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FORM 5500 DATA

403(b) Thrift Plan of Walker Art Center

Overview

Plan Information

  • Plan Year07/01/2016 — 06/30/2017
  • Date of Plan12/01/2008
  • Net Assets as of 06/30/2017 $20,859,745
  • Plan Number3
  • Plan Type Single Employer
  • Is the plan collectively bargained? No
  • Did the plan file for an extension of time or the DFVC Program? No
  • Plan Funding ArrangementInsurance
  • Plan Benefit ArrangementInsurance

Participant Information as of 06/30/2017

  • Active (Eligible) Participants127
  • Retired or separated participants receiving benefits0
  • Other retired or separated participants entitled to future benefits75
  • Subtotal202
  • Deceased participants whose beneficiaries are receiving or are entitled to receive benefits0
  • Total202
  • Total number of participants as of 07/01/2016194
  • Number of participants with account balances192
  • Number of participants that terminated employment during the plan year with accrued benefits that were less than 100% vested5

Expenses

  • Total Benefit Payments$0
  • Corrective Distributions$0
  • Administrative Service Providers$0
  • Other Expenses$0
  • Total Expenses$0
  • Total Transfers$0

Sponsor Information

  • Address1750 Hennepin Ave
  • CityMinneapolis
  • StateMN
  • Zip55403
  • Telephone(612) 375-7617
  • EIN41-0693929
  • Industry Code712100
  • Named AdministratorRishi Donat
  • Named Plan SponsorRishi Donat

Audit Information

  • Audit StatusAudited
  • AuditorBoeckermann Grafstrom & Mayer LLC
  • Auditor EIN20-0472826
  • Audit Opinion Disclaimer
  • Audit TypeLimited Scope Audit

Benefits Provided Under the Plan

Code Benefit Description
2F ERISA section 404(c) Plan This plan, or any part of it is intended to meet the conditions of 29 CFR 2550.404c-1.
2L Code section 403(b)(1) arrangement A 403(b) plan, also known as a tax-sheltered annuity (TSA) plan, is a retirement plan for certain employees of public schools, employees of certain tax-exempt organizations, and certain ministers.
2T Participant-directed Account Total or partial participant-directed account plan - plan uses default investment account for participants who fail to direct assets in their account.

Questions and Answers

Question Answer Amount
During the plan year did the employer fail to transmit to the plan any participant contributions within the time period described in 29 CFT 2510.3-102? No
Were any loans by the plan or fixed income obligations due the plan in default as of the close of plan year or classified during the year as uncollectible? Disregard participant loans secured by participant's account balance. No
Were any leases to which the plan was a party in default or classified during the year as uncollectible? No
Were there any nonexempt transactions with any party-in-interest? No
Was this plan covered by a fidelity bond? Yes $500,000
Did the plan have a loss, whether or not reimbursed by the plan's fidelity bond, that was caused by fraud or dishonesty? No
Did the plan hold any assets whose current value was neither readily determinable on an established market nor set by an independent third party appraiser? No
Did the plan receive any noncash contributions whose value was neither readily determinable on an established market nor set by an independent third party appraiser? No
Did the plan have assets held for investment? Yes
Were any plan transactions or series of transactions in excess of 5% of the current value of plan assets? No
Were all the plan assets either distributed to participants or beneficiaries, transferred to another plan, or brought under the control of the PBGC? No
Has the plan failed to provide any benefit when due under the plan? No
If this is an individual account plan, was there a blackout period? No
If there was a blackout period, have you either provided the required notice or one of the exceptions to providing the notice applied under 29 CFR 2520.101-3? No

Financials

Income and Expense Statement

Income $4,320,604
Contributions $1,852,632
Cash Contributions $1,852,632
Cash from Employers $455,141
Cash from Participants $555,263
Others (including rollovers) $842,228
Noncash Contributions $0
Total Earnings on Investments $2,467,972
Total Interest $27,726
Interest-Bearing Cash $0
U.S. Government Securities $0
Corporate Debt Instruments $0
Loans (other than to participants) $0
Participant Loans $0
Interest from Other Investments $27,726
Total Dividends $0
Preferred Stock $0
Common Stock $0
Rents $0
Net gain (loss) on sale of assets $0
Aggregate Proceeds $0
Aggregate Carrying Amount $0
Total Unrealized Appreciation (depreciation) of assets $0
Real Estate $0
Other $0
Net investment gain (loss) from common/collective trusts $0
Net investment gain (loss) from pooled separate accounts $2,440,246
Net investment gain (loss) from master trust investment accounts $0
Net investment gain (loss) from 103-12 investment entities $0
Net investment gain (loss) from registered investment companies $0
Other Income $0
Expenses $342,779
Total Benefit Payments $342,779
Directly to participants or beneficiaries, including direct rollovers $342,779
To insurance carriers for the provision of benefits $0
Other Benefit Payment Fees $0
Corrective Distributions $0
Certain deemed distributions of participant loans $0
Interest expense $0
Total Administrative Expenses $0
Professional Fees $0
Contract Administrator Fees $0
Investment Advisory and management fees $0
Other Administrative Fees $0
Net Income $3,977,825
Transfers of Assets to this Plan $0
Transfers of Assets from this Plan $0

Asset and Liability Statement

06/30/2017 06/30/2016 Change YOY
Total Assets $20,859,745 $16,881,920 23.56%
Total noninterest-bearing cash $0 $0 0.0%
Receivables $0 $0 0.0%
Employer Contributions $0 $0 0.0%
Participant Contributions $0 $0 0.0%
Other Contributions $0 $0 0.0%
General Investments $0 $0 0.0%
Interest-bearing cash $0 $0 0.0%
U.S. Government Securities $0 $0 0.0%
Corporate Debt Instruments $0 $0 0.0%
Preferred $0 $0 0.0%
All Other $0 $0 0.0%
Corporate Stocks $0 $0 0.0%
Preferred $0 $0 0.0%
Common $0 $0 0.0%
Partnership/joint venture interests $0 $0 0.0%
Real estate (other than employer real property) $0 $0 0.0%
Loans (other than to participants) $0 $0 0.0%
Participants Loans $0 $0 0.0%
Value of interest in common/collective trusts $0 $0 0.0%
Value of interest in pooled separate accounts $2,221,708 $2,122,905 4.65%
Value of interest in master trust investment accounts $0 $0 0.0%
Value of interest in 103-12 investment entities $0 $0 0.0%
Value of interest in registered investment companies $16,177,830 $12,628,213 28.11%
Value of funds held in insurance co. general account $2,460,207 $2,130,802 15.46%
Other Investments $0 $0 0.0%
Employer-related Investments $0 $0 0.0%
Employer Securities $0 $0 0.0%
Employer Real Property $0 $0 0.0%
Buildings and other property used in plan operation $0 $0 0.0%
Total Liabilities $0 $0 0.0%
Benefit Claims Payable (1) $0 $0 0.0%
Operating Payables (1) $0 $0 0.0%
Acquisition Indebtedness (1) $0 $0 0.0%
Other liabilities (1) $0 $0 0.0%
Net Assets $20,859,745 $16,881,920 23.56%

Service Providers

Persons Receiving Only Eligible Indirect Compensation

  • Fidelity Management and Research Co
  • The Vanguard Group Inc
  • Deutsche Investment Management Amer
  • Oppenheimer Funds Inc
  • American Century Investment Managem
  • Calvert Investment Management Inc
  • Capital Research and Management Com
  • Pimco
  • T Rowe Price Associates Inc
  • TIAA

Other Service Providers Receiving Direct or Indirect Compensation

Name Nature of Service Relationship to Plan Sponsor Direct Compensation Paid by Plan Indirect Compensation Paid by Plan Total Compensation
Mutual of America Life Insurance Co Claims processing, Recordkeeping and information management (computing, tabulating, data processing, etc.), Account maintenance fees Insurance Carrier $0 $0 $0
Total $0 $0 $0

Indirect Compensation

There are no service providers with indirect compensation listed for this plan.

Service Providers Who Fail or Refuse to Provide Information

There are no service providers who failed or refused to provide information.

Termination Information on Accountants and Enrolled Actuaries

There is no termination information for this plan.

Investments

Investments

Name of Investment Investment Manager Type of Investment Dollar Value
Separate Account Number Gs2 Mutual of America DFE: Pooled Separate Account $16,177,830
Separate Account Tiaa-Cref DFE: Pooled Separate Account $2,221,708
Total $18,399,538

Insurance Information

Insurance Information

Insurance Carrier Summary Persons Covered
Mutual of America 202
EIN 13-1614399
Industry Code 88668
Contract Number 057663C
Contract Year 07/01/2016 — 06/30/2017
Value in General Account at Year End $1,739,763
Value in Separate Accounts at Year End $16,177,830
Insurance Fees and Commissions $1,064
Persons Receiving Commissions and Fees
Agent/Broker Organization Code Commissions Paid Fees Paid Purpose of Fees Paid
Minneapolis Regional Office Normandale Lake Office Park 8300 No Bloomington, MN 55437 -1036 Insurance Agent or Broker $0 $1,064 PORTION OF INCENTIVE COMP PROGRAM
Allocated Funds
Type of Contract Unspecified
Basis of premium rates
Premiums paid to carrier $0
Premiums due but unpaid at the end of the year $0
If the carrier, service, or other organization incurred any specific costs in connection with the acquisition or retention of the contract or policy, enter amount $0
Specify the nature of the costs
Unallocated Funds
Type of Contract Deposit Administration
Balance at the end of the previous year $1,539,615
Additions $331,889
Contributions Deposited during the year $55,969
Dividends and credits $0
Interest credited during the year $25,492
Transferred from separate account $0
Other $250,428
Total of Balance and Additions $1,871,504
Deductions $131,741
Disbursed from fund to pay benefits or purchase annuities during the year $96,071
Administration charge made by carrier $0
Transferred to Separate Account $35,670
Other $0
Balance at the end of the current year $1,739,763
Tiaa-Cref 74
EIN 13-1624203
Industry Code 69345
Contract Number 346314
Contract Year 07/01/2016 — 06/30/2017
Value in General Account at Year End $720,444
Value in Separate Accounts at Year End $2,221,708
Insurance Fees and Commissions $0
Persons Receiving Commissions and Fees There are no brokers listed for this plan.
Allocated Funds
Type of Contract Unspecified
Basis of premium rates
Premiums paid to carrier $0
Premiums due but unpaid at the end of the year $0
If the carrier, service, or other organization incurred any specific costs in connection with the acquisition or retention of the contract or policy, enter amount $0
Specify the nature of the costs
Unallocated Funds
Type of Contract Deposit Administration
Balance at the end of the previous year $591,187
Additions $129,257
Contributions Deposited during the year $0
Dividends and credits $0
Interest credited during the year $22,801
Transferred from separate account $106,456
Other $0
Total of Balance and Additions $720,444
Deductions $0
Disbursed from fund to pay benefits or purchase annuities during the year $0
Administration charge made by carrier $0
Transferred to Separate Account $0
Other $0
Balance at the end of the current year $720,444