2014-04-14T22:57:12-05:00 2013-05-31 390859910 BAKER TILLY VIRCHOW KRAUSE LLP 225 S 6TH ST STE 2300 MINNEAPOLIS MN 55402 990 2012-06-01 411607453 MINNEAPOLIS COLLEGE OF ART & DESIGN MINN 6128743700 2501 STEVENS AVE S MINNEAPOLIS MN 55404 PAM NEWSOME-PROCHNIAK 6128743700 2014-04-12 1 LAWRENCE H MOHR CPA P00447603 6128764500 2012 2015-11-30 17:44:51Z JAY COOGAN 2501 STEVENS AVE S MINNEAPOLIS MN 55404 29857603 0 X WWW.MCAD.EDU X 1988 MN THE MINNEAPOLIS COLLEGE OF ART & DESIGN'S (MCAD) MISSION STATEMENT IS: THE MCAD EDUCATES INDIVIDUALS TO BE PROFESSIONAL ARTISTS AND DESIGNERS, PIONEERING THINKERS, CREATIVE LEADERS, AND ENGAGED, GLOBAL CITIZENS. THE VISION IS: THE MCAD TRANSFORMS THE WORLD THROUGH CREATIVITY AND PURPOSE. THE VALUES ARE: WE, THE MCAD COMMUNITY, SHAPE OUR WORK AND OUR INTERACTIONS WITH OTHERS BY HONORING THE FOLLOWING VALUES: STUDENTS FIRST, ACADEMIC AND INSTITUTIONAL EXCELLENCE, CREATIVITY AND INNOVATION, COMMUNITY, AND ENGAGEMENT. 23 22 858 23 0 0 4886175 3495121 21419644 23721899 1023891 1294155 -73649 33301 27256061 28544476 6113881 7504648 0 0 12684553 11825070 0 10375 498002 7168374 7082452 25966808 26422545 1289253 2121931 65435804 71780618 18794440 15431682 46641364 56348936 X THE MINNEAPOLIS COLLEGE OF ART & DESIGN'S (MCAD) MISSION STATEMENT IS: THE MCAD EDUCATES INDIVIDUALS TO BE PROFESSIONAL ARTISTS AND DESIGNERS, PIONEERING THINKERS, CREATIVE LEADERS, AND ENGAGED, GLOBAL CITIZENS. THE VISION IS: THE MCAD TRANSFORMS THE WORLD THROUGH CREATIVITY AND PURPOSE. THE VALUES ARE: WE, THE MCAD COMMUNITY, SHAPE OUR WORK AND OUR INTERACTIONS WITH OTHERS BY HONORING THE FOLLOWING VALUES: STUDENTS FIRST, ACADEMIC AND INSTITUTIONAL EXCELLENCE, CREATIVITY AND INNOVATION, COMMUNITY, AND ENGAGEMENT. 0 0 9328623 7504648 21282671 ACADEMIC AFFAIRS:- SUCCESSFUL FILING AND HLC, MOHE APPROVAL FOR MCAD AS THE TEACH OUT INSTITUTION FOR 40 SENIOR STUDENTS FROM THE NOW CLOSED COLLEGE OF VISUAL ARTS - STATE APPROVAL FOR ONE TIME GRANTING OF FASHION DESIGN DEGREES FOR 3 CVA TEACH OUT SENIORS- DEVELOPED PARTNERSHIPS WITH 3M AND TARGET CORPORATIONS, INVOLVING 72 STUDENTS - REINSTITUTION OF ESL SUMMER CLASS, REVISED TOEFL ENTRANCE REQUIREMENTS, AND STANDARDIZED INTERVIEW PROCESS FOR MATRICULATED FOREIGN STUDENTS- CROSS-DISCIPLINARY PAIRED CLASSES DEVISED FOR COLLABORATIVE EMBEDDED PROJECTS, INVOLVING 12 CLASSES- DEVISED POD MENTORING STRUCTURE FOR INCREASED NUMBERS FOR GRAPHIC DESIGN STUDENTS IN THE MFA PROGRAM- DEVELOPED THE CREATIVE TECHNOLOGIES CERTIFICATE IN CONTINUING STUDIES 2742097 1291674 STUDENT AFFAIRS:-ORIENTATION: 500 ATTENDEES TO THE MOVE-IN DINNER. 195 NEW STUDENTS ATTENDED FALL ORIENTATION.-COMMENCEMENT: DECEMBER 2012 HAD 24 BFA & 8 BSC GRADUATES. MAY 2013 HAD 110 BFA, 3 BSC, 23 MFA, AND 4 MA GRADUATES. THE FIRST HOODING CEREMONY FOR THE MFA AND MA GRADUATES WAS HELD SEPARATE FROM THE COMMENCEMENT CEREMONY IN AUD 150. -INTERNATIONAL: 20 NEW DEGREE-SEEKING STUDENTS ATTENDED MCAD AND FOUR EXCHANGE STUDENTS. 13 MCAD STUDENTS STUDIED OFF-CAMPUS. OPT (OPTIONAL PRACTICAL TRAINING) WAS OFFERED TO SEVEN MFA STUDENTS AND ALL WERE GRANTED EMPLOYMENT AUTHORIZATION. -COUNSELING: 504 APPOINTMENTS WERE CONDUCTED, UP FROM 351 THE PREVIOUS YEAR. -STUDENT ACTIVITIES: THERE WERE 60 ACTIVITIES FOR STUDENTS HELD, UP FROM 50 THE PREVIOUS YEAR. AND 5 NEW CLUBS FOR A TOTAL OF 43 REGISTERED CLUBS. 1644429 486908 ACADEMIC SERVICES:- THE LIBRARY RECEIVED A GRANT FROM MINNESOTA HISTORICAL SOCIETY TO BRING OUR ARCHIVES UP TO PROFESSIONAL STANDARDS, UNDER THE DIRECTION OF A PROFESSIONAL ARCHIVIST- GALLERY AND EXHIBITION PROGRAMS EXPANDED MCAD'S PARTICIPATION IN THE NORTHERN SPARK ALL-NIGHT ARTS FESTIVAL WITH INCREASED NUMBER OF STUDENT PROJECTS AND COMMISSIONING ONE ALUMNI PROJECT.- DEVELOPED THE INITIAL PHASE OF MCAD'S INSTITUTIONAL COMPLIANCE WEBSITE IN RESPONSE TO ACCREDITATION REQUIREMENTS- ACADEMIC SERVICES SUPPORTED AN MFA CLASS OF 25 STUDENTS WITH AN OFF-CAMPUS THESIS EXHIBITION, BUILDING OUT A NEW SPACE AT NORTHRUP KING BUILDING.- DEVELOPED A "FACULTY DEGREE EQUIVALENCY RUBRIC" IN CONSULTATION WITH CAMPUS LEADERS AND IN RESPONSE TO HLC AND MOHE REQUESTS- RE-DESIGNED THE ONLINE FIVE-WEEK TRAINING COURSE FOR ONLINE INSTRUCTORS IN THE SUSTAINABLE DESIGN AND THE INTERACTIVE DESIGN + MARKETING PROGRAMS TO BETTER ACCOMMODATE NEW FACULTY, COURSE REDESIGN, MORE FLEXIBILITY. 5434369 660646 OTHER:- WE MANAGED THE CITY/NEIGHBORHOOD APPROVAL PROCESS TO MOVE TWO RESIDENTIAL STRUCTURES OFF CAMPUS- WE MANAGED THE DESIGN PROCESS FOR A SUMMER 2014 RENOVATION OF THE MAIN BUILDING MEDIA AREA.- WE COMPLETED AN ACADEMIC SPACE UTILIZATION STUDY TO IDENTIFY FUTURE POTENTIAL SPACE REORGANIZATIONS/PROJECTS.- WE CONSTRUCTED A NEW 3D SHOP LASER CUTTER CLASSROOM FOR APPROXIMATELY $74,000- WE REPLACED EXHIBITION/GALLERY LIGHTING WITH LED LIGHTS RESULTING IN A $30,171 SAVINGS IN ELECTRICAL UTILITIES ANNUALLY.- WE FINISHED A MAIN BUILDING STEAM CONVERTOR MECHANICAL PROJECT FOR APPROXIMATELY $55,000.- WE COMPLETED THE DESIGNWORK FOR ROOF REPLACEMENTS ON 2537, 148, LA WING, CARPENTRY SHOP AND THE MAIN BUILDING WEST ANNEX. 5434369 660646 19149518 1 1 0 1 0 0 0 0 0 1 1 1 0 0 1 1 1 0 1 1 1 0 0 0 1 0 0 0 1 1 1 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 1 0 0 0 1 228 0 858 1 0 0 0 0 0 1 1 0 0 0 0 X 23 22 0 0 0 0 0 0 0 1 1 1 0 0 1 1 1 1 1 1 0 0 MN X MARY YANG THAO 6128743700 2501 STEVENS AVE S MINNEAPOLIS MN 55404 JAY COOGAN 35.00 X X 286354 0 35812 MARY ASH LAZARUS 1.00 X X 0 0 0 BRUCE W BEAN 1.00 X 0 0 0 KEVIN BENNETT 1.00 X 0 0 0 LESLIE BERKSHIRE 1.00 X 0 0 0 RYAN BURNET 1.00 X 0 0 0 URI CAMARENA 1.00 X 0 0 0 ANNE CASHILL 1.00 X 0 0 0 ANDREW DAYTON 1.00 X 0 0 0 CY DECOSSE 1.00 X 0 0 0 MILES Q FITERMAN 1.00 X 0 0 0 JANET GROENERT 1.00 X 0 0 0 JAY JACKLEY 1.00 X 0 0 0 B JOHN LINDAHL 1.00 X 0 0 0 MONICA LITTLE 1.00 X 0 0 0 MITZI MAGID 1.00 X 0 0 0 BETSY MASSIE 1.00 X 0 0 0 DAVID MOORE 1.00 X 0 0 0 CLINTON H MORRISON 1.00 X 0 0 0 MARY MIMI BOWMAN RAE 1.00 X 0 0 0 HOWARD RUBIN 1.00 X 0 0 0 JULIE SNOW 1.00 X 0 0 0 ROBERT TESLOW 1.00 X 0 0 0 BILL THORBURN 1.00 X 0 0 0 PAMELA NEWSOME-PROCHNIAK 35.00 X 105569 0 12600 JOAN OLSON 35.00 X 154487 0 33728 DANIEL SJOQUIST 35.00 X 97426 0 9931 KAREN WIRTH 35.00 X 123649 0 15947 WILLIAM MULLEN 35.00 X 100327 0 23664 SUSAN CALMENSON 35.00 X 81948 0 10930 949760 0 142612 5 0 1 0 SCHUMACHER ELEVATOR COMPANY ONE SCHUMACHER WAY PO BOX 393 DENVER IA 50622 ELEVATOR SERVICING, REPAIR AND PARTS 156379 MINNEAPOLIS INSTITUTE OF ARTS 2400 3RD AVE S MINNEAPOLIS MN 55404 PHYSICAL PLANT SERVICES 133299 SHAPCO PRINTING INC 524 N 5TH ST MINNEAPOLIS MN 55401 PRINTING SERVICES 130140 JE DUNN 9855 W 78TH ST STE 270 EDEN PRAIRIE MN 55344 CONSTRUCTION MANAGEMENT SERVICES 117827 PRAIRIE ELECTRIC COMPANY 6595 EDENVALE BLVD EDEN PRAIRIE MN 55346 ELECTRICAL SERVICES 100008 5 11897 138931 3344293 12680 3495121 TUITION AND FEES 611710 21550062 21550062 HOUSING RENTAL INCOME 611710 1123873 1123873 SALES BOOKSTORE 611710 560432 560432 SALE OF OTHER SERVICES 611710 487532 487532 23721899 1159005 1159005 1156403 1021253 135150 135150 135150 325175 11897 291874 33301 33301 28544476 23721899 0 1327456 7504648 7504648 1080784 349175 547576 184033 8997909 6946287 1894210 157412 352205 271151 81054 664427 470022 128156 66249 729745 528295 201450 51604 51604 193694 193694 10375 10375 61334 61334 307451 200884 105450 1117 147977 118660 25171 4146 1155748 971757 146392 37599 888823 799033 74872 14918 1215792 226516 988928 348 208716 174329 27351 7036 213907 172671 26840 14396 15463 15463 189039 189039 OPERATION AND MAINTENAN 1301883 84517 1217366 MISCELLANEOUS 855098 55650 799075 373 GRANT SPENDING 275923 275923 26422545 19149518 6775025 498002 333972 11982 397843 3225809 3644425 3970935 283624 141702 663315 634346 262645 289930 76496 61905 27393832 12613434 15279511 14780398 40374518 41343313 11232 6134271 4108223 1186027 65435804 71780618 2610760 2371746 809323 799144 422395 451875 14825000 11600000 126962 208917 18794440 15431682 X 16538069 19386482 14571639 19791355 15531656 17171099 46641364 56348936 65435804 71780618 X 2121931 7586722 -1081 X X 0 1 X 1 1 1 X RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED 0 0 0 0 0 0 0 0 1 121081 121081 0 EXPLANATION OF LOBBYING ACTIVITIES: PART II-B, LINE 1: THE AMOUNT DISCLOSED FOR "OTHER ACTIVITIES" IN PART II-B OF SCHEDULE C IS THE TOTAL AMOUNT OF DUES PAID BY THE COLLEGE TO THE MINNESOTA PRIVATE COLLEGE COUNCIL, AN ASSOCIATION THAT SERVES A VARIETY OF ITS MEMBERS' SHARED NEEDS, INCLUDING, BUT NOT ONLY, NONPARTISAN AND NON-ELECTORAL ADVOCACY FOR PUBLIC POLICY THAT MEETS STUDENTS' NEEDS AND ADVANCES THE INTERESTS OF PRIVATE HIGHER EDUCATION. A PORTION OF THIS AMOUNT, BUT NOT ALL OF IT, SUPPORTED ATTEMPTS TO INFLUENCE LEGISLATION WITHIN THE MEANING OF SECTION 501(C)(3) OF THE INTERNAL REVENUE CODE ("LOBBYING"). 35123901 910762 8539235 940086 508238 27599 43097975 37675901 1235699 -2380851 893876 494877 18095 35123901 31052261 162436 8224280 1215245 532228 15603 37675901 26312151 116180 6499349 1300701 573636 1082 31052261 38730827 175624 -10717426 1399731 476061 1082 26312151 0.28740 0.39840 0.31420 1 0 943378 943378 24722090 12613434 12108656 1323341 1323341 405023 405023 14780398 BENEFICIAL INTEREST IN TRUSTS 6134271 F 6134271 ADVANCE DEPOSITS 198331 ACTUARIAL LIABILITY ON ANNUITIES PAYABLE 10586 208917 X 28857090 7586722 291874 7878596 20978494 61334 7504648 7565982 28544476 19149518 292955 292955 18856563 61334 7504648 7565982 26422545 DESCRIPTION OF INTENDED USE OF ENDOWMENT FUNDS: PART V, LINE 4: MCAD'S ENDOWMENT CONSISTS OF APPROXIMATELY 130 INDIVIDUAL FUNDS ESTABLISHED FOR A VARIETY OF PURPOSES. THE ENDOWMENT PROVIDES SCHOLARSHIPS TO STUDENTS AND GRANTS FOR DEPARTMENTAL NEEDS. DESCRIPTION OF UNCERTAIN TAX POSITIONS UNDER FIN 48: PART X, LINE 2: THE COLLEGE FOLLOWS THE ACCOUNTING STANDARDS FOR CONTINGENCIES IN EVALUATING UNCERTAIN TAX POSITIONS. THIS GUIDANCE PRESCRIBES RECOGNITION THRESHOLD PRINCIPLES 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. NO LIABILITY HAS BEEN RECOGNIZED BY THE COLLEGE FOR UNCERTAIN TAX POSITIONS AS OF MAY 31, 2013 AND 2012. THE COLLEGE'S TAX RETURNS ARE SUBJECT TO REVIEW AND EXAMINATION BY FEDERAL AND STATE AUTHORITIES. THE TAX RETURNS FOR FISCAL YEAR 2010 AND THEREAFTER ARE OPEN TO EXAMINATION BY FEDERAL AND STATE AUTHORITIES. PART XI, LINE 2D - OTHER ADJUSTMENTS: DIRECT EXPENSES FROM FUNDRAISING & SPECIAL EVENTS 291,874. PART XI, LINE 4B - OTHER ADJUSTMENTS: SCHOLARSHIP AND GRANTS 7,504,648. PART XII, LINE 2D - OTHER ADJUSTMENTS: FUNDRAISING EVENT EXPENSES 291,874. ACTUARIAL ADJUSTMENT 1,081. PART XII, LINE 4B - OTHER ADJUSTMENTS: SCHOLARSHIPS AND GRANTS 7,504,648. 1 1 1 1 1 1 1 0 0 0 0 0 0 0 0 1 0 1 EXPLANATION OF NONDISCRIMINATORY POLICY PUBLICATION SCHEDULE E, PART I, LINE 3 MCAD PUBLISHES ITS NON-DISCRIMINATION POLICY AS STATED ON THE ONLINE APPLICATION. IT READS: "THE MINNEAPOLIS COLLEGE OF ART AND DESIGN DOES NOT DISCRIMINATE ON THE BASIS OF RACE, COLOR, OR ETHNIC ORIGIN IN ITS ADMISSIONS OR EDUCATIONAL POLICIES, IN SCHOLARSHIPS, FINANCIAL AID, OR LOAN PROGRAMS, IN EMPLOYMENT, OR IN ACCORDING THE RIGHTS, PRIVILEGES AND ACTIVITIES GENERALLY MADE AVAILABLE AT THIS EDUCATIONAL INSTITUTION." EXPLANATION OF GOVERNMENT FINANCIAL ASSISTANCE SCHEDULE E, PART I, LINE 6 THE COLLEGE RECEIVES FINANCIAL ASSISTANCE FROM THE U.S. GOVERNMENT IN CONNECTION WITH VARIOUS PROGRAMS SUCH AS THE FEDERAL PERKINS LOAN PROGRAM, FEDERAL WORK STUDY PROGRAM, PELL GRANT PROGRAM AND FEDERAL SUPPLEMENTAL EDUCATIONAL OPPORTUNITY GRANT PROGRAM. THE COLLEGE ALSO RECEIVES SUPPORT FROM THE STATE OF MINNESOTA THROUGH THE COLLEGE WORK STUDY PROGRAM AND STATE STUDENT SCHOLARSHIPS AND GRANTS. 1 EUROPE (INCLUDING ICELAND & GREENLAND) 0 0 PROGRAM SERVICES TRAVEL ABROAD PROGRAM FOR STUDENTS 26083 EAST ASIA AND THE PACIFIC 0 0 PROGRAM SERVICES STUDY ABROAD PROGRAMS 500 SOUTH ASIA 0 1 PROGRAM SERVICES STUDENT RECRUITING 4089 EUROPE (INCLUDING ICELAND & GREENLAND) 0 0 PROGRAM SERVICES ONLINE CUSTOMIZATION 8859 EUROPE (INCLUDING ICELAND & GREENLAND) 0 0 PROGRAM SERVICES DIGITAL PICTURE LOANS 112 0 1 0 0 0 1 39643 0 39643 0 0 0 0 0 0 PROCEDURE FOR MONITORING GRANTS OUTSIDE THE U.S.: SCHEDULE F, PART I, LINE 2: THE COLLEGE MAINTAINS RECORDS OF FUNDS GRANTED. THE FUND RECIPIENTS ARE ORGANIZATIONS WITH AN EDUCATIONAL/PROGRAM RELATIONSHIP WITH MCAD. ART SALE 337072 11897 325175 7278 284596 337072 11897 325175 7278 284596 291874 33301 1 SCHOLARSHIPS AND GRANTS PROVIDED AS FINANCIAL AID TO STUDENTS 631 7504648 0 PROCEDURE FOR MONITORING GRANTS IN THE U.S.: PART I, LINE 2: SCHEDULE I, PART I, LINE 2: ALL FEDERAL AID IS AWARDED BASED ON FINANCIAL AID ELIGIBILITY REQUIREMENTS IN THE FINANCIAL AID OFFICE DURING THEIR AWARD PROCESS. FUNDS ARE DRAWN DOWN BY THE CONTROLLER IN THE BUSINESS OFFICE AND ARE RECONCILED TO THE AWARD. THE MONEY IS DISBURSED TO THOSE APPLICABLE STUDENTS BY THE BUSINESS OFFICE BURSAR. 1 X X X X 0 0 0 0 0 0 0 0 0 JAY COOGAN 285094 0 0 0 1260 0 14497 0 21315 0 322166 0 0 0 JOAN OLSON 153467 0 0 0 1020 0 9460 0 24268 0 188215 0 0 0 A MHEFA SERIES 6-K 410988525 60416HHA5 2006-07-20 7670000 IMPROVEMENTS 0 0 0 B MHEFA SERIES 6-Z 410988525 60416HHA5 2009-11-24 2660000 PARKING LOT 0 0 0 C MHEFA SERIES 7-N 410988525 60416HXR0 2012-04-26 3222823 IMPROVMENTS 0 0 0 A 2001700 7726700 613250 154534 6956074 2842 2006 0 1 1 1 B 2660000 53200 2606800 2010 0 0 1 1 C 7823 3222823 321500 64456 2836061 806 2012 1 0 1 1 A 0 0 0 0 0.00000 0.00000 0.00000 0 0 1 B 0 0 0 0 0.00000 0.00000 0.00000 0 0 1 C 0 0 0 0 0.00000 0.00000 0.00000 0 0 1 A 0 0 0 1 0 0 0 0 1 B 0 0 0 1 1 0 0 0 1 C 0 1 0 0 0 0 0 0 1 A 1 B 1 C 1 SCHEDULE K PART IV, ARBITRAGE, LINE 2C DATE REBATE COMPUTATION PERFORMED ISSUER NAME: MHEFA SERIES 6-K DATE THE REBATE COMPUTATION WAS PERFORMED: 05/10/2013 ISSUER NAME: MHEFA SERIES 6-Z DATE THE REBATE COMPUTATION WAS PERFORMED: 02/12/2013 FORM 990, PART VI, SECTION A, LINE 1 THE EXECUTIVE COMMITTEE HAS DELEGATED AUTHORITY. IT IS COMPRISED OF ALL OF THE CHAIRS OF THE STANDING COMMITTEES OF THE BOARD EXCEPT FOR THE PRESIDENT, WHO SHALL BE EX-OFFICIO WITHOUT VOTE AND NOT BE COUNTED AS PART OF A QUORUM FOR THE PURPOSE OF TRANSACTING BUSINESS, THE OFFICERS OF THE BOARD, AND THE IMMEDIATE PAST BOARD CHAIR. THE SCOPE OF THE COMMITTEE'S AUTHORITY IS THAT IT SHALL SERVE AT THE PLEASURE OF THE BOARD AS ITS AGENT IN HELPING THE PRESIDENT TO ADDRESS NONESSENTIAL BUSINESS BETWEEN REGULAR BOARD MEETINGS, AND IT SHALL SUGGEST BOARD MEETING AGENDA ITEMS AND PERIODICALLY ASSESS THE QUALITY OF COMMITTEE WORK. THE COMMITTEE SHALL HAVE AUTHORITY ON ALL MATTERS EXCEPT FOR THE FOLLOWING: PRESIDENTIAL SELECTION AND TERMINATION; TRUSTEE AND BOARD-OFFICER ELECTION; CHANGES IN INSTITUTIONAL MISSION AND PURPOSES; CHANGES TO THE CHARTER OR ARTICLES OF INCORPORATION; INCURRING OF CORPORATE INDEBTEDNESS; SALE OF COLLEGE ASSETS OR TANGIBLE PROPERTY; ADOPTION OF THE ANNUAL BUDGET; AND CONFERRAL OF DEGREES. THERE MAY BE BYLAWS OR BOARD POLICIES THAT MAY RESERVE OTHER POWERS FOR THE BOARD OF TRUSTEES. FORM 990, PART VI, SECTION B, LINE 11 THE FORM 990, WITH INDIVIDUAL CONTRIBUTOR NAMES REDACTED, WAS PROVIDED TO EACH VOTING MEMBER OF ITS GOVERNING BODY BEFORE FILING THE FORM. FORM 990, PART VI, SECTION B, LINE 12C ALL BOARD MEMBERS AND OFFICERS ARE SUBJECT TO THE FOLLOWING PROCESS: INDIVIDUALS WHO DISCLOSE A CONFLICT OF INTEREST MUST LEAVE THE RELEVANT MEETING WHILE A DETERMINATION OF MATERIALITY OF THE CONFLICT IS MADE. IF A CONFLICT IS DETERMINED TO EXIST WITHIN THE SCOPE OF THE POLICY THOSE INDIVIDUALS MAY MAKE A PRESENTATION OF THE PROPOSED TRANSACTION OR ARRANGEMENT BUT THEN MUST LEAVE THE ROOM AND ABSTAIN FROM VOTING ON THE PROPOSED TRANSACTION OR ARRANGEMENT. A TRUSTEE SHALL BE CONSIDERED TO HAVE A CONFLICT OF INTEREST WITHIN THE SCOPE OF THE POLICY IF HE OR SHE (1) HAS EXISTING OR POTENTIAL FINANCIAL OR OTHER INTERESTS THAT IMPAIR OR APPEAR TO IMPAIR HIS OR HER INDEPENDENT, UNBIASED JUDGMENT IN THE DISCHARGE OF HIS OR HER RESPONSIBILITIES TO THE COLLEGE; OR (2) IS AWARE THAT A MEMBER OF HIS OR HER FAMILY HAS FINANCIAL OR OTHER INTERESTS THAT WOULD IMPAIR OR APPEAR TO IMPAIR THE TRUSTEE'S INDEPENDENT JUDGMENT IN THE DISCHARGE OF HIS OR HER RESPONSIBILITIES TO THE COLLEGE. FOR THE PURPOSES OF THIS PROVISION, A FAMILY MEMBER IS DEFINED AS A SPOUSE, DOMESTIC PARTNER, PARENT, SIBLING, CHILD, OR ANY OTHER RELATIVE RESIDING IN THE SAME HOUSEHOLD AS THE TRUSTEE. ALL TRUSTEES SHALL DISCLOSE TO THE BOARD ANY POSSIBLE CONFLICT OF INTEREST AT THE EARLIEST PRACTICAL TIME. FURTHER, THE TRUSTEE SHALL ABSENT HIMSELF OR HERSELF FROM DISCUSSIONS OF, AND ABSTAIN FROM VOTING ON, SUCH MATTERS UNDER CONSIDERATION BY THE BOARD OF TRUSTEES OR ITS COMMITTEES. THE MINUTES OF SUCH MEETING SHALL REFLECT THAT A DISCLOSURE WAS MADE AND THAT THE TRUSTEE WITH A CONFLICT OR POSSIBLE CONFLICT ABSTAINED FROM VOTING. ANY TRUSTEE WHO IS UNCERTAIN AS TO WHETHER A CONFLICT OF INTEREST MAY EXIST IN ANY MATTER MAY REQUEST THAT THE BOARD OF COMMITTEE RESOLVE THE QUESTION IN HIS OR HER ABSENCE BY MAJORITY VOTE. EACH TRUSTEE SHALL COMPLETE AND SIGN A CONFLICT OF INTEREST DISCLOSURE FORM PROVIDED ANNUALLY BY THE SECRETARY OF THE BOARD OF TRUSTEES. FORM 990, PART VI, SECTION B, LINE 15A THE PRESIDENT'S COMPENSATION IS REVIEWED BY THE EXECUTIVE COMMITTEE ANNUALLY. THEY COMPARE THE COMPENSATION PROPOSED AGAINST COMPARABLE PRESIDENTS OF SIMILAR INSTITUTIONS. THE PRESIDENT'S CONTRACT WAS REVIEWED AND APPROVED BY THE BOARD OF TRUSTEES IN EXECUTIVE SESSION DURING THE FISCAL YEAR. THE VP OF ADMINISTRATION HAS DONE THE COMPARABILITY DATA FOR THE OFFICERS. THIS WAS REVIEWED AND APPROVED BY THE PRESIDENT ANNUALLY. FORM 990, PART VI, SECTION C, LINE 19 DOCUMENTS ARE AVAILABLE UPON REQUEST FROM THE FINANCE OFFICE. CONTACT ADDRESSES FOR OFFICERS, DIRECTORS, ETC FORM 990, PART VII DANIEL SJOQUIST - 14096 JARDIN AVE N, HUGO, MN 55038. WILLIAM MULLEN - 2404 SHERIDAN AVE S, MINNEAPOLIS, MN 55405. SUSAN CALMENSON - 2205 52ND ST , MINNEAPOLIS, MN 55419. CHANGES IN NET ASSETS OR FUND BALANCES: FORM 990, PART XI, LINE 9: ACTUARIAL ADJUSTMENT -1,081. FORM 990, PART XII, LINE 2C THE OVERSIGHT AND SELECTION PROCESS FOR THE AUDIT OF THE FINANCIAL STATEMENTS HAS NOT CHANGED FROM THE PRIOR YEAR. GIFT ANNUITY TRST (1) CHARITABLE TRUST MN N/A T 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0