2013-04-12T11:53:29-05:00 2012-05-31 390859910 BAKER TILLY VIRCHOW KRAUSE LLP 225 S 6TH ST STE 2300 MINNEAPOLIS MN 55402 990 2011-06-01 411607453 MINNEAPOLIS COLLEGE OF ART & DESIGN MINN 6128743700 2501 STEVENS AVE S MINNEAPOLIS MN 55404 PAM NEWSOME-PROCHNIAK 6128743700 2013-04-10 1 LAWRENCE H MOHR CPA P00447603 6128764500 2011 2016-02-25 16:41:14Z JAY COOGAN 2501 STEVENS AVE S MINNEAPOLIS MN 55404 28398933 0 X WWW.MCAD.EDU X 1988 MN THE MINNEAPOLIS COLLEGE OF ART & DESIGN'S (MCAD) MISSION STATEMENT IS: THE MCAD EDUCATES INDIVIDUALS TO BE PROFESSIONAL ARTISTS AND DESIGNERS, PIONEERING THINKERS, CREATIVE LEADERS, AND ENGAGED, GLOBAL CITIZENS. THE VISION IS: THE 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, AND ENGAGEMENT. 18 18 910 0 0 0 1732156 4886175 22734995 21419644 987095 1023891 229212 -73649 25683458 27256061 6070387 6113881 0 0 12283060 12684553 0 0 666954 8028227 7168374 26381674 25966808 -698216 1289253 64192110 65435804 15812148 18794440 48379962 46641364 X THE MINNEAPOLIS COLLEGE OF ART & DESIGN'S (MCAD) MISSION STATEMENT IS: THE MCAD EDUCATES INDIVIDUALS TO BE PROFESSIONAL ARTISTS AND DESIGNERS, PIONEERING THINKERS, CREATIVE LEADERS, AND ENGAGED, GLOBAL CITIZENS. THE VISION IS: THE 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, AND ENGAGEMENT. 0 0 14160091 6065401 19346213 ACADEMIC AFFAIRS: - SUCCESSFUL FILING AND HLC FOCUSED SITE VISIT FOR NEW MA SUSTAINABILITY DESIGN AND INTERACTIVE DESIGN AND MARKETING CERTIFICATE PROGRAMS- DEVELOPED CREATIVE TECHNOLOGIES CERTIFICATE FOR EDUCATORS IN CONTINUING EDUCATION- SUCCESSFUL ACADEMIC PARTNERSHIP WITH ALLINA HEALTH, LEADING TO SPONSORED INTERNSHIPS AND CLASS SUPPORT- ART HISTORY MINOR DEVELOPED, WILL SERVE AS MODEL FOR FUTURE MINORS 2569978 1169454 STUDENT AFFAIRS:- ORIENTATION: 450+ PEOPLE ATTENDED THE MOVE-IN DINNER. 118 NEW UNDERGRADUATE STUDENTS AND 148 FAMILY MEMBERS ATTENDED FALL ORIENTATION.- COMMENCEMENT: DECEMBER CEREMONY-51 BFA AND 6 BS GRADUATES. MAY CEREMONY-102 BFA, 5 BS, AND 18 MFA GRADUATES.- A FINANCIAL LITERACY PROGRAM WAS DEVELOPED WITH STUDENT AFFAIRS, FINANCIAL AID AND THE BUSINESS OFFICE. - RECORDS WORKED WITH IT AND ONLINE LEARNING TO DEVELOP AN IMPLEMENT AN ONLINE GRADING SYSTEM. - INTERNATIONAL STUDY: 18 INTERNATIONAL DEGREE-SEEKING STUDENTS ATTENDED MCAD. FOUR EXCHANGE STUDENTS ATTENDED CLASSES. - COUNSELING: APPOINTMENTS TO SEE THE COUNSELOR WAS UP 31%. - WELLNESS: MCAD PARTNERED WITH WEST SUBURBAN TEEN CLINIC FOR A PRESENTATION ON SEXUAL HEALTH. THE EVENT ATTRACTED 70 STUDENTS. WE PLAN TO CONTINUE TO UTILIZE THEIR RESOURCES FOR ONGOING PRESENTATIONS.- STUDENT ACTIVITIES: THERE WERE OVER 50 EVENTS. ALSO, THERE WERE 38 REGISTERED STUDENT CLUBS. 1751116 374718 ACADEMIC SUPPORT:- ACADEMIC SERVICES RECONFIGURED WHITTIER TO RESPOND TO INCREASE IN DESIGN STUDENTS' NEED AND COMPLETELY REDID NORTHRUP KING EXHIBITION SPACE FOR MFA THESIS SHOW- CAREER SERVICES MET A 25% INCREASE IN DEMAND FOR ONE-ON-ONE CAREER AND INTERNSHIP COUNSELING SESSIONS.- MCAD GALLERY LISTED 18 EXHIBITIONS, (ONE OFF-CAMPUS), OVERSAW NORTHERN SPARK ALL-NIGHT ARTS FESTIVAL 2011 AND 2012, AND ADMINISTERED THE JEROME AND MCKNIGHT FELLOWSHIPS AND EXHIBITIONS.- ONLINE LEARNING MOVED TO A NEW SERVER SYSTEM AND EXECUTED A BLACKBOARD UPGRADE. 4944747 529259 OTHER:- WE CONSTRUCTED NEW EXTERIOR MONUMENT AND DIRECTIONAL SIGNS FOR APPROXIMATELY $200,000- WE FINISHED THE FINAL PHASE OF THE MODERNIZATION OF THE ELEVATORS IN THE MAIN BUILDING FOR APPROXIMATELY $440,000- WE FINISHED THE MORRISON WATERPROOFING PROJECT FOR APPROXIMATELY $430,000- WE COMPLETED ROOF REPLACEMENTS AND TUCKPOINTING PROJECTS 2550 AND MORRISON AUDITORIUM FOR APPROXIMATELY $238,000- WE REMODELED THE AUDITORIUM 140 FOR APPROXIMATELY $30,000 4944747 529259 23425932 1 1 0 0 0 0 0 0 0 1 1 0 0 1 1 1 1 0 1 1 1 1 0 1 1 0 0 0 1 1 1 0 0 0 0 0 0 0 0 0 0 1 1 0 0 0 1 0 0 0 0 1 231 0 1 910 1 0 0 0 0 0 1 1 0 0 0 0 X 18 18 1 0 0 0 0 0 0 1 1 0 0 0 1 1 1 1 1 1 0 0 MN X MARY YANG THAO 6128743700 2501 STEVENS AVE S MINNEAPOLIS MN 55404 JAY COOGAN 35.00 X X 273861 0 40926 BRUCE BEAN 1.00 X X 0 0 0 KEVIN BENNETT 1.00 X 0 0 0 LESLIE BERKSHIRE 1.00 X 0 0 0 URI CAMARENA 1.00 X 0 0 0 ANNE CASHILL 1.00 X 0 0 0 ANDREW DAYTON 1.00 X 0 0 0 MILES Q FITERMAN 1.00 X 0 0 0 JANET GROENERT 1.00 X 0 0 0 MARY ASH LAZARUS 1.00 X 0 0 0 B JOHN LINDAHL 1.00 X 0 0 0 MONICA LITTLE 1.00 X 0 0 0 MITZI MAGID 1.00 X 0 0 0 BETSY MASSIE 1.00 X 0 0 0 DAVID MOORE 1.00 X 0 0 0 CLINTON H MORRISON 1.00 X 0 0 0 HOWARD RUBIN 1.00 X 0 0 0 JULIE SNOW 1.00 X 0 0 0 ROBERT TESLOW 1.00 X 0 0 0 BILL THORBURN 1.00 X 0 0 0 CY DECOSSE 1.00 X 0 0 0 CLINTON MORRISON 1.00 X 0 0 0 PAMELA NEWSOME-PROCHNIAK 35.00 X 100391 0 15964 JOAN OLSON 35.00 X 152077 0 35103 DANIEL SJOQUIST 35.00 X 97058 0 15333 KAREN WIRTH 35.00 X 91199 0 15806 WILLIAM MULLEN 35.00 X 85321 0 23870 SUSAN CALMENSON 35.00 X 79067 0 12629 VINCENT LEO 35.00 X 102897 0 15336 981871 0 174967 4 0 1 0 JE DUNN 9855 W 78TH ST STE 270 EDEN PRAIRIE MN 55344 CONSTRUCTION MANAGEMENT SERVICES 267377 SCHUMACHER ELEVATOR COMPANY ONE SCHUMACHER WAY PO BOX 393 DENVER IA 50622 ELEVATOR SERVICING, REPAIR AND PARTS 197027 ALL SYSTEMS 8300 10TH AVE N STE A MINNEAPOLIS MN 55427 CABLING CONTRACTORS 196101 ARTHUR J GALLAGHER RISK MANAGEMENT SERVI 3600 AMERICAN BLVD STE 500 BLOOMINGTON MN 55431 PROPERTY/CASUALTY INSURANCE 184790 MINNEAPOLIS INSTITUTE OF ARTS 2400 3RD AVE S MINNEAPOLIS MN 55404 PHYSICAL PLANT SERVICES 173033 7 233604 120938 4531633 95383 4886175 TUITION AND FEES 611710 19277457 19277457 HOUSING RENTAL INCOME 611710 1014314 1014314 SALE OF OTHER SERVICES 611710 599034 599034 SALES BOOKSTORE 611710 528839 528839 21419644 681566 681566 960818 618493 342325 342325 342325 450730 233604 524379 -73649 -73649 27256061 21419644 0 950242 6065401 6065401 48480 48480 1148711 1009351 99936 39424 9387355 8248495 816686 322174 602534 529436 52419 20679 813767 715041 70797 27929 732186 643358 63699 25129 71071 71071 62029 62029 50146 50146 521371 458119 45359 17893 138076 121325 12012 4739 981719 862618 85408 33693 911228 800679 79276 31273 781439 686636 67984 26819 162408 142705 14129 5574 225246 197920 19596 7730 645481 567172 56156 22153 841586 739486 73217 28883 194629 171017 16932 6680 OPERATION AND MAINTENAN 922558 810635 80261 31662 GRANT SPENDING 284771 284771 EXHIBITION EXPENSES 216091 189875 18800 7416 MISCELLANEOUS 158525 133412 18009 7104 25966808 23425932 1873922 666954 2254799 333972 414036 397843 727088 3644425 145965 283624 781093 663315 298144 262645 66580 76496 27059004 11779493 14276196 15279511 43747560 40374518 11232 11232 1469417 4108223 64192110 65435804 2332270 2610760 772367 809323 454255 422395 12150000 14825000 103256 126962 15812148 18794440 X 19227697 16538069 14240798 14571639 14911467 15531656 48379962 46641364 64192110 65435804 X 1289253 -3027851 X X 0 1 1 X 1 1 X SCHEDULE A, PART IV, SUPPLEMENTAL INFORMATION: THE ORGANIZATION IS DIVERSELY SUPPORTED BY MULTIPLE INDIVIDUAL, CORPORATE, PRIVATE FOUNDATION, AND PUBLIC CHARITY DONORS. ACCORDINGLY, IT ALSO WOULD QUALIFY AS A PUBLIC CHARITY THAT MEETS THE 33 1/3% SUPPORT TEST UNDER THE 509(A)(1)/170(B)(1)(A)(VI) REGULATIONS. RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED 37675901 1235699 -2380851 893876 494877 18095 35123901 31052261 162436 8224280 1215245 532228 15603 37675901 26312151 116180 6499349 1300701 573636 1082 31052261 38730827 175624 -10717426 1399731 476061 1082 26312151 0.28650 0.44220 0.27130 1 0 943378 943378 24476000 11779493 12696507 1257949 1257949 381677 381677 15279511 DEFERRED DEBT ACQUISITION COSTS 188427 DEPOSITS HELD BY TRUSTEE 991857 DEPOSITS RESTRICTED FOR RETIREMENT OF SHORT TERM DEBT 2927939 4108223 ADVANCE DEPOSITS 114057 ACTUARIAL LIABILITY ON ANNUITIES PAYABLE 12905 126962 27256061 25966808 1289253 -3026770 -1081 -3027851 -1738598 18638124 -3026770 524380 -2502390 21140514 50146 6065401 6115547 27256061 20376722 525461 525461 19851261 50146 6065401 6115547 25966808 DESCRIPTION OF INTENDED USE OF ENDOWMENT FUNDS: PART V, LINE 4: MCAD'S ENDOWMENT CONSISTS OF APPROXIMATELY 130 INDIVIDUAL FUNDS ESTABLISHED FOR A VARIETY OF PURPOSES. THE ENDOWMENT PROVIDES SCHOLARSHIPS TO STUDENTS AND GRANTS FOR DEPARTMENTAL NEEDS. DESCRIPTION OF UNCERTAIN TAX POSITIONS UNDER FIN 48: PART X: 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, 2012. THE COLLEGE'S TAX RETURNS ARE SUBJECT TO REVIEW AND EXAMINATION BY FEDERAL AND STATE AUTHORITIES. THE TAX RETURNS FOR FISCAL YEARS 2009 AND THEREAFTER ARE OPEN TO EXAMINATION BY FEDERAL AND STATE AUTHORITIES. PART XI, LINE 8 - OTHER ADJUSTMENTS: ACTUARIAL ADJUSTMENT -1,081. PART XII, LINE 2D - OTHER ADJUSTMENTS: DIRECT EXPENSES FROM FUNDRAISING & SPECIAL EVENTS 524,380. PART XII, LINE 4B - OTHER ADJUSTMENTS: SCHOLARSHIP AND GRANTS 6,065,401. PART XIII, LINE 2D - OTHER ADJUSTMENTS: FUNDRAISING EVENT EXPENSES 524,380. ACTUARIAL ADJUSTMENT 1,081. PART XIII, LINE 4B - OTHER ADJUSTMENTS: SCHOLARSHIPS AND GRANTS 6,065,401. 1 1 1 1 1 1 1 0 0 0 0 0 0 0 0 1 0 1 EXPLANATION OF NONDISCRIMINATORY POLICY PUBLICATION 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." EXPLANATION OF GOVERNMENT FINANCIAL ASSISTANCE 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. 0 EUROPE (INCLUDING ICELAND & GREENLAND) - 0 1 PROGRAM SERVICES TRAVEL ABROAD PROGRAM FOR STUDENTS 48480 0 1 0 0 0 1 48480 0 48480 X EUROPE (INCLUDING ICELAND & GREENLAND) - TUITION EXPENSE 30539 WIRE TRANSFER FMV EUROPE (INCLUDING ICELAND & GREENLAND) - TUITION EXPENSE 12028 WIRE TRANSFER FMV 4 0 0 0 0 0 0 PROCEDURE FOR MONITORING GRANTS OUTSIDE THE U.S.: SCHEDULE F, PART I, LINE 2: THE COLLEGE MAINTAINS RECORDS OF FUNDS GRANTED. THE FUND RECIPIENTS ARE ORGANIZATIONS WITH AN EDUCATIONAL/PROGRAM RELATIONSHIP WITH MCAD. X X X X X X X 1 MARK KRONHOLM CONSULTING PO BOX 19649 MINNEAPOLIS MN 55419 CONSULTING 0 0 43250 -43250 43250 -43250 ART SALE 336098 42493 293605 4251 288843 125TH ANNIVERSARY 348236 191111 157125 27599 203686 684334 233604 450730 31850 492529 524379 -73649 1 SCHOLARSHIPS AND GRANTS PROVIDED AS FINANCIAL AID TO STUDENTS 645 6065401 PROCEDURE FOR MONITORING GRANTS IN THE U.S.: PART I, LINE 2: SCHEDULE I, PART I, LINE 2: ALL FEDERAL AID IS AWARDED BASED ON FINANCIAL AID ELIGIBILITY REQUIREMENTS IN THE FINANCIAL AID OFFICE DURING THEIR AWARD PROCESS. FUNDS ARE DRAWN DOWN BY THE CONTROLLER IN THE BUSINESS OFFICE AND ARE RECONCILED TO THE AWARD. THE MONEY IS DISBURSED TO THOSE APPLICABLE STUDENTS BY THE BUSINESS OFFICE BURSAR. 1 X X X X 0 0 0 0 0 0 0 0 0 JAY COOGAN 272601 0 0 0 1260 0 20842 0 20084 0 314787 0 0 0 JOAN OLSON 151057 0 0 0 1020 0 13920 0 21183 0 187180 0 0 0 MHEFA SERIES 6-K 410988525 60416HHA5 2006-07-20 7670000 IMPROVEMENTS 0 0 0 MHEFA SERIES 6-Z 410988525 60416HHA5 2009-11-24 2660000 PARKING LOT 0 0 0 MHEFA SERIES 7-N 410988525 60416HXR0 2012-04-26 3222823 IMPROVMENTS 0 0 0 1691700 7726700 613250 154534 6956074 2842 2006 0 1 1 1 2660000 53200 2606800 2010 0 0 1 1 7823 3222823 321500 64456 2836061 806 2012 1 0 1 1 0 0 0 0 1 0 0 0 0 1 0 0 0 0 1 0 0 0 0 0 0 0 1 0 0 0 0 0 0 0 0 0 0 X 15 47305 FAIR MARKET VALUE X 7 48078 FAIR MARKET VALUE 0 0 1 1 METHOD FOR DETERMINING NUMBER OF CONTRIBUTORS: PART I, COLUMN (B): SCHEDULE M, COLUMN B, LISTS THE NUMBER OF CONTRIBUTORS. THIRD PARTY USE: PART I, LINE 32B: THE COLLEGE USES A SECURITIES BROKER TO SELL DONATED STOCK. THE COLLEGE ALSO USED AN AUCTION COMPANY TO AUCTION DONATED ART WORK FOR THE 125TH ANNIVERSARY. FORM 990, PART VI, SECTION A, LINE 1 THE EXECUTIVE COMMITTEE HAS DELEGATED AUTHORITY. IT IS COMPRISED OF ALL OF THE CHAIRS OF THE STANDING COMMITTEES OF THE BOARD EXCEPT FOR THE PRESIDENT, WHO SHALL BE EX-OFFICIO WITHOUT VOTE AND NOT BE COUNTED AS PART OF A QUORUM FOR THE PURPOSE OF TRANSACTING BUSINESS, THE OFFICERS OF THE BOARD, AND THE IMMEDIATE PAST BOARD CHAIR. THE SCOPE OF THE COMMITTEE'S AUTHORITY IS THAT IT SHALL SERVE AT THE PLEASURE OF THE BOARD AS ITS AGENT IN HELPING THE PRESIDENT TO ADDRESS NONESSENTIAL BUSINESS BETWEEN REGULAR BOARD MEETINGS, AND IT SHALL SUGGEST BOARD MEETING AGENDA ITEMS AND PERIODICALLY ASSESS THE QUALITY OF COMMITTEE WORK. THE COMMITTEE SHALL HAVE AUTHORITY ON ALL MATTERS EXCEPT FOR THE FOLLOWING: PRESIDENTIAL SELECTION AND TERMINATION; TRUSTEE AND BOARD-OFFICER ELECTION; CHANGES IN INSTITUTIONAL MISSION AND PURPOSES; CHANGES TO THE CHARTER OR ARTICLES OF INCORPORATION; INCURRING OF CORPORATE INDEBTEDNESS; SALE OF COLLEGE ASSETS OR TANGIBLE PROPERTY; ADOPTION OF THE ANNUAL BUDGET; AND CONFERRAL OF DEGREES. THERE MAY BE BYLAWS OR BOARD POLICIES THAT MAY RESERVE OTHER POWERS FOR THE BOARD OF TRUSTEES. FORM 990, PART VI, SECTION A, LINE 2 CLINTON MORRISON, TRUSTEE, AND CLINTON H. MORRISON, TRUSTEE: FAMILY RELATIONSHIP. DAVID HARTWELL, BOARD CHAIR, AND DAVID ANDREAS, TRUSTEE: BUSINESS RELATIONSHIP. FORM 990, PART VI, SECTION B, LINE 11 THE FORM 990, WITH INDIVIDUAL CONTRIBUTOR NAMES REDACTED, WAS 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 15A THE PRESIDENT'S COMPENSATION IS REVIEWED BY THE EXECUTIVE COMMITTEE ANNUALLY. THEY COMPARE THE COMPENSATION PROPOSED AGAINST COMPARABLE PRESIDENTS OF SIMILAR INSTITUTIONS. THE PRESIDENT'S CONTRACT WAS REVIEWED AND APPROVED BY THE BOARD OF TRUSTEES IN EXECUTIVE SESSION DURING THE 2011-12 FISCAL YEAR. THE VP OF ADMINISTRATION HAS DONE THE COMPARABILITY DATA FOR THE OFFICERS. THIS WAS REVIEWED AND APPROVED BY THE PRESIDENT ANNUALLY. FORM 990, PART VI, SECTION C, LINE 19 THEY ARE AVAILABLE UPON REQUEST IN THE FINANCE OFFICE. CHANGES IN NET ASSETS OR FUND BALANCES: FORM 990, PART XI, LINE 5: NET UNREALIZED LOSSES ON INVESTMENTS: -3,026,770. ACTUARIAL ADJUSTMENT -1,081. TOTAL TO FORM 990, PART XI, LINE 5: -3,027,851. FORM 990, PART XII, LINE 2C THE OVERSIGHT AND SELECTION PROCESS FOR THE AUDIT OF THE FINANCIAL STATEMENTS HAS NOT CHANGED FROM THE PRIOR YEAR. GIFT ANNUITY TRST (1) CHARITABLE TRUST MN N/A T 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0