2012-05-15T15:48:23-05:00 2011-12-31 410746749 CLIFTONLARSONALLEN LLP 220 SOUTH SIXTH STREET SUITE 300 MINNEAPOLIS MN 55402 990 2011-01-01 911257237 GRAYWOLF PRESS GRAY 6516410077 250 THIRD AVENUE N NO 600 MINNEAPOLIS MN 55401 FIONA MCCRAE 6516410077 2012-04-13 1 LARRY ADAMS P01314654 6123764500 2011 2016-02-24 21:20:13Z FIONA MCCRAE 250 THIRD AVENUE N NO 600 MINNEAPOLIS MN 55401 2986628 0 X WWW.GRAYWOLFPRESS.ORG X 1974 MN GRAYWOLF PRESS IS DEDICATED TO THE CREATION OF THOUGHFUL AND IMAGINATIVE CONTEMPORARY LITERATURE. 19 19 11 37 0 0 640774 1690830 180479 109497 5562 1787 604393 727435 1431208 2529549 0 0 0 0 481897 595225 0 0 209131 1048851 1016620 1530748 1611845 -99540 917704 1551745 2483971 273181 287703 1278564 2196268 X GRAYWOLF PRESS IS DEDICATED TO THE CREATION AND PROMOTION OF THOUGHTFUL AND IMAGINATIVE CONTEMPORARY LITERATURE ESSENTIAL TO A VITAL AND DIVERSE CULTURE. 0 0 430128 0 728202 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 $2.3 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 PUBLISHED TWENTY-NINE BOOKS IN 2011 THAT GENERATED A RECORD AMOUNT OF SALES AND RECEIVED AN UNPRECEDENTED LEVEL OF RECOGNITION. WE REACHED AN ESTIMATED AUDIENCE OF 225,000 PEOPLE. GRAYWOLF AUTHORS READ AT MORE THAN 300 EVENTS AND REACHED MORE THAN 9,500 READERS. -TWO GRAYWOLF AUTHORS ARE FINALISTS FOR THE 2012 MINNESOTA BOOK AWARDS - "IN CADDIS WOOD" BY MARY FRANCOIS ROCKCASTLE AND "INVISIBLE STRINGS" BY JIM MOORE.-OF THE TWENTY-NINE TITLES WE PUBLISHED IN 2011, ELEVEN RECEIVED POSITIVE REVIEWS IN THE STAR TRIBUNE AND MORE THAN ONE-THIRD RECEIVED POSITIVE REVIEWS IN THE NEW YORK TIMES AND THE NEW YORK TIMES BOOK REVIEW. -"THE LAST BROTHER" BY NATHACHA APPANAH, "VOLT" BY ALAN HEATHCOCK, AND "CHILD WONDER" BY NORWEGIAN AUTHOR ROY JACOBSEN WERE NAMED BARNES & NOBLE DISCOVER GREAT NEW WRITERS SELECTIONS FOR 2011. 420962 0 57206 PROMOTION AND OUTREACH EFFORTS FOR THE PUBLICATIONS THAT INCLUDE AUTHOR READINGS, DISCUSSION PANELS, LECTURES AND CLASSES CONDUCTED BY STAFF.-SWEDISH POET TOMAS TRANSTROMER WAS AWARDED THE 2011 NOBEL PRIZE IN LITERATURE. IN 2001, GRAYWOLF PUBLISHED "THE HALF-FINISHED HEAVEN: THE BEST POEMS OF TOMAS TRANSTROMER," CHOSEN AND TRANSLATED BY ROBERT BLY, TO CRITICAL ACCLAIM. MORE THAN 500 PEOPLE CELEBRATED THE HONOR WHEN ROBERT BLY READ AT PLYMOUTH CONGREGATIONAL CHURCH IN MINNEAPOLIS IN DECEMBER, 2011.-DEBORAH BAKER'S "THE CONVERT: A TALE OF EXILE AND EXTREMISM" WAS NAMED A FINALIST FOR THE NATIONAL BOOK AWARD IN NONFICTION. "THE CONVERT" ALSO RECEIVED STARRED REVIEWS FROM PUBLISHERS WEEKLY, KIRKUS REVIEWS, AND LIBRARY JOURNAL, AND WAS CHOSEN AS ONE OF THE TOP 100 BOOKS OF 2011 BY THE KANSAS CITY STAR. -THE UNIVERSITY OF CINCINNATI AND THE BLAKE SCHOOL OF MINNEAPOLIS SELECTED "NOTES FROM NO MAN'S LAND" BY EULA BISS, WINNER OF THE 2009 NATIONAL BOOK CRITICS CIRCLE AWARD FOR CRITICISM, AS THEIR COMMON READ FOR THE 2011-2012 SCHOOL YEAR. BISS VISITED BLAKE AND LED A DISCUSSION ABOUT RACE WITH AN AUDIENCE OF OVER SIXTY STUDENTS, PARENTS, TEACHERS, AND COMMUNITY MEMBERS. 384792 0 52291 EDITORIAL SERVICES - INCLUDES DEVELOPING MANUSCRIPTS AND PREPARING THEM FOR PUBLICATION, CULTIVATING AUTHORS AND DEVELOPING AND MAINTAINING AN AUDIENCE FOR CONTEMPORARY LITERATURE. 1235882 1 1 0 1 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 0 1 97 0 11 1 0 0 0 0 0 0 0 0 0 0 X 19 19 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 KIT BRIEM 6516410077 250 THIRD AVENUE N SUITE 600 MINNEAPOLIS MN 55401 BETSY HANNAFORD 2.00 X X 0 0 0 COLIN HAMILTON 2.00 X X 0 0 0 LENI DARROW MOORE 2.00 X X 0 0 0 JOHN JUNEK 2.00 X X 0 0 0 RONNIE BROOKS 2.00 X 0 0 0 SHIRLEY HUGHES 2.00 X 0 0 0 ED MCCONAGHAY 2.00 X 0 0 0 JENNIFER MELIN MILLER 2.00 X 0 0 0 GLENN MILLER 2.00 X 0 0 0 WENDA MOORE 2.00 X 0 0 0 GEORGIA MURPHY JOHNSON 2.00 X 0 0 0 BRUNO QUINSON 2.00 X 0 0 0 GAIL SEE 2.00 X 0 0 0 KIM SEVERSON 2.00 X 0 0 0 KATE TABNER 2.00 X 0 0 0 KIM VAPPIE 2.00 X 0 0 0 JOANNE VON BLON 2.00 X 0 0 0 MELINDA WARD 2.00 X 0 0 0 FIONA MCCRAE 40.00 X 115145 0 12029 115145 0 12029 1 0 0 0 0 160911 1529919 15239 1690830 RIGHTS REVENUE 511130 109497 109497 109497 1787 1787 49973 49973 0 0 4332 5099 -767 -767 1130209 402007 728202 728202 2529549 837699 0 1020 127174 80057 17845 29272 359868 226684 50751 82433 12649 7915 1689 3045 61137 38254 8164 14719 34397 21522 5125 7750 12222 12222 84846 58642 23296 2908 33907 33907 103594 75923 15278 12393 31194 19750 5038 6406 216670 216670 51902 27583 16545 7774 39148 34907 4241 11850 2422 1725 7703 20693 13102 3342 4249 6302 3990 1018 1294 DISTRIBUTION FEES 213459 213459 PROMOTION EXPENSES 123620 106803 16817 COMPLIMENTARY COPIES 23535 23535 DUES AND SUBSCRIPTIONS 14007 9390 4617 29671 21367 4794 3510 1611845 1235882 166832 209131 0 549260 593225 102653 157895 799051 206869 300286 366859 427081 22125 28901 161120 96502 60021 64618 144751 212121 1551745 2483971 45360 41469 129787 140035 98034 106199 273181 287703 X 657537 905061 521027 1191207 100000 100000 1278564 2196268 1551745 2483971 917704 0 X 0 1 1 X 0 X 509308 551366 676164 640774 1690830 4068442 509308 551366 676164 640774 1690830 4068442 903250 3165192 32393 19525 9717 5562 1787 68984 140482 349639 180479 109497 780097 4917523 0.64370 0.60700 X SCHEDULE A, PART II, LINE 10, EXPLANATION OF OTHER INCOME: RIGHTS REVENUE RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED 0 0 0 0 0 0 0 0 0 1 3567 0 0 0 3567 0 PART IV, SUPPLEMENTAL INFORMATION: SCHEDULE C, PART II-B, LINE 1F: THE ORGANIZATION PAYS MEMBERSHIP DUES TO TWO ORGANIZATIONS THAT LOBBY ON BEHALF OF THE ORGANIZATION. 103731 766 2826 101671 103367 1364 1000 103731 102926 1771 1000 103697 102330 2596 1000 103926 0.00000 0.98400 0.01600 0 0 85995 34140 51855 75125 62362 12763 64618 ROYALTY ADVANCES 212121 212121 ROYALTY PAYABLE 106199 106199 2529549 1611845 917704 917704 2932181 625 402007 402632 2529549 0 2529549 2014477 625 402007 402632 1611845 0 1611845 DESCRIPTION OF INTENDED USE OF ENDOWMENT FUNDS: 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. DESCRIPTION OF UNCERTAIN TAX POSITIONS UNDER FIN 48: PART X: 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 2008 TO 2011 TAX RETURNS ARE SUBJECT TO REVIEW BY FEDERAL AND STATE AUTHORITIES. PART XII, LINE 2D - OTHER ADJUSTMENTS: COST OF GOODS SOLD 402,007. PART XIII, LINE 2D - OTHER ADJUSTMENTS: COST OF GOODS SOLD 402,007. CONTINUATION OF ORGANIZATION'S MISSION FORM 990, PART III, LINE 1 ALL OF THE ORGANIZATION'S PUBLICATIONS ARE DISTRIBUTED AND PROMOTED INTERNATIONALLY. PROMOTION AND OUTREACH EFFORTS ALSO INCLUDE AUTHOR READINGS, DISCUSSION PANELS, LECTURES AND CLASSES CONDUCTED BY GRAYWOLF PRESS STAFF. FORM 990, PART VI, SECTION A, LINE 1 THE ORGANIZATION'S EXECUTIVE COMMITTEE IS COMPRISED OF THE PRESIDENT AND OTHER DIRECTORS APPOINTED BY THE BOARD OF DIRECTORS. THE EXECUTIVE COMMITTEE HAS THE AUTHORITY TO ACT DURING THE INTERVALS BETWEEN MEETINGS OF THE BOARD OF DIRECTORS SUBJECT TO SUCH LIMITATIONS 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 DOES NOT HAVE THE AUTHORITY OR 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 ORGANIZATION, 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 ELECTRIC 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 AS 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 CONTACT 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 2011 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. THIS PROCESS WAS UNDERTAKEN IN 2011 AS PART OF THE APPROVAL OF THE ORGANIZATION'S 2012 BUDGET. FORM 990, PART VI, SECTION C, LINE 19 THE ORGANIZATION MAKES IT GOVERNING DOCUMENTS, CONFLICT OF INTEREST POLICY, AND FINANCIAL STATEMENTS AVAILABLE TO THE PUBLIC UPON REQUEST.