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BOARD OF GOVERNORS <br />------------------ <br />RIG ISLAND VETERANS CAMP <br />------------------------ <br />NOTE A: <br />Authorization- fhe BOARD OF GOVERNORS - RIG ISLAND VETERANS <br />CAMP was created by action of the Minnesota Legislature. The <br />authority is embodied in Chapter 152 of the Laws of Minnesota <br />for 19J5. The BOARD to n6t a state agency. The Department of <br />Administration transferred the title of the property to the <br />BOARD OF uOVERNORS on November 2, 1985. The Camp was not <br />operated in 1986 and I4°7 due to restrictio„s placed upon the <br />facility by the City of Orono. The expenses represented in <br />these statements include material: and machinery necessary to <br />commence compliance with the governmental requirements. The <br />Act further provides, "the transfer must in '-de all equipment <br />and nonstate funds currently under control he Commi=sionEr <br />of Vet -•ans Affairs and for use in connect. with the Camp". <br />Accoru ly, the State transferred $29,400.93 to the BOARD OF <br />GOVERNORS in 1986. <br />NOTE B: <br />_Tax_ Status- The BOARD OF COVE - L .SLAND JE ERANS CAMP <br />was recognized by the Internal tevenue Service on November 27► <br />19A5 as an "e4empt" organization under Section 501 (c) 19 of <br />the Internal Revenue Code. On May 21, 1986 the STATE OF <br />MINNESOTA Department of Revenue recognized the organization as <br />"ovempt" under Minnesota Statutes, Section 290.05, Subdivision <br />NOTF C: <br />Member_.hip- The BOARD OF COVFRNORS - BIC ISLAND VETERANS CAMP <br />LAKE: MINNETONKA supervises and manages the Camp. (The act <br />state= a nine member board, however, provision was only made <br />to appoint eight members.) Tw, member_ are appointed by the <br />state level organizatirn he American Leg. ., the Disabled <br />Annrican War Veterans., the i1itary Order of the Purple Heart <br />and the Veterans of Foreign Wars prov ed that at least two <br />appointees are Vietnam Veterans. <br />NOTE D: <br />F;_cal__YEar- The by-laws adopted by the organization, provide <br />for a fiscal yea- nommencing October Isi and ending September <br />30th each year. <br />NOTE Q <br />Cher Fund_- This report cover_ n Operating Fund. The BOARD <br />OF GOVERNORS is wI o in ._h-ng: of land, buildings a.d <br />equipment which wa: transferred on November 2, 1985. No <br />rppreient,ationq f these items are included in this report. <br />