FINANCIAL STATEMENTS
MINNPOSTMINNEAPOLIS, MINNESOTAFOR THE YEARS ENDEDDECEMBER 31, 2023 AND 2022

MinnPost
Table of Contents
December 31, 2023 and 2022
Page No.
Independent Auditor’s Report3

Financial Statements
Statements of Financial Position

6

Statements of Activities

7

Statements of Functional Expenses

9Statements of Cash Flows10

Notes to the Financial Statements

112

INDEPENDENT AUDITOR’S REPORTBoard of Directors
MinnPost
Minneapolis, Minnesota
OpinionWe have audited the accompanying financial statements of MinnPost (the Organization), which comprise the statementsof financial position as of December 31, 2023 and 2022, and the related statements of activities, functional expenses andcash flows for the years then ended, and the related notes to the financial statements.
In our opinion, the financial statements referred to above present fairly, in all material respects, the financial position of
the Organization as of December 31, 2023 and 2022, and the changes in its net assets and its cash flows for the years
then ended in accordance with accounting principles generally accepted in the United States of America.
Basis for Opinion
We conducted our audits in accordance with auditing standards generally accepted in the United States of America. Our
responsibilities under those standards are further described in the Auditor’s Responsibilities for the Audit of the Financial
Statements section of our report. We are required to be independent of the Organization and to meet our other ethicalresponsibilities in accordance with the relevant ethical requirements relating to our audit. We believe that the audit
evidence we have obtained is sufficient and appropriate to provide a basis for our audit opinion.
Responsibilities of Management for the Financial Statements
Management is responsible for the preparation and fair presentation of the financial statements in accordance withaccounting principles generally accepted in the United States of America, and for the design, implementation, andmaintenance of internal control relevant to the preparation and fair presentation of financial statements that are free frommaterial misstatement, whether due to fraud or error.
In preparing the financial statements, management is required to evaluate whether there are conditions or events,
considered in the aggregate, that raise substantial doubt about the Organization’s ability to continue as a going concern
within one year after the date that the financial statements are available to be issued.
Auditor’s Responsibilities for the Audit of the Financial Statements
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free frommaterial misstatement, whether due to fraud or error, and to issue an auditor’s report that includes our opinion.
Reasonable assurance is a high level of assurance but is not absolute assurance and therefore is not a guarantee that anaudit conducted in accordance with generally accepted auditing standards will always detect a material misstatement
when it exists. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting fromerror, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control.
Misstatements, including omissions, are considered material if there is a substantial likelihood that, individually or in theaggregate, they would influence the judgment made by a reasonable user based on the financial statements.

3

In performing an audit in accordance with generally accepted auditing standards, we:•

Exercise professional judgment and maintain professional skepticism throughout the audit.

•

Identify and assess the risks of material misstatement of the financial statements, whether due to fraud or error,
and design and perform audit procedures responsive to those risks. Such procedures include examining, on a test
basis, evidence regarding the amounts and disclosures in the financial statements.

•

Obtain an understanding of internal control relevant to the audit in order to design audit procedures that areappropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of theOrganization's internal control. Accordingly, no such opinion is expressed.

•

Evaluate the appropriateness of accounting policies used and the reasonableness of significant accounting
estimates made by management, as well as evaluate the overall presentation of the financial statements.

•

Conclude whether, in our judgment, there are conditions or events, considered in the aggregate, that raise
substantial doubt about the Organization's ability to continue as a going concern for a reasonable period of time.

We are required to communicate with those charged with governance regarding, among other matters, the planned scope
and timing of the audit, significant audit findings, and certain internal control related matters that we identified during theaudit.

Abdo
Minneapolis, Minnesota
May 22, 2024

4

FINANCIAL STATEMENTS

5

MinnPost
Statements of Financial Position
December 31, 2023 and 2022
2023
AssetsCurrent Assets
Cash and cash equivalents
Grants and pledges receivable
Accounts receivable
Prepaid expenses
Total Current Assets$

Noncurrent Assets
Investments
Operating right-of-use asset
Rent deposit
Total Noncurrent Assets
Total Assets
Liabilities and Net Assets
Liabilities
Current Liabilities
Accounts payable
Accrued expenses
Deferred revenue
Operating lease liability, current portion
Total Current Liabilities
Operating lease liability, noncurrent portion
Total Liabilities
Net Assets
Net assets without donor restrictions
Net assets with donor restrictions
Total Net Assets
Total Liabilities and Net Assets

See Independent Auditor's Report and Notes to the Financial Statements.
6564,953
385,81745,342
3,264
999,3762022$

528,21775,00061,136
16,260680,613578,798
121,125
1,525
701,448

550,635
36,744
1,525
588,904$ 1,700,824$ 1,269,517$$

22,476
17,874
41,272
81,622

12,091
17,956
100,000
37,296167,343

81,698-163,320

167,343

987,024
550,480
1,537,504

871,466
230,708
1,102,174$ 1,700,824$ 1,269,517

MinnPost
Statements of Activities
For the Year Ended December 31, 2023

SupportGrants and contributions
Contributions of stock
Total Support

Without Donor
Restrictions

With Donor
Restrictions$$

967,81032,5791,000,389

Total

867,000
95,230962,230$ 1,834,810
127,809
1,962,619

Revenue
Advertising income
Special events, net of expenses of $113,410
Investment income
Other revenue
Total Revenue

307,379
48,591
29,323
266
385,559-

307,379
48,591
29,323
266
385,559

Net Assets Released from Restrictions

642,458(642,458)-

2,028,406

319,772

2,348,178

1,341,086-

1,341,086

147,204
424,558
1,912,848-

147,204
424,558
1,912,848

Change in Net Assets

115,558

319,772

435,330

Beginning Net Assets

871,466

230,708

1,102,174

550,480$ 1,537,504

Total Revenue and Support
Expenses
Program services
Supporting services
Management and generalFundraising
Total Expenses

Ending Net Assets$

See Independent Auditor's Report and Notes to the Financial Statements.
7987,024$

MinnPost
Statements of Activities (Continued)
For the Year Ended December 31, 2022

SupportGrants and contributions
Contributions of stock
Total Support

Without Donor
Restrictions

With Donor
Restrictions$$

894,531
24,223
918,754

Total

352,050
352,050$ 1,246,581
24,223
1,270,804

Revenue
Advertising income
Special events, net of expenses of $34,345
Investment income
Other revenue
Total Revenue

274,064
149,8322,374
2,199
428,469-

274,064
149,8322,374
2,199
428,469

Net Assets Released from Restrictions

527,532(527,532)-

1,874,755(175,482)

1,699,273

1,355,979-

1,355,979

156,763
336,950
1,849,692-

156,763
336,950
1,849,692

Change in Net Assets

25,063(175,482)(150,419)

Beginning Net Assets

846,403406,190

1,252,593

230,708$ 1,102,174

Total Revenue and Support
Expenses
Program services
Supporting services
Management and generalFundraising
Total Expenses

Ending Net Assets$

See Independent Auditor's Report and Notes to the Financial Statements.
8871,466$

MinnPost
Statements of Functional Expenses
For the Years Ended December 31, 2023 and 2022

ProgramServices
Expenses
Personnel costs
Professional fees and contract services
Occupancy
Office supplies and software
Other expense
Marketing and promotion
Insurance
News and story
Telephone and internet
Equipment rental and maintenance
Dues and subscriptions
Travel and meetings
Postage and shipping
Printing and publications
Total Expenses$

Total Expenses

Total
Expenses

937,300
228,12163,80833,944
10,923
5,250
10,405
20,258
10,932
4,112
10,194
5,728
111
-

$

67,662
42,373
4,128
368
26,161
1,574
325
1,692
867
1,773
274
7
-

$

353,81222,453
21,557
821
2,247
3,897
7,467
3,418
1,238
4,514
1,351
1,567
216

$ 1,358,774
292,947
89,49335,13339,331
5,250
15,87628,05016,042
6,217
16,481
7,353
1,685
216

$ 1,341,086$

147,204$

424,558$ 1,912,848

ProgramServices
Expenses
Personnel costs
Professional fees and contract services
Occupancy
Office supplies and software
Other expense
Marketing and promotion
Insurance
News and story
Telephone and internet
Equipment rental and maintenance
Dues and subscriptions
Travel and meetings
Postage and shipping
Printing and publications

2023
Supporting Services
Management
andGeneralFundraising$2022
Supporting Services
Management
andGeneralFundraising

Total
Expenses

951,045
258,055
56,01020,9988,427
300
21,621
792
11,990
9,835
7,279
9,351
276
-

$

86,10535,904
4,069
108
24,957
1,297
190
1,710
330
1,709
367
17
-

$

285,991
9,646
15,378
556
2,468
4,372
3,244
3,111
1,445
3,709
511
1,970
4,549

$ 1,323,141
303,605
75,457
21,66235,852
4,672
26,162982
16,811
11,61012,697
10,2292,263
4,549$ 1,355,979$

156,763$

336,950$ 1,849,692

See Independent Auditor's Report and Notes to the Financial Statements.
9

MinnPost
Statements of Cash Flows
For the Years Ended December 31, 2023 and 2022
2023
Cash Flows from Operating Activities
Change in net assets
Adjustments to reconcile change in net assets
to net cash provided (used) by operating activities:
Net realized and unrealized investment loss
Amortization of right of use asset
Change in current assets:
Grants and contributions receivable
Accounts receivable
Prepaid expenses
Change in current liabilities:
Accounts payable
Accrued expenses
Deferred revenue
Operating lease liability
Net Cash Provided (Used) by Operating Activities$

435,3302022$(150,419)(635)
76,727(635)
35,137(310,817)
15,794
12,996(75,000)(32,974)
22,121

10,385(82)(100,000)(75,434)
64,264(14,522)(6,540)100,000(34,585)(157,417)

Cash Flows from Investing Activities
Purchase of investments(27,528)(550,000)

Change in Cash and Cash Equivalents

36,736(707,417)

Cash and Cash Equivalents, Beginning528,217

1,235,634

Cash and Cash Equivalents, Ending
Non-cash Investing, Capital and Financing Activities
Right of use lease assets obtained in exchange for new operating lease liabilities

See Independent Auditor's Report and Notes to the Financial Statements.

10$564,953$528,217$

161,108$

71,181MinnPost
Notes to the Financial Statements
December 31, 2023 and 2022

Note 1: Summary of Significant Accounting Policies
A. Nature of Activities
MinnPost (the Organization) is a nonprofit, independent digital news organization that produces journalism to serve as atrusted guide for Minnesotans exploring the critical issues, challenges and opportunities facing our state. Grounded in
depth, context and insight, this reporting increases accountability of government and public institutions, fosters civic
engagement and conversations, and illuminates the human lives affected by decision-making in Minnesota. Thanks tocommunity support, the Organization's journalism is available free-of-charge to all readers without any kind of paywall.
B. Basis of Presentation
The accompanying financial statements have been prepared on the accrual basis of accounting in accordance withaccounting principles generally accepted in the United States of America.
C. Classification of Net Assets
Revenues are recorded when earned and expenses are recorded when a liability is incurred. Contributions received arerecorded as an increase in net assets without donor restrictions, or net assets with donor restrictions depending on theexistence or nature of any donor restrictions. Accordingly, net assets of the Organization and changes therein areclassified and reported as follows:
Without Donor Restriction
Net assets without donor restrictions are those resources over which the Organization has discretionary control.
With Donor Restrictions
Net assets with donor restrictions are those resources subject to donor-imposed restrictions, which will be satisfied
by actions of the Organization and/or the passage of time. Donor restricted contributions, whose restrictions are met
in the same reporting period, are reported as unrestricted support. Some resources are subject to donor-imposed
restrictions that they be maintained permanently by the organization. The Organization had no permanently restrictedassets for years ended December 31, 2023 and 2022.
D. Use of Estimates
The preparation of financial statements in conformity with accounting principles generally accepted in the United Statesof America requires management to make estimates and assumptions that affect the reported amounts of assets andliabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported
amounts of revenue and expenditures during the reporting period. Actual results could differ from those estimates.
E. Cash and Cash Equivalents
For purposes of the statements of cash flows, the Organization considers all highly liquid investments with a maturity of
three months or less to be cash equivalents.
F. Grants and Contributions Receivable
Unconditional promises-to-give are recognized in the period the promises are made. Conditional promises-to-give arerecognized when the conditions on which they depend are substantially met, that is, when the conditional promise
becomes unconditional. Grants and contributions receivable was $350,000 and $75,000 as of December 31, 2023 and2022, respectively. The outstanding balance of grants and contributions receivable is expected to be collected in thesubsequent year.

11MinnPost
Notes to the Financial Statements
December 31, 2023 and 2022

Note 1: Summary of Significant Accounting Policies (Continued)
G. Accounts Receivable
The Organization extends credit to its customers on terms it establishes for individual customers. Receivables arerecorded at amounts billed and are generally due when billed. Amounts outstanding for more than 30 days are considereddelinquent. Accounts receivable are generally uncollateralized and the Organization does not charge interest on
delinquent accounts receivable balances. The Organization reviews accounts receivable balances on a periodic basis andwrites off delinquent receivables when they are considered uncollectible.
The Organization provides an allowance for doubtful estimate that is derived from a review of the Organization’s historicallosses based on the aging of receivables. This estimate is adjusted for management’s assessment of current conditions,reasonable and supportable forecasts regarding future events, and any other factors deemed relevant by theOrganization. The Organization believes historical loss information is a reasonable starting point in which to calculate theexpected allowance for credit losses as the Organization’s advertising sales have remained consistent since theOrganization’s inception. Due to the consistent nature of their advertising sales the Organization is anticipating minimalchanges in the expected credit losses which have historically been incurred. As a result, management has determined thatits allowance for credit losses should not be adjusted across all its aging categories. As a result, the Organization had noallowance for doubtful accounts for the years ended December 31, 2023 and 2022, respectively.
H. Prepaid Expenses
Certain payments to vendors reflect costs applicable to future accounting periods and are recorded as prepaid expenses
in the financial statements.
I.

Investments

Investments in equity securities are measured at fair value in the balance sheet. Investment income or loss (including
realized and unrealized gains and losses on investments, interest and dividends) is included in revenues in excess of
expenses unless the income or loss is restricted by donor or law.
J. Leasehold Improvements
All major expenditures for leasehold improvements are capitalized at cost. Contributed items are recorded at fair market
value at date of donation. Depreciation is provided through the use of the straight-line method with an estimated usefullife of 5 years. The capitalization threshold is $2,500.
K. Deferred Revenue
Deferred revenue is advertising revenue collected but not yet earned. The Organization has deferred revenue in theamount of $0 and $100,000, at December 31, 2023 and 2022, respectively.
L. Government Grants and Contracts
Government grants and contract funds are recorded as contributions. Revenue is earned when eligible expenditures, as
defined in each grant or contract, are made. Funds received but not yet earned are shown as refundable advances.
Expenditures under government contracts are subject to review by the granting authority. To the extent, if any, that such a
review reduces expenditures allowable under these contracts, the Organization will record such disallowance at the time
the final assessment is made.

12

MinnPost
Notes to the Financial Statements
December 31, 2023 and 2022

Note 1: Summary of Significant Accounting Policies (Continued)
M. Contributions
Contributions are recorded when received and recognized as support in the period received. If donor-imposed restrictions
accompany the contribution, the amount is recorded as with donor restrictions until the donor-imposed restrictions expire
or are fulfilled. Net assets with donor restrictions are reclassified to net assets without donor restrictions in the period
donor-imposed restrictions expire or are fulfilled and are reported in the statements of activities as assets released fromrestriction.
N. Contributions of Stock
The Organization’s policy related to stock gifts is to sell the stock immediately upon receipt. The reported value of thestock is determined by the sales price of the stock at the time of receipt. The amount received for the years ended
December 31, 2023 and 2022 was $127,809 and $24,223, respectively. Stock gifts with donor restriction are also
immediately sold and the cash received from the sale is restricted with other restricted funds. Restricted stock gifts were$95,230 and $0 for the years ended December 31, 2023 or 2022, respectively.
O. Revenue Recognition
The Organization follows the provisions of Accounting Standards Codification 606, Contracts with Customers on revenues
derived from its membership dues, meeting registrations, royalties, and online sales. In the case of advertising, revenue isrecognized at the point in time when the advertisement is published. In the case of special event registrations, revenue isrecognized at the time the event(s) is held, which is at a point in time.
P. Performance Obligations
The performance obligation related to advertisements is satisfied upon publishing the ad for viewers to see; therefore, theOrganization recognizes revenue at a point in time. The performance obligation related to special events, is satisfied uponcompletion of the event; therefore, the Organization recognizes revenue at a point in time.
The Organization’s other revenues are explicitly excluded from the scope of ASC Topic 606 and are not recorded inaccordance with that standard.
Q. Expense Allocation
Salaries and related expenses are allocated based on time spent and the best estimates of management. Expenses, otherthan salaries and related expenses, that are not directly identifiable by program or supporting service, are allocated on thebest estimates of management.
R. Advertising Expense
The Organization follows the policy of charging the costs of advertising to expense as incurred. Advertising expense was$12,717 and $4,672 for the years ended December 31, 2023 and 2022, respectively.

13

MinnPost
Notes to the Financial Statements
December 31, 2023 and 2022

Note 1: Summary of Significant Accounting Policies (Continued)
S. Income Tax
The Organization is exempt from income taxes under the Internal Revenue Code Section 501(c)(3) and similar statestatutes. The Organization files informational returns in the United States federal jurisdiction and in the Minnesota statejurisdiction. The Organization performs services subject to tax on unrelated business income and makes estimatedquarterly payments throughout the year. No taxable income was generated for the years ended December 31, 2023 and2022. The Organization is required to assess whether it is more likely than not that a tax position will be sustained upon
examination of the technical merits of the position assuming the taxing authority has full knowledge of all information. If
the tax position does not meet the more-likely-than-not recognition threshold, the benefit of that position is not recognizedin the financial statements. The Organization has determined there are no amounts to record as assets or liabilities
related to uncertain tax positions. Federal returns for the years ended 2018 and beyond remain subject to examination by
the Internal Revenue Service.
T. Leases
The Organization determines if an arrangement is a lease at inception. If an arrangement contains a lease, theOrganization performs a lease classification test to determine if the lease is an operating lease or a finance lease. Rightof-use (ROU) assets represent the right to use an underlying asset for the lease term and lease liabilities represent theOrganization’s obligation to make lease payments arising from the lease. Operating lease liabilities are recognized on thecommencement date of the lease based on the present value of the future lease payments over the lease term and areincluded in long-term liabilities and current liabilities on the statement of financial position. ROU assets are valued at theinitial measurement of the lease liability, plus any indirect costs or rent prepayments, and reduced by any lease incentives
and any deferred lease payments. Operating ROU assets are recorded on the face of the statement of financial position
and are amortized over the lease term. To determine the present value of lease payments on lease commencement, theOrganization uses the implicit rate when readily determinable. Lease terms include options to extend or terminate thelease when it is reasonably certain that the Organization will exercise that option. Lease expense is recognized on astraight-line basis over the life of the lease and is included within operating expenses on the statement of activities.
The Organization has made the following elections related to leases:•

The Organization has elected to use a risk-free rate as the discount rate on all classes of underlying assets when
an implicit rate is not readily available.

•

The Organization has elected the practical expedient to account for the lease and non-lease components as asingle lease component for classes of underlying assets.

•

The Organization has elected to apply the short-term lease exception to all leases with a term of one year or less.
Short-term leases will not be capitalized.

U. New Accounting Pronouncements
In June 2016, the FASB issued ASU 2016-13, Financial Instruments—Credit Losses (Topic 326): Measurement of Credit
Losses on Financial Instruments. The standard's main goal is to improve financial reporting by requiring earlier
recognition of credit losses on financing receivables and other financial assets in scope. ASU No. 2016-13 is effective forannual reporting periods beginning after December 15, 2022. The new guidance is effective for the year ended
December 2023. The Organization has determined that the impact of the adoption was not considered material to thefinancial statements as historically they have collected all contract receivables and have no indication that would change
in the current or future years.
V. Subsequent Events
In preparing the financial statements, the Organization has evaluated events and transactions for potential recognition or
disclosure through May 22, 2024, the date the financial statements were available to be issued.
14

MinnPost
Notes to the Financial Statements
December 31, 2023 and 2022

Note 2: Concentrations of Credit Risk
From time to time, the Organization’s cash balances at financial institutions exceed Federal Deposit Insurance
Corporation (“FDIC”) insurance limits of $250,000. In the years ending December 31, 2023 and 2022 the Organization
exceeded that limit by $307,853 and $277,416, respectively. Management does not believe this presents a significant risk
to the Organization.

Note 3: Grants and Pledges Receivable
The Organization's grants and pledges receivables represent contributions for the Organization's general operations.
Outstanding grant and pledge contributions from various corporations, foundations, and individuals were not discounted
as the Organization expects to collect all receivables and were as follows at December 31:
2023
Grants and Pledges Receivables
Due in One YearDue in in Two to Five Years
Total

2022

$

285,817
100,000$

75,000-$385,817$75,000Note 4: Accounts Receivable
The Organization's accounts receivable represent contract receivables for contract services related to advertising.
Outstanding accounts receivable from various corporations, foundations, and individuals were not discounted as theOrganization expects to collect all receivables and were as follows at December 31:

2023
Accounts Receivables
Due in One Year$45,3432022$

61,136Note 5: Operating Leases
Effective September 14, 2007, the Organization entered into a property lease agreement with Hillcrest Development, LLLP.
The Organization has extended the agreement for thirty-six months. The lease agreement calls for fixed monthly basepayments starting at $3,267 and increasing 3% each year until the expiration in December 2026. The agreement also
provides that the Organization is responsible for a proportional share of the property's incurred ownership taxes andoperating expenses. The Organization has determined that this lease is an operating lease. The Organization’s leaseagreement calls for variable payments that were not determinable at the lease commencement and are not included in
the measurement of the lease asset and liabilities. Variable lease payments incurred will be recognized during the year
they are incurred as an operating expense.
Effective January 1, 2023, the Organization entered into a property lease agreement with the State of Minnesota,
Department of Administration that calls for fixed monthly payments starting at $536.50 per month and increasing to$564.25 per month until expiration in June 2025.
The ROU lease asset and corresponding lease liability were calculated utilizing a weighted-average risk-free discount rateof 4.67%, according to the Organization's elected policy. The Organization's lease agreement does not contain any
material residual value guarantees or material restrictive covenants.

15

MinnPost
Notes to the Financial Statements
December 31, 2023 and 2022

Note 5: Operating Leases (continued)
Additional information about the Organization’s lease for the year ended December 31, 2023 is as follows:Year Ending
2023
Lease Expense
Operating lease expense$

46,514

Other Information
Cash paid for amounts included in the measurement of lease liabilities
Operating cash flows from operating leases
ROU assets obtained in exchange for new operating lease liabilities
Weighted-average remaining lease term in years for operating leases
Weighted-average discount rate for operating leases

44,669161,108
2.88
4.67%
OperatingMaturity Analysis
2024-122025-122026-12
Total undiscounted cash flows
Less: present value discountTotal lease liabilities$

45,97543,766
41,592
131,333(8,362)$

122,970

Rental expense was $89,493 and $75,457 for the years ended December 31, 2023 and 2022, respectively. The rental
expense includes the Organization’s portion of the building’s overhead, taxes and utilities.

Note 6: Defined Contribution Plan
The Organization maintains a 401(k) defined contribution plan covering all eligible employees. The Organization’scontributions totaled $7,733 and $6,573 for the years ended December 31, 2023 and 2022, respectively.

Note 7: Net Assets with Donor Restrictions
Net assets with donor restrictions have been restricted for the following purposes at December 31, 2023 and 2022:
2023
Time Restricted
Future operations
Purpose Restricted
Fellowship
Various reporting topics$

479,500

2022$

22,48048,500Total Net Assets with Donor Restrictions$

16

550,480

205,208
14,400
11,100$230,708

MinnPost
Notes to the Financial Statements
December 31, 2023 and 2022

Note 7: Net Assets with Donor Restrictions (Continued)
Net assets released from donor restrictions by incurring expenses satisfying the restricted purpose or time specified by
the donors as follows for the years ended December 31, 2023 and 2022:

2023
Net Assets Released from Restriction
Time restrictions
Purpose restrictions
Total Net Assets Released from Restrictions

2022

$

497,708
144,750$

336,128
191,404$

642,458$

527,532

Note 8: Liquidity and Availability of Financial Assets
Financial assets available for general expenditure, that is, without other restrictions limiting their use, within one year of
December 31, 2023 and 2022, are comprised of the following:
2023
Cash and Cash Equivalents
Investments
Grants and Contributions Receivable
Accounts Receivable
Total Financial Assets$

Less financial assets unavailable for general expenditure within one year, due to:
Net assets with donor restrictions
Financial assets available to meet cash needs forgeneral expenditures within one year

564,953578,798
385,81745,342
1,574,910

2022$(141,667)$

1,433,243

528,217550,635
75,00061,136
1,214,988(160,558)$

1,054,430

As part of the liquidity plan, the Organization has a policy to structure its financial assets to be available as its general
expenditures, liabilities and other obligations come due.

Note 9: Fair Market Value
Fair value measurement accounting literature establishes a fair value hierarchy based on the priority of the inputs to thevaluation methodologies used to measure fair value. The fair value hierarchy gives the highest priority to quoted prices in
active markets for identical assets or liabilities (Level 1) and the lowest priority to unobservable inputs (Level 3). If the
inputs used to measure the financial instruments fall within different levels of hierarchy, the categorization is based on
the lowest level input that is significant to the fair value measurement of the instrument. Investments recorded in theStatements of Financial Position are categorized based on the inputs to valuation techniques as follows:
Level 1 - Inputs to the valuation methodology are unadjusted quoted prices for identical assets in an active market
that the Organization has the ability to access.

17

MinnPost
Notes to the Financial Statements
December 31, 2023 and 2022

Note 9: Fair Market Value (Continued)
Level 2 - Inputs to the valuation methodology include:•

Quoted prices for similar assets or liabilities in active markets•

Quoted prices for identical or similar assets or liabilities in inactive markets•

Inputs other than quoted prices that are observable for the asset or liability•

Inputs that are derived principally from or corroborated by observable market data by correlation or othermeans

Level 3 - Inputs to the valuation methodology that are unobservable and significant to the fair value measurement.
The following is a description of the valuation methodologies used for assets measured at fair value. There have been nochanges in the methodologies used at December 31, 2023 and 2022.
Money Market Funds: Valued at cash value.
Fair value of assets measured on a recurring basis at December 31, 2023 and 2022 are as follows:
December 31, 2023
Level 2
Level 3

Level 1
Money Market Funds$

578,798$$

550,635$-$

December 31, 2022
Level 2
Level 3

Level 1
Money Market Funds

-

Total

$

-

$

578,798

Total
-

$

550,635

Investment income for the years ended December 31, 2023 and 2022 consisted of the following:

2023

2022

Interest on Savings Accounts
Dividends Received

$

2,812
26,511

$

1,766
608

Total Investment Income$

29,323$2,374

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