| FORM 990, PART III, LINE 1 |
THE FOUNDATION'S PURPOSE IS TO JOIN WITH OTHERS TO STRENGTHEN THE COMMUNITY, IN MEASURABLE AND SUSTAINABLE WAYS, FOR THE BENEFIT OF ALL CITIZENS, ESPECIALLY THOSE WHO ARE DISADVANTAGED. THE FOUNDATION IS COMMITTED TO BEING AN EFFECTIVE RESOURCE DEVELOPER AND A RESPONSIBLE STEWARD OF THOSE RESOURCES, AN ACTIVE GRANT MAKER AND CONVENER ADDRESSING CRUCIAL COMMUNITY NEEDS, AND AN ADVOCATE AND CONSTRUCTIVE CATALYST FOR CHANGING SYSTEMS TO BETTER SERVE PEOPLE. WE ARE COMMITTED TO BUILDING ONE MINNEAPOLIS - A COMMUNITY WHERE SOCIAL, RACIAL, AND ECONOMIC EQUITY THRIVES. |
| FORM 990, PART III, LINE 4A |
ESTABLISHED IN 1915, THE MINNEAPOLIS FOUNDATION IS ONE OF THE NATION'S OLDEST AND LARGEST COMMUNITY FOUNDATIONS. THE FOUNDATION MANAGES OVER $1 BILLION IN ASSETS, AND ADMINISTERS MORE THAN 1,500 CHARITABLE FUNDS CREATED BY INDIVIDUALS, FAMILIES, BUSINESSES, AND NONPROFITS. MILLIONS OF DOLLARS IN GRANTS ARE DISTRIBUTED FROM THESE FUNDS EACH YEAR (SEE PART I, LINE 13), EITHER PERSONALLY RECOMMENDED BY OR IN ACCORDANCE WITH THE LEGACY WISHES OF OUR DONORS. AS A COMMUNITY FOUNDATION, THE FOUNDATION INVESTS AND DISTRIBUTES CHARITABLE FUNDS CREATED BY MEMBERS OF THE COMMUNITY. THE FOUNDATION BUILDS AND STEWARDS A PERMANENT CHARITABLE ENDOWMENT AND DISTRIBUTES THE INCOME FROM IT TO BENEFIT THE COMMUNITY. THE FOUNDATION CONVENES THE COMMUNITY AROUND CRITICAL ISSUES AND PARTNERS WITH OTHERS TO MAKE A DIFFERENCE THROUGH A RANGE OF EDUCATIONAL COMMUNITY EVENTS AND IN MANY OTHER WAYS, PROVIDING LEADERSHIP AND COLLABORATING WITH OTHERS TO REALIZE A VISION FOR A COMMUNITY IN WHICH EVERYONE HAS AN EQUAL OPPORTUNITY TO THRIVE. DURING THE YEAR ENDED MARCH 31, 2021, THE MINNEAPOLIS FOUNDATION RECEIVED OVER $139M IN GIFTS. THE FOUNDATION AWARDED MORE THAN $110M IN TOTAL GRANTS. DONOR ADVISORS RECOMMENDED OVER $76M IN GRANTS TO CAUSES LOCALLY AND AROUND THE UNITED STATES. THE FOUNDATION DISTRIBUTED COMMUNITY GRANTS TOTALING OVER $12M. MORE INFORMATION ABOUT THE MINNEAPOLIS FOUNDATION CAN BE FOUND AT WWW.MINNEAPOLISFOUNDATION.ORG |
| FORM 990, PART VI, SECTION A, LINE 1 |
THE EXECUTIVE COMMITTEE IS COMPRISED OF TEN MEMBERS, APPOINTED FROM AMONG THE BOARD TRUSTEES. THE EXECUTIVE COMMITTEE HAS THE AUTHORITY TO ACT ON BEHALF OF THE BOARD OF TRUSTEES BETWEEN MEETINGS, EXCEPT FOR SIGNIFICANT ACTIONS INCLUDING AMENDING THE BYLAWS, APPOINTING MEMBERS, MERGERS, SALES OF SIGNIFICANT ASSETS, DISSOLUTIONS, ETC. THE AUDIT COMMITTEE IS COMPRISED OF FOUR BOARD TRUSTEES AND HAS THE AUTHORITY TO APPROVE THE FINANCIAL STATEMENTS PRIOR TO BOARD MEETING. |
| FORM 990, PART VI, SECTION B, LINE 11B |
PRIOR TO ITS BEING FILED, THE FORM 990 WAS REVIEWED BY MANAGEMENT, REVIEWED AND APPROVED BY THE AUDIT COMMITTEE OF THE BOARD OF TRUSTEES, AND PROVIDED ELECTRONICALLY TO THE BOARD OF TRUSTEES. |
| FORM 990, PART VI, SECTION B, LINE 12C |
RESPONSIBLE PERSONS INCLUDE THE BOARD OF TRUSTEES, MEMBERS OF A COMMITTEE WITH THE AUTHORITY OF THE BOARD, AND OFFICERS. EACH NEW RESPONSIBLE PERSON IS REQUIRED TO REVIEW A COPY OF THE CONFLICT OF INTEREST POLICY AND TO ACKNOWLEDGE IN WRITING THAT HE OR SHE HAS DONE SO. TO IDENTIFY POTENTIAL CONFLICTS, EACH RESPONSIBLE PERSON ANNUALLY FILES A CONFLICT OF INTEREST DISCLOSURE STATEMENT WITH THE FOUNDATION'S PRESIDENT/CEO INDICATING ANY ANTICIPATED OR POTENTIAL CONFLICT SITUATIONS. ANY SUCH INFORMATION IS GENERALLY MADE AVAILABLE ONLY TO THE PRESIDENT/CEO OR APPROPRIATE COMMITTEE CHAIR, EXCEPT TO THE EXTENT ADDITIONAL DISCLOSURE IS NECESSARY IN CONNECTION WITH THE IMPLEMENTATION OF A POLICY. A RESPONSIBLE PERSON WITH A CONFLICT DOES NOT PARTICIPATE IN DISCUSSIONS OF THE MATTER EXCEPT TO ANSWER MATERIAL FACTS AND ANSWER QUESTIONS. THE RESPONSIBLE PERSON WITH A CONFLICT OF INTEREST LEAVES THE ROOM FOR A PORTION OF THE DISCUSSION. FINALLY, THE RESPONSIBLE PERSON WITH A CONFLICT OF INTEREST IS NOT ALLOWED TO VOTE ON THE MATTER AND MAY BE REQUIRED TO LEAVE THE ROOM FOR THE VOTE. AFTER COLLECTING ALL RELEVANT INFORMATION, THE BOARD MAY APPROVE A TRANSACTION BY MAJORITY VOTE. |
| FORM 990, PART VI, SECTION B, LINE 15 |
IN JULY OF 2016, THE EXECUTIVE COMMITTEE OF THE BOARD OF TRUSTEES ESTABLISHED A COMPENSATION COMMITTEE WHOSE PURPOSE IS TO ENSURE THE FOUNDATION'S BOARD OF TRUSTEES DETERMINES THE ADEQUACY AND REASONABLENESS OF THE TOTAL COMPENSATION PAID TO THE CHIEF EXECUTIVE OFFICER AND COMPENSATION RANGES FOR OTHER SENIOR LEADERSHIP TEAM MEMBERS (SLT). THE COMMITTEE ARE TO: 1. (A) CONDUCT AN ANNUAL REVIEW OF THE REASONABLENESS OF THE CEO'S PERFORMANCE AND TOTAL COMPENSATION IN RELATION TO THE MARKETPLACE; (B) SOLICIT BOARD INPUT REGARDING THE CEO'S PERFORMANCE AGAINST ANNUAL PERFORMANCE GOALS; (C) DECIDE ON ANY CHANGES IN THE CEO'S TOTAL COMPENSATION; (D) DECIDE ON ANY CHANGES IN THE CEO'S EMPLOYMENT AGREEMENT, SEVERANCE AND/OR RETENTION AGREEMENT, IF ANY ARE IN EFFECT; 2. WITH RESPECT TO SENIOR LEADERSHIP (INCLUDING THE CEO), A COMPENSATION MARKET ANALYSIS BY AN OUTSIDE NEUTRAL THIRD PARTY CONSULTANT WILL BE CONDUCTED EVERY TWO YEARS TO GATHER AND REVIEW IN ADVANCE APPROPRIATE MARKET COMPARABILITY DATA ON THE AMOUNT AND FORM OF COMPENSATION PAID FOR COMPARABLE EXECUTIVE POSITIONS BY OTHER COMPARABLE EMPLOYERS, INCLUDING THOSE ORGANIZATIONS WITH WHICH THE FOUNDATION MAY BE COMPETING FOR EXECUTIVE TALENT, AND TO ASSURE THAT THE COMPARABILITY DATA SO GATHERED AND REVIEWED MEETS THE STANDARD FOR "APPROPRIATE DATA AS TO COMPARABILITY" TO QUALIFY FOR THE REBUTTABLE PRESUMPTION OF REASONABLENESS UNDER INTERNAL REVENUE CODE SECTION 4958; 3. THE CEO WILL OBTAIN THE PRIOR APPROVAL OF THE COMMITTEE TO PROVIDE COMPENSATION TO A SLT MEMBER THAT IS OUTSIDE OF A PAY TOLERANCE OF +/- 20% OF MARKET. THE COMMITTEE MUST REVIEW AND APPROVE THE SEVERANCE AND/OR RETENTION AGREEMENTS FOR ANY SLT MEMBER IF OUTSIDE THE RANGE PREVIOUSLY APPROVED BY THE COMMITTEE; 4. BEFORE THE EXECUTIVE COMMITTEE'S NEXT MEETING OR (II) SIXTY (60) DAYS AFTER MAKING ITS DETERMINATION OF REASONABLENESS WITH RESPECT TO THE TOTAL COMPENSATION OF ALL SLT MEMBER EXECUTIVES (INCLUDING THE CEO) DOCUMENT IN A WRITTEN REPORT: (A) THE TERMS THAT WERE APPROVED AND THE DATE APPROVED; (B) THE MEMBERS OF THE COMMITTEE PRESENT DURING THE DISCUSSION AND THOSE WHO VOTED IN FAVOR AND THOSE WHO DISSENTED OR ABSTAINED; (C) THE COMPARABILITY DATA OBTAINED AND RELIED UPON BY THE COMMITTEE AND HOW THE DATA WERE OBTAINED; AND (D) ANY ACTIONS TAKEN WITH RESPECT TO THE DETERMINATION BY ANYONE WHO IS OTHERWISE A MEMBER OF THE COMMITTEE BUT WHO HAD A CONFLICT OF INTEREST. THE REPORT MUST BE APPROVED BY THE COMMITTEE AS REASONABLY ACCURATE AND COMPLETE WITHIN A REASONABLE TIME THEREAFTER AND REPORTED TO THE BOARD; |
| FORM 990, PART VI, SECTION C, LINE 19 |
THE FOUNDATION'S GOVERNING DOCUMENTS, CONFLICT OF INTEREST POLICY AND FINANCIAL STATEMENTS ARE AVAILABLE UPON REQUEST. |
| FORM 990, PART XI, LINE 9: |
CHANGE IN VALUE OF TRUSTS 8,895,095. CHANGE IN CSV OF LIFE INSURANCE 7,260. NET CHANGE IN AGENCY FUNDS -4,154,461. |
Attach to Form 990 or 990-EZ.