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· MPAAT (ClearWay)
|Jump to full article: Minneapolis (MN) Star Tribune, 2000-12-03|
Author: Patrick Kennedy and John J. Oslund / firstname.lastname@example.org / email@example.com
The Minnesota Partnership for Action Against Tobacco, in our "other" category, showed a 95 percent decline in revenue. But once again, accounting rules explain the drop. Formed in September 1998 after the state of Minnesota settled its litigation against large tobacco companies, the organization was created by the Ramsey County District Court to administer two settlement funds.
Its mission is to reduce the harm tobacco causes Minnesotans through smoking cessation programs and by administering research grants on smoking. The partnership was given $202 million from the tobacco settlement. MPAAT received an initial payment of $102 million and will receive annual $10 million dollar payments for 10 years, according to MPAAT's director of communications, Lynn Kenagy. According to accounting rules, MPAAT recorded the present value of its settlement -- $190 million -- in its first year. In future years it will record as revenue mainly interest income on investments and any additional private donations. MPAAT is scheduled to exist for 25 years.
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