Minnesota Community Foundation

“Mary brainerd and paul snyder - business relationship mary brainerd and christopher hilger - business relationship paul snyder and christopher hilger - business relationship eric jolly, christine searson, ann mulholland, jack pohl, jeremy wells, and suzanne kelly have a business relationship with the entire board of directors as they are employees of the saint paul foundation and the board members of the minnesota community foundation are also board members of the saint paul foundation. Eric jolly and christine searson have a business relationship with ann mulholland, jack pohl, jeremy wells, and suzanne kelly as they are officers of the saint paul foundation and ms. Mulholland, mr. Pohl, mr. Wells, and ms. Kelly are employees of the saint paul foundation.”

“The foundation paid management and administrative fees of $1,819,223 to the saint paul foundation, who is a related organization.”

“The form 990 was submitted to the audit committee on july 20, 2017 for review and acceptance prior to submission to the irs. The full board of directors is provided a copy of the 990 prior to its sumbission to the irs.”

“The foundation has established a code of business conduct policy. This policy covers the areas of confidentiality, conflict of interest, ethics and reports of wrongdoing. The following outlines how the policy is being implemented: 1. Annually, the vice president of finance reviews the conflict of interest policy with staff at the january all-staff meeting. Annually, staff are required to sign a conflict of interest form. The vice president of finance ensures that each employee has completed a signed form by the end of february following the january meeting. 2. At the first meeting of the year, the board members complete conflict of interest forms listing their potential conflicts. Board members not in attendance at the particular meeting are contacted by a member of senior management and asked to complete the conflict of interest form. 3. New staff and board members receive the full code of business conduct policy with their orientation materials. They sign and return the form stating they have read and agree to comply with the terms of the code of business conduct policy. 4. Non-board members of board committees review the policy upon joining the committee. They also sign and return the conflict of interest form annually. 5. Foundation consultants are given the executive summary of the code of business conduct policy as part of the independent contractor agreement.”

“The officers and directors of the minnesota community foundation are the same as the officers and directors of the saint paul foundation. The officers are paid by the saint paul foundation, which is a related organization. The minnesota community foundation is reporting compensation of officers from a related organization on part vii of the form 990. The saint paul foundation's policy for evaluating officer compensation is as follows: ceo compensation and benefits: the saint paul foundation utilizes an outside third party consultant to conduct a custom survey to provide market benchmarking relative to the foundations' ceo position. The compensation survey is generally conducted every two years. The objective of the survey is to determine the level of compensation that would be considered competitive for the foundation's ceo compared to top executives of other nonprofits with particular attention to those of similar nature and asset size. The comparator group, currently fourteen local and national organizations, is reviewed by the board chair and executive committee. The comparator group reflects organizations with similar asset size, complexity of work and potential recruitment market. Competitive pay is determined by calculating a base market index. The calculation compares the foundation's ceo base annual salary to the median base annual salaries of the survey participants. A market index between 95 and 105 is generally considered to be matching market index. Benefit survey data is generally collected every three to five years and focuses on benefits provided exclusively to the ceo and top executives. Staff compensation: a comprehensive review of staff compensation using local industry and national community foundation survey data is generally conducted every two years. The objective of the comprehensive review is to determine comparable market pay for individual positions. From survey results, the mean (average) salary is defined as the market reference point (mrp). Minimum and maximum pay for each position is set at -/+ 20% of mrp, and pay is considered competitive when it is within 10% of a position's mrp. If a position is unique to the foundations, the mrp will be based on comparison to similar internal benchmarked positions.”

“The foundation makes its governing documents, conflict of interest policy, and financial statements available on its website at http://www.mncommunityfoundation.org/who_we_are/ financial_and_legal_information/”

“The minnesota community foundation has filed an extension to file the 990-t. The foundation has not received all k-1's from its investments. An accurate 990-t cannot be filed until all k-1's have been received. Presently, the foundation is estimating to have a ubi loss passed through from its investments and has not reported any amounts on part i line 7a or 7b.”

“Change in value of split interest agreements -152,327.”