Civic Intelligence

Duluth Teachers' Retirement Fund Association

EIN 41-0226827 • 501(c)11 • Duluth, MN

Profile

To maintain a retirement fund paying annuities to members who retire from independent school district #709 and to pay disability or death benefits as required.

625 East Central Entrance No 200Duluth, MN 55811

dtrfa.org

Siviq Scores

Precomputed percentiles relative to similar nonprofits. These scores are descriptive rather than judgmental.

Liabilities / Assets

Score unavailable

No value available

Liabilities-to-assets requires both liabilities and assets on the latest valid filing.

Source year 2015

Liabilities / Revenue

7th percentile

0.00x

Tied with the lowest-debt nonprofits in its peer group.

$250M-$1B nonprofits • Source year 2015

Net Margin

70th percentile

14%

Higher net margin than 70% of similar nonprofits.

$250M-$1B nonprofits • Source year 2015

Top Officer Pay

Score unavailable

No value available

No filing with officer rows is available for this organization yet.

Asset Growth

1st percentile

-100%

Faster asset growth than 1% of similar nonprofits.

$250M-$1B nonprofits • Annualized from 2014 to 2015

Revenue Growth

95th percentile

162%

Faster revenue growth than 95% of similar nonprofits.

$250M-$1B nonprofits • Annualized from 2014 to 2015

Balance Sheet
Liabilities / AssetsScore unavailable

Assets

Down

$0

Down $286,702,702 (-100%) from 2014

Liabilities

Down

$0

Down $6,200,047 (-100%) from 2014

Net Assets

Down

$0

Down $280,502,655 (-100%) from 2014

Operations
Liabilities / Revenue7th percentileNet Margin70th percentile

Revenue

Up

$99,502,903

Up $61,584,440 (+162%) from 2014

Expenses

Up

$85,387,167

Up $48,418,570 (+131%) from 2014

Net Income

Up

$14,115,736

Up $13,165,870 (+1386%) from 2014

Trend Graphs

Balance Sheet Trend

Asset Growth1st percentile

Grouped bars show assets, liabilities, and net assets across loaded filings.

$300M$200M$100M$0Assets 2011: $285,158,901Liabilities 2011: $26,107,069Net Assets 2011: $259,051,8322011Assets 2012: $252,907,477Liabilities 2012: $13,568,797Net Assets 2012: $239,338,6802012Assets 2013: $262,296,762Liabilities 2013: $7,260,191Net Assets 2013: $255,036,5712013Assets 2014: $286,702,702Liabilities 2014: $6,200,047Net Assets 2014: $280,502,6552014Assets 2015: $0Liabilities 2015: $0Net Assets 2015: $02015

Highlighted filing

2015

Assets$0
Liabilities$0
Net Assets$0
Open 2015 Filing

Operations Trend

Revenue Growth95th percentile

Revenue, expenses, and net income by year, with the latest filing highlighted.

$100M$50M$0-$50MExpenses 2011: $34,326,3582011Expenses 2012: $32,532,8372012Revenue 2013: $28,947,223Expenses 2013: $33,925,205Net Income 2013: -$4,977,9822013Revenue 2014: $37,918,463Expenses 2014: $36,968,597Net Income 2014: $949,8662014Revenue 2015: $99,502,903Expenses 2015: $85,387,167Net Income 2015: $14,115,7362015

Highlighted filing

2015

Revenue$99,502,903
Expenses$85,387,167
Net Income$14,115,736
Open 2015 Filing

Filings

Most recent year

2015 • Form 990Detailed filing. Detailed filing data is available for this year.

Open filing
Assets
$0
Liabilities
$0
Net assets
$0
Revenue
$99,502,903
Expenses
$85,387,167
Net income
$14,115,736
Balance SheetOperations
YearAssetsLiabilitiesNet AssetsRevenueExpensesNet Income
2015Detailed filing. Detailed filing data is available for this year.$0.00$0.00$0.00$99.5$85.4$14.1
2014Detailed filing. Detailed filing data is available for this year.$287$6.20$281$37.9$37.0$0.95
2013Facts available. Structured filing facts are available, but richer extracted sections are limited.$262$7.26$255$28.9$33.9$4.98
2012Facts available. Structured filing facts are available, but richer extracted sections are limited.$253$13.6$239$32.5
2011Facts available. Structured filing facts are available, but richer extracted sections are limited.$285$26.1$259$34.3
Latest Filing Detail
Jump To
Filing Snapshot
Filing Period
Jul 1, 2014 to Jun 30, 2015
Signed
Oct 26, 2015
Return Version
2014v5.0
Gross Receipts
$316,468,423
Mission and Program Overview

Mission

To maintain a retirement fund paying annuities to members who retire from independent school district #709 and to pay disability or death benefits as required.

Retirement fund for school district

Balance Sheet Detail
LineBeginningEndChange
Assets
Cap Stk Tr Prin Current Funds$280,502,655$0▼ $280,502,655
Investments in Publicly Traded Securities$220,646,923$0▼ $220,646,923
Investments Other Securities$43,806,242$0▼ $43,806,242
Savings and Temporary Cash Investments$12,552,310$0▼ $12,552,310
Cash and Non-Interest-Bearing Accounts$4,242,646$0▼ $4,242,646
Accounts Receivable$3,706,002$0▼ $3,706,002
Land, Buildings, and Equipment, Net$229,179$0▼ $229,179
Other Notes and Loans Receivable, Net-$0-
Pledges and Grants Receivable-$0-
Receivable From Disqualified Prsn-$0-
Receivables From Officers Etc-$0-
Investments Program Related-$0-
Pd in Cap Srpls Land Bldg Eqp Fund$0$0→ $0
Rtn Earn Endowment Incm Other Fnds$0$0→ $0
Intangible Assets-$0-
Inventories for Sale or Use-$0-
Prepaid Expenses and Deferred Charges-$0-
Total Assets$286,702,702$0▼ $286,702,702
Other Assets Total$1,519,400$0▼ $1,519,400
Liabilities
Accounts Payable and Accrued Expenses$6,200,047--
Total Liabilities$6,200,047$0▼ $6,200,047
Net Assets / Fund Balance
Total Net Assets Fund Balance$280,502,655$0▼ $280,502,655
Total Liabilities and Net Assets / Fund Balance$286,702,702$0▼ $286,702,702
Compensation and Service Providers
Top Officer PayScore unavailable

Employees

NameTitleFull / Part TimeBaseOtherTotal
Karen KilbergExecutive DirectorFT$131,501$28,230$159,731

Board Members and Trustees

NameTitle
Tom PearsonPresident
Dean HeroldVice President
Bill WestholmDirector
Deborah WendlingDirector
Jon VomachkaDirector
Mavis WhitemanDirector
Michael ZwakDirector
Peter GravesDirector
Paul RigstadTreasurer

Highest Paid Contractors

ContractorServicesLocationCompensation
Harbourvest Partners LLCInvestment MgmtONE FINANCIAL CENTER 44TH FLOOR, Boston, MA 02111$216,309
Young And AssociatesLiability Insurance202 W SUPERIOR STREET, Duluth, MN 55802$186,986
Disciplined Growth InvestorsInvestment Mgmt150 S 5TH STREET SUITE 2550, Minneapolis, MN 55402$129,477
Revenue and Support

Revenue Composition

Contributions and Grants
$0
Program Service Revenue
$6,728,568
Investment Income
$72,042,527
Other Revenue
$20,731,808
Change in Net Assets
$14,115,736
Expenses and Functional Allocation

Major Expense Lines

Line ItemAmount
Other Expenses$1,400,066
Salaries, Compensation, and Employee Benefits$450,367
Grants and Similar Amounts Paid$0
Professional Fundraising Fees$0
Total Fundraising Expense$0

Functional Expense Allocation

Line ItemProgramManagementFundraisingTotal
Benefits to Members---$83,536,734
Fees for Service Investment Mgmnt Fees---$651,241
Insurance---$247,678
Other Salaries and Wages---$229,238
Current Officers, Directors, Trustees, and Key Employees---$169,354
Fees for Services Accounting---$90,940
Office Expenses---$58,203
Occupancy---$45,612
All Other Expenses---$38,608
Fees for Services Legal---$30,615
Payroll Taxes---$26,709
Other Employee Benefits---$25,066
Other Expenses---$14,909
Depreciation Depletion---$13,363
Conferences and Meetings---$9,248
Total Functional Expenses$0$0$0$85,387,167
Fundraising, Events, and Gaming
Fundraising activities
No
Gaming activities
No
Professional fundraiser used
No

Fundraising and Gaming Totals

Line ItemAmount
Professional Fundraising Fees$0
Political and Lobbying Activity
Political campaign activity
No
Subject to proxy tax
No
Insider Transactions and Loans

Loans and Receivables

Line ItemBeginningEndChange
Receivables from Disqualified Persons-$0-
Receivables from Officers, Directors, Trustees, and Key Employees-$0-
Governance and Compliance

Governance Checklist

Compiled or reviewed by an accountant
No
Annual disclosure for covered persons
Yes
Backup withholding compliance
Yes
Business relationship with family members
No
Business relationship with organization members
No
Material changes to governing documents
No
Compensation from other sources disclosed
No
CEO compensation reviewed
Yes
Other officer compensation reviewed
No
Conflict-of-interest policy
Yes
Audited financial statements prepared
Yes
Key decisions subject to board approval
Yes
Management duties delegated
No

Governance Explanations

Form 990, Part VI, Section A, Line 6

“All teachers employed by isd #709, eligible staff of lake superior college, and employees of the association are members of the assocation.”

Form 990, Part VI, Section A, Line 7A

“Members of the association elect 7 of the 9 trustees. Trustees are elected to three-year terms.”

Form 990, Part VI, Section A, Line 7B

“The decision to cease operations and merge into the minnesota teachers' retirement association was subject to a vote of the membership. The members voted in favor of the merger.”

Form 990, Part VI, Section B, Line 11

“A copy of form 990 is distributed to all members of the governing body before the return is filed. Board members are given the opportunity to review the form before a board meeting, then the executive director gives a brief review of the information included on form 990.”

Form 990, Part VI, Section B, Line 12C

“A disclosure form is required by state law to be completed annually by each director and key employee. The board monitors compliance with the law.”

Form 990, Part VI, Section B, Line 15A

“A committee of the board of directors compares salaries of officers of similar organizations and evaluates the performance of the executive director. The committee reports to the full board who then approves the executive director's salary. The minutes of these meetings are public information.”

Form 990, Part VI, Section C, Line 19

“All governing documents of the association are available upon request. Some key documents are available to the public on the association's web site.”

Filing and Contact Details

Filer

Filer Name
DULUTH TEACHERS' RETIREMENT FUND ASSOCIATION
EIN
41-0226827
Phone
2187222894
Address
625 EAST CENTRAL ENTRANCE NO 200, DULUTH, MN 55811

Signing Officer

Name
J Michael Stoffel
Title
Deputy Exec Director - Tra
Phone
6512054252
Signed
2015-10-26
Discuss with paid preparer
Yes

Organization Details

Principal Officer
Karen Kilberg
Formed
1910
Legal Domicile
Mn
Voting Board Members
9
Independent Board Members
9
Employees
6
Volunteers
0

Preparer

Firm
Wipfli Llp
Address
1502 LONDON ROAD SUITE 200, DULUTH, MN 55812
Preparer
Dean Ager
Phone
2187224705
Supplemental Narrative

Additional Explanations

Form 990, Part III, Line 3

“As of june 30, 2015 the organization ceased to exist and all assets and pension liabilities were transferred to the minnesota teachers' retirement association. This merger was a result of legislation passed in the state of minnesota during the 2014 legislative session.”

FORM 990, PART XI, LINE 9:

“Fmv of assets transferred to minnesota tra at merger -231,947,856.”

Raw XML AppendixShowing 400 of 452 raw XML fields

This appendix keeps the raw XML leaves available for debugging and edge-case review. The human report above is the primary experience.

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IRS990/OtherExpensesGrp/Desc2ACTUARIAL FEES
IRS990/OtherExpensesGrp/Desc3REPAIRS
IRS990/OtherExpensesGrp/TotalAmt082500
IRS990/OtherExpensesGrp/TotalAmt177425
IRS990/OtherExpensesGrp/TotalAmt239724
IRS990/OtherExpensesGrp/TotalAmt314909
IRS990/OtherRevenueMiscGrp/BusinessCd0524292
IRS990/OtherRevenueMiscGrp/BusinessCd1524292
IRS990/OtherRevenueMiscGrp/BusinessCd2524292
IRS990/OtherRevenueMiscGrp/Desc0STATE FUNDING
IRS990/OtherRevenueMiscGrp/Desc1SECURITIES LENDING INCOME
IRS990/OtherRevenueMiscGrp/Desc2OTHER INCOME
IRS990/OtherRevenueMiscGrp/ExclusionAmt020586402
IRS990/OtherRevenueMiscGrp/ExclusionAmt189107
IRS990/OtherRevenueMiscGrp/ExclusionAmt248084
IRS990/OtherRevenueMiscGrp/TotalRevenueColumnAmt020586402
IRS990/OtherRevenueMiscGrp/TotalRevenueColumnAmt189107
IRS990/OtherRevenueMiscGrp/TotalRevenueColumnAmt248084
IRS990/OtherRevenueTotalAmt020723593
IRS990/OtherSalariesAndWagesGrp/TotalAmt0229238
IRS990/OthNotesLoansReceivableNetGrp/EOYAmt00
IRS990/PartialLiquidationInd00
IRS990/PayPremiumsPrsnlBnftCntrctInd00
IRS990/PayrollTaxesGrp/TotalAmt026709
IRS990/PdInCapSrplsLandBldgEqpFundGrp/BOYAmt00
IRS990/PdInCapSrplsLandBldgEqpFundGrp/EOYAmt00
IRS990/PledgesAndGrantsReceivableGrp/EOYAmt00
IRS990/PoliticalCampaignActyInd00
IRS990/PrepaidExpensesDefrdChargesGrp/EOYAmt00
IRS990/PrincipalOfficerNm0KAREN KILBERG
IRS990/ProfessionalFundraisingInd00
IRS990/ProgramServiceRevenueGrp/BusinessCd0524292
IRS990/ProgramServiceRevenueGrp/BusinessCd1524292
IRS990/ProgramServiceRevenueGrp/Desc0MEMBER CONTRIBUTIONS
IRS990/ProgramServiceRevenueGrp/Desc1EMPLOYER CONTRIBUTIONS
IRS990/ProgramServiceRevenueGrp/RelatedOrExemptFuncIncomeAmt03887291
IRS990/ProgramServiceRevenueGrp/RelatedOrExemptFuncIncomeAmt12841277
IRS990/ProgramServiceRevenueGrp/TotalRevenueColumnAmt03887291
IRS990/ProgramServiceRevenueGrp/TotalRevenueColumnAmt12841277
IRS990/ProhibitedTaxShelterTransInd00
IRS990/PYBenefitsPaidToMembersAmt034611223
IRS990/PYContributionsGrantsAmt00
IRS990/PYGrantsAndSimilarPaidAmt00
IRS990/PYInvestmentIncomeAmt020441183
IRS990/PYOtherExpensesAmt01926290
IRS990/PYOtherRevenueAmt06664251
IRS990/PYProgramServiceRevenueAmt010813029
IRS990/PYRevenuesLessExpensesAmt0949866
IRS990/PYSalariesCompEmpBnftPaidAmt0431084
IRS990/PYTotalExpensesAmt036968597
IRS990/PYTotalProfFndrsngExpnsAmt00
IRS990/PYTotalRevenueAmt037918463
IRS990/QuidProQuoContributionsInd00
IRS990/RcvblFromDisqualifiedPrsnGrp/EOYAmt00
IRS990/RcvFndsToPayPrsnlBnftCntrctInd00
IRS990/ReceivablesFromOfficersEtcGrp/EOYAmt00
IRS990/ReconcilationRevenueExpnssAmt014115736
IRS990/RegularMonitoringEnfrcInd01
IRS990/RelatedEntityInd00
IRS990/RelatedOrganizationCtrlEntInd00
IRS990/RentalIncomeOrLossGrp/RealAmt08215
IRS990/ReportInvestmentsOtherSecInd00
IRS990/ReportLandBuildingEquipmentInd00
IRS990/ReportOtherAssetsInd00
IRS990/ReportOtherLiabilitiesInd00
IRS990/ReportProgramRelatedInvstInd00
IRS990/RtnEarnEndowmentIncmOthFndsGrp/BOYAmt00
IRS990/RtnEarnEndowmentIncmOthFndsGrp/EOYAmt00
IRS990/SavingsAndTempCashInvstGrp/BOYAmt012552310
IRS990/SavingsAndTempCashInvstGrp/EOYAmt00
IRS990/ScheduleBRequiredInd00
IRS990ScheduleJ/BoardOrCommitteeApprovalInd0X
IRS990ScheduleJ/CompensationCommitteeInd0X
IRS990ScheduleJ/EquityBasedCompArrngmInd00
IRS990/ScheduleJRequiredInd01
IRS990ScheduleJ/RltdOrgOfficerTrstKeyEmplGrp/BaseCompensationFilingOrgAmt0131501
IRS990ScheduleJ/RltdOrgOfficerTrstKeyEmplGrp/BonusFilingOrganizationAmount00
IRS990ScheduleJ/RltdOrgOfficerTrstKeyEmplGrp/BonusRelatedOrganizationsAmt00
IRS990ScheduleJ/RltdOrgOfficerTrstKeyEmplGrp/CompensationBasedOnRltdOrgsAmt00
IRS990ScheduleJ/RltdOrgOfficerTrstKeyEmplGrp/CompReportPrior990FilingOrgAmt00
IRS990ScheduleJ/RltdOrgOfficerTrstKeyEmplGrp/CompReportPrior990RltdOrgsAmt00
IRS990ScheduleJ/RltdOrgOfficerTrstKeyEmplGrp/DeferredCompensationFlngOrgAmt00
IRS990ScheduleJ/RltdOrgOfficerTrstKeyEmplGrp/DeferredCompRltdOrgsAmt00
IRS990ScheduleJ/RltdOrgOfficerTrstKeyEmplGrp/NontaxableBenefitsFilingOrgAmt00
IRS990ScheduleJ/RltdOrgOfficerTrstKeyEmplGrp/NontaxableBenefitsRltdOrgsAmt00
IRS990ScheduleJ/RltdOrgOfficerTrstKeyEmplGrp/OtherCompensationFilingOrgAmt028230
IRS990ScheduleJ/RltdOrgOfficerTrstKeyEmplGrp/OtherCompensationRltdOrgsAmt00
IRS990ScheduleJ/RltdOrgOfficerTrstKeyEmplGrp/PersonNm0KAREN KILBERG
IRS990ScheduleJ/RltdOrgOfficerTrstKeyEmplGrp/TitleTxt0EXECUTIVE DIRECTOR
IRS990ScheduleJ/RltdOrgOfficerTrstKeyEmplGrp/TotalCompensationFilingOrgAmt0159731
IRS990ScheduleJ/RltdOrgOfficerTrstKeyEmplGrp/TotalCompensationRltdOrgsAmt00
IRS990ScheduleJ/SeverancePaymentInd01
IRS990ScheduleJ/SupplementalInformationDetail/ExplanationTxt0EXECUTIVE DIRECTOR RECEIVED SEVERANCE PAY OF $16,531 ON THE DATE THE ORGANIZATION CEASED OPERATIONS AND MERGED INTO THE MINNESOTA TEACHERS' RETIREMENT FUND ASSOCIATION.
IRS990ScheduleJ/SupplementalInformationDetail/FormAndLineReferenceDesc0PART I, LINE 4A
IRS990ScheduleJ/SupplementalNonqualRtrPlanInd00
IRS990ScheduleJ/WrittenEmploymentContractInd0X
IRS990ScheduleN/AssetsDistributedInd01
IRS990ScheduleN/AttorneyGeneralNotifiedInd01
IRS990ScheduleN/BondsOutstandingInd00
IRS990ScheduleN/DirectorOfSuccessorInd00
IRS990ScheduleN/EmployeeOfSuccessorInd00
IRS990ScheduleN/LiabilitiesPaidInd01
IRS990ScheduleN/LiquidationOfAssetsTableGrp/LiquidationOfAssetsDetail/AssetsDistriOrExpnssPaidDesc0CASH AND INVESTMENTS TRANSFERRED TO MINNESOTA TEACHERS' RETIREMENT ASSOCIATION AS REQUIRED BY LEGISLATION PASSED DURING THE 2014 LEGISLATIVE SESSION.
IRS990ScheduleN/LiquidationOfAssetsTableGrp/LiquidationOfAssetsDetail/AssetsDistriOrExpnssPaidDesc1EQUIPMENT TRANSFERRED TO MINNESOTA TEACHERS' RETIREMENT ASSOCIATION AT MERGER.
IRS990ScheduleN/LiquidationOfAssetsTableGrp/LiquidationOfAssetsDetail/BusinessName/BusinessNameLine1Txt0TEACHERS RETIREMENT ASSOCIATION
IRS990ScheduleN/LiquidationOfAssetsTableGrp/LiquidationOfAssetsDetail/DistributionDt02015-06-30
IRS990ScheduleN/LiquidationOfAssetsTableGrp/LiquidationOfAssetsDetail/DistributionDt12015-06-30
IRS990ScheduleN/LiquidationOfAssetsTableGrp/LiquidationOfAssetsDetail/EIN0410975511
IRS990ScheduleN/LiquidationOfAssetsTableGrp/LiquidationOfAssetsDetail/EIN1410975511
IRS990ScheduleN/LiquidationOfAssetsTableGrp/LiquidationOfAssetsDetail/FairMarketValueOfAssetAmt0231943333
IRS990ScheduleN/LiquidationOfAssetsTableGrp/LiquidationOfAssetsDetail/FairMarketValueOfAssetAmt14523
IRS990ScheduleN/LiquidationOfAssetsTableGrp/LiquidationOfAssetsDetail/IRCSectionTxt0PENSION PLAN FOR MINNESOTA TEACHERS
IRS990ScheduleN/LiquidationOfAssetsTableGrp/LiquidationOfAssetsDetail/IRCSectionTxt1PENSION PLAN FOR MINNESOTA TEACHERS
IRS990ScheduleN/LiquidationOfAssetsTableGrp/LiquidationOfAssetsDetail/MethodOfFMVDeterminationTxt0PUBLICLY-TRADED INVESTMENTS VALUED AT PUBLISHED VALUE AT DATE OF TRANSFER. OTHER INVESTMENTS VALUED AT REPORTED VALUE PER INVESTMENT ADVISOR AT DATE OF TRANSFER.
IRS990ScheduleN/LiquidationOfAssetsTableGrp/LiquidationOfAssetsDetail/MethodOfFMVDeterminationTxt1EQUIPMENT TRANSFERRED AT BOOK VALUE AT TIME OF TRANSFER.
IRS990ScheduleN/LiquidationOfAssetsTableGrp/LiquidationOfAssetsDetail/USAddress/AddressLine1Txt060 EMPIRE DRIVE SUITE 400
IRS990ScheduleN/LiquidationOfAssetsTableGrp/LiquidationOfAssetsDetail/USAddress/CityNm0ST PAUL
IRS990ScheduleN/LiquidationOfAssetsTableGrp/LiquidationOfAssetsDetail/USAddress/StateAbbreviationCd0MN
IRS990ScheduleN/LiquidationOfAssetsTableGrp/LiquidationOfAssetsDetail/USAddress/ZIPCd055103
IRS990ScheduleN/OwnerOfSuccessorInd00
IRS990ScheduleN/ReceiveCompensationInd00
IRS990ScheduleN/RequiredToNotifyAGInd01
IRS990/ScheduleORequiredInd01
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt0AS OF JUNE 30, 2015 THE ORGANIZATION CEASED TO EXIST AND ALL ASSETS AND PENSION LIABILITIES WERE TRANSFERRED TO THE MINNESOTA TEACHERS' RETIREMENT ASSOCIATION. THIS MERGER WAS A RESULT OF LEGISLATION PASSED IN THE STATE OF MINNESOTA DURING THE 2014 LEGISLATIVE SESSION.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt1ALL TEACHERS EMPLOYED BY ISD #709, ELIGIBLE STAFF OF LAKE SUPERIOR COLLEGE, AND EMPLOYEES OF THE ASSOCIATION ARE MEMBERS OF THE ASSOCATION.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt2MEMBERS OF THE ASSOCIATION ELECT 7 OF THE 9 TRUSTEES. TRUSTEES ARE ELECTED TO THREE-YEAR TERMS.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt3THE DECISION TO CEASE OPERATIONS AND MERGE INTO THE MINNESOTA TEACHERS' RETIREMENT ASSOCIATION WAS SUBJECT TO A VOTE OF THE MEMBERSHIP. THE MEMBERS VOTED IN FAVOR OF THE MERGER.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt4A COPY OF FORM 990 IS DISTRIBUTED TO ALL MEMBERS OF THE GOVERNING BODY BEFORE THE RETURN IS FILED. BOARD MEMBERS ARE GIVEN THE OPPORTUNITY TO REVIEW THE FORM BEFORE A BOARD MEETING, THEN THE EXECUTIVE DIRECTOR GIVES A BRIEF REVIEW OF THE INFORMATION INCLUDED ON FORM 990.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt5A DISCLOSURE FORM IS REQUIRED BY STATE LAW TO BE COMPLETED ANNUALLY BY EACH DIRECTOR AND KEY EMPLOYEE. THE BOARD MONITORS COMPLIANCE WITH THE LAW.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt6A COMMITTEE OF THE BOARD OF DIRECTORS COMPARES SALARIES OF OFFICERS OF SIMILAR ORGANIZATIONS AND EVALUATES THE PERFORMANCE OF THE EXECUTIVE DIRECTOR. THE COMMITTEE REPORTS TO THE FULL BOARD WHO THEN APPROVES THE EXECUTIVE DIRECTOR'S SALARY. THE MINUTES OF THESE MEETINGS ARE PUBLIC INFORMATION.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt7ALL GOVERNING DOCUMENTS OF THE ASSOCIATION ARE AVAILABLE UPON REQUEST. SOME KEY DOCUMENTS ARE AVAILABLE TO THE PUBLIC ON THE ASSOCIATION'S WEB SITE.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt8FMV OF ASSETS TRANSFERRED TO MINNESOTA TRA AT MERGER -231,947,856.
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc0FORM 990, PART III, LINE 3
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc1FORM 990, PART VI, SECTION A, LINE 6
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc2FORM 990, PART VI, SECTION A, LINE 7A
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc3FORM 990, PART VI, SECTION A, LINE 7B
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc4FORM 990, PART VI, SECTION B, LINE 11
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc5FORM 990, PART VI, SECTION B, LINE 12C
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc6FORM 990, PART VI, SECTION B, LINE 15A
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc7FORM 990, PART VI, SECTION C, LINE 19
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc8FORM 990, PART XI, LINE 9:
IRS990/SchoolOperatingInd00
IRS990/SignificantChangeInd01
IRS990/SignificantNewProgramSrvcInd00
IRS990/StatesWhereCopyOfReturnIsFldCd0MN
IRS990/SubjectToProxyTaxInd00
IRS990/TaxablePartyNotificationInd00
IRS990/TaxExemptBondsInd00
IRS990/TempOrPermanentEndowmentsInd00
IRS990/TerminateOperationsInd01
IRS990/TotalAssetsBOYAmt0286702702
IRS990/TotalAssetsEOYAmt00
IRS990/TotalAssetsGrp/BOYAmt0286702702
IRS990/TotalAssetsGrp/EOYAmt00
IRS990/TotalCompGreaterThan150KInd01
IRS990/TotalEmployeeCnt06
IRS990/TotalFunctionalExpensesGrp/TotalAmt085387167
IRS990/TotalGrossUBIAmt00
IRS990/TotalLiabilitiesBOYAmt06200047
IRS990/TotalLiabilitiesEOYAmt00
IRS990/TotalLiabilitiesGrp/BOYAmt06200047
IRS990/TotalLiabilitiesGrp/EOYAmt00

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