2021-04-08T15:39:12-05:00 2020-05-31 390859910 BAKER TILLY US LLP 225 S 6TH ST 2300 MINNEAPOLIS MN 55402 990 2019-06-01 411607453 MINNEAPOLIS COLLEGE OF ART & DESIGN MINN 6128743700 2501 STEVENS AVE MINNEAPOLIS MN 55404 SANJIT SETHI PRESIDENT 6128743700 2021-04-02 1 LAWRENCE H MOHR CPA P00447603 6128764500 2021-04-02 2019 2022-09-23 18:48:47Z SANJIT SETHI 2501 STEVENS AVE MINNEAPOLIS MN 55404 62441018 0 X WWW.MCAD.EDU X 1988 MN SEE SCHEDULE O. 24 23 800 23 0 0 1742115 2433193 32118335 32115778 2956975 2859562 80336 39107 36897761 37447640 13132232 13998214 0 0 13287013 14170444 0 0 487440 9266160 8538826 35685405 36707484 1212356 740156 91825327 91043825 14289835 12896614 77535492 78147211 X SEE SCHEDULE O. 0 0 24952385 13998214 28869242 ACADEMIC AFFAIRS:-REFORMULATED ENTIRE SPRING SLATE OF CLASSES FOR REMOTE TEACHING IN SPRING DUE TO COVID-19.-DEVELOPED PROCESSES AND BETA-TEST FOR CREDIT FOR PRIOR LEARNING PROGRAM.-CROSS-DEPARTMENT BRAINSTORMING AND PLANNING AROUND 1ST YEAR EXPERIENCE, RETENTION, BUILDING COMMUNITY.-CONTINUING EDUCATION (CE) AVERAGE INCREASE 24% IN ADULT PROGRAM PARTICIPANTS, 20% IN YOUTH PROGRAMS.-INCREASE IN DONOR FUNDED, NEED-BASED SCHOLARSHIPS FOR SUMMER YOUTH PROGRAMS IN CE-INTRODUCTION OF UPGRADED EQUIPMENT INTO 3D AREA: 3D PRINTERS, CNC ROUTER, LASER CUTTER, LASER SCANNER.-SOLIDIFIED PARTNERSHIPS WITH MINNANIM UNDER THE FILM SOCIETY UMBRELLAS, FILM NORTH, MINNESOTA BOARD OF WATER & SOIL RESOURCES (BWSR) AND METRO BLOOMS LAWNS 2 LEGUMES PROGRAM, ALL MY RELATIONS GALLERY.-SUCCESSFUL MECHADEMIA CONFERENCE HELD IN THE FALL.-PLANNED AND INSTALLED FOUR EXHIBITIONS BETWEEN THE END OF JULY AND THE BEGINNING OF OCTOBER, ATTRACTING OVER 600 PEOPLE TO OUR COLLEGE BASED ON THE NUMBER OF ATTENDEES AT THREE RECEPTIONS.-SUCCESSFUL SEARCH FOR FULL TIME FACULTY POSITION FOR THE TEACHING ARTIST PROGRAM.-PLANNED FOR THE RETIREMENT OF 5 FULLTIME FACULTY MEMBERS.-REVISED ASSESSMENT PLAN IN ACCORDANCE WITH HLC FEEDBACK.-ADMINISTERED 13 SURVEYS - INCLUDING NSSE, ALUMNI SURVEY, AND IPEDS. 3711825 1429635 STUDENT AFFAIRS:-RECORDS DEVELOPED AND OFFERED MORE FORMS ONLINE FOR STUDENT AND FACULTY ACCESS.-STARTED TO OFFER FEE-FREE UNOFFICIAL TRANSCRIPTS TO ASSIST STUDENTS WHO ARE NO LONGER ENROLLED.-DEVELOPED A CLEAR POLICY ABOUT INTERNSHIP REGISTRATION AND GRADING (WITH CAREER DEVELOPMENT).-THE LEARNING CENTER DEVELOPED A PLAN TO INCREASE TECHNOLOGY ACCESSIBILITY.-IMPROVED THE PEER TUTOR TRAINING AND PROGRAMMING.-SWIFTLY MOVED ALL LEARNING CENTER RESOURCES ONLINE FOR STUDENT AND FACULTY ACCESS IN RESPONSE TO THE CAMPUS CLOSING DUE TO COVID-19.-THERE WERE 693 APPOINTMENTS FOR LEARNING CENTER HELP MADE ONLINE (DOES NOT INCLUDE WALK-INS); 243 NEW STUDENTS SIGNED UP FOR ACCESS.-NEW FULL-TIME HIRES IN RECORDS AND LEARNING CENTER.-NINE SUCCESSFUL GALLERY 148 PRESENTED AND CURATED BY STUDENTS.-REGISTERED STUDENT CLUBS: 55.-OFFERED YOGA CLASSES IN-PERSON AND THEN STREAMED LIVE DUE TO COVID-19.-GRANTED OVER 240 STUDENTS EMERGENCY ASSISTANCE FUNDS, OFFERING FINANCIAL HELP FROM DONATED FUNDS TO STUDENTS IN NEED.-SUCCESSFULLY MOVED ALL ACADEMIC ADVISING AND REGISTRATION ONLINE IN RESPONSE TO COVID-19.-MOVED THE MAJORITY OF STUDENTS OUT OF HOUSING DUE TO COVID-19; ALLOWED STUDENTS WHO DID NOT HAVE A SAFE PLACE TO GO TO REMAIN; REFUNDED PRO-RATED HOUSING COSTS TO THOSE WHO LEFT CAMPUS.-SUCCESSFULLY MOVED TO ONLINE COUNSELING AND PROVIDED GROUP EVENTS FOR THOSE STUDENTS OUT-OF-STATE WHO DID NOT QUALIFY FOR MEDICAL CARE IN RESPONSE TO COVID-19.-ESTABLISHED AN INTERN PROGRAM: HIRED, TRAINED, AND INTEGRATED A COUNSELING INTERN INTO THE MCAD PROGRAM.-HIRED A NEW FULL-TIME DIRECTOR OF COUNSELING AND WELLNESS WORK ON PROGRAMING AND COUNSELING AND OVERSEE THE PART TIME COUNSELING STAFF. 2047437 1051486 ACADEMIC SERVICES:-SEEKING TALENT TUESDAY IS A NEW INITIATIVE CREATED AS AN OPPORTUNITY FOR STUDENTS TO MEET WITH INDUSTRY PROFESSIONALS THAT ARE SEEKING TALENT. THIS YEAR, WE HAD 14 SEEKING TALENT TUESDAY COMPANIES/ORGANIZATIONS ON CAMPUS.-CAREER DEVELOPMENT RECEIVED A GRANT FROM THE AUTISM SOCIETY OF MINNESOTA TO OFFER A TWO-PART WORKSHOP FOR MINNESOTA PRIVATE COLLEGE COUNCIL MEMBERS ON HOW TO BEST SUPPORT INDIVIDUALS ON THE SPECTRUM SEEKING CAREER SERVICES, AND THE TRANSITION FROM SCHOOL TO THE WORKFORCE FOR FOLKS AS WELL AS HOW TO PROVIDE EMPLOYMENT SUPPORT FOR INDIVIDUALS WITH ASD.-THE MCAD GALLERY, TOGETHER WITH ARTS ENTREPRENEURSHIP AND SUSTAINABLE DESIGN PROMOTED FOR THE 50TH ANNIVERSARY OF EARTH DAY. THIS WAS MOVED TO A VIRTUAL EVENT DUE TO THE COVID PANDEMIC.MCAD'S MOBILE PRINTING UNIT, A CARGO BIKE TURNED INTO A PORTABLE PRINTING STATION DONATED BY ALICE FJELSTUL, MFA '96, MADE ITS DEBUT AT THE WHITTIER EAT STREET FEST ON SEPT. 15. FOUR MCAD STUDENTS DEMONSTRATED SCREENPRINTING AND PARTICIPANTS EXPERIMENTED WITH HOW TO PRINT POSTERS.-THE MCAD LIBRARY FOCUSED ITS MATERIALS ACQUISITIONS ON MINORITY ARTISTS AND DESIGNERS, LGBTQ ISSUES, ARTISTS AND SOCIAL PRACTICE, DISABILITY ISSUES, PRODUCT DESIGN, CONSERVATION AND ART MATERIALS. 1142339 765415 -CONSTRUCTION/RENOVATION OF VARIOUS AREAS WITHIN THE MAIN BUILDING FOR A NEWLY FORMED PRODUCT DESIGN PROGRAM AND ENHANCED STUDENT SERVICE SPACES SUCH AS A NEW FITNESS CENTER.-CONTINUED WITH DESIGN DEVELOPMENT AND OUTREACH WITH STAKEHOLDER GROUPS FOR A RENOVATION OF THE STUDENT CENTER AND CAFETERIA. WORK IS PLANNED FOR THE SUMMER OF 2020.-WE FINALIZED THE COMPREHENSIVE MASTER PLAN MATERIALS IN THE SUMMER OF 2019.-WE OVERSAW AN ALTERNATIVE ENERGY ANALYSIS TO DEVELOP VARIOUS OPTIONS TO LOWER MCAD'S CARBON FOOTPRINT, REDUCE THE AMOUNT OF FOSSIL FUELS BEING USED, LOWER THE ANNUAL UTILITY COSTS, AND CREATE A MORE SUSTAINABLE AND RESILIENT ENERGY SYSTEM.-WE ENGAGED STAKEHOLDER GROUPS AND ARCHITECTS TO ANALYZE THE RESTROOMS TO CREATE A MORE EQUITABLE AND OPEN RESTROOM ENVIRONMENT AND BEGAN A PREDESIGN PHASE FOR THE PROJECT.-WE PURSUED VARIOUS REAL ESTATE OPPORTUNITIES TO FORM A MASTER LEASE AGREEMENT WITH LOCAL HOUSING DEVELOPERS FOR INCREASED STUDENT HOUSING NEEDS. -WE ANALYZED ON CAMPUS SPACE OPTIONS FOR OUR MASTER OF FINE ARTS PROGRAM WHICH IS CURRENTLY IN A LEASED SPACE.-WE CONDUCTED VARIOUS ADDITIONAL PROJECTS INCLUDING ELECTRICAL PANEL UPGRADES, MECHANICAL UPGRADES (WATER HEATERS, AIR CONDITIONERS) AND ADDED ELECTRICAL OUTLETS FOR EXHIBITIONS.-WE OVERSAW AN EVALUATION OF THE MAIN BUILDING EXTERIOR ENVELOPE THAT ASSESSED THE CONDITION AND DEVELOPED A MULTI-YEAR RESTORATION APPROACH.-WE FACILITATED THE COVID-19 INITIAL EMERGENCY MANAGEMENT TEAM RESPONSE IN EARLY SPRING THAT INVOLVED A RAPID TRANSITION TO OFFSITE INSTRUCTION AND CLOSING OF ALL ON SITE CLASS AND WORK ACTIVITIES. 1142339 765415 31853986 1 1 0 1 0 0 0 0 0 1 1 1 0 0 1 1 1 0 1 1 1 0 0 0 1 0 0 0 1 1 1 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 1 237 0 800 1 0 0 0 0 0 1 1 0 0 0 0 0 0 X 24 23 0 0 0 0 0 0 0 1 1 0 0 0 1 1 1 1 1 1 1 0 MN X JAYCIE JENDRO 6128743700 2501 STEVENS AVE MINNEAPOLIS MN 55404 KAREN WIRTH VP, ACADEMIC AFFAIRS/INT. PRESIDENT 35.00 X 248636 0 21082 SANJIT SETHI EX-OFFICIO PRESIDENT 35.00 X X 225713 0 12339 JOY E BRATHWAITE VP, FINANCE/CFO 35.00 X 154777 0 8927 CYNTHIA THEIS VP, INSTL. ADVANCEMENT 35.00 X 134280 0 14613 GERALD RONNING INT. VP, ACADEMIC AFFAIRS 35.00 X 125757 0 22003 MELISSA HUYBRECHT VP, ENROLLMENT MANAGEMENT 35.00 X 121427 0 7024 BROCK RASMUSSEN AVP, FACILITIES 35.00 X 103655 0 5995 RALPH WELLS AVP TECHNOLOGY 35.00 X 100717 0 5844 GREG C HEINEMANN TRUSTEE-CHAIR 1.00 X X 0 0 0 MITZI MAGID TRUSTEE-VICE CHAIR 1.00 X X 0 0 0 DAVID MOORE TRUSTEE-VICE CHAIR 1.00 X X 0 0 0 CHRIS BARRY TRUSTEE 1.00 X 0 0 0 BRUCE W BEAN LIFE TRUSTEE 1.00 X 0 0 0 LESLIE BERKSHIRE TRUSTEE 1.00 X 0 0 0 SUSAN CALMENSON TRUSTEE 1.00 X 0 0 0 ANNE CASHILL TRUSTEE 1.00 X 0 0 0 MARTHA DAYTON TRUSTEE 1.00 X 0 0 0 CY DECOSSE '52 LIFE TRUSTEE 1.00 X 0 0 0 TARA DEV TRUSTEE 1.00 X 0 0 0 DAVID HARTWELL LIFE TRUSTEE 1.00 X 0 0 0 CHRISTOPHER HERMANN TRUSTEE 1.00 X 0 0 0 GREG HOFFMAN TRUSTEE 1.00 X 0 0 0 CLINTON H MORRISON LIFE TRUSTEE 1.00 X 0 0 0 TODD PAULSON TRUSTEE 1.00 X 0 0 0 MARK D PIHLSTROM TRUSTEE 1.00 X 0 0 0 MARY BOWMAN RAE TRUSTEE 1.00 X 0 0 0 HOWARD RUBIN TRUSTEE 1.00 X 0 0 0 ELIZABETH SARQUIS TRUSTEE 1.00 X 0 0 0 GARY M SURDEL TRUSTEE 1.00 X 0 0 0 GREG VAN BELLINGER TRUSTEE 1.00 X 0 0 0 HUNTER PALMER WRIGHT TRUSTEE 1.00 X 0 0 0 1214962 0 97827 8 0 1 0 JE DUNN CONSTRUCTION 800 WASHINGTON AVE N SUITE 600 MINNEAPOLIS MN 55401 CONSTRUCTION SERVICES 1207839 MINNEAPOLIS INSTITUTE OF ARTS 2400 3RD AVE S MINNEAPOLIS MN 55404 PHYSICAL PLANT SERVICES 350755 2 11035 819755 1602403 12909 2433193 TUITION AND FEES 611710 29228679 29228679 SALE OF OTHER SERVICES 611710 1301517 1301517 HOUSING RENTAL INCOME 611710 1239186 1239186 SALES BOOKSTORE 611710 346396 346396 32115778 2424420 2424420 27091 27091 25067839 24659788 408051 408051 408051 372697 11035 333590 39107 39107 37447640 32115778 0 2898669 13998214 13998214 1257803 528597 729206 10574324 9193046 1047472 333806 470526 380245 74620 15661 1041308 929052 70971 41285 826483 678571 124309 23603 151046 151046 63500 63500 103348 103348 57401 57401 485540 211022 265792 8726 198172 167256 30916 731007 427122 275579 28306 531742 424027 107715 2593114 2252657 333597 6860 401254 299579 86001 15674 40862 15780 14925 10157 353451 353451 1298947 1295585 3362 275398 275398 EQUIPMENT REPAIRS & PUR 887102 692660 194442 CLASSROOM MATERIALS/ART 360573 360573 6369 6369 36707484 31853986 4366058 487440 282629 215976 2057368 2499324 378068 132446 314051 195199 573298 369751 198564 205515 156362 165071 42385036 19616622 22433182 22768414 56317405 56953831 6622504 6685077 2491896 853221 91825327 91043825 2954979 2814353 706994 490307 387986 382841 6507640 5513813 3520000 3496000 212236 199300 14289835 12896614 X 36152980 36928705 41382512 41218506 77535492 78147211 91825327 91043825 X 740156 -191010 62573 X 0 1 X 1 1 1 X RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED 0 0 0 0 0 0 0 0 1 103348 103348 0 PART II-B, LINE 1: 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. 53550620 204146 2275824 1845148 884098 53301344 55569670 136524 417404 1736997 835980 53550621 52831665 388634 4795438 1646083 799984 55569670 47917297 543128 6662862 1538826 752796 52831665 51217622 332564 -1572974 1364104 695811 47917297 0.28120 0.71880 0.00000 1 0 1445005 1445005 38096056 17715472 20380584 2748429 1901150 847279 95546 95546 22768414 BENEFICIAL INTEREST IN TRUSTS 6685077 F 6685077 ADVANCE DEPOSITS 199300 199300 X 24025712 -191010 35969 396163 241122 23784590 57401 13605649 13663050 37447640 23413993 35969 333590 369559 23044434 57401 13605649 13663050 36707484 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. 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, 2020 AND 2019. THE COLLEGE'S TAX RETURNS ARE SUBJECT TO REVIEW AND EXAMINATION BY FEDERAL AND STATE AUTHORITIES. PART XI, LINE 2D - OTHER ADJUSTMENTS: DIRECT EXPENSES FROM FUNDRAISING & SPECIAL EVENTS 333,590. CHANGE IN VALUE OF BENEFICIAL INTEREST IN PERPETUAL TRUSTS 62,573. PART XI, LINE 4B - OTHER ADJUSTMENTS: SCHOLARSHIP AND GRANTS 13,605,649. PART XII, LINE 2D - OTHER ADJUSTMENTS: DIRECT EXPENSES FROM FUNDRAISING & SPECIAL EVENTS 333,590. PART XII, LINE 4B - OTHER ADJUSTMENTS: SCHOLARSHIPS AND GRANTS 13,605,649. 1 1 1 1 1 1 1 0 0 0 0 0 0 0 0 1 0 1 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." 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. EUROPE (INCLUDING ICELAND & GREENLAND) 0 2 PROGRAM SERVICES STUDY ABROAD PROGRAM 6300 0 2 0 0 0 2 6300 0 6300 0 0 0 0 0 0 PART I, LINE 3: ACCRUAL PART III ACCOUNTING METHOD: NOVEMBER ART SALE 383732 11035 372697 11838 321752 383732 11035 372697 11838 321752 333590 39107 1 SCHOLARSHIPS AND GRANTS PROVIDED AS FINANCIAL AID TO STUDENTS 797 13605649 EMERGENCY GRANTS TO STUDENTS 592 392565 PART I, LINE 2: ALL FEDERAL 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. PART III, EMERGENCY GRANTS TO STUDENTS: EMERGENCY GRANTS TO STUDENTS REPRESENTS THE HIGHER EDUCATION RELIEF FUNDING PROVIDED BY THE CARES ACT FOR DIRECT DISTRIBUTION TO STUDENTS. X X 1 1 X 0 0 0 0 0 0 0 0 0 KAREN WIRTH VP, ACADEMIC AFFAIRS/INT. PRESIDENT 240270 0 7886 0 480 0 13880 0 7202 0 269718 0 0 0 SANJIT SETHI EX-OFFICIO PRESIDENT 160468 0 50000 0 15245 0 12087 0 252 0 238052 0 0 0 JOY E BRATHWAITE VP, FINANCE/CFO 152417 0 1100 0 1260 0 8479 0 448 0 163704 0 0 0 PART I, LINE 1A HOUSING ALLOWANCE -SANJIT SETHI - BENEFIT WAS INCLUDED IN TAXABLE COMPENSATION TRAVEL FOR COMPANION - SANJIT SETHI - BENEFIT WAS INCLUDED IN TAXABLE COMPENSATION A MHEFA SERIES 7-N 410988525 60416HXR0 2012-04-26 3222823 REFUND SERIES 5K 0 0 0 B MHEFA SERIES 8-D 410988525 60416HF74 2015-03-26 7974697 REFUND SERIES 6K AND 6Z 0 0 0 A 2152823 3222823 321500 64456 2836061 806 2012 1 0 1 1 B 3424697 7974697 431275 148241 7391028 4153 2015 1 0 1 1 A 0 0 0 0 0.00000 0.00000 0.00000 0 0 1 B 0 0 0 0 0.00000 0.00000 0.00000 0 0 1 A 0 0 0 1 0 0 0 0 1 B 0 0 0 1 0 0 0 0 1 A 1 B 1 DATE REBATE COMPUTATION PERFORMED ISSUER NAME: MHEFA SERIES 7-N DATE THE REBATE COMPUTATION WAS PERFORMED: 05/01/2016 ISSUER NAME: MHEFA SERIES 8-D DATE THE REBATE COMPUTATION WAS PERFORMED: 05/13/2019 SCHEDULE K, PART IV, ARBITRAGE, LINE 2C: NEXT REBATE CALC DATE FOR SERIES 7-N IS 5/1/2021 NEXT REBATE CALC DATE FOR SERIES 8-D IS 5/1/2024 FORM 990, PART I AND PART III: THE MINNEAPOLIS COLLEGE OF ART & DESIGN'S (MCAD) MISSION STATEMENT IS: MCAD EDUCATES INDIVIDUALS TO BE PROFESSIONAL ARTISTS AND DESIGNERS, PIONEERING THINKERS, CREATIVE LEADERS, AND ENGAGED, GLOBAL CITIZENS. THE VISION IS: MCAD TRANSFORMS THE WORLD THROUGH CREATIVITY AND PURPOSE. THE VALUES ARE: WE, THE MCAD COMMUNITY, SHAPE OUR WORK AND OUR INTERACTIONS WITH OTHERS BY HONORING THE FOLLOWING VALUES: STUDENTS FIRST, ACADEMIC AND INSTITUTIONAL EXCELLENCE, CREATIVITY AND INNOVATION, COMMUNITY INVOLVEMENT, AND ENGAGEMENT. 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 VP OF ADMINISTRATION 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 62,573.