Form 990 for tax year 2022
Filed by MINNEAPOLIS COLLEGE OF ART & DESIGN.
Totals
- Total revenue
- $36,079,383
- Total expenses
- $42,699,410
- Contributions and grants received
- $2,178,978
- Grants paid
- $15,526,051
- Program service revenue
- $33,959,845
- Investment income
- -$177,055
- Other revenue
- $117,615
- Total assets, end of year
- $86,888,481
- Total liabilities, end of year
- $12,210,554
- Net assets or fund balances, end of year
- $74,677,927
- Program services expenses (Part IX)
- $36,936,363
- Management and general expenses
- $4,422,454
- Fundraising expenses
- $1,340,593
- Program service expenses (Part III)
- $36,936,363
Program services were 86.5% of total expenses calculated — Part IX's program-services column over total expenses, both as filed.
Line items
Every line the filer filed in Parts VIII, IX and X, as filed and in filed order. Blank columns are left out, and the lines are not forced to add up to the totals above.
Revenue
Part VIII, the statement of revenue.
-
1c · Fundraising events
$54,088
-
1e · Government grants (contributions)
$149,315
-
1f · All other contributions, gifts and grants
$1,975,575
-
2a · Program service revenue: TUITION AND FEES
total $31,248,132 · related or exempt $31,248,132
-
2b · Program service revenue: HOUSING RENTAL INCOME
total $1,405,898 · related or exempt $1,405,898
-
2c · Program service revenue: SALE OF OTHER SERVICES
total $989,499 · related or exempt $989,499
-
2d · Program service revenue: SALES BOOKSTORE
total $316,316 · related or exempt $316,316
-
3 · Investment income
total $397,494 · excluded $397,494
-
4 · Income from investment of tax-exempt bond proceeds
total $6,110 · excluded $6,110
-
7a · Gross sales of assets other than inventory
securities $7,199,269
-
7b · Less cost or other basis and sales expenses
securities $7,071,394 · other assets $708,534
-
7c · Gain or loss
securities $127,875 · other assets -$708,534
-
7d · Net gain or loss
total -$580,659 · excluded -$580,659
-
8a · Fundraising events: gross income
$791,325
-
8a · Fundraising events: contributions included on line 1c
$54,088
-
8b · Fundraising events: direct expenses
$673,710
-
8c · Net income from fundraising events
total $117,615 · excluded $117,615
Functional expenses
Part IX, the statement of functional expenses.
-
2 · Grants to domestic individuals
total $15,526,051 · program services $15,526,051
-
5 · Compensation of officers, directors and key employees
total $568,974 · management and general $568,974
-
7 · Other salaries and wages
total $13,434,350 · program services $11,923,597 · management and general $1,005,577 · fundraising $505,176
-
8 · Pension plan contributions
total $578,435 · program services $531,812 · management and general $21,958 · fundraising $24,665
-
9 · Other employee benefits
total $1,006,106 · program services $925,013 · management and general $38,192 · fundraising $42,901
-
10 · Payroll taxes
total $1,041,221 · program services $957,298 · management and general $39,525 · fundraising $44,398
-
11b · Fees: legal
total $171,260 · management and general $171,260
-
11c · Fees: accounting
total $86,118 · management and general $86,118
-
11d · Fees: lobbying
total $115,900 · management and general $115,900
-
11f · Fees: investment management
total $74,458 · management and general $74,458
-
11g · Fees: other
total $1,062,408 · program services $252,212 · management and general $303,724 · fundraising $506,472
-
12 · Advertising and promotion
total $216,592 · program services $143,556 · management and general $73,036
-
13 · Office expenses
total $636,586 · program services $325,027 · management and general $229,459 · fundraising $82,100
-
14 · Information technology
total $1,101,798 · program services $705,055 · management and general $343,973 · fundraising $52,770
-
16 · Occupancy
total $3,233,631 · program services $2,715,585 · management and general $508,486 · fundraising $9,560
-
17 · Travel
total $125,190 · program services $102,231 · management and general $6,813 · fundraising $16,146
-
19 · Conferences, conventions and meetings
total $241,564 · program services $222,313 · management and general -$33,254 · fundraising $52,505
-
20 · Interest
total $332,059 · management and general $332,059
-
22 · Depreciation, depletion and amortization
total $1,566,040 · program services $1,562,140 · fundraising $3,900
-
23 · Insurance
total $322,344 · management and general $322,344
-
24a · Other expenses: EQUIPMENT REPAIRS & PUR
total $658,295 · program services $517,874 · management and general $140,421
-
24b · Other expenses: CLASSROOM MATERIALS/ART
total $600,030 · program services $526,599 · management and general $73,431
Balance sheet
Part X, book values.
-
1 · Cash, non-interest-bearing
beginning of year $111,565 · end of year $26,624
-
2 · Savings and temporary cash investments
beginning of year $1,274,084 · end of year $1,467,866
-
3 · Pledges and grants receivable
beginning of year $365,592 · end of year $30,593
-
4 · Accounts receivable
beginning of year $1,179,536 · end of year $746,782
-
7 · Other notes and loans receivable
beginning of year $33,318 · end of year $127,790
-
8 · Inventories for sale or use
beginning of year $171,466 · end of year $136,476
-
9 · Prepaid expenses and deferred charges
beginning of year $137,658 · end of year $91,738
-
10a · Land, buildings and equipment: cost or other basis
$49,064,717
-
10b · Land, buildings and equipment: accumulated depreciation
$23,659,329
-
10c · Land, buildings and equipment, net
beginning of year $25,694,601 · end of year $25,405,388
-
11 · Investments: publicly traded securities
beginning of year $56,349,678 · end of year $50,538,275
-
12 · Investments: other securities
beginning of year $7,611,961 · end of year $7,203,341
-
14 · Intangible assets
beginning of year $480,289 · end of year $355,986
-
15 · Other assets
beginning of year $749,584 · end of year $757,622
-
17 · Accounts payable and accrued expenses
beginning of year $3,083,379 · end of year $3,255,392
-
18 · Grants payable
beginning of year $89,198 · end of year $190,731
-
19 · Deferred revenue
beginning of year $363,872 · end of year $849,040
-
20 · Tax-exempt bond liabilities
beginning of year $3,417,954 · end of year $2,300,709
-
23 · Secured mortgages and notes payable
beginning of year $4,947,000 · end of year $4,920,000
-
25 · Other liabilities
beginning of year $818,201 · end of year $694,682
-
27 · Net assets without donor restrictions
beginning of year $38,108,976 · end of year $33,048,309
-
28 · Net assets with donor restrictions
beginning of year $43,330,752 · end of year $41,629,618
Mission and programs · 2022
Mission
SEE SCHEDULE O.
-
THE MINNEAPOLIS COLLEGE OF ART AND DESIGN IS THE PREEMINENT ARTS EDUCATOR IN MINNESOTA AND THE REGION, AND A STRONG NATIONAL LEADER IN AREAS SUCH AS GRAPHIC DESIGN, COMIC ARTS AND FURNITURE DESIGN. FOR 125 YEARS MCAD HAS PLAYED A LEADERSHIP ROLE IN THE SHAPING OF THE ART AND DESIGN COMMUNITY, PUTTING ITS STUDENTS AT THE CUTTING EDGE OF CREATIVITY AND SERVING AS A THOUGHT LEADER FOR THE CREATIVE ECONOMY. MCAD'S MISSION IS TO EDUCATE INDIVIDUALS TO BE PROFESSIONAL ARTISTS AND DESIGNERS, EFFECTIVE LEADERS, AND ACTIVE CITIZENS AND, THROUGH THIS WORK AND OTHER ACTIVITIES, ADVANCE THE CULTURAL LIFE OF ITS COMMUNITY. TO ACHIEVE THIS MISSION, MCAD CHALLENGES STUDENTS TO ACHIEVE THE HIGHEST LEVEL OF ARTISTIC CREATIVITY AND EXPRESSION, INTELLECTUAL UNDERSTANDING, AND PROFESSIONAL DEVELOPMENT; PROVIDES A RIGOROUS STUDIO-BASED AND LIBERAL STUDIES PROGRAM FOR DEDICATED UNDERGRADUATE AND GRADUATE STUDENTS; OFFERS CONTINUING EDUCATION AND SPONSORS FELLOWSHIPS FOR PROFESSIONALS; AND PRESENTS EXHIBITIONS, LECTURES AND ENRICHMENT COURSES IN ART AND DESIGN FOR PEOPLE OF ALL AGES. MCAD OFFERS BFA, BSC, AND MFA DEGREE PROGRAMS AND ONLINE MASTER'S PROGRAMS IN GRAPHIC DESIGN, SUSTAINABLE DESIGN, AND CREATIVE LEADERSHIP. MCAD ALSO OFFERS A POST-BACCALAUREATE CERTIFICATE, ONLINE LEARNING OPPORTUNITIES, AND PUBLIC PROGRAMS SUCH AS FILM SCREENINGS, LECTURES, AND CONTINUING STUDIES. MCAD'S STRENGTHS INCLUDE ITS RIGOROUS CURRICULUM, COMMITMENT TO STUDENTS, EXPERIENCED AND DEDICATED FACULTY, SMALL CLASS SIZES THAT OFFER PERSONALIZED INSTRUCTION, AND STATE-OF-THE-ART FACILITIES. AT MCAD, STUDENTS RECEIVE THE EDUCATION, FEEDBACK, AND SUPPORT THEY NEED TO EXPLORE THEIR IDEAS, STRENGTHEN THEIR SKILLS, AND EXPAND THEIR CREATIVE AND ARTISTIC EXPRESSION.
Expenses $36,936,363 · Grants $15,526,051 · Revenue $33,959,845
As filed on the 2022 return. The filer continues this part on Schedule O, which is not shown here.
Listed in Part VII
-
Sanjit Sethi Ex-OfficioSANJIT SETHI EX-OFFICIO
PRESIDENT
- Total calculated
- $406,227
- From this org
- $379,383
- From related orgs
- $0
- Other
- $26,844
- Hours/week
- 40
Schedule J breakdown matched by us
- Base
- $378,975
- Bonus
- $0
- Other
- $408
- Deferred
- $20,844
- Nontaxable benefits
- $6,000
- Filer's total
- $406,227
-
Hunter Palmer WrightHUNTER PALMER WRIGHT
TRUSTEE-CHAIR
- Total calculated
- $0
- Hours/week
- 1
-
Mark D PihlstromMARK D PIHLSTROM
TRUSTEE- CHAIR
- Total calculated
- $0
- Hours/week
- 1
-
Chris BarryCHRIS BARRY
TRUSTEE-VICE CHAIR
- Total calculated
- $0
- Hours/week
- 1
-
Tara DevTARA DEV
TRUSTEE-VICE CHAIR
- Total calculated
- $0
- Hours/week
- 1
-
Greg C HeinemannGREG C HEINEMANN
TRUSTEE-IMMEDIATE PAST CHAIR
- Total calculated
- $0
- Hours/week
- 1
-
Bruce W BeanBRUCE W BEAN
LIFE TRUSTEE
- Total calculated
- $0
- Hours/week
- 1
-
Clinton H MorrisonCLINTON H MORRISON
LIFE TRUSTEE
- Total calculated
- $0
- Hours/week
- 1
-
Cy Decosse '52CY DECOSSE '52
LIFE TRUSTEE
- Total calculated
- $0
- Hours/week
- 1
-
Elliot FelixELLIOT FELIX
TRUSTEE
- Total calculated
- $0
- Hours/week
- 1
-
Gary M SurdelGARY M SURDEL
TRUSTEE
- Total calculated
- $0
- Hours/week
- 1
-
Greg Hoffman '92GREG HOFFMAN '92
TRUSTEE
- Total calculated
- $0
- Hours/week
- 1
-
Greg Van BellingerGREG VAN BELLINGER
TRUSTEE
- Total calculated
- $0
- Hours/week
- 1
-
Laura AustrianLAURA AUSTRIAN
TRUSTEE
- Total calculated
- $0
- Hours/week
- 1
-
Liz BarrereLIZ BARRERE
TRUSTEE
- Total calculated
- $0
- Hours/week
- 1
-
Me KirwanME KIRWAN
TRUSTEE
- Total calculated
- $0
- Hours/week
- 1
-
Marion ParkeMARION PARKE
TRUSTEE
- Total calculated
- $0
- Hours/week
- 1
-
Martha DaytonMARTHA DAYTON
TRUSTEE
- Total calculated
- $0
- Hours/week
- 1
-
Rajiv TandonRAJIV TANDON
TRUSTEE
- Total calculated
- $0
- Hours/week
- 1
-
Rosemary UgboajahROSEMARY UGBOAJAH
TRUSTEE
- Total calculated
- $0
- Hours/week
- 1
-
Susan CalmensonSUSAN CALMENSON
LIFE TRUSTEE
- Total calculated
- $0
- Hours/week
- 1
-
Todd PaulsonTODD PAULSON
TRUSTEE
- Total calculated
- $0
- Hours/week
- 1
-
Mary Yang ThaoMARY YANG THAO
INTERIM VP OF FINANCE/CFO
- Total calculated
- $116,998
- From this org
- $104,274
- From related orgs
- $0
- Other
- $12,724
- Hours/week
- 40
-
Charles SmithCHARLES SMITH
CFO (TERM. 11/2022)
- Total calculated
- $83,161
- From this org
- $78,161
- From related orgs
- $0
- Other
- $5,000
- Hours/week
- 40
-
Mary Alma NoonanMARY ALMA NOONAN
CFO
- Total calculated
- $74,649
- From this org
- $69,234
- From related orgs
- $0
- Other
- $5,415
- Hours/week
- 40
-
Robert RansickROBERT RANSICK
VP OF ACADEMIC AFFAIRS
- Total calculated
- $195,740
- From this org
- $177,608
- From related orgs
- $0
- Other
- $18,132
- Hours/week
- 40
Schedule J breakdown matched by us
- Base
- $177,200
- Bonus
- $0
- Other
- $408
- Deferred
- $9,732
- Nontaxable benefits
- $8,400
- Filer's total
- $195,740
-
Annie ClevelandANNIE CLEVELAND
VP OF COMMUNICATIONS
- Total calculated
- $163,222
- From this org
- $144,393
- From related orgs
- $0
- Other
- $18,829
- Hours/week
- 40
Schedule J breakdown matched by us
- Base
- $144,057
- Bonus
- $0
- Other
- $336
- Deferred
- $6,829
- Nontaxable benefits
- $12,000
- Filer's total
- $163,222
-
Melissa HuybrechtMELISSA HUYBRECHT
VP OF ENROLLMENT MANAGEMENT
- Total calculated
- $158,195
- From this org
- $150,122
- From related orgs
- $0
- Other
- $8,073
- Hours/week
- 40
Schedule J breakdown matched by us
- Base
- $149,772
- Bonus
- $0
- Other
- $350
- Deferred
- $8,073
- Nontaxable benefits
- $0
- Filer's total
- $158,195
-
Cynthia TheisCYNTHIA THEIS
VP OF INSTL. ADVANCEMENT
- Total calculated
- $153,590
- From this org
- $139,913
- From related orgs
- $0
- Other
- $13,677
- Hours/week
- 35
Schedule J breakdown matched by us
- Base
- $139,589
- Bonus
- $0
- Other
- $324
- Deferred
- $7,677
- Nontaxable benefits
- $6,000
- Filer's total
- $153,590
-
Brock RasmussenBROCK RASMUSSEN
VP OF OPERATIONS AND TECHNOLOGY
- Total calculated
- $150,209
- From this org
- $142,395
- From related orgs
- $0
- Other
- $7,814
- Hours/week
- 40
Schedule J breakdown matched by us
- Base
- $142,065
- Bonus
- $0
- Other
- $330
- Deferred
- $7,814
- Nontaxable benefits
- $0
- Filer's total
- $150,209
Compensation is as filed in Part VII: reportable pay from this organization and from related organizations, other compensation, and hours per week. The total, marked calculated, is our sum of the three dollar columns, with a blank column counted as $0; the form itself has no total. On a Form 990-EZ the columns are Part IV's instead, and on a Form 990-PF Part VIII's — compensation, contributions to benefit plans, and expense account — and the total sums those. A Schedule J breakdown is as filed: base pay, bonus, other, deferred compensation and nontaxable benefits from this organization, with any from related organizations beside each, and the filer's own total. It is shown with the Part VII listing of the same name on the same return. The form gives no key between the two, so that pairing is ours, and is marked matched by us.
Schedule J
Answered yes
- 2 · Substantiation required before reimbursing expenses
- 3 · Compensation survey or study
- 3 · Approval by the board or compensation committee
Answered no
- 4a · Severance or change-of-control payment
- 4b · Supplemental nonqualified retirement plan
- 4c · Equity-based compensation arrangement
- 5a · Pay contingent on this organization's revenues
- 5b · Pay contingent on a related organization's revenues
- 6a · Pay contingent on this organization's net earnings
- 6b · Pay contingent on a related organization's net earnings
- 7 · Other non-fixed payments
- 8 · Paid under the initial-contract exception
Part I's answers as filed. A line not listed was left unanswered; on lines 1a and 3 that means the box was not checked.
Grants on this return
No itemized grants to organizations on this return.
Provenance
- Return type
- form_990
- Tax year
- 2022
- Filed
- 11 April 2024
- IRS schema version
- 2022v5.0
- Source object
- 202441049349301304
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