2018-11-05T14:55:43-06:00 2018-06-30 390859910 BAKER TILLY VIRCHOW KRAUSE LLP 225 S 6TH ST 2300 MINNEAPOLIS MN 55402 990 2017-07-01 510166951 MINNESOTA PRIVATE COLLEGE FUND MINN 6512289061 445 MINNESOTA STREET NO 500 ST PAUL MN 55101 PAUL D CERKVENIK PRESIDENT & CEO 6512289061 2018-10-19 1 LAWRENCE H MOHR CPA P00447603 6128764500 38.88.188.75 2018-10-19 10:18:34 CD P DA39A3EE5E6B4B0D3255BFEF95601890AFD80709 2519A5C6D4FE43330A9B665C55E2C286A0409372 2017 2018-06-14 16:35:46Z PAUL D CERKVENIK 445 MINNESOTA STREET NO 500 ST PAUL MN 55101 1526788 0 X WWW.MNPRIVATECOLLEGES.ORG X 1975 MN THE MINNESOTA PRIVATE COLLEGE FUND SERVES THE SHARED NEEDS OF ITS MEMBERS BY SEEKING PHILANTHROPIC SUPPORT FROM CORPORATIONS, FOUNDATIONS AND OTHERS FOR THE BENEFIT OF ITS MEMBER COLLEGES AND UNIVERSITIES AND THE STUDENTS THEY EDUCATE. FUNDS WERE DISTRIBUTED TO 17 MEMBERS IN FY 2018. 35 34 0 34 0 0 1721214 1218449 292100 301210 1084 1354 0 5775 2014398 1526788 841711 901053 0 0 0 0 0 0 142827 372473 546574 1214184 1447627 800214 79161 2061276 2021195 448006 328764 1613270 1692431 THE MINNESOTA PRIVATE COLLEGE FUND SERVES THE SHARED NEEDS OF ITS MEMBERS BY SEEKING PHILANTHROPIC SUPPORT FROM CORPORATIONS, FOUNDATIONS, AND OTHERS FOR THE BENEFIT OF ITS MEMBER COLLEGES AND UNIVERSITIES AND THE STUDENTS THEY EDUCATE. 0 0 1166493 901053 301210 DISTRIBUTION OF FINANCIAL SUPPORT FOR THE 17 MEMBER PRIVATE COLLEGES AND UNIVERSITIES AND THEIR STUDENTS. THE MAJORITY OF FUNDS DISTRIBUTED TO MEMBER COLLEGES AND UNIVERSITIES PROVIDES NEED-BASED SCHOLARSHIPS FOR STUDENTS FROM LOW- AND MIDDLE-INCOME FAMILIES. THE REST OF THE FUNDS SUPPORT MEMBERS' GENERAL OPERATIONS INCLUDING BOOKS, LAB EQUIPMENT, COMPUTERS, UTILITIES, MAINTENANCE AND OTHER CORE NEEDS. MORE THAN 96% OF THE CONTRIBUTIONS RAISED BY THE FUND GO DIRECTLY TO MEMBER INSTITUTIONS AND THEIR STUDENTS. THE REMAINING AMOUNT IS DIRECTED BY DONORS FOR SPECIFIC SCHOLARSHIP PROGRAM ADMINISTRATION. 120497 5775 THE MAYO INNOVATION SCHOLARS PROGRAM IS A COLLABORATIVE PROGRAM OFFERING SELECTED SCIENCE AND BUSINESS STUDENTS THE OPPORTUNITY TO RESEARCH PROJECTS SUBMITTED BY MAYO CLINIC PROFESSIONALS. ELEVEN MEMBERS, 55 STUDENTS AND 24 FACULTY MEMBERS PARTICIPATED IN FY 2018. 1286990 1 1 0 0 0 0 0 0 0 0 0 0 0 0 0 1 1 0 0 0 0 0 0 0 0 0 0 1 0 1 0 0 0 0 0 0 0 0 0 0 0 0 0 1 0 1 0 1 X 24 0 0 0 0 0 0 0 0 0 0 0 0 X 35 34 1 0 0 0 0 1 0 1 1 0 0 1 1 1 1 1 1 0 0 0 MN X STACEY HOLLAND 6512936807 445 MINNESOTA ST 500 ST PAUL MN 55101 MARY HINTON CHAIR 1.00 3.00 X X 0 0 0 LAURIE NORDQUIST VICE CHAIR 1.00 1.00 X X 0 0 0 BR WILLIAM MANN FSC SECRETARY/TREASURER 1.00 1.00 X X 0 0 0 DAVID R ANDERSON DIRECTOR 1.00 1.00 X 0 0 0 JAMES H BARNES III DIRECTOR 1.00 1.00 X 0 0 0 REBECCA BERGMAN DIRECTOR 1.00 1.00 X 0 0 0 WALTER CHESLEY DIRECTOR 1.00 1.00 X 0 0 0 JAY COOGAN DIRECTOR 1.00 1.00 X 0 0 0 KATHLEEN COONEY DIRECTOR 1.00 1.00 X 0 0 0 WILLIAM CRAFT DIRECTOR 1.00 1.00 X 0 0 0 SUSAN EICH DIRECTOR 1.00 1.00 X 0 0 0 COLETTE GEARY DIRECTOR 1.00 1.00 X 0 0 0 JAMES GREEN DIRECTOR 1.00 1.00 X 0 0 0 H THEODORE GRINDAL DIRECTOR 1.00 1.00 X 0 0 0 AJAY GUPTA DIRECTOR 1.00 1.00 X 0 0 0 MICHAEL HEMESATH DIRECTOR 1.00 1.00 X 0 0 0 ANN HOUSER DIRECTOR 1.00 1.00 X 0 0 0 DAN LORITZ DIRECTOR 1.00 1.00 X 0 0 0 MICHAEL LOVETT DIRECTOR 1.00 1.00 X 0 0 0 FAYNEESE MILLER DIRECTOR 1.00 1.00 X 0 0 0 DAN NYGAARD DIRECTOR 1.00 1.00 X 0 0 0 JAY OLSON DIRECTOR 1.00 1.00 X 0 0 0 GENE PFEIFER DIRECTOR 1.00 1.00 X 0 0 0 KATHLEEN PINKET DIRECTOR 1.00 1.00 X 0 0 0 STEVEN G POSKANZER DIRECTOR 1.00 1.00 X 0 0 0 PAUL PRIBBENOW DIRECTOR 1.00 1.00 X 0 0 0 THOMAS RIES DIRECTOR 1.00 1.00 X 0 0 0 REBECCA KOENIG ROLOFF DIRECTOR 1.00 1.00 X 0 0 0 BRIAN ROSENBERG DIRECTOR 1.00 1.00 X 0 0 0 SONDRA SAMUELS DIRECTOR 1.00 1.00 X 0 0 0 DOUG STANG DIRECTOR 1.00 1.00 X 0 0 0 JULIE SULLIVAN DIRECTOR 1.00 1.00 X 0 0 0 DAVID SWANSON DIRECTOR 1.00 1.00 X 0 0 0 ANGIE WORDELL DIRECTOR 1.00 1.00 X 0 0 0 PAUL D CERKVENIK PRESIDENT AND CEO 3.00 52.00 X X 0 345115 56350 STACEY HOLLAND DIRECTOR OF FINANCE AND OPERATIONS 1.00 39.00 X 0 49096 11410 0 394211 67760 0 0 1 0 MINNESOTA PRIVATE COLLEGE COUNCIL 445 MINNESOTA STREET SUITE 500 ST PAUL MN 55101 PERSONNEL AND SPACE RENTAL 222486 1 1218449 1218449 QUARTERLY ASSESSMENTS 611710 301210 301210 301210 1354 1354 MISCELLANEOUS REVENUE 900099 5775 5775 5775 1526788 306985 0 1354 X 901053 901053 11500 11500 428001 304187 4858 118956 8659 4753 153 3753 16366 14318 81 1967 1261 618 25 618 8000 3920 160 3920 33243 31567 67 1609 26923 20390 713 5820 DUES & SUBSCRIPTIONS 10735 5260 215 5260 PROFESSIONAL DEVELOPMEN 1886 924 38 924 1447627 1286990 17810 142827 1103097 1123804 951890 891727 989 364 0 0 5300 5300 2061276 2021195 0 25235 446589 303529 1417 0 448006 328764 X 314314 342778 1298956 1349653 1613270 1692431 2061276 2021195 79161 0 X X 0 1 X 1 0 X 868117 1148213 962119 1721214 1218449 5918112 868117 1148213 962119 1721214 1218449 5918112 2057862 3860250 1713 1675 1219 1084 1354 7045 51 2083 6387 5775 14296 5939453 593310 0.64990 0.61710 X SCHEDULE A, PART II, LINE 10, EXPLANATION OF OTHER INCOME: MISCELLANEOUS REVENUE 0 X 1565372 38584 38584 1526788 0 1526788 1486211 38584 38584 1447627 0 1447627 PART X, LINE 2: THE INTERNAL REVENUE SERVICE (IRS) HAS DETERMINED THAT THE FUND IS EXEMPT FROM FEDERAL INCOME TAX UNDER SECTION 501(C)(3) OF THE INTERNAL REVENUE CODE ACCORDING TO AN IRS DETERMINATION LETTER. EFFECTIVE IN MARCH 2007, THE IRS CLASSIFIED THE FUND AS A PUBLIC CHARITY DESCRIBED IN SECTIONS 509(A)(1) AND 170(B)(1)(A)(VI) OF THE INTERNAL REVENUE CODE. ACCORDINGLY, THE FUND IS NOT SUBJECT TO FEDERAL INCOME TAXES EXCEPT TO THE EXTENT IT DERIVES INCOME FROM CERTAIN ACTIVITIES NOT SUBSTANTIALLY RELATED TO ITS TAX-EXEMPT PURPOSES (UNRELATED TRADE OR BUSINESS ACTIVITIES). THE FUND HAD NO UNRELATED BUSINESS INCOME DURING THE YEAR. THE FUND IS ALSO EXEMPT FROM MINNESOTA CORPORATE FRANCHISE TAXES. THE FUND 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 FUND FOR UNCERTAIN TAX POSITIONS AS OF JUNE 30, 2018 AND 2017. THE FUND'S TAX RETURNS ARE SUBJECT TO REVIEW AND EXAMINATION BY FEDERAL AND STATE AUTHORITIES. 1 AUGSBURG COLLEGE 2211 RIVERSIDE AVE MINNEAPOLIS MN 55454 410694721 501(C)(3) 84703 OPERATIONS, STUDENT SCHOLARSHIPS BETHANY LUTHERAN COLLEGE 700 LUTHER DR MANKATO MN 56001 410747165 501(C)(3) 34359 OPERATIONS, STUDENT SCHOLARSHIPS BETHEL UNIVERSITY 3900 BETHEL DR ST PAUL MN 55112 410708577 501(C)(3) 42540 OPERATIONS, STUDENT SCHOLARSHIPS CARLETON COLLEGE ONE NORTH COLLEGE ST NORTHFIELD MN 55057 410694747 501(C)(3) 69186 OPERATIONS, STUDENT SCHOLARSHIPS COLLEGE OF SAINT BENEDICT 37 COLLEGE AVE SO ST JOSEPH MN 56374 410969244 501(C)(3) 43744 OPERATIONS, STUDENT SCHOLARSHIPS COLLEGE OF ST SCHOLASTICA 1200 KENWOOD AVE DULUTH MN 55811 410698301 501(C)(3) 58873 OPERATIONS, STUDENT SCHOLARSHIPS CONCORDIA COLLEGE 901 SOUTH 8TH ST MOORHEAD MN 56562 410693977 501(C)(3) 48516 OPERATIONS, STUDENT SCHOLARSHIPS CONCORDIA UNIVERSITY 275 NORTH SYNDICATE ST PAUL MN 55104 410696906 501(C)(3) 75844 OPERATIONS, STUDENT SCHOLARSHIPS GUSTAVUS ADOLPHUS COLLEGE 800 WEST COLLEGE AVE ST PETER MN 56082 410695524 501(C)(3) 56012 OPERATIONS, STUDENT SCHOLARSHIPS HAMLINE UNIVERSITY 1536 HEWITT AVE ST ST PAUL MN 55104 410693960 501(C)(3) 79777 OPERATIONS, STUDENT SCHOLARSHIPS MACALESTER COLLEGE 1600 GRAND AVE ST PAUL MN 55105 410693962 501(C)(3) 55268 OPERATIONS, STUDENT SCHOLARSHIPS MINNEAPOLIS COLLEGE OF ART & DESIGN 2501 STEVENS AVE SO MINNEAPOLIS MN 55404 411607453 501(C)(3) 34670 OPERATIONS, STUDENT SCHOLARSHIPS SAINT JOHN'S UNIVERSITY PO BOX 2000 COLLEGEVILLE MN 56321 453656162 501(C)(3) 44640 OPERATIONS, STUDENT SCHOLARSHIPS SAINT MARY'S UNIVERSITY OF MINNESOTA 700 TERRACE HEIGHTS WINONA MN 55987 410695527 501(C)(3) 61406 OPERATIONS, STUDENT SCHOLARSHIPS ST CATHERINE UNIVERSITY 2004 RANDOLPH AVE ST PAUL MN 55105 410695509 501(C)(3) 63672 OPERATIONS, STUDENT SCHOLARSHIPS ST OLAF COLLEGE 1520 ST OLAF AVE NORTHFIELD MN 55057 410693979 501(C)(3) 56350 OPERATIONS, STUDENT SCHOLARSHIPS UNIVERSITY OF ST THOMAS 2115 SUMMIT AVE ST PAUL MN 55115 410693970 501(C)(3) 134553 OPERATIONS, STUDENT SCHOLARSHIPS 17 0 PART I, LINE 2: MINNESOTA PRIVATE COLLEGE FUND MEMBERS ARE PROVIDED WITH SCHOLARSHIP GUIDELINES AND RESTRICTIONS IN ACCORDANCE WITH DONOR RESTRICTIONS. EACH MEMBER INSTITUTION AWARDS SCHOLARSHIPS BASED ON THESE GUIDELINES AND ALL DISBURSEMENTS ARE MONITORED BY EACH RESPECTIVE INSTITUTION'S FINANCIAL AID OFFICE. SCHEDULE I, PART II: GRANTS AND ASSISTANCE TO MEMBERS IS REPORTED ON A CASH BASIS OF ACCOUNTING. 0 0 0 0 0 0 0 0 0 PAUL D CERKVENIK PRESIDENT AND CEO 0 300611 0 0 0 44504 0 24300 0 32050 0 401465 0 0 PART I, LINE 3 THE FUND RELIED ON A RELATED ORGANIZATION, THE MINNESOTA PRIVATE COLLEGE COUNCIL, INC. TO DETERMINE THE COMPENSATION FOR THE PRESIDENT AND CEO. THE RELATED ORGANIZATION USED THE FOLLOWING TO ESTABLISH COMPENSATION FOR THE PRESIDENT AND CEO: COMPENSATION COMMITTEE, INDEPENDENT COMPENSATION CONSULTANT, FORM 990 OF OTHER ORGANIZATIONS, WRITTEN EMPLOYMENT CONTRACT, COMPENSATION SURVEY OR STUDY, AND APPROVAL BY THE BOARD OR COMPENSATION COMMITTEE. SCHEDULE J, PART II: THE COMPENSATION LISTED FOR THE PRESIDENT IS DETERMINED BY, AND ENTIRELY PAID FOR, BY THE MINNESOTA PRIVATE COLLEGE COUNCIL, INC., A RELATED NONPROFIT ASSOCIATION. THE MINNESOTA PRIVATE COLLEGE COUNCIL, INC. DONATES THESE SERVICES IN THEIR ENTIRETY TO THE MINNESOTA PRIVATE COLLEGE FUND; NO MINNESOTA PRIVATE COLLEGE FUND RESOURCES OR CONTRIBUTIONS RAISED ARE USED TO PAY FOR THE PRESIDENT'S COMPENSATION FOR THE SERVICES RENDERED. FORM 990, PART V, LINE 1A & 2A: THE MINNESOTA PRIVATE COLLEGE COUNCIL, INC. AND MINNESOTA PRIVATE COLLEGE FUND ARE RELATED NONPROFIT ASSOCIATIONS UTILIZING A COMMON BOARD OF DIRECTORS AND ADMINISTRATION EXCLUSIVELY FOR THE BENEFIT OF CHARITABLE AND EDUCATIONAL PURPOSES WITH THE OBJECTIVE OF PROMOTING THE GENERAL WELFARE OF HIGHER EDUCATION AND THE ADVANCEMENT OF LEARNING FOR THE PUBLIC GOOD. THE MEMBERSHIP OF THE FUND IS LIMITED TO NONPROFIT, TAX-EXEMPT, INDEPENDENT COLLEGE AND UNIVERSITIES IN THE STATE OF MINNESOTA WITH CURRICULUMS LEADING TO A BACHELOR'S DEGREE THAT ARE FULLY ACCREDITED BY THE HIGHER LEARNING COMMISSION. THERE ARE CURRENTLY 17 MEMBERS. MINNESOTA PRIVATE COLLEGE COUNCIL, INC. SERVES AS EMPLOYER FOR ALL EMPLOYED PERSONNEL PROVIDING SERVICES TO THE MINNESOTA PRIVATE COLLEGE COUNCIL, INC., AND MINNESOTA PRIVATE COLLEGE FUND. THE MINNESOTA PRIVATE COLLEGE FUND REIMBURSES THE MINNESOTA PRIVATE COLLEGE COUNCIL, INC. FOR THE SERVICES OF THREE COUNCIL EMPLOYEES SPENDING 100% OF THEIR TIME ON FUND ACTIVITIES. TO A LIMITED EXTENT, OTHER COUNCIL EMPLOYEES FROM TIME TO TIME PROVIDE MANAGEMENT, ADMINISTRATIVE, OR PROGRAM SUPPORT SERVICES FOR THE FUND, AND TO THE EXTENT THAT SUCH SERVICES ARE PROVIDED, THE COUNCIL PROVIDES THESE SERVICES TO THE FUND ON A DONATED BASIS. FORM 990, PART VI, SECTION A, LINE 1 THE EXECUTIVE COMMITTEE IS COMPRISED OF ANY DIRECTORS WHO ARE NOMINATED BY THE NOMINATING COMMITTEE AND ELECTED TO THE EXECUTIVE COMMITTEE BY THE BOARD OF DIRECTORS, AS WELL AS THE CHAIRPERSON, PAST CHAIRPERSON, VICE CHAIRPERSON, SECRETARY, TREASURER, PRESIDENT, AND, PROVIDED THAT SUCH PERSON IS A DIRECTOR OF THIS CORPORATION, THE CHAIRPERSON OF EACH STANDING COMMITTEE OF THIS CORPORATION AND OF THE PUBLIC POLICY COMMITTEE OF MINNESOTA PRIVATE COLLEGE COUNCIL. THE EXECUTIVE COMMITTEE HAS THE AUTHORITY OF THE BOARD OF DIRECTORS IN THE MANAGEMENT OF THE BUSINESS OF THE CORPORATION IN THE INTERVAL BETWEEN MEETINGS OF THE BOARD OF DIRECTORS. THE EXECUTIVE COMMITTEE IS AT ALL TIMES SUBJECT TO THE CONTROL AND DIRECTION OF THE BOARD OF DIRECTORS. FORM 990, PART VI, SECTION A, LINE 2 JAMES H. BARNES III AND JAMES GREEN - BUSINESS RELATIONSHIP FORM 990, PART VI, SECTION A, LINE 7A THE FOLLOWING PERSONS ARE EX-OFFICIO VOTING MEMBERS OF THE FUND'S BOARD OF DIRECTORS: (1) THE PRESIDENT/CHIEF EXECUTIVE OFFICER OF THE RELATED ORGANIZATION, MINNESOTA PRIVATE COLLEGE COUNCIL AND (2) THE PRESIDENT OF EACH NON-VOTING MEMBER OF THE COUNCIL. FORM 990, PART VI, SECTION B, LINE 11B THE AUDIT COMMITTEE OF THE BOARD PERFORMS A DETAILED REVIEW OF THE FORM 990 AT ITS FALL MEETING AND OFFICIALLY APPROVES IT FOR FILING. FOLLOWING THE AUDIT COMMITTEE'S APPROVAL, THE FORM 990 IS PROVIDED TO EVERY BOARD MEMBER AT LEAST TWO WEEKS PRIOR TO ITS FILING. THERE IS NO FORMAL BOARD ACTION ON THE IRS FORM 990 SUBMISSION UNLESS REQUESTED BY A MEMBER OF THE BOARD. FORM 990, PART VI, SECTION B, LINE 12C ALL BOARD MEMBERS AND SENIOR STAFF ARE ASKED ANNUALLY TO FILL OUT A CONFLICT OF INTEREST DISCLOSURE. PERSONS DISCLOSING A CONFLICT OF INTEREST MUST LEAVE THE GOVERNING BOARD OR COMMITTEE MEETING WHILE THE DETERMINATION OF CONFLICT OF INTEREST IS DISCUSSED AND VOTED UPON. AN INTERESTED PERSON MAY MAKE A PRESENTATION AT THE GOVERNING BOARD OR COMMITTEE MEETING REGARDING THE PROPOSED TRANSACTION OR ARRANGEMENT, BUT THEN MUST LEAVE THE MEETING DURING THE DISCUSSION OF, AND THE VOTE ON, THE TRANSACTION OR ARRANGEMENT INVOLVING POSSIBLE CONFLICT OF INTEREST. FORM 990, PART VI, SECTION C, LINE 19 THE FUND WILL PROVIDE COPIES OF ITS GOVERNING DOCUMENTS, CONFLICT OF INTEREST POLICY, AND FINANCIAL STATEMENTS TO THE PUBLIC UPON REQUEST. FORM 990, PART IX, LINE 11G CONSULTING SERVICES: PROGRAM SERVICE EXPENSES 120,713. MANAGEMENT AND GENERAL EXPENSES 118. FUNDRAISING EXPENSES 2,822. TOTAL EXPENSES 123,653. STIPENDS: PROGRAM SERVICE EXPENSES 67,340. MANAGEMENT AND GENERAL EXPENSES 0. FUNDRAISING EXPENSES 0. TOTAL EXPENSES 67,340. ADMINISTRATIVE SERVICES: PROGRAM SERVICE EXPENSES 116,134. MANAGEMENT AND GENERAL EXPENSES 4,740. FUNDRAISING EXPENSES 116,134. TOTAL EXPENSES 237,008. FORM 990, PART XII, LINE 2C: THE PROCESS FOR THE OVERSIGHT AND SELECTION FOR THE AUDIT OF THE FINANCIAL STATEMENTS DID NOT CHANGE. PARTNERS FOR EDUCATION OPPORTUNITY 445 MINNESOTA ST STE 500 ST PAUL MN 55101 411891401 HIGHER EDUCATION RELATED ACTIVITY MN 501(C)(4) N/A N/A 0 MINNESOTA PRIVATE COLLEGE COUNCIL INC 445 MINNESOTA ST STE 500 ST PAUL MN 55101 455394262 HIGHER EDUCATION RELATED ACTIVITY MN 501(C)(4) N/A N/A 0 0 0 0 0 0 0 0 0 0 0 0 0 1 1 0 1 0 0 0 MINNESOTA PRIVATE COLLEGE COUNCIL INC P 236754 COST-SALARY REIMBURSEMENT MINNESOTA PRIVATE COLLEGE COUNCIL INC N 7999 COST-RENT REIMBURSEMENT