622,204 | TotalLiabilityAmt |
| Footnote Text | Yes (X) | FootnoteTextInd |
| Total Rev Etc Audited Fincl Stmt | $34,772,549 | TotalRevEtcAuditedFinclStmtAmt |
| Net Unrealized Gains Invst | $2,902,959 | NetUnrealizedGainsInvstAmt |
| Other Revenue | $2,423,411 | OtherRevenueAmt |
| Revenue Not Reported | $5,326,370 | RevenueNotReportedAmt |
| Revenue Subtotal | $29,446,179 | RevenueSubtotalAmt |
| Investment Expenses Not Incld | $106,840 | InvestmentExpensesNotIncldAmt |
| Other Revenues Not Included | $16,276,209 | OtherRevenuesNotIncludedAmt |
| Revenue Not Reported Fincl Stmt | $16,383,049 | RevenueNotReportedFinclStmtAmt |
| Total Revenue Per Form990 | $45,829,228 | TotalRevenuePerForm990Amt |
| Tot Expns Etc Audited Fincl Stmt | $29,415,747 | TotExpnsEtcAuditedFinclStmtAmt |
| Other Expenses Included | $1,499,552 | OtherExpensesIncludedAmt |
| Expenses Not Reported | $1,499,552 | ExpensesNotReportedAmt |
| Expenses Subtotal | $27,916,195 | ExpensesSubtotalAmt |
| Investment Expenses Not Incld2 | $106,840 | InvestmentExpensesNotIncld2Amt |
| Other Expenses Not Included | $16,276,209 | OtherExpensesNotIncludedAmt |
| Expenses Not Rpt Fincl Stmt | $16,383,049 | ExpensesNotRptFinclStmtAmt |
| Total Expenses Per Form990 | $44,299,244 | TotalExpensesPerForm990Amt |
Supplemental Information Detail SupplementalInformationDetail (6 entries)
| Form And Line ReferenceFormAndLineReferenceDesc | ExplanationExplanationTxt |
|---|---|
| PART V, LINE 4: | MCAD'S ENDOWMENT CONSISTS OF APPROXIMATELY 150 INDIVIDUAL FUNDS ESTABLISHED FOR A VARIETY OF PURPOSES. THE ENDOWMENT PROVIDES SCHOLARSHIPS TO STUDENTS AND GRANTS FOR DEPARTMENTAL NEEDS. |
| PART X, LINE 2: | THE INTERNAL REVENUE SERVICE (IRS) HAS DETERMINED THAT THE COLLEGE IS EXEMPT FROM FEDERAL INCOME TAX UNDER SECTION 501(C)(3) OF THE INTERNAL REVENUE CODE (IRC). IT IS ALSO EXEMPT FROM STATE INCOME TAX. HOWEVER, ANY UNRELATED BUSINESS INCOME MAY BE SUBJECT TO TAXATION. THE COLLEGE FOLLOWS THE ACCOUNTING STANDARDS FOR CONTINGENCIES IN EVALUATING UNCERTAIN TAX POSITIONS. THIS GUIDANCE PRESCRIBES RECOGNITION THRESHOLD PRINCIPLES FOR THE FINANCIAL STATEMENT RECOGNITION OF TAX POSITIONS TAKEN OR EXPECTED TO BE TAKEN ON A TAX RETURN THAT ARE NOT CERTAIN TO BE REALIZED. NO LIABILITY HAS BEEN RECOGNIZED BY THE COLLEGE FOR UNCERTAIN TAX POSITIONS AS OF MAY 31, 2024 AND 2023. THE COLLEGE'S TAX RETURNS ARE SUBJECT TO REVIEW AND EXAMINATION BY FEDERAL AND STATE AUTHORITIES. |
| PART XI, LINE 2D - OTHER ADJUSTMENTS: | CHANGE IN VALUE OF BENEFICIAL INTEREST IN PERPETUAL TRUSTS 923,859. FUNDRAISING EXPENSES 688,469. COST OF GOODS SOLD 811,083. |
| PART XI, LINE 4B - OTHER ADJUSTMENTS: | SCHOLARSHIPS 16,276,209. |
| PART XII, LINE 2D - OTHER ADJUSTMENTS: | FUNDRAISING EXPENSES 688,469. COST OF GOODS SOLD 811,083. |
| PART XII, LINE 4B - OTHER ADJUSTMENTS: | SCHOLARSHIPS 16,276,209. |
Schedule E IRS990ScheduleE
| Field | Value | IRS element (for citing) |
|---|---|---|
| Nondiscriminatory Policy Stmt | Yes (1) | NondiscriminatoryPolicyStmtInd |
| Policy Stmt In Brochures Etc | Yes (1) | PolicyStmtInBrochuresEtcInd |
| Plcy Pblczd Via Broadcast Media | Yes (1) | PlcyPblczdViaBroadcastMediaInd |
| Maintain Racial Comp Recs | Yes (1) | MaintainRacialCompRecsInd |
| Maintain Scholarships Recs | Yes (1) | MaintainScholarshipsRecsInd |
| Maintain Cpy Of Brochures Etc | Yes (1) | MaintainCpyOfBrochuresEtcInd |
| Maintain Cpy Of All Sol | Yes (1) | MaintainCpyOfAllSolInd |
| Discriminate Race Stdnts Rghts | 0 | DiscriminateRaceStdntsRghtsInd |
| Discriminate Race Admiss Plcy | 0 | DiscriminateRaceAdmissPlcyInd |
| Discriminate Race Emplm Fculty | 0 | DiscriminateRaceEmplmFcultyInd |
| Discriminate Race Schs | 0 | DiscriminateRaceSchsInd |
| Discriminate Race Educ Plcy | 0 | DiscriminateRaceEducPlcyInd |
| Discriminate Race Use Of Fclts | 0 | DiscriminateRaceUseOfFcltsInd |
| Discriminate Race Athlt Prog | 0 | DiscriminateRaceAthltProgInd |
| Discriminate Race Other Acty | 0 | DiscriminateRaceOtherActyInd |
| Government Financial Aid Rcvd | Yes (1) | GovernmentFinancialAidRcvdInd |
| Government Financial Aid Rvkd | 0 | GovernmentFinancialAidRvkdInd |
| Compliance With Rev Proc7550 | Yes (1) | ComplianceWithRevProc7550Ind |
Supplemental Information Detail SupplementalInformationDetail (2 entries)
| Form And Line ReferenceFormAndLineReferenceDesc | ExplanationExplanationTxt |
|---|---|
| SCHEDULE E, PART I, LINE 3 | MCAD PUBLISHES ITS NON-DISCRIMINATION POLICY AS STATED ON THE ONLINE APPLICATION. IT READS: "THE MINNEAPOLIS COLLEGE OF ART AND DESIGN DOES NOT DISCRIMINATE ON THE BASIS OF RACE, COLOR, OR ETHNIC ORIGIN IN ITS ADMISSIONS OR EDUCATIONAL POLICIES, IN SCHOLARSHIPS, FINANCIAL AID, OR LOAN PROGRAMS, IN EMPLOYMENT, OR IN ACCORDING THE RIGHTS, PRIVILEGES AND ACTIVITIES GENERALLY MADE AVAILABLE AT THIS EDUCATIONAL INSTITUTION." MCAD ALSO PUBLISHES ITS NONDISCRIMINATORY POLICY ON THE HOMEPAGE OF ITS WEBSITE. |
| SCHEDULE E, PART I, LINE 6 | THE COLLEGE RECEIVES FINANCIAL ASSISTANCE FROM THE U.S. GOVERNMENT IN CONNECTION WITH VARIOUS PROGRAMS SUCH AS THE FEDERAL PERKINS LOAN PROGRAM, FEDERAL WORK STUDY PROGRAM, PELL GRANT PROGRAM AND FEDERAL SUPPLEMENTAL EDUCATIONAL OPPORTUNITY GRANT PROGRAM. THE COLLEGE ALSO RECEIVES SUPPORT FROM THE STATE OF MINNESOTA THROUGH THE COLLEGE WORK STUDY PROGRAM AND STATE STUDENT SCHOLARSHIPS AND GRANTS. |
Schedule G IRS990ScheduleG
Fundraising Event Information FundraisingEventInformationGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Event1 | NOVEMBER ART SALE | Event1Nm |
| Gross Receipts Event1 | $678,866 | GrossReceiptsEvent1Amt |
| Charitable Contri Event1 | $20,000 | CharitableContriEvent1Amt |
| Gross Revenue Event1 | $658,866 | GrossRevenueEvent1Amt |
| Food And Beverage Event1 | $38,743 | FoodAndBeverageEvent1Amt |
| Other Direct Expenses Event1 | $536,714 | OtherDirectExpensesEvent1Amt |
| Event2 | MAY ART AUCTION | Event2Nm |
| Gross Receipts Event2 | $262,163 | GrossReceiptsEvent2Amt |
| Charitable Contri Event2 | $70,000 | CharitableContriEvent2Amt |
| Gross Revenue Event2 | $192,163 | GrossRevenueEvent2Amt |
| Food And Beverage Event2 | $36,508 | FoodAndBeverageEvent2Amt |
| Other Direct Expenses Event2 | $76,504 | OtherDirectExpensesEvent2Amt |
| Gross Receipts Total | $941,029 | GrossReceiptsTotalAmt |
| Charitable Contributions Tot | $90,000 | CharitableContributionsTotAmt |
| Gross Revenue Total Events | $851,029 | GrossRevenueTotalEventsAmt |
| Food And Beverage Total Events | $75,251 | FoodAndBeverageTotalEventsAmt |
| Oth Direct Expnss Total Events | $613,218 | OthDirectExpnssTotalEventsAmt |
| Direct Expense Summary Events | $688,469 | DirectExpenseSummaryEventsAmt |
| Net Income Summary | $162,560 | NetIncomeSummaryAmt |
Schedule I IRS990ScheduleI
| Field | Value | IRS element (for citing) |
|---|---|---|
| Grant Records Maintained | Yes (1) | GrantRecordsMaintainedInd |
Grants Other Asst To Indiv In US GrantsOtherAsstToIndivInUSGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Grant Type | SCHOLARSHIPS AND GRANTS PROVIDED AS FINANCIAL AID TO STUDENTS | GrantTypeTxt |
| Recipient | 833 | RecipientCnt |
| Cash Grant | $16,276,209 | CashGrantAmt |
| Non Cash Assistance | $0 | NonCashAssistanceAmt |
| Valuation Method Used | N/A | ValuationMethodUsedDesc |
| Non Cash Assistance | N/A | NonCashAssistanceDesc |
Supplemental Information Detail SupplementalInformationDetail
| Field | Value | IRS element (for citing) |
|---|---|---|
| Form And Line Reference | PART I, LINE 2: | FormAndLineReferenceDesc |
| Explanation | ALL AID IS AWARDED BASED ON FINANCIAL AID ELIGIBILITY REQUIREMENTS IN THE FINANCIAL AID OFFICE DURING THE AWARD PROCESS. FUNDS ARE DRAWN DOWN BY THE FINANCIAL AID DIRECTOR AND ARE RECONCILED TO THE AWARD BY THE BUSINESS OFFICE CONTROLLER. THE MONEY IS DISBURSED TO THOSE APPLICABLE STUDENTS BY THE BUSINESS OFFICE BURSAR. | ExplanationTxt |
Schedule J IRS990ScheduleJ
| Field | Value | IRS element (for citing) |
|---|---|---|
| Independent Consultant | Yes (X) | IndependentConsultantInd |
| Compensation Survey | Yes (X) | CompensationSurveyInd |
| Board Or Committee Approval | Yes (X) | BoardOrCommitteeApprovalInd |
| Severance Payment | Yes (1) | SeverancePaymentInd |
| Supplemental Nonqual Rtr Plan | 0 | SupplementalNonqualRtrPlanInd |
| Equity Based Comp Arrngm | 0 | EquityBasedCompArrngmInd |
| Comp Based On Revenue Of Flng Org | 0 | CompBasedOnRevenueOfFlngOrgInd |
| Comp Bsd On Rev Related Orgs | 0 | CompBsdOnRevRelatedOrgsInd |
| Comp Bsd Net Earns Flng Org | 0 | CompBsdNetEarnsFlngOrgInd |
| Comp Bsd Net Earns Rltd Orgs | 0 | CompBsdNetEarnsRltdOrgsInd |
| Any Non Fixed Payments | 0 | AnyNonFixedPaymentsInd |
| Initial Contract Exception | 0 | InitialContractExceptionInd |
Rltd Org Officer Trst Key Empl RltdOrgOfficerTrstKeyEmplGrp (7 entries)
| TitleTitleTxt | Base Compensation Filing OrgBaseCompensationFilingOrgAmt | Compensation Based On Rltd OrgsCompensationBasedOnRltdOrgsAmt | Bonus Filing OrganizationBonusFilingOrganizationAmount | Bonus Related OrganizationsBonusRelatedOrganizationsAmt | Other Compensation Filing OrgOtherCompensationFilingOrgAmt | Other Compensation Rltd OrgsOtherCompensationRltdOrgsAmt | Deferred Compensation Flng OrgDeferredCompensationFlngOrgAmt | Deferred Comp Rltd OrgsDeferredCompRltdOrgsAmt | Nontaxable Benefits Filing OrgNontaxableBenefitsFilingOrgAmt | Nontaxable Benefits Rltd OrgsNontaxableBenefitsRltdOrgsAmt | Total Compensation Filing OrgTotalCompensationFilingOrgAmt | Total Compensation Rltd OrgsTotalCompensationRltdOrgsAmt | Comp Report Prior990 Filing OrgCompReportPrior990FilingOrgAmt | Comp Report Prior990 Rltd OrgsCompReportPrior990RltdOrgsAmt |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| SANJIT SETHI | ||||||||||||||
| PRESIDENT | $377,115 | $0 | $0 | $0 | $602 | $0 | $20,844 | $0 | $8,829 | $0 | $407,390 | $0 | $0 | $0 |
| ROBERT RANSICK | ||||||||||||||
| VP OF ACADEMIC AFFAIRS | $172,616 | $0 | $15,000 | $0 | $602 | $0 | $10,347 | $0 | $23,809 | $0 | $222,374 | $0 | $0 | $0 |
| MARY ALMA NOONAN | ||||||||||||||
| CFO | $181,442 | $0 | $0 | $0 | $577 | $0 | $10,006 | $0 | $9,985 | $0 | $202,010 | $0 | $0 | $0 |
| ANNIE CLEVELAND | ||||||||||||||
| VP OF COMMUNICATIONS | $142,610 | $0 | $0 | $0 | $513 | $0 | $7,856 | $0 | $28,172 | $0 | $179,151 | $0 | $0 | $0 |
| EMILY KESSLER | ||||||||||||||
| VP OF INSTITUTIONAL ADVANCEMENT | $124,062 | $0 | $0 | $0 | $26,284 | $0 | $8,264 | $0 | $19,817 | $0 | $178,427 | $0 | $0 | $0 |
| CYNTHIA THEIS | ||||||||||||||
| SR. GIFTS OFFICER/VP OF INST. ADV. | $143,796 | $0 | $0 | $0 | $507 | $0 | $7,933 | $0 | $9,985 | $0 | $162,221 | $0 | $0 | $0 |
| MELISSA HUYBRECHT | ||||||||||||||
| VP OF ENROLLMENT MANAGEMENT | $145,714 | $0 | $0 | $0 | $523 | $0 | $7,992 | $0 | $0 | $0 | $154,229 | $0 | $0 | $0 |
Supplemental Information Detail SupplementalInformationDetail
| Field | Value | IRS element (for citing) |
|---|---|---|
| Form And Line Reference | PART I, LINE 4A | FormAndLineReferenceDesc |
| Explanation | EMILY KESSLER - SEVERANCE PAYMENT - $12,923 | ExplanationTxt |
Schedule K IRS990ScheduleK
Tax Exempt Bonds Issues TaxExemptBondsIssuesGrp (3 entries)
| Bond ReferenceBondReferenceCd | Bond Issuer EINBondIssuerEIN | Bond IssuedBondIssuedDt | Issue PriceIssuePriceAmt | PurposePurposeDesc | DefeasedDefeasedInd | On Behalf Of IssuerOnBehalfOfIssuerInd | Pool FinancingPoolFinancingInd | CUSIPCUSIPNum |
|---|---|---|---|---|---|---|---|---|
| MINNESOTA HIGHER EDUCATION FACILITIES AUTHORITY | ||||||||
| A | 410988525 | 2022-03-17 | $1,500,000 | ACQUISITION OF TWO PROPERTIES | 0 | 0 | 0 | |
| MINNESOTA HIGHER EDUCATION FACILITIES AUTHORITY | ||||||||
| B | 410988525 | 2023-06-01 | $18,373,000 | ACQUISITION COSTS AND RELATED EPENSES OF STUDENT HOUSING | 0 | 0 | 0 | |
| MINNESOTA HIGHER EDUCATION FACILITIES AUTHORITY | ||||||||
| C | 410988525 | 2015-03-26 | $7,974,697 | REFUNDING SERIES 6K AND 6Z | 0 | 0 | 0 | 60416HF74 |
Tax Exempt Bonds Proceeds TaxExemptBondsProceedsGrp (3 entries)
| Bond ReferenceBondReferenceCd | RetiredRetiredAmt | Total ProceedsTotalProceedsAmt | Capital ExpendituresCapitalExpendituresAmt | Other Spent ProceedsOtherSpentProceedsAmt | Substantial CompletionSubstantialCompletionYr | Refunding Tax Exempt BondsRefundingTaxExemptBondsInd | Refunding Taxable BondsRefundingTaxableBondsInd | Final Allocation MadeFinalAllocationMadeInd | Adequate Books And Rec MaintAdequateBooksAndRecMaintInd | In Reserve FundInReserveFundAmt | Issuance Costs From ProceedsIssuanceCostsFromProceedsAmt |
|---|---|---|---|---|---|---|---|---|---|---|---|
| A | $20,000 | $1,500,000 | $1,409,000 | $91,000 | 2022 | 0 | 0 | Yes (1) | Yes (1) | ||
| B | $18,373,000 | $17,108,276 | $1,264,724 | 2023 | 0 | 0 | Yes (1) | Yes (1) | |||
| C | $6,354,697 | $7,974,697 | $7,395,181 | 2015 | Yes (1) | 0 | Yes (1) | Yes (1) | $431,275 | $148,241 |
Tax Exempt Bonds Private Bus Use TaxExemptBondsPrivateBusUseGrp (3 entries)
| Bond ReferenceBondReferenceCd | Owning Bond Financed PropertyOwningBondFinancedPropertyInd | Any Lease ArrangementsAnyLeaseArrangementsInd | Mgmt Contract Bond Fincd PropMgmtContractBondFincdPropInd | Any Research AgreementsAnyResearchAgreementsInd | Private Bus Use By OthersPrivateBusUseByOthersPct | Private Bus Concerning UBIPrivateBusConcerningUBIPct | Total Private Business UseTotalPrivateBusinessUsePct | Bond Iss Meet Prvt Sec Pymt TestBondIssMeetPrvtSecPymtTestInd | Change In Use Bond Financed PropChangeInUseBondFinancedPropInd | Procs Nonqualified Bond RemdtdProcsNonqualifiedBondRemdtdInd |
|---|---|---|---|---|---|---|---|---|---|---|
| A | 0 | 0 | 0 | 0 | 0.00000 | 0.00000 | 0.00000 | 0 | 0 | Yes (1) |
| B | 0 | 0 | 0 | 0 | 0.00000 | 0.00000 | 0.00000 | 0 | 0 | Yes (1) |
| C | 0 | 0 | 0 | 0 | 0.00000 | 0.00000 | 0.00000 | 0 | 0 | Yes (1) |
Tax Exempt Bonds Arbitrage TaxExemptBondsArbitrageGrp (3 entries)
| Bond ReferenceBondReferenceCd | Form8038 T FiledForm8038TFiledInd | Rebate Not Due YetRebateNotDueYetInd | Exception To RebateExceptionToRebateInd | No Rebate DueNoRebateDueInd | Variable Rate IssueVariableRateIssueInd | Hedge Identified In Bks And RecHedgeIdentifiedInBksAndRecInd | Gross Proceeds Invested In GICGrossProceedsInvestedInGICInd | Gross Proceeds InvestedGrossProceedsInvestedInd | Written Proc To Monitor ReqsWrittenProcToMonitorReqsInd |
|---|---|---|---|---|---|---|---|---|---|
| A | 0 | Yes (1) | 0 | 0 | 0 | 0 | 0 | 0 | Yes (1) |
| B | 0 | Yes (1) | 0 | 0 | 0 | 0 | 0 | 0 | Yes (1) |
| C | 0 | 0 | 0 | Yes (1) | 0 | 0 | 0 | 0 | Yes (1) |
Procedures Corrective Action ProceduresCorrectiveActionGrp (3 entries)
| Bond ReferenceBondReferenceCd | Procedures Corrective ActionProceduresCorrectiveActionInd |
|---|---|
| A | Yes (1) |
| B | Yes (1) |
| C | Yes (1) |
Supplemental Information Detail SupplementalInformationDetail
| Field | Value | IRS element (for citing) |
|---|---|---|
| Form And Line Reference | DATE REBATE COMPUTATION PERFORMED | FormAndLineReferenceDesc |
| Explanation | ISSUER NAME: MINNESOTA HIGHER EDUCATION FACILITIES AUTHORITY DATE THE REBATE COMPUTATION WAS PERFORMED: 05/13/2019 | ExplanationTxt |
Schedule L IRS990ScheduleL
Bus Tr Involve Interested Prsn BusTrInvolveInterestedPrsnGrp
Name Of Interested NameOfInterested
| Field | Value | IRS element (for citing) |
|---|---|---|
| Person | CRISTIN SETHI | PersonNm |
| Field | Value | IRS element (for citing) |
|---|---|---|
| Relationship Description | SPOUSE OF THE PRESIDENT | RelationshipDescriptionTxt |
| Transaction | $28,859 | TransactionAmt |
| Transaction | EMPLOYEE COMPENSATION | TransactionDesc |
| Sharing Of Revenues | 0 | SharingOfRevenuesInd |
Schedule M IRS990ScheduleM
Works Of Art WorksOfArtGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Non Cash Checkbox | Yes (X) | NonCashCheckboxInd |
| Contribution | 1 | ContributionCnt |
| Noncash Contributions Rpt F990 | $1,600 | NoncashContributionsRptF990Amt |
| Method Of Determining Revenues | FMV | MethodOfDeterminingRevenuesTxt |
Securities Publicly Traded SecuritiesPubliclyTradedGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Non Cash Checkbox | Yes (X) | NonCashCheckboxInd |
| Contribution | 5 | ContributionCnt |
| Noncash Contributions Rpt F990 | $24,186 | NoncashContributionsRptF990Amt |
| Method Of Determining Revenues | FMV | MethodOfDeterminingRevenuesTxt |
Other Non Cash Contri Table OtherNonCashContriTableGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Non Cash Checkbox | Yes (X) | NonCashCheckboxInd |
| Desc | PHOTOGRAPHY SUPPLIES | Desc |
| Contribution | 1 | ContributionCnt |
| Noncash Contributions Rpt F990 | $2,569 | NoncashContributionsRptF990Amt |
| Method Of Determining Revenues | FMV | MethodOfDeterminingRevenuesTxt |
| Field | Value | IRS element (for citing) |
|---|---|---|
| Form8283 Received | 0 | Form8283ReceivedCnt |
| Any Property That Must Be Held | 0 | AnyPropertyThatMustBeHeldInd |
| Review Process Unusual NC Gifts | 0 | ReviewProcessUnusualNCGiftsInd |
| Third Parties Used | 0 | ThirdPartiesUsedInd |
Supplemental Information Detail SupplementalInformationDetail
| Field | Value | IRS element (for citing) |
|---|---|---|
| Form And Line Reference | PART I, COLUMN (B): | FormAndLineReferenceDesc |
| Explanation | COLUMN (B) IS THE NUMBER OF CONTRIBUTIONS. | ExplanationTxt |
Schedule O IRS990ScheduleO
Supplemental Information Detail SupplementalInformationDetail (7 entries)
| Form And Line ReferenceFormAndLineReferenceDesc | ExplanationExplanationTxt |
|---|---|
| FORM 990, PART VI, SECTION A, LINE 1A | THE EXECUTIVE COMMITTEE CONSISTS OF THE CHAIR OR CO-CHAIRS OF THE BOARD, THE VICE-CHAIRS, THE IMMEDIATE PAST CHAIR OR CO-CHAIRS OF THE BOARD, AND THE CHAIR OR CO-CHAIRS OF EACH STANDING COMMITTEE. THE EXECUTIVE COMMITTEE SHALL -TAKE ACTION FOR THE BOARD ON EMERGENCY MATTERS THAT CANNOT OR SHOULD NOT BE DEFERRED TO THE BOARD'S NEXT SCHEDULED MEETING, EXCEPT THAT THE EXECUTIVE COMMITTEE SHALL NOT HAVE THE AUTHORITY TO: (A) ELECT OR REMOVE THE PRESIDENT/CEO; (B) ELECT OR REMOVE A TRUSTEE OR AN OFFICER; (C) CHANGE THE MISSION OR PURPOSES OF MCAD; (D) CHANGE OR AMEND THE ARTICLES OF INCORPORATION OR THE BYLAWS; (E) INCUR ANY INDEBTEDNESS ON BEHALF OF MCAD; (F) SELL OR OTHERWISE TRANSFER ANY ASSETS OF MCAD; (G) ADOPT OR AMEND THE ANNUAL BUDGET OF MCAD; OR (H) CONFER ANY DEGREES. -ASSIST THE PRESIDENT/CEO TO ADDRESS NONESSENTIAL BUSINESS BETWEEN REGULAR MEETINGS OF THE BOARD. -RECOMMEND MATTERS FOR ACTION BY THE BOARD; -REVIEW AND ASSESS THE WORK OF OTHER COMMITTEES; -REVIEW AND ASSESS MCAD'S PLANNING PROCESS AND PLANNING GOALS; AND -ANNUALLY ASSESS THE PRESIDENT/CEO'S PERFORMANCE, AND RECOMMEND TO THE BOARD THE PRESIDENT/CEO'S COMPENSATION AND TERMS OF EMPLOYMENT. |
| FORM 990, PART VI, SECTION B, LINE 11B | THE FORM 990, WITH INDIVIDUAL CONTRIBUTOR NAMES REDACTED, IS REVIEWED BY ITS AUDIT COMMITTEE AND IS PROVIDED TO EACH VOTING MEMBER OF ITS GOVERNING BODY BEFORE FILING THE FORM. |
| FORM 990, PART VI, SECTION B, LINE 12C | ALL BOARD MEMBERS AND OFFICERS ARE SUBJECT TO THE FOLLOWING PROCESS: INDIVIDUALS WHO DISCLOSE A CONFLICT OF INTEREST MUST LEAVE THE RELEVANT MEETING WHILE A DETERMINATION OF MATERIALITY OF THE CONFLICT IS MADE. IF A CONFLICT IS DETERMINED TO EXIST WITHIN THE SCOPE OF THE POLICY THOSE INDIVIDUALS MAY MAKE A PRESENTATION OF THE PROPOSED TRANSACTION OR ARRANGEMENT BUT THEN MUST LEAVE THE ROOM AND ABSTAIN FROM VOTING ON THE PROPOSED TRANSACTION OR ARRANGEMENT. A TRUSTEE SHALL BE CONSIDERED TO HAVE A CONFLICT OF INTEREST WITHIN THE SCOPE OF THE POLICY IF HE OR SHE (1) HAS EXISTING OR POTENTIAL FINANCIAL OR OTHER INTERESTS THAT IMPAIR OR APPEAR TO IMPAIR HIS OR HER INDEPENDENT, UNBIASED JUDGMENT IN THE DISCHARGE OF HIS OR HER RESPONSIBILITIES TO THE COLLEGE; OR (2) IS AWARE THAT A MEMBER OF HIS OR HER FAMILY HAS FINANCIAL OR OTHER INTERESTS THAT WOULD IMPAIR OR APPEAR TO IMPAIR THE TRUSTEE'S INDEPENDENT JUDGMENT IN THE DISCHARGE OF HIS OR HER RESPONSIBILITIES TO THE COLLEGE. FOR THE PURPOSES OF THIS PROVISION, A FAMILY MEMBER IS DEFINED AS A SPOUSE, DOMESTIC PARTNER, PARENT, SIBLING, CHILD, OR ANY OTHER RELATIVE RESIDING IN THE SAME HOUSEHOLD AS THE TRUSTEE. ALL TRUSTEES SHALL DISCLOSE TO THE BOARD ANY POSSIBLE CONFLICT OF INTEREST AT THE EARLIEST PRACTICAL TIME. FURTHER, THE TRUSTEE SHALL ABSENT HIMSELF OR HERSELF FROM DISCUSSIONS OF, AND ABSTAIN FROM VOTING ON, SUCH MATTERS UNDER CONSIDERATION BY THE BOARD OF TRUSTEES OR ITS COMMITTEES. THE MINUTES OF SUCH MEETING SHALL REFLECT THAT A DISCLOSURE WAS MADE AND THAT THE TRUSTEE WITH A CONFLICT OR POSSIBLE CONFLICT ABSTAINED FROM VOTING. ANY TRUSTEE WHO IS UNCERTAIN AS TO WHETHER A CONFLICT OF INTEREST MAY EXIST IN ANY MATTER MAY REQUEST THAT THE BOARD OF COMMITTEE RESOLVE THE QUESTION IN HIS OR HER ABSENCE BY MAJORITY VOTE. EACH TRUSTEE SHALL COMPLETE AND SIGN A CONFLICT OF INTEREST DISCLOSURE FORM PROVIDED ANNUALLY BY THE SECRETARY OF THE BOARD OF TRUSTEES. |
| FORM 990, PART VI, SECTION B, LINE 15 | THE PRESIDENT'S COMPENSATION IS REVIEWED BY THE EXECUTIVE COMMITTEE ANNUALLY. THE EXECUTIVE COMMITTEE COMPARES THE COMPENSATION PROPOSED AGAINST COMPARABLE PRESIDENTS OF SIMILAR INSTITUTIONS. THE PRESIDENT'S CONTRACT WAS REVIEWED AND APPROVED BY THE BOARD OF TRUSTEES IN AN EXECUTIVE SESSION DURING THE CURRENT FISCAL YEAR. THE REVIEW IS DOCUMENTED IN THE MEETING MINUTES. THE SENIOR DIRECTOR OF HUMAN RESOURCES DETERMINES THE COMPARABILITY DATA USED FOR THE OFFICERS. THE COMPARABILITY DATA AND COMPENSATION PROPOSED IS REVIEWED AND APPROVED BY THE PRESIDENT ANNUALLY. IN ADDITION, A SEARCH COMMITTEE IS CREATED AND/OR A CONTRACTED ORGANIZATION IS HIRED TO PERFORM THE SEARCH, PROVIDING COMPARABILITY DATA ON COMPENSATION AND A FORMAL REVIEW AND RECOMMENDATION. |
| FORM 990, PART VI, SECTION C, LINE 19 | DOCUMENTS ARE AVAILABLE UPON REQUEST FROM THE FINANCE OFFICE. |
| FORM 990, PART XI, LINE 9: | CHANGE IN VALUE OF BENEFICIAL INTEREST IN PERPETUAL TRUSTS 923,859. |
| FORM 990, PART XII, LINE 2C: | THE PROCESS FOR OVERSIGHT AND SELECTION OF AN INDEPENDENT ACCOUNTANT HAS NOT CHANGED FROM THE PRIOR YEAR. |