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BOARD OF_GOVERNORS <br />BIG Thland^veterans'camp <br />NOTE A: <br />Authorisatian- The BOARD OF GOVERNORS - BTG ISLAND VETERANS <br />CAMP wa? created by action of the Minnesota Legislature. The <br />authority is embodied in Chapter 152 of the Laws of Minnesota <br />for 1985. The BOARD is not a state agency. The Department of <br />Administration transferred the title of the property to the <br />BOARD OF GOVERNORS on November 2i 1985. The Camp was not <br />operated in 19RG and 1987 due to restrictions placed upon the <br />facility by the City of Orono. The expenses represented in <br />these statements include materials and machinery necessary to <br />commence compliance with the governmental requirements. The <br />Act further provides, "the transfer must include all equipment <br />and nonstHte /unds currently under control of the Commissioner <br />of Veterans Affairs atid for use in connection with the Camp". <br />Accordingly, the State transferred $29,400.93 to the BOARD OF <br />GOVERNORS in 1986. <br />NOTE B: <br />Status- The BOARD OF GOVERNORS - BIG ISLAND VETERANS CAMP <br />was recognized by the Internal Revenue Service on November 27, <br />1935 as an "exempt" organization under Section 501 (cl 19 of <br />the Internal Revenue Code. On May 21, 1986 the STATE OF <br />MINNESOTA Department of Revenue recognized the organization as <br />"exempt" under Minnesota Statutes, Section 290.05, Subdivision <br />t. <br />NOTE C: <br />The BOARD OF GOVERNORS - BIG ISLAND VETERANS CAMP <br />LAKE MINNETONKA supervises and manages the Camp. (The act <br />states a nine member board, however, provision was only made <br />to appoint eight members.) Two members are appointed by the <br />state level organization of the American Legion, the Disabled <br />American War Veterans, the Military Order of the Purple Heart <br />and the Veterans of Foreign Wars provided that at least two <br />appointees are Vietnam Veterans. <br />NOTE D: <br />Ei=:£ai_X£3E" The By-laws adopted by the organization provide <br />for a fiscal year commencing October 1st and ending September <br />30th each year. <br />NOTE E; <br />OEbSE-EliQiiS' This report covers the Operating Fund. The BOARD <br />OF GOVERNORS is also in charge of land, buildings and <br />equipment which was "transferred on November 2, 1985, No <br />representations of these items are included in this report.