Minneapolis Society Of Fine Arts in Minneapolis, Minnesota (MN)

Minneapolis Society Of Fine Arts
Employer Identification Number (EIN)	410693915
Name of Organization	Minneapolis Society Of Fine Arts
Address	2400 3rd Ave S, Minneapolis, MN 55404-3506
Activities	Private school, School, college, trade school, etc., Other school related activities
Subsection	Charitable Organization, Educational Organization
Ruling Date	12/1967
Deductibility	Contributions are deductible
Foundation	Organization that normally receives no more than one third of its support from gross investment income and unrelated business income and at the same time more than one third of its support from contributions, fees, and gross receipts related to exempt purposes
Organization	Corporation
Exempt Organization Status	Unconditional Exemption
Tax Period	06/2013
Assets	$50,000,000 to greater
Income	$50,000,000 to greater
Filing Requirement	990 (all other) or 990EZ return
Asset Amount	$299,361,210
Amount of Income	$107,811,051
Form 990 Revenue Amount	$38,613,628
National Taxonomy of Exempt Entities (NTEE)	Arts, Culture and Humanities: Art Museums

Non-representatives - add comments:

Amount of income in 2013: $107,811,051

Minneapolis Society Of Fine Arts:	$107,811,051
Other organizations performing similar types of work:	$1,258,505

Assets in 2013: $299,361,210

Minneapolis Society Of Fine Arts:	$299,361,210
Other organizations performing similar types of work:	$4,746,079

Expenses in 2013: $39,669,187

Minneapolis Society Of Fine Arts:	$39,669,187
Other organizations performing similar types of work:	$906,066

Income to expenses ratio in 2013: 2.7

Minneapolis Society Of Fine Arts:	2.7
Other organizations performing similar types of work:	1.3

Expenses allocated to program services in 2007: 79.6%

Minneapolis Society Of Fine Arts:	79.6%
Other organizations performing similar types of work:	75.4%

Number of employees in 2013: 369

This organization:	369
Other organizations performing similar types of work:	29

Employees paid over $100,000 in 2013: 13.6%

This organization:	13.6%
Other organizations performing similar types of work:	0.0%

Grants share in income in 2013: 68.3%

This organization:	68.3%
Other organizations performing similar types of work:	64.8%

Financial snapshot ($)

Revenue for 2013

Assets at the end of 2013

Functional expenses for 2013

Support schedule

	2012	2013
Checklist
Is the organization described in section 501(c)(3) or 4947(a)(1) (other than a private foundation)?	Yes	Yes
Is the organization required to complete Schedule B, Schedule of Contributors?	Yes	Yes
Did the organization engage in direct or indirect political campaign activities on behalf of or in opposition to candidates for public office?	No	No
Did the organization engage in lobbying activities, or have a section 501(h) election in effect during the tax year?	Yes	Yes
Is the organization a section 501(c)(4), 501(c)(5), or 501(c)(6) organization that receives membership dues, assessments, or similar amounts as defined in Revenue Procedure 98-19?	No	No
Did the organization maintain any donor advised funds or any similar funds or accounts for which donors have the right to provide advice on the distribution or investment of amounts in such funds or accounts?	No	No
Did the organization receive or hold a conservation easement, including easements to preserve open space, the environment, historic land areas, or historic structures?	No	No
Did the organization maintain collections of works of art, historical treasures, or other similar assets?	Yes	Yes
Did the organization report an amount for escrow or custodial account liability; serve as a custodian or provide credit counseling, debt management, credit repair, or debt negotiation services?	No	No
Did the organization, directly or through a related organization, hold assets in temporarily restricted endowments, permanent endowments, or quasi-endowments?	Yes	Yes
Did the organization report an amount for land, buildings, and equipment?	Yes	Yes
Did the organization report an amount for investments-other securities that is 5% or more of its total assets?	Yes	Yes
Did the organization report an amount for investments-program related that is 5% or more of its total assets?	No	No
Did the organization report an amount for other assets that is 5% or more of its total assets?	Yes	Yes
Did the organization report an amount for other liabilities?	Yes	Yes
Did the organization's separate or consolidated financial statements for the tax year include a footnote that addresses the organization's liability for uncertain tax positions under FIN 48 (ASC 740)?	Yes	Yes
Did the organization obtain separate, independent audited financial statements for the tax year?	Yes	Yes
Was the organization included in consolidated, independent audited financial statements for the tax year?	No	No
Is the organization a school described in section 170(b)(1)(A)(ii)?	No	No
Did the organization maintain an office, employees, or agents outside of the United States?	No	No
Did the organization have aggregate revenues or expenses of more than $10,000 from grantmaking, fundraising, business, investment, and program service activities outside the United States, or aggregate foreign investments valued at $100,000 or more?	No	No
Did the organization report more than $5,000 of grants or other assistance to or for any foreign organization?	No	No
Did the organization report more than $5,000 of aggregate grants or other assistance to or for foreign individuals?	No	No
Did the organization report a total of more than $15,000 of expenses for professional fundraising services?	No	No
Did the organization report more than $15,000 total of fundraising event gross income and contributions?	Yes	Yes
Did the organization report more than $15,000 of gross income from gaming activities?	No	No
Did the organization operate one or more hospital facilities?	No	No
Did the organization attach a copy of its audited financial statements?	No	No
Did the organization report more than $5,000 of grants or other assistance to any domestic organization or domestic government?	No	No
Did the organization report more than $5,000 of grants or other assistance to or for domestic individuals?	No	No
Did the organization answer 'Yes' about compensation of the organization's current and former officers, directors, trustees, key employees, and highest compensated employees?	Yes	Yes
Did the organization have a tax-exempt bond issue with an outstanding principal amount of more than $100,000 as of the last day of the year, that was issued after December 31, 2002?	No	No
Did the organization invest any proceeds of tax-exempt bonds beyond a temporary period exception?	No	No
Did the organization maintain an escrow account other than a refunding escrow at any time during the year to defease any tax-exempt bonds?	No	No
Did the organization act as an 'on behalf of' issuer for bonds outstanding at any time during the year?	No	No
Did the organization engage in an excess benefit transaction with a disqualified person during the year?	No	No
Is the organization aware that it engaged in an excess benefit transaction with a disqualified person in a prior year, and that the transaction has not been reported on any of the organization's prior Forms 990 or 990-EZ?	No	No
Did the organization report any amount for receivables from or payables to any current or former officers, directors, trustees, key employees, highest compensated employees, or disqualified persons?	No	No
Did the organization provide a grant or other assistance to an officer, director, trustee, key employee, substantial contributor or employee thereof, a grant selection committee member, or to a 35% controlled entity or family member of any of these persons?	No	No
Was the organization a party to a business transaction with one of the following parties
A current or former officer, director, trustee, or key employee?	Yes	Yes
A family member of a current or former officer, director, trustee, or key employee?	No	No
An entity of which a current or former officer, director, trustee, or key employee (or a family member thereof) was an officer, director, trustee, or direct or indirect owner?	Yes	Yes
Did the organization receive more than $25,000 in non-cash contributions?	Yes	Yes
Did the organization receive contributions of art, historical treasures, or other similar assets, or qualified conservation contributions?	Yes	Yes
Did the organization liquidate, terminate, or dissolve and cease operations?	No	No
Did the organization sell, exchange, dispose of, or transfer more than 25% of its net assets?	No	No
Did the organization own 100% of an entity disregarded as separate from the organization under Regulations sections 301.7701-2 and 301.7701-3?	No	No
Was the organization related to any tax-exempt or taxable entity?	Yes	Yes
Did the organization have a controlled entity within the meaning of section 512(b)(13)?	No	No
Did the organization make any transfers to an exempt non-charitable related organization?	No	No
Did the organization conduct more than 5% of its activities through an entity that is not a related organization and that is treated as a partnership for federal income tax purposes?	No	No

	2011	2012	2013
Statements Regarding Other IRS Filings and Tax Compliance
The number reported in Box 3 of Form 1096		128	179
The number of Forms W-2G		0	0
Did the organization comply with backup withholding rules for reportable payments to vendors and reportable gaming (gambling) winnings to prize winners?		No	No
The number of employees reported on Form W-3, Transmittal of Wage and Tax Statements, filed for the calendar year ending with or within the year covered by this return		361	369
Did the organization file all required federal employment tax returns?		Yes	Yes
Did the organization have unrelated business gross income of $1,000 or more during the year?	No	No	Yes
Has it filed a Form 990-T for this year?		No	Yes
At any time during the calendar year, did the organization have an interest in, or a signature or other authority over, a financial account in a foreign country (such as a bank account, securities account, or other financial account)?		No	No
Was the organization a party to a prohibited tax shelter transaction at any time during the tax year?		No	No
Did any taxable party notify the organization that it was or is a party to a prohibited tax shelter transaction?		No	No
Did the organization file Form 8886-T?		No	No
Does the organization have annual gross receipts that are normally greater than $100,000, and did the organization solicit any contributions that were not tax deductible as charitable contributions?		No	No
Did the organization include with every solicitation an express statement that such contributions or gifts were not tax deductible?		No	No
Did the organization receive a payment in excess of $75 made partly as a contribution and partly for goods and services provided to the payor?		Yes	Yes
Did the organization notify the donor of the value of the goods or services provided?		Yes	Yes
Did the organization sell, exchange, or otherwise dispose of tangible personal property for which it was required to file Form 8282?		No	No
Did the organization receive any funds, directly or indirectly, to pay premiums on a personal benefit contract?		No	No
Did the organization, during the year, pay premiums, directly or indirectly, on a personal benefit contract?		No	No
If the organization received a contribution of qualified intellectual property, did the organization file Form 8899 as required?		No	No
If the organization received a contribution of cars, boats, airplanes, or other vehicles, did the organization file a Form 1098-C?		No	No
Did a donor advised fund maintained by the sponsoring organization have excess business holdings at any time during the year?		No	No
Did the sponsoring organization make any taxable distributions under section 4966?		No	No
Did the sponsoring organization make a distribution to a donor, donor advisor, or related person?		No	No
Initiation fees and capital contributions	$0	$0	$0
Gross receipts for public use of club facilities	$0	$0	$0
Gross income from members or shareholders	$0	$0	$0
Gross income from other sources	$0	$0	$0
Is the organization filing Form 990 in lieu of Form 1041?		No	No
The amount of tax-exempt interest received or accrued during the year		$0	$0
Is the organization licensed to issue qualified health plans in more than one state?		No	No
The amount of reserves the organization is required to maintain by the states in which the organization is licensed to issue qualified health plans		$0	$0
The amount of reserves on hand		$0	$0
Did the organization receive any payments for indoor tanning services during the tax year?		No	No
Has it filed a Form 720 to report these payments?		No	No

	2012	2013
Compensation of Officers, Directors, Trustees, Key Employees, Highest Compensated Employees, and Independent Contractors
Officers, Directors, Trustees, Key Employees, and Highest Compensated Employees
Total reportable compensation from the organization	$1,937,715	$2,163,219
Total reportable compensation from related organizations	$0	$0
Total estimated amount of other compensation from the organization and related organizations	$219,844	$261,612
Total number of individuals who received more than $100,000 of reportable compensation from the organization	13	15
Total number of independent contractors who received more than $100,000 of compensation from the organization	27	35

	2011	2012	2013
Statement of Revenue
Total revenue	$44,308,330	$33,422,323	$38,613,628
Contributions, Gifts, Grants and Other Similar Amounts	$24,710,364	$23,265,538	$26,362,644
Program Service Revenue	$1,784,009	$1,606,058	$4,119,262
900099		$647,526	$2,360,275
532000		$397,190	$930,592
Parking Lots and Garages		$300,312	$367,709
900099		$227,705	$230,647
900099		$33,325	$183,400
All other program service revenue		$0	$46,639
Other Revenue
Investment income (including dividends, interest, and other similar amounts)	$5,236,913	$5,962,433	$5,005,439
Income from investment of tax-exempt bond proceeds	$0	$0	$0
Royalties	$0	$0	$0
Net rental income	$0	$0	$0
Net gain/loss from sales of assets other than inventory	$12,298,621	$2,316,680	$2,621,056
Gross amount from sales of assets other than inventory (Securities / Other)	$227,574,637 / $0	$190,244,604 / $0	$71,043,385 / $0
Less: cost or other basis and sales expenses (Securities / Other)	$214,288,917 / $987,099	$187,927,924 / $0	$68,422,329 / $0
Gain or (loss) (Securities / Other)	$13,285,720 / $-987,099	$2,316,680 / $0	$2,621,056 / $0
Net income/loss from fundraising events	$-67,762	$-29,687	$-67,624
Gross income from fundraising events	$280,090	$138,003	$154,351
Less: direct expenses	$347,852	$167,690	$221,975
Net income/loss from gaming activities	$0	$0	$0
Net income/loss from sales of inventory	$344,532	$301,301	$572,851
Gross sales of inventory, less returns and allowances	$700,508	$612,737	$1,125,970
Less: cost of goods sold	$355,976	$311,436	$553,119
Miscellaneous Revenue	$1,653	$0	$0

	2011	2012	2013
Statement of Functional Expenses
Total functional expenses	$35,640,073	$32,888,786	$39,669,187
Grants and other assistance to domestic organizations and domestic governments		$0	$0
Grants and other assistance to domestic individuals		$0	$0
Grants and other assistance to foreign organizations, foreign governments, and foreign individuals		$0	$0
Benefits paid to or for members		$0	$0
Compensation of current officers, directors, trustees, and key employees	$1,418,424	$1,315,053	$1,322,768
Compensation not included above, to disqualified persons		$60,000	$60,000
Other salaries and wages	$11,582,618	$12,034,155	$12,206,065
Pension plan accruals and contributions		$492,120	$636,773
Other employee benefits		$1,429,847	$1,619,818
Payroll taxes	$888,628	$1,001,703	$954,409
Fees for services (non-employees)
Management		$0	$0
Legal		$250,423	$249,351
Accounting		$80,468	$130,938
Lobbying		$37,500	$42,500
Professional fundraising services	$0	$8,750	$1,575
Investment management fees		$1,114,049	$1,428,073
Other		$1,535,239	$2,460,633
Advertising and promotion		$473,282	$632,087
Office expenses		$1,700,315	$1,469,669
Information technology		$327,078	$316,825
Royalties		$0	$0
Occupancy		$2,873,873	$2,460,325
Travel		$426,210	$526,859
Payments of travel or entertainment expenses for any federal, state, or local public officials		$0	$0
Conferences, conventions, and meetings		$38,592	$39,272
Interest		$110,790	$79,860
Payments to affiliates		$0	$0
Depreciation, depletion, and amortization		$3,713,908	$2,864,176
Insurance		$178,626	$632,504
Other expenses		$2,315,633	$8,424,612
Other expenses		$931,005	$729,408
Other expenses		$311,136	$157,157
Other expenses		$129,031	$127,899
Other expenses		$0	$95,631

	2011	2012	2013
Balance Sheet
Total assets	$292,159,909	$285,084,516	$299,361,210
Cash - non-interest-bearing		$9,550	$12,950
Savings and temporary cash investments		$18,028,301	$23,343,643
Pledges and grants receivable, net		$4,979,605	$4,237,315
Accounts receivable, net		$9,171,472	$9,234,519
Loans and other receivables from current and former officers, directors, trustees, key employees, and highest compensated employees		$0	$0
Loans and other receivables from other disqualified persons, persons described in section 4958(c)(3)(B), and contributing employers and sponsoring organizations of section 501(c)(9) voluntary employees' beneficiary organizations		$0	$0
Notes and loans receivable, net		$0	$0
Inventories for sale or use		$319,529	$298,515
Prepaid expenses and deferred charges		$328,178	$258,483
Land, buildings, and equipment: cost or other basis		$71,223,093	$70,070,002
Investments - publicly traded securities		$43,979,946	$58,772,924
Investments - other securities		$81,717,326	$75,164,765
Investments - program-related		$0	$0
Intangible assets		$0	$0
Other assets		$55,327,516	$57,968,094
Total liabilities	$16,076,786	$14,033,307	$15,645,705
Accounts payable and accrued expenses		$4,131,518	$6,651,110
Grants payable		$0	$0
Deferred revenue		$5,835,729	$5,598,500
Tax-exempt bond liabilities	$0	$0	$0
Escrow or custodial account liability		$0	$0
Loans and other payables to current and former officers, directors, trustees, key employees, highest compensated employees, and disqualified persons		$0	$0
Secured mortgages and notes payable to unrelated third parties	$0	$0	$0
Unsecured notes and loans payable to unrelated third parties	$3,000,000	$2,901,249	$2,284,375
Other liabilities (including federal income tax, payables to related third parties, and other liabilities)		$1,164,811	$1,111,720
Total net assets or fund balances	$276,083,123	$271,051,209	$283,715,505
Unrestricted net assets		$97,708,598	$101,312,634
Temporarily restricted net assets		$42,916,965	$44,930,195
Permanently restricted net assets		$130,425,646	$137,472,676
Capital stock or trust principal, or current funds		$0	$0
Paid-in or capital surplus, or land, building, or equipment fund		$0	$0
Retained earnings, endowment, accumulated income, or other funds	$0	$0	$0

Reason for Public Charity Status (for 2013)
The organization is not a private foundation because it is:	An organization that normally receives a substantial part of its support from a governmental unit or from the general public described in section 170(b)(1)(A)(vi)
Number of organizations supported	0
Sum of amounts of support	$0

	2009 - 2013 Total
Support Schedule for Organizations Described in Sections 170(b)(1)(A)(iv) and 170(b)(1)(A)(vi) (for 2009 - 2013)
Public Support	$125,915,016
Subtotal Support	$125,915,016
Gifts, grants, contributions, and membership fees received	$67,117,468
Tax revenues levied for the organization's benefit and either paid to or expended on its behalf	$58,797,548
The value of services or facilities furnished by a governmental unit to the organization without charge	$0
The portion of total contributions by each person (other than a governmental unit or publicly supported organization) that exceeds 2% of the total support	$0
Total Support	$155,669,812
Public Support	$125,915,016
Gross income from interest, dividends, payments received on securities loans, rents, royalties and income from similar sources	$30,011,996
Net income from unrelated business activities, whether or not the business is regularly carried on	$0
Other income. Do not include gain or loss from the sale of capital assets	$-257,200
Gross receipts from related activities, etc.	$11,853,623

	2000	2001	2002	2003	2004	2005	2006	2007
Revenue, Expenses, and Changes in Net Assets or Fund Balances
Total revenue	$34,279,415	$21,521,214	$34,493,540	$43,948,385	$42,499,651	$51,923,204	$51,487,923	$44,885,269
Contributions, gifts, grants, and similar amounts received	$20,478,996	$25,651,762	$32,235,852	$29,514,161	$29,982,090	$35,329,147	$26,285,132	$22,696,554
Contributions to donor advised funds							$0	$0
Direct public support	$14,063,589	$18,687,499	$24,396,943	$21,295,347	$21,278,542	$25,993,765	$16,347,784	$11,731,974
Indirect public support	$0	$0	$0	$0	$0	$0	$0	$0
Government contributions (grants)	$6,415,407	$6,964,263	$7,838,909	$8,218,814	$8,703,548	$9,335,382	$9,937,348	$10,964,580
Program service revenue including government fees and contracts	$1,276,037	$1,125,336	$1,611,019	$981,045	$1,355,811	$1,317,330	$1,403,343	$1,696,826
Membership dues and assessments	$1,586,966	$1,686,436	$1,741,307	$1,580,640	$1,418,363	$1,461,546	$1,620,165	$1,765,565
Interest on savings and temporary cash investments	$97,250	$61,361	$73,611	$77,901	$323,800	$656,953	$561,998	$343,879
Dividends and interest from securities	$5,328,315	$4,791,170	$4,757,979	$4,486,702	$5,117,609	$5,544,631	$6,614,127	$7,511,896
Net rental income or (loss)	$33,998	$33,965	$40,952	$42,836	$52,636	$31,302	$49,375	$11,639
Gross rents	$241,602	$271,497	$312,785	$270,876	$300,927	$308,401	$411,440	$385,075
Less: rental expenses	$207,604	$237,532	$271,833	$228,040	$248,291	$277,099	$362,065	$373,436
Other investment income	$0	$0	$0	$0	$0	$0	$0	$0
Gain or (loss) from sales of assets other than inventory	$4,487,303	$-12,664,977	$-6,849,286	$6,556,148	$3,500,488	$6,920,301	$14,114,849	$10,008,826
Gross amount from sales of assets other than inventory	$136,310,259	$118,938,719	$147,074,255	$150,582,352	$124,025,269	$141,038,586	$184,571,740	$203,924,820
Less: cost or other basis and sales expenses	$131,822,956	$131,603,696	$153,923,541	$144,026,204	$120,524,781	$134,118,285	$170,456,891	$193,915,994
Net income or (loss) from special events and activities	$0	$0	$0	$0	$0	$0	$0	$0
Gross revenue	$0	$0	$0	$0	$0	$0	$0	$0
Less: direct expenses other than fundraising expenses	$0	$0	$0	$0	$0	$0	$0	$0
Gross profit or (loss) from sales of inventory	$551,134	$667,155	$665,289	$459,331	$502,278	$371,810	$423,367	$517,103
Gross sales of inventory, less returns and allowances	$1,152,043	$1,242,486	$1,208,012	$890,304	$977,805	$700,183	$818,362	$983,888
Less: cost of goods sold	$600,909	$575,331	$542,723	$430,973	$475,527	$328,373	$394,995	$466,785
Other revenue	$439,416	$169,006	$216,817	$249,621	$246,576	$290,184	$415,567	$332,981
Total expenses	$29,466,666	$32,608,328	$28,344,428	$29,285,005	$28,793,091	$33,665,852	$33,485,972	$32,028,908
Program services	$24,775,060	$27,829,745	$23,833,185	$23,832,159	$23,385,361	$26,661,268	$27,200,903	$25,500,537
Management and general	$3,215,170	$3,020,460	$2,952,299	$3,718,413	$3,235,531	$4,356,213	$4,299,816	$4,740,997
Fundraising	$1,476,436	$1,758,123	$1,558,944	$1,734,433	$2,172,199	$2,648,371	$1,985,253	$1,787,374
Payments to affiliates	$0	$0	$0	$0	$0	$0	$0	$0
Net assets or fund balances at end of year	$215,430,500	$191,769,233	$204,943,121	$225,198,738	$242,780,741	$260,639,001	$286,909,582	$274,044,003
Excess or (deficit) for the year	$4,812,749	$-11,087,114	$6,149,112	$14,663,380	$13,706,560	$18,257,352	$18,001,951	$12,856,361
Net assets or fund balances at beginning of year	$236,955,414	$215,430,500	$191,769,233	$204,943,121	$225,198,738	$242,780,741	$260,639,001	$286,909,582
Other changes in net assets or fund balances	$-26,337,663	$-12,574,153	$7,024,776	$5,592,237	$3,875,443	$-399,092	$8,268,630	$-25,721,940

	Total	Program services	Management and general	Fundraising
Statement of Functional Expenses (for 2007)
Total functional expenses	$32,028,908	$25,500,537	$4,740,997	$1,787,374
Grants paid from donor advised funds		$0
Other grants and allocations		$0
Specific assistance to individuals		$0
Benefits paid to or for members		$0
Compensation of current officers, directors, key employees, etc.	$994,650	$292,481	$579,879	$122,290
Compensation of former officers, directors, key employees, etc.	$44,200	$0	$44,200	$0
Compensation and other distributions, not included above, to disqualified persons (as defined under section 4958(f)(1)) and persons described in section 4958(c)(3)(B)	$0	$0	$0	$0
Salaries and wages of employees not included above	$12,039,987	$9,702,526	$1,473,887	$863,574
Pension plan contributions not included above	$492,424	$420,575	$37,419	$34,430
Employee benefits not included above	$1,131,197	$936,578	$114,930	$79,689
Payroll taxes	$908,495	$732,740	$110,858	$64,897
Professional fundraising fees	$18,740	$0	$0	$18,740
Accounting fees	$56,010	$0	$56,010	$0
Legal fees	$328,750	$156,114	$172,636	$0
Supplies	$582,134	$522,294	$39,365	$20,475
Telephone	$23,143	$6,338	$16,431	$374
Postage and shipping	$664,126	$618,600	$18,517	$27,009
Occupancy	$2,213,466	$2,075,358	$122,802	$15,306
Equipment rental and maintenance	$79,489	$54,872	$20,302	$4,315
Printing and publications	$844,148	$491,916	$100,310	$251,922
Travel	$455,686	$284,954	$82,248	$88,484
Conferences, conventions, and meetings	$21,207	$15,015	$4,847	$1,345
Interest	$131,005	$131,005	$0	$0
Depreciation, depletion, etc.	$2,849,462	$2,682,254	$152,894	$14,314
Other expenses not covered above	$8,150,589	$6,376,917	$1,593,462	$180,210

	2000	2001	2002	2003	2004	2005	2006	2007
Balance Sheets
Total assets	$223,822,612	$199,948,252	$213,404,800	$272,991,680	$279,148,650	$283,978,326	$303,396,428	$286,933,350
Cash - non-interest-bearing	$0	$0	$638,315	$33,121,108	$8,440,607	$131,636	$7,058	$7,758
Savings and temporary cash investments	$12,302,104	$12,746,226	$13,017,140	$19,704,738	$19,602,032	$11,583,508	$10,931,196	$11,577,357
Accounts receivable less allowance for doubtful accounts	$5,512,300	$5,538,323	$8,513,621	$7,119,977	$7,112,652	$7,721,316	$7,821,325	$8,721,713
Pledges receivable less allowance for doubtful accounts	$3,277,234	$2,243,827	$10,860,369	$14,423,984	$16,946,047	$18,956,263	$12,862,533	$9,288,973
Grants receivable	$126,643	$590,876	$1,086,961	$473,460	$395,600	$278,757	$426,949	$746,848
Receivables from current and former officers, directors, trustees, and key employees	$0	$0	$0	$0	$0	$0	$0	$0
Receivables from other disqualified persons (as defined under section 4958(f)(1)) and persons described in section 4958(c)(3)(B)							$0	$0
Other notes and loans receivable less allowance for doubtful accounts	$0	$0	$0	$0	$0	$0	$0	$0
Inventories for sale or use	$217,361	$233,677	$247,796	$262,127	$249,375	$291,676	$316,170	$285,527
Prepaid expenses and deferred charges	$32,051	$90,051	$86,291	$129,773	$120,699	$48,612	$194,784	$88,357
Investments - publicly-traded securities							$188,551,524	$175,885,323
Investments - other securities	$163,897,110	$140,011,848	$137,820,533	$147,517,066	$155,653,040	$164,179,072	$2,947,925	$3,074,030
Investments - land, buildings, and equipment less accumulated depreciation	$0	$0	$0	$0	$0	$0	$0	$0
Investments - other	$0	$0	$0	$0	$0	$0	$0	$0
Land, buildings, and equipment less accumulated depreciation	$38,457,809	$38,493,424	$41,133,774	$50,239,447	$70,628,598	$80,787,486	$79,336,964	$77,257,464
Other assets, including program-related investments	$0	$0	$0	$0	$0	$0	$0	$0
Total liabilities	$8,392,112	$8,179,019	$8,461,679	$47,792,942	$36,367,909	$23,339,325	$16,486,846	$12,889,347
Accounts payable and accrued expenses	$3,226,750	$3,096,863	$3,505,576	$4,976,665	$6,705,662	$4,210,748	$4,169,869	$2,697,280
Grants payable	$0	$0	$0	$0	$0	$0	$0	$0
Deferred revenue	$3,915,749	$4,055,877	$4,165,725	$4,621,939	$5,156,984	$5,113,065	$5,848,981	$6,331,713
Loans from officers, directors, trustees, and key employees	$0	$0	$0	$0	$0	$0	$0	$0
Tax-exempt bond liabilities	$0	$0	$0	$0	$0	$0	$0	$0
Mortgages and other notes payable	$1,249,613	$1,026,279	$790,378	$38,194,338	$23,630,949	$13,060,000	$5,060,000	$2,360,000
Other liabilities	$0	$0	$0	$0	$874,314	$955,512	$1,407,996	$1,500,354
Total liabilities and net assets/fund balances	$223,822,612	$199,948,252	$213,404,800	$272,991,680	$279,148,650	$283,978,326	$303,396,428	$286,933,350
Total net assets or fund balances	$215,430,500	$191,769,233	$204,943,121	$225,198,738	$242,780,741	$260,639,001	$286,909,582	$274,044,003

	2000	2001	2002	2003	2004	2005	2006	2007
Reconciliation of Revenue per Audited Financial Statements With Revenue per Return
Total revenue	$34,279,415	$21,521,214	$34,493,540	$43,948,385	$42,499,651	$51,923,204	$51,487,923	$44,885,269
Total revenue, gains, and other support per audited financial statements	$7,998,912	$9,119,426	$42,332,872	$49,366,681	$46,374,507	$51,406,305	$59,420,026	$18,889,896
Other expenses	$808,513	$812,863	$7,839,332	$6,251,250	$4,599,261	$206,379	$9,025,691	$-25,721,940
Net unrealized gains on investments	$0	$0	$7,024,776	$5,592,237	$3,875,443	$-399,092	$8,268,630	$-25,721,940
Donated services and use of facilities	$0	$0	$0	$0	$0	$0	$0	$0
Recoveries of prior year grants	$0	$0	$0	$0	$0	$0	$0	$0
Other	$808,513	$812,863	$814,556	$659,013	$723,818	$605,471	$757,061	$0
Other revenue	$27,089,016	$13,214,651	$0	$832,954	$724,405	$723,278	$1,093,588	$273,433
Investment expenses	$751,353	$640,498	$0	$832,954	$724,405	$723,278	$1,043,531	$1,113,654
Other	$26,337,663	$12,574,153	$0	$0	$0	$0	$50,057	$-840,221

	2000	2001	2002	2003	2004	2005	2006	2007
Reconciliation of Expenses per Audited Financial Statements With Expenses per Return
Total expenses	$29,466,666	$32,608,328	$28,344,428	$29,285,005	$28,793,091	$33,665,852	$33,485,972	$32,028,908
Total expenses and losses per audited financial statements	$29,523,826	$32,780,693	$29,158,984	$29,111,064	$28,792,503	$33,548,045	$33,149,445	$31,755,475
Other revenue	$808,513	$812,863	$814,556	$659,013	$723,817	$605,471	$757,061	$840,221
Donated services and use of facilities	$0	$0	$0	$0	$0	$0	$0	$0
Prior year adjustments	$0	$0	$0	$0	$0	$0	$0	$0
Losses	$0	$0	$0	$0	$0	$0	$0	$0
Other	$808,513	$812,863	$814,556	$659,013	$723,817	$605,471	$757,061	$840,221
Other expenses	$751,353	$640,498	$0	$832,954	$724,405	$723,278	$1,093,588	$1,113,654
Investment expenses	$751,353	$640,498	$0	$832,954	$724,405	$723,278	$1,043,531	$1,113,654
Other	$0	$0	$0	$0	$0	$0	$50,057	$0

Average hours per week devoted to position	Compensation	Contributions to employee benefit plans & deferred compensation plans	Expense account and other allowances
Current Officers, Directors, Trustees, and Key Employees
1	$0	$0	$1,280
38	$264,199	$16,492	$1,950
38	$195,403	$2,219	$8,896
38	$283,511	$92,539	$3,401
38	$66,927	$9,933	$0
1	$0	$0	$47,900

Total number of officers, directors, and trustees permitted to vote on organization business at board meetings	60
Are any officers, directors, trustees, or key employees listed in Form 990, Part V-A, or highest compensated employees listed in Schedule A, Part I, or highest compensated professional and other independent contractors listed in Schedule A, Part II-A or II-B, related to each other through family or business relationships?	Yes
Do any officers, directors, trustees, or key employees listed in Form 990, Part V-A, or highest compensated employees listed in Schedule A, Part I, or highest compensated professional and other independent contractors listed in Schedule A, Part II-A or II-B, receive compensation from any other organizations, whether tax exempt or taxable, that are related to the organization?	No
Does the organization have a written conflict of interest policy?	Yes

Loans and Advances	Compensation	Contributions to employee benefit plans & deferred compensation plans	Expense account and other allowances
Former Officers, Directors, Trustees, and Key Employees That Received Compensation or Other Benefits
$0	$368,131	$44,200	$0

Other Information
Did the organization have unrelated business gross income of $1,000 or more during the year covered by this return, and has it filed a tax return on Form 990-T for this year?	No
Was there a liquidation, dissolution, termination, or substantial contraction during the year?	No
Is the organization related (other than by association with a statewide or nationwide organization) through common membership, governing bodies, trustees, officers, etc., to any other exempt or nonexempt organization?	No
Direct and indirect political expenditures	$0
Did the organization file Form 1120-POL for this year?	No
Were substantially all dues nondeductible by members?
Did the organization make only in-house lobbying expenditures of $2,000 or less?
Dues, assessments, and similar amounts from members	$0
Section 162(e) lobbying and political expenditures	$0
Aggregate nondeductible amount of section 6033(e)(1)(A) dues notices	$0
Taxable amount of lobbying and political expenditures	$0
Does the organization elect to pay the section 6033(e) tax on the amount above?
If section 6033(e)(1)(A) dues notices were sent, does the organization agree to add the amount above to its reasonable estimate of dues allocable to nondeductible lobbying and political expenditures for the following tax year?
Initiation fees and capital contributions	$0
Gross receipts for public use of club facilities	$0
At any time during the year, did the organization, directly or indirectly, own a controlled entity within the meaning of section 512(b)(13)?	No
Amount of tax imposed on the organization during the year under: section 4911	$0
Amount of tax imposed on the organization during the year under: section 4912	$0
Amount of tax imposed on the organization during the year under: section 4955	$0
Did the organization engage in any section 4958 excess benefit transaction during the year or did it become aware of an excess benefit transaction from a prior year?	No
Amount of tax imposed on the organization managers or disqualified persons during the year under sections 4912, 4955, and 4958	$0
Amount of tax above, reimbursed by the organization	$0
At any time during the tax year, was the organization a party to a prohibited tax shelter transaction?	No
Did the organization acquire a direct or indirect interest in any applicable insurance contract?	No
Did the supporting organization, or a fund maintained by a sponsoring organization, have excess business holdings at any time during the year?	No
Number of employees employed in the pay period that includes March 12, 2006	333

	Unrelated business income		Excluded by section 512, 513, or 514		Related or exempt function income
Analysis of Income-Producing Activities (for 2007)
	Business code	Amount	Exclusion code	Amount	Related or exempt function income
Total		$0		$17,876,240	$4,312,475
Program service revenue
Program service revenue 1	000000	$0	00	$0	$901,026
Program service revenue 2	000000	$0	00	$0	$795,800
Program service revenue 3	000000	$0	00	$0	$0
Program service revenue 4	000000	$0	00	$0	$0
Program service revenue 5	000000	$0	00	$0	$0
Medicare/Medicaid payments	000000	$0	00	$0	$0
Fees and contracts from government agencies	000000	$0	00	$0	$0
Membership dues and assessments	000000	$0	00	$0	$1,765,565
Interest on savings and temporary cash investments	000000	$0	Dividends, interest, payments with respect to securities loans, annuities, income from notional principal contracts, loan commitment fees, and other substantially similar income from ordinary and routine investments excluded by section 512(b)(1)	$343,879	$0
Dividends and interest from securities	000000	$0	Dividends, interest, payments with respect to securities loans, annuities, income from notional principal contracts, loan commitment fees, and other substantially similar income from ordinary and routine investments excluded by section 512(b)(1)	$7,511,896	$0
Net rental income or (loss) from real estate
debt-financed property	000000	$0	00	$0	$0
not debt-financed property	000000	$0	Real property rental income that does not depend on the income or profits derived by the person leasing the property and is excluded by section 512(b)(3)	$11,639	$0
Net rental income or (loss) from personal property	000000	$0	00	$0	$0
Other investment income	000000	$0	00	$0	$0
Gain or (loss) from sales of assets other than inventory	000000	$0	Gain (or loss, to the extent allowed) from the sale of investments and other non-inventory property and from certain property acquired from financial institutions that are in conservatorship or receivership (sections 512(b)(5) and 512(b)(16)(A))	$10,008,826	$0
Net income or (loss) from special events	000000	$0	00	$0	$0
Gross profit or (loss) from sales of inventory	000000	$0	00	$0	$517,103
Other revenue	000000	$0	00	$0	$332,981

EIN of corporation, partnership, or disregarded entity	Percentage of ownership interest	Total income	End-of-year assets
Information Regarding Taxable Subsidiaries and Disregarded Entities (for 2007)
000000000	0%	$0	$0
000000000	0%	$0	$0
000000000	0%	$0	$0
000000000	0%	$0	$0

Compensation	Contributions to employee benefit plans & deferred compensation	Expense account and other allowances
Compensation of the Five Highest Paid Employees Other Than Officers, Directors, and Trustees (for 2007)
$172,732	$15,504	$0
$164,576	$18,484	$0
$160,561	$14,594	$0
$156,488	$6,824	$0
$138,635	$11,338	$0

Total number of other employees paid over $50,000	62

Total number of other employees paid over $50,000

Statements About Activities (for 2007)
Expenses paid or incurred in connection with the lobbying activities	$16,500
Did the organization receive or hold an easement for conservation purposes, including easements to preserve open space, the environment, historic land areas or historic structures?	No
Did the organization provide credit counseling, debt management, credit repair, or debt negotiation services?	No
Did the organization maintain any donor advised funds?	No
Did the organization make any taxable distributions under section 4966?	No
Did the organization make a distribution to a donor, donor advisor, or related person?	No
The total number of donor advised funds owned at the end of the tax year	$0
The aggregate value of assets held in all donor advised funds owned at the end of the tax year	$0
The total number of separate funds or accounts owned at the end of the tax year (excluding donor advised funds included above) where donors have the right to provide advice on the distribution or investment of amounts in such funds or accounts	$0
The aggregate value of assets held in all funds or accounts included above at the end of the tax year	$0

Reason for Non-Private Foundation Status
The organization is not a private foundation because it is	Organization that receives a substantial part of its support from a governmental unit or from the general public

	1999	2000	2001	2002	2003	2004	2005	2006
Support Schedule
Total	$32,813,134	$31,461,273	$35,262,483	$30,251,977	$35,101,136	$39,592,281	$45,483,375	$38,130,134
Gifts, grants, and contributions received	$18,293,149	$15,473,562	$19,476,038	$13,195,925	$18,848,640	$21,278,542	$25,993,765	$16,484,597
Membership fees received	$16,065	$25,810	$26,624	$57,462	$29,226	$29,226	$41,170	$1,620,165
Gross receipts from admissions, merchandise sold or services performed, or furnishing of facilities in any activity that is related to the organization's charitable, etc., purpose	$2,771,119	$3,989,236	$4,027,634	$4,502,876	$3,422,763	$3,722,753	$3,437,889	$2,587,215
Gross income from interest, dividends, amounts received from payments on securities loans (section 512(a)(5)), rents, royalties, and unrelated business taxable income (less section 511 taxes) from businesses acquired by the organization after June 30, 1975	$6,006,926	$5,667,167	$5,124,028	$5,144,375	$4,835,479	$5,742,336	$6,509,985	$7,587,565
Net income from unrelated business activities not included above	$0	$0	$0	$0	$0	$0	$0	$0
Tax revenues levied for the organization's benefit and either paid to it or expended on its behalf	$5,352,346	$5,866,082	$6,439,153	$7,134,522	$7,715,407	$8,572,848	$9,210,382	$9,800,535
The value of services or facilities furnished to the organization by a governmental unit without charge. Do not include the value of services or facilities generally furnished to the public without charge	$0	$0	$0	$0	$0	$0	$0	$0
Other income	$373,529	$439,416	$169,006	$216,817	$249,621	$246,576	$290,184	$50,057

Lobbying Expenditures by Electing Public Charities (for 2007)
Total exempt purpose expenditures	$0
Total lobbying expenditures	$0
Total lobbying expenditures to influence public opinion (grassroots lobbying)	$0
Total lobbying expenditures to influence a legislative body (direct lobbying)	$0
Other exempt purpose expenditures	$0
Lobbying nontaxable amount	$0
Grassroots nontaxable amount	$0

Write your review!

Your Ratings

You can rate this nonprofit in different categories from 1 star (worst) to 5 stars (best) or leave category unrated

Program:
Fundraising:
Expenses:
Transparency:

Your Review

Would you recommend Minneapolis Society Of Fine Arts to others? (optional)

Yes

Add photo of Minneapolis Society Of Fine Arts (optional)

About You

Your nickname:
I have read, and agree to the Terms of Service

Optional Verification

(additional info to increase the weight and the placement of your review and ratings)

	Log in» \| Register - it's free and very quick!
Real Name:
Email (won't be published):
Date and time of your visit to this nonprofit:
Phone number (won't be published):
	Show my IP address (3.145.183.xxx) to everybody
	Leave your signature» Clear Make my signature public

Recently Added Reviews
Christian Actioin League Of Minnesota in Minneapolis, MN
Hope Lutheran Church in Minneapolis, MN
North Suburban Scholarship Booster Club in Minneapolis, MN
Beacon Ministries in Minneapolis, MN
Community Involvement Programs in Minneapolis, MN
Holy Trinity Church & Ministry in Minneapolis, MN
Veterans Of Foreign Wars Post 2766 in Breckenridge, MN
Stalker Lake Sportsmens Club Inc in Dalton, MN
Riverside Cemetery Association in Breckenridge, MN
Cuyuna Range Housing Inc in Ironton, MN

Recently Added Reviews

Christian Actioin League Of Minnesota in Minneapolis, MN

Hope Lutheran Church in Minneapolis, MN

North Suburban Scholarship Booster Club in Minneapolis, MN

Beacon Ministries in Minneapolis, MN

Community Involvement Programs in Minneapolis, MN

Holy Trinity Church & Ministry in Minneapolis, MN

Veterans Of Foreign Wars Post 2766 in Breckenridge, MN

Stalker Lake Sportsmens Club Inc in Dalton, MN

Riverside Cemetery Association in Breckenridge, MN

Cuyuna Range Housing Inc in Ironton, MN

Id	Name	Address	State	Established	Total Income
Organizations performing similar types of work
1	Minneapolis Society Of Fine Arts	2400 3rd Ave S, Minneapolis, MN 55404-3506	MN	1967-12	$107,811,051
2	Winona Arts Center	228 E 5th St, Winona, MN 55987	MN	1964-08	$35,448
3	The Columbus Museum Inc	1251 Wynnton Rd, Columbus, GA 31906-2810	GA	1954-11	$14,747,840
4	Salvador Dali Museum Inc	1 Dali Blvd, St Petersburg, FL 33701-3920	FL	1981-05	$11,121,580
5	Tampa Museum Of Art Inc	120 W Gasparilla Plz, Tampa, FL 33602-1500	FL	1979-11	$3,977,936
6	Tucson Museum Of Art	140 N Main Ave, Tucson, AZ 85701-8218	AZ	1956-02	$3,890,252
7	The Mobile Museum Of Art Inc	4850 Museum Dr, Mobile, AL 36608-1917	AL	1996-02	$3,749,971
8	The American Visionary Art Museum Inc	800 Key Hwy, Baltimore, MD 21230-3940	MD	1994-05	$3,006,291
9	Washington County Museum Of Fine Arts	PO BOX 423, Hagerstown, MD 21741-0423	MD	1947-07	$2,359,715
10	Thomas Gilcrease Museum Association	1400 Gilcrease Rd, Tulsa, OK 74127	OK	1963-12	$2,320,560
11	The Museum Of Art And History At The Mcpherson Center	705 Front St, Santa Cruz, CA 95060-4508	CA	1983-01	$2,185,542
12	Santa Monica Museum Of Art	2525 Michigan Ave Bergamot Stn G1, Santa Monica, CA 90404	CA	1985-12	$2,005,551
13	San Angelo Museum Of Fine Arts	1 Love St, San Angelo, TX 76903-6911	TX	1981-10	$1,940,240
14	Racine Art Museum Association Inc	PO BOX 187, Racine, WI 53401-0187	WI	1949-02	$1,897,420
15	Rochester Art Center	40 Civic Drive Se, Rochester, MN 55904	MN	1947-12	$886,245
16	Minnesota Museum Of American Art	408 Saint Peter St, Saint Paul, MN 55102-1130	MN	1953-06	$861,507
17	Soap Factory	514 2nd St Se, Minneapolis, MN 55414-2105	MN	1990-08	$568,025
18	Rourke Art Gallery Museum	PO BOX 345, Moorhead, MN 56561-0345	MN	1997-09	$250,257
19	The Jaques Art Center	121 2nd St Nw, Aitkin, MN 56431-1319	MN	1995-11	$80,093
20	American Museum Of Wildlife Art	29277 Garrard Ave, Frontenac, MN 55026-1049	MN	1980-09	$1

Number of organizations performing similar types of work

Alaska	1
Alabama	8
Arizona	5
California	42
Colorado	5
Connecticut	7
District of Columbia	6
Delaware	2
Florida	21
Georgia	8
Hawaii	2
Iowa	3
Idaho	1
Illinois	7
Indiana	11
Kansas	2
Kentucky	3
Louisiana	6
Massachusetts	17
Maryland	7
Maine	6
Michigan	7
Minnesota	8
Missouri	4
Mississippi	4

Montana	7
North Carolina	16
North Dakota	2
Nebraska	2
New Hampshire	1
New Jersey	3
New Mexico	2
Nevada	3
New York	32
Ohio	17
Oklahoma	5
Oregon	4
Pennsylvania	12
Rhode Island	5
South Carolina	4
Tennessee	6
Texas	23
Utah	1
Virginia	9
Vermont	3
Washington	8
Wisconsin	6
West Virginia	1
Wyoming	1
International	2

Total

368

NonProfitFacts.com is not associated with, endorsed by, or sponsored by Minneapolis Society Of Fine Arts and has no official or unofficial affiliation with Minneapolis Society Of Fine Arts