Fiscal Review Requirements


Nongovernmental Organizations: Fiscal Review Requirements

  • The State of Minnesota Grants Policy (# 08-06) requires a review of the financial stability of nongovernmental organizations applying for grants of more than $25,000. To comply with this requirement, these organizations must submit an acceptable record (below) as part of their application materials. Any items of significant concern must then be discussed and resolved to the satisfaction of MHS staff before a grant is awarded. 

    Failure to supply an acceptable financial record with your application may result in disqualification. Whichever record you submit must be the most recent available, no more than 3 years old. If your organization is too new to have any of these records, you may need to delay application until sufficient organizational history has transpired.

Acceptable Records:

  • Form 990
  • Form 990-EZ
  • Audit
  • Year End Financial Report

Records that CANNOT be accepted:

  • Form 990-N (no financials are part of this document)
  • Budget (this is a future projection, rather than showing past performance)
  • Bank Statement (current moment snapshot of financial picture)
  • Balance Sheet (current moment snapshot of financial picture) 

The Minnesota Historical and Cultural Grants Program has been made possible by the Arts and Cultural Heritage Fund through the vote of Minnesotans on November 4, 2008. Administered by the Minnesota Historical Society.