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Nonprofiteer
← MINNEAPOLIS COLLEGE OF ART & DESIGN

Form 990 for tax year 2023

Filed by MINNEAPOLIS COLLEGE OF ART & DESIGN.

Totals

Total revenue
$45,829,228
Total expenses
$44,299,244
Contributions and grants received
$3,150,608
Grants paid
$16,276,209
Program service revenue
$36,101,314
Investment income
$4,085,550
Other revenue
$2,491,756
Total assets, end of year
$109,062,799
Total liabilities, end of year
$29,028,070
Net assets or fund balances, end of year
$80,034,729
Program services expenses (Part IX)
$35,479,703
Management and general expenses
$7,825,751
Fundraising expenses
$993,790
Program service expenses (Part III)
$35,479,703

Program services were 80.1% 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

    $90,000

  • 1e · Government grants (contributions)

    $752,305

  • 1f · All other contributions, gifts and grants

    $2,308,303

  • 1g · Noncash contributions included above

    $28,355

  • 2a · Program service revenue: TUITION

    total $31,950,927 · related or exempt $31,950,927

  • 2b · Program service revenue: HOUSING RENTAL INCOME

    total $3,276,013 · related or exempt $3,276,013

  • 2c · Program service revenue: AUXILIARY SERVICES

    total $874,374 · related or exempt $874,374

  • 3 · Investment income

    total $470,347 · excluded $470,347

  • 7a · Gross sales of assets other than inventory

    securities $2,960,045

  • 7b · Less cost or other basis and sales expenses

    securities -$937,891 · other assets $282,733

  • 7c · Gain or loss

    securities $3,897,936 · other assets -$282,733

  • 7d · Net gain or loss

    total $3,615,203 · excluded $3,615,203

  • 8a · Fundraising events: gross income

    $851,029

  • 8a · Fundraising events: contributions included on line 1c

    $90,000

  • 8b · Fundraising events: direct expenses

    $688,469

  • 8c · Net income from fundraising events

    total $162,560 · excluded $162,560

  • 10a · Gross sales of inventory

    $856,667

  • 10b · Cost of goods sold

    $811,083

  • 10c · Net income from sales of inventory

    total $45,584 · related or exempt $45,584

  • 11a · Other revenue: INSURANCE PROCEEDS

    total $1,621,957 · excluded $1,621,957

  • 11b · Other revenue: MISCELLANEOUS INCOME

    total $661,655 · excluded $661,655

  • 11e · Other revenue, total

    $2,283,612

Functional expenses

Part IX, the statement of functional expenses.

  • 2 · Grants to domestic individuals

    total $16,276,209 · program services $16,276,209

  • 5 · Compensation of officers, directors and key employees

    total $912,350 · management and general $912,350

  • 7 · Other salaries and wages

    total $13,277,076 · program services $11,365,743 · management and general $1,439,250 · fundraising $472,083

  • 8 · Pension plan contributions

    total $442,396 · program services $390,628 · management and general $34,241 · fundraising $17,527

  • 9 · Other employee benefits

    total $1,329,324 · program services $1,092,661 · management and general $187,637 · fundraising $49,026

  • 10 · Payroll taxes

    total $1,024,053 · program services $820,679 · management and general $166,552 · fundraising $36,822

  • 11b · Fees: legal

    total $67,399 · program services $1,455 · management and general $65,944

  • 11c · Fees: accounting

    total $161,948 · management and general $161,948

  • 11f · Fees: investment management

    total $106,840 · management and general $106,840

  • 11g · Fees: other

    total $1,794,522 · program services $923,605 · management and general $535,797 · fundraising $335,120

  • 12 · Advertising and promotion

    total $189,144 · program services $147,472 · management and general $38,695 · fundraising $2,977

  • 13 · Office expenses

    total $487,473 · program services $400,741 · management and general $86,732

  • 14 · Information technology

    total $832,294 · program services $491,350 · management and general $316,887 · fundraising $24,057

  • 16 · Occupancy

    total $2,740,276 · program services $2,632,999 · management and general $107,277

  • 17 · Travel

    total $260,350 · program services $224,905 · management and general $25,341 · fundraising $10,104

  • 19 · Conferences, conventions and meetings

    total $24,804 · program services $14,063 · management and general $3,008 · fundraising $7,733

  • 20 · Interest

    total $1,185,460 · management and general $1,185,460

  • 22 · Depreciation, depletion and amortization

    total $1,832,913 · management and general $1,832,913

  • 23 · Insurance

    total $377,418 · management and general $377,418

  • 24a · Other expenses: EQUIPMENT REPAIR AND PU

    total $494,383 · program services $450,992 · management and general $24,885 · fundraising $18,506

  • 24b · Other expenses: DUES AND SUBSCRIPTIONS

    total $204,959 · program services $42,232 · management and general $160,681 · fundraising $2,046

  • 24c · Other expenses: CLASSROOM MATERIALS/ART

    total $159,245 · program services $158,185 · management and general $801 · fundraising $259

  • 24d · Other expenses: MISCELLANEOUS

    total $118,408 · program services $45,784 · management and general $55,094 · fundraising $17,530

Balance sheet

Part X, book values.

  • 1 · Cash, non-interest-bearing

    beginning of year $26,624 · end of year $78,086

  • 2 · Savings and temporary cash investments

    beginning of year $1,467,866 · end of year $2,381,443

  • 3 · Pledges and grants receivable

    beginning of year $30,593 · end of year $1,102,867

  • 4 · Accounts receivable

    beginning of year $746,782 · end of year $918,717

  • 7 · Other notes and loans receivable

    beginning of year $127,790 · end of year $91,201

  • 8 · Inventories for sale or use

    beginning of year $136,476 · end of year $174,554

  • 9 · Prepaid expenses and deferred charges

    beginning of year $91,738 · end of year $332,052

  • 10a · Land, buildings and equipment: cost or other basis

    $65,273,469

  • 10b · Land, buildings and equipment: accumulated depreciation

    $25,424,898

  • 10c · Land, buildings and equipment, net

    beginning of year $25,405,388 · end of year $39,848,571

  • 11 · Investments: publicly traded securities

    beginning of year $50,538,275 · end of year $54,789,627

  • 12 · Investments: other securities

    beginning of year $7,203,341 · end of year $8,127,199

  • 15 · Other assets

    beginning of year $1,113,608 · end of year $1,218,482

  • 17 · Accounts payable and accrued expenses

    beginning of year $3,255,392 · end of year $2,841,988

  • 18 · Grants payable

    beginning of year $190,731 · end of year $165,809

  • 19 · Deferred revenue

    beginning of year $849,040 · end of year $790,916

  • 20 · Tax-exempt bond liabilities

    beginning of year $2,300,709 · end of year $21,473,000

  • 23 · Secured mortgages and notes payable

    beginning of year $4,920,000 · end of year $3,134,153

  • 25 · Other liabilities

    beginning of year $694,682 · end of year $622,204

  • 27 · Net assets without donor restrictions

    beginning of year $33,048,309 · end of year $34,676,623

  • 28 · Net assets with donor restrictions

    beginning of year $41,629,618 · end of year $45,358,106

Mission and programs · 2023

Mission

MCAD PROVIDES A TRANSFORMATIVE EDUCATION WITHIN A COMMUNITY OF SUPPORT FOR CREATIVE STUDENTS OF ALL BACKGROUNDS TO WORK, COLLABORATE, AND LEAD WITH CONFIDENCE IN A DYNAMIC, INTERCONNECTED WORLD.

Activities or mission (Part I)

EMBOLDEN CREATIVE LEADERS TO TRANSFORM SOCIETY THROUGH EQUITY, EMPATHY, & IMAGINATION.

  • MCAD TRANSFORMS THE WORLD THROUGH CREATIVITY AND PURPOSE BY EDUCATING INDIVIDUALS TO BE PROFESSIONAL ARTISTS AND DESIGNERS, PIONEERING THINKERS, CREATIVE LEADERS, AND ENGAGED GLOBAL CITIZENS. WITH A CURRICULUM THAT IS BASED ON THE BELIEF THAT IN ORDER TO BECOME A PROFESSIONAL ARTIST, DESIGNER, OR VISUALIZER, ONE MUST STUDY THEORY, SKILL, FORM, AND CONTENT, ALL MCAD PROGRAMS CENTER ON THE DEVELOPMENT OF STUDIO AND PROFESSIONAL SKILLS THAT ENCOURAGE STUDENTS TO THINK CONCEPTUALLY, FORMULATE CREATIVE SOLUTIONS, AND MAKE ART. ALL MCAD PROGRAMS CHALLENGE STUDENTS TO PROGRESS TO THE HIGHEST LEVELS OF ARTISTIC EXPRESSION AND INTELLECTUAL INVESTIGATION.MCAD'S FOUR-YEAR CURRICULUM INTEGRATES THE LIBERAL ARTS INTO EIGHT BACHELOR OF FINE ARTS DEGREE MAJORS IN ANIMATION, COMIC ART, FINE ARTS, GRAPHIC DESIGN, MEDIA ARTS, ILLUSTRATION AND PRODUCT AND FURNITURE DESIGN, PLUS A FOUR-YEAR BACHELOR OF SCIENCE DEGREE PROGRAM IN CREATIVE ENTREPRENEURSHIP. STUDENTS CAN MINOR IN ADVERTISING, ANIMATION, ART HISTORY, CREATIVE WRITING, CURATORIAL STUDIES, ENGAGED AND PUBLIC ARTS, ENTREPRENEURSHIP, EXPERIMENTAL GAMES, GRAPHIC DESIGN, PRINT PAPER BOOK, AND TEACHING ARTS.ADVANCED DEGREES OFFERED AT MCAD INCLUDE A TWO-YEAR MASTER OF FINE ARTS DEGREE PROGRAM IN VISUAL STUDIES; A 30-CREDIT ONLINE MASTER OF ARTS DEGREE PROGRAM IN SUSTAINABLE DESIGN; A 30-CREDIT ONLINE MASTER OF ARTS DEGREE PROGRAM IN GRAPHIC AND WEB DESIGN; AND A FIFTEEN-MONTH ONLINE/LOW-RESIDENCY MASTER OF ARTS DEGREE PROGRAM IN CREATIVE LEADERSHIP. MCAD ALSO OFFERS EDUCATIONAL OPPORTUNITIES TO THE GENERAL PUBLIC THROUGH ITS CONTINUING EDUCATION, ONLINE LEARNING, AND EXHIBITION PROGRAMS.A STRATEGIC MILESTONE WAS ACHIEVED IN 2023 WHEN MCAD EXPANDED ITS CAMPUS BY ACQUIRING A BUILDING ADJACENT TO THE CAMPUS TO EXPAND STUDENT HOUSING CAPACITY. THE ABILITY TO RESIDE ON CAMPUS FOR AT LEAST TWO YEARS IS ALREADY CONTRIBUTING IMPROVED STUDENT EXPERIENCE AND OUTCOMES. ON THE ACADEMIC SIDE, MCAD HAS IMPLEMENTED A FOUNDATIONS CURRICULUM FOR FIRST YEAR STUDENTS WHICH PREPARES THEM FOR SUCCESSFUL OVERALL PERFORMANCE AND RETENTION. THE REIMAGINED CREATIVE ENTREPRENEURSHIP CLASSES ARE ATTRACTING STUDENTS FROM ALL DISCIPLINES WANTING TO DEVELOP THE KNOWLEDGE AND SKILLS NEEDED IN THEIR FUTURE PROFESSIONAL ENDEAVORS.

    Expenses $35,479,703 · Grants $16,276,209 · Revenue $36,146,898

As filed on the 2023 return. The filer continues this part on Schedule O, which is not shown here.

Listed in Part VII

  • Sanjit Sethi

    PRESIDENT

    Total calculated
    $407,390
    From this org
    $377,717
    From related orgs
    $0
    Other
    $29,673
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $377,115
    Bonus
    $0
    Other
    $602
    Deferred
    $20,844
    Nontaxable benefits
    $8,829
    Filer's total
    $407,390

  • Chris Barry

    CO-CHAIR

    Total calculated
    $0
    Hours/week
    3

  • Me Martha Kirwan

    CO-CHAIR

    Total calculated
    $0
    Hours/week
    3

  • Greg Heinemann

    IMMEDIATE PAST CO-CHAIR

    Total calculated
    $0
    Hours/week
    1

  • Hunter Palmer Wright

    IMMEDIATE PAST CO-CHAIR

    Total calculated
    $0
    Hours/week
    1

  • Kobby Appiah

    TRUSTEE

    Total calculated
    $0
    Hours/week
    1

  • Laura Austrian

    TRUSTEE

    Total calculated
    $0
    Hours/week
    1

  • Bruce Bean

    LIFE TRUSTEE

    Total calculated
    $0
    Hours/week
    1

  • Susan Calmenson

    LIFE TRUSTEE

    Total calculated
    $0
    Hours/week
    1

  • Martha Dayton

    TRUSTEE

    Total calculated
    $0
    Hours/week
    1

  • Cy Decosse '52

    LIFE TRUSTEE

    Total calculated
    $0
    Hours/week
    1

  • Tara Dev

    TRUSTEE

    Total calculated
    $0
    Hours/week
    1

  • Elliot Felix

    TRUSTEE

    Total calculated
    $0
    Hours/week
    1

  • Greg Hoffman '92

    TRUSTEE

    Total calculated
    $0
    Hours/week
    1

  • Batalia McFarlane

    TRUSTEE

    Total calculated
    $0
    Hours/week
    1

  • Clinton H Morrison

    LIFE TRUSTEE

    Total calculated
    $0
    Hours/week
    1

  • Marion Parke

    TRUSTEE

    Total calculated
    $0
    Hours/week
    1

  • Todd Paulson

    TRUSTEE

    Total calculated
    $0
    Hours/week
    1

  • Mark D Pihlstrom

    TRUSTEE

    Total calculated
    $0
    Hours/week
    1

  • Kenneth Piper

    TRUSTEE

    Total calculated
    $0
    Hours/week
    1

  • Rajiv Tandon

    TRUSTEE

    Total calculated
    $0
    Hours/week
    1

  • Neil Tuli

    TRUSTEE

    Total calculated
    $0
    Hours/week
    1

  • Rosemary Ugboajah

    TRUSTEE

    Total calculated
    $0
    Hours/week
    1

  • Greg Van Bellinger

    TRUSTEE

    Total calculated
    $0
    Hours/week
    1

  • Mary Alma Noonan

    CFO

    Total calculated
    $202,010
    From this org
    $182,019
    From related orgs
    $0
    Other
    $19,991
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $181,442
    Bonus
    $0
    Other
    $577
    Deferred
    $10,006
    Nontaxable benefits
    $9,985
    Filer's total
    $202,010

  • Emily Kessler

    VP OF INSTITUTIONAL ADVANCEMENT

    Total calculated
    $178,427
    From this org
    $150,346
    From related orgs
    $0
    Other
    $28,081
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $124,062
    Bonus
    $0
    Other
    $26,284
    Deferred
    $8,264
    Nontaxable benefits
    $19,817
    Filer's total
    $178,427

  • Robert Ransick

    VP OF ACADEMIC AFFAIRS

    Total calculated
    $222,374
    From this org
    $188,218
    From related orgs
    $0
    Other
    $34,156
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $172,616
    Bonus
    $15,000
    Other
    $602
    Deferred
    $10,347
    Nontaxable benefits
    $23,809
    Filer's total
    $222,374

  • Annie Cleveland

    VP OF COMMUNICATIONS

    Total calculated
    $179,151
    From this org
    $143,123
    From related orgs
    $0
    Other
    $36,028
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $142,610
    Bonus
    $0
    Other
    $513
    Deferred
    $7,856
    Nontaxable benefits
    $28,172
    Filer's total
    $179,151

  • Melissa Huybrecht

    VP OF ENROLLMENT MANAGEMENT

    Total calculated
    $154,229
    From this org
    $146,237
    From related orgs
    $0
    Other
    $7,992
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $145,714
    Bonus
    $0
    Other
    $523
    Deferred
    $7,992
    Nontaxable benefits
    $0
    Filer's total
    $154,229

  • Brock Rasmussen

    VP OF OPERATIONS AND TECHNOLOGY

    Total calculated
    $137,549
    From this org
    $130,382
    From related orgs
    $0
    Other
    $7,167
    Hours/week
    40

  • Cynthia Theis

    SR. GIFTS OFFICER/VP OF INST. ADV.

    Total calculated
    $162,221
    From this org
    $144,303
    From related orgs
    $0
    Other
    $17,918
    Hours/week
    35

    Schedule J breakdown matched by us

    Base
    $143,796
    Bonus
    $0
    Other
    $507
    Deferred
    $7,933
    Nontaxable benefits
    $9,985
    Filer's total
    $162,221

  • Jennifer Zuccola

    VP OF STUDENT AFFAIRS

    Total calculated
    $149,881
    From this org
    $129,370
    From related orgs
    $0
    Other
    $20,511
    Hours/week
    40

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

  • 3 · Independent compensation consultant
  • 3 · Compensation survey or study
  • 3 · Approval by the board or compensation committee
  • 4a · Severance or change-of-control payment

Answered no

  • 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

The filer's explanations (Part III)

PART I, LINE 4A
EMILY KESSLER - SEVERANCE PAYMENT - $12,923

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
2023
Filed
14 April 2025
IRS schema version
2023v6.0
Source object
202531059349301903

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