2021-03-15T23:40:13-05:00 2020-06-30 861065772 Deloitte Tax LLP 50 South Sixth Street Suite 2800 Minneapolis MN 554021538 990 2019-07-01 416042488 University of Minnesota Foundation UNIV 6126243333 200 Oak Street SE No 500 Minneapolis MN 554552010 Christine K Searson Vice President / CFO 6126243333 2021-03-15 1 Kristina Rasmussen P00143920 6123974000 2019 2022-09-23 18:48:47Z Christine K Searson 200 Oak Street SE No 500 Minneapolis MN 554552010 2190197325 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 56 42 4382467 2062666 232329656 270089105 0 0 45752320 -22958240 -502187 362441 277579789 247493306 210933387 202039319 0 0 29233838 31677837 0 0 36367651 25664104 24860241 265831329 258577397 11748460 -11084091 3303486247 3368130769 339289867 336318277 2964196380 3031812492 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 202039319 202039319 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. U of M campuses are located in Minneapolis/St. Paul, Crookston, Duluth, Morris, and Rochester. Distribution by purpose included $63M to student support, $59M to program support, $36M to research and community outreach/engagement, $26M to faculty and staff support, and $18M to capital improvements. 202039319 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 1 409 0 1 56 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 Suite 500 Minneapolis MN 554552010 Kathleen M Schmidlkofer President/CEO 40.00 0.00 X X 576975 0 87924 Thomas J Anderson Trustee 0.40 0.00 X 0 0 0 Scott D Augustine MD Trustee (End June 2020) 0.40 0.00 X 0 0 0 Ruth Bachman Trustee 0.40 0.00 X 0 0 0 Richard B Beeson Jr Trustee 0.40 0.00 X 0 0 0 Mary K Brainerd Trustee 0.40 0.00 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 Rebecca A Crooks-Stratton 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 0.40 0.00 X 0 0 0 Archie J Givens Jr Trustee 0.40 0.00 X 0 0 0 Julie E Gilbert Trustee 0.40 0.00 X 0 0 0 Kenneth C Glaser 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 0.40 0.00 X 0 0 0 Deborah L Hopp Trustee 0.40 0.00 X 0 0 0 Russell Huffer Trustee 0.40 0.00 X 0 0 0 Ezell Jones Trustee 0.40 0.00 X 0 0 0 Erwin A Kelen Trustee 0.40 0.00 X 0 0 0 Beth Kieffer Leonard Trustee 0.40 0.00 X 0 0 0 Richard L Lindstrom MD Trustee 0.40 0.00 X 0 0 0 Walter F Ling Trustee (End Nov 2019) 0.40 0.00 X 0 0 0 Margaret E Lucas Trustee 0.40 0.00 X 0 0 0 Susan I Marvin Trustee (End Nov 2019) 0.40 0.00 X 0 0 0 David J McMillan Trustee 0.40 0.00 X 0 0 0 David J Meyer Trustee 0.40 0.00 X 0 0 0 Virginia H Morris 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 Michael F Roman Trustee 0.40 0.00 X 0 0 0 Roger J Sit Trustee 0.40 0.00 X 0 0 0 Esta E Stecher Trustee 0.40 0.00 X 0 0 0 Erik M Torgerson 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 0.00 X 0 0 0 Kevin F Warren JD Trustee (End Nov 2019) 0.40 0.00 X 0 0 0 Penny A Wheeler MD Trustee 0.40 0.00 X 0 0 0 Jacqueline R Williams-Roll Trustee 0.40 0.00 X 0 0 0 Simon KaWo Wong Trustee 0.40 0.00 X 0 0 0 Shari L Ballard Trustee/Vice Chair 0.40 0.00 X X 0 0 0 Lynn Casey Trustee/Chair 0.40 0.00 X X 0 0 0 Ross Levin Trustee/Past Chair 0.40 0.00 X X 0 0 0 John E Lindahl Trustee/Vice Chair 0.40 0.00 X X 0 0 0 Thomas G Olson Trustee/Secretary 0.40 0.00 X X 0 0 0 Philip E Soran Trustee/Treasurer 0.40 0.00 X X 0 0 0 Kathleen L Pickard Vice President/CFO 40.00 0.00 X 333746 0 60925 James G Aagaard Vice President 40.00 0.00 X 278164 0 53040 Robert J Burgett Senior Vice President 40.00 0.00 X 388230 0 51203 Sarah Harris End Oct 2019 UMFREA Managing Director 40.00 0.00 X 327904 0 46296 Patricia K Porter Vice President 40.00 0.00 X 312044 0 10338 Sarah E Youngerman Vice President 40.00 0.00 X 234503 0 48519 Steven M Corkery Assistant Vice President 40.00 0.00 X 212639 0 47563 Jane F Godfrey Associate Vice President 40.00 0.00 X 202121 0 45777 Elizabeth Patty Associate Vice President 40.00 0.00 X 208688 0 39646 Jan L Sickbert Associate Vice President 40.00 0.00 X 208710 0 47951 Lynn Slifer Associate Vice President 40.00 0.00 X 205467 0 46266 3489191 0 585448 71 0 1 0 Lathrop GPM 80 S 6th St Ste 500 Minneapolis MN 55402 Legal Services 777351 Architect Mechanical Inc 2917 Anthony Lane N St Anthony MN 55418 Contractor Services 464878 US Bank 800 Nicollet Mall Minneapolis MN 55402 Bank & Trust Fees 415145 Aldes Inc 7732 Tessman Dr Brooklyn Park MN 55445 Janitorial & Painting Services 375371 DiffStrat Companies Inc 3950 River Ridge Dr NE Ste A Cedar Rapids IA 52402 Employee Workshops & Seminars 288340 20 651583 664449 268773073 7683939 270089105 26752875 4382467 22370408 37687 37687 5975366 5858415 116951 116951 116951 1886162159 1935873274 -49711115 -49711115 -49711115 1180133 651583 972330 207803 207803 247493306 0 4382467 -26978266 202039319 202039319 3344878 1597653 1747225 21017414 5028540 15988874 7315545 1777081 5538464 731255 731255 201504 201504 5825373 5825373 2372647 1004304 1368343 85829 1521 84308 911955 347235 564720 602707 441730 160977 1902017 1902017 378731 30243 348488 356463 29774 326689 544185 544185 283386 283386 U of M Prof Development 7526817 7526817 Printing & Publications 1351217 5221 1345996 Donor Cultivation 1091653 2266 1089387 Dues/Subscriptions 408905 157480 251425 285597 259659 25938 258577397 202039319 20170427 36367651 25049049 23431614 797273360 847497736 191366334 231497328 69429704 19873021 50683413 49556683 700745790 607889336 1441072464 1507654139 43040 35369 97252797 100568564 3303486247 3368130769 16495176 16199910 50291 50291 294384689 290208861 28359711 29859215 339289867 336318277 X 139435751 147480609 2824760629 2884331883 2964196380 3031812492 3303486247 3368130769 X -11084091 73063244 5636959 X 0 1 X 1 0 X 234958189 234958646 262237874 232333920 270089105 1234577734 234958189 234958646 262237874 232333920 270089105 1234577734 23244085 1211333649 12246069 18773588 25394275 30276460 32765928 119456320 1354034054 5896661 0.89460 0.91020 X RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED 1 0 17316 394391 1 1 0 1 X 1755064512 60597739 -37692533 29743222 33613232 1714613264 1649947745 64970027 95918382 17897983 37873659 1755064512 1521226321 81609781 98683668 22055500 29516525 1649947745 1385239417 94171229 90788552 21257434 27715443 1521226321 1343226984 57916946 32287423 20386809 27805127 1385239417 0.01000 0.75000 0.24000 1 0 31847713 31847713 24468152 11170249 13297903 5816753 2165710 3651043 6786364 6537062 249302 510722 510722 49556683 INVESTMENTS MEASURED AT NAV 1012491290 F HEDGE FUNDS 1884327 F INVESTMENTS HELD AT COST 73201827 C INVESTMENTS AT EQUITY METHOD 92113845 F CONSOLIDATED INVESTMENTS 327962850 F 1507654139 Gift Annuities Payable 20126361 Charitable Trust Agreement Liabilities 9732854 29859215 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 Investments 385936662 North America Investments 102458631 East Asia and the Pacific Investments 60783189 Sub-Saharan Africa Investments 29507724 Europe (Including Iceland & Greenland) Investments 27227010 0 0 0 0 0 0 605913216 0 605913216 1 0 1 1 1 0 Part III Accounting Method: Children's Health WineFest 760512 223912 536600 7655 10537 134853 218411 43703 Children's Health FashionFest 443548 161876 281672 5564 46706 59921 59104 43273 2 627656 265795 361861 0 31890 84596 158647 67470 1831716 651583 1180133 13219 89133 279370 436162 154446 972330 207803 1 University of Minnesota 2221 University Ave SE Ste 111 Minneapolis MN 55414 416007513 Integral Part of MN 201733267 0 The Foundation provides fund grants to and for the benefit of the University of Minnesota. Childrens Cancer Research Fund 7301 Ohms Lane Ste 355 Minneapolis MN 554392336 411893645 501(c)(3) 100000 0 Transfer gift funds per donor intent to Childrens Cancer Research Fund. Minnesota Landscape Arboretum Foundation 3675 Arboretum Drive Chaska MN 55318 237081057 501(c)(3) 97029 0 The Minnesota Landscape Arboretum Foundation is a recognized foundation of the University of Minnesota. Georgetown Family Center Bowen Center for the Study of the Family 4400 MacArthur Blvd NW Ste 103 Washington DC 200072521 521667358 501(c)(3) 52464 0 Fund grant per charitable remainder trust agreement to make annual distribution of endowment spendable to Georgetown Family Center, Washington D.C. for the Bowen Center for the Study of the Family. Greater MSP 400 Robert St N Ste 1600 St Paul MN 551012027 274026636 501(c)(3) 49503 0 Grant to facilitate future MBOLD, food and ag partnership initiatives ; University of Minnesota is a MBOLD member. University of Minnesota Physicians 720 Washington Ave SE Ste 200 Minneapolis MN 554142924 411843943 501(c)(3) 7056 0 Fund grant to support the University of Minnesota Physicians Mill City Clinic. 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 1 0 0 0 1 0 Kathleen M Schmidlkofer President/CEO 409084 0 167117 0 774 0 78000 0 9924 0 664899 0 0 0 Kathleen L Pickard Vice President/CFO 274416 0 55004 0 4326 0 36400 0 24525 0 394671 0 0 0 James G Aagaard Vice President 191855 0 46066 0 40243 0 30514 0 22526 0 331204 0 0 0 Robert J Burgett Senior Vice President 303263 0 65593 0 19374 0 42105 0 9098 0 439433 0 0 0 Sarah Harris End Oct 2019 UMFREA Managing Director 254154 0 73750 0 0 0 16119 0 30177 0 374200 0 0 0 Patricia K Porter Vice President 259982 0 51648 0 414 0 414 0 9924 0 322382 0 0 0 Sarah E Youngerman Vice President 193832 0 40257 0 414 0 25994 0 22525 0 283022 0 0 0 Steven M Corkery Assistant Vice President 184340 0 28029 0 270 0 24763 0 22800 0 260202 0 0 0 Jane F Godfrey Associate Vice President 173739 0 26849 0 1533 0 23251 0 22526 0 247898 0 0 0 Elizabeth Patty Associate Vice President 179191 0 27638 0 1859 0 23935 0 15711 0 248334 0 0 0 Jan L Sickbert Associate Vice President 179388 0 27888 0 1434 0 24151 0 23800 0 256661 0 0 0 Lynn Slifer Associate Vice President 174366 0 26025 0 5076 0 23466 0 22800 0 251733 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. Part I, Line 5 The annual incentive plan recognizes and awards employee performance that contributes to the achievement of the Foundation's annual goals and objectives. The production goals and awards are based in part by the revenues earned by the Foundation. Part I, Line 7 The annual incentive plan recognizes eligible individuals with an incentive opportunity each fiscal year for successful performance and completion of work plan accountabilities and pre-determined goals. The incentive is variable, at risk, and based on a percentage of base salary. X 272 7573084 Other X 2 106672 Cost or Selling Price X Grain 2 4183 Price 0 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 Thomas J. Anderson, Richard B. Beeson, Jr., David J. McMillan (all Regents of the U of M in FY20) had a business relationship with Joan T.A. Gabel (President of U of M) during FY20. David Mortenson and Susan Marvin had a business relationship during FY20. 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 Assistant 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 annually to read the conflict of interest policy and disclose any interests that could be of conflict. The CFO and assistant controller review the conflict of interest forms for any potential conflicts. To date, no conflicts of interest have been reported. However, if a possible conflict was reported, the Chair would ask the person in conflict to abstain from discussions and voting, and the person may even be asked to resign from the board if necessary to be in compliance with policy. 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 2020. 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. Form 990, Part XI, line 9: Change in carrying value of trusts 5,636,959. University of Minnesota Foundation - Dinnaken Housing LLC 900 Washington Ave SE Minneapolis MN 55414 274131769 Real Estate Rental DE 649592 15729069 N/A Argyle House LLC 900 Washington Ave SE Minneapolis MN 55414 411825444 Real Estate Rental DE 605580 7913611 University of Minnesota Foudnation - Dinnaken Housing LLC Tarrie House 900 Washington Ave SE Minneapolis MN 55414 411819964 Real Estate Rental DE -71120 2172897 University of Minnesota Foudnation - Dinnaken Housing LLC Fulton Townhouse 900 Washington Ave SE Minneapolis MN 55414 411900912 Real Estate Rental DE -28513 987197 University of Minnesota Foudnation - Dinnaken Housing LLC Stadium Village Mall 900 Washington Ave SE Minneapolis MN 55414 020760452 Real Estate Rental DE -139856 5461219 University of Minnesota Foudnation - Dinnaken Housing LLC UMFREA PV LLC 900 Washington Ave SE Minneapolis MN 55414 611866640 Real Estate Rental DE -1463391 -2234794 University of Minnesota Foudnation - Dinnaken Housing LLC University Gateway Corporation 200 Oak Street SE Ste 500 Minneapolis MN 55455 411879994 Facility to support U of M MN 501(c)(3) 12B, II N/A 1 University of Minnesota Foundation Investment Advisors 45 South 7th St Ste 2650 Minneapolis MN 55402 411931343 Investment Management MN 501(c)(3) 12B, II N/A 1 GO-NNN Construction Funding LLC 1225 17th St Ste 1660 Denver CO 80202 824861400 Investment CO N/A Investment 919114 8487667 0 0 1.00000 Series 1 - Virage Capital Post Settlement 1700 Post Oak Blvd 2 Blvd Place Ste Houston TX 77056 352567381 Investment TX N/A Investment 156481 1765029 0 0 1.00000 Bastion Consumer Funding III LLC One Atlantic St 6th Floor Stamford CT 06901 842461018 Investment CT N/A Investment 308605 10000000 0 0 1.00000 Turning Rock UMF LLC 400 Park Ave Ste 610 New York NY 10022 822528033 Investment NY N/A Investment -3140170 20572998 0 0 0.99900 Corrum Capital UMF LP 214 N Tryon St Ste 1950 Charlotte NC 28202 000000000 Investment NC N/A Investment 119652 4167157 0 0 0.99600 Man Bridge Lane Specialty Lending Fund US UMINN LP 452 5th Ave 27th Floor New York NY 10018 833006413 Investment NY N/A Investment 422311 9595519 0 0 0.97950 FP Solar Finance LP 745 5th Ave 25th Floor New York NY 10151 823411250 Investment NY N/A Investment 2690143 51728206 0 0 0.90000 MHRA LP 1345 6th Ave 42nd Floor New York NY 10105 134156814 Investment NY N/A Investment 128 5785881 0 0 0.88720 SGIA Residential Bridge Loan Venture IV LP 600 Travis St Ste 6900 Houston TX 77002 474346844 Investment TX N/A Investment 721280 2539179 0 0 0.70160 SGIA Residential Bridge Loan Venture III LP 600 Travis St Ste 6900 Houston TX 77002 320446706 Investment TX N/A Investment 24187 6002 0 0 0.56700 Lateral UMF Feeder LLC 400 S El Camino Real Ste 1100 San Mateo CA 94402 824167815 Investment CA N/A Investment -916541 3121153 0 0 1.00000 Charitable Remainder Unitrusts (31) 416042488 Trust MN N/A T 0 Charitable Remainder Annuity Trusts (3) 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 Charitable Lead Unitrusts (2) 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 Gateway Corporation K 1912682 Cash Basis University Gateway Corporation S 664449 Accrual Basis University of Minnesota Foundation Investment Advisors M 5404811 Cash Basis