The Bakken

“The board of directors shall designate an executive committee, the membership of which shall include at least three (3) directors. The executive committee shall have and exercise the authority of the board in the management of the business of the corporation in the intervals between meetings of the board, and such other powers and duties as shall be designated by the board of directors from time to time. The executive committee shall at all times be subject to the control and direction of the board.”

“The form 990 is prepared by the organization's public accounting firm based on information provided by the organization. The 990 draft is provided to management for their review, with any comments or corrections incorporated into the filing. The finance committee then reviews the form 990 in conjunction with the organization's audited financial statement, making comparisons for consistency and accuracy. Finally, the 990 is provided to all members of the governing body before it is filed.”

“The organization annually asks all trustees and key employees to complete a conflict-of-interest form. The coi forms are reviewed by the president & ceo with the board governance committee. Trustees or key employees who disclose conflicts are required to refrain from discussing or voting on the particular transaction in which they have an interest. All proceedings related to conflict-of-interests are documented in the minutes of the meeting.”

“To determine the compensation of the president & ceo, the personnel committee of the bakken board of directors evaluates the performance of the president & ceo and considers that in relation to at least two salary surveys, including the most recent mn council of nonprofits salary and benefits survey. The committee makes a recommendation to the full board and the action is documented in the minutes. The process was last undertaken in 2021. There was no review in 2022 as the president & ceo resigned, with his last day being in march of 2022. There was no review in 2023, as the new president & ceo was appointed in the last quarter of 2022. The president & ceo evaluates the compensation of the executive vice president, the vp of finance and administration, the vp of learning, and the vp of philanthropy. The compensation structure and pay grades for all positions were formalized and determined using salary data from the mn council of nonprofits and the american alliance of museums. The structure was reviewed and approved by the personnel committee. The process was last undertaken in 2024.”

“The organization's financial statements are available to the public through the use of their website, thebakken.org. The organization's governing documents and conflict of interest policy are not available to the public.”