Minneapolis Institute of Art

Legal name: Minneapolis Society of Fine Arts Dba Minneapolis Institute of Arts

Nonprofit profile at a glance

EIN
410693915
IRS 990 coverage
2009–2024
Official website data refreshed
Sep 2026
Forms available
Form 990 2024, Form 990-T 2024
Location
Minneapolis, MN, US
Phone
6128703046
Rating
78
Verdict
SUPPORTED
Rating confidence
Moderate
Sector
Art Museums

Official website

Reported finances

Revenue
$57,720,775
Expenses
$51,661,467
Assets
$439,728,866
Liabilities
$9,960,796

Source: IRS Form 990. Selected filing: tax year 2024. Amounts in USD.

Leadership & pay

65 people listed

Executive titles in this filing

  • KATIE LUBER (DIRECTOR & PRESIDENT)

Highest reported compensation

  • KATIE LUBER (DIRECTOR & PRESIDENT): $721,885 total reported compensation
  • PATRICIA GRAZZINI (DEPUTY DIRECTOR & CHIEF OPERATING OFFICER/INTERI): $435,346 total reported compensation
  • MATTHEW WELCH (DEPUTY DIRECTOR & CHIEF CURATOR): $360,175 total reported compensation

Source: IRS Form 990. Selected filing: tax year 2024. Names and roles reflect this filing, not necessarily current officeholders.

Overview

Mission

The Minneapolis Institute of Art inspires wonder through the power of art.

What it reported doing in 2024

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

Operating model

Revenue model
Mixed. Its operating money came from several sources; no one source provided a clear majority.
Distribution model
Direct operator. The filing allocates 100% of reported program-service expenses outside its grant, affiliate-payment, and member-benefit lines. This expense classification does not rule out separately announced grant awards.
  • Includes noncash contributions: Reported contributions include donated property or goods.

The verdict

SUPPORTED - A large share of available resources goes toward mission work and the filed numbers largely add up. The filing reports few safeguards for money sent abroad and the filing does not identify recipients for some grant dollars.

Rating breakdown

  • Financial Efficiency: 80
  • Transparency & Controls: 63
  • Accountability: 91
  • Sustainability: 73
  • Growth: 100

Detailed rating inputs

Financial Efficiency

  • Mission deployment rate: 87.8%; rating input score 88
  • Program expense ratio: 78.8%; rating input score 79
  • Fundraising efficiency: $9.51 raised per $1 spent on fundraising; rating input score 40; 40th percentile among comparable filings

Transparency & Controls

  • Consistency checks: 95%; rating input score 95; 34th percentile among comparable filings
  • Pay-setting controls: 5 of 6 controls in place; rating input score 83
    • Compensation committee: Pass
    • Independent consultant: Missing
    • Other Form 990s reviewed: Pass
    • Written employment contract: Pass
    • Compensation survey or study: Pass
    • Board or committee approval: Pass
  • Foreign activity oversight: Scored; rating input score 0
  • Grant itemization coverage: Scored; rating input score 0
  • Major donor itemization: Yes; rating input score 100
  • Related-party transparency: Yes; rating input score 100

Accountability

  • Independent voting board: 93.3%; rating input score 93; 44th 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: Fail
    • Form 990 shared with the board: Pass
    • Board meeting minutes documented: Pass
    • Audit committee oversight: Pass
    • Independent financial-statement audit: Pass

Sustainability

  • Operating margin: 10.5%; rating input score 74; 74th percentile among comparable filings
  • Total-asset coverage ratio: 8.51; rating input score 90; 90th percentile among comparable filings
  • Liabilities to assets ratio: 0.02; rating input score 93; 93rd percentile among comparable filings
  • Officer compensation ratio: 7.4%; rating input score 6; 6th percentile among comparable filings

Growth

  • Program expense growth: 2.2% per year; rating input score 100; 17th percentile among comparable filings
  • Revenue growth: 2.5% per year; rating input score 100; 18th percentile among comparable filings
  • Asset growth: 2.6% per year; rating input score 100; 18th percentile among comparable filings

Details

  • What they do: 6 programs and campaigns described on the official site · 1 operating location identified
  • Where the money goes: 87.8% of revenue deployed · 78.8% of spending went to programs
  • Governance: 42 of 45 board members independent · 8 of 9 filing controls reported
  • Programs: 3 filed program accomplishments · $40.7M in reported program spending
  • Leadership: top reported pay $722K · 65 people listed · 5 of 6 pay-setting controls reported
  • Highest-paid contractors: 5 contractors listed · $1.8M reported
  • Consistency: 40 of 41 current checks pass · 1 finding to review
  • Schedules: 10 filed schedules · includes major donors, foreign activity, executive pay, and related organizations
  • Filing history: 16 filing years from 2009 to 2024
  • Contacts: How to reach this organization
  • Money network: 14 filed money-flow records
  • Related organizations: 3 filed related-organization links
  • Grant readiness: Federal tax and exclusion status, award history, and grant-maker relationships.
  • People: Everyone the filings name, and which of them the filings identify by more than a name.
  • Staff and benefit plans: Retirement and health plans the organization files with the Department of Labor, and the people in them.

Key Signals

Signals prioritize questions for review. They are not findings of misconduct.

  • High — Transparency & Controls: Foreign activity oversight scored 0/100.
  • High — Transparency & Controls: Grant itemization coverage scored 0/100.
  • Moderate — Financial Efficiency: Fundraising efficiency scored 40/100.
  • Review — Accountability: Governance controls: Other executive compensation review process not reported.
  • High — Sustainability: Officer compensation ratio scored 6/100.
  • Moderate — Transparency & Controls: Schedule A contributions reconciliation did not reconcile in the filed values.