mhc_fy25_annual_report - Flipbook - Page 33
Financials
U.S. Bank
Winifred D. West
Ellen R. Zacharias
$100-$499
Sarah Abe
Tyrone Aiken
Hildy E. Bowbeer, via the Hildy Bowbeer Charitable Gift Fund
at Fidelity Charitable
Julie Brock
Mary Buesseler
Kelly and Cheryl Chatman, via the Chatman Family Fund
at Fidelity Charitable
Steve Clemens
Will Cooley
Marian Dyck
Marcheta Evans
Antonia Felix
Readus Fletcher
Leslie Matton-Flynn
Nora D. Hall
June and David Hamlar
Barbara and Les Heen
Patrick Henry and Patricia Welter, via the Pat Welter and Patrick Henry
Advised Fund of Central Minnesota Community Foundation
Tori and Leon Hill
Bruce Johansen, via the Johansen-Culliton Changemaker Fund
at Fidelity Charitable
Warren Larson
Kristie Lazenberry
Lynne and Matt K. Leaf
Mary Lindstrom
Matt Lindstrom
Theresa and Bryan Ljung
Rose B. McGee
Carter Meland
Jordan Metsa
Kathleen A. Michaelson
Joshua Ney
Connie Noterman
Jessica O’Brien
David B. O’Fallon
Lisa Percy
Romi Slowiak and Bill Zajicek
Robert Strandquist
Cynthia Towne
Diane Tran
Cathie Wemlinger
Kirsten Wittmann
In Memorial
Kathy Jacobson
Bette Revoir
We make every effort to ensure accuracy for gifts received between
November 1, 2024, and October 31, 2025. If your name is misspelled or missing,
please accept our apologies and contact development at ann@mnhum.org.
MHC’s work is guided by the following strategic priorities, adopted
by the MHC Board of Directors in the fall of 2023:
Prioritize Organizational Strength creating a strong, diverse, and
inclusive organization that excels in operations, governance,
and financial management.
Champion Innovative and Responsive Programming that increases a
collective understanding in society, with particular emphasis on stories
of traditionally marginalized and underrepresented communities
throughout Minnesota.
Ensure Broad Humanities Support of individuals, creatives, scholars
and organizations throughout the state through partnership with the
Minnesota Legislature, National Endowment for the Humanities, and
private donors.
Statement of activities November 1, 2024, through October 31, 2025
(FY25) for Minnesota Humanities Center. Please note the grant funding
is for the two-year biennium (2023-2025).
REVENUE
Grants (Government):
$28,483,461.84
Programs:
$2,197,112.97
Investment:
$164,095.47
Contributions:
$75,047.72
Total Revenue:
$30,919,718.00
HOW MHC USES EACH DOLLAR
Total Expenses
$14,732,106.00
Programs
$13,498,058.00
Administrative
$1,158,697.86
Fundraising
$98,073.00
MHC utilizes GAAP–compliant accounting practices. MHC’s Statement of Activities reflects the biennium (two-year)
funding that MHC receives from the State of Minnesota. Consistent with GAAP practices, MHC recognizes all the
revenue it receives from the State of Minnesota, at the time of appropriation, the first year of the biennium. MHC
receives no funding from the State of Minnesota during the second year of the biennium. The majority of funding
MHC receives from the State of Minnesota is pass-through funding. Pass–through funding is funding that MHC grants
to organizations throughout Minnesota and for which MHC retains only 5.5% for grant administration. Accordingly,
MHC’s Statement of Activities reflects a “surplus” in year one (FY 2025) and an “operating deficit” in year
two (FY 2026). This fluctuation aligns with the timing of revenue recognition over one year and the distribution of
grants spanning the two years.
