MINNEAPOLIS COLLEGE OF ART & DESIGN: Form 990, tax year 2009
View the entire original 990 at ProPublica ↗
- Organization
- MINNEAPOLIS COLLEGE OF ART & DESIGN (EIN 41-1607453)
- Tax period
- 2009-06-01 to 2010-05-31
- Filed
- 2011-04-07
- IRS object ID
- 201120979349300017
- Schema version
- 2009v1.7
- Source
- Download XML · Original 990 at ProPublica
Every field in the e-filed return. Faint text is the IRS element name, for citing.
- Return header
- Form 990
- Schedule A
- Schedule B
- Schedule D
- Schedule E
- Schedule G
- Schedule I
- Schedule J
- Schedule K
- Schedule M
- Schedule O
Return header ReturnHeader
| Field | Value | IRS element (for citing) |
|---|---|---|
| Timestamp | 2011-04-07T13:17:26-05:00 | Timestamp |
| Tax Period End Date | 2010-05-31 | TaxPeriodEndDate |
Preparer Firm PreparerFirm
Preparer Firm Business Name PreparerFirmBusinessName
| Field | Value | IRS element (for citing) |
|---|---|---|
| Business Name Line1 | Baker Tilly Virchow Krause LLP | BusinessNameLine1 |
Preparer Firm US Address PreparerFirmUSAddress
| Field | Value | IRS element (for citing) |
|---|---|---|
| Address Line1 | 225 S 6th St Ste 2300 | AddressLine1 |
| City | Minneapolis | City |
| State | MN | State |
| ZIP Code | 55402 | ZIPCode |
| Field | Value | IRS element (for citing) |
|---|---|---|
| Return Type | 990 | ReturnType |
| Tax Period Begin Date | 2009-06-01 | TaxPeriodBeginDate |
Filer Filer
| Field | Value | IRS element (for citing) |
|---|---|---|
| EIN | 411607453 | EIN |
Name Name
| Field | Value | IRS element (for citing) |
|---|---|---|
| Business Name Line1 | Minneapolis College of Art & Design | BusinessNameLine1 |
| Field | Value | IRS element (for citing) |
|---|---|---|
| Name Control | MINN | NameControl |
| Phone | 6128743700 | Phone |
US Address USAddress
| Field | Value | IRS element (for citing) |
|---|---|---|
| Address Line1 | 2501 Stevens Ave S | AddressLine1 |
| City | Minneapolis | City |
| State | MN | State |
| ZIP Code | 55404 | ZIPCode |
Officer Officer
| Field | Value | IRS element (for citing) |
|---|---|---|
| Name | DANIEL SJOQUIST | Name |
| Title | CFO, Treasurer | Title |
| Phone | 6128743700 | Phone |
| Date Signed | 2011-03-31 | DateSigned |
| Authorize Third Party | 1 | AuthorizeThirdParty |
Preparer Preparer
| Field | Value | IRS element (for citing) |
|---|---|---|
| Phone | 6128764500 | Phone |
| Date Prepared | 2011-03-31 | DatePrepared |
| Field | Value | IRS element (for citing) |
|---|---|---|
| Tax Year | 2009 | TaxYear |
| Build TS | 2016-02-24 21:20:13Z | BuildTS |
Form 990 IRS990
| Field | Value | IRS element (for citing) |
|---|---|---|
| Name Of Principal Officer Person | DANIEL SJOQUIST | NameOfPrincipalOfficerPerson |
Address Principal Officer US AddressPrincipalOfficerUS
| Field | Value | IRS element (for citing) |
|---|---|---|
| Address Line1 | 2501 Stevens Ave S | AddressLine1 |
| City | Minneapolis | City |
| State | MN | State |
| ZIP Code | 55404 | ZIPCode |
| Field | Value | IRS element (for citing) |
|---|---|---|
| Gross Receipts | 33980268 | GrossReceipts |
| Group Return For Affiliates | 0 | GroupReturnForAffiliates |
| Organization501c | X | Organization501c |
| Web Site | www.mcad.edu | WebSite |
| Type Of Organization Corporation | X | TypeOfOrganizationCorporation |
| Year Formation | 1988 | YearFormation |
| State Legal Domicile | MN | StateLegalDomicile |
| Activity Or Mission Description | MINNEAPOLIS COLLEGE OF ART AND DESIGN (MCAD) EDUCATES INDIVIDUALS TO BE PROFESSIONAL ARTISTS AND DESIGNERS, EFFECTIVE LEADERS, AND ACTIVE CITIZENS AND, THROUGH THIS WORK AND OTHER ACTIVITIES, ADVANCES THE CULTURAL LIFE OF ITS COMMUNITY. TO ACHIEVE THIS MISSION, MCAD: CHALLENGES STUDENTS TO ACHIEVE THE HIGHEST LEVEL OF ARTISTIC CREATIVITY AND EXPRESSION, INTELLECTUAL UNDERSTANDING AND PROFESSIONAL DEVELOPMENT; PROVIDES A RIGOROUS STUDIO-BASED AND LIBERAL STUDIES PROGRAM FOR DEDICATED UNDERGRADUATE AND GRADUATE STUDENTS; OFFERS CONTINUING EDUCATION AND SPONSORS FELLOWSHIPS FOR PROFESSIONALS; PRESENTS EXHIBITIONS, LECTURES AND ENRICHMENT COURSES IN ART AND DESIGN FOR PEOPLE OF ALL AGES. | ActivityOrMissionDescription |
| Nbr Voting Members Governing Body | 18 | NbrVotingMembersGoverningBody |
| Nbr Independent Voting Members | 18 | NbrIndependentVotingMembers |
| Total Nbr Employees | 869 | TotalNbrEmployees |
| Total Nbr Volunteers | 0 | TotalNbrVolunteers |
| Total Gross UBI | 0 | TotalGrossUBI |
| Net Unrelated Business Txbl Income | 0 | NetUnrelatedBusinessTxblIncome |
| Contributions Grants Prior Year | 1419021 | ContributionsGrantsPriorYear |
| Contributions Grants Current Year | 909285 | ContributionsGrantsCurrentYear |
| Program Service Revenue Prior Year | 22191244 | ProgramServiceRevenuePriorYear |
| Program Service Revenue CY | 22517308 | ProgramServiceRevenueCY |
| Investment Income Prior Year | 485743 | InvestmentIncomePriorYear |
| Investment Income Current Year | 212518 | InvestmentIncomeCurrentYear |
| Other Revenue Prior Year | 277505 | OtherRevenuePriorYear |
| Other Revenue Current Year | 318049 | OtherRevenueCurrentYear |
| Total Revenue Prior Year | 24373513 | TotalRevenuePriorYear |
| Total Revenue Current Year | 23957160 | TotalRevenueCurrentYear |
| Grants And Similar Amnts Prior Year | 4745274 | GrantsAndSimilarAmntsPriorYear |
| Grants And Similar Amnts CY | 5387380 | GrantsAndSimilarAmntsCY |
| Benefits Paid To Members CY | 0 | BenefitsPaidToMembersCY |
| Salaries Etc Prior Year | 12178657 | SalariesEtcPriorYear |
| Salaries Etc Current Year | 12239147 | SalariesEtcCurrentYear |
| Total Prof Fundrsng Exp CY | 0 | TotalProfFundrsngExpCY |
| Total Fundrsng Exp Current Year | 317294 | TotalFundrsngExpCurrentYear |
| Other Expense Prior Year | 8563855 | OtherExpensePriorYear |
| Other Expenses Current Year | 8185479 | OtherExpensesCurrentYear |
| Total Expenses Prior Year | 25487786 | TotalExpensesPriorYear |
| Total Expenses Current Year | 25812006 | TotalExpensesCurrentYear |
| Revenues Less Expenses Prior Year | -1114273 | RevenuesLessExpensesPriorYear |
| Revenues Less Expenses CY | -1854846 | RevenuesLessExpensesCY |
| Total Assets BOY | 51082522 | TotalAssetsBOY |
| Total Assets EOY | 58724280 | TotalAssetsEOY |
| Total Liabilities BOY | 14242897 | TotalLiabilitiesBOY |
| Total Liabilities EOY | 17107411 | TotalLiabilitiesEOY |
| Net Assets Or Fund Balances BOY | 36839625 | NetAssetsOrFundBalancesBOY |
| Net Assets Or Fund Balances EOY | 41616869 | NetAssetsOrFundBalancesEOY |
| Mission Description | Minneapolis College of Art and Design (MCAD) educates individuals to be professional artists and designers, effective leaders, and active citizens and, through this work and other activities, advances the cultural life of its community. To achieve this mission, MCAD: challenges students to achieve the highest level of artistic creativity and expression, intellectual understanding and professional development; provides a rigorous studio-based and liberal studies program for dedicated undergraduate and graduate students; offers continuing education and sponsors fellowships for professionals; presents exhibitions, lectures and enrichment courses in art and design for people of all ages. | MissionDescription |
| Significant New Program Services | 0 | SignificantNewProgramServices |
| Significant Change | 0 | SignificantChange |
| Expense | 13533238 | Expense |
| Grants | 5387380 | Grants |
| Revenue | 13165870 | Revenue |
| Description | Instruction: - MCAD had a total of 725 students for fall semester and 721 students for spring, for an average student population of 723. Our FTE students were 692 for fall and 669 for spring term. MCAD graduated 164 students during the 09-10 year. - Collected and reviewed data for the MCAD assessment program, creating recommendations for curricular change, facilities upgrade, and faculty development. Approved by the Academic Affairs Committee of the Board. - Completed rewrite of Liberal Arts curriculum including new course numbers, learning objectives, and class methodologies.- Engaged faculty and Academic Cabinet in several key discussions regarding MCAD's new strategic plan, including staffing, new program development, and facilities upgrades.- Conceptualized and wrote 425,000 grant for NEA scholarship fund for community children to attend MCAD's summer programs.- Note also that program service revenue from tuition was not allocated to any specific program(s) and is thus overall reported on this line. | Description |
Activity2 Activity2
| Field | Value | IRS element (for citing) |
|---|---|---|
| Expense | 2628343 | Expense |
| Revenue | 2557966 | Revenue |
| Description | Student Affairs:- In an effort to reach more students with important health information, Student Affairs subscribed to Student Health 101, a monthly digital magazine aimed at college students. Approximately 200 students read the magazine each month. Based on that success, we applied for and received a grant from Park Nicollet to subscribe for the 2010-11 academic year.- Student Affairs staff worked with the Records Office and Academic Affairs to re-number all of the Liberal Arts courses. Courses are now in groups that reflect area of interest and class level.- Gallery 148 was launched in spring 2010. It is a student-run space dedicated to giving degree-seeking students a professional gallery experience.- There were more than 30 student-initiated clubs on the books for the 2009-10 academic year, an all-time high at MCAD. - Student Affairs staff coordinated and led a group of 13 students to Guatemala for a learning/making trip. They worked with school officials and students at Miguel Angel Asturias Academy in order to create a mural for the central courtyard of the school. | Description |
Activity3 Activity3
| Field | Value | IRS element (for citing) |
|---|---|---|
| Expense | 1802230 | Expense |
| Revenue | 1754098 | Revenue |
| Description | Academic Support:- Conceptualized and wrote grant for $2000 to bring in an archivist to conceptualize new archival structures at MCAD. - Oversaw all operations surrounding the annual Art Sale, with a revenue of $218,000, which is reported as a special event revenue on Part VIII and on Schedule G in favor of a fuller disclosure.- Facilitated use of MCAD facilities by over 20 community groups, including: Italian Cultural Society, Nothern Lights, Adobe InDesign Users Group, Etc. | Description |
Activity Other ActivityOther
| Field | Value | IRS element (for citing) |
|---|---|---|
| Expense | 5180766 | Expense |
| Revenue | 5305188 | Revenue |
| Description | Other:- The campus bookstore, The Art Cellar, had sales of $545,000.- The college inaugurated its next President and celebrated this change over a lovely weekend. This was the first inauguration in MCAD's history. | Description |
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total Of Other Program Service Exp | 5180766 | TotalOfOtherProgramServiceExp |
| Total Of Other Program Service Rev | 5305188 | TotalOfOtherProgramServiceRev |
| Total Program Service Expense | 23144577 | TotalProgramServiceExpense |
| Described In501 C3 | 1 | DescribedIn501C3 |
| Schedule B Required | 1 | ScheduleBRequired |
| Political Activities | 0 | PoliticalActivities |
| Lobbying Activities | 0 | LobbyingActivities |
| Subject To Proxy Tax | 0 | SubjectToProxyTax |
| Donor Advised Funds | 0 | DonorAdvisedFunds |
| Conservation Easements | 0 | ConservationEasements |
| Collections Of Art | 0 | CollectionsOfArt |
| Credit Counseling | 0 | CreditCounseling |
| Term Or Permanent Endowments | 1 | TermOrPermanentEndowments |
| Balance Sheet Amounts Reported | 1 | BalanceSheetAmountsReported |
| Independent Audit Financial Stmt | 1 | IndependentAuditFinancialStmt |
| Consolidated Audit Financial Stmt | 0 | ConsolidatedAuditFinancialStmt |
| School | 1 | School |
| Foreign Office | 0 | ForeignOffice |
| Foreign Activities | 0 | ForeignActivities |
| More Than5000 K To Organizations | 0 | MoreThan5000KToOrganizations |
| More Than5000 K To Individuals | 0 | MoreThan5000KToIndividuals |
| Professional Fundraising | 0 | ProfessionalFundraising |
| Fundraising Activities | 1 | FundraisingActivities |
| Gaming | 0 | Gaming |
| Hospital | 0 | Hospital |
| Grants To Organizations | 0 | GrantsToOrganizations |
| Grants To Individuals | 1 | GrantsToIndividuals |
| Schedule J Required | 1 | ScheduleJRequired |
| Tax Exempt Bonds | 1 | TaxExemptBonds |
| Invest Tax Exempt Bonds | 0 | InvestTaxExemptBonds |
| Escrow Account | 0 | EscrowAccount |
| On Behalf Of Issuer | 0 | OnBehalfOfIssuer |
| Excess Benefit Transaction | 0 | ExcessBenefitTransaction |
| Prior Excess Benefit Transaction | 0 | PriorExcessBenefitTransaction |
| Loan To Officer Or DQP | 0 | LoanToOfficerOrDQP |
| Grant To Related Person | 0 | GrantToRelatedPerson |
| Bsnss Rltnshp With Organization | 0 | BsnssRltnshpWithOrganization |
| Bsnss Rltnshp Thru Family Member | 0 | BsnssRltnshpThruFamilyMember |
| Officer Entity With Bsnss Rltnshp | 0 | OfficerEntityWithBsnssRltnshp |
| Deductible Non Cash Contributions | 1 | DeductibleNonCashContributions |
| Deductible Contributions Of Art | 0 | DeductibleContributionsOfArt |
| Terminated | 0 | Terminated |
| Partial Liquidation | 0 | PartialLiquidation |
| Disregarded Entity | 0 | DisregardedEntity |
| Related Entity | 0 | RelatedEntity |
| Related Org Controlled Entity | 0 | RelatedOrgControlledEntity |
| Transfers To Exempt Non Chrtbl Org | 0 | TransfersToExemptNonChrtblOrg |
| Activities Conducted Partnership | 0 | ActivitiesConductedPartnership |
| Schedule O Required | 1 | ScheduleORequired |
| Number Forms Transmitted With1096 | 211 | NumberFormsTransmittedWith1096 |
| Number W2 G Included | 0 | NumberW2GIncluded |
| Compliance With Backup Witholding | 1 | ComplianceWithBackupWitholding |
| Number Of Employees | 869 | NumberOfEmployees |
| Employment Tax Returns Filed | 1 | EmploymentTaxReturnsFiled |
| Unrelated Business Income | 0 | UnrelatedBusinessIncome |
| Foreign Financial Account | 0 | ForeignFinancialAccount |
| Prohibited Tax Shelter Trans | 0 | ProhibitedTaxShelterTrans |
| Taxable Party Notification | 0 | TaxablePartyNotification |
| Non Deductible Contributions | 0 | NonDeductibleContributions |
| Quid Pro Quo Contributions | 1 | QuidProQuoContributions |
| Quid Pro Quo Disclosure | 1 | QuidProQuoDisclosure |
| Form8282 Property Disposed Of | 0 | Form8282PropertyDisposedOf |
| Funds To Pay Premiums | 0 | FundsToPayPremiums |
| Premiums Paid | 0 | PremiumsPaid |
| Nbr Voting Governing Body Members | 18 | NbrVotingGoverningBodyMembers |
| Number Independent Voting Members | 18 | NumberIndependentVotingMembers |
| Family Or Business Relationship | 1 | FamilyOrBusinessRelationship |
| Delegation Of Management Duties | 0 | DelegationOfManagementDuties |
| Changes To Organizing Docs | 0 | ChangesToOrganizingDocs |
| Material Diversion Or Misuse | 0 | MaterialDiversionOrMisuse |
| Members Or Stockholders | 0 | MembersOrStockholders |
| Election Of Board Members | 0 | ElectionOfBoardMembers |
| Decisions Subject To Approval | 0 | DecisionsSubjectToApproval |
| Minutes Of Governing Body | 1 | MinutesOfGoverningBody |
| Minutes Of Committees | 1 | MinutesOfCommittees |
| Officer Mailing Address | 0 | OfficerMailingAddress |
| Local Chapters | 0 | LocalChapters |
| Form990 Provided To Governing Body | 0 | Form990ProvidedToGoverningBody |
| Conflict Of Interest Policy | 1 | ConflictOfInterestPolicy |
| Annual Disclosure Covered Persons | 1 | AnnualDisclosureCoveredPersons |
| Regular Monitoring Enforcement | 1 | RegularMonitoringEnforcement |
| Whistleblower Policy | 1 | WhistleblowerPolicy |
| Document Retention Policy | 1 | DocumentRetentionPolicy |
| Compensation Process CEO | 1 | CompensationProcessCEO |
| Compensation Process Other | 0 | CompensationProcessOther |
| Investment In Joint Venture | 0 | InvestmentInJointVenture |
| States Where Copy Of Return Is Filed | MN | StatesWhereCopyOfReturnIsFiled |
| Upon Request | X | UponRequest |
The Books Are In Care Of TheBooksAreInCareOf
Name Business NameBusiness
| Field | Value | IRS element (for citing) |
|---|---|---|
| Business Name Line1 | Katherine Bengston | BusinessNameLine1 |
| Field | Value | IRS element (for citing) |
|---|---|---|
| Telephone Number | 6128743700 | TelephoneNumber |
Address US AddressUS
| Field | Value | IRS element (for citing) |
|---|---|---|
| Address Line1 | 2501 Stevens Ave S | AddressLine1 |
| City | Minneapolis | City |
| State | MN | State |
| ZIP Code | 55404 | ZIPCode |
Form990 Part VII Section A Form990PartVIISectionA (25 entries)
| TitleTitle | Average Hours Per WeekAverageHoursPerWeek | Individual Trustee Or DirectorIndividualTrusteeOrDirector | OfficerOfficer | Reportable Comp From OrganizationReportableCompFromOrganization | Reportable Comp From Related OrgsReportableCompFromRelatedOrgs | Other CompensationOtherCompensation | FormerFormer |
|---|---|---|---|---|---|---|---|
| JAY COOGAN | |||||||
| PRESIDENT | 35.00 | X | X | 127737 | 0 | 15569 | |
| David Hartwell | |||||||
| Trustee, Chair | 1.00 | X | X | 0 | 0 | 0 | |
| David Andreas | |||||||
| Trustee | 1.00 | X | 0 | 0 | 0 | ||
| Bruce Bean | |||||||
| Trustee | 1.00 | X | 0 | 0 | 0 | ||
| Uri Camarena | |||||||
| Trustee | 1.00 | X | 0 | 0 | 0 | ||
| Dr Nathan Davis | |||||||
| Trustee | 1.00 | X | 0 | 0 | 0 | ||
| MIKE KEEFE | |||||||
| TRustee | 1.00 | X | 0 | 0 | 0 | ||
| Mary Ash Lazarus | |||||||
| Trustee, Vice Chair, Treas | 1.00 | X | X | 0 | 0 | 0 | |
| Cy DeCosse | |||||||
| Trustee | 1.00 | X | 0 | 0 | 0 | ||
| Betsy Massie | |||||||
| Trustee | 1.00 | X | 0 | 0 | 0 | ||
| Clinton Morrison | |||||||
| Trustee | 1.00 | X | 0 | 0 | 0 | ||
| Clinton H Morrison | |||||||
| Trustee | 1.00 | X | 0 | 0 | 0 | ||
| Craig Rice | |||||||
| Trustee | 1.00 | X | 0 | 0 | 0 | ||
| Julie Snow | |||||||
| Trustee | 1.00 | X | 0 | 0 | 0 | ||
| Robert Teslow | |||||||
| Trustee | 1.00 | X | 0 | 0 | 0 | ||
| Missy Staples Thompson | |||||||
| Trustee | 1.00 | X | 0 | 0 | 0 | ||
| Hideki Yamamoto | |||||||
| Trustee | 1.00 | X | 0 | 0 | 0 | ||
| BILL THORNBURN | |||||||
| Trustee | 1.00 | X | 0 | 0 | 0 | ||
| DAN SJOQUIST | |||||||
| CFO, VP Of Finance | 35.00 | X | 97584 | 0 | 10127 | ||
| PAMELA NEWSOME-PROCHNIAK | |||||||
| VP - ADMINISTRATION | 35.00 | X | 97771 | 0 | 11787 | ||
| VINCENT LEO | |||||||
| VP - ACADEMIC AFFAIRS | 35.00 | X | 112801 | 0 | 11353 | ||
| SUSAN CALMENSON | |||||||
| VP - STUDENT AFFAIRS | 35.00 | X | 91081 | 0 | 9041 | ||
| William Mullen | |||||||
| VP - Enrollment | 35.00 | X | 83271 | 0 | 17746 | ||
| JOAN OLSON | |||||||
| VP - ADVANCEMENT | 35.00 | X | 835 | 0 | 0 | ||
| MICHAEL O'KEEFE | |||||||
| FORMER PRESIDENT | 1.00 | 232095 | 0 | 17113 | X | ||
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total Reportable Comp From Org | 843175 | TotalReportableCompFromOrg |
| Total Reportable Comp Frm Rltd Orgs | 0 | TotalReportableCompFrmRltdOrgs |
| Total Other Compensation | 92736 | TotalOtherCompensation |
| Number Individuals GT100 K | 3 | NumberIndividualsGT100K |
| Formers Listed | 1 | FormersListed |
| Total Comp GT150 K | 1 | TotalCompGT150K |
| Compensation From Other Sources | 0 | CompensationFromOtherSources |
Contractor Compensation ContractorCompensation (5 entries)
| Address Line1AddressOfContractor/AddressUS/AddressLine1 | CityAddressOfContractor/AddressUS/City | StateAddressOfContractor/AddressUS/State | ZIP CodeAddressOfContractor/AddressUS/ZIPCode | Description Of ServicesDescriptionOfServices | CompensationCompensation |
|---|---|---|---|---|---|
| Je Dunn Construction | |||||
| 9855 West 78th Street Suite 270 | Eden Prairie | MN | 55344 | Parking Lot Contractor | 986739 |
| Sheffield Olson & McQueen INc | |||||
| ABC 119 PO Box 9192 | Minneapolis | MN | 554809192 | Benefits Administrator & Premiums | 702445 |
| Minneapolis Institute of Arts | |||||
| 2400 3rd Ave S | Minneapolis | MN | 55404 | PHYSICAL PLANT SERVICES | 275979 |
| Arthur J Gallagher Risk MGM SVC | |||||
| PO Box 71965 | Chicago | IL | 606941965 | Insurance Provider | 198211 |
| DON HARSTAD CO INC | |||||
| 7103 HIGHWAY 65 NE | FRIDLEY | MN | 55432 | FACILITIES CONTRACTOR | 126027 |
| Field | Value | IRS element (for citing) |
|---|---|---|
| Number Of Contractors GT100 K | 9 | NumberOfContractorsGT100K |
| Fundraising Events | 2000 | FundraisingEvents |
| Government Grants | 180360 | GovernmentGrants |
| All Other Contributions | 726925 | AllOtherContributions |
| Noncash Contributions | 92026 | NoncashContributions |
| Total Contributions | 909285 | TotalContributions |
Program Service Revenue ProgramServiceRevenue (4 entries)
| DescriptionDescription | Business CodeBusinessCode | Total Revenue ColumnTotalRevenueColumn | Related Or Exempt Function IncomeRelatedOrExemptFunctionIncome |
|---|---|---|---|
| Tuition and Fees | 611710 | 20329655 | 20329655 |
| Housing Rental Income | 611710 | 1031231 | 1031231 |
| Auxiliary | 611710 | 611785 | 611785 |
| Sales Bookstore | 611710 | 544637 | 544637 |
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total Program Service Revenue | 22517308 | TotalProgramServiceRevenue |
Investment Income InvestmentIncome
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total Revenue Column | 795180 | TotalRevenueColumn |
| Exclusion | $795,180 | ExclusionAmount |
Gross Amount Sales Assets GrossAmountSalesAssets
| Field | Value | IRS element (for citing) |
|---|---|---|
| Securities | 9276681 | Securities |
Less Cost Oth Basis Sales Expenses LessCostOthBasisSalesExpenses
| Field | Value | IRS element (for citing) |
|---|---|---|
| Securities | 9859343 | Securities |
Gain Or Loss GainOrLoss
| Field | Value | IRS element (for citing) |
|---|---|---|
| Securities | -582662 | Securities |
Net Gain Or Loss Investments NetGainOrLossInvestments
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total Revenue Column | -582662 | TotalRevenueColumn |
| Exclusion | -$582,662 | ExclusionAmount |
| Field | Value | IRS element (for citing) |
|---|---|---|
| Gross Income Fundraising Events | 216000 | GrossIncomeFundraisingEvents |
| Cntrbtns Rprtd Fundraising Events | 2000 | CntrbtnsRprtdFundraisingEvents |
| Fundraising Direct Expenses | 163765 | FundraisingDirectExpenses |
Net Income From Fundraising Events NetIncomeFromFundraisingEvents
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total Revenue Column | 52235 | TotalRevenueColumn |
| Exclusion | $52,235 | ExclusionAmount |
Other Revenue Misc OtherRevenueMisc
| Field | Value | IRS element (for citing) |
|---|---|---|
| Description | Miscellaneous | Description |
| Business Code | 900099 | BusinessCode |
| Total Revenue Column | 265814 | TotalRevenueColumn |
| Related Or Exempt Function Income | 265814 | RelatedOrExemptFunctionIncome |
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total Other Revenue | 265814 | TotalOtherRevenue |
Total Revenue TotalRevenue
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total Revenue Column | 23957160 | TotalRevenueColumn |
| Related Or Exempt Function Income | 22783122 | RelatedOrExemptFunctionIncome |
| Unrelated Business Revenue | 0 | UnrelatedBusinessRevenue |
| Exclusion | $264,753 | ExclusionAmount |
Grants To Domestic Individuals GrantsToDomesticIndividuals
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total | 5387380 | Total |
| Program Services | 5387380 | ProgramServices |
Comp Current Officers Directors CompCurrentOfficersDirectors
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total | 904167 | Total |
| Program Services | 796693 | ProgramServices |
| Management And General | 93028 | ManagementAndGeneral |
| Fundraising | 14446 | Fundraising |
Other Salaries And Wages OtherSalariesAndWages
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total | 9229396 | Total |
| Program Services | 8132344 | ProgramServices |
| Management And General | 949594 | ManagementAndGeneral |
| Fundraising | 147458 | Fundraising |
Pension Plan Contributions PensionPlanContributions
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total | 655120 | Total |
| Program Services | 577250 | ProgramServices |
| Management And General | 67404 | ManagementAndGeneral |
| Fundraising | 10466 | Fundraising |
Other Employee Benefits OtherEmployeeBenefits
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total | 711328 | Total |
| Program Services | 626776 | ProgramServices |
| Management And General | 73187 | ManagementAndGeneral |
| Fundraising | 11365 | Fundraising |
Payroll Taxes PayrollTaxes
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total | 739136 | Total |
| Program Services | 651279 | ProgramServices |
| Management And General | 76048 | ManagementAndGeneral |
| Fundraising | 11809 | Fundraising |
Fees For Services Legal FeesForServicesLegal
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total | 75001 | Total |
| Management And General | 75001 | ManagementAndGeneral |
Fees For Services Accounting FeesForServicesAccounting
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total | 53800 | Total |
| Management And General | 53800 | ManagementAndGeneral |
Fees For Services Invst Mgmnt Fees FeesForServicesInvstMgmntFees
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total | 89024 | Total |
| Management And General | 89024 | ManagementAndGeneral |
Fees For Services Other FeesForServicesOther
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total | 518149 | Total |
| Program Services | 378139 | ProgramServices |
| Management And General | 133154 | ManagementAndGeneral |
| Fundraising | 6856 | Fundraising |
Advertising Advertising
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total | 165052 | Total |
| Program Services | 145433 | ProgramServices |
| Management And General | 16982 | ManagementAndGeneral |
| Fundraising | 2637 | Fundraising |
Office Expenses OfficeExpenses
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total | 1281215 | Total |
| Program Services | 1128923 | ProgramServices |
| Management And General | 131822 | ManagementAndGeneral |
| Fundraising | 20470 | Fundraising |
Information Technology InformationTechnology
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total | 1018584 | Total |
| Program Services | 897510 | ProgramServices |
| Management And General | 104800 | ManagementAndGeneral |
| Fundraising | 16274 | Fundraising |
Occupancy Occupancy
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total | 885868 | Total |
| Program Services | 780570 | ProgramServices |
| Management And General | 91145 | ManagementAndGeneral |
| Fundraising | 14153 | Fundraising |
Travel Travel
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total | 171137 | Total |
| Program Services | 150795 | ProgramServices |
| Management And General | 17608 | ManagementAndGeneral |
| Fundraising | 2734 | Fundraising |
Conferences Meetings ConferencesMeetings
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total | 233168 | Total |
| Program Services | 205453 | ProgramServices |
| Management And General | 23990 | ManagementAndGeneral |
| Fundraising | 3725 | Fundraising |
Interest Interest
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total | 571668 | Total |
| Program Services | 503717 | ProgramServices |
| Management And General | 58818 | ManagementAndGeneral |
| Fundraising | 9133 | Fundraising |
Depreciation Depletion DepreciationDepletion
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total | 589517 | Total |
| Program Services | 519444 | ProgramServices |
| Management And General | 60654 | ManagementAndGeneral |
| Fundraising | 9419 | Fundraising |
Insurance Insurance
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total | 189943 | Total |
| Program Services | 167365 | ProgramServices |
| Management And General | 19543 | ManagementAndGeneral |
| Fundraising | 3035 | Fundraising |
Other Expenses OtherExpenses (4 entries)
| DescriptionDescription | TotalTotal | Program ServicesProgramServices | Management And GeneralManagementAndGeneral | FundraisingFundraising |
|---|---|---|---|---|
| Operation and Maintenan | 1411145 | 1243409 | 145190 | 22546 |
| Miscellaneous | 380718 | 335464 | 39171 | 6083 |
| Exhibition Expenses | 293249 | 258392 | 30172 | 4685 |
| Grant spending | 258241 | 258241 |
Total Functional Expenses TotalFunctionalExpenses
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total | 25812006 | Total |
| Program Services | 23144577 | ProgramServices |
| Management And General | 2350135 | ManagementAndGeneral |
| Fundraising | 317294 | Fundraising |
Cash Non Interest Bearing CashNonInterestBearing
| Field | Value | IRS element (for citing) |
|---|---|---|
| BOY | 2037946 | BOY |
| EOY | 1383325 | EOY |
Savings And Temp Cash Investments SavingsAndTempCashInvestments
| Field | Value | IRS element (for citing) |
|---|---|---|
| BOY | 3195304 | BOY |
| EOY | 1982039 | EOY |
Pledges And Grants Receivable PledgesAndGrantsReceivable
| Field | Value | IRS element (for citing) |
|---|---|---|
| BOY | 464000 | BOY |
| EOY | 272400 | EOY |
Accounts Receivable AccountsReceivable
| Field | Value | IRS element (for citing) |
|---|---|---|
| BOY | 128497 | BOY |
| EOY | 128707 | EOY |
Other Notes Loans Receivable Net OtherNotesLoansReceivableNet
| Field | Value | IRS element (for citing) |
|---|---|---|
| BOY | 1045657 | BOY |
| EOY | 965451 | EOY |
Inventories For Sale Or Use InventoriesForSaleOrUse
| Field | Value | IRS element (for citing) |
|---|---|---|
| BOY | 313991 | BOY |
| EOY | 281850 | EOY |
Prepaid Expenses Deferred Charges PrepaidExpensesDeferredCharges
| Field | Value | IRS element (for citing) |
|---|---|---|
| BOY | 41254 | BOY |
| EOY | 71441 | EOY |
| Field | Value | IRS element (for citing) |
|---|---|---|
| Land Buildings Equipment Basis | 24140232 | LandBuildingsEquipmentBasis |
| Land Bldg Equipment Accum Deprec | 10190701 | LandBldgEquipmentAccumDeprec |
Land Buildings Equipment Basis Net LandBuildingsEquipmentBasisNet
| Field | Value | IRS element (for citing) |
|---|---|---|
| BOY | 12371003 | BOY |
| EOY | 13949531 | EOY |
Investments Pub Traded Securities InvestmentsPubTradedSecurities
| Field | Value | IRS element (for citing) |
|---|---|---|
| BOY | 28025863 | BOY |
| EOY | 37458542 | EOY |
Investments Other Securities InvestmentsOtherSecurities
| Field | Value | IRS element (for citing) |
|---|---|---|
| BOY | 2233872 | BOY |
| EOY | 11232 | EOY |
Other Assets Total OtherAssetsTotal
| Field | Value | IRS element (for citing) |
|---|---|---|
| BOY | 1225135 | BOY |
| EOY | 2219762 | EOY |
Total Assets TotalAssets
| Field | Value | IRS element (for citing) |
|---|---|---|
| BOY | 51082522 | BOY |
| EOY | 58724280 | EOY |
Accounts Payable Accrued Expenses AccountsPayableAccruedExpenses
| Field | Value | IRS element (for citing) |
|---|---|---|
| BOY | 2488621 | BOY |
| EOY | 3213132 | EOY |
Grants Payable GrantsPayable
| Field | Value | IRS element (for citing) |
|---|---|---|
| BOY | 745005 | BOY |
| EOY | 705833 | EOY |
Deferred Revenue DeferredRevenue
| Field | Value | IRS element (for citing) |
|---|---|---|
| BOY | 350946 | BOY |
| EOY | 387205 | EOY |
Tax Exempt Bond Liabilities TaxExemptBondLiabilities
| Field | Value | IRS element (for citing) |
|---|---|---|
| BOY | 10500000 | BOY |
| EOY | 12665000 | EOY |
Other Liabilities OtherLiabilities
| Field | Value | IRS element (for citing) |
|---|---|---|
| BOY | 158325 | BOY |
| EOY | 136241 | EOY |
Total Liabilities TotalLiabilities
| Field | Value | IRS element (for citing) |
|---|---|---|
| BOY | 14242897 | BOY |
| EOY | 17107411 | EOY |
| Field | Value | IRS element (for citing) |
|---|---|---|
| Follow SFAS117 | X | FollowSFAS117 |
Unrestricted Net Assets UnrestrictedNetAssets
| Field | Value | IRS element (for citing) |
|---|---|---|
| BOY | 15065666 | BOY |
| EOY | 17261385 | EOY |
Temporarily Restricted Net Assets TemporarilyRestrictedNetAssets
| Field | Value | IRS element (for citing) |
|---|---|---|
| BOY | 8501752 | BOY |
| EOY | 10396637 | EOY |
Permanently Restricted Net Assets PermanentlyRestrictedNetAssets
| Field | Value | IRS element (for citing) |
|---|---|---|
| BOY | 13272207 | BOY |
| EOY | 13958847 | EOY |
Total Net Assets Fund Balances TotalNetAssetsFundBalances
| Field | Value | IRS element (for citing) |
|---|---|---|
| BOY | 36839625 | BOY |
| EOY | 41616869 | EOY |
Total Liab Net Assets Fund Balances TotalLiabNetAssetsFundBalances
| Field | Value | IRS element (for citing) |
|---|---|---|
| BOY | 51082522 | BOY |
| EOY | 58724280 | EOY |
| Field | Value | IRS element (for citing) |
|---|---|---|
| Method Of Accounting Accrual | X | MethodOfAccountingAccrual |
| Accountant Compile Or Review | 0 | AccountantCompileOrReview |
| FS Audited | 1 | FSAudited |
| Audit Committee | 1 | AuditCommittee |
| Financial Statement Separate | X | FinancialStatementSeparate |
| Federal Grant Audit Required | 1 | FederalGrantAuditRequired |
| Federal Grant Audit Performed | 1 | FederalGrantAuditPerformed |
Schedule A IRS990ScheduleA
| Field | Value | IRS element (for citing) |
|---|---|---|
| School170b1 Aii | X | School170b1Aii |
Schedule B IRS990ScheduleB
Contributor Info ContributorInfo
| Field | Value | IRS element (for citing) |
|---|---|---|
| Contributor Number | RESTRICTED | ContributorNumber |
Contributor Name Business ContributorNameBusiness
| Field | Value | IRS element (for citing) |
|---|---|---|
| Business Name Line1 | RESTRICTED | BusinessNameLine1 |
Contributor Address US ContributorAddressUS
| Field | Value | IRS element (for citing) |
|---|---|---|
| Address Line1 | RESTRICTED | AddressLine1 |
| Address Line2 | RESTRICTED | AddressLine2 |
| City | RESTRICTED | City |
| State | RESTRICTED | State |
| ZIP Code | RESTRICTED | ZIPCode |
| Field | Value | IRS element (for citing) |
|---|---|---|
| Aggregate Contributions | RESTRICTED | AggregateContributions |
Schedule D IRS990ScheduleD
Current Year CurrentYear
| Field | Value | IRS element (for citing) |
|---|---|---|
| Beginning Of Year Balance | 26312151 | BeginningOfYearBalance |
| Contributions | 116180 | Contributions |
| Investment Earnings Or Losses | 6499349 | InvestmentEarningsOrLosses |
| Grants Or Scholarships | -1300701 | GrantsOrScholarships |
| Other Expenditures | -573636 | OtherExpenditures |
| Administrative Expenses | -1082 | AdministrativeExpenses |
| End Of Year Balance | 31052261 | EndOfYearBalance |
Current Year Minus1 Year CurrentYearMinus1Year
| Field | Value | IRS element (for citing) |
|---|---|---|
| Beginning Of Year Balance | 38730827 | BeginningOfYearBalance |
| Contributions | 175624 | Contributions |
| Investment Earnings Or Losses | -10717426 | InvestmentEarningsOrLosses |
| Grants Or Scholarships | -1399731 | GrantsOrScholarships |
| Other Expenditures | -476061 | OtherExpenditures |
| Administrative Expenses | -1082 | AdministrativeExpenses |
| End Of Year Balance | 26312151 | EndOfYearBalance |
| Field | Value | IRS element (for citing) |
|---|---|---|
| Board Designated EOY Balance | 0.29000 | BoardDesignatedEOYBalance |
| Permanent Endowment EOY Balance | 0.45000 | PermanentEndowmentEOYBalance |
| Term Endowment EOY Balance | 0.26000 | TermEndowmentEOYBalance |
| Endowments Held By Unrelated Orgs | 0 | EndowmentsHeldByUnrelatedOrgs |
| Endowments Held By Related Orgs | 0 | EndowmentsHeldByRelatedOrgs |
Land Land
| Field | Value | IRS element (for citing) |
|---|---|---|
| Other Cost Or Other Basis | 943378 | OtherCostOrOtherBasis |
| Book Value | 943378 | BookValue |
Buildings Buildings
| Field | Value | IRS element (for citing) |
|---|---|---|
| Other Cost Or Other Basis | 19946782 | OtherCostOrOtherBasis |
| Depreciation | 10190701 | Depreciation |
| Book Value | 9756081 | BookValue |
Equipment Equipment
| Field | Value | IRS element (for citing) |
|---|---|---|
| Other Cost Or Other Basis | 1132308 | OtherCostOrOtherBasis |
| Book Value | 1132308 | BookValue |
Other Land Buildings OtherLandBuildings
| Field | Value | IRS element (for citing) |
|---|---|---|
| Other Cost Or Other Basis | 2117764 | OtherCostOrOtherBasis |
| Book Value | 2117764 | BookValue |
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total Of Book Value Land Buildings | 13949531 | TotalOfBookValueLandBuildings |
Other Liabilities OtherLiabilities (2 entries)
| DescriptionDescription | AmountAmount |
|---|---|
| ADVANCE DEPOSITS | $118,698 |
| ACTUARIAL LIABILITY ON ANNUITIES PAYABLE | $17,543 |
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total Of Amounts | 136241 | TotalOfAmounts |
| Total Revenue | 23957160 | TotalRevenue |
| Total Expenses | 25812006 | TotalExpenses |
| Excess Or Deficit For Year | -1854846 | ExcessOrDeficitForYear |
| Net Unrealized GL On Investments | 6633172 | NetUnrealizedGLOnInvestments |
| Other | -$1,082 | OtherAmount |
| Total Adjustments | 6632090 | TotalAdjustments |
| Excess Or Deficit Per FS | 4777244 | ExcessOrDeficitPerFS |
| Tot Revenue Etc Audited Fincl Stmt | 25277693 | TotRevenueEtcAuditedFinclStmt |
| Net Unrealized Gains Investments | 6633172 | NetUnrealizedGainsInvestments |
| Other Revenues | -5387380 | OtherRevenues |
| Revenue Not Rptd F990 | 1245792 | RevenueNotRptdF990 |
| Revenue Subtotal | 24031901 | RevenueSubtotal |
| Investment Expenses Not Included | 89024 | InvestmentExpensesNotIncluded |
| Other Revenues Not Included | -163765 | OtherRevenuesNotIncluded |
| Revenue Not Rptd On Fin Stmt | -74741 | RevenueNotRptdOnFinStmt |
| Total Revenue Per Form990 | 23957160 | TotalRevenuePerForm990 |
| Tot Expenses Etc Audited Fincl Stmt | 20500449 | TotExpensesEtcAuditedFinclStmt |
| Other Expenses Included | 164847 | OtherExpensesIncluded |
| Expenses Not Rptd F990 | 164847 | ExpensesNotRptdF990 |
| Expenses Subtotal | 20335602 | ExpensesSubtotal |
| Investment Expenses Not Included2 | 89024 | InvestmentExpensesNotIncluded2 |
| Other Expenses Not Included | 5387380 | OtherExpensesNotIncluded |
| Expenses Not Rptd On Fin Stmt | 5476404 | ExpensesNotRptdOnFinStmt |
| Total Expenses Per Form990 | 25812006 | TotalExpensesPerForm990 |
Form990 Schedule D Part XIV Form990ScheduleDPartXIV (7 entries)
| IdentifierIdentifier | Return ReferenceReturnReference | ExplanationExplanation |
|---|---|---|
| Part V, Line 4: | Description of Intended Use of Endowment Funds: | 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. |
| Part X: | Description of Uncertain Tax Positions Under FIN 48: | The Internal Revenue Service 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. In accordance with the accounting standard on Accounting for Uncertainty in Income Taxes, the College addresses the determination of whether tax benefits claimed on a tax return should be recorded in the financial statements. Under this guidance, the College may recognize the tax benefit from an uncertain tax position only if it is more likely than not that the tax position will be sustained on examination by taxing authorities, based on the technical merit of the position. Examples of tax positions include the tax-exempt status of the College and various positions related to the potential sources of unrelated business taxable income. There were no significant unrecognized tax benefits identified or recorded as liabilities during fiscal year 2010. Open tax years subject to examination by the U.S. and state taxing authorities are for the years 2007 to 2009, which statutes expire in 2010 to 2012, respectively. |
| Part XI, Line 8 - Other Adjustments: | ACTUARIAL Adjustment: -1082. | |
| Part XII, Line 2d - Other Adjustments: | SCHOLARSHIPS AND GRANTS: -5387380. | |
| Part XII, Line 4b - Other Adjustments: | Fundraising Event Expenses: -163765. | |
| Part XIII, Line 2d - Other Adjustments: | FUNDRAISING EVENT EXPENSES: 163765. Actuarial Adjustment: 1082. | |
| Part XIII, Line 4b - Other Adjustments: | SCHOLARSHIPS AND GRANTS: 5387380. |
Schedule E IRS990ScheduleE
| Field | Value | IRS element (for citing) |
|---|---|---|
| Nondiscriminatory Policy Stmt | 1 | NondiscriminatoryPolicyStmt |
| Policy Statement In Brochures Etc | 1 | PolicyStatementInBrochuresEtc |
| Policy Publ Via Broadcast Media | 1 | PolicyPublViaBroadcastMedia |
| Pub Via Broadcast Media Expln | 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. | PubViaBroadcastMediaExpln |
| Maint Racial Composition Records | 1 | MaintRacialCompositionRecords |
| Maint Scholarships Records | 1 | MaintScholarshipsRecords |
| Maint Copies Of Brochures Etc | 1 | MaintCopiesOfBrochuresEtc |
| Maint Copies Of All Solicitations | 1 | MaintCopiesOfAllSolicitations |
| Discriminate Race Students Rights | 0 | DiscriminateRaceStudentsRights |
| Discriminate Race Admiss Policies | 0 | DiscriminateRaceAdmissPolicies |
| Discriminate Race Emplmn Faculty | 0 | DiscriminateRaceEmplmnFaculty |
| Discriminate Race Scholarships | 0 | DiscriminateRaceScholarships |
| Discriminate Race Educ Policies | 0 | DiscriminateRaceEducPolicies |
| Discriminate Race Use Of Fclts | 0 | DiscriminateRaceUseOfFclts |
| Discriminate Race Athletic Prog | 0 | DiscriminateRaceAthleticProg |
| Discriminate Race Other Acty | 0 | DiscriminateRaceOtherActy |
| Government Financial Aid Received | 1 | GovernmentFinancialAidReceived |
| Government Financial Aid Revoked | 0 | GovernmentFinancialAidRevoked |
| Govt Financial Aid Explanation | 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. | GovtFinancialAidExplanation |
| Compliance With Rev Proc7550 | 1 | ComplianceWithRevProc7550 |
Schedule G IRS990ScheduleG
Events Information EventsInformation
| Field | Value | IRS element (for citing) |
|---|---|---|
| Name Of Event1 | Art Sale | NameOfEvent1 |
| Gross Receipts Event1 | 218000 | GrossReceiptsEvent1 |
| Charitable Contributions Event1 | 2000 | CharitableContributionsEvent1 |
| Gross Revenue Event1 | 216000 | GrossRevenueEvent1 |
| Food And Beverage Event1 | 3000 | FoodAndBeverageEvent1 |
| Other Direct Expenses Event1 | 160765 | OtherDirectExpensesEvent1 |
| Gross Receipts Total | 218000 | GrossReceiptsTotal |
| Charitable Contributions Total | 2000 | CharitableContributionsTotal |
| Gross Revenue Total Events | 216000 | GrossRevenueTotalEvents |
| Food And Beverage Total Events | 3000 | FoodAndBeverageTotalEvents |
| Other Direct Expenses Total Events | 160765 | OtherDirectExpensesTotalEvents |
| Direct Expense Summary Events | 163765 | DirectExpenseSummaryEvents |
| Net Income Summary | 52235 | NetIncomeSummary |
Schedule I IRS990ScheduleI
| Field | Value | IRS element (for citing) |
|---|---|---|
| Records Maintained | 1 | RecordsMaintained |
Form990 Schedule I Part III Form990ScheduleIPartIII
| Field | Value | IRS element (for citing) |
|---|---|---|
| Type Of Grant | SCHOLARSHIPS AND GRANTS PROVIDED AS FINANCIAL AID TO STUDENTS | TypeOfGrant |
| Number Of Recipients | 693 | NumberOfRecipients |
| Amount Of Cash Grant | 5387380 | AmountOfCashGrant |
Form990 Schedule I Part IV Form990ScheduleIPartIV
| Field | Value | IRS element (for citing) |
|---|---|---|
| Identifier | Procedure for Monitoring Grants in the U.S.: | Identifier |
| Return Reference | Part I, Line 2: | ReturnReference |
| Explanation | 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. | Explanation |
Schedule J IRS990ScheduleJ
| Field | Value | IRS element (for citing) |
|---|---|---|
| Club Dues Or Fees | X | ClubDuesOrFees |
| Written Policy Re T And E Expenses | 1 | WrittenPolicyReTAndEExpenses |
| Substantiation Required | 1 | SubstantiationRequired |
| Compensation Committee | X | CompensationCommittee |
| Written Employment Contract | X | WrittenEmploymentContract |
| Compensation Survey | X | CompensationSurvey |
| Board Or Committee Approval | X | BoardOrCommitteeApproval |
| Severance Payment | 0 | SeverancePayment |
| Supplemental Nonqual Retire Plan | 0 | SupplementalNonqualRetirePlan |
| Equity Based Comp Arrangement | 0 | EquityBasedCompArrangement |
| Comp Based On Revenue Of Filing Org | 0 | CompBasedOnRevenueOfFilingOrg |
| Comp Based On Revenue Related Orgs | 0 | CompBasedOnRevenueRelatedOrgs |
| Comp Based Net Earnings Filing Org | 0 | CompBasedNetEarningsFilingOrg |
| Comp Based Net Earnings Relate Orgs | 0 | CompBasedNetEarningsRelateOrgs |
| Any Non Fixed Payments | 0 | AnyNonFixedPayments |
| Initial Contract Exception | 0 | InitialContractException |
Form990 Schedule J Part II Form990ScheduleJPartII
Name Business NameBusiness
| Field | Value | IRS element (for citing) |
|---|---|---|
| Business Name Line1 | MICHAEL O'KEEFE | BusinessNameLine1 |
| Field | Value | IRS element (for citing) |
|---|---|---|
| Base Compensation Filing Org | 206648 | BaseCompensationFilingOrg |
| Comp Based On Related Orgs | 0 | CompBasedOnRelatedOrgs |
| Bonus Filing Org | 0 | BonusFilingOrg |
| Bonus Related Orgs | 0 | BonusRelatedOrgs |
| Other Compensation Filing Org | 25447 | OtherCompensationFilingOrg |
| Other Compensation Related Orgs | 0 | OtherCompensationRelatedOrgs |
| Deferred Comp Filing Org | 16033 | DeferredCompFilingOrg |
| Deferred Comp Related Orgs | 0 | DeferredCompRelatedOrgs |
| Nontaxable Benefits Filing Org | 1080 | NontaxableBenefitsFilingOrg |
| Nontaxable Benefits Related Orgs | 0 | NontaxableBenefitsRelatedOrgs |
| Total Compensation Filing Org | 249208 | TotalCompensationFilingOrg |
| Total Compensation Related Orgs | 0 | TotalCompensationRelatedOrgs |
| Comp Report Prior990 Filing Org | 0 | CompReportPrior990FilingOrg |
| Comp Report Prior990 Related Orgs | 0 | CompReportPrior990RelatedOrgs |
Form990 Schedule J Part III Form990ScheduleJPartIII
| Field | Value | IRS element (for citing) |
|---|---|---|
| Return Reference | Part I, Line 1a | ReturnReference |
| Explanation | MCAD pays for membership dues to the Minneapolis Club for the president for the purpose of networking to help raise funds for the college. | Explanation |
Schedule K IRS990ScheduleK
Form990 Schedule K Part I Form990ScheduleKPartI (2 entries)
| Issuer EINIssuerEIN | Date IssuedDateIssued | Issue PriceIssuePrice | Description Of PurposeDescriptionOfPurpose | DefeasedDefeased | On Behalf Of IssuerOnBehalfOfIssuer |
|---|---|---|---|---|---|
| MHEFA SERIES 6-K | |||||
| 410988525 | 2006-07-01 | 7670000 | IMPROVEMENTS | 0 | 0 |
| MHEFA SERIES 6-K | |||||
| 410988525 | 2009-11-24 | 2660000 | PARKING LOT | 0 | 0 |
Form990 Schedule K Part II Form990ScheduleKPartII (2 entries)
| Total ProceedsTotalProceeds | Amount In Reserve FundAmountInReserveFund | Issuance Costs From ProceedsIssuanceCostsFromProceeds | Capital ExpendituresCapitalExpenditures | Year Of Subst CompletionYearOfSubstCompletion | Current RefundingCurrentRefunding | Advance RefundingAdvanceRefunding | Final Allocation MadeFinalAllocationMade | Adequate Books And Recds MaintaindAdequateBooksAndRecdsMaintaind |
|---|---|---|---|---|---|---|---|---|
| 7670000 | 613250 | 59494 | 6997256 | 2006 | 0 | 0 | 1 | 1 |
| 2660000 | 70021 | 2606000 | 2010 | 0 | 0 | 0 | 1 |
Form990 Schedule K Part III Form990ScheduleKPartIII (2 entries)
| Owning Bond Financed PropertyOwningBondFinancedProperty | Any Lease ArrangementsAnyLeaseArrangements | Mngment Cntrct Bond Financd PrprtyMngmentCntrctBondFinancdPrprty | Any Research AgreementsAnyResearchAgreements | Bond Counsel Routinely EngagedBondCounselRoutinelyEngaged | Prcntge Prvt Business Use By OthersPrcntgePrvtBusinessUseByOthers | Percentage Of Prvt Business Re UBIPercentageOfPrvtBusinessReUBI | Total Private Business UseTotalPrivateBusinessUse | Post Issuance Compliance ProcdrsPostIssuanceComplianceProcdrs |
|---|---|---|---|---|---|---|---|---|
| 0 | 0 | 0 | 0 | 1 | 0.00000 | 0.00000 | 0.00000 | 1 |
| 0 | 0 | 0 | 0 | 1 | 0.00000 | 0.00000 | 0.00000 | 1 |
Form990 Schedule K Part IV Form990ScheduleKPartIV
| Field | Value | IRS element (for citing) |
|---|---|---|
| Form8038 T Filed | 0 | Form8038TFiled |
| Variable Rate Issue | 0 | VariableRateIssue |
| Hedge Identified In Books And Recds | 0 | HedgeIdentifiedInBooksAndRecds |
| Gross Proceeds Invested In GIC | 0 | GrossProceedsInvestedInGIC |
| Gross Proceeds Invested | 0 | GrossProceedsInvested |
| Exception To Rebate | 0 | ExceptionToRebate |
Schedule M IRS990ScheduleM
Securities Publicly Traded SecuritiesPubliclyTraded
| Field | Value | IRS element (for citing) |
|---|---|---|
| Non Cash Checkbox | X | NonCashCheckbox |
| Number Of Contributions | 5 | NumberOfContributions |
| Noncash Contribs Rptd F990 | 92026 | NoncashContribsRptdF990 |
| Method Of Determining Revenues | Average High Low | MethodOfDeterminingRevenues |
| Field | Value | IRS element (for citing) |
|---|---|---|
| Number Of8283 Received | 0 | NumberOf8283Received |
| Any Property That Must Be Held | 0 | AnyPropertyThatMustBeHeld |
| Review Process Unusual NC Gifts | 1 | ReviewProcessUnusualNCGifts |
| Third Parties Used | 0 | ThirdPartiesUsed |
Schedule O IRS990ScheduleO
General Explanation GeneralExplanation (7 entries)
| IdentifierIdentifier | ExplanationExplanation |
|---|---|
| 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 who attends as ex-officio and does not vote, the officers of the board, and the immediate past board chair. The scope of the committee's authority is that it serves at the pleasure of the Board as its agent in helping the president to address nonessential business between regular Board meetings, and it suggests Board meeting agenda items and periodically assesses the quality of committee work. The committee has 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. In addition bylaws or Board policies may reserve other powers to 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 | This form 990 was reviewed by tax counsel and subsequently by the finance chair and the VP of Finance. The Board of Trustees is provided the Form 990 after its filing, it's on the agenda, and is discussed for 15-30 min during a regular board meeting by the end of the current fiscal year. |
| Form 990, Part VI, Section B, line 12c | All board members and officers are subject to the following policy: Individuals who disclose a potential 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 the individuals with the conflict must leave the room and abstain from voting on the proposed transaction or arrangement. The person with the conflict will be out of the room aside from attending when the BOT wants to ask questions of them. An individual is 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 of 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 that of comparable presidents of similar institutions. The current president's contract began July 1, 2009. The VP of Administration reviews the comparability data for the other officers of the college. Their compensation is reviewed and approved by the president on an annual basis. |
| Form 990, Part VI, Section C, line 19 | They are available upon request in the Finance Office. |
| Form 990 Part XI Line 2c: | THERE HAS BEEN NO CHANGE TO EITHER THE OVERSIGHT PROCESS OR SELECTION PROCESS DURING THE TAX YEAR. |