MINNEAPOLIS COLLEGE OF ART AND DESIGN (EIN 411607453) - Form 990 Financial Analysis & Trantor Score

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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

1988

Legal Domicile

Principal Officer

GWENDOLYN FREED

Phone

6128743700

Tax Period

2024-06-01 to 2025-05-31

MINNEAPOLIS COLLEGE OF ART AND DESIGN, founded in 1988, is a mid-sized nonprofit in the Education sector that reported $40.6M in total revenue in fiscal year 2024. Revenue decreased 11% compared to the prior year. Expenses of $46.5M exceeded revenue, resulting in a 15% operating deficit.

Mission

EMBOLDEN CREATIVE LEADERS TO TRANSFORM SOCIETY THROUGH EQUITY, EMPATHY, & IMAGINATION.

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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 $2,119,088

Program Service Revenue $38,811,523

Investment Income $-812,627

Other Revenue $467,494

TOTAL REVENUE $40,585,478

Expense Breakdown

Grants Paid $17,837,086

Salaries & Benefits $17,796,150

Fundraising Expenses $735,425

Program Expenses $37,525,203

Other Expenses $10,871,735

TOTAL EXPENSES $46,504,971

Year-over-Year Comparison

	2024	2023	Change
Revenue	$40,585,478	$45,829,228	-0.1%
Expenses	$46,504,971	$44,299,244	+0.0%
Net Income	$-5,919,493	$1,529,984	-4.9%

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

781

Volunteers

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

$603,069

Total Directors

$403,142

Key Employees

$197,240

Highest Compensated

reported

Name	Title	Hours/Week	Role	Reportable Comp	Other Comp	Total
SANJIT SETHI	PRESIDENT	40.00	Officer Director	$378,491	$24,651	$403,142
CHRIS BARRY	CO-CHAIR	3.00	Officer Director	$0	$0	$0
ME MARTHA KIRWAN	CO-CHAIR	3.00	Officer Director	$0	$0	$0
KRISTINE ANDERSON	TRUSTEE	1.00	Director	$0	$0	$0
KOBBY APPIAH	TRUSTEE	1.00	Director	$0	$0	$0
LAURA AUSTRIAN	TRUSTEE	1.00	Director	$0	$0	$0
BRUCE BEAN	LIFE TRUSTEE	1.00	Director	$0	$0	$0
SUSAN CALMENSON	LIFE TRUSTEE	1.00	Director	$0	$0	$0
MARTHA DAYTON	TRUSTEE	1.00	Director	$0	$0	$0
CY DECOSSE '52	LIFE TRUSTEE	1.00	Director	$0	$0	$0
TARA DEV	TRUSTEE	1.00	Director	$0	$0	$0
ELLIOT FELIX	TRUSTEE	1.00	Director	$0	$0	$0
JEAN FREEMAN	TRUSTEE	1.00	Director	$0	$0	$0
GREG HOFFMAN '92	TRUSTEE	1.00	Director	$0	$0	$0
WIN HORNIG	TRUSTEE	1.00	Director	$0	$0	$0
HEATHER MATTERA	TRUSTEE	1.00	Director	$0	$0	$0
BATALIA MCFARLANE	TRUSTEE	1.00	Director	$0	$0	$0
GREG MCGEE	TRUSTEE	1.00	Director	$0	$0	$0
CLINTON H MORRISON	LIFE TRUSTEE	1.00	Director	$0	$0	$0
MARION PARKE	TRUSTEE	1.00	Director	$0	$0	$0
MARK D PIHLSTROM	IMMEDIATE PAST CHAIR	1.00	Director	$0	$0	$0
KENNETH PIPER	TRUSTEE	1.00	Director	$0	$0	$0
NEIL TULI	TRUSTEE	1.00	Director	$0	$0	$0
ROSEMARY UGBOAJAH	TRUSTEE	1.00	Director	$0	$0	$0
GREG VAN BELLINGER	TRUSTEE	1.00	Director	$0	$0	$0
HUNTER PALMER WRIGHT	IMMEDIATE PAST CHAIR	1.00	Director	$0	$0	$0
MARY ALMA NOONAN	CFO	40.00	Officer	$177,734	$22,193	$199,927
ROBERT RANSICK	VP OF ACADEMIC AFFAIRS	40.00	Key Emp	$158,796	$38,444	$197,240
MELISSA HUYBRECHT	VP OF ENROLLMENT MANAGEMENT	40.00	Highest	$146,187	$8,040	$154,227
JENNIFER ZUCCOLA	VP OF STUDENT AFFAIRS	40.00	Highest	$128,677	$25,117	$153,794
MATTHEW HOBAN	AVP TECHNOLOGY	40.00	Highest	$119,987	$12,574	$132,561
ANNIE CLEVELAND	VP OF COMMUNICATIONS	40.00	Highest	$135,168	$43,176	$178,344
PAULA ANDERSON	AVP OF FACILITIES	40.00	Highest	$113,193	$11,030	$124,223

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	$40,585,478	$46,504,971	$108,484,637	$-5,919,493
2024	$45,829,228	$44,299,244	$109,062,799	$1,529,984
2023	$36,079,383	$42,699,410	$86,888,481	$-6,620,027
2022	$41,322,391	$41,458,343	$94,159,332	$-135,952
2021	$37,306,489	$36,426,772	$102,060,839	$879,717
2020	$37,447,640	$36,707,484	$91,043,825	$740,156
2019	$36,897,761	$35,685,405	$91,825,327	$1,212,356
2018	$36,922,051	$33,802,600	$93,984,466	$3,119,451

MINNEAPOLIS COLLEGE OF ART AND DESIGN