MINNEAPOLIS COLLEGE OF ART AND DESIGN

EIN: 411607453 501(c)(3) Education

MINNEAPOLIS, MN

Total Revenue
$40,585,478
Total Expenses
$46,504,971
Total Assets
$108,484,637
Net Assets
$81,674,155
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Financial Vulnerability Assessment (Tuckman-Chang)

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Financial Trends

Organization Details

Formation Year
1988
Legal Domicile
MN
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

MCAD PROVIDES A TRANSFORMATIVE EDUCATION WITHIN A COMMUNITY OF SUPPORT FOR CREATIVE STUDENTS OF ALL BACKGROUNDS TO WORK, COLLABORATE, AND LEAD WITH CONFIDENCE IN A DYNAMIC, INTERCONNECTED WORLD.

Program Service Accomplishments

Program 1
Expenses: $37,525,203 Revenue: $38,883,147

MCAD TRANSFORMS THE WORLD THROUGH CREATIVITY AND PURPOSE BY EDUCATING INDIVIDUALS TO BE PROFESSIONAL ARTISTS AND DESIGNERS, PIONEERING THINKERS, CREATIVE LEADERS, AND ENGAGED GLOBAL CITIZENS. WITH A...

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MCAD TRANSFORMS THE WORLD THROUGH CREATIVITY AND PURPOSE BY EDUCATING INDIVIDUALS TO BE PROFESSIONAL ARTISTS AND DESIGNERS, PIONEERING THINKERS, CREATIVE LEADERS, AND ENGAGED GLOBAL CITIZENS. WITH A CURRICULUM THAT IS BASED ON THE BELIEF THAT TO BECOME A PROFESSIONAL ARTIST, DESIGNER, OR VISUALIZER, ONE MUST STUDY THEORY, SKILL, FORM, AND CONTENT, ALL MCAD PROGRAMS CENTER ON THE DEVELOPMENT OF STUDIO AND PROFESSIONAL SKILLS THAT ENCOURAGE STUDENTS TO THINK CONCEPTUALLY, FORMULATE CREATIVE SOLUTIONS, AND MAKE ART. ALL MCAD PROGRAMS CHALLENGE STUDENTS TO PROGRESS TO THE HIGHEST LEVELS OF ARTISTIC EXPRESSION AND INTELLECTUAL INVESTIGATION.MCAD'S FOUR-YEAR CURRICULUM INTEGRATES THE LIBERAL ARTS INTO EIGHT BACHELOR OF FINE ARTS DEGREE MAJORS IN ANIMATION, COMIC ART, CREATIVE WRITING, FINE ARTS, GRAPHIC DESIGN, MEDIA ARTS, ILLUSTRATION, AND PRODUCT AND FURNITURE DESIGN, PLUS A FOUR-YEAR BACHELOR OF SCIENCE DEGREE PROGRAM IN CREATIVE ENTREPRENEURSHIP. STUDENTS CAN MINOR IN ADVERTISING, ANIMATION, ART HISTORY, COMIC ART, CREATIVE WRITING, CURATORIAL STUDIES, ENGAGED AND PUBLIC ARTS, ENTREPRENEURSHIP, EXPERIMENTAL GAMES, GRAPHIC DESIGN, ILLUSTRATION, PRINT PAPER BOOK, SOUND, AND TEACHING ARTS.ADVANCED DEGREES OFFERED AT MCAD INCLUDE A TWO-YEAR MASTER OF FINE ARTS DEGREE PROGRAM IN VISUAL STUDIES; A 30-CREDIT ONLINE MASTER OF ARTS DEGREE PROGRAM IN SUSTAINABLE DESIGN; A 30-CREDIT ONLINE MASTER OF ARTS DEGREE PROGRAM IN GRAPHIC AND WEB DESIGN; AND A FIFTEEN-MONTH ONLINE/LOW-RESIDENCY MASTER OF ARTS DEGREE PROGRAM IN CREATIVE LEADERSHIP. MCAD ALSO OFFERS EDUCATIONAL OPPORTUNITIES TO THE GENERAL PUBLIC THROUGH ITS CONTINUING EDUCATION, ONLINE LEARNING, AND EXHIBITION PROGRAMS.IN 2023, MCAD EXPANDED ITS CAMPUS BY ACQUIRING A BUILDING ADJACENT TO THE CAMPUS TO EXPAND STUDENT HOUSING CAPACITY. MCAD NOW REQUIRES ON CAMPUS RESIDENCY FOR FIRST- AND SECOND-YEAR STUDENTS THAT IMPROVES THE STUDENT EXPERIENCE AND SENSE OF COMMUNITY. THE PEER MENTOR PROGRAM WAS UPDATED TO INCLUDE MORE ROBUST TRAINING FOR THE MENTORS AS WELL AS MORE STRUCTURE AROUND EVENTS, BRINGING FIRST YEAR STUDENTS TOGETHER. AS THE FOUNDATIONS CORE CURRICULUM CONTINUES TO EVOLVE, ALONG WITH THE RESIDENCY REQUIREMENT AND THE IMPROVED PEER MENTOR PROGRAM, THERE HAS BEEN A CLEAR POSITIVE IMPACT ON FIRST YEAR RETENTION AND OVERALL STUDENT SUCCESS.

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Trantor Score

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

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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 Distress Indicator

Liquidity & Cash Position

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Governance

Voting Members
26
Independent Members
25
Employees
781
Volunteers
40

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
4
$603,069
Total Directors
26
$403,142
Key Employees
1
$197,240
Highest Compensated
5
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
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