2017-10-02T09:12:36-05:00 2016-12-31 390859910 Baker Tilly Virchow Krause LLP 225 S 6th St 2300 Minneapolis MN 55402 990 2016-01-01 412093194 University Enterprise Laboratories Inc UNIV 6516412800 1000 Westgate Drive Suite 101 St Paul MN 55114 TODD TAYLOR Board Chairman 6516412800 2017-09-22 1 Lawrence H Mohr CPA P00447603 6128764500 38.88.188.75 2017-09-22 08:58:43 CD P DA39A3EE5E6B4B0D3255BFEF95601890AFD80709 167182DFA60A41E45EAE2F4EF9C72CA9A698CA21 2016 2021-01-29 14:40:06Z TODD TAYLOR 1000 Westgate Drive Suite 101 St Paul MN 55114 2748996 0 X www.uelmn.org X 2002 MN UEL IS ORGANIZED FOR CHARITABLE, EDUCATIONAL AND SCIENTIFIC PURPOSES.IT SERVES AS A LABORATORY-BASED INCUBATOR FOR EMERGING LIFE SCIENCECOMPANIES BY PROVIDING LABORATORY SPACE AND ACCESS TO EQUIPMENT,BUSINESS TRAINING, RESEARCH COLLABORATION WITH THE UNIVERSITY OFMINNESOTA FACULTY AND STUDENTS, FACULTY AND STUDENT RESEARCH SPACE,STUDENT WORK EXPERIENCE AND INTERNSHIP OPPORTUNITIES, AND TECHNOLOGYTRANSFER WITH THE UNIVERSITY. IT IS ORGANIZED AND WILL BE OPERATED TOPROMOTE, ENCOURAGE, AND AID SCIENTIFIC INVESTIGATION, RESEARCH,TECHNOLOGICAL ADVANCEMENT AND EDUCATIONAL OPPORTUNITIES; PROMOTE,ENCOURAGE, AND AID IN THE MUTUAL TRANSFER AND APPLICATION OF SCIENTIFICINVESTIGATION & RESEARCH, TECHNOLOGICAL ADVANCEMENT, AND EDUCATIONALOPPORTUNITIES PRODUCED BY EDUCATIONAL AND RESEARCH INSTITUTIONS,INDUSTRY, BUSINESS AND GOVERNMENT. 16 16 0 17 12000 -5644 0 0 2679168 2715713 9094 18183 1542 5145 2689804 2739041 0 0 0 0 181031 0 0 0 0 2363526 2703336 2544557 2703336 145247 35705 15299663 15027361 9644141 9336134 5655522 5691227 To incubate early stage bioscience ventures by providing premier facilities and services that enable innovation, growth, and commercial success. 0 0 2569703 2704413 Serves as a laboratory-based incubator for emerging life science companies by providing laboratory space and access to equipment, business training, and research collaboration with the University of Minnesota faculty and students. 2569703 1 0 0 0 0 0 0 0 0 0 1 0 0 1 1 1 0 1 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 1 0 0 0 0 1 0 0 0 0 1 22 0 0 1 1 0 0 0 0 0 0 0 0 0 X 16 16 1 1 1 0 0 1 0 1 1 0 0 1 1 1 1 0 0 1 1 0 MN X Rick Berc 9528548800 2001 Killebrew Drive Suite 100 Bloomington MN 55425 X JEREMY LENZ Director - Part year 1.00 X 0 0 0 TODD TAYLOR CHAIRMAN 1.00 X X 0 0 0 BRIAN MENSINK TREASURUER 1.00 X X 0 0 0 ARON ANDERSON Director 1.00 X 0 0 0 JON ANDERSON Director 1.00 X 0 0 0 PETE BIRKELAND SECRETARY 1.00 X X 0 0 0 Maura Donavan Director - Part year 1.00 X 0 0 0 ROBERT ELDE Director 1.00 X 0 0 0 SARAH HARRIS Director 1.00 X 0 0 0 NANCY HOMANS Director 1.00 X 0 0 0 STEVE MERTENS Director 1.00 X 0 0 0 JEFF COSGROVE DiRECTOR 1.00 X 0 0 0 JONATHAN SAGE-MARTINSON Director 1.00 X 0 0 0 SHAYE MANDLE Director 1.00 X 0 0 0 Ken Levitt Director 1.00 X 0 0 0 Jay Novak Vice Chair 1.00 X X 0 0 0 Lisa Herron-Olson Director 1.00 X 0 0 0 LYNNE OSTERMANN EXECUTIVE DIRECTOR 20.00 X 0 0 0 0 0 0 0 0 0 0 Tapestry Management LLC 2001 Killebrew Dr Ste 100 Minneapolis MN 55425 Management Services 102245 1 Rental income 532000 2715713 2703713 12000 2715713 18183 18183 14400 9955 4445 4445 MISCELLANEOUS REVENUE 900099 700 700 700 2739041 2704413 12000 22628 102245 102245 6989 6989 38983 18160 20823 811 811 194511 194511 83749 83749 699939 699939 407560 407560 686673 686673 33319 30554 2765 REPAIRS AND MAINTENANCE 288707 288707 Bad Debt Expense 100151 100151 MISCELLANEOUS EXPENSE 49982 49982 EQUIPMENT RENTAL 9717 9717 2703336 2569703 133633 0 814575 433683 106604 222359 25380 80302 259236 190462 20440 20983 22306312 9052593 13121556 13253719 951872 825853 15299663 15027361 13212 57563 19005 38661 9410123 9137730 201801 102180 9644141 9336134 X 5655522 5691227 5655522 5691227 15299663 15027361 35705 0 X X 0 1 X 1 0 X 7989 11625 19614 2404777 2806816 2728227 2679168 2703713 13322701 2412766 2818441 2728227 2679168 2703713 13342315 0 1119560 1107539 1043166 1013599 4283864 1119560 1107539 1043166 1013599 4283864 9058451 4153 2108 396 9094 18183 33934 4153 2108 396 9094 18183 33934 2643210 10700 6266 700 2660876 5060129 2820549 2739323 2694528 2722596 16037125 0.56480 0.62100 0.00210 0.00260 X 2792600 2792600 13953350 3816942 10136408 4938734 4747923 190811 621628 487728 133900 13253719 Deferred Rent Asset 126334 Assets whose use is limited 371154 Lease Commissions 172453 Debt Issuance Cost 155912 825853 Refundable Security Deposits 102180 102180 X Part X, Line 2: THE ORGANIZATION 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 ORGANIZATION FOR UNCERTAIN TAX POSITIONS AS OF DECEMBER 31, 2016 AND 2015. THE ORGANIZATION'S TAX RETURNS ARE SUBJECT TO REVIEW AND EXAMINATION BY FEDERAL AND STATE AUTHORITIES. Prism Research President OF Prism Research IS A DIRECTOR OF UEL. 314964 President OF Prism Research, Jeffrey Cosgrove, IS A DIRECTOR OF UEL. 0 Syntiron COO OF SYNTIRON IS A DIRECTOR OF UEL. 63040 COO OF SYNTIRON, LISA HERRON-OLSON IS A DIRECTOR OF UEL. 0 Form 990, Part VI, Section A, line 2 NANCY HOMANS and JONATHAN SAGE-MARTINSON: BUSINESS RELATIONSHIP Form 990, Part VI, Section A, line 3 Management duties delegated to Tapestry Management LLC, f/k/a LaSalle Management Group. Form 990, Part VI, Section A, line 4 THE BYLAWS WERE REVIEWED BY AN OUTSIDE CONSULTANT DURING THE TAX YEAR AND RECOMMENDED CHANGES WERE MADE. SIGNIFICANT CHANGES INCLUDE: ALLOWING THE EXECUTIVE COMMITTEE TO REMOVE A DIRECTOR WITH MORE THAN TWO ABSENCES; CREATION OF THE POSITION OF IMMEDIATE PAST CHAIR; CODIFYING A TWO YEAR TERM FOR THE CHAIR OF THE BOARD; CODIFYING ONE YEAR TERMS FOR OTHER OFFICERS, ALLOWING FOR RE-ELECTION; CREATION OF THE FINANCE, BUDGET, AND AUDIT COMMITTEE, AND THE GOVERNANCE AND BOARD DEVELOPMENT COMMITTEE. Form 990, Part VI, Section A, line 7a Since inception, the organization has two stakeholders that may appoint directors: University of Minnesota and the City of St. Paul. Form 990, Part VI, Section B, line 11b The executive Committee reviews and approves the Form 990 prior to filing. Once approved, a copy is provided to the full board where it is reviewed and approved. Form 990, Part VI, Section B, line 12c Board members complete conflict of interest statements annually and are required to report any changes as they arise. Form 990, Part VI, Section B, line 15 The Executive Committee reviews in detail and approves the management agreement. In addition, they review and approve the budget which includes employee compensation at the beginning of each year. Form 990, Part VI, Section C, line 19 Information is available upon request of the management company or mailing. FORM 990, PART XII, LINE 2C: THE PROCESSES FOR THE OVERSIGHT OF THE AUDIT AND THE SELECTION OF AN INDEPENDENT ACCOUNTANT WERE NOT CHANGED DURING THE YEAR. Form 990, Part IV, line 34: ON JANUARY 13, 2005, THE ORGANIZATION FORMED A TAXABLE SUBSIDIARY NAMED UEL REAL ESTATE HOLDINGS, LLC WITH A SEPARATE TAX EXEMPT ORGANIZATION. AS OF DECEMBER 31, 2012, THE ORGANIZATION OWNED 100.00%. UEL REAL ESTATE HOLDINGS, LLC IS A DISREGARDED ENTITY FOR FEDERAL TAX PURPOSES. ** A KEY PART OF THE ORGANIZATION'S EXEMPT PURPOSE IS TO PROVIDE LABORATORY SPACE AND ACCESS TO EQUIPMENT TO EMERGING LIFE SCIENCE COMPANIES. IN CARRYING OUT THIS EXEMPT PURPOSE THE ORGANIZATION ACQUIRED AND RENOVATED A 126,000 SQUARE FOOT FACILITY. ORIGINALLY, THE ORGANIZATION INTENDED TO FINANCE THE FACILITY THROUGH THE USE OF VARIABLE RATE REVENUE BONDS. THE ORGANIZATION LATER DETERMINED THAT IT WAS IN ITS BEST INTEREST TO UTILIZE NEW MARKET TAX CREDITS AND OTHER INVESTMENT MECHANISMS WHICH REQUIRE THAT THE FACILITY BE OWNED IN A SUBSIDIARY OF THE ORGANIZATION. UEL REAL ESTATE HOLDINGS LLC 1000 WESTGATE DRIVE ST PAUL MN 55114 202133240 LAB RENTAL TO EMERGING LIFE SCIENCE COMPANIES MN 35705 14917758 University Enterprise Laboratories