2024-03-26T16:30:13-05:00 2023-06-30 420714325 RSM US LLP 227 WEST FIRST STREET SUITE 700 DULUTH MN 55802 990 2022-07-01 416042488 UNIVERSITY OF MINNESOTA FOUNDATION UNIV 6126243333 200 OAK STREET SE 500 MINNEAPOLIS MN 554552010 CHRISTINE K SEARSON VICE PRESIDENT/CFO 6126243333 2023-03-15 1 CHRISTINE SEARSON XXX-XX-XXXX 1 JULIE BOYER P01278549 2187275025 2024-03-13 3 AAL1 IAL1 2022 2023-04-26 12:10:37Z CHRISTINE K SEARSON 200 OAK STREET SE 500 MINNEAPOLIS MN 554552010 2149009665 0 X WWW.GIVE.UMN.EDU X 1962 MN A NON-PROFIT ORGANIZATION WITH THE SOLE PURPOSE OF SUPPORTING THE UNIVERSITY OF MINNESOTA WITH A MISSION TO CONNECT PASSION WITH POSSIBILITY, INSPIRE GENEROSITY, AND SUPPORT GREATNESS AT THE UNIVERSITY OF MINNESOTA. 43 42 54 48 5803449 2750777 331607739 264630179 0 0 38144025 161229914 2827572 2244115 372579336 428104208 201667124 262653447 0 0 31505070 35849753 0 0 39376924 26553102 31160082 259725296 329663282 112854040 98440926 4264297877 4484124199 419393483 469904567 3844904394 4014219632 A NON-PROFIT ORGANIZATION WITH THE SOLE PURPOSE OF SUPPORTING THE UNIVERSITY OF MINNESOTA WITH A MISSION TO CONNECT PASSION WITH POSSIBILITY, INSPIRE GENEROSITY, AND SUPPORT GREATNESS AT THE UNIVERSITY OF MINNESOTA. 0 0 262653447 262653447 0 GRANTS AWARDED TO OR ON BEHALF OF THE UNIVERSITY OF MINNESOTA COLLEGIATE PROGRAMS IN SUPPORT OF TEACHING, RESEARCH, AND OUTREACH TO THE COMMUNITY. GRANTS AWARDED IN SUPPORT OF EDUCATION TO U OF M PROGRAM INCLUDING ACADEMIC HEALTH SERVICES, ATHLETICS, LIBRARIES, MINNESOTA EXTENSION SERVICE, MULTI-DISCIPLINARY AND SPECIAL PROJECTS, AND WEISMAN ART MUSEUM. GRANTS TO OTHER UNIVERSITY-RELATED FOUNDATION INCLUDE THE MINNESOTA LANDSCAPE ARBORETUM FOUNDATION. U OF M CAMPUSES ARE LOCATED IN MINNEAPOLIS/ST. PAUL, CROOKSTON, DULUTH, MORRIS, AND ROCHESTER. DISTRIBUTION BY PURPOSE INCLUDED $75M TO STUDENT SUPPORT, $91M TO PROGRAM SUPPORT, $41M TO RESEARCH AND COMMUNITY OUTREACH/ENGAGEMENT, $33M TO FACULTY AND STAFF SUPPORT, AND $23M TO CAPITAL IMPROVEMENTS. 262653447 1 1 0 0 0 1 0 0 1 1 1 1 0 0 1 1 0 1 0 0 1 0 0 0 1 0 0 1 0 1 0 0 0 0 0 0 0 0 1 0 0 0 1 1 1 1 0 0 1 369 0 1 54 1 1 1 0 0 0 0 1 1 0 0 0 0 0 0 0 0 0 X 43 42 1 0 0 0 0 1 0 1 1 0 0 1 1 1 1 1 1 1 1 1 1 AL AR CA CO DC HI KY LA MA MD ME MI MN NH NJ NY OH OK OR PA SC UT VA WA WV X X CHRISTINE K SEARSON 6126243333 200 OAK STREET SE 500 MINNEAPOLIS MN 554552010 KATHLEEN M SCHMIDLKOFER PRESIDENT/CEO 40.00 0.40 X X 663238 0 113395 JACQUELINE R WILLIAMS-ROLL TRUSTEE/CHAIR 0.40 0.00 X X 0 0 0 SHARI L BALLARD TRUSTEE/PAST CHAIR 0.40 0.00 X X 0 0 0 KENNETH C GLASER TRUSTEE/VICE CHAIR 0.40 0.00 X X 0 0 0 ROGER J SIT TRUSTEE/TREASURER 0.40 0.00 X X 0 0 0 THOMAS G OLSON TRUSTEE/SECRETARY 0.40 0.00 X X 0 0 0 BLYTHE A BRENDEN TRUSTEE 0.40 0.00 X 0 0 0 DOROTHY J BRIDGES TRUSTEE 0.40 0.00 X 0 0 0 LYNN CASEY TRUSTEE 0.40 0.00 X 0 0 0 REBECCA A CROOKS-STRATTON TRUSTEE 0.40 0.00 X 0 0 0 MARY A DAVENPORT TRUSTEE 0.40 0.00 X 0 0 0 ACOOA ELLIS TRUSTEE 0.40 0.00 X 0 0 0 JEFF ETTINGER TRUSTEE 0.40 0.00 X 0 0 0 MICHAEL B FITERMAN TRUSTEE 0.40 0.00 X 0 0 0 JOAN TA GABEL TRUSTEE (UNTIL 6/10/2023) 0.40 0.00 X 0 0 0 JULIE E GILBERT TRUSTEE 0.40 0.00 X 0 0 0 KURT E HEIKKILA TRUSTEE 0.40 0.00 X 0 0 0 SUSAN S HOFF TRUSTEE (UNTIL 11/1/2022) 0.40 0.00 X 0 0 0 HOYT M HSIAO TRUSTEE 0.40 0.00 X 0 0 0 DOUGLAS A HUEBSCH TRUSTEE 0.40 0.00 X 0 0 0 MICHAEL H JOHNSON TRUSTEE 0.40 0.00 X 0 0 0 RUSSELL HUFFER TRUSTEE (UNTIL 11/1/2022) 0.40 0.00 X 0 0 0 RUTH E JOHNSON TRUSTEE 0.40 0.00 X 0 0 0 EZELL JONES TRUSTEE 0.40 0.00 X 0 0 0 JAMES K LEE TRUSTEE 0.40 0.00 X 0 0 0 MICHAEL P LEHAN TRUSTEE 0.40 0.00 X 0 0 0 BETH KIEFFER LEONARD TRUSTEE 0.40 0.00 X 0 0 0 ROSS LEVIN TRUSTEE 0.40 0.40 X 0 0 0 JOHN E LINDAHL TRUSTEE 0.40 0.00 X 0 0 0 MARGARET E LUCAS TRUSTEE (UNTIL 11/1/2022) 0.40 0.00 X 0 0 0 LAURIE MARSH TRUSTEE 0.40 0.00 X 0 0 0 DAVID J MCMILLAN TRUSTEE (UNTIL 7/5/2022) 0.40 0.00 X 0 0 0 DAVID J MEYER TRUSTEE 0.40 0.00 X 0 0 0 DAVID C MORTENSON TRUSTEE 0.40 0.00 X 0 0 0 ABDUL M OMARI PHD TRUSTEE 0.40 0.00 X 0 0 0 RICHARD T OSTLUND JD TRUSTEE 0.40 0.00 X 0 0 0 BETHANY M OWEN TRUSTEE 0.40 0.00 X 0 0 0 LYNNE REDLEAF TRUSTEE 0.40 0.00 X 0 0 0 MICHAEL F ROMAN TRUSTEE 0.40 0.00 X 0 0 0 PHILIP E SORAN TRUSTEE 0.40 0.00 X 0 0 0 TY R SILBERHORN TRUSTEE 0.40 0.00 X 0 0 0 ESTA E STECHER TRUSTEE 0.40 0.00 X 0 0 0 DARRELL A THOMPSON TRUSTEE 0.40 0.00 X 0 0 0 ERIK M TORGERSON TRUSTEE 0.40 0.00 X 0 0 0 PETER A VORBRICH TRUSTEE 0.40 0.00 X 0 0 0 BRADFORD W WALLIN TRUSTEE 0.40 0.00 X 0 0 0 THERESA B WARD TRUSTEE 0.40 0.40 X 0 0 0 PENNY A WHEELER MD TRUSTEE (UNTIL 5/1/2023) 0.40 0.00 X 0 0 0 NANCY WISER TRUSTEE 0.40 0.00 X 0 0 0 CHRISTINE K SEARSON VICE PRESIDENT/CFO 40.00 0.40 X 349101 0 65390 PAT MASCIA UMFREA MANAGING DIRECTOR 40.00 0.00 X 506847 0 66527 ROBERT J BURGETT SENIOR VICE PRESIDENT 40.00 0.00 X 429888 0 57574 PATRICIA K PORTER VICE PRESIDENT 40.00 0.00 X 399522 0 72378 JAMES G AAGAARD VICE PRESIDENT 40.00 0.00 X 307323 0 60533 SARAH E YOUNGERMAN VICE PRESIDENT 40.00 0.00 X 256284 0 54868 CAROL CUROE VICE PRESIDENT (UNTIL 10/15/2022) 40.00 0.00 X 202840 0 19487 CATHERINE MCGLINCH ASSOCIATE VICE PRESIDENT 40.00 0.00 X 258750 0 59940 ELIZABETH PATTY ASSOCIATE VICE PRESIDENT 40.00 0.00 X 262894 0 48808 KRISTI FLANAGAN VILLAR ASSOCIATE VICE PRESIDENT 40.00 0.00 X 255286 0 24410 STEVEN M CORKERY ASSOCIATE VICE PRESIDENT 40.00 0.00 X 252842 0 55691 TRAVIS SMITH ASSOCIATE VICE PRESIDENT 40.00 0.00 X 287899 0 55672 4432714 0 754673 83 0 1 0 MARKETING COMMUNICATION RESOURCE INC 4800 E 345TH STREET WILLOUGHBY OH 44094 PRINTING AND PUBLICATIONS 783393 GABRIEL GROUP PO BOX 1000 SOUTHEASTERN PA 19398 PRINTING AND PUBLICATIONS 613140 GRENZEBACH GLIER & ASSOC 401 N MICHIGAN AVENUE SUITE 2800 CHICAGO IL 60611 DEVELOPMENT CONSULTING SERVICES 430551 ALDES INC 7732 TESSMAN DRIVE BROOKLYN PARK MN 55445 JANITORIAL AND PAINTING SERVICES 418345 SALO LLC 220 S 13TH STREET SUITE 200 MINNEAPOLIS MN 55403 STAFFING SERVICES 398846 39 800255 650669 263179255 26587753 264630179 48944590 5803449 43141141 54948 54948 6347092 7168486 -821394 -821394 -821394 1824239045 1711953721 112285324 112285324 112285324 2268856 800255 1783250 485606 485606 DEV. SERVICES CONTRACT 900099 2500000 2500000 UBIT REFUNDS 900099 24955 24955 2524955 428104208 0 5803449 157670580 262653447 262653447 3562354 1542279 2020075 23648865 6308183 17340682 8638534 2289091 6349443 323436 323436 281434 281434 8169503 8169503 2862562 1885907 976655 199543 1172 198371 920607 329971 590636 796675 557920 238755 2038447 2038447 476042 61295 414747 470531 69670 400861 249786 249786 258985 258985 PROFESSIONAL DEVELOPMEN 7380703 7380703 UBI TAX 2821115 2821115 PRINTING & PUBLICATIONS 1768547 3139 1765408 DONOR CULTIVATION 1375400 2125 1373275 766766 439453 327313 329663282 262653447 27632911 39376924 31152183 32180248 641773925 940591346 224690411 200826171 70525586 25425111 45898266 45100475 861127433 766924392 2365461862 2393982710 53161 53161 94140636 104465696 4264297877 4484124199 30952314 31574661 791 791 355434648 403964684 33005730 34364431 419393483 469904567 X 234832400 235703581 3610071994 3778516051 3844904394 4014219632 4264297877 4484124199 X 98440926 67655165 3219147 X 0 1 X 1 0 X 232329656 270089105 241661680 331607739 264630179 1340318359 232329656 270089105 241661680 331607739 264630179 1340318359 35715762 1304602597 30063931 28383461 26526644 19567696 49543181 154084913 638884 2270469 6594564 3236384 12740301 305905 2500000 3094749 2524955 8425609 1515569182 0.86080 0.89880 X SCHEDULE A, PART II, LINE 10, EXPLANATION OF OTHER INCOME: DEVELOPMENT SERVICES CONTRACT - 2020 AMOUNT: $ 2,500,000. 2021 AMOUNT: $ 2,500,000. 2022 AMOUNT: $ 2,500,000. UBI FED REFUND - 2018 AMOUNT: $ 305,905. 2021 AMOUNT: $ 594,749. 2022 AMOUNT: $ 24,955. RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED 1 0 0 503389 1 1 0 1 X 2469339328 67110904 44913531 35219562 47578353 2498565848 2407624926 221961122 -97765502 29247149 33234069 2469339328 1714613264 89710813 656848478 26687264 26860365 2407624926 1755064512 60597739 -37692533 29743222 33613232 1714613264 1649947745 64970027 95918382 17897983 37873659 1755064512 0.05000 0.62000 0.33000 1 0 32047713 32047713 24824141 14340547 10483594 6546664 3453165 3093499 6647508 7631399 -983891 459560 459560 45100475 INVESTMENTS MEASURED AT NAV 1210564290 F HEDGE FUNDS 1352705 F INVESTMENTS HELD AT COST 48818626 C INVESTMENTS AT EQUITY METHOD 161919654 F CONSOLIDATED INVESTMENTS 901870247 F LOAN RECEIVABLE 69457188 F 2393982710 GIFT ANNUITIES PAYABLE 20555114 CHARITABLE TRUST AGREEMENT LIABILITIES 12300264 OPERATING LEASE LIABILITY 1509053 34364431 X PART IV, LINE 2B: THE FOUNDATION MANAGES CERTAIN INVESTMENTS ON BEHALF OF OTHER CHARITABLE ORGANIZATIONS. THE MANAGEMENT OF THESE INVESTMENTS ARE SUBJECT TO AGREEMENTS WITH EACH THAT GOVERN THE ARRANGEMENTS, INCLUDING THE TIMING OF ADDITIONS AND WITHDRAWALS. PART V, LINE 4: GRANTS AWARDED TO OR ON BEHALF OF THE UNIVERSITY OF MINNESOTA TO STUDENT SUPPORT, FACULTY SUPPORT, RESEARCH, ATHLETICS, ACADEMIC HEALTH SERVICES, LIBRARIES, MULTI-DISCIPLINARY AND SPECIAL PROJECTS, AND OUTREACH TO THE COMMUNITY. PART X, LINE 2: THE FOUNDATION FOLLOWS THE ACCOUNTING STANDARDS FOR CONTINGENCIES IN EVALUATING UNCERTAIN TAX POSITIONS. THIS GUIDANCE PRESCRIBES RECOGNITION THRESHOLD PRINCIPLES FOR THE FINANCIAL STATEMENT RECOGNITION OF TAX POSITIONS TAKEN OR EXPECTED TO BE TAKEN ON A TAX RETURN THAT ARE NOT CERTAIN TO BE REALIZED. NO LIABILITY HAS BEEN RECOGNIZED BY THE FOUNDATION DUE TO THE IMPLEMENTATION OF THIS STANDARD. THE FOUNDATION'S TAX RETURNS ARE SUBJECT TO REVIEW AND EXAMINATION BY FEDERAL AND STATE AUTHORITIES. CENTRAL AMERICA AND THE CARIBBEAN 0 0 INVESTMENTS 0 587819627 NORTH AMERICA 0 0 INVESTMENTS 0 63405772 EAST ASIA AND THE PACIFIC 0 0 INVESTMENTS 0 57323739 SUB-SAHARAN AFRICA 0 0 INVESTMENTS 0 53257500 EUROPE (INCLUDING ICELAND & GREENLAND) 0 0 INVESTMENTS 0 34722618 0 0 0 0 0 0 796529256 0 796529256 1 0 1 1 1 0 PART III ACCOUNTING METHOD: CHILDREN'S HEALTH WINEFEST 1750494 370240 1380254 72392 483309 195305 331056 CHILDREN'S HEALTH FASHIONFEST 656747 225100 431647 20634 86253 150609 56228 3 661870 204915 456955 97903 39451 126361 123749 3069111 800255 2268856 190929 609013 472275 511033 1783250 485606 1 UNIVERSITY OF MINNESOTA 2221 UNIVERSITY AVENUE SE SUITE 111 MINNEAPOLIS MN 55414 416007513 GOV'T ENTITY 251175356 0 N/A N/A THE FOUNDATION PROVIDES FUND GRANTS TO AND FOR THE BENEFIT OF THE UNIVERSITY OF MINNESOTA. FAIRVIEW HEALTH SERVICES 1700 UNIVERSITY AVENUE W ST PAUL MN 55104 410991680 501(C)(3) 6769246 0 N/A N/A FUND GRANTS TO SUPPORT THE UNIVERSITY OF MINNESOTA HOSPITAL AND CLINICAL PROGRAMMING AT M HEALTH FAIRVIEW. MINNESOTA LANDSCAPE ARBORETUM FOUNDATION 3675 ARBORETUM DRIVE CHASKA MN 55318 237081057 501(C)(3) 4284530 0 N/A N/A THE MINNESOTA LANDSCAPE ARBORETUM FOUNDATION IS A RECOGNIZED FOUNDATION OF THE UNIVERSITY OF MINNESOTA. UNIVERSITY OF MINNESOTA PHYSICIANS 720 WASHINGTON AVENUE SE SUITE 200 MINNEAPOLIS MN 554142924 411843943 501(C)(3) 213750 0 N/A N/A FUND GRANT TO SUPPORT THE UNIVERSITY OF MINNESOTA PHYSICIANS MILL CITY AND BROADWAY CLINICS. UNIVERSITY OF MINNESOTA ALUMNI ASSOCIATION 200 OAK STREET SE SUITE 200 MINNEAPOLIS MN 554552040 416037089 501(C)(3) 150000 0 N/A N/A FUND GRANT TO SUPPORT THE UNIVERSITY OF MINNESOTA ALUMNI ASSOCIATION. BOWEN CENTER FOR THE STUDY OF THE FAMILY 4400 MACARTHUR BOULEVARD NW SUITE 103 WASHINGTON DC 200072521 521667358 501(C)(3) 60565 0 N/A N/A FUND GRANT PER CHARITABLE REMAINDER TRUST AGREEMENT TO MAKE ANNUAL DISTRIBUTION OF ENDOWMENT PAYOUT. 6 0 PART I, LINE 2: THE FOUNDATION HOLDS FUNDS TO BENEFIT THE UNIVERSITY OF MINNESOTA. THE VARIOUS DEPARTMENTS OF THE UNIVERSITY ARE RESPONSIBLE FOR REQUESTING FUND GRANTS TO BE TRANSFERRED TO THE UNIVERSITY WHEN NEEDED. THE FOUNDATION MAKES CERTAIN THE FUND GRANT USE MATCHES THE FUND PURPOSE AND THEN DISBURSES THE MONEY TO THE UNIVERSITY. THE UNIVERSITY OFFICE OF INTERNAL AUDIT REGULARLY AUDITS THE DEPARTMENTS TO MAKE SURE THE FUNDS ARE BEING USED FOR THE APPROPRIATE PURPOSES. THE FOUNDATION ENSURES THE TAX-EXEMPT STATUS OF ANY ORGANIZATION TO WHICH IT IS MOVING GRANT MONIES OR WHICH A GRANT WAS MADE. IN ADDITION, THE FOUNDATION ENSURES THE PURPOSE OF THE GRANT IS CLEARLY UNDERSTOOD BY THE TRANSFEREE ORGANIZATION. X 1 1 X X X X X 0 0 0 0 0 0 0 0 0 KATHLEEN M SCHMIDLKOFER PRESIDENT/CEO 474048 0 188416 0 774 0 100500 0 12895 0 776633 0 0 0 PAT MASCIA UMFREA MANAGING DIRECTOR 406847 0 100000 0 0 0 19775 0 46752 0 573374 0 0 0 ROBERT J BURGETT SENIOR VICE PRESIDENT 357656 0 70798 0 1434 0 46882 0 10692 0 487462 0 0 0 PATRICIA K PORTER VICE PRESIDENT 331164 0 67584 0 774 0 39650 0 32728 0 471900 0 0 0 CHRISTINE K SEARSON VICE PRESIDENT/CFO 292337 0 55990 0 774 0 30500 0 34890 0 414491 0 0 0 JAMES G AAGAARD VICE PRESIDENT 253119 0 51918 0 2286 0 33788 0 26745 0 367856 0 0 0 TRAVIS SMITH ASSOCIATE VICE PRESIDENT 249110 0 38519 0 270 0 25893 0 29779 0 343571 0 0 0 CATHERINE MCGLINCH ASSOCIATE VICE PRESIDENT 223366 0 34610 0 774 0 30211 0 29729 0 318690 0 0 0 ELIZABETH PATTY ASSOCIATE VICE PRESIDENT 227419 0 34701 0 774 0 30290 0 18518 0 311702 0 0 0 SARAH E YOUNGERMAN VICE PRESIDENT 212096 0 43774 0 414 0 28488 0 26380 0 311152 0 0 0 STEVEN M CORKERY ASSOCIATE VICE PRESIDENT 219032 0 33396 0 414 0 28662 0 27029 0 308533 0 0 0 KRISTI FLANAGAN VILLAR ASSOCIATE VICE PRESIDENT 221786 0 33320 0 180 0 22372 0 2038 0 279696 0 0 0 CAROL CUROE VICE PRESIDENT (UNTIL 10/15/2022) 171030 0 30805 0 1005 0 10526 0 8961 0 222327 0 0 0 PART I, LINE 1A THE FOUNDATION PAYS THE SOCIAL CLUB DUES FOR THE MINNEAPOLIS CLUB. THE CLUB MEMBERSHIP IS UNDER THE FOUNDATION CEO'S NAME. THE FOUNDATION USES THE CLUB FOR DONOR CULTIVATION, BOARD MEETINGS, AND EXECUTIVE MEETINGS. THE CEO PAYS FOR HER PERSONAL USAGE OF THE CLUB. THE FOUNDATION MONITORS AND REVIEWS THE PERSONAL USAGE VS. BUSINESS USAGE OF THE CLUB AND APPLIES THE PERSONAL % OF USE TO THE CLUB DUES AND INCLUDES IN THE TAXABLE WAGES OF THE FOUNDATION CEO. THE CLUB EXPENSES ARE REVIEWED BY THE FOUNDATION'S CFO. X 216 26581462 OTHER X CORN 1 5358 PRICE X GRAIN 1 933 PRICE 5 0 1 0 PART I, COLUMN (B): THE AMOUNTS REPORTED ON COLUMN (B) REPRESENT THE NUMBER OF CONTRIBUTIONS. FORM 990, PART VI, SECTION A, LINE 2 BUSINESS RELATIONSHIPS DISCLOSED THROUGH THE CONFLICT OF INTEREST POLICY (DESCRIBED BELOW IN RESPONSE TO FORM 990, PART VI, SECTION B, LINE 12C) ARE AS FOLLOWS: TRUSTEES MARY A. DAVENPORT, DOUGLAS A. HUEBSCH, DAVID J. MCMILLAN, RUTH JOHNSON (ALL REGENTS OF THE U OF M IN FY23) HAD A BUSINESS RELATIONSHIP WITH JOAN T.A. GABEL (PRESIDENT OF U OF M) AND JEFF ETTINGER (INTERIUM U OF M PRESIDENT) DURING FY23. TRUSTEES SHARI BALLARD, JEFF ETTINGER, AND LAURIE MARSH HAVE A BUSINESS RELATIONSHIP. FORM 990, PART VI, SECTION A, LINE 7A THE BOARD OF REGENTS OF THE UNIVERSITY OF MINNESOTA SHALL APPOINT AT LEAST ONE-FOURTH OF THE MEMBERS OF THE BOARD OF TRUSTEES. FORM 990, PART VI, SECTION B, LINE 11B THE FORM 990 IS REVIEWED BY THE CONTROLLER AND CHIEF FINANCIAL OFFICER, AS WELL AS AN EXTERNAL PAID PREPARER. AFTER THOSE REVIEWS ARE COMPLETE, THE FORM 990 IS PRESENTED TO THE FULL AUDIT COMMITTEE. FINALLY, A COPY OF THE FORM IS DISTRIBUTED TO THE ENTIRE BOARD OF TRUSTEES BEFORE FILING THE RETURN. FORM 990, PART VI, SECTION B, LINE 12C OFFICERS, TRUSTEES, EXECUTIVES AND EXTENDED LEADERSHIP ARE REQUIRED TO READ THE CONFLICT OF INTEREST POLICY AND DISCLOSE ANY INTERESTS THAT COULD BE OF CONFLICT ANNUALLY. THE CFO, CONTROLLER, AND DIRECTOR OF BOARD RELATIONS REVIEW THE CONFLICT OF INTEREST FORMS FOR ANY POTENTIAL CONFLICTS. THE PROCEDURES WITHIN THE CONFLICT OF INTEREST POLICY WILL BE FOLLOWED FOR ANY REPORTED CONFLICTS, INCLUDING THE POTENTIAL USE OF CONFLICT MANAGEMENT PLANS. IF A CONFLICT ARISES DURING THE YEAR, IT IS THE TRUSTEE'S RESPONSIBILITY TO DISCLOSE (PRIOR TO THE MEETING WHERE THE PROPOSED TRANSACTION OR ARRANGEMENT IS TO BE CONSIDERED) TO THE BOARD OF TRUSTEES OR THE COMMITTEE. FORM 990, PART VI, SECTION B, LINE 15 AS A NON-PROFIT, THE FOUNDATION MUST DEMONSTRATE REASONABLE COMPENSATION FOR EXECUTIVE LEVEL POSITIONS. THE FOLLOWING ARE IN PLACE TO DOCUMENT AND SUPPORT EXECUTIVE COMPENSATION PRACTICES; ANNUALLY THE FOUNDATION PARTICIPATES IN AND REVIEWS MARKET SALARY DATA, INCLUDING NATIONAL FOUNDATIONS/UNIVERSITY DEVELOPMENT COMPENSATION SURVEY; BI-ANNUALLY NON-PROFITS CEO COMPENSATION SURVEY; TRACKING OF FORM 990 DATA OF OTHER NON-PROFIT FOUNDATIONS; LOCAL/NATIONAL SURVEYS. COMPENSATION REVIEW AND APPROVAL PROCESS CONSISTS OF: 1) EXECUTIVE STAFF COMPENSATION IS RECOMMENDED BY THE FOUNDATION CEO, PREVIEWED AND DISCUSSED WITH THE BOARD CHAIR AND HUMAN RESOURCES (HR) COMMITTEE CHAIR. COMPENSATION FOR THE CEO IS PREPARED BY THE BOARD CHAIR AND HR COMMITTEE CHAIR FOR REVIEW AND APPROVAL BY THE HR COMMITTEE. 2) AN EXTERNAL COMPENSATION CONSULTING FIRM PROVIDES THIRD PARTY, OBJECTIVE ADVICE RELATIVE TO THE OVERALL COMPETITIVENESS AND REASONABLENESS OF THE TOTAL COMPENSATION OF THESE EXECUTIVES IN RELATION TO APPROPRIATE AND COMPARABLE MARKET PRACTICES. THIS FIRM REPORTS DIRECTLY TO THE BOARD OF TRUSTEES AND REVIEWS THE REASONABLENESS OF THE TOTAL COMPENSATION FOR EXECUTIVES WHO ARE DISQUALIFIED PERSONS UNDER IRC 4958. PERFORMANCE AND COMPENSATION IS REVIEWED FOR DISCUSSION/QUESTIONS AND APPROVAL BY HR COMMITTEE OF THE BOARD OF TRUSTEES. IT IS NOTED THE HR COMMITTEE MEMBERS ARE "DISINTERESTED" PARTIES UNDER IRS INTERMEDIATE SANCTIONS. 3) THE CEO AND HR COMMITTEE CHAIR THEN PRESENTS THE OFFICER COMPENSATION ACTIONS TO THE BOARD OF TRUSTEES EXECUTIVE COMMITTEE FOR REVIEW AND RATIFICATION. THEN WITHOUT THE CEO PRESENT AND IN EXECUTIVE SESSION, THE BOARD CHAIR AND HR COMMITTEE CHAIR PRESENT CEO PERFORMANCE AND COMPENSATION FOR REVIEW AND RATIFICATION. THE APPROVALS OF THE CEO AND OFFICER COMPENSATION ARE DOCUMENTED IN THE MEETING NOTES. THESE PROCEDURES ARE PERFORMED ANNUALLY FOR THE CEO AND OFFICERS WITH THE MOST RECENT BEING PERFORMED IN JULY 2023. IN EXECUTIVE SESSION OF THE QUARTERLY BOARD OF TRUSTEES MEETING EACH AUGUST, THE BOARD CHAIR AND HR COMMITTEE CHAIR REPORT TO THE FULL BOARD ON PERFORMANCE AND COMPENSATION FOR EXECUTIVES. FORM 990, PART VI, SECTION C, LINE 19 THE AUDITED CONSOLIDATED FINANCIAL STATEMENTS OF THE UNIVERSITY OF MINNESOTA FOUNDATION ARE AVAILABLE ON THE FOUNDATION'S WEBSITE OR ARE AVAILABLE UPON REQUEST FOR THE SAME PERIOD OF DISCLOSURE AS SET FORTH IN THE IRC SECTION 6104(D). THE FOUNDATION'S GOVERNING DOCUMENTS AND CONFLICT OF INTEREST POLICY ARE GENERALLY NOT AVAILABLE TO THE PUBLIC. FORM 990, PART XI, LINE 9: CHANGE IN CARRYING VALUE OF TRUSTS 3,219,147. UNIVERSITY OF MINNESOTA FOUNDATION - DINNAKEN HOUSING LLC 900 WASHINGTON AVENUE SE MINNEAPOLIS MN 55414 274131769 REAL ESTATE RENTAL DE 1048337 17736429 UNIVERSITY OF MINNESOTA FOUNDATION ARGYLE HOUSE LLC 900 WASHINGTON AVENUE SE MINNEAPOLIS MN 55414 411825444 REAL ESTATE RENTAL DE 369822 9065346 UNIVERSITY OF MINNESOTA FOUNDATION - DINNAKEN HOUSING LLC TARRIE HOUSE 900 WASHINGTON AVENUE SE MINNEAPOLIS MN 55414 411819964 REAL ESTATE RENTAL DE 38731 1870023 UNIVERSITY OF MINNESOTA FOUNDATION - DINNAKEN HOUSING LLC FULTON TOWNHOUSE 900 WASHINGTON AVENUE SE MINNEAPOLIS MN 55414 411900912 REAL ESTATE RENTAL DE -72093 861207 UNIVERSITY OF MINNESOTA FOUNDATION - DINNAKEN HOUSING LLC STADIUM VILLAGE MALL 900 WASHINGTON AVENUE SE MINNEAPOLIS MN 55414 020760452 REAL ESTATE RENTAL DE -48216 4924547 UNIVERSITY OF MINNESOTA FOUNDATION - DINNAKEN HOUSING LLC UMFREA PV LLC 900 WASHINGTON AVENUE SE MINNEAPOLIS MN 55414 611866640 REAL ESTATE RENTAL DE -1493310 -6213333 UNIVERSITY OF MINNESOTA FOUNDATION - DINNAKEN HOUSING LLC GO-INNOVATION FINANCE FUND LEVEL 2 414 TOORAK ROAD VICTORIA AS 986108840 LOAN PORTFOLIO AS 4281113 38517368 UNIVERSITY OF MINNESOTA FOUNDATION UNIVERSITY GATEWAY CORPORATION 200 OAK STREET SE SUITE 500 MINNEAPOLIS MN 55455 411879994 FACILITY TO SUPPORT U OF M MN 501(C)(3) LINE 12B, II N/A 1 UNIVERSITY OF MINNESOTA FOUNDATION INVESTMENT ADVISORS 420 N 5TH STREET SUITE 650 MINNEAPOLIS MN 55401 411931343 INVESTMENT MANAGEMENT MN 501(C)(3) LINE 12B, II N/A 1 ARTES CAPITAL SMA 1 LLC 2829 TOWNSGATE ROAD SUITE 100 WESTLAKE VILLAGE CA 91361 873152618 INVESTMENT CA N/A INVESTMENT 2292152 47798000 0 42859 0 0.99790 BASTION CONSUMER FUNDING III LLC ONE ATLANTIS STREET 6TH FLOOR STAMFORD CT 06901 842461018 INVESTMENT CT N/A INVESTMENT 3662216 153296 0 0 1.00000 CLEAR HAVEN - UMF FUND LP 370 LEXINGTON AVENUE SUITE 1901 NEW YORK NY 10017 862122603 INVESTMENT NY N/A INVESTMENT 1224739 51660136 0 0 1.00000 CORRUM CAPITAL UMF LP 214 N TYRON STREET SUITE 1950 CHARLOTTE NC 28202 832599449 INVESTMENT NC N/A INVESTMENT -570262 33959785 0 -58947 0 0.99940 FIDELIS INVESTORS WH 2021-01 LP 25 COMMERCE DRIVE SUITE 330 CRANFORD NJ 07016 862899043 INVESTMENT NJ N/A INVESTMENT 5721054 78650056 0 0 0.99840 GO-HIGHMORE TRADE FINANCE FUND LP 750 LEXINGTON 24TH FLOOR NEW YORK NY 10022 852678688 INVESTMENT NY N/A INVESTMENT 3201439 35733909 0 0 0.99820 HC SMA-I LLC 185 HUDSON STREET SUITE 1430 JERSEY CITY NJ 07311 863101797 INVESTMENT NJ N/A INVESTMENT 1905412 20235583 0 0 1.00000 LATERAL UMF FEEDER LLC 400 S EL CAMINO REAL SUITE 1100 SAN MATEO CA 94402 824167815 INVESTMENT CA N/A INVESTMENT -149392 8251448 0 -124018 0 1.00000 LEGALIST DIP SPV II LP 10120 WEST FLAMINGO ROAD SUITE 4 30 LAS VEGAS NV 89147 852776154 INVESTMENT NV N/A INVESTMENT 1296118 21046341 0 0 0.89030 LEGALIST SPV II LP 10120 WEST FLAMINGO ROAD SUITE 4 30 LAS VEGAS NV 89147 872516772 INVESTMENT NV N/A INVESTMENT -31743 3313402 0 0 0.97660 LRC PARTNERS I LLC 807 EAST MAIN STREET SUITE 2-210 DURHAM NC 27701 884334247 INVESTMENT NC N/A INVESTMENT 11933 0 0 0.99010 MHRA LP 1345 6TH AVENUE 42ND FLOOR NEW YORK NY 10105 134156814 INVESTMENT NY N/A INVESTMENT -20075 2404038 0 0 1.00000 MRP SMA II LP 520 NICOLLET MALL SUITE 700 MINNEAPOLIS MN 55402 862708712 INVESTMENT MN N/A INVESTMENT 7997716 48642850 0 3865229 0 1.00000 NORTHLEAF STRATEGIC CAPITAL FUND LP 79 WELLINGTON STREET WEST 6TH FLOO TORONTO ONTARIO CA M5K 1N9 384201494 INVESTMENT CA N/A INVESTMENT 1389115 18974060 0 0 1.00000 OHP SMA 1 330 BOSTON POST ROAD DARIEN CT 06820 880634571 INVESTMENT CT N/A INVESTMENT 779316 11607794 0 0 0.99860 PARK CITIES INSTITUTIONAL FUND I LLC 8214 WESTCHESTER DRIVE SUITE 910 DALLAS TX 75225 854226745 INVESTMENT TX N/A INVESTMENT -5112 105525 0 0 1.00000 PC ABL SMA 1 LP 11766 WILSHIRE BLVD SUITE 1460 LOS ANGELES CA 90025 842401014 INVESTMENT CA N/A INVESTMENT 2624190 31752526 0 0 1.00000 POST ROAD SPECIALTY LENDING FUND (UMINN) LP 2 LANDMARK SQUARE SUITE 207 STAMFORD CT 06901 833006413 INVESTMENT CT N/A INVESTMENT 677865 6834891 0 0 0.96910 PSC US WOLVERINE LLC CO POLLEN STREET CAPITAL 600 CONGRESS AVENUE 14TH FLOOR AUSTIN TX 78701 871868801 INVESTMENT TX N/A INVESTMENT 2326626 7720444 0 0 0.76500 PSF VIKING LENDING LLC 98 SAN JACINTO BLVD SUITE 160 AUSTIN TX 78701 844338717 INVESTMENT TX N/A INVESTMENT 2553471 31440730 0 0 0.99220 RIVONIA ROAD UMFIA LLC 2800 28TH STREET SUITE 125 SANTA MONICA CA 90405 853928339 INVESTMENT CA N/A INVESTMENT 386313 3789124 0 0 0.97570 SERIES M - VIRAGE CAPITAL PARTNERS II LP 1700 POST OAK BOULEVARD 2 BOULEVARD HOUSTON TX 77056 352567381 INVESTMENT TX N/A INVESTMENT 1116264 13054816 0 -259464 0 0.51040 STORMFIELD NORTH STAR FUND LP 200 PEQUOT AVENUE SOUTHPORT CT 06890 873351484 INVESTMENT CT N/A INVESTMENT 2265961 51205993 0 0 1.00000 TALLINN CAPITAL ENERGY LIMITED PARTNERSHIP 418-100 4TH AVENUE SW CALGARY ALBERTA CA T2P 3N2 INVESTMENT CA N/A INVESTMENT 814482 5740564 0 0 0.55370 TIKOVA SMA I LLC 136 SOUTH POPLAR STREET DENVER CO 80230 883046433 INVESTMENT CO N/A INVESTMENT 379780 26997088 0 0 0.99990 TURNING ROCK UMF LLC 400 PARK AVENUE SUITE 610 NEW YORK NY 10022 822528033 INVESTMENT NY N/A INVESTMENT 1273223 6759981 0 99271 0 0.99900 VPC INVESTOR FUND M LP 150 NORTH RIVERSIDE PLAZA SUITE 520 CHICAGO IL 60606 844339881 INVESTMENT IL N/A INVESTMENT 4196514 77471856 0 0 0.99040 W&D REAL ESTATE OPPORTUNITIES CO-INVEST FUND LP 1225 17TH STREET SUITE 1660 DENVER CO 80202 861651370 INVESTMENT CO N/A INVESTMENT 1080760 11752776 0 -133875 0 1.00000 CHARITABLE REMAINDER ANNUITY TRUSTS (1) 416042488 TRUST MN N/A T 0 CHARITABLE REMAINDER UNITRUSTS (33) 416042488 TRUST MN N/A T 0 POOLED INCOME FUND (1) 416042488 TRUST MN N/A T 0 PERPETUAL TRUSTS (8) 416042488 TRUST MN N/A T 0 0 0 1 0 0 0 0 0 0 0 1 0 1 0 0 0 1 0 1 UNIVERSITY OF MINNESOTA FOUNDATION INVESTMENT ADVISORS M 7174597 CASH BASIS UNIVERSITY GATEWAY CORPORATION K 2090199 CASH BASIS UNIVERSITY GATEWAY CORPORATION S 650669 ACCRUAL BASIS