2012-05-14T13:11:49-05:00 2011-06-30 CLIFTONLARSONALLEN LLP 220 SOUTH SIXTH STREET SUITE 300 MINNEAPOLIS MN 55402 990 2010-07-01 410693915 MINNEAPOLIS SOCIETY OF FINE ARTS MINN 6128703000 2400 THIRD AVENUE SOUTH MINNEAPOLIS MN 55404 PATRICIA GRAZZINI 6128703000 2012-05-09 1 LARRY ADAMS 6123764500 2010 2016-02-24 21:20:13Z MINNEAPOLIS INSTITUTE OF ARTS KAYWIN FELDMAN 2400 THIRD AVENUE SOUTH MINNEAPOLIS MN 55404 260288174 0 X WWW.ARTSMIA.ORG X 1883 MN ENRICH THE COMMUNITY BY COLLECT- ING, PRESERVING, AND MAKING ACCESSIBLE OUTSTANDING WORKS OF ART. 57 52 391 365 0 0 27576238 24710364 2183040 1784009 7221217 17535534 395385 278423 37375880 44308330 0 0 0 0 16175413 16024654 0 0 1675534 22028686 19615419 38204099 35640073 -828219 8668257 270158237 292159909 14440974 16076786 255717263 276083123 X THE MINNEAPOLIS INSTITUTE OF ARTS (MIA) ENRICHES THE COMMUNITY BY COLLECTING, PRESERVING, AND MAKING ACCESSIBLE OUTSTANDING WORKS OF ART FROM THE WORLD'S DIVERSE CULTURES. 0 0 12667175 0 488908 EXHIBITIONS:EXHIBITIONS BRING NEW INSIGHTS TO ART. OUR GALLERIES ARE FILLED WITH A DIVERSE AND RICH SPECTRUM OF EXHIBITIONS, PRODUCED FROM EITHER ORIGINAL SCHOLARSHIP OR THROUGH PARTNERSHIPS WITH OTHER LEADING ART MUSEUMS. THE MIA PRODUCED 37 EXHIBITIONS AND PUBLICATIONS DURING THE PAST YEAR. 8901393 0 0 ACQUISITIONS:ACQUISITIONS BRING NEW STRENGTH TO THE COLLECTION. THE PERMANENT COLLECTION IS ALWAYS AT THE CORE OF OUR WORK. IN THE YEAR ENDED JUNE 30, 2011, 382 SUPERB OBJECTS WERE ACQUIRED ENRICHING EACH OF THE SEVEN CURATORIAL COLLECTING AREAS. 2461554 0 565537 OUTREACH AND EDUCATION:WITH A STRONG COMMITMENT TO OUTREACH AND EDUCATION, THE MIA COMPLEMENTS ITS COLLECTION AND EXHIBITIONS WITH A WIDE ARRAY OF PUBLIC PROGRAMS WHICH INCLUDE POPULAR YOUTH AND FAMILY PROGRAMS, STUDENT AND ADULT CLASSES, SEMINARS, LECTURES, DEMONSTRATIONS, CONCERTS AND FILMS. THROUGH THE MIA'S COMPREHENSIVE SCHOOL SERVICES PROGRAM, EDUCATORS AND COMMUNITY VOLUNTEERS BROUGHT ART INTO THE LIVES OF STUDENTS, THROUGH BOTH CLASSROOM AND MUSEUM VISITS. 4896738 0 729564 A CULTURAL HIGHLIGHT OF THE TWIN CITIES, THE MINNEAPOLIS INSTITUTE OF ART (MIA) IS INTERNATIONALLY RENOWNED AS ONE OF THE GREAT ENCYCLOPEDIC FINE ART MUSEUMS. IN A BEAUTIFUL LANDMARK STRUCTURE NEAR DOWNTOWN MINNEAPOLIS, THE MUSEUM HOUSES A WORLD-CLASS COLLECTION OF MORE THAN 80,000 WORKS OF ART, REPRESENTING ARTISTIC TRADITIONS AND TREASURES SPANNING 5,000 YEARS. THE MIA, WITH ITS FREE ADMISSIONS POLICY, IS AN INVALUABLE RESOURCE TO THE COMMUNITY, WELCOMING VISITORS OF ALL AGES TO ENJOY THE WONDER AND BEAUTY OF ART. DURING THE 2011 FISCAL YEAR, 470,831 PEOPLE VISITED THE MIA, WITH AN ADDITIONAL 5.5 MILLION "VIRTUAL VISITORS" EXPLORING THE MUSEUM'S COLLECTIONS AND EXHIBITIONS VIA ITS AWARD-WINNING WEB SITES, WWW.ARTSMIA.ORG AND WWW.ARTSCONNECTED.ORG. THE MIA HAD OVER 19,000 MEMBER HOUSEHOLDS DURING THE FISCAL YEAR. WITH A STRONG COMMITMENT TO OUTREACH AND EDUCATION, THE MIA COMPLEMENTS ITS COLLECTION AND EXHIBITIONS WITH A WIDE ARRAY OF PUBLIC PROGRAMS, CLASSES, LECTURES, AND SPECIAL EVENTS. THROUGH THE MIA'S COMPREHENSIVE SCHOOL SERVICES PROGRAM, EDUCATORS AND COMMUNITY VOLUNTEERS BROUGHT ART INTO THE LIVES OF NEARLY 108,519 STUDENTS, THROUGH BOTH CLASSROOM AND MUSEUM VISITS. 4896738 729564 28926860 1 1 0 1 0 0 1 0 1 1 1 0 1 1 1 1 0 0 0 0 0 0 0 1 0 0 0 0 1 0 0 0 0 0 1 0 1 1 1 0 0 0 1 0 0 0 0 1 128 0 1 391 1 0 0 0 0 0 1 1 1 1 0 0 0 X 57 52 1 0 0 0 1 1 0 1 1 0 0 1 1 1 1 1 1 1 1 0 MN X KRIS DAVIDSON 6128703064 2400 THIRD AVENUE SOUTH MINNEAPOLIS MN 55404 KAYWIN FELDMAN 40.00 X X 361404 0 30388 JOHN HIMLE 1.00 X X 0 0 0 NIVIN MACMILLAN 1.00 X X 0 0 0 MICHAEL FRANCIS 1.00 X X 0 0 0 HUBERT JOLY 1.00 X X 0 0 0 KIM ANDERSON 1.00 X 0 0 0 RICHARD ANDERSON 1.00 X 0 0 0 MAURICE BLANKS 1.00 X 0 0 0 MICHAEL BOARDMAN 1.00 X 0 0 0 BLYTHE BRENDEN 1.00 X 0 0 0 RICHARD DAVIS 1.00 X 0 0 0 ERIC DAYTON 1.00 X 0 0 0 CURTIS DUNNAVAN 1.00 X 0 0 0 MARGENE FOX 1.00 X 0 0 0 KELLY GAGE 1.00 X 0 0 0 KEVIN HART 1.00 X 0 0 0 WILLIAM HAWKINS 1.00 X 0 0 0 SUSAN HOFF 1.00 X 0 0 0 JOHN HUSS 1.00 X 0 0 0 DIANE LILLY 1.00 X 0 0 0 BETTY MACMILLAN 1.00 X 0 0 0 SIRI MARSHALL 1.00 X 0 0 0 SAM MCCULLOUGH 1.00 X 0 0 0 AL MCQUINN 1.00 X 0 0 0 LUCY CROSBY MITCHELL 1.00 X 0 0 0 SHEILA MORGAN 1.00 X 0 0 0 ROBERT W NELSON 1.00 X 0 0 0 BRIAN PALMER 1.00 X 0 0 0 LINDA PERLMAN 1.00 X 0 0 0 MARY INGEBRAND POHLAD 1.00 X 0 0 0 JOHN PRINCE 1.00 X 0 0 0 DAR REEDY 1.00 X 0 0 0 ROGER SIT 1.00 X 0 0 0 MICHAEL SNOW 1.00 X 0 0 0 ALEC SOTH 1.00 X 0 0 0 STEWART STENDER 1.00 X 0 0 0 ROBERT STEPHENS 1.00 X 0 0 0 RALPH STRANGIS 1.00 X 0 0 0 RICARDO TORRES 1.00 X 0 0 0 RICHARD VENEGAR 1.00 X 0 0 0 MICHELE VOLPI 1.00 X 0 0 0 BETSY WEYERHAEUSER 1.00 X 0 0 0 JOHN E ANDUS III 1.00 X 0 0 0 MARVIN BORMAN 1.00 X 0 0 0 SANDRA K BUTLER 1.00 X 0 0 0 BURTON COHEN 1.00 X 0 0 0 BRUCE B DAYTON 1.00 X 0 0 0 W JOHN DRISCOLL 1.00 X 0 0 0 BEVERLY GROSSMAN 1.00 X 0 0 0 AL HARRISON 1.00 X 0 0 0 MYRON KUNIN 1.00 X 0 0 0 DAVID M LEBEDOFF 1.00 X 0 0 0 CLINTON MORRISON 1.00 X 0 0 0 BOB ULRICH 1.00 X 0 0 0 MAYOR RT RYBAK 1.00 X 0 0 0 SENATOR SCOTT DIBBLE 1.00 X 0 0 0 SENATOR GEN OLSON 1.00 X 0 0 0 REP PAUL THISSEN 1.00 X 0 0 0 REP KURT ZELLERS 1.00 X 0 0 0 COMMISSIONER MIKE OPAT 1.00 X 0 0 0 ANITA TABB 1.00 X 0 0 0 KATIE SEARLE 1.00 X 0 0 0 MICHELE CALLAHAN 40.00 X 78647 0 11564 PATRICIA GRAZZINI 40.00 X 316501 0 99515 MATTHEW WELCH 40.00 X 185463 0 14836 PATRICK NOON 40.00 X 161378 0 16452 ELIZABETH ARMSTRONG 40.00 X 179363 0 15673 JULIANNE AMENDOLA 40.00 X 144388 0 12724 JAN-LODEWIJK GROOTAERS 40.00 X 135968 0 9306 THOMAS RASSIEUR 40.00 X 156402 0 5451 EIKE SCHMIDT 40.00 X 148781 0 47315 LEANN STANDISH 40.00 X 172004 0 7730 2040299 0 270954 13 1 1 0 SIT INVESTMENT ASSOCIATES 90 S SEVENTH ST SUITE 4600 MINNEAPOLIS MN 55402 INVESTMENT MANAGEMENT 335522 MONTICELLO ASSOCIATES 1800 LARIMER ST SUITE 2100 DENVER CO 80202 INVESTMENT ADVISOR 200000 ALL SYSTEMS INSTALLATION 8300 TENTH AVE N SUITE A GOLDEN VALLEY MN 55427 WIRING INSTALLATION 147675 INTERDYN-BUSINESS MICROVAR 2277 W HWY 36 SUITE 300 ROSEVILLE MN 55113 SYSTEMS CONSULTING 138987 JE DUNN-NORTH CENTRAL 9855 W 78TH ST SUITE 270 MINNEAPOLIS MN 55344 CONSTRUCTION 135698 13 1334936 277750 12976876 10120802 1142657 24710364 RENTALS AND REIMBURSEM 532000 707622 707622 CLASSES AND PROGRAMS 900099 565537 565537 PROGRAM ADMISSIONS AND 900099 488908 488908 CIRCLE MEMBERSHIP DUES 532000 21942 21942 1784009 5236913 5236913 227574637 214288917 987099 13285720 -987099 12298621 12298621 280090 277750 347852 -67762 -67762 700508 355976 344532 344532 OTHER INCOME 900099 1653 1653 1653 44308330 1784009 0 17813957 1418424 730157 577795 110472 121286 60643 60643 11582618 9439727 1338424 804467 488375 382056 70997 35322 1525323 1084047 340203 101073 888628 694917 129764 63947 229701 229701 47424 47424 24000 24000 1249722 1249722 1422061 928594 267718 225749 563784 524887 29032 9865 1330302 1081101 78872 170329 156245 122050 24541 9654 2851889 2774879 38705 38305 333128 240602 91109 1417 23644 15433 6241 1970 150000 150000 2813720 2655277 144273 14170 122071 122071 ACCESSIONS 7904039 7904039 MISCELLANEOUS 250150 107981 116979 25190 DUES AND SUBSCRIPTIONS 143539 58399 82179 2961 35640073 28926860 5037679 1675534 X 85488 42744 0 42744 7902 8152 24516644 13107947 7478490 7568618 10383474 9405170 293950 291946 170488 184491 109936091 35439021 77494262 74497070 99291461 94231241 0 35899370 50521566 56965904 270158237 292159909 3496531 5534838 6642796 6264901 3000000 3000000 1301647 1277047 14440974 16076786 X 98597554 102300913 37416686 42909761 119703023 130872449 255717263 276083123 270158237 292159909 X 8668257 11697603 X 0 1 1 X 0 X 17967949 13497539 11615500 15175971 12526148 70783107 9937348 10964580 12022040 12400267 12184216 57508451 27905297 24462119 23637540 27576238 24710364 128291558 128291558 7176125 7855775 7600499 6206712 5236913 34076024 415567 332981 -356764 97911 1653 491348 162858930 9289486 0.78770 0.78630 X SCHEDULE A, PART II, LINE 10, EXPLANATION OF OTHER INCOME: MISCELLANEOUS REIMBURSEMENTS FROM MCAD CHANGE IN BENEFICIAL INTEREST IN TRUSTS RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED 0 0 0 0 0 0 0 0 0 0 1 24000 0 0 24000 0 PART IV, SUPPLEMENTAL INFORMATION: THE LOBBYIST AND CONSULTANTS RETAINED BY THE MIA PROVIDE GENERAL COUNSEL REGARDING COMMUNITY, GOVERNMENT, AND NON PROFIT ISSUES. THE CONSULTANTS DID NOT LOBBY ON BEHALF OF THE MIA. X X X X 0 102589837 3879722 18027577 5230239 119266897 94076848 3736682 10077263 5300956 102589837 112280196 1074751 -13888032 5390067 94076848 0.17930 0.60620 0.21450 0 0 9016861 9016861 91387361 27524060 63863301 9446686 7914961 1531725 85183 85183 74497070 COMMINGLED EQUITY FUNDS 26899370 F HEDGED EQUITY FUNDS 9000000 F 35899370 BENEFICIAL INTEREST IN PERPETUAL TRUSTS 56965904 56965904 AMOUNTS DUE TO BENEFICIARIES 1277047 1277047 44308330 35640073 8668257 11697603 11697603 20365860 56391042 11697603 1658831 13356434 43034608 1273722 1273722 44308330 36025182 1658831 1658831 34366351 1273722 1273722 35640073 PART III, LINE 1A: 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 ITS 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. WORKS OF ART THAT ARE ACQUIRED ARE NOT INCLUDED AS ASSETS IN THE STATEMENTS OF FINANCIAL POSITION. THE COST OF WORKS OF ART PURCHASED OR THE MARKET VALUE OF WORKS OF ART RECEIVED AS GIFTS IS NOT CAPITALIZED WHEN ACQUIRED. DESCRIPTION OF INTENDED USE OF ENDOWMENT FUNDS: 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. DESCRIPTION OF UNCERTAIN TAX POSITIONS UNDER FIN 48: PART X: THE MIA IS QUALIFIED AS A TAX-EXEMPT ORGANIZATION AS DESCRIBED IN SECTION 501(C)(3) OF THE INTERNAL REVENUE CODE (THE CODE) AND, ACCORDINGLY, IS NOT SUBJECT TO FEDERAL INCOME TAXES UNDER SECTION 501(A) OF THE CODE EXCEPT FOR ANY UNRELATED BUSINESS INCOME. THE MIA, AS A NOT-FOR-PROFIT ORGANIZATION, IS EXEMPT FROM STATE AND LOCAL INCOME TAXES AND HAS BEEN CLASSIFIED AS A PUBLICLY SUPPORTED CHARITABLE ORGANIZATION UNDER SECTION 509(A)(1) OF THE CODE AND QUALIFIED FOR THE MAXIMUM CHARITABLE CONTRIBUTION DEDUCTION FOR DONORS. THE MIA'S ACCOUNTING POLICY PROVIDES THAT A TAX EXPENSE OR BENEFIT FROM AN UNCERTAIN TAX POSITION MAY BE RECOGNIZED WHEN IT IS MORE THAN 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. THE MIA HAS NO UNCERTAIN TAX POSITIONS RESULTING IN AN ACCRUAL OR TAX EXPENSE OR BENEFIT. THE MIA'S TAX RETURNS ARE SUBJECT TO REVIEW AND EXAMINATION BY FEDERAL AND STATE AUTHORITIES. THE TAX RETURNS FOR THE YEARS 2008 THROUGH 2010 ARE OPEN TO EXAMINATION BY FEDERAL AND STATE AUTHORITIES. PART XII, LINE 2D - OTHER ADJUSTMENTS: LOSS ON DISPOSAL OF FIXED ASSETS 987,099. SPECIAL EVENTS EXPENSES 347,852. COST OF GOODS SOLD AND FREIGHT IN - MUSEUM SHOP 355,976. DIFFERENCE IN DRAW - TRUSTS -32,096. PART XIII, LINE 2D - OTHER ADJUSTMENTS: LOSS ON DISPOSAL OF FIXED ASSETS 987,099. COST OF GOODS SOLD AND FREIGHT IN - MUSEUM SHOP 355,976. SPECIAL EVENTS EXPENSES 347,852. DIFFERENCE IN DRAW - TRUSTS -32,096. TITIAN GALA & SILENT AUCTION 322980 221750 101230 14337 10278 46221 5350 113325 DESIGN & ANTIQUES FAIR 156726 38500 118226 58107 20224 1250 59217 1 78134 17500 60634 3568 9402 500 6073 557840 277750 280090 14337 71953 75847 7100 178615 347852 -67762 X X 1 1 X X X X X X 1 1 0 0 0 0 0 0 0 KAYWIN FELDMAN 348990 0 0 0 12414 0 22050 0 8338 0 391792 0 0 0 PATRICIA GRAZZINI 258971 0 0 0 57530 0 87351 0 12164 0 416016 0 0 0 MATTHEW WELCH 183347 0 0 0 2116 0 9266 0 5570 0 200299 0 0 0 PATRICK NOON 161378 0 0 0 0 0 8412 0 8040 0 177830 0 0 0 ELIZABETH ARMSTRONG 171203 0 0 0 8160 0 3820 0 11853 0 195036 0 0 0 JULIANNE AMENDOLA 142485 0 0 0 1903 0 7200 0 5524 0 157112 0 0 0 THOMAS RASSIEUR 148913 0 0 0 7489 0 0 0 5451 0 161853 0 0 0 EIKE SCHMIDT 141781 0 0 0 7000 0 0 0 47315 0 196096 0 0 0 LEANN STANDISH 111462 0 0 0 60542 0 2247 0 5483 0 179734 0 0 0 PART I, LINE 1A TAX INDEMNIFICATION AND GROSS-UP PAYMENTS: MOBILE COMMUNICATION DEVICE ALLOWANCE: THE MIA PROVIDES A MONTHLY ALLOWANCE TO CERTAIN EMPLOYEES FOR BUSINESS USE OF PERSONALLY OWNED MOBILE COMMUNICATION DEVICES (CELL PHONES AND SMART PHONES), WHICH IS GROSSED UP FOR TAX PURPOSES AND TREATED AS TAXABLE COMPENSATION ON THE EMPLOYEE'S FORM W-2. PER POLICY, THE EMPLOYEE'S JOB DUTIES MUST NECESSITATE THE USE OF A MOBILE DEVICE FOR MIA BUSINESS FOR PURPOSES OF BUSINESS TRAVEL, DAILY/AFTER-HOUR COMMUNICATION, OR FOR EMERGENCIES. LISTED EMPLOYEES RECEIVING THIS ALLOWANCE PAYMENT INCLUDE: DIRECTOR AND PRESIDENT - $1,550, DEPUTY DIRECTOR AND COO (AND ASSISTANT TREASURER) - $1,475, DIRECTOR OF ADMINISTRATIVE AFFAIRS (AND ASSISTANT CORPORATE SECRETARY) - $589, DEPUTY DIRECTOR AND CHIEF CURATOR, DIRECTOR OF CAMP/CURATOR OF CONTEMPORARY ART - $2,260, DIRECTOR OF EXTERNAL AFFAIRS - $1,413, DIRECTOR OF DEVELOPMENT - $1,903, ASSISTANT DIRECTOR FOR CURATORIAL AFFAIRS - $1,513 HEALTH OR SOCIAL CLUB DUES OR INITIATION FEES: MIA MAINTAINS A MEMBERSHIP AT THE MINNEAPOLIS CLUB, A SOCIAL CLUB, IN THE NAME OF THE DIRECTOR AND PRESIDENT. THIS MEMBERSHIP IS USED BY THE MIA FOR HOSTING BUSINESS MEETINGS, BUT IS AVAILABLE TO THE DIRECTOR AND PRESIDENT FOR PERSONAL USE. THE INITIATION FEE AND MONTHLY DUES OF $8,680 ARE TREATED AS TAXABLE COMPENSATION TO THE DIRECTOR AND PRESIDENT AND IS GROSSED UP FOR TAX PURPOSES. AS COMPENSATION, THE MEMBERSHIP IS REVIEWED UNDER THE COMPENSATION POLICY. SEE SCHEDULE O FOR ADDITIONAL DETAIL ON THE PROCESS FOR DETERMINING COMPENSATION. PART I, LINES 4A-B 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 FISCAL YEAR 2011 TOTALED $65,301. LEAH STANDISH RECEIVED SEVERANCE PAY OF $65,301 UPON TERMINATION OF HER EMPLOYMENT PER CONTRACT TERMS. MICHAEL BOARDMAN - US BANK ELECTED TRUSTEE 257166 TRUSTEE FEES, INVESTMENT MANAGEMENT FEES 0 RICHARD DAVIS - US BANK ELECTED TRUSTEE 257166 TRUSTEE FEES, INVESTMENT MANAGEMENT FEES 0 ROGER SIT - SIT INVESTMENT ASSOCIATES ELECTED TRUSTEE 291882 INVESTMENT MANAGEMENT FEES 0 RALPH STRANGIS - SIT INVESTMENT ASSOCIATES ELECTED TRUSTEE 291882 INVESTMENT MANAGEMENT FEES 0 SCH L, PART IV, BUSINESS TRANSACTIONS INVOLVING INTERESTED PERSONS: THE MIA HAS HAD A LONG STANDING BANKING AND INVESTMENT MANAGEMENT RELATIONSHIP WITH US BANK AND IT'S SUBSIDIARY, FAF ADVISORS. MICHAEL BOARDMAN AND RICHARD DAVIS ARE EMPLOYED BY US BANCORP.THE MIA HAS CONTRACTED WITH SIT INVESTMENT ASSOCIATES FOR INVESTMENT MANAGEMENT. ROGER SIT, MIA TRUSTEE, IS EMPLOYED BY SIT INVESTMENT ASSOCIATES. RALPH STRANGIS, MIA TRUSTEE, IS A MEMBER OF THE BOARD OF DIRECTORS. X 43 0 N/A - SEE PART II X 1 0 N/A - SEE PART II X 8219 AUCTION PROCEEDS X 58 997535 QUOTED MARKET PRICES X 1 67723 SALE PROCEEDS X SILENT AUCTION ITEMS 10 19180 FMV ON GIFT DATE X AIRFARE 1 50000 FMV ON GIFT DATE 4 0 1 1 THIRD PARTY USE: PART I, LINE 32B: THE MIA USES A BROKERAGE FIRM TO SELL GIFTS OF SECURITIES. THE MIA'S POLICY IS TO SELL THE GIFTS AS SOON AS POSSIBLE AFTER RECEIPT. GIFTS OF SECURITIES ARE VALUED USING THE AVERAGE OF THE QUOTED HIGH AND LOW PRICE AS OF THE GIFT DATE. THE MIA USED THE SERVICES OF AN ESTATE SALE COMPANY AND A REAL ESTATE BROKER TO SELL A CONDO AND CONTENTS RECEIVED VIA BEQUEST. NON REPORTING OF REVENUE: PART I, LINE 33: IN ACCORDANCE WITH GENERALLY ACCEPTED ACCOUNTING PRINCIPLES, 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 ITS 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 EXCERCISE OF SUCH POWERS, THE COMMITTEE IS RESPONSIBLE TO THE BOARD FOR ALL OF SUCH ACTS. FORM 990, PART VI, SECTION A, LINE 2 ERIC DAYTON (ELECTIVE TRUSTEE) AND BRUCE DAYTON (LIFE TRUSTEE) ARE FAMILY MEMBERS. FORM 990, PART VI, SECTION A, LINE 6 PER THE BY-LAWS, ANY PERSON OR CORPORATION WHO PAYS THE SOCIETY AN ANNUAL MEMBERSHIP FEE IS CONSIDERED A MEMBER. FORM 990, PART VI, SECTION A, LINE 7A MEMBERS OF THE MIA APPROVE A SLATE OF CANDIDATES AND THE SIZE OF THE BOARD AS PRESENTED BY THE GOVERNING BODY EACH YEAR AT THE MEMBERS' ANNUAL MEETING. THE BOARD MAY ELECT, AT ITS DISCRETION, BY THE AFFIRMATIVE VOTE OF A MAJORITY OF THE BOARD UPON RECOMMENDATION OF THE GOVERNANCE AND NOMINATING COMMITTEE, ONE OR MORE LIFE TRUSTEES. THIS HONOR IS THE HIGHEST LEVEL OF RECOGNITION CONFERRED BY THE BOARD UPON SELECTED INDIVIDUALS FROM AMONG MEMBERS OF THE SOCIETY AND ACKNOWLEDGES EXCEPTIONAL DEDICATION AND COMMITMENT TO THE SOCIETY OVER AN EXTENDED NUMBER OF YEARS. AN ELECTIVE TRUSTEE SHALL BECOME ELIGIBLE FOR ELECTION AS A LIFE TRUSTEE UPON EXPIRATION OF ONE YEAR FROM THE DATE WHEN HIS OR HER TERM OF ELECTIVE TRUSTEESHIP SHALL HAVE EXPIRED. LIFE TRUSTEES SHALL HAVE ALL THE PRIVILEGES OF ELECTIVE TRUSTEES FOR THEIR LIFETIME. THE BOARD OF TRUSTEES INCLUDES THE FOLLOWING PERSONS, UPON HIS OR HER ACCEPTANCE THAT ARE TRUSTEES BY VIRTUE OF THEIR OFFICE: THE GOVERNOR OF THE STATE OF MINNESOTA, THE MAYOR OF THE CITY OF MINNEAPOLIS, TWO MEMBERS OF EACH OF THE MINNESOTA SENATE AND HOUSE OF REPRESENTATIVES WHO RESIDE IN HENNEPIN COUNTY, AS FROM TIME TO TIME MAY BE APPOINTED BY THE EXECUTIVE COMMITTEE OF THE SOCIETY, ONE MEMBER OF EACH OF THE BOARD OF HENNEPIN COUNTY COMMISSIONERS AND THE MINNEAPOLIS PARK AND RECREATION BOARD, AS FROM TIME TO TIME MAY BE APPOINTED BY THE EXECUTIVE COMMITTEE OF THE SOCIETY, AND THE PRESIDENT OF THE FRIENDS OF THE INSTITUTE. FORM 990, PART VI, SECTION B, LINE 11 THE FORM 990 IS PREPARED BY A PROFESSIONAL ACCOUNTING FIRM FROM INFORMATION PROVIDED BY THE MIA. THE CONTROLLER AND DEPUTY DIRECTOR OF THE MIA THEN 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 FILING. 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 15 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 AND APPROVES THE COMPENSATION OF ALL POSITIONS REPORTED ON FORM 990. THE DIRECTOR & PRESIDENT SETS THE COMPENSATION OF ALL OTHER EMPLOYEES. ACCOMPANYING THE 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. FORM 990, PART VI, SECTION C, LINE 19 THE SOCIETY MAKES ITS GOVERNING DOCUMENTS, CONFLICT OF INTEREST POLICY, AND FINANCIAL STATEMENTS AVAILABLE TO THE PUBLIC UPON REQUEST. CHANGES IN NET ASSETS OR FUND BALANCES: FORM 990, PART XI, LINE 5: NET UNREALIZED GAINS ON INVESTMENTS: 11,697,603. CHARITABLE REMAINDER UNITRUST (1) 2400 THIRD AVENUE SOUTH MINNEAPOLIS MN 55404 INVESTMENT MN MINNEAPOLIS INSTITUTE OF ARTS T CHARITABLE TRUST (2) 2400 THIRD AVENUE SOUTH MINNEAPOLIS MN 55404 INVESTMENT MN MINNEAPOLIS INSTITUTE OF ARTS T 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0