Minnesota Community Foundation

“Form 990, part vi, section a, line 2: paul snyder and christopher hilger - business relationship scott burns and kathy tunheim - business relationship eric jolly, christine searson, shannon o'leary, scott zastoupil, ann mulholland, jeremy wells and nadege souvenir 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, christine searson, shannon o'leary and scott zastoupil have a business relationship with ann mulholland, jeremy wells and nadege souvenir as they are officers of the saint paul foundation and ms. Mulholland, mr. Wells and ms. Souvenir are employees of the saint paul foundation.”

“The foundation paid management and administrative fees of 2,405,639 to the saint paul foundation, who is a related organization.”

“On december 5, 2018, the board of directors approved a merger of minnesota community foundation and the saint paul foundation, effective january 1, 2020. All necessary notifications were provided to the minnesota attorney general and the merger received court approval during 2019. The minnesota community foundation will cease to exist after the effective date of the merger.”

“The form 990 was submitted to the audit and finance committee on july 17, 2020 for review and acceptance prior to submission to the irs. The full board of directors is then 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 compliance, discrimination and harassment confidentiality, conflict of interest and ethical principles. The policy applies to all staff, board and board committee members (representatives). Annually, representatives are required to sign a form declaring that they have read, understood and agreed to abide by the code of business conduct policy. All representatives are also required to annually complete a conflict of interest form, declaring any relationships they may have that could pose a conflict with their role as foundation representative.”

“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 foundations 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 foundations ceo compared to top executives of other foundations with particular attention to those of similar nature and asset size. The comparator group, currently twenty 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. To determine appropriate pay levels for the various roles at the foundations, we analyze compensation data from both local and national comparable foundations and other not-for-profit organizations with whom the foundations may compete for talent. We target the market median (or 50th percentile) of the respective market data, understanding that adjustments either above or below median may be made based on the individual employees experience, time in role, and contributions and accomplishments; in addition to market conditions and financial affordability. Benefit survey data is generally collected every two 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 positions mrp. If a position is unique to the foundations, the mrp will be based on comparison to similar internal benchmarked positions.”

“Maine, massachusetts, maryland, michigan, minnesota, mississippi, nevada, new mexico, new hampshire, new jersey, north carolina, north dakota, ohio, oklahoma, oregon, pennsylvania, rhode island, south carolina, tennessee, utah, virginia, washington, west virginia, wisconsin”

“The foundation makes its governing documents, conflict of interest policy (as part of its code of business conduct), and financial statements available on its website at www.spmcf.org.”

“Purpose: we inspire generosity, advocate for equity and invest in community-led solutions. Aspiration: we envision an equitable, just and vibrant minnesota where all communities and people thrive. Values: we listen. We innovate and learn. Community is our compass. We commit to equity. We nurture philanthropy. About minnesota community foundation we believe in the best of minnesota and the power of its communities. With roots in saint paul and partners across the state, we are one of minnesota's largest community foundations and the partner of choice for thousands of donors, nonprofits, and community organizations. We inspire generosity to make minnesota better for all who call it home. We believe in the best of minnesota and the power of its communities. We believe there is no hierarchy in human value. We believe that our communities are only as strong as our most vulnerable. We believe generosity inspires change. With roots in saint paul and partners across the state, we one of minnesota's largest community foundations and the partner of choice for thousands of donors, nonprofits, and community organizations. Our highly- skilled team is known for stewardship and expertise in administering charitable funds and managing assets. We inspire generosity to make minnesota better for all who call it home. We bring together donors, nonprofits, and community members to solve some of the biggest problems facing minnesota communities. Our partners are change agents, and together we invest for good to make a lasting impact in our communities.”

“On december 5, 2018, the board of directors approved a merger of minnesota community foundation and the saint paul foundation, effective january 1, 2020. The two foundations have been operating in alignment for several years, sharing staff and since 2008 governed by one common board of directors. The activities of the respective foundations will continue after the merger as they have in the past - honoring donor intent and legacies, and continuing to address the needs of communities previously served by the two foundations. After the merger date, the combined foundation will continue to operate as the same consortium of trusts and funds under the same board of directors and management.”

“Minnesota community foundation has filed an extension to file the 990-t return. The foundation has not received all k-1s from its investments. An accurate 990-t cannot be filed until all k-1s 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 -54,388”