2012-03-28T09:19:11-05:00 2011-10-31 CLIFTONLARSONALLEN LLP 220 SOUTH SIXTH STREET SUITE 300 MINNEAPOLIS MN 55402 990 2010-11-01 412013696 MINNESOTA STATE FAIR FOUNDATION MINN 6516322621 1265 SNELLING AVENUE NORTH ST PAUL MN 551083099 FRANK PARISI 6516322621 2012-03-22 1 XIAOYAN LUO 6123764500 2010 2016-02-24 21:20:13Z FRANK PARISI 1265 SNELLING AVENUE NORTH ST PAUL MN 551083099 2069735 0 X WWW.MSFFOUNDATION.ORG X 2001 MN TO PRESERVE, IMPROVE & SUPPORT THE HISTORIC MINNESOTA STATE FAIR. 24 24 5 275 0 0 626483 1721863 0 0 3218 5805 191524 212595 821225 1940263 318758 481940 0 0 370764 368360 0 0 171162 185525 163144 875047 1013444 -53822 926819 1150939 2066481 289249 277895 861690 1788586 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 655722 481940 0 IN 2011, THE MINNESOTA STATE FAIR FOUNDATION GRANTED $560,457 (INCLUDING $78,517 OF DONATED SERVICES RECEIVED BY THE FOUNDATION AND PASSED THROUGH FOR THE BENEFIT OF THE STATE FAIR) TO THE STATE FAIR FOR CAPITAL AND PROGRAM IMPROVEMENTS INCLUDING: SUPPORT FOR THE STATE FAIR ARCHIVES PROJECT, VOCABULARY BUILDING ACTIVITIES IN BALDWIN PARK, HISTORY PROGRAMS DURING THE FAIR, NEW LED DISPLAY IN THE WARNER COLISEUM, SUPPORT FOR THE GIANT SING ALONG PUBLIC ART INSTALLATION, AND DEVELOPMENT OF THE NEW EQUINE AND LIVESTOCK ARENA. THE FOUNDATION ALSO RECEIVED AND GRANTED TO THE STATE FAIR OVER $100,000 IN FINE ART SCULPTURES.ADDITIONALLY, OTHER FUNDING WAS PROVIDED TO ADVANCE AGRICULTURE AND THE ENVIRONMENT. CUMULATIVELY, SINCE THE START OF THE FOUNDATION IN 2001, OVER $5 MILLION OF CASH AND IN-KIND CONTRIBUTIONS HAVE BEEN MADE TO THE STATE FAIR. THE FOUNDATION ALSO RETAINS ASSETS FOR FUTURE GRANTS. THE FOUNDATION'S OPERATING EXPENSES ARE FUNDED THROUGH CONTRIBUTIONS, EARNED INCOME AND THE STATE FAIR. 655722 1 1 0 0 0 0 1 0 1 1 0 0 0 1 1 1 0 0 0 0 0 0 0 1 0 0 1 0 1 0 0 0 0 0 0 0 0 1 1 0 0 0 0 0 0 0 0 1 3 0 1 5 1 0 0 0 0 0 0 0 0 0 0 X 24 24 1 0 0 0 0 0 0 1 1 0 0 1 1 1 1 1 1 1 0 0 MN X X JENNINE DUDA 6516322621 1265 SNELLING AVENUE NORTH ST PAUL MN 551083099 FRANK PARISI 3.00 X X 0 0 0 DAVID SORENSEN 2.00 X X 0 0 0 JERRY HAMMER 2.00 X X 0 0 0 STEVE EILERTSON 2.00 X X 0 0 0 PATRICK BAILEY 1.00 X 0 0 0 MITCH DAVIS 1.00 X 0 0 0 JOHN FABIE 1.00 X 0 0 0 JIM FOSS 1.00 X 0 0 0 TERRY GILBERSTADT 1.00 X 0 0 0 ROBYN HANSEN 1.00 X 0 0 0 JEFF HAWKINS 1.00 X 0 0 0 DAVID JOHNSON 1.00 X 0 0 0 JOHN KEENAN 1.00 X 0 0 0 MALCOLM MCDONALD 1.00 X 0 0 0 GINNY MORRIS 1.00 X 0 0 0 STEVE POPPEN 1.00 X 0 0 0 BRAD RIBAR 1.00 X 0 0 0 CLARICE SCHMIDT 1.00 X 0 0 0 CINDIE SMART 1.00 X 0 0 0 JIM SMART 1.00 X 0 0 0 PATTY SMITH 1.00 X 0 0 0 GUY WARNER 1.00 X 0 0 0 JIM WINTER 1.00 X 0 0 0 CRAIG WRUCK 1.00 X 0 0 0 KAY CADY 40.00 X 146038 0 22473 146038 0 22473 1 0 1 0 0 13441 1708422 163714 1721863 5805 5805 39764 13441 46794 -7030 -7030 298260 82678 215582 215582 MISCELLANEOUS INCOME 561000 4043 4043 4043 1940263 0 0 218400 481940 481940 174507 69803 43627 61077 137681 50942 53696 33043 6824 2525 2661 1638 29484 10909 11499 7076 19864 7350 7747 4767 3028 1624 1404 33328 33328 3257 1140 1205 912 35470 2302 15357 17811 97 34 36 27 4081 1428 1510 1143 1798 1563 235 1758 627 1131 4409 4409 9278 3247 3433 2598 3460 1211 1280 969 MATERIALS 39194 331 2530 36333 SALES TAXES 9525 9525 FOOD 5689 2300 3182 207 LOSS ON OBSLT INVENTORY 4602 4602 RECOGNITION 2251 361 1099 791 1919 1363 556 1013444 655722 186560 171162 101457 249722 599212 1181481 400527 590975 0 1050 3906 3848 8300 10509 33062 22765 37537 10297 18599 1150939 2066481 21019 23610 268230 254285 289249 277895 X 117602 207351 744088 1550316 30919 861690 1788586 1150939 2066481 X 926819 77 X 0 1 1 X 0 X 643588 973648 1046046 626483 1721863 5011628 643588 973648 1046046 626483 1721863 5011628 821825 4189803 52047 40263 14131 3218 5805 115464 380 245 4043 4668 5131760 1174137 0.81640 0.95680 X SCHEDULE A, PART II, LINE 10, EXPLANATION OF OTHER INCOME: MISCELLANEOUS REVENUE RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED 100600 0 X GIFTED TO MINNESOTA STATE FAIR 0 0 18500 99 18599 0.13610 0.86030 0.00360 1 0 33062 22765 10297 10297 PAYABLES DUE TO THE MINNESOTA STATE AGRICULTURAL SOCIETY 254285 254285 1940263 1013444 926819 77 77 926896 2051647 77 105877 5430 111384 1940263 0 1940263 1124751 105877 5430 111307 1013444 0 1013444 PART III, LINE 4: THE FOUNDATION RECEIVED AN ARTWORK COLLECTION THAT WAS GIFTED TO THE MINNESOTA STATE FAIR PRIOR TO THE END OF THE YEAR. DESCRIPTION OF INTENDED USE OF ENDOWMENT FUNDS: 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 OF THE MINNESOTA STATE FAIR. DESCRIPTION OF UNCERTAIN TAX POSITIONS UNDER FIN 48: PART X: 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 2008 TO 2010 ARE OPEN TO EXAMINATION BY FEDERAL AUTHORITIES. PART XII, LINE 2D - OTHER ADJUSTMENTS: SPECIAL EVENT EXPENSES IN EXCESS OF DIRECT BENEFIT 5,430. PART XIII, LINE 2D - OTHER ADJUSTMENTS: SPECIAL EVENT EXPENSES IN EXCESS OF DIRECT BENEFIT 5,430. TASTE OF THE FAIR 53205 13441 39764 24118 17071 175 5430 53205 13441 39764 24118 17071 175 5430 46794 -7030 1 MINNESOTA STATE AGRICULTURAL SOCIETY 1265 SNELLING AVENUE NORTH ST PAUL MN 55108 411531915 501(C)(3) 322943 158997 FMV SERVICES & MISCELLANEOUS ITEMS VALUED AT FMV. IMPROVEMENTS & PROGRAMMING AT/FOR THE FAIR GROUNDS. 1 0 PROCEDURE FOR MONITORING GRANTS IN THE U.S.: PART I, LINE 2: SCHEDULE I, 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 146038 0 0 0 0 0 7497 0 14976 0 168511 0 0 0 X 1 100600 FMV X 5 2085 FMV X AUCTION ITEMS 25 15002 FMV X PORTA COOL UNIT 1 1000 FMV X POSTER/PRINTS 2 7028 FMV X TREES/LANDSCAPE 6 11477 FMV X GRAVEL AND GRADING 2 20000 FMV X FARM EQUIPMENT 1 5873 FMV X MISC ITEMS 1 650 FMV 0 0 1 0 FORM 990, PART VI, SECTION A, LINE 1 THE FOUNDATION'S EXECUTIVE COMMITTEE IS COMPRISED OF THE OFFICERS OF THE BOARD OF DIRECTORS. THE EXECUTIVE COMMITTEE HAS THE AUTHORITY TO ACT ON BEHALF OF THE BOARD. 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 FINANCE 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 2011. FORM 990, PART VI, SECTION C, LINE 19 THE FOUNDATION MAKES ITS GOVERNMENT DOCUMENTS, CONFLICT OF INTEREST POLICY AND FINANCIAL STATEMENTS AVAILABLE TO THE PUBLIC UPON REQUEST. CHANGES IN NET ASSETS OR FUND BALANCES: FORM 990, PART XI, LINE 5: NET UNREALIZED GAINS ON INVESTMENTS: 77.