2021-03-11T20:24:53-06:00 2020-10-31 410746749 CLIFTONLARSONALLEN LLP 220 S 6TH STREET SUITE 300 MINNEAPOLIS MN 55402 990 2019-11-01 412013696 MINNESOTA STATE FAIR FOUNDATION MINN 6512884323 1265 SNELLING AVENUE NORTH ST PAUL MN 551083099 SANDY CRAIGHEAD BOARD CHAIR 6512884323 2021-03-11 1 DEIRDRE HODGSON P01485570 6123764500 2021-03-11 2019 2022-09-23 18:48:47Z SANDY CRAIGHEAD 1265 SNELLING AVENUE NORTH ST PAUL MN 551083099 1448413 0 X WWW.MSFFOUNDATION.ORG X 2001 MN TO PRESERVE AND IMPROVE MINNESOTA STATE FAIR BUILDINGS, PROGRAMS, AND EDUCATIONAL EXPERIENCES. 25 25 6 25 0 0 2334736 1322737 0 0 511 24 324897 87381 2660144 1410142 1001250 811200 0 0 623992 643050 35309 0 351890 311705 264124 1972256 1718374 687888 -308232 3796174 3684844 108770 202149 3687404 3482695 X THE MINNESOTA STATE FAIR FOUNDATION MISSION IS TO PRESERVE AND IMPROVE THE HISTORIC MINNESOTA STATE FAIRGROUNDS AND SUPPORT STATE FAIR AGRICULTURAL, SCIENTIFIC, AND EDUCATIONAL EXPERIENCES. 0 1 1009332 811200 0 IN 2020, THE MINNESOTA STATE FAIR FOUNDATION GRANTED OVER $800,000 TO THE MINNESOTA STATE FAIR FOR CAPITAL AND PROGRAM IMPROVEMENTS. CASH GRANTS SUPPORTED ARTS AND CULTURE THROUGH THE FINE ARTS EXHIBITION BY MAKING IT POSSIBLE TO SHARE THE ART EXPERIENCE WITH AUDIENCES VIRTUALLY AS WELL AS IN-PERSON; ONGOING IMPROVEMENTS TO THE SWINE BARN; FOUNDATION SUPPORT IS ALIGNED WITH THESE STATE FAIR PROGRAM AREAS: AGRICULTURE, ART, ENDOWMENT, HISTORY AND HERITAGE, AND EDUCATION. THE FOUNDATION ALSO RETAINED ASSETS FOR FUTURE GRANTS, AND CONTINUED TO BUILD ENDOWMENT FUNDS. 1009332 1 1 0 0 0 0 0 0 0 1 1 0 0 0 0 1 1 1 0 0 0 0 0 1 0 0 0 1 0 0 0 0 0 0 0 0 0 0 1 0 0 0 0 1 0 0 0 1 5 0 1 6 1 0 0 0 0 0 1 1 0 0 0 0 0 0 X 25 25 0 0 0 0 0 0 0 1 1 0 0 1 1 1 1 1 1 1 0 0 MN X X JENNINE DUDA 6512884323 1265 SNELLING AVENUE NORTH ST PAUL MN 551083099 MARY CHUNG EXECUTIVE DIRECTOR 40.00 X 91735 0 5681 SANDY CRAIGHEAD BOARD CHAIR 1.00 X X 0 0 0 JASON KOERTH VICE CHAIR 1.00 X X 0 0 0 JERRY HAMMER SECRETARY 1.00 X X 0 0 0 LITTON FIELD JR TREASURER 1.00 X X 0 0 0 DALE BACHMAN BOARD MEMBER 1.00 X 0 0 0 ERIC BRITT BOARD MEMBER 1.00 X 0 0 0 JULIE CRAVEN BOARD MEMBER 1.00 X 0 0 0 JOHN FABIE BOARD MEMBER EMERITUS 1.00 X 0 0 0 BERT GREENER BOARD MEMBER 1.00 X 0 0 0 JEFF HAWKINS BOARD MEMBER 1.00 X 0 0 0 TED JOHNSON BOARD MEMBER 1.00 X 0 0 0 LIZ KRAMER BOARD MEMBER 1.00 X 0 0 0 CATHY LAWRENCE BOARD MEMBER 1.00 X 0 0 0 ALLEN LEVINE BOARD MEMBER 1.00 X 0 0 0 DAVE MONA BOARD MEMBER 1.00 X 0 0 0 RON OLEHEISER BOARD MEMBER 1.00 X 0 0 0 FRANK PARISI BOARD MEMBER 1.00 X 0 0 0 BRAD RIBAR BOARD MEMBER 1.00 X 0 0 0 KEN SANDVIK BOARD MEMBER 1.00 X 0 0 0 DAN SHOGREN BOARD MEMBER 1.00 X 0 0 0 PATTY SMITH BOARD MEMBER 1.00 X 0 0 0 DAVID SORENSEN BOARD MEMBER 1.00 X 0 0 0 MICHAEL SULLIVAN BOARD MEMBER 1.00 X 0 0 0 LINDA TANK BOARD MEMBER 1.00 X 0 0 0 KAYLA YANG-BEST BOARD MEMBER 1.00 X 0 0 0 91735 0 5681 0 0 0 0 0 1322737 101336 1322737 24 24 7175 0 7175 7175 118477 38271 80206 80206 1410142 0 0 87405 811200 811200 143565 57426 28713 57426 351771 72945 213989 64837 22553 4129 14047 4377 89773 21634 45782 22357 35388 8564 17977 8847 45545 45545 41360 15427 25933 27695 1123 7290 19282 60 15 30 15 234 33 201 5721 5721 103 25 52 26 4526 1065 3461 MATERIALS 61215 1809 59406 LOSS ON OBSOLETE INVENT 27555 27555 BANK CHARGES 21216 21216 DUES & SUBSCRIPTIONS 15168 12015 3153 13726 2907 732 10087 1718374 1009332 357152 351890 749305 312114 1603837 1807464 264835 160608 72352 6271 5368 11375 10862 6813 6128 788 685 1159763 1315391 3796174 3684844 108770 107449 94700 108770 202149 X 1481595 1393642 2205809 2089053 3687404 3482695 3796174 3684844 -308232 103523 0 X 0 1 X 1 0 X 1803704 1754146 2390058 2302736 1322737 9573381 1803704 1754146 2390058 2302736 1322737 9573381 1206910 8366471 2688 3813 7583 511 24 14619 9588000 1888950 0.87260 0.95230 X RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED 1159763 226761 91563 -34411 1443676 942474 108734 130635 -22080 1159763 638421 325446 -6393 -15000 942474 356360 221882 76085 -15906 638421 287477 67535 17269 -15921 356360 0.82940 0.17060 0 0 6813 6128 685 685 X 1548465 103523 34800 138323 1410142 0 1410142 1753174 34800 34800 1718374 0 1718374 PART V, LINE 4: THE ORGANIZATION'S RESTRICTED ENDOWMENT IS TO BE HELD IN PERPETUITY. EARNINGS ON ENDOWMENT INVESTMENTS MAY BE USED FOR CAPITAL AND PROGRAM IMPROVEMENTS TO BENEFIT THE MINNESOTA STATE FAIR. PART X, LINE 2: THE FOUNDATION IS EXEMPT FROM INCOME TAXES UNDER SECTION 501(C)(3) OF THE INTERNAL REVENUE CODE AND APPLICABLE MINNESOTA REGULATIONS. THE FOUNDATION FOLLOWS THE ACCOUNTING STANDARD FOR UNCERTAINTY IN INCOME TAXES RECOGNIZED IN AN ENTITY'S FINANCIAL STATEMENTS. THIS STANDARD CLARIFIES THE ACCOUNTING FOR UNCERTAINTY IN INCOME TAXES RECOGNIZED IN AN ENTITY'S FINANCIAL STATEMENTS AND PRESCRIBES A RECOGNITION THRESHOLD FOR THE FINANCIAL STATEMENT RECOGNITION OF TAX POSITIONS TAKEN OR EXPECTED TO BE TAKEN ON A TAX RETURN THAT ARE NOT CERTAIN TO BE REALIZED. THE IMPLEMENTATION OF THIS STANDARD HAD NO IMPACT ON THE FOUNDATION'S FINANCIAL STATEMENTS. THE FOUNDATION'S TAX RETURNS ARE SUBJECT TO REVIEW AND EXAMINATION BY FEDERAL AUTHORITIES. X X X X X 1 VERITUS GROUP PO BOX 18294 ASHEVILLE NC 28814 STAFF DEVELOPMENT AND MAJOR GIFT PROCESS CONSULTING 0 0 17500 -17500 17500 -17500 AL AK AZ AR CA CO CT DE FL GA HI ID IL IN IA KS KY LA ME MD MA MI MN MS MO MT NE NV NH NJ NM NY NC ND OH OK OR PA RI SC SD TN TX UT VT VA WA WV WI WY SCHEDULE G, PART I, LINE 2B, COLUMN (V) VERITUS GROUP WAS CONTRACTED TO HELP THE FOUNDATION BUILD AND MANAGE MAJOR GIFT PROGRAMS UNTIL APRIL 2020. 1 MINNESOTA STATE AGRICULTURAL SOCIETY 1265 SNELLING AVENUE NORTH ST PAUL MN 55108 411531915 N/A 805855 5345 FMV OFFICE FURNISHINGS IMPROVEMENTS FOR THE MN STATE FAIR 1 PART I, LINE 2: THE FOUNDATION REQUIRES DOCUMENTATION OF ESTIMATED COSTS AND FINAL EXPENDITURES FROM THE GRANTEE. X 6 95911 FMV 0 0 0 FORM 990, PART III, LINE 3 AS A RESULT OF THE COVID PANDEMIC, THE MINNESOTA STATE FAIR WAS CANCELLED. THE FOUNDATION SUPPORTED A SHIFT IN PROGRAMMING TO PROVIDE AN ONLINE EXPERIENCE FOR PEOPLE WHO WERE NOT ABLE TO COME TO THE FAIRGROUNDS IN 2020, IN ADDITION TO SUPPORT FOR IN-PERSON VIEWING OF THE FINE ARTS EXHIBITION. FORM 990, PART VI, SECTION A, LINE 1 EXECUTIVE COMMITTEE. THE BOARD OF DIRECTORS SHALL ELECT NOT LESS THAN FOUR OF ITS MEMBERS TO SERVE AS AN EXECUTIVE COMMITTEE WHICH SHALL HAVE AND EXERCISE THE AUTHORITY OF THE BOARD IN THE MANAGEMENT OF THE BUSINESS OF THE FOUNDATION EXCEPT THAT THE EXECUTIVE COMMITTEE SHALL NOT HAVE THE AUTHORITY TO AMEND THE ARTICLES OF INCORPORATION OR BYLAWS OF THE FOUNDATION OR TO ELECT OR REMOVE DIRECTORS OR ANY OF THE OFFICERS WHOSE POSITIONS ARE NAMED IN SECTION 3.1. THE EXECUTIVE COMMITTEE SHALL AT ALL TIMES BE SUBJECT TO THE CONTROL AND DIRECTION OF THE BOARD. THE EXECUTIVE COMMITTEE SHALL MAINTAIN MINUTES OF EACH MEETING. FORM 990, PART VI, SECTION B, LINE 11B PRIOR TO FILING WITH THE IRS, THE 990 IS REVIEWED BY THE FOUNDATION'S AUDIT COMMITTEE AND STAFF. ONCE COMPLETED AND READY FOR FILING, IT IS PROVIDED TO ALL MEMBERS OF THE BOARD, THEN IS FILED BY OUR AUDIT FIRM. FORM 990, PART VI, SECTION B, LINE 12C THE FOUNDATION'S CONFLICT OF INTEREST POLICY COVERS BOARD MEMBERS, BOARD COMMITTEE MEMBERS, AND STAFF MEMBERS. EACH COVERED INDIVIDUAL WILL ANNUALLY SIGN A FORM AFFIRMING THAT THE INDIVIDUAL HAS RECEIVED A COPY OF THE CONFLICT OF INTEREST POLICY, HAS READ AND UNDERSTOOD THE POLICY, AND HAS AGREED TO COMPLY WITH THE POLICY. COVERED MEMBERS HAVE THE DUTY TO DISCLOSE ANY ACTUAL OR POSSIBLE CONFLICTS OF INTEREST, OR LACK THEREOF, TO THE BOARD OR COMMITTEE. AFTER DISCLOSURE OF THE POTENTIAL CONFLICT INCLUDING ALL MATERIAL FACTS, AND AFTER ANY DISCUSSION WITH THE INTERESTED INDIVIDUAL, HE/SHE WILL RECUSE THEMSELVES FROM THE MEETING WHILE THE DETERMINATION OF A CONFLICT OF INTEREST IS DISCUSSED, DETERMINED BY THE REMAINING BOARD OR COMMITTEE MEMBERS AND VOTED UPON. THE MINUTES OF BOARD OR COMMITTEE MEETINGS DOCUMENT THE NAMES OF THE INDIVIDUALS WITH THE POTENTIAL CONFLICT, MATERIAL FACTS, ACTIONS TAKEN TO DETERMINE IF A CONFLICT WAS PRESENT, THE BOARD OR COMMITTEE'S DECISION ON THE TRANSACTION, AND THE NAMES OF INDEPENDENT INDIVIDUALS PRESENT FOR THE DETERMINATION AND VOTE. FORM 990, PART VI, SECTION B, LINE 15A THE PERFORMANCE REVIEW AND COMPENSATION PACKAGE FOR THE EXECUTIVE DIRECTOR IS DETERMINED BY THE EXECUTIVE COMMITTEE OF THE BOARD EITHER ON THE EMPLOYMENT ANNIVERSARY OR A CHANGE IN POSITION. COMPENSATION IS BASED ON A MARKET REVIEW AND IS CONSISTENT WITH THE STATE FAIR PAY SCALES. FORM 990, PART VI, SECTION C, LINE 19 THE FOUNDATION MAKES ITS FINANCIAL STATEMENTS AVAILABLE TO THE PUBLIC EITHER IN PERSON AT THE FOUNDATION OFFICES OR THROUGH A LINK ON THE WEBSITE, WWW.MSFFOUNDATION.ORG. MINNESOTA STATE AGRICULTURAL SOCIETY 1265 SNELLING AVENUE NORTH ST PAUL MN 55108 411531915 PRESERVE AND IMPROVE THE HISTORIC MINNESOTA STATE FAIRGROUNDS MN 0 0 1 0 0 0 0 0 0 0 0 0 1 0 1 1 0 0 0 0 MINNESOTA STATE AGRICULTURAL SOCIETY B 811200 FMV MINNESOTA STATE AGRICULTURAL SOCIETY O 129700 FMV