| FORM 990, PART III, LINE 1 |
PURPOSE: WE INSPIRE GENEROSITY, ADVOCATE FOR EQUITY AND INVEST IN COMMUNITY-LED SOLUTIONS. ASPIRATION: WE ENVISION AN EQUITABLE, JUST AND VIBRANT MINNESOTA WHERE ALL COMMUNITIES AND PEOPLE THRIVE. VALUES: WE LISTEN. WE INNOVATE AND LEARN. COMMUNITY IS OUR COMPASS. WE COMMIT TO EQUITY. WE NURTURE PHILANTHROPY. ABOUT THE SAINT PAUL & MINNESOTA FOUNDATION: THE SAINT PAUL & MINNESOTA FOUNDATION IS A STATE-WIDE COMMUNITY FOUNDATION THAT SERVES ALL OF MINNESOTA. WE GOT OUR START IN SAINT PAUL IN 1940, AND TODAY WE STEWARD NEARLY $2.0 BILLION IN CHARITABLE ASSETS FOR COMMUNITY GOOD. WE INSPIRE GENEROSITY THROUGHOUT MINNESOTA BY CREATING NEW PATHWAYS FOR DONORS TO ACTIVATE AND AMPLIFY THEIR GIVING, AND HAVE A GREATER IMPACT THAN THEY MAY HAVE IMAGINED WAS POSSIBLE. EACH YEAR, THE FOUNDATION AND OUR DONORS MAKE OVER 8,500 GRANTS TO AGENTS AND AGENCIES OF CHANGE IN THE NONPROFIT SECTOR. WE ARE COMMITTED TO DISMANTLING A BELIEF IN A HIERARCHY OF HUMAN VALUE, WITH A FOCUS ON RACIAL EQUITY. AS WE WORK TO CREATE A JUST AND VIBRANT MINNESOTA, WE KNOW WE CAN NEVER REALIZE OUR VISION UNTIL OUR COLLECTIVE NARRATIVE FAIRLY AND WHOLLY REPRESENTS EACH AND EVERY ONE OF OUR COMMUNITIES. WE INVEST IN COMMUNITY-LED SOLUTIONS BY IDENTIFYING, FUNDING AND ADVOCATING FOR PROMISING IDEAS THAT BUILD CAPACITY AND MAGNIFY IMPACT. WE BELIEVE THOSE LIVING IN A COMMUNITY ARE BEST PLACES TO IDENTIFY THE SOLUTIONS TO ANY CHALLENGES THEY FACE. WE ARE PROUD TO SUPPORT NONPROFITS ACROSS THE STATE OF MINNESOTA WHOSE WORK IS DEEPLY INFORMED BY THOSE THEY SERVED. |
| FORM 990, PART V, LINE 3B |
SAINT PAUL & MINNESOTA FOUNDATION HAS FILED AN EXTENSION TO FILE THE 990-T. THE FOUNDATION HAS NOT RECEIVED ALL K-1'S FROM ITS INVESTMENTS. AN ACCURATE 990-T CANNOT BE FILED UNTIL ALL K-1'S HAVE BEEN RECEIVED. PRESENTLY, THE FOUNDATION IS ESTIMATING TO HAVE A UBI LOSS PASSED THROUGH FROM ITS INVESTMENTS AND HAS NOT REPORTED ANY AMOUNTS ON PART I LINE 7A OR 7B. |
| FORM 990, PART VI, SECTION B, LINE 11B |
THE FORM 990 WAS SUBMITTED TO THE AUDIT AND FINANCE COMMITTEE ON JULY 20, 2022 FOR REVIEW AND ACCEPTANCE PRIOR TO SUBMISSION TO THE IRS. THE FULL BOARD OF DIRECTORS IS THEN PROVIDED A COPY OF THE 990 PRIOR TO ITS SUMBISSION TO THE IRS. |
| FORM 990, PART VI, SECTION B, LINE 12C |
THE FOUNDATION HAS ESTABLISHED A CODE OF BUSINESS CONDUCT POLICY. THIS POLICY COVERS THE AREAS OF COMPLIANCE, DISCRIMINATION AND HARASSMENT, CONFIDENTIALITY, CONFLICT OF INTEREST AND ETHICAL PRINCIPLES. THE POLICY APPLIES TO ALL STAFF, BOARD AND BOARD COMMITTEE MEMBERS (REPRESENTATIVES). ANNUALLY, REPRESENTATIVES ARE REQUIRED TO SIGN A FORM DECLARING THAT THEY HAVE READ, UNDERSTOOD AND AGREED TO ABIDE BY THE CODE OF BUSINESS CONDUCT POLICY. ALL REPRESENTATIVES ARE ALSO REQUIRED TO ANNUALLY COMPLETE A CONFLICT OF INTEREST FORM, DECLARING ANY RELATIONSHIPS THEY MAY HAVE THAT COULD POSE A CONFLICT WITH THEIR ROLE AS FOUNDATION REPRESENTATIVE. |
| FORM 990, PART VI, SECTION B, LINE 15 |
CEO COMPENSATION AND BENEFITS: SAINT PAUL & MINNESOTA FOUNDATION UTILIZES AN OUTSIDE THIRD PARTY CONSULTANT TO CONDUCT A CUSTOM SURVEY TO PROVIDE MARKET BENCHMARKING RELATIVE TO THE FOUNDATION'S CEO POSITION. THE COMPENSATION SURVEY IS GENERALLY CONDUCTED EVERY TWO YEARS. THE OBJECTIVE OF THE SURVEY IS TO DETERMINE THE LEVEL OF COMPENSATION THAT WOULD BE CONSIDERED COMPETITIVE FOR THE FOUNDATION'S CEO COMPARED TO TOP EXECUTIVES OF OTHER FOUNDATIONS WITH PARTICULAR ATTENTION TO THOSE OF SIMILAR NATURE AND ASSET SIZE. THE COMPARATOR GROUP, CURRENTLY TWENTY-THREE LOCAL AND NATIONAL ORGANIZATIONS, IS REVIEWED BY THE BOARD CHAIR AND EXECUTIVE COMMITTEE. THE COMPARATOR GROUP REFLECTS ORGANIZATIONS WITH SIMILAR ASSET SIZE, COMPLEXITY OF WORK AND POTENTIAL RECRUITMENT MARKET. TO DETERMINE APPROPRIATE PAY LEVELS FOR THE VARIOUS ROLES AT THE FOUNDATION, WE ANALYZE COMPENSATION DATA FROM BOTH LOCAL AND NATIONAL COMPARABLE FOUNDATIONS AND OTHER NOT-FOR-PROFIT ORGANIZATIONS WITH WHOM THE FOUNDATION MAY COMPETE FOR TALENT. WE TARGET THE MARKET MEDIAN (OR 50TH PERCENTILE) OF THE RESPECTIVE MARKET DATA, UNDERSTANDING THAT ADJUSTMENTS EITHER ABOVE OR BELOW MEDIAN MAY BE MADE BASED ON THE INDIVIDUAL EMPLOYEES EXPERIENCE, TIME IN ROLE, AND CONTRIBUTIONS AND ACCOMPLISHMENTS; IN ADDITION TO MARKET CONDITIONS AND FINANCIAL AFFORDABILITY. BENEFIT SURVEY DATA IS GENERALLY COLLECTED EVERY TWO YEARS AND FOCUSES ON BENEFITS PROVIDED EXCLUSIVELY TO THE CEO AND TOP EXECUTIVES. STAFF COMPENSATION: A COMPREHENSIVE REVIEW OF STAFF COMPENSATION USING LOCAL INDUSTRY AND NATIONAL COMMUNITY FOUNDATION SURVEY DATA IS GENERALLY CONDUCTED EVERY TWO YEARS. THE OBJECTIVE OF THE COMPREHENSIVE REVIEW IS TO DETERMINE COMPARABLE MARKET PAY FOR INDIVIDUAL POSITIONS. |
| FORM 990, PART VI, SECTION C, LINE 19 |
THE FOUNDATION HAS POSTED ITS AUDITED FINANCIAL STATEMENTS, GOVERNING DOCUMENTS, AND CONFLICT OF INTEREST POLICY (AS PART OF ITS CODE OF BUSINESS CONDUCT) ON ITS WEBSITE AT WWW.SPMCF.ORG. |
| FORM 990, PART XI, LINE 9: |
CHANGE IN VALUE OF SPLIT INTEREST AGREEMENTS -74,649. |
Attach to Form 990 or 990-EZ.