Nonprofits Assistance Fund

“Kate Barr, executive director of Nonprofits Assistance Fund, is a board member of Borealis Philanthropy, a nonprofit organization whose executive director is Magui Rubalcava Shulman, board member of Nonprofits Assistance Fund.”

“Effective January 1, 2015, Nonprofits Assistance Fund (NAF) amended its Articles of Incorporation and its Bylaws to change the percentage of control exercised by its supported organization, The Minneapolis Foundation (TMF). The percentage of NAF board members who are elected by TMF Board of Trustees was changed from 100% to a bare majority. The effect of the change allows NAF to remain a Type I supporting organization of TMF, while at the same time allowing NAF to begin to administering its own personnel, compensation, and benefits programs. NAF is no longer considered a single employer where it concerns personnel and benefits programs and regulations.”

“NAF is a Type I supporting organization of The Minneapolis Foundation (TMF). For calendar 2014, up until NAF's Articles of Incorporation and Bylaws were amended effective January 1, 2015, TMF's Board of Trustees elected 100% of NAF's board of directors. With the change in governing documents, TMF's Board of Trustees now elects a bare majority of NAF's board members, with NAF's board electing the remainder. This change does not effect NAF's status as a Type I supporting organization of TMF, but does allow NAF to establish its own personnel, human resources, and compensation policies and benefits programs.”

“NAF is a Type I supporting organization of The Minneapolis Foundation (TMF). For calendar 2014, up until NAF's Articles of Incorporation and Bylaws were amended effective January 1, 2015, TMF's Board of Trustees elected 100% of NAF's board of directors. With the change in governing documents, TMF's Board of Trustees now elects a bare majority of NAF's board members, with NAF's board electing the remainder. This change does not effect NAF's status as a Type I supporting organization of TMF, but does allow NAF to establish its own personnel, human resources, and compensation policies and benefits programs.”

“The audited financial statements, on which the Form 990 is based, were presented to NAF's Audit Committee on June 15, 2015. The Form 990 is prepared by the Finance Director based on the audited financial statements. The Form 990 is then reviewed by the Executive Director. After internal review, the Form 990 was presented to the full Board of Directors at its August 13, 2015 meeting. The Form 990 was then signed and transmitted before the August 15 filing deadline.”

“NAF's conflict of interest policy is reviewed annually by all employees, board members, and loan committee members. Each staff, board, or committee member is required to disclose any dualities of interest in writing. In the course of business, if and when a relevant duality of interest arises, the employee or board member discloses it verbally and is recused from any decision-making role related to the dual interest.”

“The executive committee of the Nonprofits Assistance Fund board of directors is responsible for reviewing annually the performance and salary of the executive director. Based on the review, the committee determines compensation for the executive director. In its salary determination, the committee considers salaries of executive directors in peer organizations with comparable experience, consults survey data of nonprofit executive salaries, and reviews the history of the executive director's compensation. The executive director's salary was last reviewed in Spring 2015.”

“Nonprofits Assistance Fund makes its governing documents and conflict of interest policy available to anyone upon request. NAF governing documents include its articles of incorporation, bylaws, and IRS Form 1023. NAF financial statements, annual reports, and quarterly investor reports are available to the public via its website. NAF financial statements include its audited financial statements, single audit (when required), and IRS Form 990 including schedules and attachments.”

“Jean Adams, Chief Operating Officer and Chief Financial Officer of The Minneapolis Foundation, serves on the Nonprofits Assistance Fund board of directors. Because NAF is a Type I supporting organization of The Minneapolis Foundation, Ms. Adams' compensation by The Minneapolis Foundation is listed here as that of a related organization.”

“NAF regularly receives large, multi-year grants that appear as significant changes in contributions and grants from one year to the next. Because some of these grants are temporarily restricted to certain programs or to certain periods of time, these large, multi-year grants may also cause the total revenue less expenses or net income to appear negative one year, then positive the next, and back and forth. For a more complete picture of NAF's operating activity, please see our annual audited financial statements as made available at our website, www.nonprofitsassistancefund.org”

“NAF regularly receives large, multi-year grants that appear as significant changes in contributions and grants from one year to the next. Because some of these grants are temporarily restricted to certain programs or to certain periods of time, these large, multi-year grants may also cause the total revenue less expenses or net income to appear negative one year, then positive the next, and back and forth. For a more complete picture of NAF's operating activity, please see our annual audited financial statements as made available at our website, www.nonprofitsassistancefund.org”

“NAF issues its own audited financial statements. NAF is a Type I supporting organization of The Minneapolis Foundation (TMF). TMF consolidates NAF's financials in its audited financial statements.”

“Through December 31, 2014, according to an Employee Services Agreement, The Minneapolis Foundation (TMF) paid the staff of NAF as Foundation employees. NAF reimbursed TMF 100 percent of the salaries, payroll taxes, and benefits paid to NAF staff by TMF. Until December 31, 2014, the compensation data for NAF was aggregated and reported on TMF's W-3. Beginning January 1, 2015, due to changes in its governing documents, NAF is no longer considered a single employer with TMF. From January 1, 2015 forward, NAF pays its own staff directly and administers its own personnel, human resources, and benefits programs.”

“Nonprofits Assistance Fund (NAF) issues its audited financial statements separately. However, NAF is a Type I supporting organization of The Minneapolis Foundation (TMF) and TMF consolidates NAF's financial statements into TMF's audited financial statements.”