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← FRIENDS OF THE M

Form 990 for tax year 2022

Filed by FRIENDS OF THE M.

Totals

Total revenue
$133,626
Total expenses
$115,467
Contributions and grants received
$85,328
Grants paid
$0
Program service revenue
$48,298
Investment income
$0
Other revenue
$0
Total assets, end of year
$5,043,833
Total liabilities, end of year
$1,998,521
Net assets or fund balances, end of year
$3,045,312
Program services expenses (Part IX)
$105,583
Management and general expenses
$9,884
Fundraising expenses
$0
Program service expenses (Part III)
$105,583

Program services were 91.4% 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.

  • 1d · Related organizations

    $85,328

  • 2a · Program service revenue: NOTE INTEREST INCOME

    total $48,298 · related or exempt $48,298

Functional expenses

Part IX, the statement of functional expenses.

  • 11c · Fees: accounting

    total $9,884 · management and general $9,884

  • 20 · Interest

    total $92,369 · program services $92,369

  • 22 · Depreciation, depletion and amortization

    total $13,214 · program services $13,214

Balance sheet

Part X, book values.

  • 1 · Cash, non-interest-bearing

    beginning of year $82,874 · end of year $37,005

  • 2 · Savings and temporary cash investments

    beginning of year $80,130 · end of year $22

  • 4 · Accounts receivable

    beginning of year $135,462 · end of year $181,806

  • 7 · Other notes and loans receivable

    beginning of year $4,825,000 · end of year $4,825,000

  • 17 · Accounts payable and accrued expenses

    beginning of year $114,537 · end of year $113,687

  • 23 · Secured mortgages and notes payable

    beginning of year $1,981,776 · end of year $1,884,834

  • 27 · Net assets without donor restrictions

    beginning of year $3,027,153 · end of year $3,045,312

Mission and programs · 2022

Mission

FRIENDS OF THE M IS ORGANIZED AND WILL OPERATE EXCLUSIVELY FOR CHARITABLE AND EDUCATIONAL PURPOSES, AND EXCLUSIVELY FOR THE BENEFIT OF, TO SUPPORT THE FUNCTIONS OF, AND TO ASSIST IN CARRYING OUT THE PURPOSE OF MINNESOTA MUSEUM OF AMERICAN ART, A MINNESOTA NONPROFIT CORPORATION.

Activities or mission (Part I)

FRIENDS OF THE M IS ORGANIZED AND WILL OPERATE EXCLUSIVELY FOR CHARITABLE AND EDUCATIONAL PURPOSES, AND EXCLUSIVELY FOR THE BENEFIT, TO SUPPORT THE FUNCTIONS OF, AND TO ASSIST IN CARRYING OUT THE PURPOSE OF MINNESOTA MUSEUM OF AMERICAN ART, A MINNESOTA NONPROFIT CORPORATION.

  • DURING 2017, FRIENDS OF THE M SECURED NEW MARKETS TAX CREDITS. AS PART OF THE PROJECT, FRIENDS OF THE M WAS INCORPORATED TO SUPPORT MINNESOTA MUSEUM OF AMERICAN ART AND FACILITATE THE FINANCING.

    Expenses $105,583 · Revenue $48,298

As filed on the 2022 return. The filer continues this part on Schedule O, which is not shown here.

Listed in Part VII

  • Jim Rustad

    CHAIR

    Total calculated
    $0
    Hours/week
    1

  • Beth Bergman

    SECRETARY

    Total calculated
    $0
    Hours/week
    1

  • Walter Lehmann

    TREASURER

    Total calculated
    $0
    Hours/week
    1 + 1 related

  • Gregory Page

    DIRECTOR

    Total calculated
    $0
    Hours/week
    1

  • Dr Kate Beane

    DIRECTOR

    Total calculated
    $161,763
    From this org
    $0
    From related orgs
    $149,093
    Other
    $12,670
    Hours/week
    1 + 40 related

    Schedule J breakdown matched by us

    Base
    $0 + $149,093 related
    Bonus
    $0
    Other
    $0
    Deferred
    $0
    Nontaxable benefits
    $0 + $12,670 related
    Filer's total
    $0 + $161,763 related

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

None.

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.

Related organizations on this return

Schedule R Part II: tax-exempt organizations related to the filer by control. It does not record shared board members or money.

Taxable family on this return

Schedule R Parts I, III and IV, as filed. These record ownership and control, not shared board members or money moved.

Related partnerships

Part III: related organizations taxable as a partnership, with the filer's share.

  • M PROPERTY PARTNERS LLC

    LEASE CENTER FOR CREATIVITY · MN

  • M MANAGING MEMBER LLC

    MANAGING MEMBER OF LLC'S · MN

  • M MASTER TENANT LLC

    LESSOR OF CENTER OF CREATIVITY · MN

Provenance

Return type
form_990
Tax year
2022
Filed
24 April 2024
IRS schema version
2022v5.0
Source object
202401179349301510

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