Civic Intelligence

Minnesota Masterpiece Hall

990 • Fiscal year 2023 • EIN 88-1081197

Jan 01, 2023 to Dec 31, 2023 • Filed on Oct 23, 2024

PO Box 322Winona, MN 55987-0322

(507) 474-0134

Siviq Scores

Precomputed percentiles for this filing year versus similar nonprofits in the same peer cohort.

Liabilities / Assets

12th percentile

0.02x

Higher debt load relative to assets than 12% of similar nonprofits.

2023 filings • 501(c)3 • $100M-$250M nonprofits • Source year 2023

Liabilities / Revenue

7th percentile

0.04x

Higher debt load relative to revenue than 7% of similar nonprofits.

2023 filings • 501(c)3 • $100M-$250M nonprofits • Source year 2023

Net Margin

99th percentile

100%

Higher net margin than 99% of similar nonprofits.

2023 filings • 501(c)3 • $100M-$250M nonprofits • Source year 2023

Top Officer Pay

5th percentile

$60,585

Higher top officer pay than 5% of similar nonprofits.

Top officer pay equals 0.1% of source-year revenue.

2023 filings • 501(c)3 • $100M-$250M nonprofits • Source year 2023

Asset Growth

97th percentile

116%

Faster asset growth than 97% of similar nonprofits.

2023 filings • 501(c)3 • $100M-$250M nonprofits • Annualized from 2022 to 2023

Revenue Growth

71st percentile

14%

Faster revenue growth than 71% of similar nonprofits.

2023 filings • 501(c)3 • $100M-$250M nonprofits • Annualized from 2022 to 2023

Assets

Up

$89,098,644

Up $47,909,547 (+116%) from 2022

Net Assets

Up

$87,467,378

Up $46,968,281 (+116%) from 2022

Liabilities

Up

$1,631,266

Up $941,266 (+136%) from 2022

Revenue

Up

$45,854,525

Up $5,490,331 (+14%) from 2022

Expenses

Up

$214,258

Up $207,946 (+3294%) from 2022

Net Income

Up

$45,640,267

Up $5,282,385 (+13%) from 2022

Historical Trend

Balance Sheet Trend

The highlighted filing sits inside the broader history for assets, liabilities, and net assets.

$100M$50M$0Assets 2022: $41,189,097Liabilities 2022: $690,000Net Assets 2022: $40,499,0972022Assets 2023: $89,098,644Liabilities 2023: $1,631,266Net Assets 2023: $87,467,3782023Assets 2024: $94,173,991Liabilities 2024: $990,807Net Assets 2024: $93,183,1842024

Highlighted filing

2023

Assets$89,098,644
Liabilities$1,631,266
Net Assets$87,467,378

Operations Trend

Revenue, expenses, and net income across loaded years, with this filing highlighted.

$60M$40M$20M$0Revenue 2022: $40,364,194Expenses 2022: $6,312Net Income 2022: $40,357,8822022Revenue 2023: $45,854,525Expenses 2023: $214,258Net Income 2023: $45,640,2672023Revenue 2024: $5,866,860Expenses 2024: $305,676Net Income 2024: $5,561,1842024

Highlighted filing

2023

Revenue$45,854,525
Expenses$214,258
Net Income$45,640,267
Jump To
Filing Snapshot
Filing Period
Jan 1, 2023 to Dec 31, 2023
Signed
Oct 23, 2024
Return Version
2023v5.1
Gross Receipts
$189,902,260
Mission and Program Overview

Mission

Minnesota masterpiece hall's mission is to build communities through quality experiences by presenting art masterworks, internationally-recognized concert artists, and inspirational education programs at accessible pricing, while also making the facility available for other non-profit organizations.

The mission is to build communities through quality experiences by presenting art masterworks, internationally-recognized concert artists, and inspirational education programs at accessible pricing, while also making the facility available for other non-profit organizations.

Balance Sheet Detail
LineBeginningEndChange
Assets
Investments in Publicly Traded Securities$39,144,211$75,151,303▲ $36,007,092
Land, Buildings, and Equipment, Net$0$925,000▲ $925,000
Cash and Non-Interest-Bearing Accounts$74,886$111,525▲ $36,639
Total Assets$41,189,097$89,098,644▲ $47,909,547
Other Assets Total$1,970,000$12,910,816▲ $10,940,816
Liabilities
Accounts Payable and Accrued Expenses$690,000$1,631,266▲ $941,266
Total Liabilities$690,000$1,631,266▲ $941,266
Net Assets / Fund Balance
Total Net Assets Fund Balance$40,499,097$87,467,378▲ $46,968,281
Total Liabilities and Net Assets / Fund Balance$41,189,097$89,098,644▲ $47,909,547

Asset Categories

AssetBook ValueDepreciationBasis
Land$925,000-$925,000
Other Assets Org$2,010,316--

Endowment Activity

PeriodBeginningContrib.Gain/LossOther UsesEnd
2023$10,000,000$20,000,000▲ $2,023,102$2,023,102$30,000,000
2022$0$10,000,000▲ $270,775$270,775$10,000,000
Compensation and Service Providers

Employees

NameTitleBaseTotal
Ned KirkCEO$60,585$60,585

Board Members and Trustees

NameTitle
Mary BurrichterChair
Cindy TelstadBoard Member
Elaine HaydockBoard Member
Ernie GormanBoard Member
Hugh MillerBoard Member
Jeff Van FossenBoard Member
Mark SwartBoard Member
Rachelle SchultzBoard Member
Revenue and Support

Revenue Composition

Contributions and Grants
$42,929,571
Program Service Revenue
$0
Investment Income
$2,924,954
Other Revenue
$0
All Other Contributions
$42,929,571
Change in Net Assets
$45,640,267

Noncash Contribution Practices

Property subject to holding requirements
No
Reviewed unusual noncash gifts
No
Third parties used for noncash contributions
No

Noncash Contributions

Contribution TypeContribution CountReported AmountValuation Method
Real Estate Other1$925,000Fair Market Value (FMV)
Securities Publicly Traded1$498,619Fair Market Value (FMV)
Total Noncash Contributions2$1,423,619-

Audited Revenue Reconciliation

Revenue per Audited Statements
$45,854,525
Revenue Not Reported on Financial Statements
$0
Revenue Not Reported on Form 990
$1,328,014
Total Revenue per Audited Statements
$47,182,539
Total Revenue per Form 990
$45,854,525
Expenses and Functional Allocation

Major Expense Lines

Line ItemAmount
Other Expenses$120,998
Salaries, Compensation, and Employee Benefits$93,260
Total Fundraising Expense$41,318
Grants and Similar Amounts Paid$0
Professional Fundraising Fees$0

Functional Expense Allocation

Line ItemProgramManagementFundraisingTotal
Fees for Service Investment Mgmnt Fees-$91,376-$91,376
Other Salaries and Wages-$44,457$27,991$72,448
Fees for Services Accounting-$20,329-$20,329
Other Employee Benefits-$9,287$5,848$15,135
Payroll Taxes-$3,484$2,193$5,677
Information Technology-$2,076$1,307$3,383
Insurance-$994-$994
Office Expenses-$532-$532
Other Expenses-$186$185$371
Occupancy-$124$78$202
Fees for Services Other-$25-$25
Total Functional Expenses$0$172,940$41,318$214,258

Audited Expense Reconciliation

Line ItemAmount
Expenses per Audited Statements$214,258
Total Expenses per Audited Statements$214,258
Total Expenses per Form 990$214,258
Expenses Not Reported on Financial Statements$0
Expenses Not Reported on Form 990$0
Fundraising, Events, and Gaming
Fundraising activities
No
Gaming activities
No
Professional fundraiser used
No

Fundraising and Gaming Totals

Line ItemAmount
Professional Fundraising Fees$0
Political and Lobbying Activity
Political campaign activity
No
Lobbying activity
No
Subject to proxy tax
No
Insider Transactions and Loans

Interested-Person Transactions

Interested PartyRelationshipDescriptionShared RevenueAmount
Robert KierlinHusband of Board Chair Mary BurrichterUnusual GrantsNo$39,925,000
Governance and Compliance

Governance Checklist

Compiled or reviewed by an accountant
No
Annual disclosure for covered persons
Yes
Audit committee
Yes
Backup withholding compliance
Yes
Business relationship with 35% controlled entity
No
Business relationship with family members
Yes
Business relationship with organization members
No
Material changes to governing documents
No
Compensation from other sources disclosed
No
CEO compensation reviewed
No
Other officer compensation reviewed
No
Conflict-of-interest policy
Yes
Audited financial statements prepared
No
Key decisions subject to board approval
No
Management duties delegated
No

Governance Explanations

Form 990, Part VI, Section B, Line 11B

A copy of the form 990 is presented to the excutive board for approval prior to filing.

Form 990, Part VI, Section B, Line 12C

The organization requires all officers, directors, trustees, and key employees to disclose any interests that could give rise to conflict. The organization monitors this annually.

Form 990, Part VI, Section C, Line 18

The annual report and form 990 can be found online.

Form 990, Part VI, Section C, Line 19

All governing documents are available through the business office and/or the ceo.

Filing and Contact Details

Filer

Filer Name
Minnesota Masterpiece Hall
EIN
88-1081197
Phone
5074740134
Address
PO BOX 322, WINONA, MN 55987-0322

Signing Officer

Name
Ned Kirk
Title
CEO
Phone
5074297680
Signed
2024-10-23
Discuss with paid preparer
Yes

Organization Details

Principal Officer
Ned Kirk
Formed
2022
Legal Domicile
Mn
Voting Board Members
7
Independent Board Members
7
Employees
2
Volunteers
0

Preparer

Firm
Hawkins Ash Cpas Llp
Address
3720 NOTTINGHAM DR NW SUITE 100, ROCHESTER, MN 55901
Preparer
David Fochs
Phone
5074241233
Supplemental Narrative

Additional Explanations

FORM 990, PART XII, LINE 2C:

The board of directors, along with the ceo, review draft financials as well as the tax return prior to filing. An audit is required going forward, beginning with this tax year.

Financial Statement Notes

PART X, LINE 2:

U.s. Gaap requires management to evaluate tax positions taken by the organization and recognize a tax liability (or asset) if the organization has taken an uncertain position that more likely than not would not be sustained upon examination by a taxing authority. Management has analyzed the tax positions taken by the organization and has concluded that as of december 31, 2023, there are no uncertain positions taken or expected to be taken that would require recognition of a liability (or asset) or disclosure in the financial statements. The organization is subject to routine audits by taxing jurisdictions. The organization will recognize future accrued interest and penalties related to unrecognized tax benefits in income tax expense if incurred.

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IRS990ScheduleA/GrossInvestmentIncome509Grp/CurrentTaxYearAmt01329284
IRS990ScheduleA/GrossInvestmentIncome509Grp/CurrentTaxYearMinus1YearAmt0289699
IRS990ScheduleA/GrossInvestmentIncome509Grp/TotalAmt01618983
IRS990ScheduleA/InvestmentIncomeAndUBTIGrp/CurrentTaxYearAmt01329284
IRS990ScheduleA/InvestmentIncomeAndUBTIGrp/CurrentTaxYearMinus1YearAmt0289699
IRS990ScheduleA/InvestmentIncomeAndUBTIGrp/TotalAmt01618983
IRS990ScheduleA/PubliclySupportedOrg509a2Ind0X
IRS990ScheduleA/PublicSupportTotal509Amt04004066
IRS990ScheduleA/SubstAndDsqlfyPrsnsTotGrp/TotalAmt00
IRS990ScheduleA/SubstantialContributorsAmtGrp/TotalAmt00
IRS990ScheduleA/Total509Grp/CurrentTaxYearAmt03929571
IRS990ScheduleA/Total509Grp/CurrentTaxYearMinus1YearAmt074495
IRS990ScheduleA/Total509Grp/TotalAmt04004066
IRS990ScheduleA/TotalSupportCalendarYearGrp/CurrentTaxYearAmt05258855
IRS990ScheduleA/TotalSupportCalendarYearGrp/CurrentTaxYearMinus1YearAmt0364194
IRS990ScheduleA/TotalSupportCalendarYearGrp/TotalAmt05623049
IRS990ScheduleB/ContributorInformationGrp/ContributorBusinessName/BusinessNameLine10RESTRICTED
IRS990ScheduleB/ContributorInformationGrp/ContributorNum0RESTRICTED
IRS990ScheduleB/ContributorInformationGrp/ContributorUSAddress/AddressLine10RESTRICTED
IRS990ScheduleB/ContributorInformationGrp/ContributorUSAddress/AddressLine20RESTRICTED
IRS990ScheduleB/ContributorInformationGrp/ContributorUSAddress/City0RESTRICTED
IRS990ScheduleB/ContributorInformationGrp/ContributorUSAddress/State0RESTRICTED
IRS990ScheduleB/ContributorInformationGrp/ContributorUSAddress/ZIPCode0RESTRICTED
IRS990ScheduleB/ContributorInformationGrp/TotalContributionsAmt0RESTRICTED
IRS990/ScheduleBRequiredInd01
IRS990ScheduleD/CYEndwmtFundGrp/BeginningYearBalanceAmt010000000
IRS990ScheduleD/CYEndwmtFundGrp/ContributionsAmt020000000
IRS990ScheduleD/CYEndwmtFundGrp/EndYearBalanceAmt030000000
IRS990ScheduleD/CYEndwmtFundGrp/InvestmentEarningsOrLossesAmt02023102
IRS990ScheduleD/CYEndwmtFundGrp/OtherExpendituresAmt02023102
IRS990ScheduleD/CYMinus1YrEndwmtFundGrp/BeginningYearBalanceAmt00
IRS990ScheduleD/CYMinus1YrEndwmtFundGrp/ContributionsAmt010000000
IRS990ScheduleD/CYMinus1YrEndwmtFundGrp/EndYearBalanceAmt010000000
IRS990ScheduleD/CYMinus1YrEndwmtFundGrp/InvestmentEarningsOrLossesAmt0270775
IRS990ScheduleD/CYMinus1YrEndwmtFundGrp/OtherExpendituresAmt0270775
IRS990ScheduleD/EndowmentsHeldRelatedOrgInd00
IRS990ScheduleD/EndowmentsHeldUnrelatedOrgInd00
IRS990ScheduleD/ExpensesNotReportedAmt00
IRS990ScheduleD/ExpensesNotRptFinclStmtAmt00
IRS990ScheduleD/ExpensesSubtotalAmt0214258
IRS990ScheduleD/FootnoteTextInd0X
IRS990ScheduleD/LandGrp/BookValueAmt0925000
IRS990ScheduleD/LandGrp/OtherCostOrOtherBasisAmt0925000
IRS990ScheduleD/NetUnrealizedGainsInvstAmt01328014
IRS990ScheduleD/OtherAssetsOrgGrp/BookValueAmt010900500
IRS990ScheduleD/OtherAssetsOrgGrp/BookValueAmt12010316
IRS990ScheduleD/OtherAssetsOrgGrp/Desc0CONSTRUCTION IN PROGRESS
IRS990ScheduleD/OtherAssetsOrgGrp/Desc1UNCONDITIONAL PROMISES TO GIVE, NET
IRS990ScheduleD/RevenueNotReportedAmt01328014
IRS990ScheduleD/RevenueNotReportedFinclStmtAmt00
IRS990ScheduleD/RevenueSubtotalAmt045854525
IRS990ScheduleD/SupplementalInformationDetail/ExplanationTxt0U.S. GAAP REQUIRES MANAGEMENT TO EVALUATE TAX POSITIONS TAKEN BY THE ORGANIZATION AND RECOGNIZE A TAX LIABILITY (OR ASSET) IF THE ORGANIZATION HAS TAKEN AN UNCERTAIN POSITION THAT MORE LIKELY THAN NOT WOULD NOT BE SUSTAINED UPON EXAMINATION BY A TAXING AUTHORITY. MANAGEMENT HAS ANALYZED THE TAX POSITIONS TAKEN BY THE ORGANIZATION AND HAS CONCLUDED THAT AS OF DECEMBER 31, 2023, THERE ARE NO UNCERTAIN POSITIONS TAKEN OR EXPECTED TO BE TAKEN THAT WOULD REQUIRE RECOGNITION OF A LIABILITY (OR ASSET) OR DISCLOSURE IN THE FINANCIAL STATEMENTS. THE ORGANIZATION IS SUBJECT TO ROUTINE AUDITS BY TAXING JURISDICTIONS. THE ORGANIZATION WILL RECOGNIZE FUTURE ACCRUED INTEREST AND PENALTIES RELATED TO UNRECOGNIZED TAX BENEFITS IN INCOME TAX EXPENSE IF INCURRED.
IRS990ScheduleD/SupplementalInformationDetail/FormAndLineReferenceDesc0PART X, LINE 2:
IRS990ScheduleD/TotalBookValueLandBuildingsAmt0925000
IRS990ScheduleD/TotalBookValueOtherAssetsAmt012910816
IRS990ScheduleD/TotalExpensesPerForm990Amt0214258
IRS990ScheduleD/TotalRevenuePerForm990Amt045854525
IRS990ScheduleD/TotalRevEtcAuditedFinclStmtAmt047182539
IRS990ScheduleD/TotExpnsEtcAuditedFinclStmtAmt0214258
IRS990/ScheduleJRequiredInd00
IRS990ScheduleL/BusTrInvolveInterestedPrsnGrp/NameOfInterested/PersonNm0ROBERT KIERLIN
IRS990ScheduleL/BusTrInvolveInterestedPrsnGrp/RelationshipDescriptionTxt0HUSBAND OF BOARD CHAIR MARY BURRICHTER
IRS990ScheduleL/BusTrInvolveInterestedPrsnGrp/SharingOfRevenuesInd00
IRS990ScheduleL/BusTrInvolveInterestedPrsnGrp/TransactionAmt039925000
IRS990ScheduleL/BusTrInvolveInterestedPrsnGrp/TransactionDesc0UNUSUAL GRANTS
IRS990ScheduleM/AnyPropertyThatMustBeHeldInd00
IRS990ScheduleM/RealEstateOtherGrp/ContributionCnt01
IRS990ScheduleM/RealEstateOtherGrp/MethodOfDeterminingRevenuesTxt0FMV
IRS990ScheduleM/RealEstateOtherGrp/NonCashCheckboxInd0X
IRS990ScheduleM/RealEstateOtherGrp/NoncashContributionsRptF990Amt0925000
IRS990ScheduleM/ReviewProcessUnusualNCGiftsInd00
IRS990ScheduleM/SecuritiesPubliclyTradedGrp/ContributionCnt01
IRS990ScheduleM/SecuritiesPubliclyTradedGrp/MethodOfDeterminingRevenuesTxt0FMV
IRS990ScheduleM/SecuritiesPubliclyTradedGrp/NonCashCheckboxInd0X
IRS990ScheduleM/SecuritiesPubliclyTradedGrp/NoncashContributionsRptF990Amt0498619
IRS990ScheduleM/ThirdPartiesUsedInd00
IRS990/ScheduleORequiredInd01
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt0A COPY OF THE FORM 990 IS PRESENTED TO THE EXCUTIVE BOARD FOR APPROVAL PRIOR TO FILING.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt1THE ORGANIZATION REQUIRES ALL OFFICERS, DIRECTORS, TRUSTEES, AND KEY EMPLOYEES TO DISCLOSE ANY INTERESTS THAT COULD GIVE RISE TO CONFLICT. THE ORGANIZATION MONITORS THIS ANNUALLY.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt2THE ANNUAL REPORT AND FORM 990 CAN BE FOUND ONLINE.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt3ALL GOVERNING DOCUMENTS ARE AVAILABLE THROUGH THE BUSINESS OFFICE AND/OR THE CEO.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt4THE BOARD OF DIRECTORS, ALONG WITH THE CEO, REVIEW DRAFT FINANCIALS AS WELL AS THE TAX RETURN PRIOR TO FILING. AN AUDIT IS REQUIRED GOING FORWARD, BEGINNING WITH THIS TAX YEAR.
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc0FORM 990, PART VI, SECTION B, LINE 11B
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc1FORM 990, PART VI, SECTION B, LINE 12C
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc2FORM 990, PART VI, SECTION C, LINE 18
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc3FORM 990, PART VI, SECTION C, LINE 19
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc4FORM 990, PART XII, LINE 2C:
IRS990/SchoolOperatingInd00
IRS990/SignificantChangeInd00
IRS990/SignificantNewProgramSrvcInd00
IRS990/StatesWhereCopyOfReturnIsFldCd0MN
IRS990/SubjectToExcsTaxNetInvstIncInd00
IRS990/SubjectToProxyTaxInd00
IRS990/SubjToTaxRmnrtnExPrchtPymtInd00
IRS990/TaxablePartyNotificationInd00
IRS990/TaxExemptBondsInd00
IRS990/TerminateOperationsInd00
IRS990/TotalAssetsBOYAmt041189097
IRS990/TotalAssetsEOYAmt089098644
IRS990/TotalAssetsGrp/BOYAmt041189097
IRS990/TotalAssetsGrp/EOYAmt089098644
IRS990/TotalCompGreaterThan150KInd00
IRS990/TotalContributionsAmt042929571
IRS990/TotalEmployeeCnt02
IRS990/TotalFunctionalExpensesGrp/FundraisingAmt041318
IRS990/TotalFunctionalExpensesGrp/ManagementAndGeneralAmt0172940
IRS990/TotalFunctionalExpensesGrp/ProgramServicesAmt00
IRS990/TotalFunctionalExpensesGrp/TotalAmt0214258
IRS990/TotalGrossUBIAmt00
IRS990/TotalLiabilitiesBOYAmt0690000
IRS990/TotalLiabilitiesEOYAmt01631266
IRS990/TotalLiabilitiesGrp/BOYAmt0690000
IRS990/TotalLiabilitiesGrp/EOYAmt01631266
IRS990/TotalNetAssetsFundBalanceGrp/BOYAmt040499097
IRS990/TotalNetAssetsFundBalanceGrp/EOYAmt087467378
IRS990/TotalOtherCompensationAmt00
IRS990/TotalReportableCompFromOrgAmt060585
IRS990/TotalRevenueGrp/ExclusionAmt02924954
IRS990/TotalRevenueGrp/RelatedOrExemptFuncIncomeAmt00
IRS990/TotalRevenueGrp/TotalRevenueColumnAmt045854525
IRS990/TotalRevenueGrp/UnrelatedBusinessRevenueAmt00
IRS990/TotalVolunteersCnt00
IRS990/TotLiabNetAssetsFundBalanceGrp/BOYAmt041189097
IRS990/TotLiabNetAssetsFundBalanceGrp/EOYAmt089098644
IRS990/TotReportableCompRltdOrgAmt00
IRS990/TrnsfrExmptNonChrtblRltdOrgInd00
IRS990/TypeOfOrganizationCorpInd0X
IRS990/UnrelatedBusIncmOverLimitInd00
IRS990/USAddress/AddressLine1Txt0PO BOX 322
IRS990/USAddress/CityNm0WINONA
IRS990/USAddress/StateAbbreviationCd0MN
IRS990/USAddress/ZIPCd0559870322
IRS990/VotingMembersGoverningBodyCnt07
IRS990/VotingMembersIndependentCnt07
IRS990/WebsiteAddressTxt0MNMASTERPIECEHALL.ORG
IRS990/WhistleblowerPolicyInd00
ReturnHeader/BuildTS02024-10-15 13:58:12Z
ReturnHeader/BusinessOfficerGrp/DiscussWithPaidPreparerInd01
ReturnHeader/BusinessOfficerGrp/PersonNm0NED KIRK
ReturnHeader/BusinessOfficerGrp/PersonTitleTxt0CEO

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