2023-05-02T18:07:09-05:00 2022-06-30 410746749 CLIFTONLARSONALLEN LLP 8390 EAST CRESCENT PARKWAY SUITE 300 GREENWOOD VILLAGE CO 80111 990 2021-07-01 346555110 THE UNIVERSITY OF TOLEDO FOUNDATION UNIV 4195307730 4510 DORR ST MS 820 TOLEDO OH 43615 RANDY ROTHENBUHLER CFO 4195307730 2023-05-01 1 RANDY ROTHENBUHLER XXX-XX-XXXX SARAH HINTZ P00492291 3037795710 2023-05-01 3 AAL1 IAL1 2021 2023-04-26 12:10:37Z BRENDA LEE 4510 DORR ST MS 820 TOLEDO OH 43615 67617612 0 X WWW.UTFOUNDATION.ORG X 1964 OH IN SUPPORT OF THE UNIVERSITY OF TOLEDO AND THE STUDENTS OF THE UNIVERSITY. 26 26 106 25 667712 0 19636690 14789683 3131350 3382148 18959488 10968985 -183768 257455 41543760 29398271 13012976 16870202 0 0 5853439 6494462 167603 165122 4552549 2365958 2278257 21399976 25808043 20143784 3590228 690162176 672998290 272440321 291905663 417721855 381092627 X THE MISSION OF THE UNIVERSITY OF TOLEDO FOUNDATION IS TO SECURE THE FUTURE FOR THE UNIVERSITY OF TOLEDO, THROUGH PRUDENT ASSET MANAGEMENT AND PHILANTHROPY. WE BUILD STRONG LINKAGES BETWEEN ALUMNI AND THE UNIVERSITY, FOSTERING A SPIRIT OF LOYALTY AND OPPORTUNITY FOR ENGAGEMENT. 0 0 4859905 4859905 0 SCHOLARSHIPS ARE PROVIDED FOR BOOKS, TUITION, AND HOUSING FOR STUDENTS ATTENDING THE UNIVERSITY OF TOLEDO. 12010297 12010297 0 SUPPORT TO THE UNIVERSITY OF TOLEDO FOR ITEMS FOR EDUCATIONAL, ATHLETIC, AND CAPITAL IMPROVEMENT PURPOSES. 226651 0 3469695 SUPPORT OF THE UNIVERSITY OF TOLEDO IN THEIR CHARITABLE PURPOSE. 17096853 1 1 0 0 0 0 0 0 0 1 1 1 0 0 1 1 0 1 0 0 1 0 1 1 1 1 0 1 1 1 0 0 0 0 0 0 0 0 1 0 0 0 1 1 1 1 1 0 1 134 3 1 106 1 1 1 0 0 0 0 1 1 0 0 0 0 0 0 X 26 26 0 0 0 0 0 0 0 1 1 0 0 1 1 1 1 1 1 1 1 1 1 CA CO FL KY MA MD MI MN NH NJ OH OR UT WA WV NY SC AL AR GA HI IL KS MS NC ND NM OK PA RI TN VA WI X MICHAEL DETER 4195305620 4510 DORR ST MS 820 TOLEDO OH 43615 JOHN HUBER CHAIR 1.00 0.00 X X 0 0 0 SUSAN PAYDEN VICE-CHAIR 1.00 0.00 X X 0 0 0 JIM BECKMAN TREASURER 1.00 0.00 X X 0 0 0 SUSAN PALMER SECRETARY 1.00 0.00 X X 0 0 0 MICHAEL BELL TRUSTEE 1.00 0.00 X 0 0 0 SHERI BOKROS TRUSTEE 1.00 1.00 X 0 0 0 JAMES CALDWELL TRUSTEE 1.00 0.00 X 0 0 0 TIFFANY CAVANAUGH TRUSTEE 1.00 0.00 X 0 0 0 CHRISTI CONTARDI STONE TRUSTEE 1.00 0.00 X 0 0 0 DAVID DMYTRYKA EX-OFFICIO PRESIDENT 1.00 1.00 X 0 0 0 MUI-LING Y DONG TRUSTEE 1.00 0.00 X 0 0 0 DANA FITZSIMMONS TRUSTEE 1.00 0.00 X 0 0 0 MATTHEW FORTUNAK TRUSTEE 1.00 0.00 X 0 0 0 JAMES JAROS TRUSTEE 1.00 0.00 X 0 0 0 MARK LUETKE TRUSTEE 1.00 0.00 X 0 0 0 YVONNE MCNULTY TRUSTEE 1.00 0.00 X 0 0 0 GERALD MILLER TRUSTEE 1.00 1.00 X 0 0 0 SHAWN NELSON TRUSTEE 1.00 0.00 X 0 0 0 TERRENCE PERRIS TRUSTEE 1.00 0.00 X 0 0 0 NADEEM SALEM TRUSTEE 1.00 0.00 X 0 0 0 ROBERT SCHOONMAKER TRUSTEE 1.00 0.00 X 0 0 0 RASESH SHAH TRUSTEE 1.00 0.00 X 0 0 0 MARTIN SUTTER TRUSTEE 1.00 0.00 X 0 0 0 PAUL TOTH JR TRUSTEE 1.00 1.00 X 0 0 0 THOMAS WAKEFIELD TRUSTEE 1.00 0.00 X 0 0 0 ROBIN WHITNEY TRUSTEE 1.00 1.00 X 0 0 0 BRENDA S LEE PRESIDENT 35.00 5.00 X 243121 0 28842 DONNA WELCH VP OF FINANCE AND CFO 35.00 5.00 X 158650 0 27012 CHERYL ZWYER SENIOR ASSOCIATE VP OF DEV 40.00 0.00 X 198111 0 35139 WILLIAM PIERCE ASSOCIATE VP OF ALUMNI ENG 40.00 0.00 X 166555 0 34484 BARBARA TARTAGALIA-POURE EXECUTIVE DIRECTOR OF DEV 40.00 0.00 X 151816 0 13727 JENNIFER SCHAEFER DIRECTOR OF DEVELOPMENT 40.00 0.00 X 122992 0 36381 ETHAN KIRK ROSS VP FOR ADVANCEMENT 40.00 0.00 X 126667 0 31758 1167912 0 207343 10 0 1 0 NORTHERN TRUST COMPANY 50 SOUTH LASALLE ST CHICAGO IL 60603 INVESTMENT MANAGEMENT 354654 FUND EVALUATION GROUP 201 EAST FIFTH STREET SUITE 1600 CINCINNATI OH 45202 INVESTMENT MANAGEMENT 257650 ARAMARK SERVICES INC 27310 NETWORK PLACE CHICAGO IL 60673 CAFETERIA SERVICES 250636 WESTFIELD CAPITAL MGMT ONE FINANCIAL CENTER BOSTON MA 02111 INVESTMENT MANAGEMENT 217876 HOLLAND INC BUILDING SERVICES PO BOX 8248 TOLEDO OH 43605 CADE BUILDING MAINT/CLEANING 205961 10 178436 14611247 298309 14789683 ADMINISTRATIVE FEES 523930 3382148 3382148 3382148 5643157 665642 4977515 2180403 3073392 -892989 -892989 -603228 657 -290418 36261614 939539 30739837 1135488 5521777 -195949 5325828 5325828 71952 178436 100619 -28667 -28667 116007 15660 100347 100347 3461730 3154345 307385 1413 305972 EVENTS 711210 509374 509374 UNIV ORG PROF DEVELOP 611430 181401 181401 UNIVERSITY SUPPORT INC 611710 41885 41885 38719 38719 771379 29398271 3469695 667712 10471181 12010297 12010297 4634101 4634101 225804 225804 454605 454605 4482497 1475087 3007410 314340 112354 201986 876238 421019 455219 366782 138349 228433 20705 20705 73525 73525 165122 165122 958309 958309 205398 205398 128523 56399 17515 54609 139229 135954 3275 37586 37586 100037 1970 98067 229403 16282 42847 170274 16046 16046 39005 39005 DUES AND SUBSCRIPTIONS 172114 55416 116698 DONOR APPRECIATION GIFT 22761 22761 EQUIPMENT/SUPPLIES 10421 8787 1634 125195 98134 27061 25808043 17096853 4158641 4552549 1852372 1462251 12631170 10004927 856547 942905 8303504 8303504 7789 83126 48280765 7170984 43153843 41109781 462293176 429076918 159457047 180261478 1606728 1753400 690162176 672998290 1810739 2271757 38034 60282 255528062 275117455 10346740 10028404 4716746 4427765 272440321 291905663 X 76280162 67835941 341441693 313256686 417721855 381092627 690162176 672998290 X 3590228 -40266401 46945 X X 0 1 X 1 0 X 40804854 16676904 14356938 19636690 14789683 106265069 40804854 16676904 14356938 19636690 14789683 106265069 30912723 75352346 5097651 6162346 5313243 6559718 6947971 30080929 0 0 0 0 667712 667712 6621478 6079167 5208097 3900311 4194601 26003654 163017364 18295029 0.46220 0.47460 X RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED 0 1 X 312477927 5135178 -25324730 2583929 3182672 286521774 242177777 12341459 67483870 6577659 2947520 312477927 251619939 1769811 -1677810 6663061 2871102 242177777 246661888 4408310 6963913 3701607 2712565 251619939 235547880 2106781 16070857 4475411 2588219 246661888 0.05485 0.42077 0.52438 0 0 5374700 5374700 41801779 6232921 35568858 1100286 938063 162223 4000 4000 41109781 55692593 F PARTNERSHIPS 117972669 F CHARITABLE REMAINDER TRUSTS AND LIFE INCOME FUND 3772829 F GATEWAY 2229911 F REAL ESTATE AND OTHER 593476 F 180261478 ANNUITIES PAYABLE 2197854 GATEWAY FUNDING FROM POOLED INVESTMENTS 2229911 4427765 X -5175794 -40266401 110681 -40155720 34979926 958309 -6539964 -5581655 29398271 31403543 13845 13845 31389698 958309 -6539964 -5581655 25808043 PART IV, LINE 2B: THE FOUNDATION RAISES OR HOLDS CONTRIBUTIONS FOR AFFILIATES. THE FOUNDATION ACCEPTS CONTRIBUTIONS FROM DONORS AND AGREES TO TRANSFER THOSE ASSETS, THE RETURN ON INVESTMENT OF THOSE ASSETS OR BOTH, TO THE AFFILIATE THAT WAS SPECIFIED BY THE DONOR. THE FOUNDATION CONTINUES TO REPORT THESE FUNDS AS ASSETS OF THE FOUNDATION; HOWEVER, A LIABILITY HAS BEEN ESTABLISHED FOR THE FAIR VALUE OF THE FUNDS. ALL FINANCIAL ACTIVITY RELATED TO THE FUNDS IS RECORDED AS ADJUSTMENTS TO THE FUNDS HELD FOR AFFILIATE'S LIABILITY AND IS OMITTED FROM THE CONSOLIDATED STATEMENT OF ACTIVITIES. PART V, LINE 4: THE ENDOWMENT FUNDS ARE TO BE USED TO PROMOTE THE CHARITABLE PURPOSES OF THE UNIVERSITY OF TOLEDO FOUNDATION. PART X, LINE 2: THE FOUNDATION IS INCORPORATED UNDER THE LAWS OF THE STATE OF OHIO AS A NONPROFIT CORPORATION AND IS EXEMPT FROM STATE AND LOCAL INCOME TAXES. THE INTERNAL REVENUE SERVICE HAS DETERMINED THAT THE FOUNDATION IS A TAX-EXEMPT ORGANIZATION AS DEFINED UNDER SECTION 501(C)(3) OF THE INTERNAL REVENUE CODE. OTHER SUBSIDIARIES OF THE FOUNDATION ARE INCORPORATED IN THE STATE OF OHIO AS LIMITED LIABILITY COMPANIES AND MAY CAUSE THE FOUNDATION TO BE SUBJECT TO UNRELATED BUSINESS INCOME TAX ON CERTAIN ACTIVITIES UNRELATED TO ITS PRIMARY MISSION. MANAGEMENT HAS ESTIMATED POTENTIAL LIABILITY TO UNRELATED BUSINESS INCOME TAX TO BE NOMINAL. ACCOUNTING PRINCIPLES GENERALLY ACCEPTED IN THE UNITED STATES OF AMERICA REQUIRE MANAGEMENT TO EVALUATE TAX POSITIONS TAKEN BY THE FOUNDATION AND RECOGNIZE A TAX LIABILITY IF THE FOUNDATION HAS TAKEN AN UNCERTAIN POSITION THAT MORE LIKELY THAN NOT WOULD NOT BE SUSTAINED UPON EXAMINATION BY THE IRS OR OTHER APPLICABLE TAXING AUTHORITIES. MANAGEMENT HAS ANALYZED THE TAX POSITIONS TAKEN BY THE FOUNDATION AND HAS CONCLUDED THAT AS OF JUNE 30, 2022 AND 2021, THERE ARE NO UNCERTAIN POSITIONS TAKEN OR EXPECTED TO BE TAKEN THAT WOULD REQUIRE RECOGNITION OF A LIABILITY OR DISCLOSURE IN THE CONSOLIDATED FINANCIAL STATEMENTS. THE FOUNDATION IS SUBJECT TO ROUTINE AUDITS BY TAXING JURISDICTIONS; HOWEVER, THERE ARE CURRENTLY NO AUDITS FOR ANY TAX PERIODS IN PROGRESS. PART XI, LINE 2D - OTHER ADJUSTMENTS: CHANGE IN CASH SURRENDER VALUE OF LIFE INSURANCE 46,946. INCOME FROM UTF REAL ESTATE 63,735. PART XI, LINE 4B - OTHER ADJUSTMENTS: COST OF GOODS SOLD -3,154,345. FUNDRAISING EXPENSES -100,618. GAMING EXPENSES -15,660. LOSS ON FIXED ASSET DISPOSAL -195,949. RENTAL EXPENSES -3,073,392. PART XII, LINE 2D - OTHER ADJUSTMENTS: EXPENSES FROM UTF REAL ESTATE 13,845. PART XII, LINE 4B - OTHER ADJUSTMENTS: RENTAL EXPENSES -3,073,392. FUNDRAISING EXPENSES -100,618. GAMING EXPENSES -15,660. COST OF GOODS SOLD -3,154,345. LOSS ON FIXED ASSET DISPOSAL -195,949. 1 CENTRAL AMERICA AND THE CARIBBEAN 0 0 INVESTMENTS SCHOLARSHIPS 11011098 EUROPE (INCLUDING ICELAND & GREENLAND) - ALBANIA, ANDORRA, AUSTRIA, BELGIUM 0 0 INVESTMENTS SCHOLARSHIPS 3935481 CENTRAL AMERICA AND THE CARIBBEAN 0 0 SCHOLARSHIPS TO RECIPIENTS IN REGION SCHOLARSHIPS 2500 EAST ASIA AND THE PACIFIC 0 0 SCHOLARSHIPS TO RECIPIENTS IN REGION SCHOLARSHIPS 66842 EUROPE (INCLUDING ICELAND & GREENLAND) 0 0 SCHOLARSHIPS TO RECIPIENTS IN REGION SCHOLARSHIPS 9971 MIDDLE EAST AND NORTH AFRICA 0 0 SCHOLARSHIPS TO RECIPIENTS IN REGION SCHOLARSHIPS 13004 NORTH AMERICA 0 0 SCHOLARSHIPS TO RECIPIENTS IN REGION SCHOLARSHIPS 10450 RUSSIA AND NEIGHBORING STATES 0 0 SCHOLARSHIPS TO RECIPIENTS IN REGION SCHOLARSHIPS 9800 SOUTH AMERICA 0 0 SCHOLARSHIPS TO RECIPIENTS IN REGION SCHOLARSHIPS 1000 SOUTH ASIA 0 0 SCHOLARSHIPS TO RECIPIENTS IN REGION SCHOLARSHIPS 60573 SUB-SAHARAN AFRICA 0 0 SCHOLARSHIPS TO RECIPIENTS IN REGION SCHOLARSHIPS 51664 0 0 0 0 0 0 15059146 113237 15172383 SCHOLARSHIPS VARIOUS 191 225804 DIRECT PAYMENT N/A N/A 1 0 1 0 1 0 PART I, LINE 2: THE FOUNDATION ISSUES ASSISTANCE (GRANTS) TO CERTAIN STUDENTS OF THE UNIVERSITY OF TOLEDO FOR SCHOLARSHIPS AND STUDENT AID. THE STUDENTS ARE AWARDED THESE GRANTS THROUGH THE UNIVERSITY OF TOLEDO FINANCIAL AID DEPARTMENT. THE UNIVERSITY OF TOLEDO FOUNDATION RECEIVES A LISTING OF ALL RECIPIENTS OF THE AWARDS AT THE END OF EACH SEMESTER FROM THE BURSAR OFFICE. THE RECIPIENT INFORMATION IS RECORDED AND RECONCILED IN THE FOUNDATION'S FILES. FUNDS ARE DISBURSED TO THE UNIVERSITY ON A REIMBURSEMENT BASIS AT THE END OF EACH SEMESTER. PART III ACCOUNTING METHOD: PART I, LINE 3, COLUMN (F): THE ACCOUNTING METHOD USED IS ACCRUAL. X X X X X X 1 RUFFALO NOEL LEVITZ LLC PO BOX 718 DES MOINES IA 50303 CONSULTS ON AND MANAGES PHONE SOLICITATION PROGRAM 0 153059 165122 -12063 153059 165122 -12063 AL AK AZ AR CA CO CT DE FL GA HI ID IL IN IA KS KY LA ME MD MA MI MN MS MO MT NE NV NH NJ NM NY NC ND OH OK OR PA RI SC SD TN TX UT VT VA WA WV WI WY ROCKET ROUNDBALL 77100 54700 22400 2049 2210 3740 2274 ROCKET FUEL GOLF OUTING 26308 10375 15933 10809 351 8 146980 113361 33619 5003 48117 350 25716 250388 178436 71952 7052 61136 4090 28341 100619 -28667 116007 11785 3875 0 116007 11785 3875 15660 100347 OH 0 PURSUANT TO ORC 2915.092, THE ORGANIZATION MAY CONDUCT A RAFFLE TO RAISE MONEY FOR A SUPPORTED ORGANIZATION AND DOES NOT NEED A LICENSE IN ORDER TO CONDUCT A RAFFLE DRAWING THAT IS NOT FOR PROFIT. 0 1 0 1.00000 MICHAEL DETER 4510 DORR ST MS 820 TOLEDO OH 43615 0 MICHAEL DETER 0 RECORDKEEPING X 0 SCHEDULE G, PART I, LINE 2B, COLUMN (V) THE FOUNDATION HAS A CONTRACT WITH RUFFALO NOEL LEVITZ, LLC (RNL) FOR FUNDRAISING CONSULTING SERVICES. THE FOUNDATION ALSO PAID RNL FOR EQUIPMENT AND POSTAGE. 1 UNIVERSITY OF TOLEDO 2801 W BANCROFT MS 319 TOLEDO OH 43606 346401483 OHIO 12010297 0 N/A N/A TO SUPPORT THE UNIVERSITY OF TOLEDO IN ITS EXEMPT PURPOSE 1 0 SCHOLARSHIPS FOR STUDENTS AT THE UNIVERSITY OF TOLEDO - TUITION/BOOKS 2183 4634101 N/A N/A PART I, LINE 2: THE UNIVERSITY OF TOLEDO FOUNDATION'S PRIMARY MISSION IS TO RECEIVE AND ADMINISTER PRIVATE GIFTS FOR THE BENEFIT OF THE UNIVERSITY OF TOLEDO. THE FOUNDATION PROVIDES ASSISTANCE FOR THE UNIVERSITY, STUDENT PROGRAMS AND FINANCIAL AID. THE FOUNDATION PROVIDES FUNDING TO THE UNIVERSITY OF TOLEDO FOR UNIVERSITY AND STUDENT PROGRAMS ON A REIMBURSEMENT BASIS. UNIVERSITY DEPARTMENT OFFICIALS REQUEST FUNDS THROUGH THE COMPLETION OF THE PROPER FORMS ACCOMPANIED BY SUFFICIENT SUPPORTING DOCUMENTATION. THE FOUNDATION REVIEWS THE FORMS AND DOCUMENTATION TO ENSURE COMPLIANCE WITH DONOR RESTRICTIONS AND FOUNDATION POLICIES AND PROCEDURES. ALL DISBURSEMENTS ARE THEN APPROVED BY THE PRESIDENT OR THE VP AND CFO. THE FOUNDATION ISSUES ASSISTANCE (GRANTS) TO CERTAIN STUDENTS OF THE UNIVERSITY OF TOLEDO FOR SCHOLARSHIPS AND STUDENT AID. THE STUDENTS ARE AWARDED THESE GRANTS THROUGH THE UNIVERSITY OF TOLEDO FINANCIAL AID DEPARTMENT. THE UNIVERSITY OF TOLEDO FOUNDATION RECEIVES A LISTING OF ALL RECIPIENTS OF THE AWARDS AT THE END OF EACH SEMESTER FROM THE BURSAR OFFICE. THE RECIPIENT INFORMATION IS RECORDED AND RECONCILED IN THE FOUNDATION'S FILES. FUNDS ARE DISBURSED TO THE UNIVERSITY ON A REIMBURSEMENT BASIS AT THE END OF EACH SEMESTER. X X X X 0 0 0 0 0 0 0 0 0 BRENDA S LEE PRESIDENT 229910 0 10000 0 3211 0 17228 0 11614 0 271963 0 0 0 CHERYL ZWYER SENIOR ASSOCIATE VP OF DEV 197211 0 0 0 900 0 14238 0 20901 0 233250 0 0 0 WILLIAM PIERCE ASSOCIATE VP OF ALUMNI ENG 165528 0 0 0 1027 0 11342 0 23142 0 201039 0 0 0 DONNA WELCH VP OF FINANCE AND CFO 156813 0 0 0 1837 0 10914 0 16098 0 185662 0 0 0 BARBARA TARTAGALIA-POURE EXECUTIVE DIRECTOR OF DEV 148737 0 0 0 3079 0 10762 0 2965 0 165543 0 0 0 JENNIFER SCHAEFER DIRECTOR OF DEVELOPMENT 122181 0 0 0 811 0 9293 0 27088 0 159373 0 0 0 ETHAN KIRK ROSS VP FOR ADVANCEMENT 125707 0 0 0 960 0 8922 0 22836 0 158425 0 0 0 X 42991 COST X 26 200319 SELLING PRICE X 1 50000 APPRAISAL/MARKET VALUE X EQUIPMENT 8 4999 COST 1 0 1 0 PART I, COLUMN (B): NUMBER OF CONTRIBUTIONS USED IN PART I. FORM 990, PART VI, SECTION A, LINE 1A THE EXECUTIVE COMMITTEE CONSISTS OF ELECTED OFFICERS OF THE FOUNDATION PLUS, IF A MEMBER OF THE BOARD OF TRUSTEES, THE IMMEDIATE PAST CHAIR OF ANY OTHER STANDING COMMITTEE CREATED BY THE BOARD. THE EXECUTIVE COMMITTEE SHALL OVERSEE THE AFFAIRS AND BUSINESS OF THE FOUNDATION WHEN THE FOUNDATION BOARD IS NOT IN SESSION, AND SHALL, IN ALL CASES, BY SUBJECT TO THE CONTROL AND DIRECTION OF THE BOARD. FORM 990, PART VI, SECTION B, LINE 11B MANAGEMENT PRESENTS TO THE AUDIT AND FINANCE COMMITTEE THE FINAL DRAFT FORM 990 ALONG WITH A LIST OF MANAGEMENT ASSERTIONS REGARDING THE COMPLETENESS AND ACCURACY OF THE FORM AND THE EXISTENCE OF THE POLICIES AND PROCEDURES DOCUMENTED IN FORM 990. THE AUDIT AND FINANCE COMMITTEE IS CHARGED TO PROVIDE THE REVIEW AND APPROVAL FUNCTION OF FORM 990 FOR THE BOARD OF TRUSTEES. THE FINAL APPROVED FORM 990 IS PROVIDED TO ALL MEMBERS OF THE BOARD OF TRUSTEES FOR COMMENT BEFORE FILING. FORM 990, PART VI, SECTION B, LINE 12C ON AN ANNUAL BASIS, THE MEMBERS OF THE BOARD OF TRUSTEES FOR THE UNIVERSITY OF TOLEDO FOUNDATION ARE REQUIRED TO COMPLETE TRUSTEE DISCLOSURE STATEMENTS WHICH AFFIRMS EACH MEMBER RECEIVED A COPY OF THE CONFLICT OF INTEREST POLICY, HAS READ AND UNDERSTANDS THE POLICY, AND AGREES TO COMPLY WITH THE POLICY. TRUSTEES ARE REQUIRED TO DISCLOSE ANY FAMILY AND BUSINESS RELATIONSHIPS, FINANCIAL INTEREST, AND THE STATUS OF THEIR INDEPENDENCE. TRUSTEES ARE ALSO REQUESTED BY THE BOARD OR COMMITTEE CHAIR TO DISCLOSE ANY ACTUAL OR POSSIBLE CONFLICTS BEFORE VOTING ON MATTERS RELATED TO AWARDING BUSINESS WITH THE FOUNDATION. ALL DISCLOSURE STATEMENTS ARE REVIEWED BY THE COMMITTEE OF TRUSTEES AND MAINTAINED BY THE PRESIDENT OF THE FOUNDATION TO DETERMINE EXISTENCE OF A CONFLICT. ANY DISCLOSED OR IDENTIFIED ACTUAL OR POSSIBLE CONFLICTS ARE DISCUSSED WITH THE CHAIR OF THE BOARD OF TRUSTEES AND MAY BE PRESENTED TO THE EXECUTIVE COMMITTEE FOR DISCUSSION AND RESOLUTION. ANY FINANCIAL INTERESTS DISCLOSED PRIOR TO ACTION BEING TAKEN AT A MEETING SHALL BE DISCUSSED WITH THE INTERESTED PERSON. THE REMAINING TRUSTEES OR COMMITTEE MEMBERS SHALL DETERMINE IF A CONFLICT EXISTS BY VOTE, AND THE RESULTS WILL BE RECORDED IN THE MINUTES. THE CHAIR OR COMMITTEE MAY APPOINT A DISINTERESTED PERSON OR COMMITTEE TO INVESTIGATE ALTERNATIVES TO THE ARRANGEMENT IN QUESTION. THE BOARD OR COMMITTEE WILL EXERCISE DUE DILIGENCE AND DETERMINE IF MORE ADVANTAGEOUS ARRANGEMENTS CAN BE REASONABLY MADE THAT WOULD NOT BE A CONFLICT OF INTEREST. IF A MORE ADVANTAGEOUS OPTION IS NOT REASONABLY ATTAINABLE, THE BOARD OR COMMITTEE WILL DETERMINE BY MAJORITY VOTE IF THE ARRANGEMENT IN QUESTION IS IN THE BEST INTEREST OF THE FOUNDATION AND IF IT IS FAIR AND REASONABLE. MEMBERS THAT FAIL TO DISCLOSE ACTUAL OR POSSIBLE CONFLICTS OF INTEREST WILL BE AFFORDED THE OPPORTUNITY TO EXPLAIN THE ALLEGED FAILURE TO DISCLOSE. THE BOARD OR COMMITTEE MAY CONDUCT FUTHER INVESTIGATION IF WARRANTED. THE BOARD OR COMMITTEE WILL THEN DETERMINE WHETHER A FAILURE TO DISCLOSE AN ACTUAL OR POSSIBLE CONFLICT OF INTEREST RESULTS IN DISCIPLINARY AND CORRECTIVE ACTION. FORM 990, PART VI, SECTION B, LINE 15 ANNUALLY, THE ORGANIZATION AND COMPENSATION COMMITTEE OF THE UTF BOARD OF DIRECTORS ("COMMITTEE") WILL REVIEW THE COMPONENTS OF THE COMPENSATION PROGRAM AND RECOMMEND PROGRAM MODIFICATIONS AS APPROPRIATE TO THE EXECUTIVE COMMITTEE OF UTF. EVERY THREE TO FIVE YEARS, THE COMMITTEE WILL ENGAGE A PROFESSIONAL SERVICE FIRM TO PERFORM A COMPLETE REVIEW OF THE TOTAL COMPENSATION STRUCTURE TO ENSURE THAT IT IS COMPETITIVE. THE COMMITTEE CONSIDERS ALL APPLICABLE FACTORS WHEN DETERMINING MARKET COMPARATORS, INCLUDING A NATIONAL, REGIONAL AND/OR LOCAL PEER GROUP OF ORGANIZATIONS COMPARABLE TO UTF IN SIZE (I.E., NET REVENUES, FTES, BUDGET AND ASSETS UNDER MANAGEMENT) AND COMPLEXITY TO DETERMINE THE MARKET VALUES OF POSITIONS. THE EXECUTIVE COMMITTEE IS AUTHORIZED TO ACT ON THE BOARD'S BEHALF IN (I) DETERMINING APPROPRIATE COMPENSATION FOR UTF'S EXECUTIVES AND OTHER DISQUALIFIED PERSONS; (II) EVALUATING EXECUTIVES AND OTHER DISQUALIFIED PERSONS' COMPENSATION PLANS, POLICIES, AND PROGRAMS; (III) REVIEWING BENEFIT PLANS FOR EXECUTIVES AND OTHER DISQUALIFIED PERSONS; AND (IV) VERIFYING THAT COMPENSATION INFORMATION IS APPROPRIATELY AND FULLY DISCLOSED. THE EXECUTIVE COMMITTEE IS MADE UP OF INDEPENDENT PERSONS AND ALL DISCUSSIONS AND ACTIONS OF THE COMMITTEE ARE DOCUMENTED IN MINUTES OR OTHER RECORDS OF THE COMMITTEE. A REVIEW OF ALL POSITION SALARY RANGES WAS CONDUCTED IN NOVEMBER OF 2021 BASED ON INDUSTRY INFORMATION AND SURVEYS BY INDEPENDENT SOURCES IN CONJUCTION WITH INDIVIDUAL GOALS AND OBJECTIVES. THE REVIEW WAS CONDUCTED BY FINDLEY DAVIES. EVERY 3-5 YEARS UTF BOARD CONTRACTS WITH AN OUTSIDE 3RD PARTY COMPANY TO CONDUCT A COMPREHENSIVE WAGE AND SALARY STUDY. INFORMATION AND RECOMENDATIONS ARE PRESENTED TO THE ORGANIZATION AND COMPENSATION COMMITTEE FOR REVIEW. UPDATED SALARY RANGES AND MARKET RATE ADJUSTMENTS ARE APPROVED AND MOVED FORWARD FOR FULL BOARD APPROVAL. ADDITIONALLY, UTF HUMAN RESOURCE DEPARTMENT REVIEWS JOB DESCRIPTIONS AND TITLES OF OPEN POSITIONS WITH THE SAME 3RD PARTY COMPANY TO VERIFY SALARY RANGE AND OFFERING IS IN LINE WITH CURRENT MARKET. FORM 990, PART VI, SECTION C, LINE 19 AUDITED FINANCIAL STATEMENTS ARE AVAILABLE ON THE UNIVERSITY OF TOLEDO FOUNDATION'S WEBSITE. FORM 990, PART XI, LINE 9: CHANGE IN CASH SURRENDER VALUE OF LIFE INSURANCE 46,945. FORM 990, PART XII, LINE 2C: THE PROCESS FOR OVERSIGHT AND SELECTION OF AN INDEPENDENT ACCOUNTANT HAS NOT CHANGED FROM THE PRIOR YEAR. UTF GATEWAY INVESTMENTS 4510 DORR ST MS 820 TOLEDO OH 43615 451199001 STUDENT HOUSING/RETAIL OH 1118337 15360475 UNIVERSITY OF TOLEDO FOUNDATION THE UNIVERSITY OF TOLEDO REAL ESTATE CORP 4510 DORR ST MS 820 TOLEDO OH 43615 300023422 ACQUIRES AND HOLDS TITLE TO REAL PROPERTY FOR THE BENEFIT OF THE UNIVERSITY OH 501(C)(25) THE UNIVERSITY OF TOLEDO FOUNDATION 1 0 0 0 1 0 0 0 0 0 0 1 1 0 1 1 0 0 0 0 THE UNIVERSITY OF TOLEDO REAL ESTATE CORP D 8303504 ACTUAL COSTS INCURRED