2021-05-13T18:07:25-05:00 2020-06-30 410746749 CLIFTONLARSONALLEN LLP 220 S 6TH STREET SUITE 300 MINNEAPOLIS MN 55402 990 2019-07-01 410693915 MINNEAPOLIS SOCIETY OF FINE ARTS DBA MINNEAPOLIS INSTITUTE OF ARTS MINN 6128703046 2400 THIRD AVENUE SOUTH MINNEAPOLIS MN 55404 PATRICIA GRAZZINI INTERIM DIRECTOR/DEPUTY DIR/CO 6128703046 2021-05-11 1 JENNIFER TINGLEY P01485570 6123764500 2021-05-11 2019 2022-09-23 18:48:47Z MINNEAPOLIS INSTITUTE OF ART PATRICIA GRAZZINI 2400 THIRD AVENUE SOUTH MINNEAPOLIS MN 55404 98010993 0 X WWW.ARTSMIA.ORG X 1883 MN ENRICHING COMMUNITY BY COLLECTING, PRESERVING AND MAKING ACCESSIBLE OUTSTANDING WORKS OF ART 54 53 444 692 114701 23198 24686389 26441849 4556061 3028366 19514422 3460701 184454 456880 48941326 33387796 0 0 0 0 21089487 23768749 61622 0 2317116 28042645 16639163 49193754 40407912 -252428 -7020116 332242588 328598864 13351160 12056299 318891428 316542565 X THE MINNEAPOLIS INSTITUTE OF ART (MIA) ENRICHES THE COMMUNITY BY COLLECTING, PRESERVING, AND MAKING ACCESSIBLE OUTSTANDING WORKS OF ART FROM THE WORLD'S DIVERSE CULTURES. 0 0 18999082 0 767231 EXHIBITIONS: - JONATHAN HERRERA SOTO: IN BETWEEN / UNDERNEATH (ENTREMEDIO / POR DEBAJO)- RETHINKING HISTORIES: WORKS FROM MIA'S COLLECTION- GRACIELA ITURBIDE'S MEXICO- STRONG WOMEN, FULL OF LOVE: THE PHOTOGRAPHY OF MEADOW MUSKA- WORLD IN MINIATURE: CHINESE SNUFF BOTTLES FROM THE MINNEAPOLIS INSTITUTE OF ART- COLOR WOODCUTS IN THE ARTS AND CRAFTS ERA- ARTISTS RESPOND: AMERICAN ART AND THE VIETNAM WAR, 1965-1975- ARTISTS REFLECT: CONTEMPORARY VIEWS ON THE AMERICAN WAR- NGUYEN TRINH THI: FIFTH CINEMA- THE ENDURING SOUL- ALYSSA BAGUSS: YOU WERE NEVER HERE- STORYTELLING: JULIE BUFFALOHEAD- WINTERLIGHTS AT THE PURCELL-CUTTS HOUSE 2019- RECENT ACQUISITIONS: FIBER ART AT MIA- FROSTY WEATHER, SNOWY WEATHER- CAPTIVE BEAUTIES: DEPICTIONS OF WOMEN IN LATE IMPERIAL CHINA- ABSTRACT PRINTS BY HAGIWARA HIDEO- JUST KIDS- VISION 2020: CONTEMPORARY PHOTOGRAPHIC PORTRAITS AT MIA- YOSHITOSHI: MASTER DRAFTSMAN TRANSFORMED- HARRIET BART: ARTIST BOOKS + WORKS ON PAPER- CLOTH PAPER SCISSORS: HELENA HERNMARCK WEAVES THE EVERYDAY 2694438 0 594350 ACQUISITIONS: ACQUISITIONS BRING NEW STRENGTH TO THE COLLECTION. THE PERMANENT COLLECTION IS ALWAYS AT THE CORE OF OUR WORK. IN FY20, 1,540 EXCEPTIONAL OBJECTS WERE ACQUIRED ENRICHING EACH OF THE 8 CURATORIAL AREAS. 3979157 0 273430 EDUCATIONAL OUTREACH AND PUBLIC PROGRAMS:- MIA'S ART ADVENTURE PROGRAM SERVED MORE THAN 57,411 KIDS IN 160 SCHOOLS ACROSS THE STATE.- ANOTHER 27,623 KIDS CAME TO MIA ON SCHOOL TOURS.- MIA TRAINED 1,564 PARENT VOLUNTEERS TO LEAD IN-SCHOOL ART ADVENTURE LESSONS.- MIA PROVIDED FREE BUS GRANTS TO SCHOOLS IN NEED, ENABLING MORE THAN 2,386 STUDENTS TO VISIT THE MUSEUM.- MIA'S FREE MONTHLY FAMILY DAYS HAD 32,000 ATTENDEES.- ROCK THE CRADLE, A SPECIAL FAMILY DAY IN FEBRUARY, DREW 7,000 VISITORS IN ONE DAY.- RATED T @ MIA, A FREE TEEN SOCIAL EVENT, HELD TWO EVENTS WITH 370 TEENS ATTENDING.- MOBILE MIA, THE MUSEUM'S SPECIALLY DESIGNED BICYCLE, DELIVERED ART ACTIVITIES TO 400 YOUTH AND FAMILIES.- ABOUT 100 VISITORS PARTICIPATED IN MIA'S TOUCH TOURS FOR VISITORS WHO ARE BLIND OR HAVE LOW VISION, ASL-INTERPRETED TOURS, AND TOURS FOR ENGLISH LANGUAGE LEARNERS. 6158612 0 821805 FY 2020 ATTENDANCE 416,471MIA MEMBERSHIP 58,820PROGRAM OVERVIEW: WITH A STRONG COMMITMENT TO OUTREACH AND EDUCATION, MIA COMPLEMENTS ITS COLLECTION AND EXHIBITIONS WITH A WIDE ARRAY OF PUBLIC PROGRAMS, CLASSES, LECTURES, AND SPECIAL EVENTS. THROUGH MIA'S COMPREHENSIVE SCHOOL SERVICES PROGRAM, EDUCATORS AND COMMUNITY VOLUNTEERS DURING FISCAL YEAR 2020 BROUGHT ART INTO THE LIVES OF OVER 97,883 STUDENTS, THROUGH BOTH CLASSROOM AND MUSEUM VISITS. 6158612 0 821805 31831289 1 1 0 0 0 0 0 1 0 1 1 1 0 1 1 1 1 0 0 0 1 0 0 0 1 0 0 0 0 1 0 0 0 0 0 0 0 0 1 1 0 0 0 1 0 0 0 1 198 0 1 444 1 1 1 0 0 0 0 1 1 0 0 0 0 0 0 X 54 53 0 0 0 0 0 1 0 1 1 0 0 1 1 1 1 1 1 1 0 0 MN X STEVE BADER 6128703062 2400 THIRD AVENUE SOUTH MINNEAPOLIS MN 55404 PATRICIA GRAZZINI INTERIM DIRECTOR/DEPUTY DIRECTOR/COO 40.00 0.00 X 513864 0 32688 MATTHEW WELCH DEPUTY DIRECTOR AND CHIEF CURATOR 40.00 0.00 X 274370 0 19058 DOUGLAS HEGLEY CHIEF DIGITAL OFFICER 40.00 0.00 X 215923 0 23431 JULIANNE AMENDOLA CHIEF ADVANCEMENT OFFICER 40.00 0.00 X 203843 0 15742 KRISTIN PRESTEGAARD CHIEF ENGAGEMENT OFFICER 40.00 0.00 X 193447 0 15284 PATRICK NOON HEAD OF PAINTINGS 40.00 0.00 X 186412 0 18044 YANG LIU CURATOR OF CHINESE ART 40.00 0.00 X 161547 0 20619 ANDREAS MARKS CURATOR OF JAPANESE AND KOREAN ARTS 40.00 0.00 X 167282 0 13629 GHENETE ZELLEKE CURATOR OF DECREATIVE ARTS, TEXTILES, AND SCULPTUR 40.00 0.00 X 166939 0 13718 KAYWIN FELDMAN DIRECTOR 40.00 0.00 X 157197 0 15948 MICHELLE KLEIN CHIEF OF STAFF 40.00 0.00 X 102680 0 12760 MICHELE NICHOLS SECRETARY 40.00 0.00 X 37515 0 3625 DAVID WILSON BOARD CHAIR 1.00 0.00 X X 0 0 0 KARI ALLDREDGE VICE CHAIR 1.00 0.00 X X 0 0 0 GAYLE FUGUITT VICE CHAIR 1.00 0.00 X X 0 0 0 LENI MOORE SECRETARY 1.00 0.00 X X 0 0 0 LIZ NORDLIE TREASURER 1.00 0.00 X 0 0 0 ELIZABETH ANDRUS ELECTIVE TRUSTEE 1.00 0.00 X 0 0 0 CHANDA SMITH BAKER ELECTIVE TRUSTEE 1.00 0.00 X 0 0 0 MAURICE BLANKS ELECTIVE TRUSTEE 1.00 0.00 X 0 0 0 JOHN BUTCHER ELECTIVE TRUSTEE 1.00 0.00 X 0 0 0 JENNIE CARLSON ELECTIVE TRUSTEE 1.00 0.00 X 0 0 0 LYNN CASEY ELECTIVE TRUSTEE 1.00 0.00 X 0 0 0 BERT COLIANNI ELECTIVE TRUSTEE 1.00 0.00 X 0 0 0 PAGE KNUDSEN COWLES ELECTIVE TRUSTEE 1.00 0.00 X 0 0 0 KITTY CROSBY ELECTIVE TRUSTEE 1.00 0.00 X 0 0 0 KEN CUTLER ELECTIVE TRUSTEE 1.00 0.00 X 0 0 0 JANE EMISON ELECTIVE TRUSTEE 1.00 0.00 X 0 0 0 NANCY ENGH ELECTIVE TRUSTEE 1.00 0.00 X 0 0 0 MICHAEL FRANCIS ELECTIVE TRUSTEE 1.00 0.00 X 0 0 0 MICHAEL GOAR ELECTIVE TRUSTEE 1.00 0.00 X 0 0 0 MARTHA HEAD ELECTIVE TRUSTEE 1.00 0.00 X 0 0 0 MARY INGEBRAND-POHLAD ELECTIVE TRUSTEE 1.00 0.00 X 0 0 0 HUBERT JOY ELECTIVE TRUSTEE 1.00 0.00 X 0 0 0 SANNON SMITH JONES ELECTIVE TRUSTEE 1.00 0.00 X 0 0 0 JESSAMYN KERCHNER ELECTIVE TRUSTEE 1.00 0.00 X 0 0 0 AMY KERN ELECTIVE TRUSTEE 1.00 0.00 X 0 0 0 VELMA KORBEL ELECTIVE TRUSTEE 1.00 0.00 X 0 0 0 RICHARD KUNTZ ELECTIVE TRUSTEE 1.00 0.00 X 0 0 0 ROXANA LINARES ELECTIVE TRUSTEE 1.00 0.00 X 0 0 0 JOHN LINDAHL ELECTIVE TRUSTEE 1.00 0.00 X 0 0 0 REID MACDONALD ELECTIVE TRUSTEE 1.00 0.00 X 0 0 0 DONALD MACMILLAN ELECTIVE TRUSTEE 1.00 0.00 X 0 0 0 NIVIN MACMILLAN ELECTIVE TRUSTEE 1.00 0.00 X 0 0 0 BRENT MAGID ELECTIVE TRUSTEE 1.00 0.00 X 0 0 0 SHEILA MORGAN ELECTIVE TRUSTEE 1.00 0.00 X 0 0 0 MAHMOUD NAGIB ELECTIVE TRUSTEE 1.00 0.00 X 0 0 0 MARY OLSON ELECTIVE TRUSTEE 1.00 0.00 X 0 0 0 PIYUMI SAMARATUNGA ELECTIVE TRUSTEE 1.00 0.00 X 0 0 0 TOM SCHREIER ELECTIVE TRUSTEE 1.00 0.00 X 0 0 0 KATIE SIMPSON ELECTIVE TRUSTEE 1.00 0.00 X 0 0 0 MIKE SNOW ELECTIVE TRUSTEE 1.00 0.00 X 0 0 0 TIM WELSH ELECTIVE TRUSTEE 1.00 0.00 X 0 0 0 JANE WILF ELECTIVE TRUSTEE 1.00 0.00 X 0 0 0 BURTON D COHEN LIFE TRUSTEE 1.00 0.00 X 0 0 0 BEVERLY GROSSMAN LIFE TRUSTEE 1.00 0.00 X 0 0 0 ALFRED HARRISON LIFE TRUSTEE 1.00 0.00 X 0 0 0 DAVID M LEBEDOFF LIFE TRUSTEE 1.00 0.00 X 0 0 0 TIM WALZ GOVERNOR MINNESOTA TRUSTEE BY VIRTUE OF OFFICE 1.00 0.00 X 0 0 0 JACOB FREY MAYOR MINNEAPOLI TRUSTEE BY VIRTUE OF OFFICE 1.00 0.00 X 0 0 0 KARI DZIEDZIC MN STATE SENATOR TRUSTEE BY VIRTUE OF OFFICE 1.00 0.00 X 0 0 0 JULIE ROSEN MN STATE SENATOR TRUSTEE BY VIRTUE OF OFFICE 1.00 0.00 X 0 0 0 JERRY HERTAUS MN STATE REP TRUSTEE BY VIRTUE OF OFFICE 1.00 0.00 X 0 0 0 RYAN WINKLER MN STATE REP TRUSTEE BY VIRTUE OF OFFICE 1.00 0.00 X 0 0 0 MARION GREENE CHAIR HENNEPIN COUNTY TRUSTEE BY VIRTUE OF OFFICE 1.00 0.00 X 0 0 0 JONO COWGILL PRESIDENT MPRB TRUSTEE BY VIRTUE OF OFFICE 1.00 0.00 X 0 0 0 2381019 0 204546 11 0 1 0 CAPACITY INTERACTIVE CONSULTING LLC 1239 BROADWAY STE 1103 NEW YORK NY 10001 ADVERTISING 148133 1 1561443 468170 14539755 9872481 237614 26441849 RENTALS/REIMBURSEMENTS 532000 929083 821805 107278 PROGRAM ADMISSIONS/FEE 900099 767231 767231 DEACCESSIONS 900099 594350 594350 PARKING 812930 464272 464272 CLASSES AND PROGRAMS 900099 273430 273430 3028366 4142674 7423 4135251 63545029 64227002 -681973 -681973 -681973 197139 468170 56178 140961 140961 594870 340017 254853 254853 MISCELLANEOUS REVENUE 900099 61066 61066 61066 33387796 2456816 114701 4374430 1422978 738610 580573 103795 18004305 14911388 1647362 1445555 862730 722821 78004 61905 2021311 1644010 233239 144062 1457425 1223969 130160 103296 146986 146986 144844 144844 60000 60000 1875286 1875286 2927064 2540698 254877 131489 469432 436192 20882 12358 931048 785525 90090 55433 501488 289217 116331 95940 2725902 2553161 145595 27146 442494 270411 61819 110264 36504 18437 15913 2154 6977 6977 2568011 2419311 135343 13357 553800 257340 296460 ACCESSIONS 2465889 2465889 SHIPPING, CRATINGS, PAC 465799 464829 970 OTHER MISCELLANEOUS 298097 69939 218766 9392 UBI TAXES 19542 19542 40407912 31831289 6259507 2317116 8100 1398456 9229410 18187304 2821145 2770667 11164492 3604869 182583 202573 313605 386169 120922741 61304701 61251096 59618040 72485305 86557611 112221572 95384238 62565280 60488937 332242588 328598864 5332670 7425182 7048510 134284 3586900 969980 909933 13351160 12056299 X 94754298 90734586 224137130 225807979 318891428 316542565 332242588 328598864 X -7020116 4596534 74719 X 0 1 X 1 0 X 11858259 10413359 14857651 10989765 11902094 60021128 11099742 12013531 12673686 13696624 14539755 64023338 22958001 22426890 27531337 24686389 26441849 124044466 124044466 5069316 5355873 4608025 4918207 4142674 24094095 7399 42728 205566 37063 24198 316954 50212 61066 111278 148566793 19051436 0.83490 0.84610 X SCHEDULE A, PART II, LINE 10, EXPLANATION OF OTHER INCOME: MISCELLANEOUS REVENUE - 2018 AMOUNT: $ 50,212. 2019 AMOUNT: $ 61,066. RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED 0 0 0 0 1 60000 60000 0 PART II-B, LINE 1: A PROFESSIONAL LOBBYIST WAS CONTRACTED TO LOBBY ON BEHALF OF THE ORGANIZATION. X X X X 0 174053685 3159108 5407279 9111024 173509048 176299042 1767989 5781138 9794484 174053685 172438272 887947 11437449 8464626 176299042 159821539 341553 20355586 8080406 172438272 169608914 1632245 -3837688 7581932 159821539 0.16660 0.68690 0.14650 0 1 1 9161258 9161258 98607747 49412552 49195195 12669522 11892149 777373 484214 484214 59618040 HEDGED EQUITY FUNDS 40822093 F DOMESTIC EQUITY 11144592 F INTERNATIONAL EQUITY 38456858 F PRIVATE CAPITAL 4960695 F 95384238 BENEFICIAL INTEREST IN PERPETUAL TRUSTS 60488937 60488937 AMOUNTS DUE TO BENEFICIARIES 909933 909933 X 38450665 4596534 56487 470914 5123935 33326730 61066 61066 33387796 40860594 56487 396195 452682 40407912 0 40407912 PART III, LINE 1A: MIA'S COLLECTIONS, WHICH WERE ACQUIRED THROUGH PURCHASES AND CONTRIBUTIONS SINCE MIA'S INCEPTION, ARE NOT RECOGNIZED AS ASSETS ON THE STATEMENTS OF FINANCIAL POSITION. PURCHASES OF COLLECTION ITEMS ARE RECORDED AS DECREASES IN NET ASSETS WITHOUT DONOR RESTRICTIONS IN THE YEAR IN WHICH THE ITEMS ARE ACQUIRED OR AS NET ASSETS WITH DONOR RESTRICTIONS IF THE ASSETS USED TO PURCHASE THE ITEMS ARE RESTRICTED BY DONORS. PURCHASE ARE REFLECTED IN THE STATEMENTS OF ACTIVITIES AS ACCESSIONS. PROCEEDS FROM DE-ACCESSIONS OR INSURANCE RECOVERIES ARE REFLECTED AS INCREASES IN THE APPROPRIATE NET ASSET CLASSES. CONTRIBUTED COLLECTION ITEMS ARE NOT REFLECTED IN THE FINANCIAL STATEMENTS. MIA'S COLLECTION ITEMS ARE CATALOGED, PRESERVED AND CARED FOR, AND ACTIVITIES VERIFYING THEIR EXISTENCE AND ASSESSING THEIR CONDITION ARE PERFORMED CONTINUOUSLY. 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. PART X, LINE 2: MIA QUALIFIES AS A TAX-EXEMPT ORGANIZATION DESCRIBED IN SECTION 501(C)(3) AND IS NOT A PRIVATE FOUNDATION UNDER SECTION 509(A)(2) OF THE INTERNAL REVENUE CODE. HOWEVER, ANY UNRELATED BUSINESS INCOME MAY BE SUBJECT TO TAXATION. INCOME TAXES FOR UNRELATED BUSINESS INCOME ACTIVITIES ARE ACCRUED AND INCLUDED IN THE STATEMENTS OF ACTIVITIES IN THE YEAR INCURRED. MIA'S ACCOUNTING POLICY PROVIDES THAT A TAX EXPENSE OR BENEFIT FROM AN UNCERTAIN TAX POSITION MAY BE RECOGNIZED WHEN IT IS MORE 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. MIA HAS NO UNCERTAIN TAX POSITIONS RESULTING IN AN ACCRUAL OR TAX EXPENSE OR BENEFIT. MIA'S TAX RETURNS ARE SUBJECT TO REVIEW AND EXAMINATION BY FEDERAL AND STATE AUTHORITIES. PART XI, LINE 2D - OTHER ADJUSTMENTS: SPECIAL EVENTS EXPENSES 56,178. COST OF GOODS SOLD AND FREIGHT IN - MUSEUM SHOP 340,017. GAIN ON BENEFICIARY AGREEMENTS 74,719. PART XI, LINE 4B - OTHER ADJUSTMENTS: OTHER INCOME 61,066. PART XII, LINE 2D - OTHER ADJUSTMENTS: COST OF GOODS SOLD AND FREIGHT IN - MUSEUM SHOP 340,017. SPECIAL EVENTS EXPENSES 56,178. CENTRAL AMERICA AND THE CARIBBEAN 0 0 INVESTMENTS 53935673 EUROPE 0 0 INVESTMENTS 6691477 0 0 0 0 0 0 60627150 0 60627150 1 0 1 0 1 0 PART I, LINE 3: MIA IS REPORTING THE MARKET VALUE OF INVESTMENTS IN SCHEDULE F, PART I. PART III ACCOUNTING METHOD: GALA 556719 437944 118775 10283 1700 9892 ART IN BLOOM 53435 22060 31375 297 18982 1 55155 8166 46989 2392 12632 665309 468170 197139 12972 1700 41506 56178 140961 X X X X X X 0 1 0 0 0 0 0 0 0 PATRICIA GRAZZINI INTERIM DIRECTOR/DEPUTY DIRECTOR/COO 509511 0 0 0 4353 0 24750 0 7938 0 546552 0 0 0 MATTHEW WELCH DEPUTY DIRECTOR AND CHIEF CURATOR 273857 0 0 0 513 0 13864 0 5194 0 293428 0 0 0 DOUGLAS HEGLEY CHIEF DIGITAL OFFICER 215923 0 0 0 0 0 11146 0 12285 0 239354 0 0 0 JULIANNE AMENDOLA CHIEF ADVANCEMENT OFFICER 203843 0 0 0 0 0 10172 0 5570 0 219585 0 0 0 KRISTIN PRESTEGAARD CHIEF ENGAGEMENT OFFICER 193447 0 0 0 0 0 9730 0 5554 0 208731 0 0 0 PATRICK NOON HEAD OF PAINTINGS 186412 0 0 0 0 0 9746 0 8298 0 204456 0 0 0 YANG LIU CURATOR OF CHINESE ART 161547 0 0 0 0 0 8435 0 12184 0 182166 0 0 0 ANDREAS MARKS CURATOR OF JAPANESE AND KOREAN ARTS 166970 0 0 0 312 0 8435 0 5194 0 180911 0 0 0 GHENETE ZELLEKE CURATOR OF DECREATIVE ARTS, TEXTILES 166624 0 0 0 315 0 8524 0 5194 0 180657 0 0 0 KAYWIN FELDMAN DIRECTOR 105723 0 0 0 51474 0 13962 0 1986 0 173145 0 0 0 PART I, LINE 4B KAYWIN FELDMAN PARTICIPATED IN 457(B) AND 457(F) NON-QUALIFIED RETIREMENT PLANS APPROVED BY THE BOARD OF TRUSTEES ON JULY 1, 2010 AND DECEMBER 1, 2011, RESPECTIVELY. CONTRIBUTIONS FOR THESE PLANS ARE REFLECTED IN OTHER REPORTABLE COMPENSATION AND DEFERRED COMPENSATION. CONTRIBUTIONS AND CHANGE IN VALUE TO THE 457(F) PLAN FOR CALENDAR YEAR 2019 TOTALED $43,062. 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 CALENDAR YEAR 2019 TOTALED $83,904. X 1415 N/A - SEE PART II X 40 237614 QUOTED MARKET PRICES 42 0 1 1 PART I, COLUMN (B): MIA REPORTS NUMBER OF CONTRIBUTIONS ON SCHEDULE M, PART I, COLUMN B. PART I, LINE 32B: MIA USES THE SERVICES OF A BROKERAGE FIRM TO SELL GIFTS OF SECURITIES, MIA'S POLICY IS TO SELL THE GIFTS AS SOON AS POSSIBLE AFTER THE GIFT IS RECEIVED. GIFTS ARE VALUED USING THE AVERAGE OF THE QUOTED HIGH AND LOW PRICE AS OF THE GIFT DATE. PART I, LINE 33: 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 IT'S 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 EXERCISE OF SUCH POWERS, THE COMMITTEE IS RESPONSIBLE TO THE BOARD FOR ALL OF SUCH ACTS. FORM 990, PART VI, SECTION A, LINE 7A IN ADDITION TO THE ELECTIVE TRUSTEES, EACH OF THE FOLLOWING PERSONS, UPON HIS OR HER ACCEPTANCE, IS A MEMBER OF THE BOARD FOR THE RESPECTIVE TERM OF HIS OR HER OFFICE: THE GOVERNOR OF THE STATE OF MINNESOTA, THE MAYOR OF THE CITY OF MINNEAPOLIS, AND THE PRESIDENT OF THE FRIENDS OF THE INSTITUTE. OTHER EX-OFFICIO MEMBERS INCLUDE THOSE WHO FROM TIME TO TIME ARE APPOINTED BY THE EXECUTIVE COMMITTEE OF THE MIA: TWO MEMBERS OF EACH OF THE MINNESOTA SENATE AND HOUSE OF REPRESENTATIVES WHO RESIDE IN HENNEPIN COUNTY, AND ONE MEMBER OF EACH OF THE BOARD OF HENNEPIN COUNTY COMMISSIONERS AND THE MINNEAPOLIS PARK AND RECREATION BOARD. FORM 990, PART VI, SECTION B, LINE 11B THE FORM 990 IS PREPARED BY A PROFESSIONAL ACCOUNTING FIRM FROM INFORMATION PROVIDED BY THE MIA. THE CONTROLLER AND DEPUTY DIRECTOR AND COO OF MIA 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 FILLING. 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 15A 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. THE DIRECTOR & PRESIDENT MAKES RECOMMENDATIONS TO THE COMMITTEE AS TO THE COMPENSATION OF POSITIONS REPORTED ON THE FORM 990 BUT DOES NOT PARTICIPATE IN ANY VOTE WITH RESPECT TO APPROVING THEIR COMPENSATION. THE DIRECTOR & PRESIDENT SETS THE COMPENSATION OF ALL OTHER EMPLOYEES NOT GOVERNED BY UNION CONTRACTS. ACCOMPANYING THIS 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. THESE PROCESSES WERE LAST PERFORMED IN JUNE OF 2020. FORM 990, PART VI, SECTION C, LINE 19 THE MIA MAKES ITS GOVERNING DOCUMENTS, CONFLICT OF INTEREST POLICY, AND FINANCIAL STATEMENTS AVAILABLE TO THE PUBLIC UPON REQUEST. FORM 990, PART XI, LINE 9: GAIN ON BENEFICIARY AGREEMENTS 74,719. JOHN R VAN DERLIP TRUST PO BOX 64713 ST PAUL MN 55164 416015288 PERPETUAL TRUST MN 501(C)(3) PF MINNEAPOLIS SOCIETY OF FINE ARTS 1 ETHEL M VAN DERLIP TRUST PO BOX 64713 ST PAUL MN 55164 416014949 PERPETUAL TRUST MN 501(C)(3) PF MINNEAPOLIS SOCIETY OF FINE ARTS 1 LILLIAN ZENOBIA TURNBLAD TRUST PO BOX 64713 ST PAUL MN 55164 416015498 PERPETUAL TRUST MN 501(C)(3) PF MINNEAPOLIS SOCIETY OF FINE ARTS 1 0 0 1 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 JOHN R VAN DERLIP TRUST C 88425 CASH TRANSFERRED ETHEL M VAN DERLIP TRUST C 543022 CASH TRANSFERRED LILLIAN ZENOBIA TURNBLAD TRUST C 64575 CASH TRANSFERRED