2026-04-29T13:50:16-05:00 2025-06-30 410746749 CLIFTONLARSONALLEN LLP 220 S 6TH STREET SUITE 300 MINNEAPOLIS MN 55402 990 2024-07-01 410693915 MINNEAPOLIS SOCIETY OF FINE ARTS DBA MINNEAPOLIS INSTITUTE OF ARTS MINN 6128703046 2400 THIRD AVENUE SOUTH MINNEAPOLIS MN 55404 BENJAMIN MURRAY CFO 6128703046 2026-04-29 1 0 ANN NEIL P01817922 6123764500 2026-04-02 2024 2025-03-06 01:10:19Z MINNEAPOLIS INSTITUTE OF ART KATHERINE LUBER 2400 THIRD AVENUE SOUTH MINNEAPOLIS MN 55404 125834357 0 X WWW.ARTSMIA.ORG X 1883 MN ENRICHING COMMUNITY BY COLLECTING, PRESERVING & MAKING ACCESSIBLE OUTSTANDING WORKS OF ART 45 42 336 469 -112241 68934 32846732 37323816 2957573 2327607 12318988 16423537 1637456 1645815 49760749 57720775 0 0 0 0 21666123 24863213 0 1302235 3923471 25290544 25496019 46956667 51661467 2804082 6059308 412201130 439728866 7080158 9960796 405120972 429768070 X THE MINNEAPOLIS INSTITUTE OF ART (MIA) ENRICHES THE COMMUNITY BY COLLECTING, PRESERVING, AND MAKING ACCESSIBLE OUTSTANDING WORKS OF ART FROM THE WORLD'S DIVERSE CULTURES. 0 0 33643006 0 2155480 FISCAL YEAR 2025 EXHIBITIONS:ANNOTATIONSTEEN PERSPECTIVES MINNEAPOLIS AS MONUMENTREMNANTSRADIANCECHARLES MATSON LUME IACUNA FOR GUSTAF SOBINMARY SULLY NATIVE MODERNGIANTS- ART FROM THE DEAN COLLECTION OF SWIZZ BEATS AND ALICIA KEYSTRANSCENDENT CLAY THE KONDO FAMILY'S PATH OF PORCELAIN INNOVATIONSSURVIVAL OF THE FITTEST LESSONS FROM LAFONTAINE IN TEXTILE AND PORCELAINHOKUSAI/MONETTHE TRUE AMERICA PHOTOGRAPHS BY ERNEST COLEARTISTS AT WORK THE MIA STAFF ART SHOWCITY VIEWSA GENEROUS OUTLOOK - GIFTS FROM FAY GALLUS AND RICHARD SWEETROSHAN GANU - THE NIGHT BLOSSOMING JASMINEOTTO DIX - THE WAR PORTFOLIOFROM THE DIVINE TO THE MORTAL - STORYTELLING IN CHINESE PAINTINGCASSAT ON PAPERCATCH OF THE DAY - HUMAND AND MARINE ANIMALS IN JAPANAT THE MOULIN ROUGETIBETAN BUDDHIST SHRINE ROOM THE ALICE S KANDELL COLLECTIONO POWA O MENG - THE ART AND LEGACY OF JODY FOWELLJOANN VERBURG AFTERSHOCKSTAKING IT TO THE STREETS - VITALITY ARTS AT MIAA LITTLE FUN AT MY WORK - WOMEN IN DESIGN AND CRAFTLATIN AMERICAN ART AT MIA II 6727600 0 0 ACQUISITIONS BRING NEW STRENGTH TO THE COLLECTION. THE PERMANENT COLLECTION IS ALWAYS AT THE CORE OF OUR WORK. IN FISCAL YEAR 2025, 1,035 EXCEPTIONAL OBJECTS WERE ACQUIRED, ENRICHING 5 CURATORIAL AREAS. 322855 0 69850 IN FISCAL YEAR 2025, FAMILY DAY ATTRACTED 30,580 VISITORS. MEET AT MIA AND THE SUMMER SERIES SAW 33,813 VISITORS. MINI MIA, IN ITS SECOND YEAR, INCREASED TO 784 TODDLERS AND ADULTS. ART IN THE PARK EVENTS ATTRACTED 3,000 VISITORS. MIA'S ART ADVENTURE PROGRAM SERVED 37,000 STUDENTS IN 101 SCHOOLS ACROSS THE STATE. CREATIVITY ACADEMY (826) AND WATER IS LIFE (613) PROGRAMS SERVED 1,439 STUDENTS. MIA SERVED AN ADDITIONAL 3,960 STUDENTS THROUGH OTHER SCHOOL PARTNERSHIP PROGRAMS INCLUDING ITS NEW DISCOVERY DAYS. 22,540 PRE-KINDERGARTEN - 12 STUDENTS PARTICIPATED IN GUIDE-LED TOURS, AND 17,652 STUDENTS PARTICIPATED IN SELF-GUIDED TOURS. MIA DISTIBUTED 141 PHYSICAL KITS AND 26 DIGITAL KITS OF CLASSROOM MATERIALS AND TRAINED 508 ART ADVENTURE PICTURE PEOPLE PARENT VOLUNTEERS TO LEAD ART ADVENTURE 3 LESSONS IN SCHOOL. MIA RECRUITED AND TRAINED 25 NEW DISCOVERY DAYS VOLUNTEERS AND PROVIDED PROFESSIONAL DEVELOPMENT TO 383 TEACHERS. 209 OLDER ADULTS PARTICIPATED IN VITALITY ARTS ACROSS 1,205 LESSONS. 40693461 1 1 0 1 0 0 0 1 0 1 1 1 0 1 1 1 1 0 0 0 1 0 0 1 1 0 0 0 0 1 0 0 0 0 0 0 0 0 1 1 0 0 0 1 1 1 0 0 1 158 0 1 336 1 1 1 0 0 0 0 1 1 0 0 0 0 0 0 X 45 42 0 0 0 0 0 1 0 1 1 0 0 1 1 1 1 1 1 1 0 0 MN X STEVE BADER 6128703062 2400 THIRD AVENUE SOUTH MINNEAPOLIS MN 55404 KATIE LUBER DIRECTOR & PRESIDENT 40.00 X X 628522 0 93363 JOHN LINDAHL CHAIR 1.00 X X 0 0 0 KEN CUTLER VICE CHAIR 1.00 X X 0 0 0 PIYUMI SAMARATUNGA VICE CHAIR 1.00 X X 0 0 0 MAURICE BLANKS TREASURER 1.00 X X 0 0 0 AMY KERN SECRETARY 1.00 X X 0 0 0 ELIZABETH ANDRUS ELECTIVE TRUSTEE 1.00 X 0 0 0 DAN AVCHEN ELECTIVE TRUSTEE 1.00 X 0 0 0 CHANDA SMITH BAKER ELECTIVE TRUSTEE 1.00 X 0 0 0 DESIRAE BUTLER ELECTIVE TRUSTEE 1.00 X 0 0 0 JOHN BUTCHER ELECTIVE TRUSTEE 1.00 X 0 0 0 LYNN CASEY ELECTIVE TRUSTEE 1.00 X 0 0 0 PAGE KNUDSEN COWLES ELECTIVE TRUSTEE 1.00 X 0 0 0 BERT COLIANNI ELECTIVE TRUSTEE 1.00 X 0 0 0 GERALD ERICKSON ELECTIVE TRUSTEE 1.00 X 0 0 0 MICHAEL FRANCIS ELECTIVE TRUSTEE 1.00 X 0 0 0 MARIA GALE ELECTIVE TRUSTEE 1.00 X 0 0 0 MARGARET GRIEVE ELECTIVE TRUSTEE 1.00 X 0 0 0 MARTHA HEAD ELECTIVE TRUSTEE 1.00 X 0 0 0 CHRISTOPHER HOWE ELECTIVE TRUSTEE 1.00 X 0 0 0 MARY INGEBRAND-POHLAD ELECTIVE TRUSTEE 1.00 X 0 0 0 SHANNON JONES ELECTIVE TRUSTEE 1.00 X 0 0 0 JESSAMYN KERCHNER ELECTIVE TRUSTEE 1.00 X 0 0 0 VELMA KORBEL ELECTIVE TRUSTEE 1.00 X 0 0 0 GONZALO PETSCHEN ELECTIVE TRUSTEE 1.00 X 0 0 0 PATRICK G MAHONEY ELECTIVE TRUSTEE 1.00 X 0 0 0 JAMIE LOCKAHART ELECTIVE TRUSTEE 1.00 X 0 0 0 NIVIN MACMILLAN ELECTIVE TRUSTEE 1.00 X 0 0 0 LUCY MITCHELL ELECTIVE TRUSTEE 1.00 X 0 0 0 CHRISTOPHER K MURPHY ELECTIVE TRUSTEE 1.00 X 0 0 0 SHEILA MORGAN ELECTIVE TRUSTEE 1.00 X 0 0 0 MAHMOUD MAGIB ELECTIVE TRUSTEE 1.00 X 0 0 0 NOEL BENNETT PATTERSON ELECTIVE TRUSTEE 1.00 X 0 0 0 BRAD RADICHEL ELECTIVE TRUSTEE 1.00 X 0 0 0 MARY REYELTS ELECTIVE TRUSTEE 1.00 X 0 0 0 JULIE ROSEN ELECTIVE TRUSTEE 1.00 X 0 0 0 KATIE SIMPSON ELECTIVE TRUSTEE 1.00 X 0 0 0 MOLLY SIT ELECTIVE TRUSTEE 1.00 X 0 0 0 TIM WELSH ELECTIVE TRUSTEE 1.00 X 0 0 0 DAVID WEYERHAEUSER ELECTIVE TRUSTEE 1.00 X 0 0 0 BEVERLY GROSSMAN LIFE TRUSTEE 1.00 X 0 0 0 AL HARRISON LIFE TRUSTEE 1.00 X 0 0 0 DAVID M LEBEDOFF LIFE TRUSTEE 1.00 X 0 0 0 TIM WALZ GOVERNOR STATE OF MN TRUSTEE BY VIRTUE OF OFFICE 1.00 X 0 0 0 JACOB FREY MAYOR CITY OF MPLS TRUSTEE BY VIRTUE OF OFFICE 1.00 X 0 0 0 BOBBIE JOE CHAMPION PRESIDENT MN SE TRUSTEE BY VIRTUE OF OFFICE 1.00 X 0 0 0 JORDAN RASMUSSEN ASST MINORITY LEAD TRUSTEE BY VIRTUE OF OFFICE 1.00 X 0 0 0 LISA DEMUTH SPEAKER OF HOUSE TRUSTEE BY VIRTUE OF OFFICE 1.00 X 0 0 0 MELISSA HORTMAN SPEAKER EMERITA TRUSTEE BY VIRTUE OF OFFICE 1.00 X 0 0 0 HEATHER EDELSON HENNEPIN CTY TRUSTEE BY VIRTUE OF OFFICE 1.00 X 0 0 0 MEG FORNEY MPLS PARK REC TRUSTEE BY VIRTUE OF OFFICE 1.00 X 0 0 0 BARBARA PROESCHEL PRESIDENT FRIENDS TRUSTEE BY VIRTUE OF OFFICE 1.00 X 0 0 0 PATRICIA GRAZZINI DEPUTY DIRECTOR & CHIEF OPERATING OFFICER/INTERI 40.00 X 371890 0 63456 BEN MURRAY CFO 40.00 X 213028 0 479 NICOLE BERNS SENIOR EXECUTIVE ASSISTANT 40.00 X 75294 0 21363 JULIANNE AMENDOLA CHIEF ADVANCEMENT OFFICER 40.00 X 241033 0 24907 LYNN FARMER CHIEF AUDIENCE & ENGAGEMENT OFFICER 40.00 X 199691 0 25461 MATTHEW WELCH DEPUTY DIRECTOR & CHIEF CURATOR 40.00 X 318365 0 41810 MICHAEL SANDERS COO 40.00 X 205732 0 10627 VIRAJITA SINGH CHIEF DIVERSITY & INCLUSION OFFICER 40.00 X 208372 0 10625 YANG LIU CURATOR OF CHINESE ART 40.00 X 175964 0 36529 ANDREAS MARKS CURATOR OF JAPANESE & KOREAN ARTS 40.00 X 184950 0 21695 RACHEL MCGARRY CHAIR & CURATOR EUROPEON ART 40.00 X 176261 0 36539 STEVEN BADER CONTROLLER 40.00 X 198885 0 37941 VALERIA PICCOLI CHAIR ARTS OF THE AMERICAS 40.00 X 166463 0 12547 3364450 0 437342 29 0 1 0 GARFIELD PUBLICPRIVATE LLC 14911 QUORUM DRIVE 380 DALLAS TX 75254 PROJECT CONSULTANT 670378 M GALE & ASSOCIATES 3000 RACE ST 108 FORT WORTH TX 76111 FUNDRAISING CONSULTANT 487266 A2 ART STORAGE & SERVICES 2830 FAIRVIEW AVE N ROSEVILLE MN 55113 ART STORAGE 340790 BEEVENTS LLC 2131 BROADWAY ST NE MINNEAPOLIS MN 55413 EVENT PLANNING 154735 PARIS DINING CLUB 414 3RD AVE N 101 MINNEAPOLIS MN 55401 CATERING 134769 6 1889665 312000 803191 20205422 14113538 5449725 37323816 RENTALS/REIMBURSEMENTS 532000 1398084 1277248 120836 PROGRAM ADMISSIONS/FEE 711130 496738 496738 OTHER PROGRAM SERVICE 611710 263948 263948 DEACCESSIONS 611710 146787 146787 CLASSES AND PROGRAMS 611610 22050 22050 2327607 7045746 -233077 7278823 18559 18559 76689321 67311530 9377791 9377791 9377791 44743 312000 320224 -275481 -275481 1306402 481828 824574 824574 PARKING 812930 1078163 1078163 1078163 57720775 2225330 -112241 18283870 2741839 1544503 614087 583249 17316135 14142236 2068949 1104950 606653 478191 74676 53786 2660962 2471788 100917 88257 1537624 1344134 99874 93616 359263 260025 88738 10500 188931 188931 55000 55000 1302235 1302235 2308280 2308280 3938817 3774760 164057 625069 589870 23448 11751 1865977 1730775 79866 55336 908953 560634 273801 74518 3720961 3513218 170749 36994 1365970 714065 161717 490188 52403 31266 16012 5125 2597127 2448874 136147 12106 781668 361522 419286 860 ACCESSIONS 6727600 6727600 51661467 40693461 7044535 3923471 7687720 980544 27945628 31005166 2727918 3406140 5642831 5236412 154129 240447 469514 677924 145737472 72075488 60887006 73661984 44617470 40515789 191521511 206624394 70547403 77380066 412201130 439728866 6239270 9082800 112485 170487 728403 707509 7080158 9960796 X 106237980 122884285 298882992 306883785 405120972 429768070 412201130 439728866 X 6059308 18649566 -61776 X 0 1 X 1 0 X 15440444 27478626 32513734 14317109 17118394 106868307 18187534 16605532 17216804 18529623 20205422 90744915 33627978 44084158 49730538 32846732 37323816 197613222 20145449 177467773 3180213 3305465 6256729 6388866 7278823 26410096 11956 525163 196293 463799 70031 1267242 202590 1298551 2290297 2249389 2384565 8425392 233715952 15292459 0.75930 0.76220 X SCHEDULE A, PART II, LINE 10, EXPLANATION OF OTHER INCOME: MISCELLANEOUS REVENUE - 2020 AMOUNT: $ 202,590. 2021 AMOUNT: $ 428,637. 2022 AMOUNT: $ 797,977. 2023 AMOUNT: $ 911,059. 2024 AMOUNT: $ 1,078,163. GIFT SHOP SALES - 2021 AMOUNT: $ 869,914. 2022 AMOUNT: $ 1,492,320. 2023 AMOUNT: $ 1,338,330. 2024 AMOUNT: $ 1,306,402. RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED 0 0 0 0 0 0 1 55000 0 0 55000 0 PART II-B, LINE 1: A PROFESSIONAL LOBBYIST WAS CONTRACTED TO LOBBY ON BEHALF OF THE ORGANIZATION. A PORTION OF DUES TO THE MINNESOTA CITIZENS FOR THE ARTS IS USED FOR LOBBYING ACTIVITIES. X X X X 0 213312287 2315095 22242090 11126475 226742997 199852326 964607 23351711 10856357 213312287 188558780 1821620 19851468 10379543 199852326 220039787 12835438 -34655808 9660635 188558780 173509048 6277187 49451265 9197713 220039787 0.14620 0.74250 0.11130 0 1 1 9298425 9298425 99594761 60171808 39422953 17753908 11903680 5850228 19090378 19090378 73661984 HEDGED EQUITY FUNDS 50114621 F DOMESTIC EQUITY 67944463 F INTERNATIONAL EQUITY 48977879 F PRIVATE CAPITAL 39587431 F 206624394 BENEFICIAL INTEREST IN PERPETUAL TRUSTS 75331325 OPERATING RIGHT OF USE ASSET 2048741 77380066 AMOUNTS DUE TO BENEFICIARIES 707509 707509 X 74802337 18649566 740276 19389842 55412495 2308280 2308280 57720775 50155239 802052 802052 49353187 2308280 2308280 51661467 PART III, LINE 1A: MIA'S COLLECTIONS, WHICH WERE ACQUIRED THROUGH PURCHASES AND CONTRIBUTIONS SINCE MIA'S INCEPTION, ARE NOT RECOGNIZED AS ASSETS ON THE STATEMENTS OF FINANCIAL POSITION. PURCHASES OF COLLECTION ITEMS ARE RECORDED AS DECREASES IN NET ASSETS WITHOUT DONOR RESTRICTIONS IN THE YEAR IN WHICH THE ITEMS ARE ACQUIRED OR AS NET ASSETS WITH DONOR RESTRICTIONS IF THE ASSETS USED TO PURCHASE THE ITEMS ARE RESTRICTED BY DONORS. PURCHASE ARE REFLECTED IN THE STATEMENTS OF ACTIVITIES AS ACCESSIONS. PROCEEDS FROM DE-ACCESSIONS OR INSURANCE RECOVERIES ARE REFLECTED AS INCREASES IN THE APPROPRIATE NET ASSET CLASSES. CONTRIBUTED COLLECTION ITEMS ARE NOT REFLECTED IN THE FINANCIAL STATEMENTS. MIA'S COLLECTION ITEMS ARE CATALOGED, PRESERVED AND CARED FOR, AND ACTIVITIES VERIFYING THEIR EXISTENCE AND ASSESSING THEIR CONDITION ARE PERFORMED CONTINUOUSLY. PART V, LINE 4: NAMED ENDOWMENT FUNDS ESTABLISHED BY DONORS TO THE MIA PROVIDE AN ONGOING SOURCE OF INCOME FOR MUSEUM PROGRAMS AND ACQUISITION OF ART FOR THE MIA'S PERMANENT COLLECTION. PART X, LINE 2: MIA QUALIFIES AS A TAX-EXEMPT ORGANIZATION DESCRIBED IN SECTION 501(C)(3) AND IS NOT A PRIVATE FOUNDATION UNDER SECTION 509(A)(2) OF THE INTERNAL REVENUE CODE. HOWEVER, ANY UNRELATED BUSINESS INCOME MAY BE SUBJECT TO TAXATION. INCOME TAXES FOR UNRELATED BUSINESS INCOME ACTIVITIES ARE ACCRUED AND INCLUDED IN THE STATEMENTS OF ACTIVITIES IN THE YEAR INCURRED. MIA'S ACCOUNTING POLICY PROVIDES THAT A TAX EXPENSE OR BENEFIT FROM AN UNCERTAIN TAX POSITION MAY BE RECOGNIZED WHEN IT IS MORE LIKELY THAN NOT THAT THE POSITION WILL BE SUSTAINED UPON EXAMINATION, INCLUDING RESOLUTIONS OF ANY RELATED APPEALS OR LITIGATION PROCESSES, BASED ON THE TECHNICAL MERITS. MIA HAS NO UNCERTAIN TAX POSITIONS RESULTING IN AN ACCRUAL OR TAX EXPENSE OR BENEFIT. MIA'S TAX RETURNS ARE SUBJECT TO REVIEW AND EXAMINATION BY FEDERAL AND STATE AUTHORITIES. PART XI, LINE 2D - OTHER ADJUSTMENTS: SPECIAL EVENTS EXPENSES 320,224. COST OF GOODS SOLD AND FREIGHT IN - MUSEUM SHOP 481,828. LOSS ON BENEFICIARY AGREEMENTS -61,776. PART XII, LINE 2D - OTHER ADJUSTMENTS: COST OF GOODS SOLD AND FREIGHT IN - MUSEUM SHOP 481,828. SPECIAL EVENTS EXPENSES 320,224. CENTRAL AMERICA AND THE CARIBBEAN 0 0 INVESTMENTS 94366899 EUROPE 0 0 INVESTMENTS 10978566 0 0 0 0 0 0 105345465 0 105345465 1 0 0 0 1 0 PART I, LINE 3: MIA IS REPORTING THE MARKET VALUE OF INVESTMENTS ON SCHEDULE F, PART I. X X X X X X X 1 M GALE & ASSOCIATES 3000 RACE ST 108 FORT WORTH TX 76111 CONSULTANT FOR CAPITAL CAMPAIGN 0 0 1025986 0 1025986 MN GALA 294917 256250 38667 251334 ART IN BLOOM 61826 55750 6076 18214 50676 356743 312000 44743 18214 302010 320224 -275481 X X X X X 0 1 0 0 0 0 0 0 0 KATIE LUBER DIRECTOR & PRESIDENT 605522 0 0 0 23000 0 76050 0 17313 0 721885 0 0 0 PATRICIA GRAZZINI DEPUTY DIRECTOR & CHIEF OPERATING OF 364669 0 0 0 7221 0 46829 0 16627 0 435346 0 0 0 MATTHEW WELCH DEPUTY DIRECTOR & CHIEF CURATOR 308875 0 0 0 9490 0 30999 0 10811 0 360175 0 0 0 JULIANNE AMENDOLA CHIEF ADVANCEMENT OFFICER 241033 0 0 0 0 0 14198 0 10709 0 265940 0 0 0 STEVEN BADER CONTROLLER 198885 0 0 0 0 0 12489 0 25452 0 236826 0 0 0 LYNN FARMER CHIEF AUDIENCE & ENGAGEMENT OFFICER 199691 0 0 0 0 0 0 0 25461 0 225152 0 0 0 VIRAJITA SINGH CHIEF DIVERSITY & INCLUSION OFFICER 208372 0 0 0 0 0 10154 0 471 0 218997 0 0 0 MICHAEL SANDERS COO 205732 0 0 0 0 0 10156 0 471 0 216359 0 0 0 BEN MURRAY CFO 213028 0 0 0 0 0 0 0 479 0 213507 0 0 0 RACHEL MCGARRY CHAIR & CURATOR EUROPEON ART 176261 0 0 0 0 0 11134 0 25405 0 212800 0 0 0 YANG LIU CURATOR OF CHINESE ART 175964 0 0 0 0 0 11126 0 25403 0 212493 0 0 0 ANDREAS MARKS CURATOR OF JAPANESE & KOREAN ARTS 184950 0 0 0 0 0 11167 0 10528 0 206645 0 0 0 VALERIA PICCOLI CHAIR ARTS OF THE AMERICAS 166463 0 0 0 0 0 1977 0 10570 0 179010 0 0 0 PART I, LINE 4B PATRICIA GRAZZINI PARTICIPATES IN 457(B) AND 457(F) NON-QUALIFIED RETIREMENT PLANS APPROVED BY THE BOARD OF TRUSTEES ON DECEMBER 17, 2001. CONTRIBUTIONS FOR THESE PLANS ARE REFLECTED IN OTHER REPORTABLE COMPENSATION AND DEFERRED COMPENSATION. CONTRIBUTIONS AND CHANGE IN VALUE TO THE 457(F) PLAN FOR CALENDAR YEAR 2024 TOTALED $80,900. KATIE LUBER PARTICIPATED IN 457(B) AND 457(F) NON-QUALIFIED RETIREMENT PLANS APPROVED BY THE BOARD OF TRUSTEES. CONTRIBUTIONS FOR THESE PLANS ARE REFLECTED IN OTHER REPORTABLE COMPENSATION AND DEFERRED COMPENSATION. CHANGE IN VALUE TO THE 457(F) PLAN FOR CALENDAR YEAR 2024 TOTALED $39,169. MATTHEW WELCH PARTICIPATED IN 457(B) AND 457(F) NON-QUALIFIED RETIREMENT PLANS APPROVED BY THE BOARD OF TRUSTEES. CONTRIBUTIONS FOR THESE PLANS ARE REFLECTED IN OTHER REPORTABLE COMPENSATION AND DEFERRED COMPENSATION. CHANGE IN VALUE TO THE 457(F) PLAN FOR CALENDAR YEAR 2024 TOTALED $26,421. X 1035 X 88 5449725 QUOTED MARKET PRICES 17 0 1 0 PART I, COLUMN (B): COLUMN (B) IS THE NUMBER OF CONTRIBUTIONS. PART I, LINE 32B: MIA'S POLICY IS TO SELL THE GIFTS AS SOON AS POSSIBLE AFTER THE GIFT IS RECEIVED. GIFTS ARE VALUED USING THE AVERAGE OF THE QUOTED HIGH AND LOW PRICE AS OF THE GIFT DATE. PART I, LINE 33: PER THE STATEMENT OF FINANCIAL ACCOUNTING STANDARDS NO. 116, THE MIA HAS ELECTED THE OPTION TO NOT CAPITALIZE WORKS OF ART WHEN ACQUIRED THROUGH PURCHASE OR GIFT. IN MAKING THIS ELECTION, THE MIA CERTIFIES THAT IT'S COLLECTIONS: -ARE HELD FOR PUBLIC EXHIBITION, EDUCATION, OR RESEARCH IN FURTHERANCE OF PUBLIC SERVICE RATHER THAN FINANCIAL GAIN; -ARE PROTECTED, KEPT UNENCUMBERED, CARED FOR, AND PRESERVED; AND -ARE SUBJECT TO AN ORGANIZATIONAL POLICY THAT REQUIRES THE PROCEEDS FROM SALES OF COLLECTION ITEMS TO BE USED TO ACQUIRE OTHER ITEMS FOR THE COLLECTIONS. FORM 990, PART VI, SECTION A, LINE 1A THE EXECUTIVE COMMITTEE CONSISTS OF THE CHAIR, THE TREASURER (IF A BOARD MEMBER), THE DIRECTOR, AND SUCH OTHER BOARD MEMBERS AS THE BOARD MAY DETERMINE. THE PRIMARY PURPOSE OF THE EXECUTIVE COMMITTEE IS TO ASSIST THE BOARD IN FULFILLING ITS RESPONSIBILITIES WHEN IT IS NOT PRACTICAL OR FEASIBLE FOR THE FULL BOARD TO MEET AND DURING INTERVALS BETWEEN MEETINGS OF THE BOARD WHEN BOARD BUSINESS NEEDS TO BE TRANSACTED, EXCEPT AS MAY BE LIMITED BY LAW OR BY MIA'S BYLAWS. IN THE EXERCISE OF SUCH POWERS, THE COMMITTEE IS RESPONSIBLE TO THE BOARD FOR ALL OF SUCH ACTS. FORM 990, PART VI, SECTION A, LINE 7A IN ADDITION TO THE ELECTIVE TRUSTEES, EACH OF THE FOLLOWING PERSONS, UPON HIS OR HER ACCEPTANCE, IS A MEMBER OF THE BOARD FOR THE RESPECTIVE TERM OF HIS OR HER OFFICE: THE GOVERNOR OF THE STATE OF MINNESOTA, THE MAYOR OF THE CITY OF MINNEAPOLIS, AND THE PRESIDENT OF THE FRIENDS OF THE INSTITUTE. OTHER EX-OFFICIO MEMBERS INCLUDE THOSE WHO FROM TIME TO TIME ARE APPOINTED BY THE EXECUTIVE COMMITTEE OF THE MIA: TWO MEMBERS OF EACH OF THE MINNESOTA SENATE AND HOUSE OF REPRESENTATIVES WHO RESIDE IN HENNEPIN COUNTY, AND ONE MEMBER OF EACH OF THE BOARD OF HENNEPIN COUNTY COMMISSIONERS AND THE MINNEAPOLIS PARK AND RECREATION BOARD. FORM 990, PART VI, SECTION B, LINE 11B THE FORM 990 IS PREPARED BY A PROFESSIONAL ACCOUNTING FIRM FROM INFORMATION PROVIDED BY THE MIA. THE CONTROLLER AND CFO OF MIA REVIEW THE FORM FOR ACCURACY. A COPY OF THE DRAFT FORM IS FIRST PROVIDED TO MEMBERS OF THE AUDIT COMMITTEE FOR REVIEW AND DISCUSSION PRIOR TO FILING. UPON THEIR REVIEW, A FINAL COPY IS APPROVED BY THE FULL BOARD OF TRUSTEES. FORM 990, PART VI, SECTION B, LINE 12C ANNUALLY, ALL MEMBERS OF THE BOARD OF TRUSTEES ARE ASKED TO COMPLETE A DISCLOSURE STATEMENT. EACH TRUSTEE IS RESPONSIBLE TO REPORT DEVELOPMENTS RELATIVE TO ACTIVITIES AS DEFINED IN THE MIA'S BYLAWS. IF SUCH A DEVELOPMENT ARISES AFTER COMPLETING THE ANNUAL DISCLOSURE FORM, THE TRUSTEE IS ASKED TO DISCLOSE TO THE BOARD ANY POSSIBLE CONFLICT OF INTEREST AT THE EARLIEST PRACTICABLE TIME. DISCLOSURE STATEMENTS ARE REVIEWED BY THE EXECUTIVE COMMITTEE AND THE POLICY MANAGEMENT TEAM. NO TRUSTEE SHALL VOTE ON ANY MATTER, UNDER CONSIDERATION OR AT A BOARD OR COMMITTEE MEETING, IN WHICH SUCH TRUSTEE HAS A CONFLICT OF INTEREST. THE MINUTES OF ANY SUCH MEETING WILL REFLECT THAT A DISCLOSURE WAS MADE AND THAT THE TRUSTEE HAVING A CONFLICT OF INTEREST ABSTAINED FROM VOTING. FORM 990, PART VI, SECTION B, LINE 15A IT IS THE POLICY OF THE MIA THAT THE COMPENSATION PAID TO ITS EMPLOYEES IS REASONABLE AND COMPETITIVE IN RELATION TO COMPARABLE POSITIONS AT SIMILARLY SITUATED ORGANIZATIONS, SUBJECT TO BUDGETARY CONSIDERATIONS. THE EXECUTIVE COMMITTEE OF THE BOARD OF TRUSTEES SERVES AS THE COMPENSATION COMMITTEE (THE "COMMITTEE") AND IS RESPONSIBLE FOR COMPLIANCE WITH THE COMPENSATION POLICIES AND PROCEDURES. MEMBERS OF THE COMMITTEE WITH A CONFLICT OF INTEREST MUST RECUSE HIMSELF OR HERSELF FROM SUCH ACTION AND MAY NOT PARTICIPATE IN NOR BE PRESENT DURING ANY DISCUSSIONS, DELIBERATIONS OR DECISIONS. THE COMMITTEE SETS THE COMPENSATION OF THE DIRECTOR & PRESIDENT. THE DIRECTOR & PRESIDENT MAKES RECOMMENDATIONS TO THE COMMITTEE AS TO THE COMPENSATION OF POSITIONS REPORTED ON THE FORM 990 BUT DOES NOT PARTICIPATE IN ANY VOTE WITH RESPECT TO APPROVING THEIR COMPENSATION. THE DIRECTOR & PRESIDENT SETS THE COMPENSATION OF ALL OTHER EMPLOYEES NOT GOVERNED BY UNION CONTRACTS. ACCOMPANYING THIS POLICY IS A SET OF BOARD-APPROVED PROCEDURES. THE COMMITTEE AND THE DIRECTOR & PRESIDENT OBTAIN AND USE COMPARABILITY DATA PRIOR TO AND IN CONNECTION WITH THE DETERMINATION AND APPROVAL OF ALL COMPENSATION. THE COMPARABILITY DATA INCLUDES BUT IS NOT LIMITED TO: CURRENT COMPENSATION AND BENEFITS DATA FROM COMPARABLE TAX-EXEMPT AND, IN SOME CASES, TAXABLE ORGANIZATIONS, FOR FUNCTIONALLY COMPARABLE POSITIONS REQUIRING SIMILAR SKILLS, EDUCATION, AND EXPERIENCE; THE LOCATION OF THE ORGANIZATION (INCLUDING THE AVAILABILITY OF QUALIFIED PEOPLE IN THE GEOGRAPHIC AREA); INDEPENDENT PAY SURVEYS BY NATIONALLY RECOGNIZED FIRMS; ACTUAL WRITTEN OFFERS FROM SIMILAR INSTITUTIONS COMPETING FOR THE SERVICES OF THE PERSON; THE NUMBER OF EMPLOYEES AND THE ASSETS, BUDGET OR REVENUES SUPERVISED; AND ANY UNUSUAL CHALLENGES. THE COMMITTEE AND THE DIRECTOR & PRESIDENT ARE REQUIRED TO DOCUMENT ALL ASPECTS OF ALL PROCEEDINGS REGARDING THE COMPARABILITY DATA AS WELL AS THE APPROVAL OF ALL COMPENSATION. THESE PROCESSES WERE LAST PERFORMED IN JUNE OF 2024. FORM 990, PART VI, SECTION C, LINE 19 THE MIA MAKES ITS GOVERNING DOCUMENTS, CONFLICT OF INTEREST POLICY, AND FINANCIAL STATEMENTS AVAILABLE TO THE PUBLIC UPON REQUEST. FORM 990, PART XI, LINE 9: CHANGE IN VALUE OF AMOUNTS DUE BENEFICIARIES -61,776. JOHN R VAN DERLIP TRUST PO BOX 64713 ST PAUL MN 55164 416015288 PERPETUAL TRUST MN 501(C)(3) PF MINNEAPOLIS SOCIETY OF FINE ARTS 1 ETHEL M VAN DERLIP TRUST PO BOX 64713 ST PAUL MN 55164 416014949 PERPETUAL TRUST MN 501(C)(3) PF MINNEAPOLIS SOCIETY OF FINE ARTS 1 LILLIAN ZENOBIA TURNBLAD TRUST PO BOX 64713 ST PAUL MN 55164 416015498 PERPETUAL TRUST MN 501(C)(3) PF MINNEAPOLIS SOCIETY OF FINE ARTS 1 0 0 1 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 JOHN R VAN DERLIP TRUST C 103015 CASH TRANSFERRED ETHEL M VAN DERLIP TRUST C 631369 CASH TRANSFERRED LILLIAN ZENOBIA TURNBLAD TRUST C 68807 CASH TRANSFERRED