2020-03-16T13:11:01-05:00 2019-10-31 410746749 CLIFTONLARSONALLEN LLP 220 SOUTH SIXTH STREET SUITE 300 MINNEAPOLIS MN 55402 990 2018-11-01 412013696 MINNESOTA STATE FAIR FOUNDATION MINN 6512884323 1265 SNELLING AVENUE NORTH ST PAUL MN 551083099 SANDY CRAIGHEAD BOARD CHAIR 6512884323 2020-03-11 1 DEIRDRE HODGSON P01485570 6123764500 67.137.57.251 2020-03-11 07:23:54 CD P 17A7653D3E03680D17212B91FE73DB0ACEF0D795 B71DF8EF734977C0D9AF27883840492912BFA7BF 2018 2020-09-23 17:36:50Z MARY CHUNG 1265 SNELLING AVENUE NORTH ST PAUL MN 551083099 2812807 0 X WWW.MSFFOUNDATION.ORG X 2001 MN TO PRESERVE AND IMPROVE AND SUPPORT THE HISTORIC MINNESOTA STATE FAIR. 25 25 13 275 0 0 2390058 2334736 0 0 7583 511 251888 324897 2649529 2660144 1440581 1001250 0 0 719901 623992 0 35309 486142 260587 311705 2421069 1972256 228460 687888 2939520 3796174 95952 108770 2843568 3687404 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 0 1212331 1001250 IN 2019, THE MINNESOTA STATE FAIR FOUNDATION GRANTED APPROXIMATELY $1 MILLION (INCLUDING APPROXIMATELY $60,000 FOR IN-KIND) TO THE MINNESOTA STATE FAIR FOR CAPITAL AND PROGRAM IMPROVEMENTS. CASH GRANTS SUPPORTED PERFORMING ARTS THROUGH STUDIO:HERE; AGRICULTURAL EDUCATION THROUGH URBAN AG DAY; CONTINUED SUPPORT OF THE WEST END REDEVELOPMENT; REDEVELOPMENT AND ENHANCEMENT OF THE NORTH END INCLUDING THE NEW "FAIRSTALK; IMPROVEMENTS TO THE SWINE BARN; RECYCLING EFFORTS; AND PROJECTS THAT IMPROVED THE FAIRGROUNDS WITH VENTILATION, SEATING AND TREES. FOUNDATION SUPPORT IS ALIGNED WITH THESE STATE FAIR PROGRAM AREAS: AGRICULTURE, ART, ENVIRONMENT, HISTORY AND HERITAGE, AND EDUCATION. THE FOUNDATION ALSO RETAINED ASSETS FOR FUTURE GRANTS, AND CONTINUED TO BUILD ENDOWMENT FUNDS. 1212331 1 1 0 0 0 0 0 0 0 1 1 0 0 0 0 1 1 1 0 0 0 0 0 1 1 0 0 1 0 1 0 0 0 0 0 0 0 0 1 0 0 0 0 0 0 0 0 1 8 0 1 13 1 0 0 0 0 0 1 1 0 0 0 0 0 0 X 25 25 1 0 0 0 0 0 0 1 1 0 0 1 1 1 1 1 1 1 0 0 MN X JENNINE DUDA 6512884323 1265 SNELLING AVENUE NORTH ST PAUL MN 551083099 PATTY SMITH BOARD CHAIR 1.00 X X 0 0 0 SANDY CRAIGHEAD VICE CHAIR 1.00 X X 0 0 0 JERRY HAMMER SECRETARY 1.00 X X 0 0 0 JEFF HAWKINS TREASURER 1.00 X X 0 0 0 DALE BACHMAN BOARD MEMBER 1.00 X 0 0 0 JULIE CRAVEN BOARD MEMBER 1.00 X 0 0 0 JOHN FABIE BOARD MEMBER 1.00 X 0 0 0 LITTON FIELD BOARD MEMBER 1.00 X 0 0 0 BERT GREENER BOARD MEMBER 1.00 X 0 0 0 JASON KOERTH BOARD MEMBER 1.00 X 0 0 0 LIZ KRAMER BOARD MEMBER 1.00 X 0 0 0 ALLEN LEVINE BOARD MEMBER 1.00 X 0 0 0 PAUL MERKINS BOARD MEMBER 1.00 X 0 0 0 DAVE MONA 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 DAVID SORENSEN BOARD MEMBER 1.00 X 0 0 0 MIKE SULLIVAN BOARD MEMBER 1.00 X 0 0 0 LINDA TANK BOARD MEMBER 1.00 X 0 0 0 CYNTHIA CASHMAN FORMER EXECUTIVE DIRECTOR 40.00 X 167371 0 31586 MARY CHUNG EXECUTIVE DIRECTOR 40.00 X 0 0 0 167371 0 31586 1 0 1 0 0 155485 2179251 113157 2334736 511 511 81515 155485 60707 20808 20808 396045 91956 304089 304089 2660144 0 0 325408 1001250 1001250 110627 44251 22125 44251 383392 80512 99682 203198 27896 6961 6905 14030 65632 14108 16972 34552 36445 8820 9111 18514 1470 1470 34115 34115 35309 35309 33110 6998 24932 1180 40376 1900 2735 35741 60 15 15 30 799 302 497 7234 1013 3769 2452 103 25 26 52 3306 2215 1091 MATERIALS 93404 18918 7478 67008 BANK CHARGES 27000 27000 SALES TAXES 19701 19701 FOOD 18700 4411 10682 3607 32327 3448 4249 24630 1972256 1212331 273783 486142 535322 749305 1183915 1603837 266313 264835 5003 6271 5602 11375 6813 6025 891 788 942474 1159763 2939520 3796174 95952 108770 95952 108770 X 1154230 1481595 673892 1002883 1015446 1202926 2843568 3687404 2939520 3796174 687888 155948 0 X 0 1 X 1 0 X 2249769 1803704 1754146 2390058 2302736 10500413 2249769 1803704 1754146 2390058 2302736 10500413 485852 10014561 1588 2688 3813 7583 511 16183 10516596 2175066 0.95230 0.86950 X RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED 942474 108734 130635 -22080 1159763 638421 325446 -6393 -15000 942474 356360 221882 76085 -15906 638421 287477 67535 17269 -15921 356360 235237 56649 5015 -9424 287477 0.83980 0.16020 0 0 6813 6025 788 788 X 2870673 155948 34800 19781 210529 2660144 0 2660144 2026837 34800 19781 54581 1972256 0 1972256 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. PART XI, LINE 2D - OTHER ADJUSTMENTS: SPECIAL EVENT EXPENSES IN EXCESS OF DIRECT BENEFIT 19,781. PART XII, LINE 2D - OTHER ADJUSTMENTS: SPECIAL EVENT EXPENSES IN EXCESS OF DIRECT BENEFIT 19,781. X X X X X X 1 VERITUS GROUP PO BOX 18294 ASHEVILLE NC 28814 STAFF DEVELOPMENT AND MAJOR GIFT PROCESS CONSULTING 0 0 35309 -35309 35309 -35309 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 TASTE OF THE FAIR 237000 155485 81515 7179 42826 2000 8702 237000 155485 81515 7179 42826 2000 8702 60707 20808 1 MINNESOTA STATE AGRICULTURAL SOCIETY 1265 SNELLING AVENUE NORTH ST PAUL MN 55108 411531915 N/A 941003 60247 FMV CONSTRUCTION AND LANDSCAPING, PROGRAM DEVELOPMENT, & FOOD FOR EVENT IMPROVEMENTS & PROGRAMMING AT/FOR THE MINNESOTA STATE FAIR 1 PART I, LINE 2: THE FOUNDATION REQUIRES DOCUMENTATION OF ESTIMATED COSTS AND FINAL EXPENDITURES FROM THE GRANTEE. X X 0 0 0 0 0 0 0 0 0 CYNTHIA CASHMAN FORMER EXECUTIVE DIRECTOR 167371 0 0 0 0 0 0 0 31586 0 198957 0 0 0 X FOOD AND BEVERAGE 16 42176 FMV X CONSTRUCTION/LANDSCAPING 2 32000 FMV X PROGRAM MATERIAL 2 26997 FMV X AUCTION ITEMS 15 7179 FMV X POSTER/PRINTS 1 4805 FMV 0 1 0 FORM 990, PART VI, SECTION A, LINE 1 THE FOUNDATION'S EXECUTIVE COMMITTEE SHALL CONSIST OF NOT LESS THAN FOUR OF THE MEMBERS OF THE BOARD OF DIRECTORS. THE EXECUTIVE COMMITTEE SHALL HAVE AND EXERCISE THE AUTHORITY OF THE BOARD IN THE MANAGEMENT OF THE BUSINESS OF THE FOUNDATION. THE EXECUTIVE COMMITTEE DOES NOT HAVE THE AUTHORITY TO AMEND THE ARTICLES OF INCORPORATION OR BYLAWS OF THE FOUNDATION. IN ADDITION, THE EXECUTIVE COMMITTEE CANNOT ELECT OR REMOVE DIRECTORS OR ANY OF THE OFFICERS. FORM 990, PART VI, SECTION A, LINE 2 JIM AND CINDIE SMART - FAMILY RELATIONSHIP FORM 990, PART VI, SECTION B, LINE 11B THE FORM 990 IS REVIEWED BY EXECUTIVE LEADERSHIP AND THE AUDIT COMMITTEE. FOLLOWING THIS REVIEW, THE FORM 990 IS PROVIDED TO THE FULL GOVERNING BOARD PRIOR TO FILING WITH THE IRS. 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. A NEW EXECUTIVE DIRECTOR WAS HIRED DURING THE YEAR AND A SIMILAR PROCESS WAS USED TO ESTABLISH THE RANGE OF COMPENSATION FOR THIS POSITION. FORM 990, PART VI, SECTION C, LINE 19 THE FOUNDATION MAKES ITS GOVERNING DOCUMENTS, CONFLICT OF INTEREST POLICY, AND FINANCIAL STATEMENTS AVAILABLE TO THE PUBLIC UPON REQUEST.