The Minneapolis Foundation

“The executive committee is comprised of ten members, appointed from among the board trustees. The executive committee has the authority to act on behalf of the board of trustees between meetings, except for significant actions including amending the bylaws, appointing members, mergers, sales of significant assets, dissolutions, etc. The audit committee is comprised of four board trustees and has the authority to approve the financial statements prior to board meeting.”

“Prior to its being filed, the form 990 was reviewed by management, reviewed and approved by the audit committee of the board of trustees, and provided electronically to the board of trustees.”

“Responsible persons include the board of trustees, members of a committee with the authority of the board, and officers. Each new responsible person is required to review a copy of the conflict of interest policy and to acknowledge in writing that he or she has done so. To identify potential conflicts, each responsible person annually files a conflict of interest disclosure statement with the foundation's president/ceo indicating any anticipated or potential conflict situations. Any such information is generally made available only to the president/ceo or appropriate committee chair, except to the extent additional disclosure is necessary in connection with the implementation of a policy. A responsible person with a conflict does not participate in discussions of the matter except to answer material facts and answer questions. The responsible person with a conflict of interest leaves the room for a portion of the discussion. Finally, the responsible person with a conflict of interest is not allowed to vote on the matter and may be required to leave the room for the vote. After collecting all relevant information, the board may approve a transaction by majority vote.”

“In determining the compensation for the president/ceo, the board chair annually receives the results of a compensation review performed by an outside compensation consultant. Comparison data is drawn from multiple sources and reviewed alongside the recommended budgeted salary guidelines for the year. A salary is proposed, voted on, and documented as an action of the executive committee of the board of trustees, which also serves as the compensation committee. Documentation includes the names of trustees supporting the action, a listing of the comparability data obtained and relied upon, and the name of the independent consultant used in obtaining the data. The most recent assessment was completed april 1, 2014 for the ceo, sandra l. Vargas. Determining the compensation for other officers and key employees involves a compensation market assessment of all foundation positions and is periodically assessed by an outside compensation consultant. The ceo reviews this information with hr, alongside budgeted salary guidelines for the year and determines salary actions. Actions are documented in personnel files. The april 1, 2014 compensation market assessment performed by an external compensation consultant included review of the chief operating officer/chief financial officer, and senior vice president of advancement.”

“The foundation's governing documents, conflict of interest policy and financial statements are available upon request.”

“Change in value of trusts 1,088,730. Change in csv of life insurance 21,388. Net change in agency funds -946,111.”