Minneapolis College of Art and Design

What it reported doing in 2024

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.

Financial Efficiency

• Mission deployment rate: 88.4%; rating input score 88
• Program expense ratio: 80.7%; rating input score 81
• Fundraising efficiency: $2.88 raised per $1 spent on fundraising; rating input score 11; 11th percentile among comparable filings

Transparency & Controls

• Consistency checks: 100%; rating input score 100; 62nd percentile among comparable filings
• Pay-setting controls: 4 of 6 controls in place; rating input score 67
  • Compensation committee: Missing
  • Independent consultant: Pass
  • Other Form 990s reviewed: Pass
  • Written employment contract: Missing
  • Compensation survey or study: Pass
  • Board or committee approval: Pass
• Foreign activity oversight: Limited
• Grant itemization coverage: 100%; rating input score 100; 72nd percentile among comparable filings
• Major donor itemization: Yes; rating input score 100
• Related-party transparency: Limited

Accountability

• Independent voting board: 96.2%; rating input score 96; 30th percentile among comparable filings
• Governance controls: 8 of 9 controls in place; rating input score 89
  • Conflict-of-interest policy: Pass
  • Whistleblower policy: Pass
  • Document-retention policy: Pass
  • CEO compensation review process: Pass
  • Other executive compensation review process: Pass
  • Form 990 shared with the board: Fail
  • Board meeting minutes documented: Pass
  • Audit committee oversight: Pass
  • Independent financial-statement audit: Pass

Sustainability

• Operating margin: -14.6%; rating input score 7; 7th percentile among comparable filings
• Total-asset coverage ratio: 2.33; rating input score 67; 67th percentile among comparable filings
• Liabilities to assets ratio: 0.25; rating input score 52; 52nd percentile among comparable filings
• Officer compensation ratio: 3.3%; rating input score 65; 65th percentile among comparable filings

Growth

• Program expense growth: 3.7% per year; rating input score 100; 32nd percentile among comparable filings
• Revenue growth: 3% per year; rating input score 100; 25th percentile among comparable filings
• Asset growth: 3.4% per year; rating input score 100; 25th percentile among comparable filings