2022-05-14T09:02:36-05:00 2021-06-30 410746749 CLIFTONLARSONALLEN LLP 220 S 6TH STREET SUITE 300 MINNEAPOLIS MN 55402 990 2020-07-01 410693915 MINNEAPOLIS SOCIETY OF FINE ARTS DBA MMINNEAPOLIS INSTITUTE OF ARTS MINN 6128703046 2400 THIRD AVENUE SOUTH MINNEAPOLIS MN 55404 KRIS DAVIDSON HEAD OF FINANCE, BUDGET & PLA 6128703046 2022-05-13 1 KRIS DAVIDSON 999009999 JENNIFER TINGLEY P01485570 6123764500 2022-05-13 2 AAL1 IAL1 2020 2022-09-23 18:48:47Z MINNEAPOLIS INSTITUTE OF ART KRIS DAVIDSON 2400 THIRD AVENUE SOUTH MINNEAPOLIS MN 55404 118838386 0 X WWW.ARTSMIA.ORG X 1883 MN ENRICHING COMMUNITY BY COLLECTING, PRESERVING AND MAKING ACCESSIBLE OUTSTANDING WORKS OF ART 58 57 355 96 58804 4342 26441849 33697443 3028366 4956361 3460701 13806009 456880 299991 33387796 52759804 0 0 0 0 23768749 18698559 0 0 1736252 16639163 24397764 40407912 43096323 -7020116 9663481 328598864 389108974 12056299 5707546 316542565 383401428 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 20378011 0 3831490 EXHIBITIONS FOR FISCAL YEAR ENDING JUNE 30, 2021 INCLUDE: RACHEL BREEN: THE LABOR WE WEARSKY HOPINKA: DISFLUENCIESREMBRANDT IN CONVERSATIONA COLLECTOR'S ODYSSEY: BOOKS & PRINTS FROM THE WILLIAM P. KOSMAS COLLECTION20 DANCES: JAPANESE CALLIGRAPHY THEN AND NOWUNDER THE INFLUENCE: EARLY WORKS BY FRANK GAARDWTIH NEW LIGHT: MIA'S REINSTALLED HIMALAYAN, SOUTH AND SOUTHEAST ASIAN ART GALLERIESVISION 2020: JESS DUGANKHATT ISLAMIFREEDOM RISING: I AM THE STORY/L'MERCHIE FRAZIERIN THE PRESENCE OF OUR ANCESTORS: SOUTHERN PERSPECTIVES IN AFRICAN AMERICAN ARTTODD WEBB IN AFRICA: OUTSIDE THE FRAMENICOLE HAVEKOSTL CHTHONICSAUL STEINBERG: VISUAL VERSEUNEXPECTED TURNS: WOMEN ARTISTS AND THE MAKING OF AMERICAN BASKET WEAVING TRADITIONSRITUALS OF RESILIENCECOVID-19: LABOR CAMP REPORTSIAH ARMAJANI: A BRIDGE DIVIDES, A BRIDGE TRANSFORMSITALIAN PRINTMAKERS CIRCA 1600: FOUR DIVERGING PATHSHINDSIGHT: AMERICAN DOCUMENTARY PHOTOGRPHY 1930-1950AMANO KAZUMI: PRINTS FROM THE KIMM-GRUFFERMAN COLLECTIONPULICATIONS PRODUCED IN FY21SUPERNATURAL AMERICA: THE PARAMORMAL IN AMERICAN ART 2979058 0 969943 ACQUISITIONS BRING NEW STRENGTH TO THE COLLECTION. THE PERMANENT COLLECTION IS ALWAYS AT THE CORE OF OUR WORK. IN FY21 1,705 EXCEPTIONAL OBJECTS WERE ACQUIRED, ENRICHING EACH OF THE 5 CURATORIAL AREAS. 11654924 0 142972 EDUCATIONAL OUTREACH AND PUBLIC PROGRAMS FOR THE FISCAL YEAR ENDING JUNE 30, 2021 INCLUDED: "MIA'S ART ADVENTURE PROGRAM SERVED MORE THEN 22,773 STUDENTS VIRTUALLY IN 92 SCHOOLS ACROSS THE STATE.CREATIVITY ACADEMY AND WATER IS LIFE PROGRAM SERVED 1120 STUDENTS VIRTUALLY, USING 2,880 ART KITS DELIVERED TO THE PARTNER SCHOOLS.5,106 STUDENTS (PK-UNIVERSITY) PARTICIPATED IN VITURAL TOURS.MIA TRAINED 513 PARENT VOLUNTEERS VIRTUALLY TO LEAD ART ADVENTURE LESSONS.MIA TRAINED 75 VOLUNTEER GUIDES TO GIVE VIRTURAL TOURS.MIA PROVIDED PROFESSIONAL DEVELOPMENT TO 145 TEACHERS VIRTUALLYART TEAM, MIA'S TEEM COUNCIL, ENGAGED VIRTUALLY WITH APPROXIMATELY 185 YOUTH THROUGH CREATIVE AND EDUCATIONAL LOCAL INITIATIVES, AS WELL AS THROUGH MIA'S RATED T AND VIRTUAL OPEN STUDIO PROGRAMS.MOBILE MIA, THE MUSEUM'S SPECIALLYT DESIGNED BICYCLE, DELIVERED ART ACTIVITIES TO 400 YOUTH AND FAMILIES." 35011993 1 1 0 0 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 1 0 0 0 1 0 0 0 1 145 0 1 355 1 1 1 0 0 0 0 1 1 0 0 0 0 0 0 X 58 57 0 0 0 0 0 1 0 1 1 0 0 1 1 1 1 1 1 1 0 0 MN X STEVE BADER 6128703062 2400 THIRD AVENUE SOUTH MINNEAPOLIS MN 55404 KATIE LUBER DIRECTOR & PRESIDENT 40.00 X X 489024 0 41376 MARY INGEBRAND-POHLAD CHAIR 1.00 X X 0 0 0 GAYLE FUGUITT VICE CHAIR 1.00 X X 0 0 0 KEN CUTLER VICE CHAIR 1.00 X X 0 0 0 LIZ NORDLIE TREASURER 1.00 X X 0 0 0 JESSAMYN KERCHNER SECRETARY 1.00 X X 0 0 0 TIM WALZ GOVORNER STATE OF MN TRUSTEE BY VIRTUE OF OFFICE 1.00 X 0 0 0 JACOB FREY MAYOR CITY OF MINNEAPOLI TRUSTEE BY VIRTUE OF OFFICE 1.00 X 0 0 0 KARI DZIEDZIC MINNESOTA STATE SENAT TRUSTEE BY VIRTUE OF OFFICE 1.00 X 0 0 0 JULIE ROSEN MINNESOTA STATE SENATOR TRUSTEE BY VIRTUE OF OFFICE 1.00 X 0 0 0 JERRY HERTAUS MINNESOTA STATE REPRE TRUSTEE BY VIRTUE OF OFFICE 1.00 X 0 0 0 RYAN WINKLER MINNESOTA STATE REPRES TRUSTEE BY VIRTUE OF OFFICE 1.00 X 0 0 0 MARION GREENE CHAIR HENNEPIN COUNTY TRUSTEE BY VIRTUE OF OFFICE 1.00 X 0 0 0 JONO COWGILL PRESIDENT MINNEAPOLIS TRUSTEE BY VIRTUE OF OFFICE 1.00 X 0 0 0 BURTON D COHEN LIFE TRUSTEE 1.00 X 0 0 0 BEVERLY GROSSMAN LIFE TRUSTEE 1.00 X 0 0 0 ALFRED HARRISON LIFE TRUSTEE 1.00 X 0 0 0 DAVID M LEBEDOFF LIFE TRUSTEE 1.00 X 0 0 0 KARI ALLDREDGE 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 CHANDRA SMITH BAKER ELECTIVE TRUSTEE 1.00 X 0 0 0 MAURICE BLANKS 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 JENNIE CARLSON ELECTIVE TRUSTEE 1.00 X 0 0 0 LYNN CASEY ELECTIVE TRUSTEE 1.00 X 0 0 0 BERT COLIANNI ELECTIVE TRUSTEE 1.00 X 0 0 0 PAGE KNUDSEN COWLES ELECTIVE TRUSTEE 1.00 X 0 0 0 JANE EMISON ELECTIVE TRUSTEE 1.00 X 0 0 0 NANCY ENGH ELECTIVE TRUSTEE 1.00 X 0 0 0 MICHAEL FRANCIS 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 JAMES ELECTIVE TRUSTEE 1.00 X 0 0 0 AMY KERN ELECTIVE TRUSTEE 1.00 X 0 0 0 VELMA KORBEL ELECTIVE TRUSTEE 1.00 X 0 0 0 RICHARD KUNTZ ELECTIVE TRUSTEE 1.00 X 0 0 0 PATRICIA LEWIS ELECTIVE TRUSTEE 1.00 X 0 0 0 ROXANA LINARES ELECTIVE TRUSTEE 1.00 X 0 0 0 JAMIE LOCKHART ELECTIVE TRUSTEE 1.00 X 0 0 0 REID MACDONALD ELECTIVE TRUSTEE 1.00 X 0 0 0 NIVIN MACMILLAN ELECTIVE TRUSTEE 1.00 X 0 0 0 LUCY MITCHELL ELECTIVE TRUSTEE 1.00 X 0 0 0 LENI MOORE ELECTIVE TRUSTEE 1.00 X 0 0 0 SHEILA MORGAN ELECTIVE TRUSTEE 1.00 X 0 0 0 MAHMOUD NAGIB ELECTIVE TRUSTEE 1.00 X 0 0 0 MARY OLSON ELECTIVE TRUSTEE 1.00 X 0 0 0 PIYUMI SAMARATUNGA ELECTIVE TRUSTEE 1.00 X 0 0 0 TOM SCHREIER 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 WELCH 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 PATRICIA GRAZZINI DEPUTY DIRECTOR AND CHIEF OPERATING OFFICER/INTERI 40.00 X 398022 0 34448 MATTHEW WELCH DEPUTY DIRECTOR AND CHIEF CURATOR 40.00 X 257155 0 19091 MICHELLE KLEIN CHIEF OF STAFF 40.00 X 103950 0 11952 JULIANNE AMENDOLA CHIEF ADVANCEMENT OFFICER 40.00 X 191930 0 16280 YANG LIU CURATOR OF CHINESE ART 40.00 X 164471 0 22845 KRISTIN PRESTEGAARD CHIEF ENGAGEMENT OFFICER 40.00 X 183862 0 15858 ANDREAS MARKS CURATOR OF JAPANESE AND KOREAN ARTS 40.00 X 170651 0 14766 GHENETE ZELLEKE CURATOR OF DECREATIVE ARTS, TEXTILES, AND SCULPTUR 40.00 X 167669 0 14616 2126734 0 191232 9 0 1 0 CAPACITY INTERACTIVE CONSULTING LLC 82 NASSAU STREET 60283 NEW YORK NY 10038 ADVERTISING 195750 GRANT THORNTON LLP 2001 MARKET STREET TWO COMMERCE SQ PHILADELPHIA PA 19103 CONSULTING 146523 2 2350865 69565 18187534 13089479 450380 33697443 PROGRAM ADMISSIONS/FEE 900099 3831490 3831490 RENTALS/REIMBURSEMENTS 532000 981899 969943 11956 CLASSES AND PROGRAMS 900099 142972 142972 4956361 3156256 46848 3109408 23957 23957 76557197 65907444 10649753 10649753 10649753 850 69565 5696 -4846 -4846 316384 165442 150942 150942 PARKING 812930 129938 129938 129938 52759804 4944405 58804 14059152 1594593 827688 650592 116313 13476160 11161122 1233045 1081993 813146 681278 73521 58347 1785451 1452177 206023 127251 1029209 864346 91917 72946 166013 166013 132461 132461 60000 60000 2298513 2298513 1568238 1360004 137291 70943 325544 302493 14481 8570 605449 510818 58584 36047 526682 303747 122175 100760 2927053 2741565 156339 29149 55135 33693 7703 13739 4936 2493 2152 291 2503179 2358233 131926 13020 637836 296390 341446 ACCESSIONS 11527315 11527315 SHIPPING, CRATINGS, PAC 558072 556910 1162 OTHER MISCELLANEOUS 540711 71094 463896 5721 UBI TAXES -39373 -39373 43096323 35011993 6348078 1736252 1398456 565072 18187304 12043557 2770667 2328683 3604869 5899688 202573 142119 386169 425748 120700546 62448569 59618040 58251977 86557611 35022476 95384238 200340202 60488937 74089452 328598864 389108974 7425182 4588040 134284 194718 3586900 909933 924788 12056299 5707546 X 90734586 105992285 225807979 277409143 316542565 383401428 328598864 389108974 X 9663481 57180527 14855 X X 0 1 X 1 0 X 10413359 14857651 10989765 11902094 15440444 63603313 12013531 12673686 13696624 14539755 18187534 71111130 22426890 27531337 24686389 26441849 33627978 134714443 3165079 131549364 5355873 4608025 4918207 4142674 3180213 22204992 42728 205566 37063 24198 11956 321511 50212 61066 202590 313868 157554814 19627982 0.83490 0.83490 X SCHEDULE A, PART II, LINE 10, EXPLANATION OF OTHER INCOME: MISCELLANEOUS REVENUE - 2018 AMOUNT: $ 50,212. 2019 AMOUNT: $ 61,066. 2020 AMOUNT: $ 202,590. RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED 0 0 0 0 1 60000 1 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 173509048 6277187 49451265 9197713 220039787 174053685 3159108 5407279 9111024 173509048 176299042 1767989 5781138 9794484 174053685 172438272 887947 11437449 8464626 176299042 159821539 341553 20355586 8080406 172438272 0.16120 0.58270 0.25610 0 1 1 9161258 9161258 98729785 51504980 47224805 12477848 10943589 1534259 331655 331655 58251977 HEDGED EQUITY FUNDS 47462809 F DOMESTIC EQUITY 85675183 F INTERNATIONAL EQUITY 57905138 F PRIVATE CAPITAL 9297072 F 200340202 BENEFICIAL INTEREST IN PERPETUAL TRUSTS 74089452 74089452 AMOUNTS DUE TO BENEFICIARIES 924788 924788 X 110087706 57180527 147375 57327902 52759804 0 52759804 42956500 174224 174224 42782276 314047 314047 43096323 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 5,696. COST OF GOODS SOLD AND FREIGHT IN - MUSEUM SHOP 165,442. GAIN ON BENEFICIARY AGREEMENTS -23,763. PART XII, LINE 2D - OTHER ADJUSTMENTS: COST OF GOODS SOLD AND FREIGHT IN - MUSEUM SHOP 12,593. SPECIAL EVENTS EXPENSES 161,631. PART XII, LINE 4B - OTHER ADJUSTMENTS: OTHER EXPENSES 314,047. CENTRAL AMERICA AND THE CARIBBEAN 0 0 INVESTMENTS 72020876 EUROPE 0 0 INVESTMENTS 13496988 0 0 0 0 0 0 85517864 0 85517864 1 0 1 0 1 0 PART I, LINE 3: MIA IS REPORTING THE MARKET VALUE OF INVESTMENTS IN AND THE MARKET VALUE OF ART PURCHASED SCHEDULE F, PART I PART III ACCOUNTING METHOD: ART IN BLOOM 69665 69565 100 5531 1 69665 69565 100 5531 5531 -5431 X X X X X X 0 1 0 0 0 0 0 0 0 KATIE LUBER DIRECTOR & PRESIDENT 463024 0 0 0 26000 0 30000 0 11376 0 530400 0 0 0 PATRICIA GRAZZINI DEPUTY DIRECTOR AND CHIEF OPERATING 288118 0 0 0 109904 0 24922 0 9526 0 432470 0 0 0 MATTHEW WELCH DEPUTY DIRECTOR AND CHIEF CURATOR 231154 0 0 0 26001 0 12858 0 6233 0 276246 0 0 0 JULIANNE AMENDOLA CHIEF ADVANCEMENT OFFICER 172430 0 0 0 19500 0 9596 0 6684 0 208210 0 0 0 KRISTIN PRESTEGAARD CHIEF ENGAGEMENT OFFICER 164362 0 0 0 19500 0 9193 0 6665 0 199720 0 0 0 YANG LIU CURATOR OF CHINESE ART 138471 0 0 0 26000 0 8224 0 14621 0 187316 0 0 0 ANDREAS MARKS CURATOR OF JAPANESE AND KOREAN ARTS 151151 0 0 0 19500 0 8533 0 6233 0 185417 0 0 0 GHENETE ZELLEKE CURATOR OF DECREATIVE ARTS, TEXTILES 167669 0 0 0 0 0 8383 0 6233 0 182285 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 2020 TOTALED $80,428. KATIE LUBER PARTICIPATED IN 457(B) AND 457(F) NON-QUALIFIED RETIREMENT PLANS APPROVED BY THE BOARD OF TRUSTEES ON FEBRUARY 11, 2020. 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 2020 TOTALED $30,000. X 1148 N/A - SEE PART II X 40 450380 QUOTED MARKET PRICES 88 0 1 0 PART I, COLUMN (B): MIA REPORTS NUMBER OF CONTRIBUTIONS ON SCHEDULE M, PART I, COLUMN B. PART I, LINE 32B: MIA USES THE SERVICES OF A BROKERAGE FIRM TO SELL GIFTS OF SECURITIES, 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 1 THE EXECUTIVE COMMITTEE CONSISTS OF THE CHAIR, VICE CHAIRS, SECRETARY, TREASURER, DIRECTOR, AND CHAIR OF EACH COMMITTEE OF THE BOARD. 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 THE MEETINGS OF THE BOARD. 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 2021. 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 14,855. FORM 990, PART XII, LINE 2C: THE PROCESS HAS NOT CHANGED FROM THE PRIOR YEAR. 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 89935 CASH TRANSFERRED ETHEL M VAN DERLIP TRUST C 552619 CASH TRANSFERRED LILLIAN ZENOBIA TURNBLAD TRUST C 64952 CASH TRANSFERRED