2025-02-19T14:25:11-06:00 2024-08-31 411680240 SDK CPA 100 WASHINGTON AVE S STE 1600 MINNEAPOLIS MN 55401 990 2023-09-01 411297735 THE LOFT INC LOFT 6122152575 1011 WASHINGTON AVE S STE 200 MINNEAPOLIS MN 55415 ELIZABETH SCHOEPPLER SR. DIRECTOR, FINANCE & OPS 6122152575 2025-02-19 1 0 WENDY HARDEN CPA P00956490 6123325500 2025-02-19 2023 2025-03-06 01:10:19Z THE LOFT LITERARY CENTER ARLETA LITTLE 1011 WASHINGTON AVE S STE 200 MINNEAPOLIS MN 55415 1989859 0 X WWW.LOFT.ORG X 1975 MN THE LOFT ADVANCES THE POWER OF WRITERS AND READERS TO CRAFT AND SHARE STORIES, TO (SEE SCHEDULE O) CREATE AND CELEBRATE CONNECTIONS, AND TO BUILD JUST, LIFE-SUSTAINING COMMUNITIES. 11 11 26 17 0 0 1464302 860637 849533 741332 119499 179782 0 0 2433334 1781751 143500 149000 0 0 1195995 1318910 12825 19589 320015 1224726 863326 2577046 2350825 -143712 -569074 5824237 5974800 375574 451956 5448663 5522844 X SEE SCHEDULE OTHE LOFT ADVANCES THE POWER OF WRITERS AND READERS TO CRAFT AND SHARE STORIES, TO CREATE AND CELEBRATE CONNECTIONS, AND TO BUILD JUST, LIFE-SUSTAINING COMMUNITIES. WE ENVISION A WORLD WHERE THE POWER OF THE WORD LIBERATES MINDS, DEEPENS RELATIONSHIPS, AND INSPIRES MOVEMENTS FOR PEOPLE AND PLANET. AS AN ANTIRACIST ORGANIZATION, THE LOFT DEVELOPS LITERARY EXPERIENCES FOR WRITERS, READERS, AND STORYTELLERS BECAUSE RACISM DEHUMANIZES PEOPLE, AND POETRY AND STORIES DEEPEN OUR CONNECTION TO OUR SHARED HUMANITY. RECOGNIZING THE RELATIONSHIP BETWEEN RACE, POWER, AND RESOURCES, WE PRIORITIZE THE ENGAGEMENT OF BIPOC AND MARGINALIZED COMMUNITIES AND WORK FOR THE EQUITABLE DISTRIBUTION OF OUR POWER AND RESOURCES. 0 1 1045002 623699 LEARNING FOR WRITERS AND READERS: SEE SCHEDULE O FOR SERVICE ACCOMPLISHMENTS 499907 143000 69220 SERVICES FOR WRITERS AND THE LITERARY COMMUNITY: SEE SCHEDULE O FOR SERVICE ACCOMPLISHMENTS 344766 6000 47214 EVENTS FOR READERS: SEE SCHEDULE O FOR SERVICE ACCOMPLISHMENTS 1889675 1 1 0 0 0 0 0 0 0 1 1 0 0 0 1 1 1 0 0 0 0 0 0 1 0 0 0 0 1 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 1 175 0 1 26 1 0 0 0 0 0 0 0 0 0 0 0 0 X 11 11 0 0 1 0 0 0 0 1 1 0 0 1 1 1 1 1 1 1 1 0 MN X X X ELIZABETH SCHOEPPLER 6122152580 1011 WASHINGTON AVE S STE 200 MINNEAPOLIS MN 55415 ARLETA LITTLE EXEC & ARTISTIC DIR, BOARD PRES 32.00 X X 134671 0 4904 MELINDA WARD BOARD CHAIR 2.00 X X 0 0 0 MIKE MEYER BOARD VICE CHAIR 2.00 X X 0 0 0 ELLENA SCHOOP BOARD SECRETARY 1.00 X X 0 0 0 JON AUSTIN BOARD TREASURER 8/1/24-8/31/24 1.00 X X 0 0 0 MEENA NATARAJAN DIRECTOR 1.00 X 0 0 0 RUTH SHIELDS DIRECTOR 1.00 X 0 0 0 KARLYN COLEMAN DIRECTOR 1.00 X 324 0 0 DOROTHY NINS DIRECTOR 1.00 X 0 0 0 NICHOL HIGDON BOARD TREASURER 9/1/23-7/30/24 1.00 X X 0 0 0 TY CHAPMAN DIRECTOR 1.00 X 232 0 0 KRIS PATROW DIRECTOR 1.00 X 0 0 0 ELIZABETH SCHOEPPLER SR. DIR., FINANCE & OPERATIONS 32.00 X 96881 0 4162 232108 0 9066 1 0 0 0 0 30000 830637 1690 860637 TUITIONS 611600 583189 583189 COLLABORATION & SERVICES FEES 611600 110317 110317 MISSION RELATED RENTALS 611600 42048 42048 OTHER PROGRAM REVENUE 611600 3340 3340 ADMISSIONS 611600 1838 1838 600 600 741332 144313 144313 243577 208108 35469 35469 35469 1781751 776801 0 144313 149000 149000 240511 113471 76469 50571 890644 722506 15469 152669 187755 138843 17036 31876 21250 21250 19589 19589 21151 13322 279 7550 57145 52414 4731 33894 20297 697 12900 89147 69377 5804 13966 87372 76301 2111 8960 18230 17755 91 384 3547 2631 177 739 6513 4832 324 1357 ARTIST PAY 445422 444669 20 733 BANK & TRANSACTION FEES 47897 40442 252 7203 HOSPITALITY 21080 16362 777 3941 STAFF DEVELOPMENT 3645 2584 168 893 7033 4869 211 1953 2350825 1889675 141135 320015 323593 211527 817367 464433 423649 311855 50326 37332 25875 30014 244310 240425 7432 3885 3994630 4637950 181365 277804 5824237 5974800 73350 55681 50500 62500 251724 233115 0 100660 375574 451956 X 715257 576887 4733406 4945957 5448663 5522844 5824237 5974800 -569074 643255 0 X 0 1 X 1 0 X 967818 1501186 1704154 1464302 860637 6498097 786643 879176 758802 849533 741332 4015486 1754461 2380362 2462956 2313835 1601969 10513583 101369 101279 182020 79280 374345 838293 0 101369 101279 182020 79280 374345 838293 9675290 228483 206727 152417 113013 144313 844953 228483 206727 152417 113013 144313 844953 1982944 2587089 2615373 2426848 1746282 11358536 0.85180 0.88160 0.07440 0.07220 X RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED 3449254 662234 243577 3867911 3304450 10000 304564 169760 3449254 3957620 -560761 92409 3304450 3239496 25 817731 87619 12013 3957620 2928103 440048 116797 11858 3239496 0.62170 0.37830 0 0 39032 35074 3958 205278 205351 -73 3885 OPERATING LEASE (OBLIGATION) 100660 100660 X 2425006 643255 643255 1781751 0 1781751 2350825 0 2350825 0 2350825 PART V, LINE 4: USE OF ENDOWMENT FUNDS THE LOFT LITERARY CENTER ENDOWMENT FUND (THE ENDOWMENT) IS PERMANENTLY RESTRICTED NET ASSETS INVESTED TO GENERATE TEMPORARILY RESTRICTED INCOME AND APPRECIATION TO SUPPORT THE FULFILLMENT OF THE ORGANIZATION'S MISSION AND LONG-TERM FINANCIAL NEEDS. PART X, LINE 2: UNCERTAIN TAX POSITION THE ORGANIZATION HAS TAKEN NO UNCERTAIN TAX POSITIONS THAT REQUIRE ADJUSTMENT TO THE FINANCIAL STATEMENTS. X X 1 DON SOMMERS 210 W GRANT ST 626 MINNEAPOLIS MN 55403 GRANT WRITING 0 396123 19589 376534 396123 19589 376534 MN 1 MCKNIGHT ARTIST FELLOWSHIP AWARDS 5 125000 0 MENTOR SERIES FELLOWSHIPS 12 12000 MIRRORS & WINDOWS FELLOWSHIPS 12 6000 MINNEAPOLIS POET LAUREATE 1 6000 PART I, LINE 2: MONITORING GRANT PROCESS THE ORGANIZATION'S PROGRAM AND FINANCE STAFF ENSURE ALL GRANTS PAID TO INDIVIDUALS AGREE WITH THE TERMS SET FORTH IN THE ORIGINAL GRANT AGREEEMENTS. WHERE APPROPRIATE, GRANTEES SUBMIT NARRATIVE REPORTS. FORM 990, PART III, LINE 3 THE LOFT DISCONTINUED ITS LARGE-SCALE LITERARY FESTIVAL, WORDPLAY, IN FY24. WE LAUNCHED A NEW SUBSCRIPTION BASED ONLINE LEARNING AND COMMUNITY BUILDING PLATFORM, LIT!COMMONS, WITH MUCH OF THE YEAR USED TO BUILD-OUT THE PROGRAM BEFORE LAUNCH. WE ALSO PUT OUR SUMMER YOUTH PROGRAMMING ON HIATUS FOR ONE YEAR DUE TO CAPACITY ISSUES. FORM 990, PART III, LINE 4A SERVICES FOR WRITERS AND THE LITERARY COMMUNITY - IN FISCAL YEAR 2024, THE ORGANIZATION PROVIDED AND EXPANDED UPON A WIDE RANGE OF SERVICES DESIGNED TO SUPPORT WRITERS AND THE BROADER LITERARY COMMUNITY. LOFT.ORG, THE ORGANIZATION'S WEBSITE, PROVIDED REGULAR ARTICLES AND FOSTERED DISCUSSIONS ABOUT THE WRITERS' LIFE AND CRAFT THROUGH THE WRITERS' BLOCK BLOG. THERE, WRITERS FOUND WRITING EXERCISES, READERS FOUND BOOK AND EVENT RECOMMENDATIONS, AND BOTH FOUND LITERARY REVIEWS, COMMENTARY, NEWS, AND DISCUSSION. THE SITE ALSO INCLUDED INTERVIEWS, A CALENDAR OF READINGS AND EVENTS, AN ONLINE CATALOG OF CLASSES, AND RESOURCES INCLUDING INFORMATION ABOUT WRITING GROUPS, COMPETITIONS, GRANTS, AWARDS, PUBLISHERS, AND AGENTS. VISITORS TO OPEN BOOK ACCESSED THE RACHEL ANNE GASCHOTT RITCHIE SMALL PRESS LIBRARY TO RESEARCH JOURNALS THAT MIGHT PUBLISH THEIR WORK AND DEEPEN THEIR UNDERSTANDING OF THE MANUSCRIPTS LOCAL INDEPENDENT PUBLISHERS ARE SEEKING. TWENTY-ONE WRITERS MADE USE OF THE ORGANIZATION'S WRITERS' STUDIOS WHILE THE THREE ORGANIZATION-SPONSORED CULTURALLY DISTINCT WRITING GROUPS MET AT OPEN BOOK. THIRTY-THREE WRITERS RECEIVED INDIVIDUAL MANUSCRIPT CRITIQUE OR COACHING TO PURSUE THEIR WRITING CAREERS. THE MENTOR SERIES FELLOWSHIP IN POETRY AND CREATIVE PROSE AND THE MIRRORS AND WINDOWS FELLOWSHIP SERVED TWELVE COMPETITIVELY SELECTED EMERGING ARTISTS EACH. THESE WRITERS ALSO RECEIVED SMALL MONETARY AWARDS. MCKNIGHT ARTIST FELLOWSHIPS FOR WRITERS PROVIDED FIVE MINNESOTA WRITERS OF DEMONSTRATED ABILITY WITH GRANTS OF $25,000, BUYING THEM TIME TO CONCENTRATE ON THEIR CRAFT. THE WRITERS WERE COMPETITIVELY SELECTED FOR AWARDS IN POETRY/SPOKEN WORD AND CHILDREN'S LITERATURE FOR YOUNGER CHILDREN. THROUGH STRATEGIC PARTNERSHIPS, THE LOFT LEVERAGED ITS RESOURCES AND EXPERTISE IN SUPPORT OF KEY ALLIES IN THE LITERARY ECOSYSTEM INCLUDING GREEN CARD VOICES, IN-NA-PO (INDIGENOUS NATIONS POETS), MIZNA, MORE THAN A SINGLE STORY, THREADS DANCE PROJECT, AND TRUARTSSPEAKS. EACH STRATEGIC PARTNERSHIP FEATURES MULTIPLE TOUCHPOINTS DURING THE YEAR WHICH CAN TAKE THE FORM OF EVENTS AND CLASSES OFFERED IN PARTNERSHIP AS WELL AS THE USE OF SPACE AND PARTICIPATION IN LOFT PROGRAMS. THE ORGANIZATION CONTINUED ITS PARTNERSHIP IN OPEN BOOK, OUR HOME, WITH CO-FOUNDING PARTNERS MILKWEED AND THE MINNESOTA CENTER FOR BOOK ARTS. MAYFLY DESIGN, A BOOK DESIGN FIRM, CONTINUES AS A CO-LOCATING PARTNER. FORM 990, PART III, LINE 4B LEARNING FOR WRITERS AND READERS - THE ORGANIZATION OFFERED A VARIETY OF LEARNING OPPORTUNITIES FOR WRITERS AND READERS DURING FISCAL YEAR 2024. ADULTS AND YOUTH AT ALL LEVELS OF ARTISTIC DEVELOPMENT FURTHERED THEIR SKILLS IN CLASSES FOCUSED ON FICTION, POETRY, CREATIVE NONFICTION, SCREEN/PLAYWRITING, CHILDREN'S LITERATURE, GRAPHIC NOVEL, AND OTHER LITERARY FORMS; LEARNED MORE ABOUT DEVELOPING A WRITING PRACTICE AND CAREER; AND EXPLORED LITERATURE AS READERS. THIS YEAR, THE ORGANIZATION LAUNCHED LIT!COMMONS, A NEW SUBSCRIPTION-BASED VIRTUAL LEARNING AND GATHERING SPACE DESIGNED TO HELP WRITERS OVERCOME BARRIERS, SHARPEN SKILLS, DEVELOP HABITS, CONNECT WITH FELLOW WRITERS, AMPLIFY THEIR CREATIVITY, AND EXPLORE PUBLISHING OPTIONS. ALTOGETHER, THE LOFT SERVED AN ESTIMATED 2,000 ADULTS AND 1,000 YOUTH IN 475 CLASSES AND WORKSHOPS AT OPEN BOOK AND ONLINE AS WELL AS SCHOOLS, LIBRARIES, COMMUNITY PROGRAMS, AND LIT!COMMONS. FORM 990, PART III, LINE 4C EVENTS FOR READERS - READINGS AND SPOKEN WORD PERFORMANCES HELPED DEVELOP AUDIENCES FOR LITERATURE WHILE PROMOTING AND ADVANCING THE WORK OF INDIVIDUAL WRITERS. PANELS AND DISCUSSIONS FEATURED WRITERS AND THOUGHT LEADERS USING LITERATURE TO SPUR CONVERSATIONS ON TOPICAL ISSUES AND CURATED LITERARY EVENTS ENGAGED AUDIENCE MEMBERS IN EXPLORATION OF THOUGHT-PROVOKING THEMES. A COMBINED AUDIENCE OF MORE THAN 1,300 PARTICIPATED IN 21 EVENTS, FEATURING A TOTAL OF 120 ARTISTS AND LITERARY PROFESSIONALS. TO MITIGATE FINANCIAL BARRIERS TO PARTICIPATION IN CREATIVE WRITING LEARNING OPPORTUNITIES AND EVENTS, THE ORGANIZATION PROVIDED REDUCED PRICE ACCESS VALUED AT $91,831 IN DISCOUNTED REGISTRATION AND ADMISSIONS. FORM 990, PART VI, SECTION A, LINE 4 SUMMARY OF CHANGES MADE TO THE ORGANIZATION'S BYLAWS: NO DIRECTOR SHALL SERVE MORE THAN TWO (2) CONSECUTIVE TERMS ON THE BOARD UNLESS THE DIRECTOR IS ASSUMING AN OFFICER POSITION. IN THESE CIRCUMSTANCES, THE DIRECTOR MAY BE ELECTED TO SERVE ONE ADDITIONAL YEAR. FORM 990, PART VI, SECTION B, LINE 11B PROCESS THE ORGANIZATION USES TO REVIEW THE 990 AN INITIAL DRAFT OF THE 990 IS REVIEWED IN DETAIL BY THE FINANCE COMMITTEE OF THE BOARD. AFTER CHANGES OR CORRECTIONS, IF NEEDED, THE NEAR FINAL DRAFT OF THE 990 IS DISTRIBUTED TO THE FULL BOARD IN PRE-READ MATERIAL PRIOR TO THE FIRST BOARD MEETING AFTER FINANCE COMMITTEE REVIEW. THE TREASURER/FINANCE COMMITTEE CHAIR REVIEWS THE DOCUMENT FOR THE BOARD WITH ASSISTANCE OF REPRESENTATIVES FROM THE INDEPENDENT AUDITORS, IF NEEDED. BOARD MEMBERS ARE INVITED TO ASK QUESTIONS AND SUBMIT ANY FURTHER CORRECTIONS. THE TREASURER RECOMMENDS APPROVAL OF THE 990 (WITH CHANGES, AS NEEDED) AND A FULL VOTE OF THE BOARD IS CALLED. THE BOARD MUST APPROVE THE 990 BEFORE IT IS SUBMITTED. FORM 990, PART VI, SECTION B, LINE 12C CONFLICT OF INTEREST POLICY EACH YEAR, TYPICALLY AT THE FIRST MEETING OF THE FISCAL YEAR AS A 'STANDING AGENDA ITEM,' ALL BOARD MEMBERS ARE ASKED TO REVIEW THE CONFLICT OF INTEREST POLICY FOR THE PURPOSE OF STATING AND/OR UPDATING THEIR DISCLOSURES, AND TO SIGN AND DATE THE FORM. FORM 990, PART VI, SECTION B, LINE 15 PROCEDURE TO MAKE DECISIONS REGARDING EXECUTIVE AND STAFF COMPENSATION RELYING IN SUBSTANTIAL PART ON THE BI-ANNUAL SURVEY OF NON-PROFIT SALARIES CONDUCTED AND PUBLISHED BY THE MINNESOTA COUNCIL OF NON-PROFITS, THE BOARD OF DIRECTORS' EXECUTIVE COMMITTEE ESTABLISHES THE SALARY FOR THE EXECUTIVE DIRECTOR, WITHIN THE LIMITS ESTABLISHED BY THE BOARD OF DIRECTORS IN APPROVING THE ORGANIZATION'S BUDGET. THE EXECUTIVE DIRECTOR IN TURN, USES THE SAME PROCEDURE FOR ESTABLISHING SALARIES FOR ALL OTHER STAFF, INCLUDING THE SENIOR DIRECTOR, FINANCE & OPERATIONS. FORM 990, PART VI, SECTION C, LINE 19 GOVERNING DOCUMENTS, CONFLICT OF INTEREST POLICY, AND FINANCIAL STATEMENTS THE ORGANIZATION MAKES ITS FINANCIAL STATEMENTS AND 990 AVAILABLE TO THE PUBLIC ON ITS WEBSITE. THE GOVERNING DOCUMENTS AND CONFLICT OF INTEREST POLICY ARE HELD AT THE ORGANIZATION'S OFFICES AND ARE AVAILABLE UPON REQUEST.