Minneapolis College Of Art & Design
- Assets
- $86.9m
- Revenue
- $36.1m
- Investments
- $7.2m
- Employees
- 832
- Location
- Minneapolis, MN
- Founding
- 06/1988
- Data as of
- 05/2023
- EIN
- 41-1607453
Organization Overview
Minneapolis College Of Art & Design is located in Minneapolis, MN. The organization was established in 1988. According to its NTEE Classification (B43) the organization is classified as: Universities, under the broad grouping of Education and related organizations. As of 05/2023, Minneapolis College Of Art & Design employed 832 individuals. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Minneapolis College Of Art & Design is a 501(c)(3) and as such, is described as a "Charitable or Religous organization or a private foundation" by the IRS.
For the year ending 05/2023, Minneapolis College Of Art & Design generated $36.1m in total revenue. This represents relatively stable growth, over the past 8 years the organization has increased revenue by an average of 1.2% each year. All expenses for the organization totaled $42.7m during the year ending 05/2023. While expenses have increased by 4.1% per year over the past 8 years. They've been increasing with an increasing level of total revenue. You can explore the organizations financials more deeply in the financial statements section below.
Form
990
Mission & Program ActivityExcerpts From the 990 Filing
TAX YEAR
2023
Describe the Organization's Mission:
Part 3 - Line 1
SEE SCHEDULE O.
Describe the Organization's Program Activity:
Part 3 - Line 4a
THE MINNEAPOLIS COLLEGE OF ART AND DESIGN IS THE PREEMINENT ARTS EDUCATOR IN MINNESOTA AND THE REGION, AND A STRONG NATIONAL LEADER IN AREAS SUCH AS GRAPHIC DESIGN, COMIC ARTS AND FURNITURE DESIGN. FOR 125 YEARS MCAD HAS PLAYED A LEADERSHIP ROLE IN THE SHAPING OF THE ART AND DESIGN COMMUNITY, PUTTING ITS STUDENTS AT THE CUTTING EDGE OF CREATIVITY AND SERVING AS A THOUGHT LEADER FOR THE CREATIVE ECONOMY. MCAD'S MISSION IS TO EDUCATE INDIVIDUALS TO BE PROFESSIONAL ARTISTS AND DESIGNERS, EFFECTIVE LEADERS, AND ACTIVE CITIZENS AND, THROUGH THIS WORK AND OTHER ACTIVITIES, ADVANCE THE CULTURAL LIFE OF ITS COMMUNITY. TO ACHIEVE THIS MISSION, MCAD CHALLENGES STUDENTS TO ACHIEVE THE HIGHEST LEVEL OF ARTISTIC CREATIVITY AND EXPRESSION, INTELLECTUAL UNDERSTANDING, AND PROFESSIONAL DEVELOPMENT; PROVIDES A RIGOROUS STUDIO-BASED AND LIBERAL STUDIES PROGRAM FOR DEDICATED UNDERGRADUATE AND GRADUATE STUDENTS; OFFERS CONTINUING EDUCATION AND SPONSORS FELLOWSHIPS FOR PROFESSIONALS; AND PRESENTS EXHIBITIONS, LECTURES AND ENRICHMENT COURSES IN ART AND DESIGN FOR PEOPLE OF ALL AGES. MCAD OFFERS BFA, BSC, AND MFA DEGREE PROGRAMS AND ONLINE MASTER'S PROGRAMS IN GRAPHIC DESIGN, SUSTAINABLE DESIGN, AND CREATIVE LEADERSHIP. MCAD ALSO OFFERS A POST-BACCALAUREATE CERTIFICATE, ONLINE LEARNING OPPORTUNITIES, AND PUBLIC PROGRAMS SUCH AS FILM SCREENINGS, LECTURES, AND CONTINUING STUDIES. MCAD'S STRENGTHS INCLUDE ITS RIGOROUS CURRICULUM, COMMITMENT TO STUDENTS, EXPERIENCED AND DEDICATED FACULTY, SMALL CLASS SIZES THAT OFFER PERSONALIZED INSTRUCTION, AND STATE-OF-THE-ART FACILITIES. AT MCAD, STUDENTS RECEIVE THE EDUCATION, FEEDBACK, AND SUPPORT THEY NEED TO EXPLORE THEIR IDEAS, STRENGTHEN THEIR SKILLS, AND EXPAND THEIR CREATIVE AND ARTISTIC EXPRESSION.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Sanjit Sethi Ex-Officio President | OfficerTrustee | 40 | $379,383 |
Hunter Palmer Wright Trustee-Chair | OfficerTrustee | 1 | $0 |
Mark D Pihlstrom Trustee- Chair | OfficerTrustee | 1 | $0 |
Chris Barry Trustee-Vice Chair | OfficerTrustee | 1 | $0 |
Tara Dev Trustee-Vice Chair | OfficerTrustee | 1 | $0 |
Greg C Heinemann Trustee-Immediate Past Chair | OfficerTrustee | 1 | $0 |
Outside Vendors & Contractors
| Vendor Name (Service) | Service Year | Compensation |
|---|---|---|
Cunningham Group Architecture Architect - Student Housing Design | 5/30/23 | $851,324 |
Rt London Company Furniture Supplier | 5/30/23 | $769,452 |
Shi International Computer Equipment | 5/30/23 | $613,465 |
Unique Food Solutions Physical Plant Services | 5/30/23 | $449,241 |
Minneapolis Institute Of Arts Physical Plant Services | 5/30/23 | $509,903 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Federated campaigns | $0 |
| Membership dues | $0 |
| Fundraising events | $54,088 |
| Related organizations | $0 |
| Government grants | $149,315 |
| All other contributions, gifts, grants, and similar amounts not included above | $1,975,575 |
| Noncash contributions included in lines 1a–1f | $0 |
| Total Revenue from Contributions, Gifts, Grants & Similar | $2,178,978 |
| Total Program Service Revenue | $33,959,845 |
| Investment income | $397,494 |
| Tax Exempt Bond Proceeds | $6,110 |
| Royalties | $0 |
| Net Rental Income | $0 |
| Net Gain/Loss on Asset Sales | -$580,659 |
| Net Income from Fundraising Events | $117,615 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $0 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $36,079,383 |
| Statement of Expenses | |
|---|---|
| Grants and other assistance to domestic organizations and domestic governments. | $0 |
| Grants and other assistance to domestic individuals. | $15,526,051 |
| Grants and other assistance to Foreign Orgs/Individuals | $0 |
| Benefits paid to or for members | $0 |
| Compensation of current officers, directors, key employees. | $568,974 |
| Compensation of current officers, directors, key employees. | $568,974 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $13,434,350 |
| Pension plan accruals and contributions | $578,435 |
| Other employee benefits | $1,006,106 |
| Payroll taxes | $1,041,221 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $171,260 |
| Fees for services: Accounting | $86,118 |
| Fees for services: Lobbying | $115,900 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $74,458 |
| Fees for services: Other | $1,062,408 |
| Advertising and promotion | $216,592 |
| Office expenses | $636,586 |
| Information technology | $1,101,798 |
| Royalties | $0 |
| Occupancy | $3,233,631 |
| Travel | $125,190 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $241,564 |
| Interest | $332,059 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $1,566,040 |
| Insurance | $322,344 |
| All other expenses | $0 |
| Total functional expenses | $42,699,410 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $26,624 |
| Savings and temporary cash investments | $1,467,866 |
| Pledges and grants receivable | $30,593 |
| Accounts receivable, net | $746,782 |
| Loans from Officers, Directors, or Controlling Persons | $0 |
| Loans from Disqualified Persons | $0 |
| Notes and loans receivable | $127,790 |
| Inventories for sale or use | $136,476 |
| Prepaid expenses and deferred charges | $91,738 |
| Net Land, buildings, and equipment | $25,405,388 |
| Investments—publicly traded securities | $50,538,275 |
| Investments—other securities | $7,203,341 |
| Investments—program-related | $0 |
| Intangible assets | $355,986 |
| Other assets | $757,622 |
| Total assets | $86,888,481 |
| Accounts payable and accrued expenses | $3,255,392 |
| Grants payable | $190,731 |
| Deferred revenue | $849,040 |
| Tax-exempt bond liabilities | $2,300,709 |
| Escrow or custodial account liability | $0 |
| Loans and other payables to any current Officer, Director, or Controlling Person | $0 |
| Secured mortgages and notes payable | $4,920,000 |
| Unsecured mortgages and notes payable | $0 |
| Other liabilities | $694,682 |
| Total liabilities | $12,210,554 |
| Net assets without donor restrictions | $33,048,309 |
| Net assets with donor restrictions | $41,629,618 |
| Capital stock or trust principal, or current funds | $0 |
| Paid-in or capital surplus, or land, building, or equipment fund | $0 |
| Retained earnings, endowment, accumulated income, or other funds | $0 |
| Total liabilities and net assets/fund balances | $86,888,481 |