2025-04-30T13:23:48-05:00 2024-06-30 410746749 CLIFTONLARSONALLEN LLP 8215 GREENWAY BOULEVARD SUITE 600 MIDDLETON WI 53562 990 2023-07-01 410693915 MINNEAPOLIS SOCIETY OF FINE ARTS DBA MINNEAPOLIS INSTITUTE OF ARTS MINN 6128703046 2400 THIRD AVENUE SOUTH MINNEAPOLIS MN 55404 BENJAMIN MURRAY CFO 6128703046 2025-04-28 1 1 KIMBERLY ANDERSON P00188889 6086628600 2025-04-28 2023 2025-03-06 01:10:19Z MINNEAPOLIS INSTITUTE OF ART KATHERINE LUBER 2400 THIRD AVENUE SOUTH MINNEAPOLIS MN 55404 118904197 0 X WWW.ARTSMIA.ORG X 1883 MN ENRICHING COMMUNITY BY COLLECTING, PRESERVING AND MAKING ACCESSIBLE OUTSTANDING WORKS OF ART 50 48 348 470 463799 355248 49730538 32846732 3377885 2957573 9221987 12318988 1573260 1637456 63903670 49760749 0 0 0 0 20401457 21666123 0 0 2338189 30380568 25290544 50782025 46956667 13121645 2804082 386115565 412201130 7001870 7080158 379113695 405120972 X THE MINNEAPOLIS INSTITUTE OF ART (MIA) ENRICHES THE COMMUNITY BY COLLECTING, PRESERVING, AND MAKING ACCESSIBLE OUTSTANDING WORKS OF ART FROM THE WORLD'S DIVERSE CULTURES. 0 0 27195573 0 1428507 EXHIBITIONS DURING FISCAL YEAR ENDING JUNE 30, 2024 INCLUDE:REVISION: ART IN THE AMERICASTHE LYRICAL ARTWORK OF JIM DENOMIECALL AND RESPONSE: AMERICAN WATERCOLORS IN CONVERSATIONA PERENNIAL PLEASURE GARDEN: BOTANICAL TEXTILES FROM MIA'S PERMANENT COLLECTIONTIA KEOBOUNPHENG: REVEALING THREADSANOTHER LOOKCARMEN WINANT: THE LAST SAFE ABORTIONTHE ROOT COLLECTION: CELEBRATING STUDIO CERAMICSTHE ROOT COLLECTION: LIVING WITH JAPANESE CERAMICSCOLLAGE/ASSEMBLAGE PART I: 1940-1989CHAOS: KEN MATSUBARA'S BUDDHIST MASTERWORKDWELLING IN MOUNTAINS: RECLUSION IN CHINESE LANDSCAPE PAINTINGIN OUR HANDS: NATIVE PHOTOGRAPHY, 1890 TO NOWLISA BERGH: TOPOGRAPHYWANDERING WITH DUTCH ARTISTSAMERICAN GOTHIC: GORDON PARKS AND ELLA WATSONNETWORKS OF CARETANAKA RYIIHEI: PORTRAIT OF A HOMEYEAR OF THE DRAGONCOLLAGE/ASSEMBLAGE PART II: 1990-NOWTHE SHAPE OF LIME: KOREAN ART AFTER 1989NEW AT MIA: CONTEMPORARY WORKS ON PAPER BY WOMEN ARTISTSGOLTZIUS & CO.DOMESTIC IDOLSDESTINED FOR MIA: A COLLECTION OF DUTCH PAINTINGSDARK VISIONSBIZEN: CONTEMPORARY EXPRESSIONS OF AN ANCIENT JAPANESE POTTERYCOUNTER CULTURE 5639798 0 144784 ACQUISITIONS BRING NEW STRENGTH TO THE COLLECTION. THE PERMANENT COLLECTION IS ALWAYS AT THE CORE OF OUR WORK. IN FY24, 563 EXCEPTIONAL OBJECTS WERE ACQUIRED, ENRICHING 4 CURATORIAL AREAS. 4030334 0 1150196 EDUCATIONAL OUTREACH AND PUBLIC PROGRAMS FOR THE FISCAL YEAR ENDING JUNE 30, 2024 INCLUDED: MIA'S ART ADVENTURE PROGRAM SERVED MORE THAN 38,300 STUDENTS IN 105 SCHOOLS ACROSS THE STATE.CREATIVITY ACADEMY (435) AND WATER IS LIFE (621) PROGRAMS SERVED 1056 STUDENTS.MIA SERVED AN ADDITIONAL 775 STUDENTS THROUGH OTHER SCHOOL PARTNERSHIP PROGRAMS.18,329 PK-12 STUDENTS PARTICIPATED IN GUIDE-LED TOURS, AND 18,017 STUDENTS PARTICIPATED IN SELF-GUIDED TOURS.MIA DISTRIBUTED 185 KITS OF CLASSROMM MATERIALS AND TRAINED 625 PARENT VOLUNTEERS TO LEAD ART ADVENTURE LESSONS IN SCHOOLS. MIA PROVIDED PROFESSIONAL DEVELOPMENT TO 130 TEACHERS. 36865705 1 1 0 1 0 0 0 1 0 1 1 1 0 1 1 1 1 0 0 0 1 0 0 0 1 0 0 0 0 1 0 0 0 0 0 0 0 0 1 0 0 0 0 1 1 1 0 0 1 132 0 1 348 1 1 1 0 0 0 0 1 1 0 0 0 0 0 0 X 50 48 0 0 0 0 0 1 0 1 1 0 0 1 1 1 1 1 1 1 0 0 MN X BENJAMIN MURRAY 6128703000 2400 THIRD AVENUE SOUTH MINNEAPOLIS MN 55404 KATIE LUBER DIRECTOR & PRESIDENT 40.00 X X 610644 0 83228 PATRICIA GRAZZINI DEPUTY DIRECTOR AND CHIEF OPERATING OFFICER 40.00 X X 346410 0 52772 JOHN LINDAHL CHAIR 1.00 X X 0 0 0 PIYUMI SAMARATUNGA VICE CHAIR 1.00 X X 0 0 0 TOM SCHREIER FORMER VICE CHAIR 1.00 X X 0 0 0 LIZ NORDLIE TREASURER 1.00 X X 0 0 0 AMY KERN SECRETARY 1.00 X X 0 0 0 MARY INGEBRAND-POHLAD ELECTIVE TRUSTEE 1.00 X 0 0 0 JESSAMYN KERCHNER ELECTIVE TRUSTEE 1.00 X 0 0 0 ELIZABETH ANDRUS ELECTIVE TRUSTEE 1.00 X 0 0 0 DAN AVCHEN ELECTIVE TRUSTEE 1.00 X 0 0 0 CHANDA SMITH BAKER ELECTIVE TRUSTEE 1.00 X 0 0 0 JOHN BUTCHER ELECTIVE TRUSTEE 1.00 X 0 0 0 JAMES CAHN ELECTIVE TRUSTEE 1.00 X 0 0 0 LYNN CASEY ELECTIVE TRUSTEE 1.00 X 0 0 0 PAGE KNUDSEN COWLES ELECTIVE TRUSTEE 1.00 X 0 0 0 BERT COLIANNI ELECTIVE TRUSTEE 1.00 X 0 0 0 MARIA GALE ELECTIVE TRUSTEE 1.00 X 0 0 0 MICHAEL GOAR ELECTIVE TRUSTEE 1.00 X 0 0 0 MARTHA HEAD ELECTIVE TRUSTEE 1.00 X 0 0 0 CHRISTOPHER HOWE ELECTIVE TRUSTEE 1.00 X 0 0 0 HUBERT JOLY ELECTIVE TRUSTEE 1.00 X 0 0 0 SHANNON SMITH JONES ELECTIVE TRUSTEE 1.00 X 0 0 0 VELMA KORBEL ELECTIVE TRUSTEE 1.00 X 0 0 0 JAMIE LOCKAHRT ELECTIVE TRUSTEE 1.00 X 0 0 0 LUCY MITCHELL ELECTIVE TRUSTEE 1.00 X 0 0 0 SHEILA MORGAN ELECTIVE TRUSTEE 1.00 X 0 0 0 MAHMOUD MAGIB ELECTIVE TRUSTEE 1.00 X 0 0 0 KATIE SIMPSON ELECTIVE TRUSTEE 1.00 X 0 0 0 ABDI WARSAME ELECTIVE TRUSTEE 1.00 X 0 0 0 TIM WELSH ELECTIVE TRUSTEE 1.00 X 0 0 0 JANE WILF ELECTIVE TRUSTEE 1.00 X 0 0 0 DAVID WILSON ELECTIVE TRUSTEE 1.00 X 0 0 0 GERALD ERICKSON JR ELECTIVE TRUSTEE 1.00 X 0 0 0 DAVID WEYERHAEUSER ELECTIVE TRUSTEE 1.00 X 0 0 0 JULIE ROSEN ELECTIVE TRUSTEE 1.00 X 0 0 0 MARY REYELTS ELECTIVE TRUSTEE 1.00 X 0 0 0 GONZALO PETSCHEN ELECTIVE TRUSTEE 1.00 X 0 0 0 NOEL BENNETT PATTERSON ELECTIVE TRUSTEE 1.00 X 0 0 0 BURTON COHEN LIFE TRUSTEE 1.00 X 0 0 0 BEVERLY GROSSMAN LIFE TRUSTEE 1.00 X 0 0 0 AL HARRISON LIFE TRUSTEE 1.00 X 0 0 0 DAVID M LEBEDOFF LIFE TRUSTEE 1.00 X 0 0 0 TIM WALZ GOVERNOR STATE OF MINNESOT TRUSTEE BY VIRTUE OF OFFIC 1.00 X 0 0 0 JACOB FREY MAYOR CITY OF MINNEAPOLI TRUSTEE BY VIRTUE OF OFFIC 1.00 X 0 0 0 KARI DZIEDZIC MINNESOTA STATE SENAT TRUSTEE BY VIRTUE OF OFFIC 1.00 X 0 0 0 IRENE FERNANDO CHAIR HENNEPIN COUNT TRUSTEE BY VIRTUE OF OFFIC 1.00 X 0 0 0 STEFFANIE MUSICH COMMISSIONER DISTR TRUSTEE BY VIRTUE OF OFFIC 1.00 X 0 0 0 MELISSA HORTMAN MINNESOTA STATE REP TRUSTEE BY VIRTUE OF OFFIC 1.00 X 0 0 0 BARBARA PROESCHEL PRESIDENT FRIENDS TRUSTEE BY VIRTUE OF OFFIC 1.00 X 0 0 0 NICOLE BERNS SENIOR EXECUTIVE ASSISTANT 40.00 X 74243 0 17227 BENJAMIN MURRAY CFO 40.00 X 20132 0 0 MATTHEW WELCH DEPUTY DIRECTOR AND CHIEF CURATOR 40.00 X 296444 0 31861 JULIANNE AMENDOLA CHIEF ADVANCEMENT OFFICER 40.00 X 232977 0 19798 MICHAEL SANDERS COO 40.00 X 230096 0 6022 VIRAJITA SINGH CHIEF DIVERSITY & INCLUSIO 40.00 X 202379 0 460 STEVEN BADER CONTROLLER/INTERIM CFO 40.00 X 194032 0 29878 ANDREAS MARKS CURATOR OF JAPANESE AND KOREAN ARTS 40.00 X 180872 0 17078 YANG LIU CURATOR OF CHINESE ART 40.00 X 170730 0 28674 RACHEL MCGARRY CHAIR OF EUROPEAN ART 40.00 X 170479 0 28653 VALERIA PICCOLI CHAIR OF THE ARTS OF AMERICAS 40.00 X 169344 0 8275 2898782 0 323926 35 0 1 0 HAMMEL GREEN AND ABRAHAMSON INC SDS 12-1861 PO BOX 86 MINNEAPOLIS MN 554861861 ARCHITECTURAL FEES 1646730 DORSEY & WHITNEY LLP 50 SOUTH 6TH ST 1500 MINNEAPOLIS MN 55402 LEGAL CONSULTING 454769 HAHN LOESER & PARKS LLC 200 PUBLIC SQUARE SUITE 2800 CLEVELAND OH 44114 LEGAL CONSULTING 235643 MGALE & ASSOCIATES 329 S MAIN ST SUITE 201 FORT WORTH TX 76104 CONSULTING 201639 CAPACITY INTERACTIVE CONSULTING BOX 83447 WOBURN MA 018133447 CONSULTING 170098 7 1852666 82405 805209 18529623 11576829 367056 32846732 RENTALS/REIMBURSEMENTS 532000 1835521 1601435 234086 PROGRAM ADMISSIONS/FEES 711130 457269 457269 OTHER PROGRAM SERVICE REVENUE 611710 444279 444279 DEACCESSIONS 611710 144784 144784 CLASSES AND PROGRAMS 611610 75720 75720 2957573 6583720 229713 6354007 34859 34859 74222825 68487557 5735268 5735268 5735268 9099 82405 97118 -88019 -88019 1338330 558773 779557 779557 PARKING 812930 911059 911059 911059 49760749 2723487 463799 13726731 2956938 1477688 1130050 349200 14746777 12891084 957857 897836 625613 506373 67935 51305 1989600 1624110 218458 147032 1347195 1091430 161100 94665 796295 796295 283520 283520 60000 60000 2366794 2366794 3848244 3236153 407193 204898 781792 781792 2402316 1940020 285966 176330 1024325 597410 236875 190040 3512165 3275972 196342 39851 1271632 1040085 87375 144172 36414 20276 12859 3279 2570700 2430710 128324 11666 696549 312804 355830 27915 ACCESSIONS 5639798 5639798 46956667 36865705 7752773 2338189 -167654 7687720 32064401 27945628 3407246 2727918 4181641 5642831 147207 154129 395199 469514 130868926 69981920 55915903 60887006 45998160 44617470 177606023 191521511 66567439 70547403 386115565 412201130 6009810 6239270 196185 112485 795875 728403 7001870 7080158 X 99015125 106237980 280098570 298882992 379113695 405120972 386115565 412201130 X 2804082 23223134 -19939 X 0 1 X 1 0 X 11902094 15440444 27478626 32513734 14317109 101652007 14539755 18187534 16605532 17216804 18529623 85079248 26441849 33627978 44084158 49730538 32846732 186731255 21074732 165656523 4142674 3180213 3305465 6256729 6388866 23273947 24198 11956 525163 196293 463799 1221409 61066 202590 1298551 2290297 2249389 6101893 217328504 15988217 0.76220 0.76760 X SCHEDULE A, PART II, LINE 10, EXPLANATION OF OTHER INCOME: MISCELLANEOUS REVENUE - 2019 AMOUNT: $ 61,066. 2020 AMOUNT: $ 202,590. 2021 AMOUNT: $ 428,637. 2022 AMOUNT: $ 797,977. 2023 AMOUNT: $ 911,059. GIFT SHOP SALES - 2021 AMOUNT: $ 869,914. 2022 AMOUNT: $ 1,492,320. 2023 AMOUNT: $ 1,338,330. RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED 0 0 0 0 0 0 0 0 0 0 1 60000 0 0 60000 0 PART II-B, LINE 1: A PROFESSIONAL LOBBYIST WAS CONTRACTED TO LOBBY ON BEHALF OF THE ORGANIZATION. A PORTION OF DUES TO THE MINNESOTA CITIZENS FOR THE ARTS IS USED FOR LOBBYING ACTIVITIES. X X X X 0 199852326 964607 23351709 10856353 213312289 188558780 1821620 19851468 10379543 199852326 220039787 12835438 -34655808 9660635 188558780 173509048 6277187 49451265 9197713 220039787 174053685 3159108 5407279 9111024 173509048 0.14812 0.67435 0.17753 0 1 1 9298425 9298425 98535764 58333950 40201814 17282396 11647970 5634426 5752341 5752341 60887006 HEDGED EQUITY FUNDS 52641375 F DOMESTIC EQUITY 73875469 F INTERNATIONAL EQUITY 37670427 F PRIVATE CAPITAL 27334240 F 191521511 BENEFICIAL INTEREST IN PERPETUAL TRUSTS 70547403 70547403 AMOUNTS DUE TO BENEFICIARIES 728403 728403 X 71304867 23223134 635952 23859086 47445781 2314968 2314968 49760749 45297590 655891 655891 44641699 2314968 2314968 46956667 PART III, LINE 1A: MIA'S COLLECTIONS, WHICH WERE ACQUIRED THROUGH PURCHASES AND CONTRIBUTIONS SINCE MIA'S INCEPTION, ARE NOT RECOGNIZED AS ASSETS ON THE STATEMENTS OF FINANCIAL POSITION. PURCHASES OF COLLECTION ITEMS ARE RECORDED AS DECREASES IN NET ASSETS WITHOUT DONOR RESTRICTIONS IN THE YEAR IN WHICH THE ITEMS ARE ACQUIRED OR AS NET ASSETS WITH DONOR RESTRICTIONS IF THE ASSETS USED TO PURCHASE THE ITEMS ARE RESTRICTED BY DONORS. PURCHASE ARE REFLECTED IN THE STATEMENTS OF ACTIVITIES AS ACCESSIONS. PROCEEDS FROM DE-ACCESSIONS OR INSURANCE RECOVERIES ARE REFLECTED AS INCREASES IN THE APPROPRIATE NET ASSET CLASSES. CONTRIBUTED COLLECTION ITEMS ARE NOT REFLECTED IN THE FINANCIAL STATEMENTS. MIA'S COLLECTION ITEMS ARE CATALOGED, PRESERVED AND CARED FOR, AND ACTIVITIES VERIFYING THEIR EXISTENCE AND ASSESSING THEIR CONDITION ARE PERFORMED CONTINUOUSLY. PART V, LINE 4: NAMED ENDOWMENT FUNDS ESTABLISHED BY DONORS TO THE MIA PROVIDE AN ONGOING SOURCE OF INCOME FOR MUSEUM PROGRAMS AND ACQUISITION OF ART FOR THE MIA'S PERMANENT COLLECTION. PART X, LINE 2: MIA QUALIFIES AS A TAX-EXEMPT ORGANIZATION DESCRIBED IN SECTION 501(C)(3) AND IS NOT A PRIVATE FOUNDATION UNDER SECTION 509(A)(2) OF THE INTERNAL REVENUE CODE. HOWEVER, ANY UNRELATED BUSINESS INCOME MAY BE SUBJECT TO TAXATION. INCOME TAXES FOR UNRELATED BUSINESS INCOME ACTIVITIES ARE ACCRUED AND INCLUDED IN THE STATEMENTS OF ACTIVITIES IN THE YEAR INCURRED. MIA'S ACCOUNTING POLICY PROVIDES THAT A TAX EXPENSE OR BENEFIT FROM AN UNCERTAIN TAX POSITION MAY BE RECOGNIZED WHEN IT IS MORE LIKELY THAN NOT THAT THE POSITION WILL BE SUSTAINED UPON EXAMINATION, INCLUDING RESOLUTIONS OF ANY RELATED APPEALS OR LITIGATION PROCESSES, BASED ON THE TECHNICAL MERITS. MIA HAS NO UNCERTAIN TAX POSITIONS RESULTING IN AN ACCRUAL OR TAX EXPENSE OR BENEFIT. MIA'S TAX RETURNS ARE SUBJECT TO REVIEW AND EXAMINATION BY FEDERAL AND STATE AUTHORITIES. PART XI, LINE 2D - OTHER ADJUSTMENTS: SPECIAL EVENTS EXPENSES 88,019. COST OF GOODS SOLD AND FREIGHT IN - MUSEUM SHOP 558,773. LOSS ON BENEFICIARY AGREEMENTS -10,840. PART XII, LINE 2D - OTHER ADJUSTMENTS: COST OF GOODS SOLD AND FREIGHT IN - MUSEUM SHOP 558,773. SPECIAL EVENTS EXPENSES 97,118. CENTRAL AMERICA AND THE CARIBBEAN 0 0 INVESTMENTS 91745210 EUROPE 0 0 INVESTMENTS 10235272 0 0 0 0 0 0 101980482 0 101980482 1 0 0 0 1 0 PART I, LINE 3: MIA IS REPORTING THE MARKET VALUE OF INVESTMENTS ON SCHEDULE F, PART I. ART IN BLOOM 91504 82405 9099 3410 93708 91504 82405 9099 3410 93708 97118 -88019 X X X X X 0 1 0 0 0 0 0 0 0 KATIE LUBER DIRECTOR & PRESIDENT 527416 0 0 0 83228 0 69700 0 13528 0 693872 0 0 0 PATRICIA GRAZZINI DEPUTY DIRECTOR AND CHIEF OPERATING 293638 0 0 0 52772 0 39913 0 12859 0 399182 0 0 0 MATTHEW WELCH DEPUTY DIRECTOR AND CHIEF CURATOR 264583 0 0 0 31861 0 23319 0 8542 0 328305 0 0 0 JULIANNE AMENDOLA CHIEF ADVANCEMENT OFFICER 213179 0 0 0 19798 0 11487 0 8311 0 252775 0 0 0 MICHAEL SANDERS COO 224074 0 0 0 6022 0 0 0 6022 0 236118 0 0 0 STEVEN BADER CONTROLLER/INTERIM CFO 164154 0 0 0 29878 0 10139 0 19739 0 223910 0 0 0 VIRAJITA SINGH CHIEF DIVERSITY & INCLUSIO 201919 0 0 0 460 0 0 0 460 0 202839 0 0 0 YANG LIU CURATOR OF CHINESE ART 142056 0 0 0 28674 0 8981 0 19693 0 199404 0 0 0 RACHEL MCGARRY CHAIR OF EUROPEAN ART 141826 0 0 0 28653 0 8962 0 19691 0 199132 0 0 0 ANDREAS MARKS CURATOR OF JAPANESE AND KOREAN ARTS 163794 0 0 0 17078 0 9130 0 7948 0 197950 0 0 0 VALERIA PICCOLI CHAIR OF THE ARTS OF AMERICAS 161069 0 0 0 8275 0 0 0 8275 0 177619 0 0 0 PART I, LINE 4B PATRICIA GRAZZINI PARTICIPATES IN 457(B) AND 457(F) NON-QUALIFIED RETIREMENT PLANS APPROVED BY THE BOARD OF TRUSTEES ON DECEMBER 17, 2001. CONTRIBUTIONS FOR THESE PLANS ARE REFLECTED IN OTHER REPORTABLE COMPENSATION AND DEFERRED COMPENSATION. CONTRIBUTIONS AND CHANGE IN VALUE TO THE 457(F) PLAN FOR CALENDAR YEAR 2023 TOTALED $10,213. KATIE LUBER PARTICIPATED IN 457(B) AND 457(F) NON-QUALIFIED RETIREMENT PLANS APPROVED BY THE BOARD OF TRUSTEES. CONTRIBUTIONS FOR THESE PLANS ARE REFLECTED IN OTHER REPORTABLE COMPENSATION AND DEFERRED COMPENSATION. CHANGE IN VALUE TO THE 457(F) PLAN FOR CALENDAR YEAR 2023 TOTALED $40,000. MATTHEW WELCH PARTICIPATED IN 457(B) AND 457(F) NON-QUALIFIED RETIREMENT PLANS APPROVED BY THE BOARD OF TRUSTEES. CONTRIBUTIONS FOR THESE PLANS ARE REFLECTED IN OTHER REPORTABLE COMPENSATION AND DEFERRED COMPENSATION. CHANGE IN VALUE TO THE 457(F) PLAN FOR CALENDAR YEAR 2023 TOTALED $8,745. X 34 367056 QUOTED MARKET PRICES 41 0 1 0 PART I, COLUMN (B): COLUMN (B) IS THE NUMBER OF CONTRIBUTIONS. PART I, LINE 32B: MIA'S POLICY IS TO SELL THE GIFTS AS SOON AS POSSIBLE AFTER THE GIFT IS RECEIVED. GIFTS ARE VALUED USING THE AVERAGE OF THE QUOTED HIGH AND LOW PRICE AS OF THE GIFT DATE. PART I, LINE 33: PER THE STATEMENT OF FINANCIAL ACCOUNTING STANDARDS NO. 116, THE MIA HAS ELECTED THE OPTION TO NOT CAPITALIZE WORKS OF ART WHEN ACQUIRED THROUGH PURCHASE OR GIFT. IN MAKING THIS ELECTION, THE MIA CERTIFIES THAT IT'S COLLECTIONS: -ARE HELD FOR PUBLIC EXHIBITION, EDUCATION, OR RESEARCH IN FURTHERANCE OF PUBLIC SERVICE RATHER THAN FINANCIAL GAIN; -ARE PROTECTED, KEPT UNENCUMBERED, CARED FOR, AND PRESERVED; AND -ARE SUBJECT TO AN ORGANIZATIONAL POLICY THAT REQUIRES THE PROCEEDS FROM SALES OF COLLECTION ITEMS TO BE USED TO ACQUIRE OTHER ITEMS FOR THE COLLECTIONS. FORM 990, PART VI, SECTION A, LINE 1A THE EXECUTIVE COMMITTEE CONSISTS OF THE CHAIR, THE TREASURER (IF A BOARD MEMBER), THE DIRECTOR, AND SUCH OTHER BOARD MEMBERS AS THE BOARD MAY DETERMINE. THE PRIMARY PURPOSE OF THE EXECUTIVE COMMITTEE IS TO ASSIST THE BOARD IN FULFILLING ITS RESPONSIBILITIES WHEN IT IS NOT PRACTICAL OR FEASIBLE FOR THE FULL BOARD TO MEET AND DURING INTERVALS BETWEEN MEETINGS OF THE BOARD WHEN BOARD BUSINESS NEEDS TO BE TRANSACTED, EXCEPT AS MAY BE LIMITED BY LAW OR BY MIA'S BYLAWS. IN THE EXERCISE OF SUCH POWERS, THE COMMITTEE IS RESPONSIBLE TO THE BOARD FOR ALL OF SUCH ACTS. FORM 990, PART VI, SECTION A, LINE 7A IN ADDITION TO THE ELECTIVE TRUSTEES, EACH OF THE FOLLOWING PERSONS, UPON HIS OR HER ACCEPTANCE, IS A MEMBER OF THE BOARD FOR THE RESPECTIVE TERM OF HIS OR HER OFFICE: THE GOVERNOR OF THE STATE OF MINNESOTA, THE MAYOR OF THE CITY OF MINNEAPOLIS, AND THE PRESIDENT OF THE FRIENDS OF THE INSTITUTE. OTHER EX-OFFICIO MEMBERS INCLUDE THOSE WHO FROM TIME TO TIME ARE APPOINTED BY THE EXECUTIVE COMMITTEE OF THE MIA: TWO MEMBERS OF EACH OF THE MINNESOTA SENATE AND HOUSE OF REPRESENTATIVES WHO RESIDE IN HENNEPIN COUNTY, AND ONE MEMBER OF EACH OF THE BOARD OF HENNEPIN COUNTY COMMISSIONERS AND THE MINNEAPOLIS PARK AND RECREATION BOARD. FORM 990, PART VI, SECTION B, LINE 11B THE FORM 990 IS PREPARED BY A PROFESSIONAL ACCOUNTING FIRM FROM INFORMATION PROVIDED BY THE MIA. THE CONTROLLER AND DEPUTY DIRECTOR AND COO OF MIA REVIEW THE FORM FOR ACCURACY. A COPY OF THE DRAFT FORM IS FIRST PROVIDED TO MEMBERS OF THE AUDIT AND EXECUTIVE COMMITTEES FOR REVIEW AND DISCUSSION PRIOR TO FILLING. UPON THEIR REVIEW, A FINAL COPY IS PROVIDED TO THE FULL BOARD OF TRUSTEES. FORM 990, PART VI, SECTION B, LINE 12C ANNUALLY, ALL MEMBERS OF THE BOARD OF TRUSTEES ARE ASKED TO COMPLETE A DISCLOSURE STATEMENT. EACH TRUSTEE IS RESPONSIBLE TO REPORT DEVELOPMENTS RELATIVE TO ACTIVITIES AS DEFINED IN THE MIA'S BYLAWS. IF SUCH A DEVELOPMENT ARISES AFTER COMPLETING THE ANNUAL DISCLOSURE FORM, THE TRUSTEE IS ASKED TO DISCLOSE TO THE BOARD ANY POSSIBLE CONFLICT OF INTEREST AT THE EARLIEST PRACTICABLE TIME. DISCLOSURE STATEMENTS ARE REVIEWED BY THE EXECUTIVE COMMITTEE AND THE POLICY MANAGEMENT TEAM. NO TRUSTEE SHALL VOTE ON ANY MATTER, UNDER CONSIDERATION OR AT A BOARD OR COMMITTEE MEETING, IN WHICH SUCH TRUSTEE HAS A CONFLICT OF INTEREST. THE MINUTES OF ANY SUCH MEETING WILL REFLECT THAT A DISCLOSURE WAS MADE AND THAT THE TRUSTEE HAVING A CONFLICT OF INTEREST ABSTAINED FROM VOTING. FORM 990, PART VI, SECTION B, LINE 15A IT IS THE POLICY OF THE MIA THAT THE COMPENSATION PAID TO ITS EMPLOYEES IS REASONABLE AND COMPETITIVE IN RELATION TO COMPARABLE POSITIONS AT SIMILARLY SITUATED ORGANIZATIONS, SUBJECT TO BUDGETARY CONSIDERATIONS. THE EXECUTIVE COMMITTEE OF THE BOARD OF TRUSTEES SERVES AS THE COMPENSATION COMMITTEE (THE "COMMITTEE") AND IS RESPONSIBLE FOR COMPLIANCE WITH THE COMPENSATION POLICIES AND PROCEDURES. MEMBERS OF THE COMMITTEE WITH A CONFLICT OF INTEREST MUST RECUSE HIMSELF OR HERSELF FROM SUCH ACTION AND MAY NOT PARTICIPATE IN NOR BE PRESENT DURING ANY DISCUSSIONS, DELIBERATIONS OR DECISIONS. THE COMMITTEE SETS THE COMPENSATION OF THE DIRECTOR & PRESIDENT. THE DIRECTOR & PRESIDENT MAKES RECOMMENDATIONS TO THE COMMITTEE AS TO THE COMPENSATION OF POSITIONS REPORTED ON THE FORM 990 BUT DOES NOT PARTICIPATE IN ANY VOTE WITH RESPECT TO APPROVING THEIR COMPENSATION. THE DIRECTOR & PRESIDENT SETS THE COMPENSATION OF ALL OTHER EMPLOYEES NOT GOVERNED BY UNION CONTRACTS. ACCOMPANYING THIS POLICY IS A SET OF BOARD-APPROVED PROCEDURES. THE COMMITTEE AND THE DIRECTOR & PRESIDENT OBTAIN AND USE COMPARABILITY DATA PRIOR TO AND IN CONNECTION WITH THE DETERMINATION AND APPROVAL OF ALL COMPENSATION. THE COMPARABILITY DATA INCLUDES BUT IS NOT LIMITED TO: CURRENT COMPENSATION AND BENEFITS DATA FROM COMPARABLE TAX-EXEMPT AND, IN SOME CASES, TAXABLE ORGANIZATIONS, FOR FUNCTIONALLY COMPARABLE POSITIONS REQUIRING SIMILAR SKILLS, EDUCATION, AND EXPERIENCE; THE LOCATION OF THE ORGANIZATION (INCLUDING THE AVAILABILITY OF QUALIFIED PEOPLE IN THE GEOGRAPHIC AREA); INDEPENDENT PAY SURVEYS BY NATIONALLY RECOGNIZED FIRMS; ACTUAL WRITTEN OFFERS FROM SIMILAR INSTITUTIONS COMPETING FOR THE SERVICES OF THE PERSON; THE NUMBER OF EMPLOYEES AND THE ASSETS, BUDGET OR REVENUES SUPERVISED; AND ANY UNUSUAL CHALLENGES. THE COMMITTEE AND THE DIRECTOR & PRESIDENT ARE REQUIRED TO DOCUMENT ALL ASPECTS OF ALL PROCEEDINGS REGARDING THE COMPARABILITY DATA AS WELL AS THE APPROVAL OF ALL COMPENSATION. THESE PROCESSES WERE LAST PERFORMED IN JUNE OF 2024. FORM 990, PART VI, SECTION C, LINE 19 THE MIA MAKES ITS GOVERNING DOCUMENTS, CONFLICT OF INTEREST POLICY, AND FINANCIAL STATEMENTS AVAILABLE TO THE PUBLIC UPON REQUEST. FORM 990, PART XI, LINE 9: CHANGE IN VALUE OF AMOUNTS DUE BENEFICIARIES -19,939. JOHN R VAN DERLIP TRUST PO BOX 64713 ST PAUL MN 55164 416015288 PERPETUAL TRUST MN 501(C)(3) PF MINNEAPOLIS SOCIETY OF FINE ARTS 1 ETHEL M VAN DERLIP TRUST PO BOX 64713 ST PAUL MN 55164 416014949 PERPETUAL TRUST MN 501(C)(3) PF MINNEAPOLIS SOCIETY OF FINE ARTS 1 LILLIAN ZENOBIA TURNBLAD TRUST PO BOX 64713 ST PAUL MN 55164 416015498 PERPETUAL TRUST MN 501(C)(3) PF MINNEAPOLIS SOCIETY OF FINE ARTS 1 0 0 1 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 JOHN R VAN DERLIP TRUST C 102678 CASH TRANSFERRED ETHEL M VAN DERLIP TRUST C 632244 CASH TRANSFERRED LILLIAN ZENOBIA TURNBLAD TRUST C 70287 CASH TRANSFERRED