2015-02-06T11:49:44-06:00 2014-10-31 410746749 CLIFTONLARSONALLEN LLP 220 SOUTH SIXTH STREET SUITE 300 MINNEAPOLIS MN 55402 990 2013-11-01 412013696 MINNESOTA STATE FAIR FOUNDATION MINN 6512884323 1265 SNELLING AVENUE NORTH ST PAUL MN 551083099 PATRICK BAILEY BOARD CHAIR 6512884323 2015-02-02 1 JENNIFER TINGLEY P01485570 6123764500 2013 2016-04-25 22:37:26Z KAY CADY 1265 SNELLING AVENUE NORTH ST PAUL MN 551083099 3936505 0 X WWW.MSFFOUNDATION.ORG X 2001 MN TO PRESERVE, IMPROVE & SUPPORT THE HISTORIC MINNESOTA STATE FAIR. 20 20 7 220 0 0 869790 3590615 0 0 4747 2940 152230 192445 1026767 3786000 518766 2330005 0 0 421879 537628 2135 3500 299462 170200 230280 1112980 3101413 -86213 684587 1370382 2093851 53001 76271 1317381 2017580 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 2582982 2330005 0 IN 2014, THE MINNESOTA STATE FAIR FOUNDATION GRANTED $2.3 MILLION (INCLUDING $70,622 FOR IN-KIND) TO THE MINNESOTA STATE FAIR FOR CAPITAL AND PROGRAM IMPROVEMENTS. CASH GRANTS WERE PRIMARILY FOR THE NEW WEST END MARKET AND HISTORY & HERITAGE CENTER, AND FOR UPGRADES AT THE LEE AND ROSE WARNER COLISEUM. FUNDS ALSO SUPPORTED PERFORMING ARTS THROUGH ARTS A'FAIR; VOCABULARY-BUILDING THROUGH ALPHABET FOREST; PUBLIC ART EXPERIENCE THROUGH GIANT SING ALONG; 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 20-MEMBER BOARD OF DIRECTORS. 2582982 1 1 0 0 0 0 0 0 0 1 1 0 0 0 0 1 1 0 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 8 0 7 1 0 0 0 0 0 1 1 0 0 0 0 X 20 20 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 PATRICK BAILEY BOARD CHAIR 3.00 X X 0 0 0 MITCH DAVIS VICE CHAIR 2.00 X X 0 0 0 JERRY HAMMER SECRETARY 2.00 X X 0 0 0 DAVID SORENSEN TREASURER 2.00 X X 0 0 0 SANDY CRAIGHEAD BOARD MEMBER 1.00 X 0 0 0 JOHN FABIE BOARD MEMBER 1.00 X 0 0 0 JIM FOSS BOARD MEMBER 1.00 X 0 0 0 TERRY GILBERSTADT BOARD MEMBER 1.00 X 0 0 0 BERT GREENER BOARD MEMBER 1.00 X 0 0 0 ROBYN HANSEN BOARD MEMBER 1.00 X 0 0 0 JEFF HAWKINS BOARD MEMBER 1.00 X 0 0 0 ALLEN LEVINE BOARD MEMBER 1.00 X 0 0 0 GINNY HUBBARD MORRIS BOARD MEMBER 1.00 X 0 0 0 FRANK PARISI BOARD MEMBER 1.00 X 0 0 0 STEVE POPPEN BOARD MEMBER 1.00 X 0 0 0 BRAD RIBAR 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 PATTY SMITH BOARD MEMBER 1.00 X 0 0 0 JIM WINTER BOARD MEMBER 1.00 X 0 0 0 KAY CADY EXECUTIVE DIRECTOR 40.00 X 162531 0 26614 162531 0 26614 1 0 1 0 0 47946 3542669 110307 3590615 5245 5245 7281 9586 -2305 -2305 -2305 71836 47946 58234 13602 13602 261528 82685 178843 178843 3786000 0 0 195385 2330005 2330005 195208 97604 39042 58562 264797 97181 66198 101418 11891 3857 3162 4872 39185 13932 9959 15294 26547 10619 6305 9623 34572 34572 3500 3500 14096 9490 4606 125 125 60362 3954 19602 36806 375 150 89 136 1405 80 183 1142 1374 490 440 444 579 232 137 210 4054 313 2246 1495 MATERIALS 49206 2692 46514 SALES TAXES 14340 14340 BANK CHARGES 12313 12313 FOOD 9583 4056 3127 2400 27896 6169 9412 12315 3101413 2582982 218969 299462 117274 146507 994549 777522 80144 922128 5335 4735 4321 6424 7329 6031 1876 1298 166883 235237 1370382 2093851 34732 76271 18269 0 53001 76271 X 421544 468017 734078 1309165 161759 240398 1317381 2017580 1370382 2093851 684587 15612 0 X X 0 1 X 1 0 X 626483 1721863 1002797 869789 3590615 7811547 626483 1721863 1002797 869789 3590615 7811547 1671741 6139806 3218 5805 4193 4747 5245 23208 4043 75 4118 7838873 1487483 0.78330 0.85050 X SCHEDULE A, PART II, LINE 10, EXPLANATION OF OTHER INCOME: MISCELLANEOUS REVENUE - 2010 AMOUNT: $ 4,043. 2012 AMOUNT: $ 75. RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED 166883 56750 18886 -7282 235237 78516 66771 21596 166883 18599 54200 5717 78516 18500 99 18599 0.01530 0.82350 0.16120 0 0 7329 6031 1298 1298 X 3854454 15612 45458 7384 68454 3786000 0 3786000 3154255 45458 7384 52842 3101413 0 3101413 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. THE TAX RETURNS FOR THE YEARS 2011 TO 2013 ARE OPEN TO EXAMINATION BY FEDERAL AUTHORITIES. PART XI, LINE 2D - OTHER ADJUSTMENTS: SPECIAL EVENT EXPENSES IN EXCESS OF DIRECT BENEFIT 7,384. PART XII, LINE 2D - OTHER ADJUSTMENTS: SPECIAL EVENT EXPENSES IN EXCESS OF DIRECT BENEFIT 7,384. TASTE OF THE FAIR 119782 47946 71836 26997 4278 3325 23634 119782 47946 71836 26997 4278 3325 23634 58234 13602 1 MINNESOTA STATE AGRICULTURAL SOCIETY 1265 SNELLING AVENUE NORTH ST PAUL MN 55108 411531915 N/A 2273866 56139 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 KAY CADY EXECUTIVE DIRECTOR 162175 0 0 0 356 0 8500 0 18114 0 189145 0 0 0 X CONSTRUCTION/ 3 45698 FMV X AUCTION ITEMS 142 27187 FMV X FOOD AND BEVE 9 16690 FMV X PROGRAM MATER 1 11874 FMV X SCULPTURES 1 8050 FMV X POSTER/PRINTS 1 5460 FMV X GARDEN SHED 1 5000 FMV X PROFESSIONAL 1 1762 FMV 0 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 SMART AND CINDIE SMART - FAMILY RELATIONSHIP FORM 990, PART VI, SECTION B, LINE 11 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, STAFF MEMBERS, AND FAMILY MEMBERS OF THE AFOREMENTIONED. 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, K. CADY WAS UNDERTAKEN DURING 2014. 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. FORM 990, PART XII, LINE 2C: NO CHANGE FROM THE PRIOR YEAR.