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      <InvestmentsProgramRelated>
        <Description>PROGRAM RELATED MONEY MARKET</Description>
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        <ReturnReference>SCHEDULE D, PAGE 4, PART XIII</ReturnReference>
        <Explanation>THE ORGANIZATION HAS EVALUATED ITS POTENTIAL EXPOSURE FOR UNCERTAIN TAX POSITIONS AND MANAGEMENT HAS EXPRESSED THERE ARE NO UNCERTAIN TAX POSITIONS AS OF JUNE 30, 2013. TAX RETURNS FOR THE PAST THREE YEARS REMAIN OPEN FOR EXAMINATION BY TAX JURISDICTIONS.</Explanation>
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        <MethodOfValuation>PURCHASE</MethodOfValuation>
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          <City>BLOOMINGTON</City>
          <State>MN</State>
          <ZIPCode>55425</ZIPCode>
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        <EINOfRecipient>530201050</EINOfRecipient>
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      <RecipientTable>
        <RecipientNameBusiness>
          <BusinessNameLine1>REFUGE FRIENDS INC</BusinessNameLine1>
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          <City>BLOOMINGTON</City>
          <State>MN</State>
          <ZIPCode>55425</ZIPCode>
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        <Explanation>GRANTS OF CASH AND REAL PROPERTY TO MINNESOTA VALLEY LANDS, INC (MVL): THE MINNESOTA VALLEY TRUST BOARD OF DIRECTORS RECEIVES A REPORT EVERY MONTH ON THE HABITAT RESTORATION ACTIVITIES OF LANDS COMPLETED WITH GRANTS FROM THE TRUST AND OTHER SOURCES OF FUNDING. THE TRUST BOARD ALSO RECEIVES AND REVIEWS THE MONTHLY FINANCIAL REPORTS OF MVL, WHICH INCLUDES ITEMIZATION OF OPERATING AND PROGRAM EXPENSES. GRANT OF FUNDS TO USFWS FOR OPERATIONS OF THE RAPIDS LAKE EDUCATION AND VISITOR CENTER: THE TRUST RECEIVES A MONTHLY ITEMIZED INVOICE FROM THE MINNESOTA VALLEY NATIONAL WILDLIFE REFUGE (USFWS) FOR ALL EXPENSES RELATED TO THE OPERATIONS OF THE CENTER. THE MONTHLY INVOICE IS REVIEWED FOR ACCURACY BY THE TRUST EXECUTIVE DIRECTOR. THE MANAGER OF THE MN VALLEY NATIONAL WILDLIFE REFUGE ATTENDS ALL MONTHLY TRUST BOARD OF DIRECTOR MEETINGS AND PROVIDES A REPORT ON ACTIVITIES, INCLUDING AT THE RAPIDS LAKE EDUCATION &amp; VISITOR CENTER. GRANT OF FUNDS TO REFUGE FRIENDS, INC. FOR THE BLUE GOOSE BUS FUND: THE TRUST RECEIVES AN ANNUAL REPORT FROM THE REFUGE FRIENDS. INC. ON ALL ACTIVITIES FROM THE BLUE GOOSE BUS FUND.</Explanation>
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        <ReturnReference>FORM 990, PAGE 2, PART III, LINE 4A</ReturnReference>
        <Explanation>-EXPANDED THE PERCH LAKE WATERFOWL PRODUCTION AREA WITH THE ACQUISITION OF 17.4 ACRES. THE TRUST CONTINUED FUNDING THE STAFFING AND OPERATIONS OF THE RAPIDS LAKE EDUCATION AND VISITORS CENTER ON THE MVNWR. TOTAL GRANT CONTRIBUTION FOR THIS PURPOSE IN FY13 WAS 334,345. TRUST ALSO CONTRACTED FOR HABITAT ENHANCEMENT WORK ON THE MVNWR, WHICH REPRESENTED A GRANT OF 20,000 TO THE MVNWR. THIS WORK IS BEING DONE UNDER A GRANT FROM THE STATE OF MINNESOTA, AS RECOMMENDED BY THE LEGISLATIVE-CITIZEN COMMISSIONER ON MINNESOTA RESOURCES. WORK CONTINUES IN FY14. THE TRUST GRANTED 350,000 TO MINNESOTA VALLEY LANDS, INC., ITS SUBSIDIARY, FOR THE PURPOSE OF SUPPORTING ITS OPERATIONS AND HABITAT RESTORATION AND ENHANCEMENT WORK. THE TRUST ALSO CONTINUED SUPPORTING THE BLUE GOOSE BUS FUND, WHICH PROVIDES FREE BUSING FOR SCHOOLS TO THE ENVIRONMENTAL EDUCATION PROGRAMS ON THE MINNESOTA VALLEY NATIONAL WILDLIFE REFUGE. THE TRUST PROVIDED 7,000 AS A GRANT ON A 2:1 MATCHING BASIS FOR FUNDS RAISED BY THE REFUGE FRIENDS, INC. FOR THE BLUE GOOSE BUS FUND.</Explanation>
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        <Identifier>DOCUMENTATION BY COMMITTEE</Identifier>
        <ReturnReference>FORM 990, PAGE 6, PART VI, LINE 8B</ReturnReference>
        <Explanation>THE ORGANIZATION DOES NOT HAVE ANY COMMITTEES WHICH HAVE THE AUTHORITY TO ACT ON BEHALF OF THE GOVERNING BODY.</Explanation>
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      <GeneralExplanation>
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        <ReturnReference>FORM 990, PAGE 6, PART VI, LINE 11B</ReturnReference>
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      <GeneralExplanation>
        <Identifier>ENFORCEMENT OF CONFLICTS POLICY</Identifier>
        <ReturnReference>FORM 990, PAGE 6, PART VI, LINE 12C</ReturnReference>
        <Explanation>BOARD MEMBERS ANNUALLY FILE STATEMENT COMMITTING TO DISCLOSURE OF ANY CONFLICTS OF INTEREST OR PERCEIVED CONFLICTS OF INTEREST THAT MAY ARISE DURING THE YEAR.</Explanation>
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      <GeneralExplanation>
        <Identifier>COMPENSATION PROCESS FOR TOP OFFICIAL</Identifier>
        <ReturnReference>FORM 990, PAGE 6, PART VI, LINE 15A</ReturnReference>
        <Explanation>BOARD OF DIRECTORS ANNUALLY REVIEWS THE COMPENSATION FOR THE EXECUTIVE DIRECTOR AND REVIEWS COMPARABILITY DATA.</Explanation>
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      <GeneralExplanation>
        <Identifier>GOVERNING DOCUMENTS DISCLOSURE EXPLANATION</Identifier>
        <ReturnReference>FORM 990, PAGE 6, PART VI, LINE 19</ReturnReference>
        <Explanation>WILL BE PROVIDED BY MAIL OR EMAIL UPON REQUEST.</Explanation>
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