2014-04-28T10:10:49-05:00 2013-12-31 410746749 CLIFTONLARSONALLEN LLP 220 SOUTH SIXTH STREET SUITE 300 MINNEAPOLIS MN 55402 990 2013-01-01 911257237 GRAYWOLF PRESS GRAY 6516410077 250 THIRD AVENUE N NO 600 MINNEAPOLIS MN 55401 FIONA MCCRAE DIRECTOR/PUBLISHER 6516410077 2014-04-18 1 LARRY ADAMS P01314654 6123764500 2013 2015-11-30 17:44:51Z FIONA MCCRAE 250 THIRD AVENUE N NO 600 MINNEAPOLIS MN 55401 2326015 0 X WWW.GRAYWOLFPRESS.ORG X 1974 MN GRAYWOLF PRESS IS DEDICATED TO THE CREATION OF THOUGHTFUL AND IMAGINATIVE CONTEMPORARY LITERATURE. 17 17 15 31 0 0 1038438 1063149 115858 110179 1218 443 836105 693161 1991619 1866932 0 0 0 0 744178 904608 0 0 283430 1295215 1277716 2039393 2182324 -47774 -315392 2502345 2223260 353851 321828 2148494 1901432 X GRAYWOLF PRESS IS A LEADING INDEPENDENT PUBLISHER COMMITTED TO THE DISCOVERY OF ENERGETIC PUBLICATION OF CONTEMPORARY AMERICAN AND INTERNATIONAL LITERATURE. GRAYWOLF PRESS CHAMPIONS OUTSTANDING WRITERS AT ALL STAGES OF THEIR CAREERS TO ENSURE THAT DIVERSE VOICES CAN BE HEARD IN A CROWDED MARKETPLACE. 0 0 666666 PROMOTION AND OUTREACH EFFORTS FOR THE PUBLICATIONS THAT INCLUDE AUTHOR READINGS, DISCUSSION PANELS, LECTURES AND CLASSES CONDUCTED BY STAFF. 615667 704986 GRAYWOLF PRESS, FOUNDED IN 1974, PUBLISHES HIGH-QUALITY POETRY, FICTION, AND LITERARY NONFICTION THAT IS NOT WELL SERVED BY MAINSTREAM PUBLISHERS, AND BRINGS THAT WORK TO THE WIDEST POSSIBLE AUDIENCE. OUR ANNUAL OPERATING BUDGET OF $2.6 MILLION RANKS GRAYWOLF AS ONE OF THE COUNTRY'S LARGEST LITERARY NONPROFIT PRESSES. THE CONTINUED ABSORPTION OF INDEPENDENT LITERARY PRESSES BY COMMERCIAL CONGLOMERATES THREATENS THE LITERARY LANDSCAPE: CURRENTLY FIVE MEDIA CONGLOMERATES PUBLISH 80 PERCENT OF U.S. BOOKS. GRAYWOLF'S ROLE, AS A ROBUST NONPROFIT LITERARY PUBLISHER, IS TO COUNTER THAT TREND AND GIVE PROMINENCE TO LITERATURE, RECOGNIZE AND NURTURE THE WRITERS WHO PRODUCE IT, AND CONNECT NEW AUTHORS TO AUDIENCES HUNGRY FOR UNIQUE LITERARY VOICES. COST OF SALES - COST OF SALES INCLUDES SERVICES DIRECTLY RELATED TO THE PRODUCTION AND SELLING OF BOOKS, INCLUDING ACTUAL MANUFACTURING COSTS, ROYALTIES DUE TO AUTHORS, CONTRACT FEES CHARGED TO GRAYWOLF FOR DISTRIBUTION SERVICES AND THE COST OF THE ESTIMATED INCREASE IN UNSALEABLE INVENTORY.GRAYWOLF PRESS HAD A YEAR OF SUCCESS IN 2013 WITH TREMENDOUS SALES OF BOTH NEW FRONTLIST TITLES AND OLDER BACKLIST TITLES. GRAYWOLF PRESS WON THE NATIONAL BOOK AWARD FOR POETRY IN 2013 AND RECEIVED HIGH ACCLAIM FOR ITS PUBLICATIONS IN THE MEDIA.GRAYWOLF BOOKS REACHED AN ESTIMATED AUDIENCE OF 209,000 PEOPLE IN 2013, AND GRAYWOLF AUTHORS READ AT OVER 220 EVENTS ACROSS THE COUNTRY, REACHING AT LEAST 10,950 READERS. 457123 110179 EDITORIAL SERVICES - INCLUDES DEVELOPING MANUSCRIPTS AND PREPARING THEM FOR PUBLICATION, CULTIVATING AUTHORS AND DEVELOPING AND MAINTAINING AN AUDIENCE FOR CONTEMPORARY LITERATURE. 1739456 1 1 0 1 0 0 0 0 0 1 1 0 0 1 1 1 1 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 1 78 0 15 1 0 0 0 0 0 1 1 0 0 0 0 X 17 17 0 0 0 0 0 0 0 1 1 0 0 1 1 1 1 1 1 1 1 0 MN NY X X X LESLIE KOPPENHAVER 6516410077 250 THIRD AVENUE N SUITE 600 MINNEAPOLIS MN 55401 ED MCCONAGHAY CHAIR 2.00 X X 0 0 0 BETSY HANNAFORD VICE CHAIR 2.00 X X 0 0 0 JOHN JUNEK TREASURER 2.00 X X 0 0 0 CHRIS GALLOWAY SECRETARY 2.00 X X 0 0 0 CATHERINE ALLAN DIRECTOR 2.00 X 0 0 0 SHIRLEY HUGHES DIRECTOR 2.00 X 0 0 0 TOM JOYCE DIRECTOR 2.00 X 0 0 0 WILL KAUL DIRECTOR 2.00 X 0 0 0 CHRIS KIRWAN DIRECTOR 2.00 X 0 0 0 JIM MCCARTHY DIRECTOR 2.00 X 0 0 0 JENNIFER MELIN MILLER DIRECTOR 2.00 X 0 0 0 GEORGIA MURPHY JOHNSON DIRECTOR 2.00 X 0 0 0 MARY POLTA DIRECTOR 2.00 X 0 0 0 BRUNO QUINSON DIRECTOR 2.00 X 0 0 0 KATE TABNER DIRECTOR 2.00 X 0 0 0 JOANNE VON BLON DIRECTOR 2.00 X 0 0 0 MELINDA WARD DIRECTOR 2.00 X 0 0 0 FIONA MCCRAE EXECUTIVE DIRECTOR 40.00 X 86578 0 13572 86578 0 13572 1 0 0 0 BOOKMOBILE 5120 CEDAR LAKE ROAD MINNEAPOLIS MN 55416 PRODUCTION OF BOOKS 527530 1 11900 154088 897161 10310 1063149 RIGHTS REVENUE 511130 110179 110179 110179 443 443 0 11900 11825 -11825 -11825 1152244 447258 704986 704986 1866932 815165 0 -11382 100150 67119 13043 19988 664730 445495 86570 132665 25802 17292 3361 5149 15927 10674 2074 3179 97999 65678 12763 19558 13234 13234 77936 63724 4534 9678 54110 54110 112941 89177 6838 16926 6249 5695 219 335 329814 329814 58612 41835 6186 10591 42397 33295 9102 15262 7902 130 7230 61579 55459 2417 3703 15202 10188 1980 3034 DISTRIBUTION FEES 285853 285853 PROMOTION EXPENSES 139326 106287 0 33039 COMPLIMENTARY COPIES 29535 29535 BAD DEBT 6000 6000 29666 20324 89 9253 2182324 1739456 159438 283430 599633 653798 103066 100817 660247 353192 256734 191647 477049 483602 18838 25662 299358 181150 145588 118208 241190 296334 2502345 2223260 35946 35349 183198 157751 134707 128728 353851 321828 X 709930 761072 1338564 1040360 100000 100000 2148494 1901432 2502345 2223260 -315392 68330 0 X 0 1 X 1 0 X 676164 640774 1690830 1038438 1063148 5109354 676164 640774 1690830 1038438 1063148 5109354 1059358 4049996 9717 5562 1787 1218 443 18727 5128081 865652 0.78980 0.66810 X RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED 0 0 0 0 0 0 0 0 0 1 1500 0 0 0 1500 0 PART II-B, LINE 1: SCHEDULE C, PART II-B, LINE 1F: THE ORGANIZATION PAYS MEMBERSHIP DUES TO ONE ORGANIZATION TO LOBBY ON BEHALF OF THE ORGANIZATION. 100566 251 100817 101672 1218 2324 100566 103731 767 2826 101672 103367 1364 1000 103731 102926 1771 1000 103697 0.00000 0.99190 0.00810 0 0 85995 64968 21027 73830 65486 8344 139533 50696 88837 118208 ROYALTY ADVANCES 296334 296334 ROYALTY PAYABLE 128728 128728 X 2314309 119 447258 447377 1866932 0 1866932 2629701 119 447258 447377 2182324 0 2182324 PART V, LINE 4: THE FUNDS DRAWN FROM THE ENDOWMENT SHALL BE USED FOR THE PURPOSE OF SUPPORTING THE GRAYWOLF PRESS NONFICTION PRIZE UNTIL SUCH TIME AS SUCH CHARITABLE USE, IN THE JUDGMENT OF THE TRUSTEE (OR THE TRUSTEES DESIGNATED REPRESENTATIVE) AND THE BOARD OF DIRECTORS OF GRAYWOLF PRESS, BECOMES UNDESIRABLE, IMPRACTICAL, IMPOSSIBLE, OR NO LONGER ADAPTS TO THE MISSION OF GRAYWOLF PRESS. PART X, LINE 2: THE ORGANIZATION HAS A TAX-EXEMPT STATUS UNDER SECTION 501 (C)(3) OF THE INTERNAL REVENUE CODE AND HAS ADOPTED ACCOUNTING FOR UNCERTAINTY IN INCOME TAXES, ASC 740-10. THE ORGANIZATION'S POLICY IS TO EVALUATE UNCERTAIN TAX POSITIONS, AT LEAST ANNUALLY, FOR THE POTENTIAL FOR INCOME TAX EXPOSURE FROM UNRELATED BUSINESS INCOME OR FROM LOSS OF NONPROFIT STATUS. THE ORGANIZATION CONTINUES TO OPERATE CONSISTENT WITH ITS ORIGINAL EXEMPTION APPLICATION AND EACH YEAR TAKES THE NECESSARY ACTIONS TO MAINTAIN ITS EXEMPT STATUS. IT HAS BEEN CLASSIFIED AS AN ORGANIZATION THAT IS NOT A PRIVATE FOUNDATION UNDER THE INTERNAL REVENUE CODE AND CHARITABLE CONTRIBUTIONS BY DONORS ARE TAX DEDUCTIBLE. THE ORGANIZATION'S 2010 TO 2012 TAX RETURNS ARE SUBJECT TO REVIEW BY FEDERAL AND STATE AUTHORITIES. PART XI, LINE 2D - OTHER ADJUSTMENTS: COST OF GOODS SOLD 447,258. PART XII, LINE 2D - OTHER ADJUSTMENTS: COST OF GOODS SOLD 447,258. FORM 990, PART I, LINE 19 THE MAGNITUDE OF THE LOSS ON LINE 19, PART I, "REVENUE LESS EXPENSES" IS REFLECTIVE OF THE DRAWDOWN OF NEXT PAGE CAMPAIGN CONTRIBUTIONS RAISED IN PRIOR FISCAL YEARS. FORM 990, PART VI, SECTION A, LINE 1 THE EXECUTIVE COMMITTEE IS COMPRISED OF THE FOUR OFFICERS OF THE BOARD OF DIRECTORS. THE EXECUTIVE COMMITTEE MAY ACT DURING INTERVALS BETWEEN MEETINGS OF THE BOARD OF DIRECTORS, DURING WHICH AND SUBJECT TO THE BOARD'S CONTROL AND DIRECTION, THE COMMITTEE SHALL HAVE AND MAY EXERCISE ALL OF THE AUTHORITY AND POWERS OF THE BOARD OF DIRECTORS SUBJECT TO SUCH LIMITATIONS AS THE BOARD MAY IMPOSE FROM TIME TO TIME. UNLESS SPECIFICALLY AUTHORIZED BY THE BOARD OF DIRECTORS BY RESOLUTION APPROVED BY THE AFFIRMATIVE VOTE OF A MAJORITY OF THE DIRECTORS, THE EXECUTIVE COMMITTEE SHALL NOT HAVE THE AUTHORITY AND POWER TO ELECT OFFICERS, TO AMEND THE ARTICLES OF INCORPORATION, TO ADOPT A PLAN OF MERGER OR CONSOLIDATION, TO AUTHORIZE THE SALE, ENCUMBRANCE OR DISPOSITION OF ALL OR SUBSTANTIALLY ALL OF THE PROPERTY AND ASSETS OF THE CORPORATION, TO AUTHORIZE A VOLUNTARY DISSOLUTION OF THE CORPORATION OR A REVOCATION THEREOF, OR TO AMEND THE BYLAWS. FORM 990, PART VI, SECTION B, LINE 11 THE DRAFT FORM 990 IS REVIEWED IN DETAIL BY THE FINANCE AND OPERATIONS COMMITTEE. THE BOARD WILL BE PROVIDED AN ELECTRONIC OR PAPER COPY OF THE FINAL FORM 990, REFLECTING ANY CHANGES MADE AT THE DIRECTION OF THE COMMITTEE, ALONG WITH THE COMMITTEE'S RECOMMENDATION THAT THE BOARD AUTHORIZE ITS EXECUTION AND FILING ON BEHALF OF THE ORGANIZATION. BEFORE TAKING ACTION ON THE COMMITTEE'S RECOMMENDATION, THE BOARD WILL BE AFFORDED THE OPPORTUNITY TO RAISE QUESTIONS ABOUT THE CONTENT OF THE FORM 990 WITH MEMBERS OF THE COMMITTEE AND/OR THE FIRM'S EXTERNAL AUDITORS. FORM 990, PART VI, SECTION B, LINE 12C THE ORGANIZATION'S CONFLICT OF INTEREST POLICY COVERS BOARD DIRECTORS, OFFICERS, AND EMPLOYEES (RESPONSIBLE PERSONS). EACH RESPONSIBLE PERSON SHALL ANNUALLY COMPLETE A DISCLOSURE FORM IDENTIFYING ANY RELATIONSHIPS, POSITIONS, OR CIRCUMSTANCES IN WHICH THE RESPONSIBLE PERSON IS INVOLVED THAT HE OR SHE BELIEVES COULD CONTRIBUTE TO A CONFLICT OF INTEREST ARISING. BEFORE BOARD OR COMMITTEE ACTION ON A CONTRACT OR TRANSACTION INVOLVING A CONFLICT OF INTEREST, A DIRECTOR OR COMMITTEE MEMBER HAVING A CONFLICT OF INTEREST AND WHO IS IN ATTENDANCE AT THE MEETING SHALL DISCLOSE ALL FACTS MATERIAL TO THE CONFLICT OF INTEREST. SUCH DISCLOSURE IS DOCUMENTED IN THE MINUTES OF THE MEETING. A PERSON WHO HAS A CONFLICT OF INTEREST SHALL NOT PARTICIPATE IN OR BE PERMITTED TO HEAR THE BOARD'S OR COMMITTEE'S DISCUSSION AND DETERMINATION OF THE MATTER EXCEPT TO DISCLOSE MATERIAL FACTS AND TO RESPOND TO QUESTIONS. SUCH PERSON SHALL NOT ATTEMPT TO EXERT HIS OR HER PERSONAL INFLUENCE WITH RESPECT TO THE MATTER, EITHER AT OR OUTSIDE THE MEETING. A PERSON WHO HAS A CONFLICT OF INTEREST WITH RESPECT TO A CONTRACTOR OR TRANSACTION THAT WILL BE VOTED ON AT A MEETING SHALL NOT BE COUNTED IN DETERMINING THE PRESENCE OF A QUORUM FOR PURPOSES OF THE VOTE. THE PERSON HAVING A CONFLICT OF INTEREST MAY NOT VOTE ON THE CONTRACT OR TRANSACTION AND SHALL NOT BE PRESENT IN THE MEETING ROOM WHEN THE VOTE IS TAKEN, UNLESS THE VOTE IS BY SECRET BALLOT. SUCH PERSON'S INELIGIBILITY TO VOTE IS DOCUMENTED IN THE MINUTES OF THE MEETING. RESPONSIBLE PERSONS WHO ARE NOT MEMBERS OF THE BOARD OF DIRECTORS OF THE ORGANIZATION, OR WHO HAVE A CONFLICT OF INTEREST WITH RESPECT TO A CONTRACT OR TRANSACTION THAT IS NOT THE SUBJECT OF BOARD OR COMMITTEE ACTION, SHALL DISCLOSE TO THE CHIEF EXECUTIVE OR TO THE BOARD CHAIR OR THE CHAIR'S DESIGNEE, ANY CONFLICT OF INTEREST THAT SUCH RESPONSIBLE PERSON HAS WITH RESPECT TO A CONTRACT OR TRANSACTION. SUCH DISCLOSURE SHALL BE MADE AS SOON AS THE CONFLICT OF INTEREST IS KNOWN TO THE RESPONSIBLE PERSON. THE RESPONSIBLE PERSON SHALL REFRAIN FROM ANY ACTION THAT MAY AFFECT THE ORGANIZATION'S PARTICIPATION IN SUCH CONTRACT OR TRANSACTION. IN THE EVENT IT IS NOT ENTIRELY CLEAR THAT A CONFLICT OF INTEREST EXISTS, THE INDIVIDUAL WITH THE POTENTIAL CONFLICT SHALL DISCLOSE THE CIRCUMSTANCES TO THE CHIEF EXECUTIVE OR BOARD CHAIR OR THE CHAIR'S DESIGNEE, WHO SHALL DETERMINE WHETHER THERE EXISTS A CONFLICT OF INTEREST THAT IS SUBJECT TO THE ORGANIZATION'S CONFLICT OF INTEREST POLICY. FORM 990, PART VI, SECTION B, LINE 15 ACTIONS AFFECTING THE COMPENSATION OF THE EXECUTIVE DIRECTOR ARE APPROVED BY THE BOARD OF DIRECTORS BASED UPON THE RECOMMENDATION OF THE BOARD CHAIR AND THE CHAIR OF THE BOARD'S FINANCE AND OPERATIONS COMMITTEE. THESE RECOMMENDATIONS ARE BASED ON, AMONG OTHER THINGS, (1) THE RESPONSIBILITIES AND REQUIREMENTS OF THE EXECUTIVE DIRECTOR, AS DETERMINED BY THE BOARD OF DIRECTORS; (2) REFERENCE TO THE COMPENSATION OF INDIVIDUALS IN POSITIONS DEEMED COMPARABLE TO THAT OF THE EXECUTIVE DIRECTOR, AS FOUND (FOR EXAMPLE) IN THE MINNESOTA NONPROFIT SURVEY; AND (3) THE PERFORMANCE OF THE ORGANIZATION UNDER THE EXECUTIVE DIRECTOR'S LEADERSHIP, IN ACHIEVING THE GOALS ESTABLISHED IN ITS STRATEGIC PLAN ADOPTED BY THE BOARD. THE DELIBERATIONS AND DECISION OF THE BOARD ARE UNDERTAKEN IN A MINUTED EXECUTIVE SESSION. THE PROCESS WAS UNDERTAKEN IN 2013 TO APPROVE THE CURRENT COMPENSATION OF THE EXECUTIVE DIRECTOR, F. MCCRAE. AS PART OF THE ANNUAL BUDGET PROCESS, THE EXECUTIVE DIRECTOR WILL RECOMMEND THE COMPENSATION FOR EACH MEMBER OF THE STAFF WHICH WILL BE REVIEWED WITH THE CHAIR OF THE BOARD OF DIRECTORS AND THE CHAIR OF THE BOARD'S FINANCE AND OPERATIONS COMMITTEE. ON THE BASIS OF THIS REVIEW, THE BOARD CHAIR AND THE COMMITTEE CHAIR WILL RECOMMEND APPROVAL BY THE BOARD OF THE AGGREGATE AMOUNT BUDGETED FOR STAFF COMPENSATION FOR THE RELEVANT PERIOD. OUTSIDE THE ANNUAL BUDGETING PROCESS, THE EXECUTIVE DIRECTOR MAY APPROVE COMPENSATION INCREASES AND OFFERS OF EMPLOYMENT SPECIFYING COMPENSATION, FOR INDIVIDUAL STAFF MEMBERS UPON PRIOR CONSULTATION WITH THE BOARD CHAIR AND/OR THE COMMITTEE CHAIR. IN 2012, GUIDELINES WERE DEVELOPED BASED ON A SPECIALIST'S SURVEY OF COMPENSATION PAID BY OTHER NOT-FOR-PROFIT ORGANIZATIONS FOR COMPARABLE POSITIONS TO ASSIST IN ASSESSING THE APPROPRIATENESS OF COMPENSATION FOR ALL STAFF POSITIONS CONTEMPLATED BY THE 2013 BUDGET. THESE GUIDELINES ARE APPLIED IN ALL DETERMINATIONS ABOUT COMPENSATION. FORM 990, PART VI, SECTION C, LINE 19 THE ORGANIZATION MAKES ITS GOVERNING DOCUMENTS, CONFLICT OF INTEREST POLICY, AND FINANCIAL STATEMENTS AVAILABLE TO THE PUBLIC UPON REQUEST. FORM 990, PART XI, LINE 8 PRIOR PERIOD ADJUSTMENT GRAYWOLF PRESS RESTATED ITS 2012 FINANCIAL STATEMENTS TO PROPERLY PRESENT GOVERNMENT GRANT REVENUE AND GRANTS RECEIVABLE RELATING TO TWO 2012 GRANT AWARDS. DURING 2013, GRAYWOLF FOUND THAT THESE TWO GRANT RECEIVABLES HAD BEEN WRITTEN OFF TO OPERATING CONTRIBUTION REVENUE. RESTATEMENT WAS MADE TO THE 2013 AMOUNTS FOR THESE DISCREPANCIES IN GRANTS RECEIVABLE. EFFECTS OF THE RESTATEMENT WERE TO INCREASE GRANTS RECEIVABLE AND OPERATING CONTRIBUTION REVENUE BY $68,330, ALSO RESULTING IN AN INCREASE IN TOTAL NET ASSETS FOR 2012 BY $68,330.