MINNEAPOLIS SOCIETY OF FINE ARTS D… - Form 990 Financial Data

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Financial Vulnerability Assessment (Tuckman-Chang)

4 risk indicators measuring financial stability and operational resilience

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Financial Trends

Organization Details

Formation Year

1883

Legal Domicile

Principal Officer

KATHERINE LUBER

Phone

6128703046

Tax Period

2024-07-01 to 2025-06-30

MINNEAPOLIS SOCIETY OF FINE ARTS DBA MINNEAPOLIS INSTITUTE OF ARTS, founded in 1883, is a mid-sized nonprofit in the Arts, Culture & Humanities sector that reported $57.7M in total revenue in fiscal year 2024. Revenue grew 16% year-over-year, indicating healthy expansion. Expenses of $51.7M left a modest 10% surplus.

Mission

THE MINNEAPOLIS INSTITUTE OF ART (MIA) ENRICHES THE COMMUNITY BY COLLECTING, PRESERVING, AND MAKING ACCESSIBLE OUTSTANDING WORKS OF ART FROM THE WORLD'S DIVERSE CULTURES.

Program Service Accomplishments

Program 1

Expenses: $33,643,006 Revenue: $2,155,480

FISCAL YEAR 2025 EXHIBITIONS:ANNOTATIONSTEEN PERSPECTIVES MINNEAPOLIS AS MONUMENTREMNANTSRADIANCECHARLES MATSON LUME IACUNA FOR GUSTAF SOBINMARY SULLY NATIVE MODERNGIANTS- ART FROM THE DEAN...

FISCAL YEAR 2025 EXHIBITIONS:ANNOTATIONSTEEN PERSPECTIVES MINNEAPOLIS AS MONUMENTREMNANTSRADIANCECHARLES MATSON LUME IACUNA FOR GUSTAF SOBINMARY SULLY NATIVE MODERNGIANTS- ART FROM THE DEAN COLLECTION OF SWIZZ BEATS AND ALICIA KEYSTRANSCENDENT CLAY THE KONDO FAMILY'S PATH OF PORCELAIN INNOVATIONSSURVIVAL OF THE FITTEST LESSONS FROM LAFONTAINE IN TEXTILE AND PORCELAINHOKUSAI/MONETTHE TRUE AMERICA PHOTOGRAPHS BY ERNEST COLEARTISTS AT WORK THE MIA STAFF ART SHOWCITY VIEWSA GENEROUS OUTLOOK - GIFTS FROM FAY GALLUS AND RICHARD SWEETROSHAN GANU - THE NIGHT BLOSSOMING JASMINEOTTO DIX - THE WAR PORTFOLIOFROM THE DIVINE TO THE MORTAL - STORYTELLING IN CHINESE PAINTINGCASSAT ON PAPERCATCH OF THE DAY - HUMAND AND MARINE ANIMALS IN JAPANAT THE MOULIN ROUGETIBETAN BUDDHIST SHRINE ROOM THE ALICE S KANDELL COLLECTIONO POWA O MENG - THE ART AND LEGACY OF JODY FOWELLJOANN VERBURG AFTERSHOCKSTAKING IT TO THE STREETS - VITALITY ARTS AT MIAA LITTLE FUN AT MY WORK - WOMEN IN DESIGN AND CRAFTLATIN AMERICAN ART AT MIA II

Program 2

Expenses: $6,727,600 Revenue: $0

ACQUISITIONS BRING NEW STRENGTH TO THE COLLECTION. THE PERMANENT COLLECTION IS ALWAYS AT THE CORE OF OUR WORK. IN FISCAL YEAR 2025, 1,035 EXCEPTIONAL OBJECTS WERE ACQUIRED, ENRICHING 5 CURATORIAL...

ACQUISITIONS BRING NEW STRENGTH TO THE COLLECTION. THE PERMANENT COLLECTION IS ALWAYS AT THE CORE OF OUR WORK. IN FISCAL YEAR 2025, 1,035 EXCEPTIONAL OBJECTS WERE ACQUIRED, ENRICHING 5 CURATORIAL AREAS.

Program 3

Expenses: $322,855 Revenue: $69,850

IN FISCAL YEAR 2025, FAMILY DAY ATTRACTED 30,580 VISITORS. MEET AT MIA AND THE SUMMER SERIES SAW 33,813 VISITORS. MINI MIA, IN ITS SECOND YEAR, INCREASED TO 784 TODDLERS AND ADULTS. ART IN THE PARK EVENTS ATTRACTED 3,000 VISITORS. MIA'S ART ADVENTURE PROGRAM SERVED 37,000 STUDENTS IN 101 SCHOOLS ACROSS THE STATE. CREATIVITY ACADEMY (826) AND WATER IS LIFE (613) PROGRAMS SERVED 1,439 STUDENTS. MIA SERVED AN ADDITIONAL 3,960 STUDENTS THROUGH OTHER SCHOOL PARTNERSHIP PROGRAMS INCLUDING ITS NEW DISCOVERY DAYS. 22,540 PRE-KINDERGARTEN - 12 STUDENTS PARTICIPATED IN GUIDE-LED TOURS, AND 17,652 STUDENTS PARTICIPATED IN SELF-GUIDED TOURS. MIA DISTIBUTED 141 PHYSICAL KITS AND 26 DIGITAL KITS OF CLASSROOM MATERIALS AND TRAINED 508 ART ADVENTURE PICTURE PEOPLE PARENT VOLUNTEERS TO LEAD ART ADVENTURE 3 LESSONS IN SCHOOL. MIA RECRUITED AND TRAINED 25 NEW DISCOVERY DAYS VOLUNTEERS AND PROVIDED PROFESSIONAL DEVELOPMENT TO 383 TEACHERS. 209 OLDER ADULTS PARTICIPATED IN VITALITY ARTS ACROSS 1,205 LESSONS.

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Trantor Score

Financial Health Score (300–850) · Liquidity · Solvency · Sustainability · Efficiency

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Liquidity (40%) • Solvency (30%) • Sustainability (20%) • Efficiency (10%)

Financial Overview (2024)

Revenue Breakdown

Contributions & Grants $37,323,816

Program Service Revenue $2,327,607

Investment Income $16,423,537

Other Revenue $1,645,815

TOTAL REVENUE $57,720,775

Expense Breakdown

Grants Paid $0

Salaries & Benefits $24,863,213

Fundraising Expenses $3,923,471

Program Expenses $40,693,461

Other Expenses $25,496,019

TOTAL EXPENSES $51,661,467

Year-over-Year Comparison

	2024	2023	Change
Revenue	$57,720,775	$49,760,749	+0.2%
Expenses	$51,661,467	$46,956,667	+0.1%
Net Income	$6,059,308	$2,804,082	+1.2%

Key Indicators

✗ Grants to Organizations ✗ Grants to Individuals ✓ Lobbying ✗ Political Activity ✓ Foreign Activities ✗ Donor Advised Fund ✓ Schedule B Required

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Financial Health Indicators

Comprehensive financial analysis: Altman Z-Score, liquidity, solvency, sustainability, efficiency, and growth metrics

Financial Distress Indicator

Liquidity & Cash Position

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Altman Z-Score • Liquidity Ratios • Solvency Analysis • Growth Indicators • Efficiency Metrics

Governance

Voting Members

Independent Members

Employees

336

Volunteers

469

Governance Policies

✓ Conflict of Interest Policy

✓ Whistleblower Policy

✓ Document Retention Policy

Special Practices & Reported Activities

✗ Operated a School

✗ Operated a Hospital

✗ Provided First Class Travel

✗ Reported Conflict of Interest

✗ Reported Asset Diversion

✗ Excess Benefit Transaction

✗ Made Political Expenditures

✓ Engaged in Lobbying

✗ Operated Donor Advised Fund

✓ Maintained Art Collections

✗ Filed Form 720

Compensation of Officers, Directors & Key Employees

Total Officers

$1,467,395

Total Directors

$721,885

Key Employees

$1,286,623

Highest Compensated

reported

Name	Title	Hours/Week	Role	Reportable Comp	Other Comp	Total
KATIE LUBER	DIRECTOR & PRESIDENT	40.00	Officer Director	$628,522	$93,363	$721,885
JOHN LINDAHL	CHAIR	1.00	Officer Director	$0	$0	$0
KEN CUTLER	VICE CHAIR	1.00	Officer Director	$0	$0	$0
PIYUMI SAMARATUNGA	VICE CHAIR	1.00	Officer Director	$0	$0	$0
MAURICE BLANKS	TREASURER	1.00	Officer Director	$0	$0	$0
AMY KERN	SECRETARY	1.00	Officer Director	$0	$0	$0
ELIZABETH ANDRUS	ELECTIVE TRUSTEE	1.00	Director	$0	$0	$0
DAN AVCHEN	ELECTIVE TRUSTEE	1.00	Director	$0	$0	$0
CHANDA SMITH BAKER	ELECTIVE TRUSTEE	1.00	Director	$0	$0	$0
DESIRAE BUTLER	ELECTIVE TRUSTEE	1.00	Director	$0	$0	$0
JOHN BUTCHER	ELECTIVE TRUSTEE	1.00	Director	$0	$0	$0
LYNN CASEY	ELECTIVE TRUSTEE	1.00	Director	$0	$0	$0
PAGE KNUDSEN COWLES	ELECTIVE TRUSTEE	1.00	Director	$0	$0	$0
BERT COLIANNI	ELECTIVE TRUSTEE	1.00	Director	$0	$0	$0
GERALD ERICKSON	ELECTIVE TRUSTEE	1.00	Director	$0	$0	$0
MICHAEL FRANCIS	ELECTIVE TRUSTEE	1.00	Director	$0	$0	$0
MARIA GALE	ELECTIVE TRUSTEE	1.00	Director	$0	$0	$0
MARGARET GRIEVE	ELECTIVE TRUSTEE	1.00	Director	$0	$0	$0
MARTHA HEAD	ELECTIVE TRUSTEE	1.00	Director	$0	$0	$0
CHRISTOPHER HOWE	ELECTIVE TRUSTEE	1.00	Director	$0	$0	$0
MARY INGEBRAND-POHLAD	ELECTIVE TRUSTEE	1.00	Director	$0	$0	$0
SHANNON JONES	ELECTIVE TRUSTEE	1.00	Director	$0	$0	$0
JESSAMYN KERCHNER	ELECTIVE TRUSTEE	1.00	Director	$0	$0	$0
VELMA KORBEL	ELECTIVE TRUSTEE	1.00	Director	$0	$0	$0
GONZALO PETSCHEN	ELECTIVE TRUSTEE	1.00	Director	$0	$0	$0
PATRICK G MAHONEY	ELECTIVE TRUSTEE	1.00	Director	$0	$0	$0
JAMIE LOCKAHART	ELECTIVE TRUSTEE	1.00	Director	$0	$0	$0
NIVIN MACMILLAN	ELECTIVE TRUSTEE	1.00	Director	$0	$0	$0
LUCY MITCHELL	ELECTIVE TRUSTEE	1.00	Director	$0	$0	$0
CHRISTOPHER K MURPHY	ELECTIVE TRUSTEE	1.00	Director	$0	$0	$0
SHEILA MORGAN	ELECTIVE TRUSTEE	1.00	Director	$0	$0	$0
MAHMOUD MAGIB	ELECTIVE TRUSTEE	1.00	Director	$0	$0	$0
NOEL BENNETT PATTERSON	ELECTIVE TRUSTEE	1.00	Director	$0	$0	$0
BRAD RADICHEL	ELECTIVE TRUSTEE	1.00	Director	$0	$0	$0
MARY REYELTS	ELECTIVE TRUSTEE	1.00	Director	$0	$0	$0
JULIE ROSEN	ELECTIVE TRUSTEE	1.00	Director	$0	$0	$0
KATIE SIMPSON	ELECTIVE TRUSTEE	1.00	Director	$0	$0	$0
MOLLY SIT	ELECTIVE TRUSTEE	1.00	Director	$0	$0	$0
TIM WELSH	ELECTIVE TRUSTEE	1.00	Director	$0	$0	$0
DAVID WEYERHAEUSER	ELECTIVE TRUSTEE	1.00	Director	$0	$0	$0
BEVERLY GROSSMAN	LIFE TRUSTEE	1.00	Director	$0	$0	$0
AL HARRISON	LIFE TRUSTEE	1.00	Director	$0	$0	$0
DAVID M LEBEDOFF	LIFE TRUSTEE	1.00	Director	$0	$0	$0
TIM WALZ GOVERNOR STATE OF MN	TRUSTEE BY VIRTUE OF OFFICE	1.00	Director	$0	$0	$0
JACOB FREY MAYOR CITY OF MPLS	TRUSTEE BY VIRTUE OF OFFICE	1.00	Director	$0	$0	$0
BOBBIE JOE CHAMPION PRESIDENT MN SE	TRUSTEE BY VIRTUE OF OFFICE	1.00	Director	$0	$0	$0
JORDAN RASMUSSEN ASST MINORITY LEAD	TRUSTEE BY VIRTUE OF OFFICE	1.00	Director	$0	$0	$0
LISA DEMUTH SPEAKER OF HOUSE	TRUSTEE BY VIRTUE OF OFFICE	1.00	Director	$0	$0	$0
MELISSA HORTMAN SPEAKER EMERITA	TRUSTEE BY VIRTUE OF OFFICE	1.00	Director	$0	$0	$0
HEATHER EDELSON HENNEPIN CTY	TRUSTEE BY VIRTUE OF OFFICE	1.00	Director	$0	$0	$0
MEG FORNEY MPLS PARK REC	TRUSTEE BY VIRTUE OF OFFICE	1.00	Director	$0	$0	$0
BARBARA PROESCHEL PRESIDENT FRIENDS	TRUSTEE BY VIRTUE OF OFFICE	1.00	Director	$0	$0	$0
PATRICIA GRAZZINI	DEPUTY DIRECTOR & CHIEF OPERATING OFFICER/INTERI	40.00	Officer	$371,890	$63,456	$435,346
BEN MURRAY	CFO	40.00	Officer	$213,028	$479	$213,507
NICOLE BERNS	SENIOR EXECUTIVE ASSISTANT	40.00	Officer	$75,294	$21,363	$96,657
JULIANNE AMENDOLA	CHIEF ADVANCEMENT OFFICER	40.00	Key Emp	$241,033	$24,907	$265,940
LYNN FARMER	CHIEF AUDIENCE & ENGAGEMENT OFFICER	40.00	Key Emp	$199,691	$25,461	$225,152
MATTHEW WELCH	DEPUTY DIRECTOR & CHIEF CURATOR	40.00	Key Emp	$318,365	$41,810	$360,175
MICHAEL SANDERS	COO	40.00	Key Emp	$205,732	$10,627	$216,359
VIRAJITA SINGH	CHIEF DIVERSITY & INCLUSION OFFICER	40.00	Key Emp	$208,372	$10,625	$218,997
YANG LIU	CURATOR OF CHINESE ART	40.00	Highest	$175,964	$36,529	$212,493
ANDREAS MARKS	CURATOR OF JAPANESE & KOREAN ARTS	40.00	Highest	$184,950	$21,695	$206,645
RACHEL MCGARRY	CHAIR & CURATOR EUROPEON ART	40.00	Highest	$176,261	$36,539	$212,800
STEVEN BADER	CONTROLLER	40.00	Highest	$198,885	$37,941	$236,826
VALERIA PICCOLI	CHAIR ARTS OF THE AMERICAS	40.00	Highest	$166,463	$12,547	$179,010

Note: Compensation data is self-reported by the organization on their Form 990. "Reportable Comp" includes salary, bonuses, and other reportable compensation from the organization and related organizations. "Other Comp" includes benefits, deferred compensation, and non-taxable benefits.

Historical Data

Year	Revenue	Expenses	Assets	Net Income
2025	$57,720,775	$51,661,467	$439,728,866	$6,059,308
2024	$49,760,749	$46,956,667	$412,201,130	$2,804,082
2023	$63,903,670	$50,782,025	$386,115,565	$13,121,645
2022	$54,407,955	$42,039,033	$352,031,826	$12,368,922
2021	$52,759,804	$43,096,323	$389,108,974	$9,663,481
2020	$33,387,796	$40,407,912	$328,598,864	$-7,020,116
2019	$48,941,326	$49,193,754	$332,242,588	$-252,428
2018	$45,502,235	$42,967,238	$339,939,654	$2,534,997

MINNEAPOLIS SOCIETY OF FINE ARTS DBA MINNEAPOLIS INSTITUTE OF ARTS