Minneapolis College of Art & Design

“The form 990, with individual contributor names redacted, is reviewed by its audit committee and is provided to each voting member of its governing body before filing the form.”

“All board members and officers are subject to the following process: individuals who disclose a conflict of interest must leave the relevant meeting while a determination of materiality of the conflict is made. If a conflict is determined to exist within the scope of the policy those individuals may make a presentation of the proposed transaction or arrangement but then must leave the room and abstain from voting on the proposed transaction or arrangement. A trustee shall be considered to have a conflict of interest within the scope of the policy if he or she (1) has existing or potential financial or other interests that impair or appear to impair his or her independent, unbiased judgment in the discharge of his or her responsibilities to the college; or (2) is aware that a member of his or her family has financial or other interests that would impair or appear to impair the trustee's independent judgment in the discharge of his or her responsibilities to the college. For the purposes of this provision, a family member is defined as a spouse, domestic partner, parent, sibling, child, or any other relative residing in the same household as the trustee. All trustees shall disclose to the board any possible conflict of interest at the earliest practical time. Further, the trustee shall absent himself or herself from discussions of, and abstain from voting on, such matters under consideration by the board of trustees or its committees. The minutes of such meeting shall reflect that a disclosure was made and that the trustee with a conflict or possible conflict abstained from voting. Any trustee who is uncertain as to whether a conflict of interest may exist in any matter may request that the board of committee resolve the question in his or her absence by majority vote. Each trustee shall complete and sign a conflict of interest disclosure form provided annually by the secretary of the board of trustees.”

“The president's compensation is reviewed by the executive committee annually. The executive committee compares the compensation proposed against comparable presidents of similar institutions. The president's contract was reviewed and approved by the board of trustees in an executive session during the current fiscal year. The vp of administration determines the comparability data used for the officers. The comparability data and compensation proposed is reviewed and approved by the president annually. In addition, a search committee is created and/or a contracted organization is hired to perform the search, providing comparability data on compensation and a formal review and recommendation.”

“Documents are available upon request from the finance office.”

“Jay coogan (ex-officio) - 152 arnold ave, cranston, ri 02905-3816.”

“The minneapolis college of art & design's (mcad) mission statement is: mcad educates individuals to be professional artists and designers, pioneering thinkers, creative leaders, and engaged, global citizens. The vision is: mcad transforms the world through creativity and purpose. The values are: we, the mcad community, shape our work and our interactions with others by honoring the following values: students first, academic and institutional excellence, creativity and innovation, community involvement, and engagement.”

“Actuarial adjustment -1,980. Change in value of beneficial interest in perpetual trusts -274,089.”