2019-04-12T14:09:26-05:00 2018-10-31 410746749 CLIFTONLARSONALLEN LLP 220 SOUTH SIXTH STREET SUITE 300 MINNEAPOLIS MN 55402 990 2017-11-01 412013696 MINNESOTA STATE FAIR FOUNDATION MINN 6512884323 1265 SNELLING AVENUE NORTH ST PAUL MN 551083099 PATTY SMITH BOARD CHAIR 6512884323 2019-04-01 1 DEIRDRE HODGSON P01485570 6123764500 67.137.57.251 2019-04-01 10:16:04 CD P 4CC93A5575B498F3451A9DD41A1CA7BF0A2AAEC7 E087ECC427FCF6F1386F54131AA171D58D37D782 2017 2019-02-21 02:37:17Z RENEE ALEXANDER 1265 SNELLING AVENUE NORTH ST PAUL MN 551083099 2825002 0 X WWW.MSFFOUNDATION.ORG X 2001 MN TO PRESERVE, IMPROVE AND SUPPORT THE HISTORIC MINNESOTA STATE FAIR. 23 23 9 220 0 0 1754146 2390058 0 0 3813 7583 275598 251888 2033557 2649529 974487 1440581 0 0 648503 719901 0 0 454443 232352 260587 1855342 2421069 178215 228460 2659561 2939520 41250 95952 2618311 2843568 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 0 1644702 1440581 IN 2018, THE MINNESOTA STATE FAIR FOUNDATION GRANTED APPROXIMATELY $1.44 MILLION (INCLUDING APPROXIMATELY $283,000 IN-KIND) TO THE MINNESOTA STATE FAIR FOR CAPITAL AND PROGRAM IMPROVEMENTS. CASH GRANTS SUPPORTED PERFORMING ARTS THROUGH ARTS A'FAIR; VOCABULARY-BUILDING THROUGH ALPHABET FOREST; PUBLIC ART EXPERIENCE THROUGH GIANT SING ALONG; AGRICULTURAL EDUCATION THROUGH URBAN AG DAY; CONTINUED SUPPORT OF THE WEST END REDEVELOPMENT; AND PROJECTS THAT IMPROVED THE FAIRGROUNDS WITH 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. THE FOUNDATION'S OPERATING EXPENSES ARE FUNDED THROUGH CONTRIBUTIONS, EARNED INCOME AND SUPPORT FROM THE STATE FAIR. THE FOUNDATION IS LED BY A 23-MEMBER BOARD OF DIRECTORS. 1644702 1 1 0 0 0 0 0 0 0 1 1 0 0 0 0 1 1 1 0 0 0 0 0 0 1 0 0 1 0 1 0 0 0 0 0 0 0 0 1 0 0 0 0 0 0 0 0 1 6 0 9 1 0 0 0 0 0 1 1 0 0 0 0 X 23 23 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 GARY CUNNINGHAM BOARD MEMBER (LEFT JANUARY 2018) 1.00 X 0 0 0 MITCH DAVIS 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 TERRY GILBERSTADT BOARD MEMBER (LEFT JANUARY 2018) 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 DAVE MONA BOARD MEMBER 1.00 X 0 0 0 PAUL MERKINS BOARD MEMBER 1.00 X 0 0 0 FRANK PARISI BOARD MEMBER 1.00 X 0 0 0 STEVE POPPEN BOARD MEMBER (LEFT JANUARY 2018) 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 CINDIE SMART BOARD MEMBER 1.00 X 0 0 0 JIM SMART 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 SHARON WESSEL BOARD MEMBER (LEFT JANUARY 2018) 1.00 X 0 0 0 CYNTHIA CASHMAN EXECUTIVE DIRECTOR 40.00 X 62554 0 2158 KAY CADY FORMER EXECUTIVE DIRECTOR 40.00 X 166645 0 27088 229199 0 29246 2 1 1 0 0 180325 2209733 250000 2390058 7583 7583 45808 180325 58201 -12393 -12393 381553 117272 264281 264281 2649529 0 0 259471 1440581 1440581 256922 65308 45501 146113 349066 86576 133805 128685 19256 4425 7997 6834 52159 11409 19692 21058 42498 10157 13727 18614 33704 33704 10400 7610 2790 883 883 48493 2183 12138 34172 340 81 110 149 2965 1589 658 718 8442 5503 2939 224 54 72 98 4667 3125 1542 MATERIALS 68141 0 2686 65455 BANK CHARGES 24085 0 24085 0 SALES TAXES 16716 16716 0 0 DUES & SUBSCRIPTIONS 13521 0 879 12642 28006 5623 10632 11751 2421069 1644702 321924 454443 212878 535322 1173936 1183915 482770 0 142206 266313 3537 5003 4698 5602 8357 7466 1115 891 638421 942474 2659561 2939520 41250 95952 41250 95952 X 1077331 1154230 933818 673892 607162 1015446 2618311 2843568 2659561 2939520 228460 -3203 0 X 0 1 X 1 0 X 3590615 2249769 1803704 1754146 2390058 11788292 3590615 2249769 1803704 1754146 2390058 11788292 1520370 10267922 5245 1588 2688 3813 7583 20917 11809209 2030870 0.86950 0.87890 X 638421 325446 -6393 -15000 942474 356360 221882 76085 -15906 638421 287477 67535 17269 -15921 356360 235237 56649 5015 -9424 287477 166883 56750 18886 -7282 235237 0.91800 0.08200 0 0 8357 7466 891 891 X 2723712 -3203 52584 24802 74183 2649529 0 2649529 2498455 52584 24802 77386 2421069 0 2421069 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 24,802. PART XII, LINE 2D - OTHER ADJUSTMENTS: SPECIAL EVENT EXPENSES IN EXCESS OF DIRECT BENEFIT 24,802. TASTE OF THE FAIR 226133 180325 45808 3452 38592 2000 14157 226133 180325 45808 3452 38592 2000 14157 58201 -12393 1 MINNESOTA STATE AGRICULTURAL SOCIETY 1265 SNELLING AVENUE NORTH ST PAUL MN 55108 411531915 N/A 1181239 259342 FMV CONSTRUCTION AND LANDSCAPING, PROGRAM DEVELOPMENT, & FOOD FOR EVENT IMPROVEMENTS & PROGRAMMING AT/FOR THE MINNESOTA STATE FAIR 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 KAY CADY FORMER EXECUTIVE DIRECTOR 166645 0 0 0 0 0 8498 0 18590 0 193733 0 0 0 X CONSTRUCTION/LANDSCAPING 2 274000 FMV X FOOD AND BEVERAGE 13 31875 FMV X PROGRAM MATERIAL 4 10866 FMV X POSTER/PRINTS 1 4188 FMV X AUCTION ITEMS 7 2027 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. COMPENSATION IS BASED ON A MARKET REVIEW AND IS CONSISTENT WITH STATE FAIR PAY SCALES. THE LAST REVIEW PROCESS FOR EXECUTIVE DIRECTOR C. CASHMAN WAS UNDERTAKEN DURING 2018. 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.