2020-07-10T12:08:12-05:00 2019-06-30 410746749 CLIFTONLARSONALLEN LLP 220 SOUTH SIXTH STREET SUITE 300 MINNEAPOLIS MN 55402 990 2018-07-01 410693915 MINNEAPOLIS SOCIETY OF FINE ARTS MINN 6128703046 2400 THIRD AVENUE SOUTH MINNEAPOLIS MN 55404 PATRICIA GRAZZINI DEPUTY DIRECTOR/COO/ASST TREAS 6128703046 2020-06-26 1 KAREN GRIES P00078514 6123764500 2020-06-26 67.137.57.251 2020-06-26 10:56:39 CD P E92CD7272A25738C44ECCB1DDD847714E5C7A195 E9A28F76F83177942518CA147306AF923C5BC9D5 2018 2021-01-29 14:40:06Z MINNEAPOLIS INSTITUTE OF ART PATRICIA GRAZZINI 2400 THIRD AVENUE SOUTH MINNEAPOLIS MN 55404 127496276 0 X WWW.ARTSMIA.ORG X 1883 MN ENRICHING THE COMMUNITY BY COLLECTING, PRESERVING AND MAKING ACCESSIBLE OUTSTANDING WORKS OF ART 61 58 444 562 85706 37063 27531336 24686389 2955680 4556061 15017406 19514422 -2187 184454 45502235 48941326 0 0 0 0 20777967 21089487 94190 61622 2403957 22095081 28042645 42967238 49193754 2534997 -252428 339939654 332242588 12038330 13351160 327901324 318891428 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 19660977 0 2331852 EXHIBITIONS: - EGYPT'S SUNKEN CITIES- HEARTS OF OUR PEOPLE: NATIVE WOMEN ARTISTS- BETH DOW: PREDICTION ERROR- TAMSIE RINGLER- SIENG LEE: SIV YIS AND HIS WOODEN HORSES- SARAH VANDERBEEK: WOMEN & MUSEUMS- NEW TO MIA: ART FROM CHICAGO- SARAH CWYNAR: IMAGE MODEL MUSE- MEIRO KOIZUMI: BATTLELANDS- LOVE AFFAIRS: THE TALES OF GENJI IN JAPANESE ART- LIVING CLAY: ARTISTS RESPOND TO NATURE- MAPPING BLACK IDENTITIES- SPECULATIVE BODIES- THE ART OF HIGH STYLE: MINNESOTA COUTURE 1880-1914PUBLICATIONS PRODUCED IN FY19: JILL AHLBERG YOHE AND TERI GREEVES, HEARTS OF OUR PEOPLE: NATIVE WOMEN ARTISTS 9864435 0 19968 ACQUISITIONS:ACQUISITIONS BRING NEW STRENGTH TO THE COLLECTION. THE PERMANENT COLLECTION IS ALWAYS AT THE CORE OF OUR WORK. IN FY19, 1,624 EXCEPTIONAL OBJECTS WERE ACQUIRED ENRICHING EACH OF THE 7 CURATORIAL AREAS. 3865877 0 318079 EDUCATIONAL OUTREACH AND PUBLIC PROGRAMS:WITH A STRONG COMMITMENT TO OUTREACH AND EDUCATION, 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 MUSEUM'S COMPREHENSIVE SCHOOL SERVICES PROGRAM, EDUCATORS AND COMMUNITY VOLUNTEERS BROUGHT ART INTO THE LIVES OF STUDENTS, THROUGH BOTH CLASSROOM AND MUSEUM VISITS.DURING THE 2019 FISCAL YEAR:- MIA'S ART ADVENTURE PROGRAM SERVED MORE THAN 74,000 KIDS IN 160 SCHOOLS ACROSS THE STATE.- ANOTHER 60,000 KIDS CAME TO MIA ON SCHOOL TOURS.- MIA TRAINED MORE THAN 1,600 PARENT VOLUNTEERS TO LEAD IN-SCHOOL ART ADVENTURE LESSONS.- MIA PROVIDED FREE BUS GRANTS TO SCHOOLS IN NEED, ENABLING MORE THAN 14,000 STUDENTS TO VISIT THE MUSEUM.- MIA'S FREE MONTHLY FAMILY DAYS HAD 46,000 ATTENDEES.- ROCK THE CRADLE, A SPECIAL FAMILY DAY IN FEBRUARY DREW 8,000 VISITORS IN ONE DAY.- RATED T @ MIA, A FREE TEEN SOCIAL EVENT, HELD TWO EVENTS WITH 175 TEENS ATTENDING.- MOBILE MIA, THE MUSEUM'S SPECIALLY DESIGNED BICYCLE, DELIVERED ART ACTIVITIES TO 1,400 YOUTH AND FAMILIES.- ABOUT 100 VISITORS PARTICIPATED IN MIA'S TOUCH TOURS FOR VISITOR'S WHO ARE BLIND OR HAVE LOW VISION, ASL-INTERPRETED TOURS, AND TOURS FOR ENGLISH LANGUAGE LEARNERS 6151021 0 985363 ATTENDANCE- 779,973 MIA MEMBERSHIP- 52,102 6151021 0 985363 39542310 1 1 0 0 0 0 0 1 0 1 1 1 0 1 1 1 1 0 0 0 1 0 0 1 1 0 0 0 0 1 0 0 0 0 0 1 0 1 1 1 0 0 0 1 0 0 0 1 195 0 444 1 1 1 0 0 0 0 1 1 0 0 0 0 0 0 X 61 58 1 0 1 0 0 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 DIRECTOR AND PRESIDENT 40.00 X X 585932 0 39117 NIVIN MACMILLAN BOARD CHAIR 1.00 X X 0 0 0 NANCY ENGH VICE CHAIR 1.00 X X 0 0 0 JOHN LINDAHL VICE CHAIR 1.00 X X 0 0 0 RICK KING TREASURER 1.00 X X 0 0 0 ELIZABETH ANDRUS SECRETARY 1.00 X X 0 0 0 KARI ALLDREGE ELECTIVE TRUSTEE 1.00 X 0 0 0 MAURICE BLANKS ELECTIVE TRUSTEE 1.00 X 0 0 0 JENNIE CARLSON ELECTIVE TRUSTEE 1.00 X 0 0 0 LYNN CASEY ELECTIVE TRUSTEE 1.00 X 0 0 0 PAGE KNUDSEN COWLES ELECTIVE TRUSTEE 1.00 X 0 0 0 KITTY CROSBY ELECTIVE TRUSTEE 1.00 X 0 0 0 KEN CUTLER ELECTIVE TRUSTEE 1.00 X 0 0 0 WENDY DAYTON ELECTIVE TRUSTEE 1.00 X 0 0 0 JANE EMISON ELECTIVE TRUSTEE 1.00 X 0 0 0 MICHAEL FRANCIS ELECTIVE TRUSTEE 1.00 X 0 0 0 GAYLE FUGUITT ELECTIVE TRUSTEE 1.00 X 0 0 0 NICK GANGESTAD ELECTIVE TRUSTEE 1.00 X 0 0 0 MICHAEL GOAR ELECTIVE TRUSTEE 1.00 X 0 0 0 MARY INGEBRAND POHLAD ELECTIVE TRUSTEE 1.00 X 0 0 0 HUBERT JOLY ELECTIVE TRUSTEE 1.00 X 0 0 0 SHANNON JONES ELECTIVE TRUSTEE 1.00 X 0 0 0 JESSAMYN KERCHNER ELECTIVE TRUSTEE 1.00 X 0 0 0 RICK KUNTZ ELECTIVE TRUSTEE 1.00 X 0 0 0 MARK LACEK ELECTIVE TRUSTEE 1.00 X 0 0 0 ROXANA LINARES ELECTIVE TRUSTEE 1.00 X 0 0 0 REID MACDONALD ELECTIVE TRUSTEE 1.00 X 0 0 0 DONALD MACMILLAN ELECTIVE TRUSTEE 1.00 X 0 0 0 BRENT MAGID ELECTIVE TRUSTEE 1.00 X 0 0 0 LENI MOORE ELECTIVE TRUSTEE 1.00 X 0 0 0 SHEILA MORGAN ELECTIVE TRUSTEE 1.00 X 0 0 0 LIZ NORDLIE ELECTIVE TRUSTEE 1.00 X 0 0 0 RAVI NORMAN ELECTIVE TRUSTEE 1.00 X 0 0 0 MARY OLSON ELECTIVE TRUSTEE 1.00 X 0 0 0 PIYUMA SAMARATUNGA ELECTIVE TRUSTEE 1.00 X 0 0 0 TOM SCHREIER ELECTIVE TRUSTEE 1.00 X 0 0 0 MARIANNE SHORT ELECTIVE TRUSTEE 1.00 X 0 0 0 KATIE SIMPSON ELECTIVE TRUSTEE 1.00 X 0 0 0 SHARON SMITH-AKINSAYA ELECTIVE TRUSTEE 1.00 X 0 0 0 MIKE SNOW ELECTIVE TRUSTEE 1.00 X 0 0 0 KEVIN WARREN ELECTIVE TRUSTEE 1.00 X 0 0 0 YUSUF WAZIRZADA ELECTIVE TRUSTEE 1.00 X 0 0 0 JANE WILF ELECTIVE TRUSTEE 1.00 X 0 0 0 DAVID WILSON ELECTIVE TRUSTEE 1.00 X 0 0 0 BURTON COHEN LIFE TRUSTEE 1.00 X 0 0 0 BEVERLY GROSSMAN LIFE TRUSTEE 1.00 X 0 0 0 ALFRED HARRISON LIFE TRUSTEE 1.00 X 0 0 0 DAVID LEBEDOFF LIFE TRUSTEE 1.00 X 0 0 0 BOB ULRICH LIFE TRUSTEE 1.00 X 0 0 0 GOVERNOR TIM WALZ TRUSTEE BY VIRTUE OF OFFICE 1.00 X 0 0 0 MAYOR JACOB FREY TRUSTEE BY VIRTUE OF OFFICE 1.00 X 0 0 0 SENATOR KARI DZIEDZIC TRUSTEE BY VIRTUE OF OFFICE 1.00 X 0 0 0 SENATOR JULIE ROSEN TRUSTEE BY VIRTUE OF OFFICE 1.00 X 0 0 0 CHAIR JAN CALLISON TRUSTEE BY VIRTUE OF OFFICE 1.00 X 0 0 0 BRAD BOURN TRUSTEE BY VIRTUE OF OFFICE 1.00 X 0 0 0 KATIE REMOLE TRUSTEE BY VIRTUE OF OFFICE 1.00 X 0 0 0 REP CARLIE KOTYZA-WITTHUHN TRUSTEE BY VIRTUE OF OFFICE 1.00 X 0 0 0 REP JAMIE LONG TRUSTEE BY VIRTUE OF OFFICE 1.00 X 0 0 0 MICHELE NICHOLS SECRETARY 40.00 X 90042 0 15863 PATRICIA GRAZZINI INTERIM DIRECTOR/ASSISTANT TREASURER 40.00 X 466214 0 36017 DOUGLAS HEGLEY CHIEF DIGITAL OFFICER 40.00 X 209532 0 28135 KRISTEN PRESTEGAARD HEAD OF AUDIENCE ENGAGEMENT 40.00 X 186673 0 15381 MATTHEW WELCH DEPUTY DIRECTOR AND CHIEF CURATOR 40.00 X 267302 0 19111 JULIANNE AMENDOLA HEAD OF ADVANCEMENT 40.00 X 197831 0 21507 GHENETE ZELLEKE CURATOR OF DECORATIVE ARTS, TEXTILES, AND SCULPTUR 40.00 X 168778 0 8598 ANDREAS MARKS CURATOR OF JAPANESE AND KOREAN ARTS 40.00 X 162457 0 13839 PATRICK NOON HEAD OF PAINTINGS 40.00 X 180963 0 21063 LIU YANG CURATOR OF CHINESE ART 40.00 X 156736 0 25406 2672460 0 244037 26 0 1 0 JEFF ANDERSON & ASSOCIATES PA ACCOUNT TR 366 JACKSON STREET 100 ST PAUL MN 55101 SETTLEMENT PAYMENT 920000 CAPACITY INTERACTIVE CONSULTING LLC 1239 BROADWAY STE 1103 NEW YORK NY 10001 ADVERTISING 171785 JOHN A DALSIN & SON INC 2830 SOUTH 20TH AVENUE MINNEAPOLIS MN 55407 BUILDING MAINTENANCE 139442 3 1620885 909774 673034 13696624 7786072 1298109 24686389 PROGRAM ADMISSIONS/FEES 900099 2331852 2331852 RENTALS/REIMBURSEMENTS 532000 1071068 985362 85706 PARKING 812930 815093 815093 CLASSES AND PROGRAMS 900099 318080 318080 DEACCESSIONS 900099 19968 19968 4556061 4918207 4918207 92069215 77473000 14596215 14596215 14596215 327551 909774 595183 -267632 -267632 888641 486767 401874 401874 MISCELLANEOUS REVENUE 900099 50212 50212 50212 48941326 3655262 85706 20513969 1606017 833618 655253 117146 16151670 13377013 1477849 1296808 627972 526134 56778 45060 1539581 1252201 177652 109728 1164247 977753 103977 82517 163460 163460 140319 140319 61622 61622 1900162 1900162 4313183 3688436 432345 192402 513390 477038 22837 13515 1321335 1114810 127855 78670 646313 372740 149926 123647 2954028 2766830 157780 29418 729324 445694 101891 181739 59302 29951 25851 3500 2814588 2651610 148338 14640 506167 235206 270961 ACCESSIONS 9623518 9623518 SHIPPING, CRATINGS, PAC 994076 992006 2070 DUES & SUBSCRIPTIONS 177170 75315 98951 2904 UBI TAXES 39388 39388 1146922 63049 1035302 48571 49193754 39542310 7247487 2403957 6650 8100 14951835 9229410 4861793 2821145 11376272 11164492 213829 182583 438470 313605 120705051 59453955 62331336 61251096 72028375 72485305 111441898 112221572 62289196 62565280 339939654 332242588 4451121 5332670 6586090 7048510 1001119 969980 12038330 13351160 X 96708373 94754298 53225182 45911968 177967769 178225162 327901324 318891428 339939654 332242588 X -252428 -8699932 -57536 X 0 1 X 1 0 X 33143155 11858259 10413359 14857651 10989765 81262189 10730895 11099742 12013531 12673686 13696624 60214478 43874050 22958001 22426890 27531337 24686389 141476667 141476667 5415694 5069316 5355873 4608025 4918207 25367115 18340 7399 42728 205566 37063 311096 50212 50212 167205090 19916149 0.84610 0.81020 X RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED X X X X 0 176299042 1767989 5781138 9794484 174053685 172438272 887947 11437449 8464626 176299042 159821539 341553 20355586 8080406 172438272 169608914 1632245 -3837688 7581932 159821539 152768111 20894143 2898627 6951967 169608914 0.16110 0.66450 0.17440 0 1 1 9161259 9161259 98283328 47220657 51062671 13186485 12233298 953187 73979 73979 61251096 HEDGED EQUITY FUNDS 45743719 F DOMESTIC EQUITY 11540193 F INTERNATIONAL EQUITY 52417623 F PRIVATE CAPITAL 2520037 F 112221572 BENEFICIAL INTEREST IN PERPETUAL TRUSTS 62565280 62565280 AMOUNTS DUE TO BENEFICIARIES 969980 969980 X 41331808 -8699932 66000 1024414 -7609518 48941326 0 48941326 50341704 66000 1081950 1147950 49193754 0 49193754 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. PURCHASES 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 595,183. COST OF GOODS SOLD AND FREIGHT IN - MUSEUM SHOP 486,767. GAIN ON BENEFICIARY AGREEMENTS -57,536. PART XII, LINE 2D - OTHER ADJUSTMENTS: COST OF GOODS SOLD AND FREIGHT IN - MUSEUM SHOP 486,767. SPECIAL EVENTS EXPENSES 595,183. CENTRAL AMERICA AND THE CARIBBEAN 0 0 INVESTMENTS 53080256 EUROPE 0 0 INVESTMENTS 6413997 0 0 0 0 0 0 59494253 0 59494253 1 0 1 0 1 0 PART I, LINE 3: MIA IS REPORTING THE MARKET VALUE OF INVESTMENTS IN SCHEDULE F, PART I. X X X X X X X 1 MARTS & LUNDY 1200 WALL ST WEST 5TH FL LYNDHURST NJ 07071 CAMPAIGN CONSULTING 0 0 61622 -61622 61622 -61622 MN GALA 894461 789211 105250 114828 20529 210032 ART IN BLOOM 267164 112133 155031 29279 5631 177342 1 75700 8430 67270 13573 3208 20761 1237325 909774 327551 157680 29368 408135 595183 -267632 X X X X X X 0 1 0 0 0 0 0 0 0 KAYWIN FELDMAN DIRECTOR AND PRESIDENT 538461 0 0 0 47471 0 27850 0 11267 0 625049 0 0 0 PATRICIA GRAZZINI INTERIM DIRECTOR/ASSISTANT TREASURER 315266 0 0 0 150948 0 24750 0 11267 0 502231 0 0 0 DOUGLAS HEGLEY CHIEF DIGITAL OFFICER 209532 0 0 0 0 0 10821 0 17314 0 237667 0 0 0 KRISTEN PRESTEGAARD HEAD OF AUDIENCE ENGAGEMENT 186556 0 0 0 117 0 9384 0 5997 0 202054 0 0 0 MATTHEW WELCH DEPUTY DIRECTOR AND CHIEF CURATOR 266805 0 0 0 497 0 13461 0 5650 0 286413 0 0 0 JULIANNE AMENDOLA HEAD OF ADVANCEMENT 197714 0 0 0 117 0 9875 0 11632 0 219338 0 0 0 GHENETE ZELLEKE CURATOR OF DECORATIVE ARTS, TEXTILES 168459 0 0 0 319 0 2948 0 5650 0 177376 0 0 0 ANDREAS MARKS CURATOR OF JAPANESE AND KOREAN ARTS 162115 0 0 0 342 0 8189 0 5650 0 176296 0 0 0 PATRICK NOON HEAD OF PAINTINGS 180963 0 0 0 0 0 9462 0 11601 0 202026 0 0 0 LIU YANG CURATOR OF CHINESE ART 156736 0 0 0 0 0 8189 0 17217 0 182142 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 2018 TOTALED $30,798. 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 2018 TOTALED $25,879. ROGER SIT - SIT INVESTMENT ASSOCIATES ELECTED TRUSTEE 70426 INVESTMENT MANAGEMENT FEES 0 RALPH STRANGIS - SIT INVESTMENT ASSOCIATES ELECTED TRUSTEE 70426 INVESTMENT MANAGEMENT FEES 0 SCH L, PART IV, BUSINESS TRANSACTIONS INVOLVING INTERESTED PERSONS: MIA HAS CONTRACTED WITH SIT INVESTMENT ASSOCIATES FOR INVESTMENT MANAGEMENT. ROGER SIT, MIA TRUSTEE, IS AN EMPLOYEE AND EXECUTIVE OFFICER AND OR SHAREHOLDER OF SIT INVESTMENT ASSOCIATES. RALPH STRANGIS, MIA TRUSTEE, IS A DIRECTOR, SHAREHOLDER, AND TRUSTEE OF TRUSTS HOLDING SHARES OF STOCK OF SIT INVESTMENT ASSOCIATES. X 92 0 N/A - SEE PART II X 36 1298109 QUOTED MARKET PRICES 39 0 1 1 PART I, COLUMN (B): MIA REPORTS NUMBER OF CONTRIBUTIONS ON SCHEDULE M, PART I, COLUMN B. PART I, LINE 32B: THE MIA USES THE SERVICES OF A BROKERAGE FIRM TO SELL GIFTS OF SECURITIES. THE 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 2 KITTY CROSBY AND LUCY MITCHELL - FAMILY RELATIONSHIP FORM 990, PART VI, SECTION A, LINE 4 REVISIONS TO THE ARTICLES OF INCORPORATION AND BYLAWS WERE APPROVED BY THE BOARD IN 2019. KEY CHANGES TO THE ARTICLES INCLUDE CLARIFICATION THERE ARE NO VOTING MEMBERS OF MIA, DELETION OF PROVISIONS IN THE ARTICLES THAT ARE COVERED IN THE BYLAWS, AND CLARIFICATION THAT THE BOARD AND COMMITTEES CAN ACT BY WRITTEN ACTION WITHOUT MEETING. KEY CHANGES APPROVED TO THE BYLAWS INCLUDED CLARIFICATION OF THE VARIOUS CLASSIFICATIONS OF TRUSTEES AND THE ADDITION OF PROVISIONS FOR REMOVAL OR RESIGNATION OF TRUSTEES. THE BYLAWS ALSO UPDATED THE COMMITTEE STRUCTURE WITH A DELINEATION BETWEEN COMMITTEES THAT ARE EMPOWERED TO ACT ON BEHALF OF THE BOARD ("BOARD COMMITTEES") AND THOSE THAT SERVE IN AN ADVISORY CAPACITY TO THE DIRECTOR OR CHAIR OR A COMMITTEE OR THE BOARD ITSELF ('ADVISORY COMMITTEES"). IN THE REVISED BYLAWS, ADVISORY COMMITTEES CAN BE CREATED AND DISSOLVED BY THE CHAIR AND THE MEMBERS AND CHAIRS THEREOF APPOINTED BY THE CHAIR, OTHER THAN WITH RESPECT TO A DIRECTOR SEARCH COMMITTEE WHICH WOULD REQUIRE BOARD APPROVAL. THE BYLAWS ALSO INCLUDES CLARIFICATION OF THE ATTRIBUTES OF THE BOARD CHAIR, PROVIDING THAT THE CHAIR WOULD BE AN EX-OFFICIO MEMBER OF ALL BOARD COMMITTEES AND ADVISORY COMMITTEES WITH A VOTE AND WOULD BE COUNTED FOR THE PURPOSES OF DETERMINING THE NUMBER, AND IF PRESENT, THE EXISTENCE OF A QUORUM. THE REVISED BYLAWS ALSO NOTE ANY VICE CHAIR(S) IS AN EX-OFFICIO MEMBER OF THE EXECUTIVE COMMITTEE WITH A VOTE AND COUNTED FOR QUORUM PURPOSES. FINALLY, THE REVISIONS INCLUDE CLARIFICATION THE DIRECTOR SERVES AS THE PRESIDENT AND CHIEF EXECUTIVE OFFICER OF MIA AND IS AN EX-OFFICIO MEMBER OF THE BOARD WITHOUT A VOTE AND IS NOT COUNTED FOR PURPOSES OF A QUORUM. THE DIRECTOR IS ALSO AN EX-OFFICIO MEMBER OF ALL BOARD COMMITTEES, EXCEPT THE AUDIT COMMITTEE, AND AN EX-OFFICIO MEMBER OF ALL ADVISORY COMMITTEES, WITHOUT A VOTE AND NOT COUNTED FOR QUORUM PURPOSES. FURTHER UPDATES WERE MADE THROUGHOUT THE BYLAWS CLARIFYING TIMING OF THE ANNUAL MEETING, INCLUDING THE USE OF ELECTRONIC MEANS OF COMMUNICATIONS, AND REVISIONS TO THE CODE OF ETHICS, ANNUAL DISCLOSURE FORM AND ELECTED TRUSTEE EXPECTATIONS. 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 CONFLICT OF INTEREST 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 SET 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. THESE PROCESSES WERE LAST PERFORMED IN JUNE OF 2019. 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 -57,536. 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 85410 CASH TRANSFERRED ETHEL M VAN DERLIP TRUST C 524449 CASH TRANSFERRED LILLIAN ZENOBIA TURNBLAD TRUST C 63175 CASH TRANSFERRED